Agenda Page 1 Spicewood July 26, 2017 Agenda Package
Spicewood Severn Trent Services Management Services Division 210 North University Drive, Suite 702, Coral Springs, Florida 33071 Telephone (954) 603-0033 Fax (954) 345-1292 Agenda Page 2 July 19, 2017 Board of Supervisors Spicewood Dear Board Members: The regular meeting of the Board of Supervisors of the Spicewood will be held on Wednesday, July 26, 2017 at 5:15 p.m. at the South Miami-Dade Cultural Arts Center, 10950 S.W. 211 th Street, Cutler Bay, Florida. Following is the advance agenda for the meeting: 1. Call to Order and Roll Call 2. Audience Comments on Agenda Items 3. Approval of Minutes of the April 26, 2017 Meeting 4. District Manager s Report A. Public Hearing to Consider Adoption of the Budget for Fiscal Year 2018 i. Consideration of Resolution 2017-03 Adoption of the Budget ii. Consideration of Resolution 2017-04 Levy of Non Ad Valorem Assessments B. Consideration of Proposed Fiscal Year 2018 Meeting Schedule C. Notice from Miami-Dade County on the Number of Registered Voters in the District-708 5. Attorney s Report 6. Supervisors Requests and Audience Comments 7. Acceptance of Financials Statements, and Approval of Check Register and Invoices as of June 30, 2017 8. Audience Comments 9. Adjournment Enclosed for your consideration are the minutes of the April 26, 2017 meeting, the proposed fiscal year 2018 budget and accompanying resolutions, a proposed annual meeting schedule, a notice from SOE and the financials for June 30, 2017. The balance of the agenda is routine in nature and staff will present their reports at the meeting. If you have any questions, please contact me. Sincerely, Ken Cassel/mm District Manager cc: Dennis Lyles Ginger Wald Laura Cavallo
Third Order of Business Agenda Page 3
Agenda Page 4 MINUTES OF MEETING SPICEWOOD COMMUNITY DEVELOPMENT DISTRICT The regular meeting of the Board of Supervisors of the Spicewood Community Development District was held on Wednesday, April 26, 2017 at 5:15 p.m. at the South Miami- Dade Cultural Arts Center, 10950 S.W. 211th Street, Cutler Bay, Florida. Present and constituting a quorum were: Eric Martinez Janet Boue Marisol L. Varela Nushine Hosseini (via phone) Chairman Vice Chairperson Assistant Secretary Assistant Secretary Also present were: Kenneth Cassel Ginger Wald District Manager District Counsel The following is a summary of the minutes and actions taken at the April 26, 2017 meeting of the Spicewood Board of Supervisors. FIRST ORDER OF BUSINESS Call to Order and Roll Call Mr. Cassel called the meeting to order and called the roll. SECOND ORDER OF BUSINESS Organizational Matters A. Oath of Office (J. Boue-Seat 2) Mr. Cassel being a notary public of the State of Florida administered the oath of office to Ms. Janet Boue. THIRD ORDER OF BUSINESS There being no audience, the next item followed. Audience Comments on Agenda Items FOURTH ORDER OF BUSINESS Approval of the Minutes of the January 25, 2017 Meeting Mr. Cassel stated each Board member received a copy of the minutes and requested any additions, corrections or deletions. There not being any, 1
April 26, 2017 Agenda Page 5 Spicewood CDD On MOTION by Mr. Martinez seconded by Ms. Boue with all in favor the minutes of the January 25, 2017 meeting were approved. FIFTH ORDER OF BUSINESS District Manager s Report A. Maintenance Agreement with HOA B. Acceptance of the Financial Audit for Year Ending September 30, 2016 Mr. Cassel directed the Board to pages 26 and 27 of the auditor s report which is the auditors letter to management and indicates they did not find anything that would cause them to report the District for any issues stated in the Florida Statutes. This was a clean audit again this year. On MOTION by Ms. Boue seconded by Dr. Varela with all in favor the financial audit for the year ending September 30, 2016 was accepted as presented. C. Distribution of the Proposed Budget for Fiscal Year 2018 Mr. Cassel reported the assessments will remain the same as last year. He also noted there is also still $50,000 for the security for the homeowner s association. Ms. Wald explained the budget being reviewed today is the proposed budget and sixty days or more from today the final budget will be adopted at a public hearing meeting. The proposed budget can be changed before the final budget is adopted but the assessments cannot be increased after today s acceptance. On MOTION by Ms. Boue seconded by Mr. Martinez with all in favor the proposed budget for fiscal year 2018, keeping the assessments the same as last year, was approved. D. Consideration of Resolution 2017-02 Approving the Budget and Setting a Public Hearing Date It was announced the public hearing on the adoption of the fiscal year 2018 budget will be scheduled for Wednesday, July 26, 2017 at 5:15 P.M. at the usual meeting location. On MOTION by Mr. Martinez seconded by Dr. Varela with all in favor Resolution 2017-02 approving the budget for fiscal year 2018 and setting the public hearing thereon pursuant to Florida Law, to be held on July 26, 2017 at 5:15 P.M. at the South Miami- Dade Cultural Arts Center, was adopted. Due to the occurrence of Ms. Boue being administered the oath of office today, Resolution 2017-01, adopted at the January 25, 2017 meeting was revisited. unapproved 2
April 26, 2017 Agenda Page 6 Spicewood CDD On MOTION by Mr. Martinez seconded by Ms. Boue with all in favor Resolution 2017-01 electing officers of the District and retaining the current slate of officers as follows was adopted: Mr. Eric Martinez will serve as Chairman, Ms. Janet Boue, serves as Vice Chair, Ms. Nushine Hosseine and Dr. Marisol Varela serve as Assistant Secretaries, Mr. Ken Cassel is Secretary, Mr. Robert Koncar serves as Treasurer and Mr. Stephen Bloom serves as Assistant Treasurer. SIXTH ORDER OF BUSINESS There was nothing additional to report. Attorney s Report SEVENTH ORDER OF BUSINESS Supervisor Requests & Audience Comments Mr. Cassel will price the vita course for Spicewood. EIGHTH ORDER OF BUSINESS Acceptance of Financial Statements, Approval of the Check Register and Invoices as of March 31, 2017 On MOTION by Mr. Martinez seconded by Ms. Boue with all in favor the financial statements were accepted and the check register and invoices were approved for the period ending March 31, 2017. NINTH ORDER OF BUSINESS Audience Comments There not being any, the next item followed. TENTH ORDER OF BUSINESS Adjournment There being no further questions or comments, On MOTION by Ms. Boue seconded by Mr. Martinez with all in favor the meeting was adjourned. Kenneth Cassel Secretary Eric Martinez Chairman unapproved 3
Fourth Order of Business Agenda Page 7
4A. Agenda Page 8
Agenda Page 9 SPICEWOOD Annual Operating and Debt Service Budget Fiscal Year 2018 Version 1 - Tentative Approved (version 1 4/27/2017) Prepared by:
SPICEWOOD Agenda Page 10 Table of Contents Page # OPERATING BUDGET General Fund Summary of Revenues, Expenditures and Changes in Fund Balances 1-2 Budget Narrative 3-5 Exhibit A - Allocation of Fund Balances. 6 DEBT SERVICE BUDGET Series 2013 Summary of Revenues, Expenditures and Changes in Fund Balances 7 Amortization Schedule.. 8 Budget Narrative. 9 SUPPORTING BUDGET SCHEDULE Comparison of Assessment Rates 10 Annual Operating and Debt Service Budget Fiscal Year 2018
Agenda Page 11 Spicewood Operating Budget Fiscal Year 2018
SPICEWOOD Agenda Page 12 Summary of Revenues, Expenditures and Changes in Fund Balances Fiscal Year 2018 Tentative Approved Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET THRU APR - PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2016 FY 2017 Mar-17 SEPT-2017 FY 2017 FY 2018 REVENUES Interest - Investments $812 $ - $ 565 $ 565.00 $ 1,130 $ - Interest - Tax Collector 27-27 - 27 - Special Assmnts- Tax Collector 154,603 154,601 143,784 10,817 154,601 154,603 Special Assmnts- Discounts (5,227) (6,184) (5,804) (380) (6,184) (6,184) TOTAL REVENUES 150,215 148,417 138,572 11,002 149,574 148,419 EXPENDITURES Administrative P/R-Board of Supervisors 3,600 7,000 1,600 2,400 4,000 7,000 FICA Taxes 275 536 122 184 306 536 ProfServ-Engineering - 3,435 1,275 1,500 2,775 3,435 ProfServ-Legal Services 9,117 9,000 3,192 1,596 4,788 9,000 ProfServ-Mgmt Consulting Serv 19,854 20,450 10,225 10,225 20,450 21,064 ProfServ-Special Assessment 2,576 2,653 2,653-2,653 2,733 Auditing Services 4,750 4,750 4,750-4,750 4,750 Postage and Freight 68 205 17 6 23 205 Rental - Meeting Room 560 1,050 140 420 560 981 Insurance - General Liability 4,322 4,754 4,355-4,355 4,791 Printing and Binding 234 405 58 19 77 405 Legal Advertising 493 600-600 600 600 Misc-Assessmnt Collection Cost 1,495 1,546 1,434-1,434 1,546 Misc-Contingency 119 38,160 - - - 37,470 Misc-Web Hosting 875 1,000 500 500 1,000 1,030 Office Supplies - 248-100 100 248 Annual District Filing Fee 175 175 175-175 175 Total Administrative 48,513 95,967 30,496 17,550 48,046 95,969 Field R&M-Grounds - 12,500-12,500 12,500 12,500 Misc-Contingency - 2,450-2,450 2,450 2,450 Misc-Security 23,998 36,500-36,500 36,500 36,500 Reserve - Playground 1,000 - - - 1,000 Misc-Stormwater System Review 11,999 - - - - - Total Field 35,997 52,450-51,450 51,450 52,450 TOTAL EXPENDITURES 84,510 148,417 30,496 69,000 99,496 148,419 Annual Operating and Debt Service Budget Fiscal Year 2018 1
SPICEWOOD Agenda Page 13 Summary of Revenues, Expenditures and Changes in Fund Balances Fiscal Year 2018 Tentative Approved Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET THRU APR - PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2016 FY 2017 Mar-17 SEPT-2017 FY 2017 FY 2018 Excess (deficiency) of revenues Over (under) expenditures 65,705-108,075 (57,998) 50,078 - Net change in fund balance 65,705-108,075 (57,998) 50,078 - FUND BALANCE, BEGINNING 167,460 233,165 233,165-233,165 283,243 FUND BALANCE, ENDING $ 233,165 $ 233,165 $ 341,240 $ (57,998) $ 283,243 $ 283,243 Annual Operating and Debt Service Budget Fiscal Year 2018 2
SPICEWOOD Agenda Page 14 General Fund Budget Narrative Fiscal Year 2018 REVENUES Special Assessments-Tax Collector The District will levy a Non-Ad Valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the Fiscal Year. Special Assessments-Discounts Per Section 197.162, Florida Statutes, discounts are allowed for early payment of assessments. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments. EXPENDITURES Administrative P/R-Board of Supervisors Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting at which they are in attendance. The amount for the Fiscal Year is based upon all supervisors attending all of the meetings. Six meetings are scheduled. FICA Taxes Payroll taxes on Board of Supervisor s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor s payroll expenditures. Professional Services-Engineering The District's engineer provides general engineering services to the District, i.e. attendance and preparation for monthly board meetings when requested, review of invoices, and other specifically requested assignments. Annual engineer s report as required by the bond indenture. Professional Services-Legal Services The District s Attorney, Billing, Cochran, Lyles provides general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research as directed or requested by the Board of Supervisors and the District Manager. Professional Services-Management Consulting Services The District receives Management, Accounting and Administrative services as part of a Management Agreement with Severn Trent Environmental Services, Inc. Also includes cost of Information Technology (GASB 54 Compliant Software System), transcription services, records management and long term offsite records storage. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement, with a moderate 1.5% proposed increase. Professional Services-Special Assessments Administrative services to maintain the District s Assessments Roll including estoppels letters and reports to applicable agencies. Auditing Services The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from an existing engagement letter, including for a moderate increase. Annual Operating and Debt Service Budget Fiscal Year 2018 3
SPICEWOOD Agenda Page 15 General Fund Budget Narrative Fiscal Year 2018 EXPENDITURES Administrative (continued) Postage and Freight Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence. Rental-Meeting Room Meetings are held at the South Miami-Dade Cultural Arts Center. Rental fee per meeting. Seven meetings are scheduled. Insurance-General Liability The District's General Liability & Public Officials Liability Insurance policy is with Florida Municipal Insurance Trust. They specialize in providing insurance coverage to governmental agencies. The budgeted amount allows for a projected increase in the premium. Printing and Binding Copies used in the preparation of agenda packages, required mailings, and other special projects. Legal Advertising The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation. Miscellaneous-Assessment Collection Costs The District reimburses the Miami-Dade County Tax Collector for her or his necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 1% on the amount of special assessments collected and remitted, whichever is greater. The budget for collection costs was based on a maximum of 1% of the anticipated assessment collections. Miscellaneous-Contingency Unexpected expenditures that the District may incur. Miscellaneous-Web Hosting Web hosting of minutes to comply with new State Statutes. Office Supplies Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects. Annual District Filing Fee The District is required to pay an annual fee of $175 to the Department of Economic Opportunity. Field R&M-Grounds For maintenance of areas District is responsible for but work is performed by Homeowners Association. Miscellaneous-Contingency Unexpected expenditures that the District may incur. Annual Operating and Debt Service Budget Fiscal Year 2018 4
SPICEWOOD Agenda Page 16 General Fund Budget Narrative Fiscal Year 2018 EXPENDITURES Field (continued) Miscellaneous-Security Security services for District paid to the Homeowners Association, per HOA and Easement agreements. Reserve-Playground Reserve for future park equipment. Annual Operating and Debt Service Budget Fiscal Year 2018 5
SPICEWOOD Agenda Page 17 Exhibit "A" Allocation of Fund Balances AVAILABLE FUNDS Amount Beginning Fund Balance - Fiscal Year 2018 $ 283,243 Net Change in Fund Balance - Fiscal Year 2018 - Reserves - Fiscal Year 2018 Additions 1,000 Total Funds Available (Estimated) - 9/30/18 284,243 ALLOCATION OF AVAILABLE FUNDS Assigned Fund Balance Operating Reserve - First Quarter Operating Capital 36,855 (1) Reserve - Playground Prior Years Funding 4,000 FY 2016 Funding 1,000 FY 2017 Reserve 1,000 FY 2018 Reserve 1,000 7,000 Total Allocation of Available Funds 43,855 Total Unassigned (undesignated) Cash $ 240,388 Notes (1) Represents approximately 3 months of operating expenditures, net reserves. Annual Operating and Debt Service Budget Fiscal Year 2018 6
Agenda Page 18 Spicewood Debt Service Budget Fiscal Year 2018
SPICEWOOD Agenda Page 19 Summary of Revenues, Expenditures and Changes in Fund Balances Fiscal Year 2018 Tentative Approved Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET THRU APR - PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2016 FY 2017 Mar-17 SEPT-2017 FY 2017 FY 2018 REVENUES Interest - Investments $ 181 $ - $ 108 $ 108 $ 216 $ - Interest - Tax Collector - - - - - - Special Assmnts- Tax Collector 228,120 228,118 212,158 15,960 228,118 228,118 Special Assmnts- Discounts (7,713) (9,125) (8,563) (562) (9,125) (9,125) TOTAL REVENUES 220,588 218,993 203,703 15,506 219,209 218,994 EXPENDITURES Administrative ProfServ-Dissemination Agent - 1,000-1,000 1,000 1,000 ProfServ-Trustee 2,694 4,916 1,347 3,569 4,916 5,408 Misc-Assessmnt Collection Cost 2,206 2,281 2,116 165 2,281 2,281 - Total Administrative 4,900 8,197 3,463 4,734 8,197 8,689 Debt Service Principal Debt Retirement 105,000 110,000 110,000 110,000 110,000 Interest Expense 103,400 101,168 50,584 50,583 101,168 98,694 Total Debt Service 208,400 211,168 50,584 160,583 211,168 208,694 TOTAL EXPENDITURES 213,300 219,365 54,047 165,318 219,365 217,383 Excess (deficiency) of revenues Over (under) expenditures 7,288 (372) 149,656 (149,812) (156) 1,611 OTHER FINANCING SOURCES (USES) Interfund Transfer - In -86 - - - - - Proceeds of Refunding Bonds - - - - - Operating Transfers-Out - - (53) - (53) - Pymt to Escrow Acct-Refunding - - - - - Contribution to (Use of) Fund Balance - (372) - - - 1,611 TOTAL OTHER SOURCES (USES) (86) (372) (53) - (53) 1,611 Net change in fund balance 7,202 (372) 149,603 (149,812) (209) 1,611 FUND BALANCE, BEGINNING 188,883 196,085 196,085-196,085 195,876 FUND BALANCE, ENDING $ 196,085 $ 195,713 $ 345,688 $ (149,812) $ 195,876 $ 197,487 Annual Operating and Debt Service Budget Fiscal Year 2018 7
SPICEWOOD Agenda Page 20 Amortization Schedule Series 2013 Principal Interest Principal Date Retirement Expense Balance 11/1/2017 $ 49,347 $ 2,550,000 5/1/2018 $ 110,000 $ 49,347 $ 2,440,000 11/1/2018 $ 47,972 $ 2,440,000 5/1/2019 $ 115,000 $ 47,972 $ 2,325,000 11/1/2019 $ 46,319 $ 2,325,000 5/1/2020 $ 120,000 $ 46,319 $ 2,205,000 11/1/2020 $ 44,519 $ 2,205,000 5/1/2021 $ 120,000 $ 44,519 $ 2,085,000 11/1/2021 $ 42,644 $ 2,085,000 5/1/2022 $ 125,000 $ 42,644 $ 1,960,000 11/1/2022 $ 40,456 $ 1,960,000 5/1/2023 $ 130,000 $ 40,456 $ 1,830,000 11/1/2023 $ 38,100 $ 1,830,000 5/1/2024 $ 135,000 $ 38,100 $ 1,695,000 11/1/2024 $ 35,569 $ 1,695,000 5/1/2025 $ 140,000 $ 35,569 $ 1,555,000 11/1/2025 $ 32,856 $ 1,555,000 5/1/2026 $ 150,000 $ 32,856 $ 1,405,000 11/1/2026 $ 29,856 $ 1,405,000 5/1/2027 $ 155,000 $ 29,856 $ 1,250,000 11/1/2027 $ 26,563 $ 1,250,000 5/1/2028 $ 160,000 $ 26,563 $ 1,090,000 11/1/2028 $ 23,163 $ 1,090,000 5/1/2029 $ 165,000 $ 23,163 $ 925,000 11/1/2029 $ 19,656 $ 925,000 5/1/2030 $ 175,000 $ 19,656 $ 750,000 11/1/2030 $ 15,938 $ 750,000 5/1/2031 $ 180,000 $ 15,938 $ 570,000 11/1/2031 $ 12,113 $ 570,000 5/1/2032 $ 180,000 $ 12,113 $ 390,000 11/1/2032 $ 8,288 $ 390,000 5/1/2033 $ 190,000 $ 8,288 $ 200,000 11/1/2033 $ 4,250 $ 200,000 5/1/2034 $ 200,000 $ 4,250 $ - 11/1/2034 $ 2,550,000 $ 1,035,213 Annual Operating and Debt Service Budget Fiscal Year 2018 8
SPICEWOOD Agenda Page 21 Debt Service Fund Budget Narrative Fiscal Year 2018 REVENUES Special Assessments-Tax Collector The District will levy a Non-Ad Valorem assessment on all the assessable property within the District in order to pay for the debt service expenditures during the Fiscal Year. Special Assessments-Discounts Per Section 197.162, Florida Statutes, discounts are allowed for early payment of assessments. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments. EXPENDITURES Administrative Professional Services-Dissemination Agent The District is required by the Securities and Exchange Commission to comply with Rule 15c2-12(b)-(5), which relates to additional reporting requirements for unrelated bond issues. The budgeted amount for the fiscal year is based on standard fees charged for this service. Professional Services-Trustee The District issued this Series of 2013 Special Assessment Bonds that are deposited with a Trustee to handle all trustee matters. The annual trustee fee is based on standard fees charged plus any out-of-pocket expenses. There will be a 15% increase. Miscellaneous-Assessment Collection Cost The District reimburses the Miami-Dade County Tax Collector for her or his necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 1% on the amount of special assessments collected and remitted, whichever is greater. The budget for collection costs was based on a maximum of 1% of the anticipated assessment collections. Debt Service Principal Debt Retirement The District pays regular principal payments annually in order to pay down/retire the debt. Interest Expense The District pays interest expense on the debt twice during the year. Annual Operating and Debt Service Budget Fiscal Year 2018 9
Agenda Page 22 Spicewood Supporting Budget Schedule Fiscal Year 2018
SPICEWOOD Agenda Page 23 Comparison of Assessment Rates Fiscal Year 2018 vs. Fiscal Year 2017 General Fund 001 Series 2013 Debt Service Fund Total Assessments per Unit Units Prepaid FY 2018 FY 2017 Percent FY 2018 FY 2017 Percent FY 2018 FY 2017 Percent Units Product Change Change Change Townhome $308.15 $308.15 0% $423.71 $423.71 0% $731.86 $731.86 0% 222 1 SF 50' $338.01 $338.01 0% $529.44 $529.44 0% $867.45 $867.45 0% 255 1 477 2 Annual Operating and Debt Service Budget Fiscal Year 2018 10
4Ai. Agenda Page 24
Agenda Page 25 RESOLUTION 2017-03 A RESOLUTION OF THE SPICEWOOD COMMUNITY DEVELOPMENT DISTRICT RELATING TO THE ANNUAL APPROPRIATIONS OF THE DISTRICT AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2017, AND ENDING SEPTEMBER 30, 2018, AND REFERENCING THE MAINTENANCE AND BENEFIT SPECIAL ASSESSMENTS TO BE LEVIED BY THE DISTRICT FOR SAID FISCAL YEAR WHEREAS, the District Manager has, prior to the fifteenth (15th) day in June, 2017, submitted to the Board of Supervisors (the "Board") a proposed budget for the next ensuing budget year along with an explanatory and complete financial plan for each fund of the District, pursuant to the provisions of Section 190.008(2)(a), Florida Statutes; and WHEREAS, at least sixty (60) days prior to the adoption of the proposed annual budget and any proposed long-term financial plan or program of the District for future operations (the "Proposed Budget) the District did file a copy of the Proposed Budget with the general purpose local governing authorities having jurisdiction over the area included in the District pursuant to the provisions of Section 190.008(2)(b) and 218.34(3), Florida Statutes; and WHEREAS, on April 26, 2017, the Board set July 26, 2017, as the date for a public hearing thereon and caused notice of such public hearing to be given by publication pursuant to Section 190.008(2)(a) Florida Statutes; and WHEREAS, Section 190.008(2)(a), Florida Statutes requires that, prior to October 1 of each year, the District Board by passage of the Annual Appropriation Resolution shall adopt a budget for the ensuing fiscal year and appropriate such sums of money as the Board deems necessary to defray all expenditures of the District during the ensuing fiscal year; and WHEREAS, the District Manager has prepared a Proposed Budget on a Cash Flow Budget basis, whereby the budget shall project the cash receipts and disbursements anticipated during a given time period, including reserves for contingencies for emergency or other unanticipated expenditures during the fiscal year; and WHEREAS, Section 190.021, Florida Statutes provides that the Annual Appropriation Resolution shall also fix the maintenance special assessments and benefit special assessments upon each piece of property within the boundaries of the District benefited, specifically and peculiarly, by the maintenance and/or capital improvement programs of the District, such levy
Agenda Page 26 representing the amount of District assessments necessary to provide for payment during the ensuing budget year of all properly authorized expenditures to be incurred by the District, including principal and interest of special revenue, capital improvement and/or benefit assessment bonds, in order for the District to exercise its various general and special powers to implement its single and specialized infrastructure provision purpose; and WHEREAS, the Board of Supervisors of the Spicewood Community Development District finds and determines that the non-ad valorem special assessments it imposes and levies by this Resolution for maintenance on the parcels of property involved will constitute a mechanism by which the property owners lawfully and validly will reimburse the District for those certain special and peculiar benefits the District has determined are received by, and flow to, the parcels of property from the systems, facilities and services being provided, and that the special and peculiar benefits are apportioned in a manner that is fair and reasonable in accordance with applicable assessment methodology and related case law; and WHEREAS, the Chair of the Board of Supervisors may designate the District Manager or other person to certify the non-ad valorem assessment roll to the Tax Collector in and for Miami-Dade County political subdivision on compatible electronic medium tied to the property identification number no later than 15 September 2017 so that the Tax Collector may merge that roll with others into the collection roll from which the November tax notice is to be printed and mailed; and WHEREAS, the proceeds from the collections of these imposed and levied non-ad valorem assessments shall be paid to the Spicewood ; and WHEREAS, the Tax Collector, under the direct supervision of the Florida Department of Revenue performs the state work in preparing, mailing out, collecting and enforcing against delinquency the non-ad valorem assessments of the District using the Uniform Collection Methodology for non-ad valorem assessments WHEREAS, if the Property Appraiser and the Tax Collector have adopted a different technological procedure for certifying and merging the rolls, then that procedure must be worked out and negotiated with Board approval through the auspices of the District Manager before there are any deviations from the provisions of Section 197.3632, Fla. Stat., and Rule 12D-18, Florida Administrative Code. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF SPICEWOOD COMMUNITY DEVELOPMENT DISTRICT, THAT: Section 1. The recitals above are true and correct and are incorporated herein as dispositive.
Agenda Page 27 Section 2. Budget a. That the Board of Supervisors has reviewed the District Manager's Proposed Budget, a copy of which is on file with the office of the District Treasurer and the office of the Recording Secretary. b. That the District Manager's Proposed Budget, attached hereto and made a part here of, is hereby adopted in accordance with the provisions of Section 190.008(2)(a), Florida Statutes; however, that the comparative figures contained in the adopted budget may be revised subsequently as deemed necessary by the District Manager to reflect actual revenues and expenditures for the fiscal year 2017 and/or revised projections for fiscal year 2018. c. That the adopted budget, as amended, shall be maintained in the office of the District Treasurer and the District Recording Secretary and identified as "The Budget for the Spicewood for the Fiscal Year Ending September 30, 2018, as Adopted by the Board of Supervisors on July 26, 2017. Section 3. Appropriations That there be, and hereby is appropriated out of the revenues of the Spicewood, for the fiscal year beginning October 1, 2017, and ending September 30, 2018 the sum of to be raised by the applicable imposition and levy by the Board of applicable non-ad valorem special assessments and otherwise, which sum is deemed by the Board of Supervisors to be necessary to defray all expenditures of the District during said budget year, to be divided and appropriated in the following fashion: TOTAL GENERAL FUND DEBT SERVICE FUND Total All Funds $ $ $ Section 4. Supplemental Appropriations The Board may authorize by resolution supplemental appropriations or revenue changes for any lawful purpose from funds on hand or estimated to be received within the fiscal year as follows: a. Board may authorize a transfer of the unexpended balance or portion thereof of any appropriation item. b. Board may authorize an appropriation from the unappropriated balance of any fund.
Agenda Page 28 c. Board may increase any revenue or income budget account to reflect receipt of any additional unbudgeted monies and make the corresponding change to appropriations or the unappropriated balance. The District Manager and Treasurer shall have the power within a given fund to authorize the transfer of any unexpended balance of any appropriation item or any portion thereof, provided such transfers do not exceed Ten Thousand ($10,000) Dollars or have the effect of causing more than 10% of the total appropriation of a given program or project to be transferred previously approved transfers included. Such transfer shall not have the effect of causing a more than $10,000 or 10% increase, previously approved transfers included, to the original budget appropriation for the receiving program. Transfers within a program or project may be approved by the applicable department director and the District Manager or Treasurer. The District Manager or Treasurer must establish administrative procedures, which require information on the request forms proving that such transfer requests comply with this section. Section 5. Maintenance Special Assessment Levy: Fixed and Referenced and to be Levied by the Board a. That the Fiscal Year 2018 Maintenance Special Assessment Levy (the "Assessment Levy") for the assessment upon all the property within the boundaries of the District based upon the special and peculiar benefit received and further based upon reasonable and fair apportionment of the special benefit, shall be in accordance with the attached Exhibit A, which levy represents the amount of District assessments necessary to provide for payment during the aforementioned budget year of all properly authorized expenditures to be incurred by the District, including principal and interest of special revenue, capital improvement and/or benefit assessment bonds. Said assessment levy shall be distributed as follows: General Fund O & M $ [See Assessment Levy Resolution 2017-04] Debt Service Fund $ [See Assessment Levy Resolution 2017-04] b. The designee of the Chair of the Board of Supervisors of the Spicewood Community Development District shall be the Manager or the Treasurer of the District designed to certify the non-ad valorem assessment roll to the Tax Collector in and for the Miami- Dade County political subdivision, in accordance with applicable provisions of State law (Chapters 170, 190 and 197, Fla. Stat.) and applicable rules (Rule 12D-18, Florida Administrative Code) which shall include not only the maintenance special assessment levy but also the total for the debt service levy, as required by and pursuant to law.
Agenda Page 29 Introduced, considered favorably, and adopted by the Board of Supervisors this 26th day of July, 2017. SPICEWOOD COMMUNITY DEVELOPMENT DISTRICT Eric Martinez Chairman Attest: Kenneth Cassel Secretary
4Aii. Agenda Page 30
Agenda Page 31 RESOLUTION 2017-04 A RESOLUTION LEVYING AND IMPOSING A NON AD VALOREM MAINTENANCE SPECIAL ASSESSMENT AND ADOPTING AN ASSESSMENT ROLL FOR THE SPICEWOOD COMMUNITY DEVELOPMENT DISTRICT FOR FISCAL YEAR 2018 WHEREAS, certain improvements existing within the Spicewood Community Development District and certain costs of operation, repairs and maintenance are being incurred; and WHEREAS, the Board of Supervisors of the Spicewood Community Development District (the District Board ) finds that the District's total General Fund operation assessments, taking into consideration other revenue sources during Fiscal Year 2018, will amount to $ ; and WHEREAS, the District Board previously levied an assessment for debt service and finds the District s Debt Service Fund Assessment during Fiscal Year 2018 will amount to $ ; and WHEREAS, the District Board finds that the Debt Service Fund relates to systems and facilities which provide special benefits peculiar to certain property within the District based on the applicable assessment methodology; and WHEREAS, the District Board finds that the non-ad valorem special assessments it levies and imposes by this resolution for maintenance on the parcels of property involved will reimburse the District for certain special and peculiar benefits received by the property flowing from the maintenance of the systems, facilities and services apportioned in a manner that is fair and reasonable, in accordance with the applicable assessment methodology; and WHEREAS, the District Board understands that this resolution levies only the maintenance assessments for 2018, the Chair of the District, or the designee of the District Manager, shall certify a total non-ad valorem assessment roll in a timely manner to the Tax Collector in and for Miami-Dade County for collection to include all assessments levied and approved by the District on the property including those for debt
Agenda Page 32 service as well as for special maintenance assessments. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SPICEWOOD COMMUNITY DEVELOPMENT DISTRICT, THAT: Section 1. as dispositive. The recitals above are true and correct and are incorporated herein Section 2. A special assessment for maintenance as authorized pursuant to Section 190.021(3), Florida Statutes, (hereinafter referred to as assessment ) is hereby levied on all assessable land. Section 3. That the collection and enforcement of the aforesaid assessments on platted lots shall be by the Tax Collector serving as agent of the State of Florida in Miami Dade County ( Tax Collector ) and shall be at the same time and in like manner as ad valorem taxes and subject to all ad valorem tax collection and enforcement procedures which attend the use of the official annual tax notice. Section 4. The levy and imposition of the maintenance special assessments on platted lots included in the District will be combined with the debt service non-ad valorem assessments which were levied and certified as a total amount on the non-ad valorem assessment roll to the Miami-Dade County Tax Collector by the designee of the Chair of the Board on compatible medium no later than 15 September 2017, which shall then be collected by the Tax Collector on the tax notice along with other non-ad valorem assessments from other local governments and with all applicable property taxes to each platted parcel of property. Section 5.. The proceeds therefrom shall be paid to the Spicewood Section 6. The Chair of the Board of the Spicewood Community Development District designates the District Manager to perform the certification duties. Section 7. Be it further resolved, that a copy of this Resolution be transmitted to the proper public officials so that its purpose and effect may be carried out in
Agenda Page 33 accordance with law. PASSED AND ADOPTED, this 26th day of July, 2017, by the Board of Supervisors of the Spicewood, Miami-Dade County, Florida. Kenneth Cassel Secretary Eric Martinez Chairman
4B Agenda Page 34
Agenda Page 35
4C. Agenda Page 36
Agenda Page 37
Seventh Order of Business Agenda Page 38
Agenda Page 39 SPICEWOOD Financial Report June 30, 2017 Prepared by
SPICEWOOD Agenda Page 40 Table of Contents FINANCIAL STATEMENTS Page # Balance Sheet - All Funds.. 1 Statement of Revenues, Expenditures and Changes in Fund Balance General Fund 2 Debt Service Fund 3 Capital Project Fund 4
Agenda Page 41 SPICEWOOD Financial Statements (Unaudited) June 30, 2017
SPICEWOOD Agenda Page 42 Governmental Funds Balance Sheet June 30, 2017 ACCOUNT DESCRIPTION GENERAL FUND SERIES 2013 DEBT SERVICE FUND SERIES 2013 CAPITAL PROJECTS FUND TOTAL ASSETS Cash - Checking Account $ 150,588 $ - $ - $ 150,588 Assessments Receivable 109 161-270 Allow-Doubtful Collections (109) (161) - (270) Due From Other Funds - 13,997-13,997 Investments: Money Market Account 222,420 - - 222,420 Deferred Cost - - 226 226 Reserve Fund - 106,356-106,356 Revenue Fund - 79,818-79,818 TOTAL ASSETS $ 373,008 $ 200,171 $ 226 $ 573,405 LIABILITIES Accounts Payable $ 2,694 $ - $ - $ 2,694 Accrued Expenses 11,999 - - 11,999 Due To Other Funds 13,997 - - 13,997 TOTAL LIABILITIES 28,690 - - 28,690 FUND BALANCES Restricted for: Debt Service - 200,171-200,171 Capital Projects - - 226 226 Assigned to: Operating Reserves 47,782 - - 47,782 Reserves - Playground 5,000 - - 5,000 Unassigned: 291,536 - - 291,536 TOTAL FUND BALANCES $ 344,318 $ 200,171 $ 226 $ 544,715 TOTAL LIABILITIES & FUND BALANCES $ 373,008 $ 200,171 $ 226 $ 573,405 Report Date: 7/14/2017 Page 1
SPICEWOOD Agenda Page 43 General Fund Statement of Revenues, Expenditures and Changes in Fund Balances For the Period Ending June 30, 2017 ANNUAL YTD ACTUAL ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE ($) AS A % OF JUN-17 ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD ACTUAL REVENUES Interest - Investments $ - $ - $ 1,016 $ 1,016 0.00% $ 141 Interest - Tax Collector - - 34 34 0.00% - Special Assmnts- Tax Collector 154,601 154,601 154,962 361 100.23% 5,705 Special Assmnts- Discounts (6,184) (6,184) (5,557) 627 89.86% 247 TOTAL REVENUES 148,417 148,417 150,455 2,038 101.37% 6,093 EXPENDITURES Administration P/R-Board of Supervisors 7,000 4,000 2,400 1,600 34.29% - FICA Taxes 536 305 184 121 34.33% - ProfServ-Engineering 3,435 2,669 1,275 1,394 37.12% - ProfServ-Legal Services 9,000 7,200 5,365 1,835 59.61% 500 ProfServ-Mgmt Consulting Serv 20,450 15,336 15,338 (2) 75.00% 1,704 ProfServ-Special Assessment 2,653 2,653 2,653-100.00% - Auditing Services 4,750 4,750 4,750-100.00% - Postage and Freight 205 140 26 114 12.68% 6 Rental - Meeting Room 1,050 600 280 320 26.67% - Insurance - General Liability 4,754 4,754 4,355 399 91.61% - Printing and Binding 405 300 103 197 25.43% 2 Legal Advertising 600 400-400 0.00% - Misc-Assessmnt Collection Cost 1,546 1,546 1,548 (2) 100.13% 60 Misc-Contingency 38,160 25,200 100 25,100 0.26% (50) Misc-Web Hosting 1,000 748 750 (2) 75.00% 83 Office Supplies 248 175-175 0.00% - Annual District Filing Fee 175 175 175-100.00% - Total Administration 95,967 70,951 39,302 31,649 40.95% 2,305 Field R&M-Grounds 12,500 9,000-9,000 0.00% - Misc-Contingency 2,450 1,836-1,836 0.00% - Misc-Security 36,500 27,000-27,000 0.00% - Reserve - Playground 1,000 750-750 0.00% - Total Field 52,450 38,586-38,586 0.00% - TOTAL EXPENDITURES 148,417 109,537 39,302 70,235 26.48% 2,305 Excess (deficiency) of revenues Over (under) expenditures - 38,880 111,153 72,273 0.00% 3,788 Net change in fund balance $ - $ 38,880 $ 111,153 $ 72,273 0.00% $ 3,788 FUND BALANCE, BEGINNING (OCT 1, 2016) 233,165 233,165 233,165 FUND BALANCE, ENDING $ 233,165 $ 272,045 $ 344,318 Report Date: 7/14/2017 Page 2
SPICEWOOD Agenda Page 44 Series 2013 Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balances For the Period Ending June 30, 2017 ANNUAL YTD ACTUAL ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE ($) AS A % OF JUN-17 ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD ACTUAL REVENUES Interest - Investments $ - $ - $ 1,239 $ 1,239 0.00% $ 1,032 Special Assmnts- Tax Collector 228,118 228,118 228,652 534 100.23% 8,418 Special Assmnts- Discounts (9,125) (9,125) (8,199) 926 89.85% 364 TOTAL REVENUES 218,993 218,993 221,692 2,699 101.23% 9,814 EXPENDITURES Administration ProfServ-Arbitrage Rebate 1,000 1,000-1,000 0.00% - ProfServ-Trustee Fees 4,916 4,916 4,041 875 82.20% 2,694 Misc-Assessmnt Collection Cost 2,281 2,281 2,285 (4) 100.18% 88 Total Administration 8,197 8,197 6,326 1,871 77.17% 2,782 Debt Service Principal Debt Retirement 110,000 110,000 110,000-100.00% - Interest Expense 101,168 101,168 101,169 (1) 100.00% - Total Debt Service 211,168 211,168 211,169 (1) 100.00% - TOTAL EXPENDITURES 219,365 219,365 217,495 1,870 99.15% 2,782 Excess (deficiency) of revenues Over (under) expenditures (372) (372) 4,197 4,569-1128.23% 7,032 OTHER FINANCING SOURCES (USES) Operating Transfers-Out - - (111) (111) 0.00% (18) Contribution to (Use of) Fund Balance (372) - - - 0.00% - TOTAL FINANCING SOURCES (USES) (372) - (111) (111) 29.84% (18) Net change in fund balance $ (372) $ (372) $ 4,086 $ 4,458-1098.39% $ 7,014 FUND BALANCE, BEGINNING (OCT 1, 2016) 196,085 196,085 196,085 FUND BALANCE, ENDING $ 195,713 $ 195,713 $ 200,171 Report Date: 7/14/2017 Page 3
SPICEWOOD Agenda Page 45 Series 2013 Capital Projects Fund Statement of Revenues, Expenditures and Changes in Fund Balances For the Period Ending June 30, 2017 ANNUAL YTD ACTUAL ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE ($) AS A % OF JUN-17 ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD ACTUAL REVENUES Interest - Investments $ - $ - $ 12 $ 12 0.00% $ - TOTAL REVENUES - - 12 12 0.00% - EXPENDITURES TOTAL EXPENDITURES - - - - 0.00% - Excess (deficiency) of revenues Over (under) expenditures - - 12 12 0.00% - OTHER FINANCING SOURCES (USES) Interfund Transfer - In - - 99 99 0.00% 18 TOTAL FINANCING SOURCES (USES) - - 99 99 0.00% 18 Net change in fund balance $ - $ - $ 111 $ 111 0.00% $ 18 FUND BALANCE, BEGINNING (OCT 1, 2016) - - 115 FUND BALANCE, ENDING $ - $ - $ 226 Report Date: 7/14/2017 Page 4