CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT MIAMI-DADE COUNTY REGULAR BOARD MEETING APRIL 4, 2016 4:00 P.M. Special District Services, Inc. 8785 SW 165 th Avenue, Suite 200 Miami, FL 33193 www.cutlercaycdd.org 786.347.2711 Telephone 877.SDS.4922 Toll Free 561.630.4923 Facsimile
AGENDA CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT Cutler Cay Community Clubhouse 7755 SW 192nd Street Cutler Bay, FL 33157 REGULAR BOARD MEETING April 4, 2016 4:00 p.m. A. Call to Order B. Proof of Publication..Page 1 C. Establish Quorum D. Accept Board Member Resignation.Page 2 E. Additions or Deletions to Agenda F. Comments from the Public for Items Not on the Agenda G. Approval of Minutes 1. November 2, 2015 Regular Board Meeting.Page 3 H. Old Business I. New Business 1. Discussion Regarding HOA s Consideration of Curbing Installation(s).Page 9 2. Consider Resolution No. 2016-01 Adopting a Fiscal Year 2016/2017 Proposed Budget...Page 27 3. Consider Resolution No. 2016-02 Redesignating Qualified Depository..Page 34 4. Consider Resolution No. 2016-03 Establishing Checking Account Signatories..Page 35 J. Administrative Matters 1. Financial Update..Page 36 K. Board Member and/or Staff Comments/Requests L. Adjourn
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A. CALL TO ORDER CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING NOVEMBER 2, 2015 Mrs. Perez called to order the November 2, 2015, Regular Board Meeting of the Cutler Cay Community Development District at 4:09 p.m. in the Cutler Cay Community Clubhouse located at 7755 SW 192 nd Street, Cutler Bay, Florida 33157. B. PROOF OF PUBLICATION Proof of publication was presented that notice of the Regular Board Meeting had been published in the Miami Daily Business Review on October 23, 2015, as part of the District s Fiscal Year 2015/2016 Regular Meeting Schedule, as legally required. C. ESTABLISH A QUORUM It was determined that the attendance of the following Supervisors constituted a quorum and it was in order to proceed with the meeting: Chairman Christopher Musser and Supervisors Robert Gonzalez and Aileen Milian. Staff in attendance were: District Manager Gloria Perez of Special District Services, Inc.; and District Counsel Michael Pawelczyk of Billing, Cochran, Lyles, Mauro & Ramsey, P.A. D. ADDITIONS OR DELETIONS TO THE AGENDA There were no additions or deletions to the agenda. E. COMMENTS FROM THE PUBLIC FOR ITEMS NOT ON THE AGENDA There were no comments from the public for items not on the agenda. F. APPROVAL OF MINUTES 1. August 3, 2015, Regular Board Meeting The minutes of the August 3, 2015, Regular Board Meeting were presented and the Board was asked if there were any additions and/or corrections. There being no additions and/or corrections, a MOTION was made by Supervisor Gonzalez, seconded by Supervisor Milian and unanimously passed to approve the minutes of the August 3, 2015, Regular Board Meeting, as presented. G. OLD BUSINESS There were no Old Business items to come before the Board. H. NEW BUSINESS 1. Consider Approval of Sam Halum s Survey Reimbursement Request Regarding Ponding Near 19518 SW 79 th Court Sam Halum s survey reimbursement request e-mail along with a copy of the invoice was presented in the meeting book. The requested proof had not been provided which demonstrated that the ponding lasts Page 3 1 of 8
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING NOVEMBER 2, 2015 longer than 72 hours, as required by the District s criteria. A discussion ensued after which the following motion was made: A MOTION was made by Supervisor Gonzalez, seconded by Supervisor Milian and unanimously passed denying the requested reimbursement made by homeowner/resident Sam Halum for survey costs to determine the responsibility of the ponding near 19518 SW 79 th Court. The Board s decision was based upon the ponding not meeting the flood criteria. 2. Consider Resolution No. 2015-04 Adopting a Fiscal Year 2014/2015 Amended Budget Mrs. Perez presented Resolution No. 2015-04, entitled: RESOLUTION NO. 2015-04 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT AUTHORIZING AND ADOPTING AN AMENDED FINAL FISCAL YEAR 2014/2015 BUDGET ( AMENDED BUDGET ), PURSUANT TO CHAPTER 189, FLORIDA STATUTES; AND PROVIDING AN EFFECTIVE DATE. Mrs. Perez explained, as is done every year for administrative and statutory requirements, within 60 days of any given fiscal year end, the Board adopts a revised/amended budget for said year. The fiscal year ended on September 330, 2015. This is the reason it is administrative in nature (past year s budget for past year s expenses) and will serve as the Board s final approval/ratification of the District s expenditures for the past fiscal year. A MOTION was made by Supervisor Gonzalez, seconded by Chairman Musser and unanimously passed to adopt Resolution No. 2015-04, Adopting/Approving the Amended Fiscal Year 2014-2015 Budget, as presented. 3. Update on HOA Speed Hump Project Mrs. Perez presented the engineer s approval letter and back-up information regarding the project. Those documents follow: 2 of 8 Page 4
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From: Juan R. Alvarez [mailto:juan.alvarez@alvarezeng.com] Sent: Thursday, March 10, 2016 5:11 PM To: Gloria Perez <gperez@sdsinc.org>; Laura Gavilan (lgavilan@kwpropertymanagement.com) <lgavilan@kwpropertymanagement.com> Cc: Christopher T. Musser <chris_musser@yahoo.com>; Julian Romero <JRomero@sdsinc.org>; Armando Silva <asilva@sdsinc.org> Subject: RE: Curbing Gloria, The issue of vehicles encroaching onto the grassed area at the intersections was discussed at length with the CDD and HOA in 2012. Attached is a presentation that I gave the HOA and CDD boards between March and July of 2012. At the time, widening of the road asphalt instead of curbing was considered the most esthetically pleasing and practical solution that would not impact drainage. However, curbing was one of the potential solutions. The attached presentation includes construction details for the widening and curbing solutions. Please let me know if you would like to discuss this further. Thank you Juan R. Alvarez, PE Alvarez Engineers, Inc. 10305 NW 41 Street, Suite 103 Doral, Florida 33178 Tel. 305-640-1345 Juan.Alvarez@AlvarezEng.com From: Gloria Perez [mailto:gperez@sdsinc.org] Sent: Thursday, March 10, 2016 4:24 PM To: Laura Gavilan (lgavilan@kwpropertymanagement.com) Cc: Juan R. Alvarez; Christopher T. Musser; Julian Romero; Armando Silva Subject: FW: Curbing Importance: High Hi Laura, Prior to consideration we would need the District Engineer s blessing, as I am not sure if this modification would alter the drainage design thereby affecting the flow of water. I have copied Juan herein. Thank you, Gloria Perez District Manager Special District Services, Inc. Office: 786-347-2711 Ext. 2011 Toll Free: 877-737-4922 gperez@sdsinc.org Page 9
www.sdsinc.org BOARD MEMBERS: Please do not use the reply all feature of your e mail as it may be deemed a violation of the Sunshine law. Please reply only to the management office. Under Florida Law, e mail addresses are public records. From: Laura Gavilan [mailto:lgavilan@kwpropertymanagement.com] Sent: Thursday, March 10, 2016 4:14 PM To: Gloria Perez <gperez@sdsinc.org> Subject: Curbing Hi Gloria; At the next Board meeting, the Board will consider adding approximately 300 lf of type D curbing in different corners where trucks constantly run over the grass. Please advise if you will require any information or have any questions. Attached is the map of areas. Sincerely, Laura Gavilan, LCAM Property Manager A GREAT team delivering GREAT services! KW PROPERTY MANAGEMENT & CONSULTING, LLC Cutler Cay Homeowners Association, Inc. 7755 SW 192nd Street Cutler Bay, FL 33157 Telephone (305) 969-3322 Fax (305) 969-3324 LGavilan@kwpropertymanagement.com www.kwpropertymanagement.com Page 10
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As Presented to the Homeowners Association on 7-29-12 Cutler Cay Community Development District Alternatives for Intersection Improvements Prepared for Cutler Cay Community Development District Board of Supervisors Miami-Dade County, Florida Prepared by Alvarez Engineers, Inc. 10305 NW 41 Street, Suite 103 Miami, FL 33178 Telephone 305-640-1345 Facsimile 305-640-1346 March 30, 2012 Page 12
SW 188 St SW 190 St SW 77 Ct SW 188 Ter Page 13
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Type "D" Curb Option (equates to $4,063 per corner) Page 21
Asphalt Widening Option (equates to $4,794 per corner) Page 22
Valley Gutter Option (equates to $5,245 per corner) Page 23
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Asphalt Widening Option for 35 Corners Using Limerock Base (equates to $2,358 per corner) Page 26
RESOLUTION NO. 2016-01 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2016/2017; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Board of Supervisors ( Board ) of the Cutler Cay Community Development District ( District ) is required by Chapter 190.008, Florida Statutes, to approve a Proposed Budget for each fiscal year; and, WHEREAS, the Proposed Budget including the Assessments for Fiscal Year 2016/2017 has been prepared and considered by the Board. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT THAT: Section 1. The Proposed Budget including the Assessments for Fiscal Year 2016/2017 attached hereto as Exhibit A is approved and adopted. Section 2. A Public Hearing is hereby scheduled for, 2016 at 4:00 p.m. in the Cutler Cay Community Clubhouse located at 7755 SW 192 nd Street, Cutler Bay, Florida 33157, for the purpose of receiving public comments on the Proposed Fiscal Year 2016/2017 Budget. PASSED, ADOPTED and EFFECTIVE this 4 th day of April, 2016. ATTEST: CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT By: Secretary/Assistant Secretary By: Chairman/Vice Chairman Page 27
Cutler Cay Community Development District Proposed Budget For Fiscal Year 2016/2017 October 1, 2016 - September 30, 2017 Page 28
CONTENTS I II III IV PROPOSED BUDGET DETAILED PROPOSED BUDGET DETAILED PROPOSED DEBT SERVICE FUND BUDGET ASSESSMENT COMPARISON Page 29
PROPOSED BUDGET CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2016/2017 OCTOBER 1, 2016 - SEPTEMBER 30, 2017 FISCAL YEAR 2016/2017 REVENUES BUDGET Administrative Assessments 83,697 Maintenance Assessments - Operating 30,159 Debt Assessments - 2014 Refunding 897,657 Other Revenues 0 Interest Income 60 Total Revenues $ 1,011,573 ADMINISTRATIVE EXPENDITURES Supervisor Fees 7,000 Payroll Taxes (Employer) 560 Management 27,744 Secretarial 4,200 Legal 12,000 Assessment Roll 7,500 Audit Fees 3,000 Arbitrage Rebate Fee 650 Insurance 6,500 Legal Advertisements 700 Miscellaneous 1,100 Postage 375 Office Supplies 850 Dues & Subscriptions 175 Trustee Fee 4,800 Continuing Disclosure Fee 500 Website Management 1,500 TOTAL ADMINISTRATIVE EXPENDITURES $ 79,154 MAINTENANCE EXPENDITURES Contingency/Reserve 23,500 Engineering/Inspections 5,000 TOTAL MAINTENANCE EXPENDITURES $ 28,500 TOTAL EXPENDITURES $ 107,654. REVENUES LESS EXPENDITURES $ 903,919 2014 Bond Refinancing Payments (843,798) Balance $ 60,121 County Appraiser & Tax Collector Fee (20,040) Discounts For Early Payments (40,081) Excess/ (Shortfall) $ - Carryover from Prior Year 0 Net Excess/ (Shortfall) $ - 3/25/2016 12:14 PM I Page 30
DETAILED PROPOSED BUDGET CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2016/2017 OCTOBER 1, 2016 - SEPTEMBER 30, 2017 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2014/2015 2015/2016 2016/2017 REVENUES ACTUAL BUDGET BUDGET COMMENTS Administrative Assessments 85,134 83,494 83,697 Expenditures Less Interest & Carryover/.94 Maintenance Assessments - Operating 31,746 30,688 30,159 Expenditures/.94 Debt Assessments - 2014 Refunding 897,658 897,657 897,657 Payment To Trustee/.94 Other Revenues 0 0 0 Interest Income 38 60 60 Interest Estimated At $5 Per Month Total Revenues $ 1,014,576 $ 1,011,899 $ 1,011,573 ADMINISTRATIVE EXPENDITURES Supervisor Fees 6,200 7,000 7,000 No Change From 2015/2016 Budget Payroll Taxes (Employer) 474 560 560 Projected At 8% Of Supervisor Fees Management 27,336 27,552 27,744 CPI Adjustment Secretarial 4,200 4,200 4,200 No Change From 2015/2016 Budget Legal 8,537 13,000 12,000 $1,000 Decrease From 2015/2016 Budget Assessment Roll 7,500 7,500 7,500 As Per Contract Audit Fees 3,000 3,000 3,000 Accepted Amount For 2015/2016 Audit Arbitrage Rebate Fee 650 650 650 No Change From 2015/2016 Budget Insurance 5,923 6,675 6,500 FY 15/16 Expenditure Was $5,923 Legal Advertisements 237 700 700 No Change From 2015/2016 Budget Miscellaneous 702 1,200 1,100 $100 Decrease From 2015/2016 Budget Postage 471 350 375 $25 Increase From 2015/2016 Budget Office Supplies 1,133 850 850 No Change From 2015/2016 Budget Dues & Subscriptions 175 175 175 No Change From 2015/2016 Budget Trustee Fee 3,225 4,800 4,800 No Change From 2015/2016 Budget Continuing Disclosure Fee 500 500 500 No Change From 2015/2016 Budget Website Management 0 1,500 1,500 No Change From 2015/2016 Budget TOTAL ADMINISTRATIVE EXPENDITURES $ 70,263 $ 80,212 $ 79,154 MAINTENANCE EXPENDITURES Contingency/Reserve 250 24,000 23,500 $500 Decrease From 2015/2016 Budget Engineering/Inspections 4,254 5,000 5,000 No Change From 2015/2016 Budget TOTAL MAINTENANCE EXPENDITURES $ 4,504 $ 29,000 $ 28,500 TOTAL EXPENDITURES $ 74,767 $ 109,212 $ 107,654. REVENUES LESS EXPENDITURES $ 939,809 $ 902,687 $ 903,919 2014 Bond Refinancing Payments (853,798) (843,798) (843,798) 2017 P & I Payments Balance $ 86,011 $ 58,889 $ 60,121 County Appraiser & Tax Collector Fee (9,814) (20,046) (20,040) Two Percent Of Total Assessment Roll Discounts For Early Payments (33,076) (40,093) (40,081) Four Percent Of Total Assessment Roll Excess/ (Shortfall) $ 43,121 $ (1,250) $ - Carryover from Prior Year 0 1,250 0 Carryover From Prior Year Net Excess/ (Shortfall) $ 43,121 $ - $ - 3/25/2016 12:14 PM II Page 31
DETAILED PROPOSED DEBT SERVICE FUND BUDGET CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2016/2017 OCTOBER 1, 2016 - SEPTEMBER 30, 2017 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2014/2015 2015/2016 2016/2017 REVENUES ACTUAL BUDGET BUDGET COMMENTS Interest Income 1,048 100 100 Projected Interest For 2016/2017 NAV Tax Collection 853,798 843,798 843,798 NAV Tax Collection Total Revenues $ 854,846 $ 843,898 $ 843,898 EXPENDITURES Principal Payments 330,000 415,000 425,000 Principal Payment Due In 2017 Interest Payments 508,624 420,630 401,671 Interest Payments Due In 2017 Additional Principal Payments 0 8,268 17,227 Additional Principal Payments Total Expenditures $ 838,624 $ 843,898 $ 843,898 Excess/ (Shortfall) $ 16,222 $ - $ - Series 2014 Bond Refunding Information Original Par Amount = $11,520,000 Annual Principal Payments Due = May 1st Interest Rate = 3.83% Annual Interest Payments Due = May 1st & November 1st Issue Date = March 2014 Maturity Date = May 2029 Original Principal Amount Due In May 2029: $4,410,000 Current Principal Amount Due In May 2029: $4,335,000 3/25/2016 12:14 PM III Page 32
Cutler Cay Community Development District Assessment Comparison Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2013/2014 2014/2015 2015/2016 2016/2017 Lot Assessment Assessment Assessment Projected Assessment Size Before Discount* Before Discount* Before Discount* Before Discount* 60 Administrative $ 68.53 $ 163.82 $ 165.34 $ 165.74 Maintenance - Operating $ 30.45 $ 62.86 $ 60.77 $ 59.72 Maintenance - 2010/2013 Loan $ 184.33 $ - $ - $ - Debt - 2004 Bond/2014 Refunding $ 1,995.90 $ 1,709.23 $ 1,709.23 $ 1,709.23 Sub-Total For Lot Size 60 $ 2,279.21 $ 1,935.91 $ 1,935.34 $ 1,934.69 75 Administrative $ 68.53 $ 163.82 $ 165.34 $ 165.74 Maintenance - Operating $ 30.45 $ 62.86 $ 60.77 $ 59.72 Maintenance - 2010/2013 Loan $ 184.33 $ - $ - $ - Debt - 2004 Bond/2014 Refunding $ 2,081.78 $ 1,775.39 $ 1,775.39 $ 1,775.39 Sub-Total For Lot Size 75 $ 2,365.09 $ 2,002.07 $ 2,001.50 $ 2,000.85 125 Administrative $ 68.53 $ 163.82 $ 165.34 $ 165.74 Maintenance - Operating $ 30.45 $ 62.86 $ 60.77 $ 59.72 Maintenance - 2010/2013 Loan $ 184.33 $ - $ - $ - Debt - 2004 Bond/2014 Refunding $ 2,323.43 $ 1,995.89 $ 1,995.89 $ 1,995.89 Sub-Total For Lot Size 125 $ 2,606.74 $ 2,222.57 $ 2,222.00 $ 2,221.35 * Assessments Include the Following : 4% Discount for Early Payments 1% County Tax Collector Fee 1% County Property Appraiser Fee Community Information: Sixty Foot Lots 180 Seventy Five Foot Lots 258 One Hundred Twenty Five Foot Lots 67 Total Units 505 Seventy Five Foot Lots Information Total Units 258 Prepayments 1 Billed For Debt 257 3/25/2016 12:14 PM IV Page 33
RESOLUTION NO. 2016-02 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT, MIAMI-DADE COUNTY, FLORIDA, REDESIGNATING A QUALIFIED PUBLIC DEPOSITORY; AND PROVIDING AN EFFECTIVE DATE, PURSUANT TO CHAPTER 280, FLORIDA STATUTES. WHEREAS, it is necessary for the Cutler Cay Community Development District ("District") to establish accounts with qualified depositories for the purpose of the deposits and subsequent expenditure of public funds of the District; and WHEREAS, the Board of Supervisors of the Riverside Park Community Development District redesignates Seacoast National Bank, to serve as the depository of public funds for the District. WHEREAS, all resolutions or parts thereof of the District in conflict with the provisions contained herein are to the extent of any such conflict, hereby superseded and repealed. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT, MIAMI-DADE COUNTY, FLORIDA, AS FOLLOWS: Section 1. The above recitals are hereby adopted. Section 2. That the District Manager is hereby authorized to establish accounts with Seacoast National Bank to serve as depository of public funds for the District, pursuant to public law and regulations under Section 280.17, Florida Statutes. Section 3. adoption. That this Resolution shall become effective immediately upon its PASSED AND ADOPTED this 4 th day of April, 2016. ATTEST: CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT By: Secretary/Assistant Secretary By: Chairperson/Vice Chairperson Page 34
RESOLUTION NO. 2016-03 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT, REDESIGNATING THE SIGNATORIES OF THE DISTRICT CHECKING ACCOUNT; AND PROVIDING AND EFFECTIVE DATE. WHEREAS, The Cutler Cay Community Development District ("District") has previously established a District checking account in order for the District to expend public funds of the District as authorized and required; and WHEREAS, the Board of Supervisors of the District re-designates Todd Wodraska, Peter Pimentel, Ashlyn Miner and Christopher Musser to serve as the signatories on the District checking account. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT, AS FOLLOWS: Section 1. The above recitals are hereby adopted. Section 2. The signature of two of the four signatories named herein will be required on all the District checks tendered from the District checking account as approved. PASSED, ADOPTED and EFFECTIVE this 4 th day of April, 2016. ATTEST: CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT By: Secretary/Assistant Secretary By: Chairperson/Vice Chairperson Page 35
Cutler Cay CDD Budget vs. Actual October 2015 through February 2016 Oct '15 - Feb 16 Budget $ Over Budget % of Budget Ordinary Income/Expense Income 363.100 Administrative Assessments 69,153.94 83,494.00-14,340.06 82.83% 363.101 Maintenance Assessments 25,402.49 30,688.00-5,285.51 82.78% 363.810 Debt Assessments 743,961.29 897,657.00-153,695.71 82.88% 363.820 Debt Assessment - Pd To Trustee -708,159.80-843,798.00 135,638.20 83.93% 363.830 Cty Appraiser & Tax Coll Fee -8,061.90-20,046.00 11,984.10 40.22% 363.831 Discounts For Early Payments -32,288.57-40,093.00 7,804.43 80.53% 369.401 Interest Income 24.35 60.00-35.65 40.58% 369.402 Carryover From Prior Year 0.00 1,250.00-1,250.00 0.0% Total Income 90,031.80 109,212.00-19,180.20 82.44% Expense 511.122 Payroll tax expenses 45.90 560.00-514.10 8.2% 511.131 Supervisor Fee 600.00 7,000.00-6,400.00 8.57% 511.305 Contingency 0.00 24,000.00-24,000.00 0.0% 511.310 Engineering/Inspections 995.00 5,000.00-4,005.00 19.9% 511.311 Management Fees 11,480.00 27,552.00-16,072.00 41.67% 511.312 Secretarial Fees 1,750.00 4,200.00-2,450.00 41.67% 511.315 Legal Fees 2,770.20 13,000.00-10,229.80 21.31% 511.318 Assessment/Tax Roll 0.00 7,500.00-7,500.00 0.0% 511.320 Audit Fees 0.00 3,000.00-3,000.00 0.0% 511.330 Arbitrage Rebate Fee 0.00 650.00-650.00 0.0% 511.450 Insurance 5,923.00 6,675.00-752.00 88.73% 511.480 Legal Advertisements 96.85 700.00-603.15 13.84% 511.512 Miscellaneous 84.63 1,200.00-1,115.37 7.05% 511.513 Postage and Delivery 56.36 350.00-293.64 16.1% 511.514 Office Supplies 116.65 850.00-733.35 13.72% 511.540 Dues, License & Subscriptions 175.00 175.00 0.00 100.0% 511.733 Trustee Fees 0.00 4,800.00-4,800.00 0.0% 511.734 Continuing Disclosure Fee 0.00 500.00-500.00 0.0% 511.750 Website Management 625.00 1,500.00-875.00 41.67% Total Expense 24,718.59 109,212.00-84,493.41 22.63% Net Ordinary Income 65,313.21 0.00 65,313.21 100.0% Net Income 65,313.21 0.00 65,313.21 100.0% Page 36
CUTLER CAY COMMUNITY DEVELOPMENT DISTRICT MONTHLY FINANCIAL REPORT FEBRUARY 2016 Year Annual To Date Budget Actual Actual REVENUES 10/1/15-9/30/16 Feb-16 10/1/15-2/29/16 Administrative Assessments 83,494 3,181 69,154 Maintenance Assessments 30,688 1,155 25,403 Debt Assessments - 2014 Refunding 897,657 35,585 743,961 Other Income 0 0 0 Interest Income 60 3 24 Total Revenues $ 1,011,899 $ 39,924 $ 838,542 ADMINISTRATIVE EXPENDITURES Supervisor Fees 7,000 0 600 Payroll Taxes (Employer) 560 0 46 Management 27,552 2,296 11,480 Secretarial 4,200 350 1,750 Legal 13,000 500 2,770 Assessment Roll 7,500 0 0 Audit Fees 3,000 0 0 Arbitrage Rebate Fee 650 0 0 Insurance 6,675 0 5,923 Legal Advertisements 700 0 97 Miscellaneous 1,200 4 85 Postage 350 4 56 Office Supplies 850 8 117 Dues & Subscriptions 175 0 175 Trustee Fee 4,800 0 0 Continuing Disclosure Fee 500 0 0 Website Management 1,500 125 625 TOTAL ADMINISTRATIVE EXPENDITURES $ 80,212 $ 3,287 $ 23,724 MAINTENANCE EXPENDITURES Contingency/Reserve 24,000 0 0 Engineering/Inspections 5,000 0 995 TOTAL MAINTENANCE EXPENDITURES $ 29,000 $ - $ 995 TOTAL EXPENDITURES $ 109,212 $ 3,287 $ 24,719. REVENUES LESS EXPENDITURES $ 902,687 $ 36,637 $ 813,823 2014 Bond Refunding Payments (843,798) (34,485) (708,160) Balance $ 58,889 $ 2,152 $ 105,663 County Appraiser & Tax Collector Fee (20,046) (390) (8,062) Discounts For Early Payments (40,093) (842) (32,288) Excess/ (Shortfall) $ (1,250) $ 920 $ 65,313 Carryover From Prior Year 1,250 0 0 Net Excess/ (Shortfall) $ - $ 920 $ 65,313 Bank Balance As Of 1/31/16 $ 196,441.86 Funds Received: 2/1/16-2/29/16 $ 38,691.10 Disbursements: 2/1/16-2/29/16 $ 28,395.93 Bank Balance As Of 2/29/16 $ 206,737.03 Accounts Payable As Of 2/29/16 $ 38,270.68 Accounts Receivable As Of 2/29/16 $ - Available Funds As Of 2/29/16 $ 168,466.35 Page 37
CUTLER CAY CDD TAX COLLECTIONS 2015-2016 # ID# PAYMENT FROM DATE FOR Tax Collect Receipts Interest Received Commissions Paid Discount Net From Tax Collector Admin Assessment Income (Before Discounts & Fees) Maint Assessment Income (Before Discounts & Fees) Debt Assessment Income (Before Discounts & Fees) Admin Assessment Income (After Discounts & Fees) Maint Assessment Income (After Discounts & Fees) Debt Assessment Income (After Discounts & Fees) Debt Assessment Paid to Trustee $ 1,011,839 $ 83,494 $ 30,688 $ 897,657 $ 83,494 $ 30,688 $ 897,657 $ 951,700 $ 78,902 $ 29,000 $ 843,798 $ 78,902 $ 29,000 $ 843,798 $ 843,798 1 1 Miami-Dade Tax Collector 11/20/15 NAV Taxes $ 33,399.97 $ (319.69) $ (1,431.94) $ 31,648.34 $ 2,760.17 $ 1,014.30 $ 29,625.50 $ 2,615.59 $ 961.20 $ 28,071.55 $ 28,071.55 2 969 Miami-Dade Tax Collector 12/02/15 NAV Taxes $ 159,678.70 $ (1,532.91) $ (6,387.08) $ 151,758.71 $ 13,227.20 $ 4,861.60 $ 141,589.90 $ 12,571.21 $ 4,620.50 $ 134,567.00 $ 134,567.00 3 735 Miami-Dade Tax Collector 12/09/15 NAV Taxes $ 491,513.24 $ (4,718.52) $ (19,660.36) $ 467,134.36 $ 40,508.30 $ 14,888.65 $ 436,116.29 $ 38,499.36 $ 14,150.15 $ 414,484.85 $ 414,484.85 4 899 Miami-Dade Tax Collector 12/22/15 NAV Taxes $ 71,634.92 $ (689.29) $ (2,705.68) $ 68,239.95 $ 5,952.24 $ 2,187.72 $ 63,494.96 $ 5,672.10 $ 2,083.95 $ 60,483.90 $ 60,483.90 5 365 Miami-Dade Tax Collector 12/28/15 NAV Taxes $ 13,812.02 $ (133.78) $ (433.70) $ 13,244.54 $ 1,157.38 $ 425.39 $ 12,229.25 $ 1,109.84 $ 407.90 $ 11,726.80 $ 11,726.80 6 483 Miami-Dade Tax Collector 01/08/16 NAV Taxes $ 28,558.77 $ (277.32) $ (827.75) $ 27,453.70 $ 2,367.77 $ 870.20 $ 25,320.80 $ 2,276.30 $ 836.55 $ 24,340.85 $ 24,340.85 7 899 Miami-Dade Tax Collector 02/04/16 Interest $ 39.42 $ 39.42 $ 39.42 $ 39.42 $ - 8 196 Miami-Dade Tax Collector 02/08/16 NAV Taxes $ 39,880.68 $ (390.39) $ (842.06) $ 38,648.23 $ 3,141.46 $ 1,154.63 $ 35,584.59 $ 3,044.43 $ 1,118.95 $ 34,484.85 $ 34,484.85 9 732 Miami-Dade Tax Collector 03/08/16 NAV Taxes $ 34,135.70 $ (337.54) $ (381.38) $ 33,416.78 $ 2,810.78 $ 1,033.09 $ 30,291.83 $ 2,751.83 $ 1,011.35 $ 29,653.60 $ 29,653.60 10 $ - $ - 11 $ - $ - 12 $ - $ - 13 $ - $ - 14 $ - $ - 15 $ - $ - 16 $ - $ - 17 $ - $ - 18 $ - 19 $ - 20 $ - 21 $ - 22 $ - $ 872,614.00 $ 39.42 $ (8,399.44) $ (32,669.95) $ 831,584.03 $ 71,964.72 $ 26,435.58 $ 774,253.12 $ 68,580.08 $ 25,190.55 $ 737,813.40 $ 737,813.40 Note: $1,011,839, $83,494, $30,688 and $897,657 are 2015/2016 Budgeted assessments before discounts and fees. Note: $951,700, $78,902, $29,000 and $843,798 are 2015/2016 Budgeted assessments after discounts and fees. $ 872,614.00 $ 39.42 $ 831,584.03 $ (71,964.72) $ (68,580.08) $ (26,435.58) $ (25,190.55) $ (774,253.12) $ (737,813.40) $ - $ - Page 38