Magnolia West Community Development...
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Magnolia West Community Development District
Financial Statements (Unaudited)
October 31, 2018
Prepared by: Rizzetta & Company, Inc.
magnoliawestcdd.org rizzetta.com
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Magnolia West Community Development District
Balance Sheet
As of 10/31/2018
(In Whole Numbers)
General Fund Reserve Fund FundDebt Service
Projects FundCapital
FundsGovernmental
Total
Account GroupAssets
General Fixed
GroupDebt Account
Long-Term General
Assets
Cash In Bank 80,201 0 0 0 80,201 0 0
Investments 242,375 0 97,737 1,615 341,727 0 0
Investments - Reserves 0 33,686 0 0 33,686 0 0
Accounts Receivable 275,511 35,000 49,684 0 360,194 0 0
Accounts Receivable - Other 0 0 0 0 0 0 0
Allowance for Doubtful Accounts 0 0 0 0 0 0 0
Prepaid Expenses 0 0 0 0 0 0 0
Deposits 3,005 0 0 0 3,005 0 0
Due From Other Funds 0 0 0 0 0 0 0
Amount Available in Debt Service 0 0 0 0 0 0 147,421
Amount To Be Provided Debt Service 0 0 0 0 0 0 447,579
Fixed Assets 0 0 0 0 0 3,703,996 0
Total Assets 601,092 68,686 147,421 1,615 818,814 3,703,996 595,000
Liabilities
Accounts Payable 8,972 0 0 0 8,972 0 0
Accrued Expenses Payable 1,032 0 0 0 1,032 0 0
Other Current Liabilities 750 0 0 0 750 0 0
Due To Other Funds 0 0 0 0 0 0 0
Debt Service Obligations- Current 0 0 0 0 0 0 0
Revenue Bonds Payable--Long Term 0 0 0 0 0 0 595,000
Total Liabilities 10,754 0 0 0 10,754 0 595,000
Fund Equity & Other Credits
Beginning Fund Balance 344,858 33,653 97,610 1,615 477,736 3,703,996 0
Net Change in Fund Balance 245,480 35,033 49,811 0 330,324 0 0
Total Fund Equity & Other Credits 590,338 68,686 147,421 1,615 808,060 3,703,996 0
Total Liabilities & Fund Equity 601,092 68,686 147,421 1,615 818,814 3,703,996 595,000
See Notes to Unaudited Financial Statements
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Magnolia West Community Development District
Statement of Revenues and Expenditures
001 - General Fund
From 10/1/2018 Through 10/31/2018
(In Whole Numbers)
Annual Budget YTD Budget YTD Actual YTD Variance RemainingBudget
Percent Annual
Revenues
Interest Earnings
Interest Earnings 0 0 73 73 0.00%
Special Assessments
Tax Roll 235,525 235,525 235,526 1 0.00%
Off Roll 39,985 39,985 39,985 0 0.00%
Other Miscellaneous Revenues
Miscellaneous 0 0 463 463 0.00%
Total Revenues 275,510 275,510 276,047 537 (0.19)%
Expenditures
Legislative
Supervisor Fees 4,000 333 600 (267) 85.00%
Financial & Administrative
Administrative Services 3,780 315 315 0 91.66%
District Management 16,800 1,400 1,400 0 91.66%
District Engineer 5,000 417 0 417 100.00%
Disclosure Report 5,000 0 0 0 100.00%
Trustees Fees 3,500 3,500 0 3,500 100.00%
Assessment Roll 5,250 5,250 5,250 0 0.00%
Financial & Revenue Collections
4,000 333 333 0 91.66%
Accounting Services 18,000 1,500 1,500 0 91.66%
Auditing Services 4,000 0 0 0 100.00%
Arbitrage Rebate Calculation 600 0 0 0 100.00%
Public Officials Liability Insurance
2,475 2,475 2,250 225 9.09%
Legal Advertising 1,500 125 0 125 100.00%
Dues, Licenses & Fees 175 175 175 0 0.00%
Miscellaneous Fees 500 42 35 6 92.92%
Website Hosting, Maintenance, Backup
1,200 100 100 0 91.66%
Legal Counsel
District Counsel 15,000 1,250 1,000 250 93.33%
Electric Utility Services
Utility Services 16,000 1,333 1,358 (25) 91.51%
Garbage/Solid Waste Control Services
Garbage - Recreation Facility 2,300 192 184 8 92.01%
See Notes to Unaudited Financial Statements
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Magnolia West Community Development District
Statement of Revenues and Expenditures
001 - General Fund
From 10/1/2018 Through 10/31/2018
(In Whole Numbers)
Annual Budget YTD Budget YTD Actual YTD Variance RemainingBudget
Percent Annual
Water-Sewer Combination Services
Utility Services 5,500 458 424 35 92.30%
Stormwater Control
Lake/Pond Bank Maintenance 5,000 417 395 22 92.10%
Other Physical Environment
General Liability & Property Insurance
9,024 9,024 8,204 820 9.08%
Landscape & Irrigation Maintenance Contract
29,518 2,460 2,388 72 91.90%
Irrigation Repairs 3,000 250 0 250 100.00%
Entry Monument & Fence Maintenance
3,500 292 0 292 100.00%
Landscape Replacement Plants, Shrubs, Trees
3,000 250 0 250 100.00%
Miscellaneous Expense 2,000 167 0 167 100.00%
Road & Street Facilities
Amenity Sidewalk Repair & Maintenance
2,000 167 0 167 100.00%
Amenity Parking Lot Repair & Maintenance
2,000 167 0 167 100.00%
Miscellaneous Expense 2,000 167 0 167 100.00%
Parks & Recreation
Amenity Management Staffing Contract
29,888 2,491 2,159 332 92.77%
Cable Phone & Internet 3,000 250 252 (2) 91.60%
Amenity Janitorial Service Contract & Supplies
6,000 500 409 91 93.18%
Amenity Maintenance Contract & Repairs
13,500 1,125 488 637 96.38%
Pool Service Contract - Maintenance & Chemicals
18,500 1,542 1,348 194 92.71%
Pest Control & Termite Bond 2,000 167 0 167 100.00%
Access Control Maintenance & Repair
2,000 167 0 167 100.00%
Athletic Court/Playground Maintenance & Repairs
2,000 167 0 167 100.00%
Miscellaneous Expense 2,500 208 0 208 100.00%
Special Events
Special Events 3,500 292 0 292 100.00%
See Notes to Unaudited Financial Statements
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Magnolia West Community Development District
Statement of Revenues and Expenditures
001 - General Fund
From 10/1/2018 Through 10/31/2018
(In Whole Numbers)
Annual Budget YTD Budget YTD Actual YTD Variance RemainingBudget
Percent Annual
Contingency
Capital Outlay 10,000 833 0 833 100.00%
Miscellaneous Contingency 7,000 583 0 583 100.00%
Total Expenditures 275,510 40,881 30,567 10,314 88.91%
Excess Revenues Over (Under) Expenditures
0 234,629 245,480 10,851 0.00%
Excess of Rev./Other Sources Over (Under) Expend./Other Uses
0 234,629 245,480 10,851 0.00%
Fund Balance, Beginning of Period
0 0 344,858 344,858 0.00%
Fund Balance, End of Period 0 234,629 590,338 355,709 0.00%
See Notes to Unaudited Financial Statements
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Magnolia West Community Development District
Statement of Revenues and Expenditures
005 - Reserve Fund
From 10/1/2018 Through 10/31/2018
(In Whole Numbers)
Annual Budget ActualCurrent Period
Actual VarianceBudget To
RemainingBudget Percent
Revenues
Interest Earnings
Interest Earnings 0 33 33 0.00%
Special Assessments
Tax Roll 23,333 23,333 0 0.00%
Off Roll 11,667 11,667 0 0.00%
Total Revenues 35,000 35,033 33 0.09%
Expenditures
Contingency
Capital Reserve 35,000 0 35,000 100.00%
Total Expenditures 35,000 0 35,000 100.00%
Excess of Revenues Over/(Under) Expenditures
0 35,033 35,033 0.00%
Excess Of Rev./Other Sources Over (Under) Expend./Other Uses
0 35,033 35,033 0.00%
Fund Balance, Beginning of Period
0 33,653 33,653 0.00%
Fund Balance, End of Period 0 68,686 68,686 0.00%
See Notes to Unaudited Financial Statements
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Magnolia West Community Development District
Statement of Revenues and Expenditures
200 - Debt Service Fund
From 10/1/2018 Through 10/31/2018
(In Whole Numbers)
Annual Budget ActualCurrent Period
Actual VarianceBudget To
RemainingBudget Percent
Revenues
Interest Earnings
Interest Earnings 0 125 125 0.00%
Special Assessments
Tax Roll 49,684 49,684 0 0.00%
Total Revenues 49,684 49,809 125 0.25%
Expenditures
Debt Service Payments
Interest 34,684 0 34,684 100.00%
Principal 15,000 0 15,000 100.00%
Total Expenditures 49,684 0 49,684 100.00%
Excess of Revenues Over/(Under) Expenditures
0 49,809 49,809 0.00%
Other Financing Sources (Uses)
Interfund Transfer 0 2 2 0.00%
Transfer From SPE 0 0 0 0.00%
Total Other Financing Sources (Uses) 0 2 2 0.00%
Excess Of Rev./Other Sources Over (Under) Expend./Other Uses
0 49,811 49,811 0.00%
Fund Balance, Beginning of Period
0 97,610 97,610 0.00%
Fund Balance, End of Period 0 147,421 147,421 0.00%
See Notes to Unaudited Financial Statements
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Magnolia West Community Development District
Statement of Revenues and Expenditures
300 - Capital Projects Fund
From 10/1/2018 Through 10/31/2018
(In Whole Numbers)
Annual Budget ActualCurrent Period
Actual VarianceBudget To
RemainingBudget Percent
Revenues
Interest Earnings
Interest Earnings 0 2 2 0.00%
Total Revenues 0 2 2 0.00%
Excess of Revenues Over/(Under) Expenditures
0 2 2 0.00%
Other Financing Sources (Uses)
Interfund Transfer 0 (2) (2) 0.00%
Excess Of Rev./Other Sources Over (Under) Expend./Other Uses
0 0 0 0.00%
Fund Balance, Beginning of Period
0 1,615 1,615 0.00%
Fund Balance, End of Period 0 1,615 1,615 0.00%
See Notes to Unaudited Financial Statements
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Magnolia West Community Development District Investment Summary
October 31, 2018
Balance as of Account Investment October 31, 2018
Bank of Tampa Money Market Business Money Market $ 242,375
Total General Fund Investments $ 242,375
Bank of Tampa ICS Mutual of Omaha Bank Business Money Market $ 33,686
Total Reserve Fund Investments $ 33,686
US Bank Series 2006 Revenue Fidelity Gov't Port CI III/First Am Gov't Ob Fd Cl Y 21,864$ US Bank Series 2006 Reserve Fidelity Gov't Port CI III/First Am Gov't Ob Fd Cl Y 44,033 US Bank Series 2006 Prepayment Fidelity Gov't Port CI III/First Am Gov't Ob Fd Cl Y 31,835US Bank Series 2006 Bond General Fidelity Gov't Port CI III/First Am Gov't Ob Fd Cl Y 5
Total Debt Service Fund Investments 97,737$
US Bank Series 2006 Deferred Cost Fidelity Gov't Port CI III 1,615$
Total Capital Project Fund Investments 1,615$
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Magnolia West Community Development District
Summary A/R Ledger
001 - General Fund
From 10/1/2018 Through 10/31/2018
Invoice Date Customer Name Invoice Number Current Balance
10/1/2018 Clay County Tax Collector FY18-19 235,525.91
10/1/2018 DR Horton, Inc 410-19-01 39,984.96
Total 001 - General Fund
275,510.87
See Notes to Unaudited Financial Statements
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Magnolia West Community Development District
Summary A/R Ledger
005 - Reserve Fund
From 10/1/2018 Through 10/31/2018
Invoice Date Customer Name Invoice Number Current Balance
10/1/2018 Clay County Tax Collector FY18-19 23,333.00
10/1/2018 DR Horton, Inc 410-19-01 11,667.00
Total 005 - Reserve Fund
35,000.00
See Notes to Unaudited Financial Statements
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Magnolia West Community Development District
Summary A/R Ledger
200 - Debt Service Fund
From 10/1/2018 Through 10/31/2018
Invoice Date Customer Name Invoice Number Current Balance
10/1/2018 Clay County Tax Collector FY18-19 49,683.62
Total 200 - Debt Service Fund
49,683.62
Report Balance 360,194.49
See Notes to Unaudited Financial Statements
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Magnolia West Community Development District
Aged Payables by Invoice Date
Aging Date - 9/1/2018
001 - General Fund
From 10/1/2018 Through 10/31/2018
Vendor Name Invoice Date Invoice Number Invoice Description Current Balance
First Coast CMS, LLC 9/1/2018 3914 Amenity Staff, Janitorial, Pool & Maintenance Service 10/18
3,584.00
Poolsure 10/1/2018 131295581590 Water Management 10/18
600.00
The Lake Doctors, Inc 10/1/2018 390204 Lake Maintenance w/Addt'l Lake 10/18
395.00
Department of Economic Opportunity
10/1/2018 72458 Special District Fee FY 18/19
175.00
Yellowstone Landscape 10/1/2018 INV-0000233552 Landscape Maintenance W/ Pond Addition 10/18
2,388.13
Comcast 10/13/2018 8495 74 150 0248350 10/18
Amenity Cable/Phone/Internet 10/18
251.72
Fitness Pro 10/15/2018 17862 Service Request 21616 150.00
Turner Pest Control, LLC
10/15/2018 5475614 Pest Control 10/18 70.00
Clay Electric Cooperative, Inc.
10/24/2018 7213663 10/18 3490 Canyon Falls Amenity 10/18
1,358.00
Total 001 - General Fund
8,971.85
Report Total 8,971.85
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Magnolia West Community Development District Notes to Unaudited Financial Statements
October 31, 2018 Balance Sheet
1. Trust statement activity has been recorded through 10/31/18. 2. See EMMA (Electronic Municipal Market Access) at https://emma.msrb.org for Municipal Disclosures and
Market Data. 3. For presentation purposes, the Reserves are shown in a separate fund titled Reserve Fund.
Summary A/R Ledger-Payment Terms
4. Payment terms for landowner assessments are (a) defined in the FY 18-19 Assessment Resolution adopted by the Board of Supervisors, (b) pursuant to Florida Statutes, Chapter 197 for assessments levied via the county tax roll.