Adopted Budget
Fiscal Year 2021

Verano #5 Community Development District

August 20, 2020

Verano #5
Community Development District

TABLE OF CONTENTS

General Fund Budget
Budget Narrative

Page 1-6
Page 7-8

Verano #5
Community Development District

General Fund

Adopted Budget
 Description	FY 2020 

Actual Thru
    7/31/2020 

Projected Next
    2 Months 

Total Projected
     9/30/2020	

Adopted Budget
     FY 2021 

Revenues (1)
Maintenance Assessments - V#1 combined Maintenance Assessments - V#1 S2015 Maintenance Assessments - V#1 S2017 Maintenance Assessments - V#2 Pod A S2017 Maintenance Assessments - V#2 Pod B S2017 Maintenance Assessments - V#2 Pod C S2017 Maintenance Assessments - V#2 Pod C S2020 Maintenance Assessments - V#1 S2015 Maintenance Assessments - V#1 S2017 Maintenance Assessments - V#1
Maintenance Assessments - V#5 Maintenance Assessments - V#2
Maintenance Assessments - V#2 Pod A S2017 Maintenance Assessments - V#2 Pod B S2017 Maintenance Assessments - V#2 Pod C S2017 Maintenance Assessments - V#2 Pod C S2020 Maintenance Assessments - V#2 Pod D S2020 Maintenance Assessments - V#2 Pod E S2020 Maintenance Assessments - V#3
Maintenance Assessments - V#4 Maintenance Assessments - Center Stormwater Rebate Fees Unassigned Fund Balance

On Roll On Roll On Roll On Roll On Roll On Roll On Roll Direct Bill Direct Bill Direct Bill Direct Bill Direct Bill Direct Bill Direct Bill Direct Bill Direct Bill Direct Bill Direct Bill Direct Bill Direct Bill Direct Bill

$118,681
$0
$0
$0
$0
$108,237
$0
$30,219
$0
$39,074
$61,250
$33,300
$43,591
$44,333
$399,294
$0
$0
$0
$3,925
$3,925
$3,925
$130,150
$39

$131,637
$0
$0
$0
$0
$87,646
$0
$19,109
$0
$0
$36,682
$45,068
$24,580
$17,742
$0
$0
$0
$0
$3,925
$3,925
$3,925
$156,960
$0

$0
$0
$0
$0
$0
$0
$0
$14,336
$0
$0
$0
$0
$15,524
$23,044
$0
$0
$0
$0
$0
$0
$0
$0
$0

$131,637
$0
$0
$0
$0
$87,646
$0
$33,445
$0
$0
$36,682
$45,068
$40,104
$40,786
$0
$0
$0
$0
$3,925
$3,925
$3,925
$156,960
$0

$0
$43,638
$81,100
$26,602
$11,715
$230,714
$8,774
$18,485
$5,810
$0
$0
$0
$12,941
$24,679
$2,170
$228,045
$32,889
$28,584
$4,025
$4,025
$7,625
$168,210
$0

TOTAL REVENUES

   $1,019,943 

 	$531,199 

 	$52,904 

 	$584,103 

 	$940,030 

Expenditures

Administrative Engineering Fees Attorney Fees Annual Audit Management Fees Telephone Postage
Printing & Binding Insurance
Legal Advertising Other Current Charges Office Supplies
Dues, Licenses & Subscriptions Contingency
Website Compliance

$5,000
$10,000
$5,000
$24,000
$50
$500
$1,500
$12,813
$1,300
$650
$100
$175
$1,000
$750

$0
$15,013
$3,600
$20,000
$3
$823
$1,296
$9,750
$3,340
$388
$164
$175
$0
$625

$5,000
$6,000
$0
$4,000
$1
$40
$259
$0
$0
$262
$33
$0
$1,000
$125

$5,000
$21,013
$3,600
$24,000
$4
$863
$1,555
$9,750
$3,340
$650
$197
$175
$1,000
$750

$5,000
$10,000
$3,700
$30,000
$50
$900
$2,000
$10,725
$1,300
$650
$300
$175
$300
$750

TOTAL ADMINISTRATIVE

 	$62,838 

 	$55,177 

 	$16,720 

 	$71,896 

 	$65,850 

Field  Maintenance: Lake Maintenance Landscape Maintenance Contingency
Field Reserve
Water Sampling-BMAP

$240,000
$24,000
$10,000
$1,000
$5,000

$191,370
$0
$0
$0
$4,948

$48,630
$24,000
$81,624
$1,000
$0

$240,000
$24,000
$81,624
$1,000
$4,948

$240,000
$24,000
$83,702
$1,000
$5,000

TOTAL MAINTENANCE

 	$280,000 

 	$196,318

 	$155,254 

 	$351,572 

 	$353,702 

TOTAL EXPENDITURES

 	$342,838 

 	$251,495 

 	$171,974 

 	$423,468 

 	$419,552 

Page 1

Verano #5
Community Development District

General Fund

Adopted Budget
 Description	FY 2020 

Actual Thru
    7/31/2020 

Projected Next
    2 Months 

Total Projected
     9/30/2020	

Adopted Budget
     FY 2021 

Other Financing Sources and (Uses)

Intergovernmental Transfer (2)
Transfer from Verano Center excess funds

($677,105)
$0

($176,844)
$16,210

$0
$0

($176,844)
$16,210

($520,478)
$0

Total Other Financing Sources and (Uses)

     ($677,105)

     ($160,634)

 	$0 

 	($160,634)

     ($520,478)

NET CHANGE IN FUND BALANCE

 	($0)

$119,069

($119,070)

($0)

($0)

(1) All revenues are net amounts
(2) Transfers to all Veranos

Page 2

Verano #5
Community Development District

General Fund

Adopted Budget
 Description	FY 2020 

Actual Thru
    7/31/2020 

Projected Next
    2 Months 

Total Projected
     9/30/2020	

Adopted Budget
     FY 2021 

Assessments Table

Verano #1 Series 2015

Verano #1 Series 2015

Verano #1 Series 2017

Verano #1 Series 2017

Page 3

Direct Billed	Amount
Description	Units	per unit*

Total Direct Billed

40's
50's
60's
Manor/Duplex

Clubhouse

Model Homes	3	$136.70
Model Homes	11	$157.21
Model Homes	4	$181.81
Model Homes	 		2		$121.66 20

 	32,565		 	$0.0984	
Gross Assessm. Less: Discount & Collections 8%
Net Assessments

$410.10
$1,729.31
$727.24
$243.32

$3,205.12

Total Residential

$6,315.09 ($505.21)

$5,809.88

Tax Roll	Total
Description	On Roll Units	per unit*	On Roll

40's
50's
60's
Manor/Duplex

Commercial

42	$136.70
249	$157.21
112	$181.81
134	$121.66
537

60,000	$0.11
Gross Assessm. Less: Discount & Collections 8%
Net Assessments

$5,741.40
$39,145.29
$20,362.72
$16,302.44

$6,600.00

Total Residential

$88,151.85 ($7,052.15)

$81,099.70

Direct Billed	Amount
Description	Units	per unit*

Total Direct Billed

40's
50's
60's
Manor/Duplex

74	$136.70
0	$157.21
0	$181.81
82	$121.66
156	Gross Assessm. Less: Discount & Collections 8%
Net Assessments

$10,115.80
$0.00
$0.00
$9,976.12

Total Residential

$20,091.92 ($1,607.35)

$18,484.57

Tax Roll	Total
Description	On Roll Units	per unit*	On Roll

40's
50's
60's
Manor/Duplex

91	$136.70
82	$157.21
60	$181.81
 	92		 	$121.66	
325	Gross Assessm. Less: Discount & Collections 8%
Net Assessments

$12,439.70
$12,891.22
$10,908.60
$11,192.72

Total Residential

$47,432.24 ($3,794.58)

$43,637.66

Verano #5
Community Development District

General Fund

Adopted Budget
 Description	FY 2020 

Actual Thru
    7/31/2020 

Projected Next
    2 Months 

Total Projected
     9/30/2020	

Adopted Budget
     FY 2021 

Verano #2 Pod B Series 2017

Verano #2 Pod B Series 2017

Page 4

Direct Billed	Amount
Description	Units	per unit*

Total Direct Billed

Duplex 40's
50's
60's

40	$121.66
45	$136.70
30	$157.21
 	61		 	$181.81	
176	Gross Assessm.
Less: Discount & Collections 8%
Net Assessments

$4,866.40
$6,151.50
$4,716.30
$11,090.41

Total Residential

$26,824.61 ($2,145.97)

$24,678.64

Amount	Total
Description	On Roll	per unit*	On Roll

50's	 	81		 	$157.21	
Total Residential	81	Gross Assessm.
Less: Discount & Collections 8%
Net Assessments

$12,734.01

$12,734.01 ($1,018.72)

$11,715.29

Verano #2 Pod A - Series 2017

Direct Billed	Amount
Description	Units	per unit*

Total Direct Billed

Duplex 40's
50's
60's
80's

2	$121.66
2	$136.70
49	$157.21
31	$181.81
 	1		 	$210.52	
85	Gross Assessm.
Less: Discount & Collections 8%
Net Assessments

$243.32
$273.40
$7,703.29
$5,636.11
$210.52

Total Residential

$14,066.64 ($1,125.33)

$12,941.31

Verano #2 Pod A - Series 2017

Amount	Total
Description	On Roll	per unit*	On Roll

40's
50's
60's

23	$136.70
61	$157.21
 	89		 	$181.81	
173	Gross Assessm.
Less: Discount & Collections 8%
Net Assessments

$3,144.10
$9,589.81
$16,181.09

Total Residential

$28,915.00 ($2,313.20)

$26,601.80

Verano #5
Community Development District

General Fund

Adopted Budget
 Description	FY 2020 

Actual Thru
    7/31/2020 

Projected Next
    2 Months 

Total Projected
     9/30/2020	

Adopted Budget
     FY 2021 

Verano #2 Pod C Series 2017

Verano #2 Pod C Series 2017

Verano #2 Pod C Series 2020

Verano #2 Pod C Series 2020

Page 5

Direct Billed	Per Unit	Amount
Description	Units	Pod C	per unit*

Total
Direct Billed

40's
50's

82	$1,042.58	$136.70
 	126		 $1,042.58	 	$157.21	
208	Gross Assessm.
Less: Discount & Collections 8%
Net Assessments

$96,700.96
$151,173.54

Total Residential

$247,874.50 ($19,829.96)

$228,044.54

Direct Billed	Per Unit	Amount	Total
Description	Units	Pod C	per unit*	On Roll

40's
50's

3	$1,042.58	$136.70
 	5		 $1,042.58	 	$157.21	
8	Gross Assessm.
Less: Discount & Collections 8%
Net Assessments

$3,537.84
$5,998.95

Total Residential

$9,536.79 ($762.94)

$8,773.85

Direct Billed	Per Unit	Amount
Description	Units	Pod C	per unit*

Total Direct Billed

40's	2	$1,042.58	$136.70
50's	0	 $1,042.58	 	$157.21	
Total Residential	Gross Assessm.
Less: Discount & Collections 8%
Net Assessments

$2,358.56
$0.00

$2,358.56 ($188.68)

$2,169.88

2

Per Unit	Tax Roll	Total
Description	On Roll Units	Pod C	per unit*	On Roll

40's
50's

116	$1,042.58	$136.70
 	95		 $1,042.58	 	$157.21	
211	Gross Assessm.
Less: Discount & Collections 8%
Net Assessments

$136,796.48
$113,980.05

Total Residential

$250,776.53 ($20,062.12)

$230,714.41

Verano #5
Community Development District

General Fund

Adopted Budget
 Description	FY 2020 

Actual Thru
    7/31/2020 

Projected Next
    2 Months 

Total Projected
     9/30/2020	

Adopted Budget
     FY 2021 

Verano #2 Pod D Series 2020

Direct Billed Units

Amount

Total Direct Billed

Description

per unit*

40's
50's
60's
80's
Total Residential

38
98
15
 	59	
210

$136.70
$157.21
$181.81
 	$210.52	
Gross Assessm. Less: Discount & Collections 8%
Net Assessments

$5,194.60
$15,406.58
$2,727.15
$12,420.68
$35,749.01

($2,859.92)

$32,889.09

Verano #2 Pod E Series 2020

Direct Billed Units

Amount

Total Direct Billed

Description

per unit*

40's
50's
60's
Manor/Duplex Total Residential

35
80
58
 	26	
199

$136.70
$157.21
$181.81
 	$121.66	
Gross Assessm. Less: Discount & Collections 8%
Net Assessments

$4,784.50
$12,576.80
$10,544.98
$3,163.16
$31,069.44

($2,485.56)

$28,583.88

Page 6

Verano # 5
Community Development District

REVENUES:

Maintenance Assessments – Tax Bill
The District will levy a non ad-valorem special assessment on all taxable property within the District to fund all the General Operating Expenditures for the fiscal year.

Developer Assessments - Direct
The District will enter into a Funding Agreement with the Developer to Fund all General Fund expenditures for the Fiscal Year that aren’t associated with the units on the tax roll.

Stormwater Rebate Fees
The City of Port St. Lucie assesses the residents of the District for Repairs, Maintenance and Capital Improvements of the Drainage System. The city then remits the storm water fees less an administrative fee to the District since the District provides all these services.

EXPENDITURES:

Administrative:

Engineering Fees
The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc.

Attorney Fees
The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, resolutions etc.

Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. Per Section 218.39 of the Florida Statues, each special district with total revenues or expenditures in excess of
$100,000 OR any special district with revenue or expenses between $50,000 and $100,000 that has not been subject to a financial audit in the 2 preceding fiscal years must perform an independent annual audit.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC.

Computer Time
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services, LLC.

Telephone
Telephone and fax machine.

Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.

Insurance
The District will bind General Liability & Public Officials Liability Insurance with Florida Insurance Alliance, an agency that specializes in providing insurance coverage to governmental agencies.

Printing & Binding
Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Legal Advertising
The District is required to advertise various notices for monthly Board meetings, public hearings etc in a newspaper of general circulation.

Page 7

Verano # 5
Community Development District

Administrative: (continued)

Other Current Charges
Bank charges and any other miscellaneous expenses that incurred during the year.

Office Supplies
Miscellaneous office supplies.

Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only expense under this category for the District.

Capital Outlay
Represents any minor capital expenditures the District may need to make during the Fiscal Year such as a file cabinet for District files.

Website Compliance
Per Section 189.069 F.S, all District must have a website by October 1, 2015 to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated as required by the Statute.

Field Maintenance:

Lake Maintenance:
Cost to mow the lake banks throughout the district.

Landscape Maintenance
Mowing of the common area throughout the District

General Maintenance
Unexpected or irregular maintenance repairs that may come up during the Fiscal Year.

Water Sampling-BMAP
St. Lucie & Estuary Basin Management Action Plan-Per recommendation of the District’s engineer, quarterly water samples will be taken in 3 locations to monitor water quality.

Other Financing Sources and (Uses)

Intergovernmental Transfer
The District will levy a non-ad valorem maintenance assessment on the developable property within the District to fund the operating budget. The District will transfer fund to Verano Center and Verano# 1 - 4 CDD for General Operating Expenditures.

Page 8