Venetian Isles Community Development District

Final Budget For Fiscal Year 2018/2019
October 1, 2018 - September 30, 2019

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
VENETIAN ISLES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019 BUDGET	
Administrative Assessments	67,888	
Maintenance Assessments	88,191	
Debt Assessments	345,866	
Other Revenues	0	
Interest Income	360	
		
TOTAL REVENUES	$	502,305	
		
EXPENDITURES		
MAINTENANCE EXPENDITURES		
Aquatic Maintenance - Lake Tracts - Herbicides	9,600	
Aquatic Maintenance - Lake Tracts - Grass Carps	1,500	
General Maintenance - Lake Tracts/Shoreline	2,700	
Drainage Structure Maintenance/Cleaning	5,400	
Roadway/Street Improvements - Repairs (Including Signs)	8,400	
Engineers Report/Inspections/Consulting	2,400	
Field Operations Management	1,200	
Community Sign Project/Upgrades	0	
Miscellaneous Improvement Projects	30,000	
Hurricane Irma - Storm Clean-Up	0	
Infrastructure Reserve Fund	17,500	
Contingency (Maintenance)	4,200	
TOTAL MAINTENANCE EXPENDITURES	82,900	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	6,000	
Payroll Taxes	460	
Management	30,048	
Secretarial	4,200	
Legal	9,000	
Assessment Roll	6,000	
Audit Fees	3,800	
Insurance	6,600	
Legal Advertisements	750	
Web Site Admin, Payroll Services & Mileage	3,000	
Office Supplies, Postage & Mailings	1,800	
Dues & Subscriptions	175	
Trustee Fee	3,550	
Continuing Disclosure Fee	350	
Administrative Contingency	1,200	
TOTAL ADMINISTRATIVE EXPENDITURES	76,933	
		
TOTAL EXPENDITURES	$	159,833	
		
REVENUES LESS EXPENDITURES	$	342,472	
		
Bond Payments	(325,114)	
		
BALANCE	$	17,358	
		
County Appraiser & Tax Collector Fee	(10,039)	
Discounts For Early Payments	(20,078)	
		
EXCESS/ (SHORTFALL)	$	(12,759)	
		
Carryover From Prior Year	12,759	
		
NET EXCESS/ (SHORTFALL)	$	-	

6/17/2018 4:05 PM	I

DETAILED FINAL BUDGET
VENETIAN ISLES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2016/2017 ACTUAL	
FISCAL YEAR 2017/2018 BUDGET	
FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	
Administrative Assessments	71,941	78,590	67,888	Expenditures Less Interest & Carryover/.94	
Maintenance Assessments	85,000	78,244	88,191	Expenditures/.94	
Debt Assessments	348,501	348,012	345,866	Bond Payments/.94	
Other Revenues	37,791	0	0		
Interest Income	436	300	360	Interest Projected At $30 Per Month	
					
TOTAL REVENUES	$	543,669	$	505,146	$	502,305		
					
EXPENDITURES					
MAINTENANCE EXPENDITURES					
Aquatic Maintenance - Lake Tracts - Herbicides	8,340	9,500	9,600	$100 Increase From 2017/2018 Budget	
Aquatic Maintenance - Lake Tracts - Grass Carps	0	3,000	1,500	$1,500 Decrease From 2017/2018 Budget	
General Maintenance - Lake Tracts/Shoreline	0	2,750	2,700	$50 Decrease From 2017/2018 Budget	
Drainage Structure Maintenance/Cleaning	0	6,000	5,400	$600 Decrease From 2017/2018 Budget	
Roadway/Street Improvements - Repairs (Including Signs)	5,659	4,800	8,400	$3,600 Increase From 2017/2018 Budget	
Engineers Report/Inspections/Consulting	850	2,400	2,400	No Change From 2017/2018 Budget	
Field Operations Management	0	0	1,200	Field Operations Management	
Community Sign Project/Upgrades	22,702	9,000	0	Project Complete - Repairs Only	
Miscellaneous Improvement Projects	0	15,000	30,000	$15,000 Increase From 2017/2018 Budget	
Hurricane Irma - Storm Clean-Up	65,032	0	0		
Infrastructure Reserve Fund	0	17,500	17,500	No Change From 2017/2018 Budget	
Contingency (Maintenance)	1,140	3,600	4,200	$600 Increase From 2017/2018 Budget	
TOTAL MAINTENANCE EXPENDITURES	103,723	73,550	82,900		
					
ADMINISTRATIVE EXPENDITURES					
Supervisor Fees	1,500	6,000	6,000	No Change From 2017/2018 Budget	
Payroll Taxes	115	460	460	Supervisor Fees *7.65%	
Management	28,836	29,436	30,048	CPI Adjustment	
Secretarial	4,200	4,500	4,200	Field Operations Split From Line Item	
Legal	6,544	9,000	9,000	No Change From 2017/2018 Budget	
Assessment Roll	6,000	6,000	6,000	As Per Contract	
Audit Fees	3,700	3,700	3,800	$100 Increase From 2017/2018 Budget	
Insurance	5,950	6,545	6,600	Insurance Estimate	
Legal Advertisements	297	800	750	$50 Decrease From 2017/2018 Budget	
Web Site Admin, Payroll Services & Mileage	1,968	2,800	3,000	$200 Increase From 2017/2018 Budget	
Office Supplies, Postage & Mailings	1,103	1,850	1,800	$50 Decrease From 2017/2018 Budget	
Dues & Subscriptions	175	175	175	No Change From 2017/2018 Budget	
Trustee Fee	3,225	3,400	3,550	Trustee (US Bank) Increasing Fees In 2018/2019	
Continuing Disclosure Fee	350	500	350	$150 Decrease From 2017/2018 Budget	
Administrative Contingency	0	0	1,200	Administrative Contingency	
TOTAL ADMINISTRATIVE EXPENDITURES	63,963	75,166	76,933		
					
TOTAL EXPENDITURES	$	167,686	$	148,716	$	159,833		
					
REVENUES LESS EXPENDITURES	$	375,983	$	356,430	$	342,472		
					
Bond Payments	(330,091)	(327,131)	(325,114)	2019 P & I Payments Less Earned Interest	
					
BALANCE	$	45,892	$	29,299	$	17,358		
					
County Appraiser & Tax Collector Fee	(4,872)	(10,097)	(10,039)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(18,142)	(20,193)	(20,078)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	22,878	$	(991)	$	(12,759)		
					
Carryover From Prior Year	0	991	12,759	Carryover Balance From Prior Years	
					
NET EXCESS/ (SHORTFALL)	$	22,878	$	-	$	-		

6/17/2018 4:05 PM	II

DETAILED FINAL DEBT SERVICE FUND BUDGET VENETIAN ISLES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR 2017/2018 BUDGET	FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	

Interest Income	
841	
0	
425	
Projected Interest For 2018/2019	

NAV Tax Collection	
330,091	
327,131	
325,114	
2019 P & I Payments Less Earned Interest	

Prepaid Bond Collection	
5,148	
0	
0		

Total Revenues	
$	336,080	
$	327,131	
$	325,539		

EXPENDITURES					

Principal Payments	
225,000	
230,000	
235,000	
Principal Payment Due In 2019	

Interest Payments	
104,788	
97,131	
90,539	
Interest Payments Due In 2019	

Total Expenditures	
$	329,788	
$	327,131	
$	325,539		

Excess/ (Shortfall)	
$	6,292	
$	-	
$	-		

Series 2013 Bond Refunding Information
Original Par Amount =	$3,825,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	1.25% - 3.875%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	May 2013			
Maturity Date =

Par Amount As Of 1/1/18 =	May 2028

$2,945,000			

6/17/2018 4:05 PM	III

Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
2015/2016	2016/2017	2017/2018	2018/2019	
Assessment*	Assessment*	Assessment*	Projected Assessment*	

Venetian Isles Community Development District Assessment Comparison

Administrative	$	131.68	$	124.29	$	136.92	$	118.48	
Maintenance	$	143.17	$	148.08	$	136.31	$	153.92	

Debt

$	605.73

$	608.21

$	607.35

$	605.72

Total

$	880.58	$

880.58	$

880.58	$

878.12

* Assessments Include the Following :	 4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee

Community Information (O&M):	

Total Units	574	
Less Lot #30-4916-030-0090		
Transfer To HOA Common Area	1	
Billed for O&M	573	

Community Information (Debt):	

Total Units	574	
Prepayments	3	
Billed for Debt	571	

6/17/2018 4:05 PM	IV