Quarry
Community Development District

Proposed Budget For Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED 2015 BOND DEBT SERVICE FUND BUDGET IV          DETAILED PROPOSED 2018 LOAN DEBT SERVICE FUND BUDGET V	DETAILED PROPOSED 2019 LOAN DEBT SERVICE FUND BUDGET VI ASSESSMENT COMPARISON

PROPOSED BUDGET
QUARRY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2019/2020 BUDGET	
O & M ASSESSMENTS	579,497	
BOND DEBT ASSESSMENTS	1,239,460	
2018 LOAN DEBT ASSESSMENTS	322,804	
2019 LOAN DEBT ASSESSMENTS	493,118	
INTEREST INCOME	0	
		
TOTAL REVENUES	$	2,634,879	
		
EXPENDITURES		
SUPERVISOR FEES	12,000	
PAYROLL TAXES (EMPLOYER)	960	
ENGINEERING	45,000	
LAKE MAINTENANCE	140,000	
MANAGEMENT	70,000	
LEGAL	30,000	
LEGAL - LITIGATION (PHASE 1)	150,000	
ASSESSMENT ROLL	5,000	
AUDIT FEES	5,500	
ARBITRAGE REBATE FEE	600	
INSURANCE	7,500	
LEGAL ADVERTISING	1,400	
BANK SERVICE CHARGES	500	
MISCELLANEOUS	2,000	
POSTAGE	900	
OFFICE SUPPLIES	1,000	
DUES & SUBSCRIPTIONS	175	
TRUSTEE FEES	12,000	
WEBSITE MANAGEMENT	1,500	
RESERVES	50,000	
		
TOTAL EXPENDITURES	$	536,035	
		
REVENUES LESS EXPENDITURES	$	2,098,844	
		
BOND PAYMENTS	(1,146,501)	
2018 LOAN PAYMENTS	(298,594)	
2019 LOAN PAYMENTS	(456,134)	
		
BALANCE	$	197,615	
		
COUNTY APPRAISER & TAX COLLECTOR FEE	(92,879)	
DISCOUNTS FOR EARLY PAYMENTS	(104,736)	
		
EXCESS/ (SHORTFALL)	$	-	
		
CARRYOVER FROM PRIOR YEAR	0	
		
NET EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
QUARRY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2017/2018 ACTUAL	
FISCAL YEAR 2018/2019 BUDGET	
FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	
O & M ASSESSMENTS	105,559	149,801	579,497	Expenditures/.925	
BOND DEBT ASSESSMENTS	1,241,806	1,239,460	1,239,460	Payment To Trustee /.925	
2018 LOAN DEBT ASSESSMENTS	0	323,010	322,804	Payment To Trustee /.925	
2019 LOAN DEBT ASSESSMENTS	0	0	493,118	Payment To Trustee /.925	
INTEREST INCOME	0	0	0	No Change From 2019/2020 Budget	
					
TOTAL REVENUES	$	1,347,365	$	1,712,271	$	2,634,879		
					
EXPENDITURES					
SUPERVISOR FEES	0	0	12,000	Supervisor Fees	
PAYROLL TAXES (EMPLOYER)	0	0	960	Projected At 8% Of Supervisor Fees	
ENGINEERING	26,623	25,000	45,000	$20,000 Increase From 2018/2019 Budget	
LAKE MAINTENANCE	0	0	140,000	Lake Maintenance	
MANAGEMENT	37,848	38,640	70,000	$31,360 Increase From 2018/2019 Budget	
LEGAL	15,938	14,000	30,000	Fiscal Year 18/19 Expenditures Through February 2019 = $9,811	
LEGAL - LITIGATION (PHASE 1)	0	0	150,000	Legal - Litigation (Phase 1)	
ASSESSMENT ROLL	5,000	5,000	5,000	No Change From 2018/2019 Budget	
AUDIT FEES	4,100	4,300	5,500	Increased Due to 2018 And 2019 Loans	
ARBITRAGE REBATE FEE	500	600	600	No Change From 2018/2019 Budget	
INSURANCE	6,829	7,512	7,500	Insurance Estimate	
LEGAL ADVERTISING	9,163	1,400	1,400	No Change From 2018/2019 Budget	
BANK SERVICE CHARGES	365	500	500	Bank Fees Charged By Hancock Bank	
MISCELLANEOUS	2,392	1,500	2,000	$500 Increase From 2018/2019 Budget	
POSTAGE	2,513	650	900	$250 Increase From 2018/2019 Budget	
OFFICE SUPPLIES	4,072	700	1,000	$300 Increase From 2018/2019 Budget	
DUES & SUBSCRIPTIONS	175	175	175	No Change From 2018/2019 Budget	
TRUSTEE FEES	5,025	9,000	12,000	Trustee Fees For Bond & Loans	
WEBSITE MANAGEMENT	1,500	1,500	1,500	No Change From 2018/2019 Budget	
RESERVES	0	28,089	50,000	Contribution to Reserves	
					
TOTAL EXPENDITURES	$	122,043	$	138,566	$	536,035		
					
REVENUES LESS EXPENDITURES	$	1,225,322	$	1,573,705	$	2,098,844		
					
BOND PAYMENTS	(1,163,210)	(1,146,501)	(1,146,501)	2020 P & I Payments	
2018 LOAN PAYMENTS	0	(298,784)	(298,594)	2020 P & I Payments	
2019 LOAN PAYMENTS	0	-	(456,134)	2020 P & I Payments	
					
BALANCE	$	62,112	$	128,420	$	197,615		
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(16,496)	(60,357)	(92,879)	3.5 Percent Of Total On Roll Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(49,281)	(68,063)	(104,736)	4 Percent Of Total On Roll Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	(3,665)	$	-	$	-		
					
CARRYOVER FROM PRIOR YEAR	0	0	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	(3,665)	$	-	$	-		

DETAILED PROPOSED 2015 BOND DEBT SERVICE FUND BUDGET
QUARRY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
2,309	
100	
100	
Projected Interest For 2019/2020	

NAV Assessment Collection	
1,163,210	
1,146,501	
1,146,501	
Maximum Debt Service Collection	

Prepaid Bond Collection	
36,897	
0	
0	
Prepaid Bond Collection	

Total Revenues	
$	1,202,416	
$	1,146,601	
$	1,146,601		

EXPENDITURES					

Principal Payments	
545,000	
565,000	
590,000	
Principal Payment Due In 2020	

Interest Payments	
610,246	
575,438	
551,449	
Interest Payments Due In 2020	

A-1 Bond Redemption	
90,000	
6,163	
5,152	
Estimated Excess Debt Collections	

Total Expenditures	
$	1,245,246	
$	1,146,601	
$	1,146,601		

Excess/ (Shortfall)	
$	(42,830)	
$	-	
$	-		

Series 2015 Bond Refunding Information

Original Par Amount =	$16,280,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	3.98%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	October 2015			
Maturity Date =

Par Amount As Of 1/1/19 =	May 2036

$14,490,000			

DETAILED PROPOSED 2018 LOAN DEBT SERVICE FUND BUDGET
QUARRY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
0	
0	
0	
Projected Interest For 2019/2020	

NAV Assessment Collection	
0	
298,784	
298,784	
Maximum Debt Service Collection	

Total Revenues	
$	-	
$	298,784	
$	298,784		

EXPENDITURES					

Principal Payments	
0	
139,694	
195,184	
Principal Payment Due In 2020	

Interest Payments	
0	
158,553	
102,062	
Interest Payments Due In 2020	

2018 Loan Redemption	
0	
537	
1,538	
Estimated Excess Debt Collections	

Total Expenditures	
$	-	
$	298,784	
$	298,784		

Excess/ (Shortfall)	
$	-	
$	-	
$	-		

Series 2018 Loan Information

Original Par Amount =	$3,485,000	Annual Principal Payments Due =	November 1st	
Interest Rate =	3.05%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	May 2018			
Maturity Date =

Par Amount As Of 1/1/19 =	November 2033

$3,485,000			

DETAILED PROPOSED 2019 LOAN DEBT SERVICE FUND BUDGET
QUARRY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018 ACTUAL	FISCAL YEAR 2018/2019 BUDGET	FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	

Interest Income	
0	
0	
0	
Projected Interest For 2019/2020	

NAV Assessment Collection	
0	
0	
456,134	
Maximum Debt Service Collection	

Total Revenues	
$	-	
$	-	
$	456,134		

EXPENDITURES					

Principal Payments	
0	
0	
292,227	
Principal Payment Due In 2020	

Interest Payments	
0	
0	
163,907	
Interest Payments Due In 2020	

2018 Loan Redemption	
0	
0	
0	
Estimated Excess Debt Collections	

Total Expenditures	
$	-	
$	-	
$	456,134		

Excess/ (Shortfall)	
$	-	
$	-	
$	-		

Draft Budgeted Projected 2019 Loan Amount: $3,508,296 Note: This is an estimated maximum loan amount
and is subject to approval by the Board of Supervisors.

Series 2019 Loan Information

Original Par Amount =	$3,508,296	Annual Principal Payments Due =	November 1st	
Interest Rate =	4.875%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	May 2019			
Maturity Date =	May 2029			

QUARRY COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

Lot Type	# of Units

Fiscal Year 2018/2019
O&M

Fiscal Year 2018/2019
Bond Debt

Fiscal Year 2018/2019
2018 Loan Debt

Fiscal Year 2018/2019
Total

Fiscal Year 2018/2019 Total O & M

Fiscal Year 2018/2019
Total Bond

Fiscal Year 2018/2019
Total 2018 Loan

Fiscal Year 2018/2019 Total Assessments

Fiscal Year 2019/2020
O&M

Fiscal Year 2019/2020
Bond Debt

Fiscal Year 2019/2020
2018 Loan Debt

Fiscal Year 2019/2020
2019 Loan Debt

Fiscal Year 2019/2020
Total

Fiscal Year 2019/2020
Total

Fiscal Year 2019/2020
Total Bond

Fiscal Year 2019/2020
Total 2018 Loan

Fiscal Year 2019/2020
Total 2019 Loan

Fiscal Year 2019/2020 Total Assessments

Assessment Assessment

Assessment

Assessment

Debt

Debt

Assessment Assessment

Assessment

Assessment
Assessment

O & M

Debt

Debt

Debt

Coach Homes		
	26	166.45	$1,502.21	$205.00	$1,873.66	$4,327.70	$39,057.46	$5,330.00	$48,715.16	$643.89	$1,502.21	$205.00	$312.11	$2,663.21	$16,741.14	$39,057.46	$5,330.00	$8,114.86	$69,243.46	
	19	166.45	$1,550.66	$205.00	$1,922.11	$3,162.55	$29,462.54	$3,895.00	$36,520.09	$643.89	$1,550.66	$205.00	$312.11	$2,711.66	$12,233.91	$29,462.54	$3,895.00	$5,930.09	$51,521.54	
	3	166.45	$1,792.95	$205.00	$2,164.40	$499.35	$5,378.85	$615.00	$6,493.20	$643.89	$1,792.95	$205.00	$312.11	$2,953.95	$1,931.67	$5,378.85	$615.00	$936.33	$8,861.85	
	37	166.45	$2,035.24	$205.00	$2,406.69	$6,158.65	$75,303.88	$7,585.00	$89,047.53	$643.89	$2,035.24	$205.00	$312.11	$3,196.24	$23,823.93	$75,303.88	$7,585.00	$11,548.07	$118,260.88	
	1	166.45	$2,083.70	$205.00	$2,455.15	$166.45	$2,083.70	$205.00	$2,455.15	$643.89	$2,083.70	$205.00	$312.11	$3,244.70	$643.89	$2,083.70	$205.00	$312.11	$3,244.70	
	30	166.45	$2,277.53	$205.00	$2,648.98	$4,993.50	$68,325.90	$6,150.00	$79,469.40	$643.89	$2,277.53	$205.00	$312.11	$3,438.53	$19,316.70	$68,325.90	$6,150.00	$9,363.30	$103,155.90	
	96	166.45	$620.26	$205.00	$991.71	$15,979.20	$59,544.96	$19,680.00	$95,204.16	$643.89	$620.26	$205.00	$312.11	$1,781.26	$61,813.44	$59,544.96	$19,680.00	$29,962.56	$171,000.96	

Lux Coach Homes	
26	166.45	$1,696.03	$243.00	$2,105.48	$4,327.70	$44,096.78	$6,318.00	$54,742.48	$643.89	$1,696.03	$243.00	$369.89	$2,952.81	$16,741.14	$44,096.78	$6,318.00	$9,617.14	$76,773.06	
20	166.45	$1,841.41	$243.00	$2,250.86	$3,329.00	$36,828.20	$4,860.00	$45,017.20	$643.89	$1,841.41	$243.00	$369.89	$3,098.19	$12,877.80	$36,828.20	$4,860.00	$7,397.80	$61,963.80	
18	166.45	$2,325.99	$243.00	$2,735.44	$2,996.10	$41,867.82	$4,374.00	$49,237.92	$643.89	$2,325.99	$243.00	$369.89	$3,582.77	$11,590.02	$41,867.82	$4,374.00	$6,658.02	$64,489.86	

Single Family Homes ('55)	
43	166.45	$1,502.21	$273.00	$1,941.66	$7,157.35	$64,595.03	$11,739.00	$83,491.38	$643.89	$1,502.21	$273.00	$416.16	$2,835.26	$27,687.27	$64,595.03	$11,739.00	$17,894.88	$121,916.18	
13	166.45	$1,550.66	$273.00	$1,990.11	$2,163.85	$20,158.58	$3,549.00	$25,871.43	$643.89	$1,550.66	$273.00	$416.16	$2,883.71	$8,370.57	$20,158.58	$3,549.00	$5,410.08	$37,488.23	
3	166.45	$1,792.95	$273.00	$2,232.40	$499.35	$5,378.85	$819.00	$6,697.20	$643.89	$1,792.95	$273.00	$416.16	$3,126.00	$1,931.67	$5,378.85	$819.00	$1,248.48	$9,378.00	
4	166.45	$2,035.24	$273.00	$2,474.69	$665.80	$8,140.96	$1,092.00	$9,898.76	$643.89	$2,035.24	$273.00	$416.16	$3,368.29	$2,575.56	$8,140.96	$1,092.00	$1,664.64	$13,473.16	
74	166.45	$765.64	$273.00	$1,205.09	$12,317.30	$56,657.36	$20,202.00	$89,176.66	$643.89	$765.64	$273.00	$416.16	$2,098.69	$47,647.86	$56,657.36	$20,202.00	$30,795.84	$155,303.06	

Single Family Homes ('67)	
9	166.45	$1,696.03	$341.00	$2,203.48	$1,498.05	$15,264.27	$3,069.00	$19,831.32	$643.89	$1,696.03	$341.00	$520.19	$3,201.11	$5,795.01	$15,264.27	$3,069.00	$4,681.71	$28,809.99	
10	166.45	$1,986.79	$341.00	$2,494.24	$1,664.50	$19,867.90	$3,410.00	$24,942.40	$643.89	$1,986.79	$341.00	$520.19	$3,491.87	$6,438.90	$19,867.90	$3,410.00	$5,201.90	$34,918.70	
1	166.45	$2,083.70	$341.00	$2,591.15	$166.45	$2,083.70	$341.00	$2,591.15	$643.89	$2,083.70	$341.00	$520.19	$3,588.78	$643.89	$2,083.70	$341.00	$520.19	$3,588.78	
20	166.45	$2,229.08	$341.00	$2,736.53	$3,329.00	$44,581.60	$6,820.00	$54,730.60	$643.89	$2,229.08	$341.00	$520.19	$3,734.16	$12,877.80	$44,581.60	$6,820.00	$10,403.80	$74,683.20	
2	166.45	$2,325.99	$341.00	$2,833.44	$332.90	$4,651.98	$682.00	$5,666.88	$643.89	$2,325.99	$341.00	$520.19	$3,831.07	$1,287.78	$4,651.98	$682.00	$1,040.38	$7,662.14	
12	166.45	$2,471.37	$341.00	$2,978.82	$1,997.40	$29,656.44	$4,092.00	$35,745.84	$643.89	$2,471.37	$341.00	$520.19	$3,976.45	$7,726.68	$29,656.44	$4,092.00	$6,242.28	$47,717.40	
111	166.45	$843.17	$341.00	$1,350.62	$18,475.95	$93,591.87	$37,851.00	$149,918.82	$643.89	$843.17	$341.00	$520.19	$2,348.25	$71,471.79	$93,591.87	$37,851.00	$57,741.09	$260,655.75	

Single Family Homes ('75)	
22	166.45	$1,792.95	$455.00	$2,414.40	$3,661.90	$39,444.90	$10,010.00	$53,116.80	$643.89	$1,792.95	$455.00	$693.58	$3,585.42	$14,165.58	$39,444.90	$10,010.00	$15,258.76	$78,879.24	
12	166.45	$2,083.70	$455.00	$2,705.15	$1,997.40	$25,004.40	$5,460.00	$32,461.80	$643.89	$2,083.70	$455.00	$693.58	$3,876.17	$7,726.68	$25,004.40	$5,460.00	$8,322.96	$46,514.04	
1	166.45	$2,180.61	$455.00	$2,802.06	$166.45	$2,180.61	$455.00	$2,802.06	$643.89	$2,180.61	$455.00	$693.58	$3,973.08	$643.89	$2,180.61	$455.00	$693.58	$3,973.08	
39	166.45	$2,325.99	$455.00	$2,947.44	$6,491.55	$90,713.61	$17,745.00	$114,950.16	$643.89	$2,325.99	$455.00	$693.58	$4,118.46	$25,111.71	$90,713.61	$17,745.00	$27,049.62	$160,619.94	
8	166.45	$2,229.08	$455.00	$2,850.53	$1,331.60	$17,832.64	$3,640.00	$22,804.24	$643.89	$2,229.08	$455.00	$693.58	$4,021.55	$5,151.12	$17,832.64	$3,640.00	$5,548.64	$32,172.40	
2	166.45	$2,422.91	$455.00	$3,044.36	$332.90	$4,845.82	$910.00	$6,088.72	$643.89	$2,422.91	$455.00	$693.58	$4,215.38	$1,287.78	$4,845.82	$910.00	$1,387.16	$8,430.76	
1	166.45	$3,876.65	$455.00	$4,498.10	$166.45	$3,876.65	$455.00	$4,498.10	$643.89	$3,876.65	$455.00	$693.58	$5,669.12	$643.89	$3,876.65	$455.00	$693.58	$5,669.12	
186	166.45	$998.23	$455.00	$1,619.68	$30,959.70	$185,670.78	$84,630.00	$301,260.48	$643.89	$998.23	$455.00	$693.58	$2,790.70	$119,763.54	$185,670.78	$84,630.00	$129,005.88	$519,070.20	

Single Family Homes ('90)	
10	166.45	$2,665.20	$680.00	$3,511.65	$1,664.50	$26,652.00	$6,800.00	$35,116.50	$643.89	$2,665.20	$680.00	$1,040.37	$5,029.46	$6,438.90	$26,652.00	$6,800.00	$10,403.70	$50,294.60	
8	166.45	$3,876.65	$680.00	$4,723.10	$1,331.60	$31,013.20	$5,440.00	$37,784.80	$643.89	$3,876.65	$680.00	$1,040.37	$6,240.91	$5,151.12	$31,013.20	$5,440.00	$8,322.96	$49,927.28	
1	166.45	$4,118.94	$680.00	$4,965.39	$166.45	$4,118.94	$680.00	$4,965.39	$643.89	$4,118.94	$680.00	$1,040.37	$6,483.20	$643.89	$4,118.94	$680.00	$1,040.37	$6,483.20	
32	166.45	$1,918.94	$680.00	$2,765.39	$5,326.40	$61,406.08	$21,760.00	$88,492.48	$643.89	$1,918.94	$680.00	$1,040.37	$4,283.20	$20,604.48	$61,406.08	$21,760.00	$33,291.84	$137,062.40	

2018 & 2019 Loans Only
Club House	

$0.00	

$0.00	

$6,344.00	

$6,344.00	

$0.00	

$0.00	

$6,344.00	

$6,344.00	

$0.00	

$0.00	

$6,344.00	

$9,710.03	

$16,054.03	

$0.00	

$0.00	

$6,344.00	

$9,710.03	

$16,054.03	
Beach Club	$0.00	$0.00	$6,344.00	$6,344.00	$0.00	$0.00	$6,344.00	$6,344.00	$0.00	$0.00	$6,344.00	$9,710.03	$16,054.03	$0.00	$0.00	$6,344.00	$9,710.03	$16,054.03	
900	$149,805.00	$1,259,338.26	$323,351.00	$1,732,494.26	$579,501.00	$1,259,338.26	$323,351.00	$493,124.66	$2,655,314.92	
Less Bond (12) /2018 Loan (2) Prepayers*		$19,877.51	$546.00	$20,423.51		$19,877.51	$546.00		$20,423.51	
		$1,239,460.75	$322,805.00	$1,712,070.75		$1,239,460.75	$322,805.00		$2,634,891.41	
* ‐ 12 Bond Prepayers										
Six 75' Single Familys										

Three 90' Single Familys	* ‐ 2 Loan Prepayers	Draft Budgeted Projected 2019 Loan Amount: $3,508,296	
One 55' Single Family	1 67' Single Family	Note: This is an estimated maximum loan amount	
One 67' Single Family One Coach Home	1 Ironstone Coach	and is subject to approval by the Board of Supervisors.	

VI