NatureWalk Community Development District

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NatureWalkCommunity Development DistrictFinancial Statements(Unaudited)May 31, 2019Prepared by: Rizzetta & Company, Inc.naturewalkcdd.orgrizzetta.comProfessionals in Community Management

NatureWalk Community Development DistrictBalance SheetAs of 5/31/2019(In Whole Numbers)General FundDebt Service FundTotalGovernmentalFundsCapital ProjectsFundGeneral FixedAssets AccountGroupGeneralLong-Term DebtAccount GroupAssetsCash In BankInvestmentsAccounts ReceivableBond Prepayments ReceivableAllowance for Doubtful AccountsAccounts Receivable - OtherPrepaid ExpensesDepositsDue From Other FundsAmount Available in Debt ServiceAmount To Be Provided Debt ServiceFixed AssetsTotal 3,445,000LiabilitiesAccounts PayableAccrued Expenses PayableRetainage PayableOther Current LiabilitiesDeferred RevenueDue To Other FundsDebt Service Obligations - CurrentRevenue Bonds Payable--Long TermTotal ,718,787000000000000000013,445,00013,445,000Fund Equity & Other CreditsBeginning Fund BalanceNet Change in Fund BalanceTotal Fund Equity & Other (8,631,693)16,342,594016,342,594000Total Liabilities & Fund ,445,000See Notes to Unaudited Financial Statements

NatureWalk Community Development DistrictStatement of Revenues and Expenditures001 - General FundFrom 10/1/2018 Through 5/31/2019(In Whole Numbers)Annual BudgetRevenuesInterest EarningsInterest EarningsSpecial AssessmentsTax RollOff RollTotal RevenuesExpendituresLegislativeSupervisor FeesFinancial & AdministrativeAdministrative ServicesDistrict ManagementDistrict EngineerDisclosure ReportTrustees FeesAssessment RollFinancial & Revenue CollectionsAccounting ServicesAuditing ServicesArbitrage Rebate CalculationPublic Officials Liability InsuranceLegal AdvertisingDues, Licenses & FeesWebsite Hosting, Maintenance,BackupLegal CounselDistrict CounselElectric Utility ServicesUtility ServicesStormwater ControlAquatic MaintenanceFountain Service Repairs &MaintenanceWetland Monitoring & MaintenanceStormwater System MaintenanceOther Physical EnvironmentGeneral Liability InsuranceProperty InsuranceLandscape MaintenanceIrrigation RepairsOrnamental Lighting & MaintenanceTree Triming ServicesAnnual MulchingLandscape Replacement Plants,Shrubs, TreesRust PreventionRoad & Street FacilitiesYTD BudgetYTD ActualYTD VariancePercent AnnualBudget 2%96.93%5,0003,33303,333100.00%See Notes to Unaudited Financial Statements

NatureWalk Community Development DistrictStatement of Revenues and Expenditures001 - General FundFrom 10/1/2018 Through 5/31/2019(In Whole Numbers)Annual BudgetStreet Light Decorative LightMaintenanceStreet Sign Repair & ReplacementSidewalk Repair & MaintenanceRoadway Repair & MaintenanceParks & RecreationBoardwalk & Bridge MaintenanceTotal ExpendituresExcess of Revenue Over (Under)ExpendituresOther Financing Sources (Uses)Prior Year CarryforwardExcess of Rev./Other Sources Over(Under) Expend./Other UsesYTD BudgetYTD ActualYTD VariancePercent AnnualBudget 72,2960.00%Fund Balance, Beginning of PeriodFund Balance, End of PeriodSee Notes to Unaudited Financial Statements

NatureWalk Community Development DistrictStatement of Revenues and Expenditures200 - Debt Service FundFrom 10/1/2018 Through 5/31/2019(In Whole Numbers)Annual BudgetRevenuesInterest EarningsInterest EarningsSpecial AssessmentsTax RollOff RollTotal RevenuesExpendituresLegal CounselTrustee CounselDebt ServiceInterestPrincipalTotal ExpendituresExcess of Revenue Over (Under)ExpendituresOther Financing Sources (Uses)Interfund TransferSPE CostsTotal Other Financing Sources (Uses)Excess of Rev./Other Sources Over(Under) Expend./Other UsesCurrent PeriodActualBudget ToActual VarianceBudget 0%0(9,515,657)(9,515,657)0.00%Fund Balance, Beginning of PeriodFund Balance, End of PeriodSee Notes to Unaudited Financial Statements

NatureWalk Community Development DistrictStatement of Revenues and Expenditures300 - Capital Projects FundFrom 10/1/2018 Through 5/31/2019(In Whole Numbers)Annual BudgetCurrent PeriodActualBudget ToActual VarianceBudget PercentRemainingRevenuesInterest EarningsInterest EarningsContributions & Donations FromPrivate Sources07,0687,0680.00%Developer ContributionsTotal r Physical EnvironmentImprovements Other Than BuildingsTotal ExpendituresExcess of Revenue Over (Under)ExpendituresOther Financing Sources (Uses)Interfund TransferExcess of Rev./Other Sources Over(Under) Expend./Other UsesFund Balance, Beginning of PeriodFund Balance, End of PeriodSee Notes to Unaudited Financial Statements

NatureWalk CDDInvestment SummaryMay 31, 2019Balance as ofMay 31, 2019AccountInvestmentState Board of AdministrationLocal Government Investment PoolTotal General Fund InvestmentsUS Bank Series 2007A InterestUS Bank Series 2007B InterestUS Bank Series 2007A ReserveUS Bank Series 2007B ReserveUS Bank Series 2007A PrepaymentUS Bank Series 2007AB RevenueUS Bank Managed Money Market AccountUS Bank Managed Money Market AccountUS Bank Managed Money Market AccountUS Bank Managed Money Market AccountUS Bank Managed Money Market AccountUS Bank Managed Money Market AccountTotal Debt Service Fund InvestmentsUS Bank Series 2007AB ConstructionUS Bank Series 2007AB KLP ContributionUS Bank Managed Money Market AccountUS Bank Managed Money Market AccountTotal Capital Project Fund Investments 11 11 23170,80459,323235,987482,139 948,258 503,898337 504,235

NatureWalk Community Development DistrictSummary A/R Ledger001 - General FundFrom 5/1/2019 Through 5/31/2019Invoice Date9/30/201510/1/2018Customer NameInvoice NumberNew NatureWalk, LLCTax Collector - Walton CountyORA2009NW.NWDFY18-1983,092.1670,567.57Total 001 - GeneralFund153,659.73See Notes to Unaudited Financial StatementsCurrent Balance

NatureWalk Community Development DistrictSummary A/R Ledger200 - Debt Service FundFrom 5/1/2019 Through 5/31/2019Invoice /1/201810/1/2018Customer NameInvoice NumberNew NatureWalk, LLCNew NatureWalk, LLCNew NatureWalk, LLCNew NatureWalk, LLCNew NatureWalk, LLCNew NatureWalk, LLCNew NatureWalk, LLCNew NatureWalk, LLCNew NatureWalk, LLCNew NatureWalk, LLCNew NatureWalk, LLCTax Collector - Walton 05,750.40205,750.40205,750.4035,539.26Total 200 - DebtService Fund7,863,089.23Report BalanceCurrent Balance8,016,748.96See Notes to Unaudited Financial Statements

NatureWalk Community Development DistrictAged Payables by Invoice DateAging Date - 5/1/2019001 - General FundFrom 5/1/2019 Through 5/31/2019Vendor NameInvoice DateInvoice NumberInvoiceCurrent BalanceBerger, Toombs, Elam,Gaines & Frank5/22/2019345884Audit Services For Year EndedSeptember 30, 20183,170.00GreenEarth LandscapeServices LLC5/28/201963324#6632 Irrigation Repairs 05/19190.00Crystal Lynn 5763370CG053119#6667 Node Replacement 05/19#6764 Phase 2 Valve Repair 05/19Paver Repairs 05/19Board Of Supervisors Meeting05/31/19Lisa Davis Jones5/31/2019LJ053119Board Of Supervisors Meeting05/31/19200.00Todd Schermerhorn5/31/2019SD053119Board Of Supervisors Meeting05/31/19200.005/31/2019TS053119Board Of Supervisors Meeting05/31/19200.002030768-0519Acct# 2030768 Legal Advertising05/19160.59GateHouse Media DBANorthwest FloridaPapers6/2/2019Total 001 - GeneralFundReport Total515.001,900.002,690.00200.009,425.599,425.59

NATUREWALKCOMMUNITY DEVELOPMENT DISTRICTCapital Improvement Revenue - Series 2007 A & BConstruction Account Activity Through May 31, 2019Inflows:Debt Proceeds - Series A & BUnderwriter Discount Total Bond Proceeds:Interest EarningsKLP ConstructionSale of Construction MaterialsDue from New NatureWalk, LLCRecord Allowance for Doubtful AccountsTransfer from Cap ITransfer from ReservesTransfer from Prepayment BTransfer from SinkingTotal Inflows: 17,618,913.99AmountUnderwriters DiscountNabors Giblin & NickersonHolland & KnightPrager, Sealy & CoRizzetta & Company, Inc.Rizzetta & Company, Inc.Hopping Green & SamsHopping Green & Sams-OverpaymentNatureWalk CDDImage MastersRizzetta & Co., Inc.Rizzetta & Co., Inc.US Bank - Trustee Fees 3/07 to 2/08Nabors Giblin & Nickerson Total Cost of ,569.81NatureWalk Development Company, LLCNatureWalk Development Company, LLCHopping Green & SamsHopping Green & SamsHopping Green & SamsHopping Green & SamsHopping Green & SamsHopping Green & SamsHopping Green & SamsHatch Mott MacDonaldHopping Green & SamsHopping Green & SamsHopping Green & SamsNatureWalk Community Development DistrictPage 1 of 7.84)(2,431.87)(849.68)(2,715.91)(4,566.60)Status With Trusteeas of ared

NATUREWALKCOMMUNITY DEVELOPMENT DISTRICTCapital Improvement Revenue - Series 2007 A & BConstruction Account Activity Through May 31, 515354555657585960616263Hopping Green & SamsHopping Green & SamsHopping Green & SamsHopping Green & SamsHatch Mott MacDonaldHopping Green & SamsHopping Green & Sams - partial refund of CR22Hopping Green & SamsHopping Green & SamsHopping Green & SamsEvergreen Landscaping & MaintenanceHopping Green & SamsEvergreen Landscaping & MaintenanceHatch Mott MacDonaldHopping Green & SamsHopping Green & SamsHopping Green & SamsHatch Mott MacDonaldHopping Green & SamsBridge Builders USA, Inc.Emerald Coast Associates, Inc.Bridge Builders USA, Inc.Greenway Services, Inc.Greenway Services, Inc. - paid from KLP Contribution AccountHopping Green & SamsGreenway Services, Inc.Sikes Concrete, Inc.Triangle ConstructionSikes Concrete, Inc.Sikes Concrete, Inc.NatureWalk Community Development DistrictGreenEarth Landscape Services, LLCGreenEarth Landscape Services, LLCGreenEarth Landscape Services, LLCGreenEarth Landscape Services, LLCGreenEarth Landscape Services, LLCGreenEarth Landscape ServicesGreenway Services, Inc.GreenEarth Landscape ServicesGreenway Services, Inc.BoardwalkDesignsGreenEarth Landscape ServicesChelco Services, Inc.GreenEarth Landscape ServicesGreenway Services, Inc.GreenEarth Landscape ServicesGreenEarth Landscape ServicesPage 2 of learedClearedCleared

NATUREWALKCOMMUNITY DEVELOPMENT DISTRICTCapital Improvement Revenue - Series 2007 A & BConstruction Account Activity Through May 31, 9293GreenEarth Landscape ServicesGreenEarth Landscape ServicesBoardwalkDesignsGreenEarth Landscape ServicesGreenEarth Landscape ServicesGreenEarth Landscape ServicesGreenEarth Landscape ServicesGreenEarth Landscape ServicesGreenEarth Landscape ServicesHopping Green & SamsGAC ContractorsHopping Green & SamsGreenway Services, Inc.Hopping Green & SamsInnerlight Engineering CorporationGreenway Services, Inc.Hopping Green & SamsKolter Signature Homes LLCGAC ContractorsGreenway Services, Inc.Hopping Green & SamsGAC ContractorsGreenway Services, Inc.GreenEarth Landscape ServicesGreenway Services, Inc.Cedillos Coastal Painting, Inc.GAC ContractorsInnerlight Engineering CorporationGAC ContractorsThe Lake Doctors, aredClearedVOID12/13/1794Southland Utility Services, Inc.(24,177.90)Cleared01/12/1895Ferguson Enterprises(18,804.30)Cleared01/12/1896GreenEarth Landscape Services(42,710.00)Cleared01/31/1897Greenway Services, Inc.(26,208.00)Cleared01/31/1898Hopping Green & 4105106107108GAC ContractorsVOIDVOIDInnerlight Engineering CorporationGAC ContractorsGAC ContractorsGreenEarth Landscape ServicesGreenway Services, Inc.Innerlight Engineering CorporationGreenEarth Landscape ServicesPage 3 of earedClearedClearedCleared

NATUREWALKCOMMUNITY DEVELOPMENT DISTRICTCapital Improvement Revenue - Series 2007 A & BConstruction Account Activity Through May 31, 10911011111211311452Emerald Coast AluminumEmerald Coast AluminumGreenEarth Landscape ServicesGAC ContractorsGAC ContractorsGAC 0)(24,817.47)(2,453.95)Total Requisitions:(16,427,629.20)US Bank Trustee Fees (3/08 - 2/09)Hines Interests LP - Asset Management Firm Travel/Office ExpHines Interests LP - Asset Management FirmTransferred to New NatureWalk LLC per BondholdersTransferred from New NatureWalk LLC per BondholdersNatureWalk Community Development DistrictTotal 0)379,756.65(84,924.51)(17,115,015.39)Construction Account Balance at May 31, 2019 learedClearedClearedClearedCleared503,898.60* Per the Forbearance Agreement dated 02/25/11 between the District, the Trustee, and the Developer, the District shall have the right toaccess only 1,960,000 of construction funds for the completion of the 211 Lot and 57 Lot Infrastructure. The Developer, KLP Destin, LLC,agrees to fund all additional amounts necessary to complete the project. All funds have now been utilized and the Developer is responsible tocontribute the amount reflected in Committed Funds to be Contributed by Developer.Page 4 of 4

NATUREWALKCOMMUNITY DEVELOPMENT DISTRICTCapital Improvement Revenue - Series 2007 A & BKLP Contribution Account Activity Through May 31, 10/29/1301/17/19KLP ContributionGeneral Fund FY10-11 Surplus transferred per Budget AmendmentFrom NatureWalk Construction, per terms of Forbearance AmendmentInterest EarningsRequisitionNumberKLP 1KLP 2KLP 33939KLP 4KLP 5KLP 6KLP 7KLP 9 333,405.8944,480.0084,924.51356.56Total Inflows: 463,166.96ContractorAmountChelco Bridge Builders USA, Inc.Bridge Builders USA, Inc.Greenway Services, Inc. - paid from KLP account in errorFunds transferred from Construction account to replenishGreenEarth Landscape Services, LLCGreenEarth Landscape Services, LLCKLP Destin, LLCChelco Services, Inc.KLP Destin, LLCTotal Requisitions:Total Outflows:Funds Available in KLP Contribution Account at May 31, )(127,885.89)(462,830.18)(462,830.18) 336.78Status With Trusteeas of ClearedClearedClearedCleared

NatureWalk Community Development DistrictNotes to Unaudited Financial StatementsMay 31, 2019Balance Sheet1.2.3.Trust statement activity has been recorded through 05/31/19.See EMMA (Electronic Municipal Market Access) at https://emma.msrb.org for Municipal Disclosures andMarket Data.Debt Service Obligations - Current, represents scheduled Series 2007 Debt Service payments that were notmade for May 2015 – May 2019.Statement of Revenue and Expenditures – Debt Service Fund4.The scheduled Series 2007 Debt Service payments that we

NatureWalk Community Development District Balance Sheet As of 5/31/2019 (In Whole Numbers) Total General Fixed General . Capital Projects

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