villa sol community development district …...2020/05/12 · villa sol community development...

VILLA SOL COMMUNITY

DEVELOPMENT DISTRICT

MAY 12, 2020

AGENDA PACKAGE

Due to the COVID-19 pandemic, and pursuant to Executive Orders 20-52, 20-69 and 20-112 issued by Governor DeSantis on March 9, 2020, March 20, 2020 and

April 29, 2020 respectively, and pursuant to Section 120.54(5)(b)2., Florida Statutes, the meeting will be conducted using the following means of

communications media technology (CMT):

Call in – Join by phone

Call in #1-408-418-9388 Meeting ID #625 635 435

Password 43957663

VillaSol Community Development District INFRAMARK, INFRASTRUCTURE MANAGEMENT SERVICES 210 North University Drive • Suite 702 • Coral Springs, Florida 33071

Phone: (954) 603-0033 • Fax: (954) 345-1292

May 5, 2020

Board of Supervisors VillaSol Community Development District

Dear Board Members:

A meeting of the Board of Supervisors of the VillaSol Community Development District is scheduled to be held Tuesday, May 12, 2020 at 5:00 P.M. via conference call under Executive Orders 20-52, 20-69 and 20-112 issued by Governor DeSantis on March 9, 2020, March 20, 2020 and April 29, 2020 respectively, and pursuant to Section 120.54(5)(b)2., Florida Statutes: Call in – Join by phone at 1-408-418-9388 – Meeting ID #625 635 435 – Password – 43957663. While it is necessary to hold the meeting utilizing communications technology, the District fully encourages public participation in a safe and efficient manner. Additionally, participants are encouraged to submit questions and comments to the District Manager at least 24 hours in advance of the meeting by email to [email protected] to facilitate the Board’s consideration of such questions and comments during the meeting. The email subject should be “Written Comments: VillaSol CDD May 12, 2020” and the email must provide your name, address and email address. Future meetings may be cancelled, or locations and technology may be changed, so please refer to the District’s website www.villasolcdd.org for current information. The following is the advance agenda for the meeting.

1. Roll Call 2. Audience Comments 3. District Engineer

A. Storm Pipe Repairs Budgeting Memo and Map 4. Presentation of Fiscal Year 2021 Proposed Budget

A. Proposed Budget Option #1 B. Proposed Budget Option #2 C. Consideration of Resolution 2020-2 Approving the Budget and Setting a Public

Hearing for July 14, 2020 5. Attorney’s Report 6. District Managers Report

A. Approval of the Minutes of the March 10, 2020 Meeting B. Financial Statements C. Check Registers D. Acceptance of the Audit for FY 2019 E. Ratification of Chair Authorized Expenditures Between Meetings F. Report on Number of Registered Voters - 805

7. Supervisor Requests & Comments 8.Adjournment

I look forward to seeing you at the meeting. Please call me if you have any questions.

Sincerely,

Kristen Suit District Manager/ms

www.villasolcdd.org

mailto:[email protected]

Third Order of Business

MEMORANDUM

Date: April 22, 2020

To: Villa Sol CDD Board of Supervisors

From: Rey Malave, PE and Peter Armans, PE; District Engineers

Subject: Single Family Storm Sewers - Budget Estimate and Repair Priorities (Rev 1)

Overview:

The purpose of this memo is to provide a budgetary cost estimate and prioritization for the repairs of the storm sewer system within the single-family residential area. Multiple storm system related repairs have been completed over the past years at Villa Sol CDD. Over the last few months, Dewberry noted additional areas needing repairs. A sample storm system area was inspected using Closed Circuit Television (CCTV) on December 19, 2019, to estimate the extent of repairs needed. Dewberry prepared and submitted a Memo to the Board (Memo dated January 14, 2020) summarizing the results of the CCTV inspections and providing repair recommendations.

Based on the recently completed CCTV and the pipeline proximity to existing structures, Dewberry divided the subject storm system into the three (3) following schedules (see attached Exhibit A) to provide an order of priority for the repairs:

1. Schedule A: High Priority. CCTV inspections completed in December 2019. 2. Schedule B: Medium Priority. Needs CCTV. 3. Schedule C: Low Priority. Needs CCTV.

Schedule A repairs should be completed as soon as possible to avoid additional damaged to surrounding structures and surfaces. Schedules B and C priorities are currently based on limited known defects information and proximity to existing structures. Generally, Dewberry recommends that the Board gives priority to storm structures within close proximity to existing homes and pavement. Dewberry recommends conducting CCTV for Schedules B and C immediately to re-prioritize the repairs based on the actual defects.

The repair costs of the CCTV noted defects (Schedule A) were extrapolated to estimate a budgetary cost for the remainder of the system. The budgetary estimates for each schedule are presented in the table below.

Item Estimated Cost

Total Schedule A Schedule B Schedule C

Mobilization $ 15,000 $ 15,000 $ 15,000 $ 45,000

System CCTV + MOT $ 28,000 $ 8,500 $ 8,500 $ 45,000

Storm network repairs $ 80,000 $ 140,000 $ 145,000 $ 365,000

Restoration $ 30,000 $ 25,000 $ 25,000 $ 80,000

Subtotal $ 153,000 $ 188,500 $ 193,500 $ 535,000

Engineering $ 19,900 $ 24,500 $ 25,200 $ 69,600

Construction Management $ 4,600 $ 5,700 $ 5,800 $ 16,100

Legal $ 6,100 $ 7,500 $ 7,700 $ 21,300

Total $ 183,600 $ 226,200 $ 232,200 $ 642,000

If you have any questions regarding this memo, please contact Rey Malave, P.E., District Engineer, at 321-354-9656 or [email protected], or Peter Armans, P.E. at [email protected].

Exhibits:

1.Exhibit A: Repair Priorities Schedules Map

Memorandum | 1 of 1



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Storm Sewers

Fourth Order of Business

VILLA SOL Community Development District

Annual Operating and Debt Service Budget

Fiscal Year 2021

Proposed Budget: Option 1

May 1, 2020

Prepared by:

VillaSol

Community Development District

Budget Overview Fiscal Year 2021

VILLASOL


Table of Contents

Page #

OPERATING BUDGET

General Fund

Summary of Revenues, Expenditures and Changes in Fund Balances …………………………….. 1-2

Exhibit A - Allocation of Fund Balances …………………………………………………………………. 3

Budget Narrative …………………………………………………………………………………………… 4-10

DEBT SERVICE BUDGET

Series 2018

Summary of Revenues, Expenditures and Changes in Fund Balances …………………………….. 11

Amortization Schedule …………………………………………………………………………………….. 12-13

Budget Narrative …………………………………………………………………………………………… 14

SUPPORTING BUDGET SCHEDULES

2020-2021 Non-Ad Valorem Assessment Comparison……………………………………………………….. 15

VillaSol


Operating Budget Fiscal Year 2021

VILLASOLCommunity Development General Fund

District

Summary of Revenues, Expenditures and Changes in Fund Balances Fiscal Year 2021 Proposed Budget

ADOPTED ACTUAL PROJECTED TOTAL ANNUAL

ACTUAL ACTUAL BUDGET THRU APR- PROJECTED BUDGET

ACCOUNT DESCRIPTION FY 2018 FY 2019 FY 2020 MAR-2020 SEP-2020 FY 2020 FY 2021

REVENUES

Interest - Investments $ 3,561 $ 5,290 $ 4,500 $ 2,530 $ 1,970 $ 4,500 $ 4,500

Room Rentals 5,050 5,201 7,000 3,239 3,239 6,478 4,000

Interest - Tax Collector 126 244 - 143 - 143 -

Special Assmnts- Tax Collector 433,059 427,642 427,643 384,385 43,258 427,643 713,093

Special Assmnts- Delinquent 4,789 - - - - - -

Special Assmnts- Discounts (11,529) (13,124) (17,106) (14,790) (2,316) (17,106) (28,524)

Other Miscellaneous Revenues 12,675 2,000 - 500 - 500 500

Access Cards 5,045 3,295 6,000 3,182 3,182 6,364 6,000

Insurance Reimbursemnets - - - 2,496 - 2,496 -

TOTAL REVENUES 452,776 430,548 428,037 381,685 49,333 431,018 699,569

EXPENDITURES

Administrative

P/R-Board of Supervisors 8,400 4,600 4,800 2,800 2,000 4,800 6,000

FICA Taxes 643 352 367 214 153 367 459

ProfServ-Arbitrage Rebate 600 - 600 - 600 600 600

ProfServ-Dissemination Agent 1,000 1,000 1,000 - 1,000 1,000 1,000

ProfServ-Engineering 33,209 (3,276) 3,000 5,575 5,575 11,150 27,200

ProfServ-Legal Services 34,012 28,021 15,000 8,833 6,167 15,000 25,000

ProfServ-Mgmt Consulting Serv 38,500 39,655 42,390 21,195 21,195 42,390 47,000

ProfServ-Property Appraiser 233 199 400 172 228 400 400

ProfServ-Special Assessment 5,150 5,150 5,150 5,150 - 5,150 5,150

ProfServ-Trustee Fees 2,892 2,136 3,000 5,728 - 5,728 6,410

Auditing Services 6,250 6,250 6,250 - 6,250 6,250 6,250

Communication - Telephone 2,499 2,622 3,600 1,565 2,035 3,600 3,600

Postage and Freight 1,601 1,392 1,000 586 414 1,000 1,600

Insurance - General Liability 23,183 19,824 22,401 19,847 - 19,847 21,832

Printing and Binding 5,279 3,314 3,000 1,031 1,969 3,000 4,000

Legal Advertising 5,017 1,185 1,000 163 837 1,000 1,000

Miscellaneous Services 977 1,807 600 431 431 862 1,000

Misc-Assessmnt Collection Cost 4,513 4,061 8,553 7,392 1,161 8,553 14,262

Misc-Web Hosting - - 12,000 2,009 9,991 12,000 4,000

Office Supplies 482 508 463 444 19 463 463

Annual District Filing Fee 175 175 175 175 - 175 175

Total Administrative 174,615 118,975 134,749 83,310 60,025 143,335 177,401

Field

ProfServ-Field Management 42,000 43,360 43,206 21,603 21,603 43,206 48,000

Misc-Property Taxes 530 533 540 511 - 511 540

Total Field 42,530 43,893 43,746 22,114 21,603 43,717 48,540

Landscape Services

Contracts-Lake and Wetland 6,475 7,910 6,900 3,780 3,120 6,900 6,900

Total Landscape Services 6,475 7,910 6,900 3,780 3,120 6,900 6,900

Utilities

Utility - General 46,064 42,450 46,500 21,593 24,907 46,500 46,500

Total Utilities 46,064 42,450 46,500 21,593 24,907 46,500 46,500

Annual Operating and Debt Service Budget Fiscal Year 2021 1


District

Summary of Revenues, Expenditures and Changes in Fund Balances Fiscal Year 2021 Proposed Budget




Gatehouse

Contracts-Security Services 82,218 85,913 88,045 43,319 44,726 88,045 88,045

R&M-Gatehouse 4,151 8,685 5,000 1,273 1,273 2,546 5,000

Misc-Access Control Software 469 - 2,000 785 785 1,570 2,000

Misc-Bar Codes 2,033 1,929 4,800 856 856 1,712 2,400

Total Gatehouse 88,871 96,527 99,845 46,233 47,640 93,873 97,445

Road and Street Facilities

R&M-Roads & Alleyways - 150 5,000 17,293 - 17,293 10,000

R&M-Signage 1,255 2,424 1,000 421 579 1,000 1,200

R&M-Pipe Inlet & Structure - - - - - - 183,700

Total Road and Street Facilities 1,255 2,574 6,000 17,714 579 18,293 194,900

Parks and Recreation - General

Contracts-Fountain 1,440 1,440 1,440 726 726 1,452 1,440

Contracts-Security Services 6,663 5,389 6,663 2,777 3,886 6,663 6,663

Contracts-Temporary Labor 1,864 - - - - - -

Contracts-Pools 7,438 6,728 7,020 3,539 3,481 7,020 7,020

Contracts-Sheriff 10,991 7,606 14,000 506 13,494 14,000 14,000

Utility - Refuse Removal 2,813 4,188 2,736 1,972 764 2,736 2,736

R&M-Clubhouse 7,993 2,853 8,000 2,454 500 2,954 10,000

R&M-Parks 349 761 500 443 570 1,013 500

R&M-Pools 8,338 9,970 7,000 1,887 1,887 3,774 3,000

R&M-Recreation Center 2,550 1,016 - - - - -

R&M-Tennis Courts - - 500 - 500 500 500

Misc-Access Control Software 160 312 500 - 500 500 500

Misc-Contingency 422 648 500 1,808 - 1,808 10,000

Total Parks and Recreation - General 51,021 40,911 48,859 16,112 26,308 42,420 56,359

Common Area

Contracts-Landscape 64,524 64,524 64,524 32,262 32,262 64,524 64,524

R&M-Common Area 3,043 5,168 1,000 2,437 1,000 3,437 3,500

R&M-Other Landscape 8,714 1,721 500 1,756 1,756 3,512 3,500

Total Common Area 76,281 71,413 66,024 36,455 35,018 71,473 71,524

TOTAL EXPENDITURES 487,112 424,653 452,623 247,311 219,200 466,511 699,569

Excess (deficiency) of revenues

Over (under) expenditures (34,336) 5,895 (24,586) 134,374 (169,867) (35,493) -

OTHER FINANCING SOURCES (USES)

Contribution to (Use of) Fund Balance - - (24,586) - - - -

TOTAL OTHER SOURCES (USES) - - (24,586) - - - -

Net change in fund balance (34,336) 5,895 (24,586) 134,374 (169,867) (35,493) -

FUND BALANCE, BEGINNING 262,896 228,560 233,900 233,900 - 233,900 198,407

FUND BALANCE, ENDING $ 228,560 $ 234,455 $ 209,314 $ 368,274 $ (169,867) $ 198,407 $ 198,407


VILLASOL


Exhibit "A"

Allocation of Fund Balances

AVAILABLE FUNDS

Beginning Fund Balance - Fiscal Year 2021 $

Amount

198,407

Net Change in Fund Balance - Fiscal Year 2021 -

Reserves - Fiscal Year 2021 Additions -

Total Funds Available (Estimated) - 9/30/2021 198,407

Assigned Fund Balance

Operating Reserve - First Quarter Operating Capital

Total Allocation of Available Funds

Total Unassigned (undesignated) Cash $

174,892

174,892

23,515

(1)

Notes

(1) Represents approximately 3 months of operating expenditures


VillaSol Community Development District General Fund

Budget Narrative Fiscal Year 2021

REVENUES

Interest - Investments The District earns interest on the monthly average collected balance for each of their operating accounts.

Room Rentals The District receives revenue from the rental of the Clubhouse for events.

Special Assessments – Tax Collector The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the operating expenditures during the Fiscal Year.

Special Assessments – Discounts Per Section 197.3632 and Section 197.162 of the Florida Statutes, discounts are allowed for early payment of assessments collected by the Tax Collector and only when the Tax Collector is using the uniform methodology. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments.

Access Cards Revenue collected for replacement access cards to the Clubhouse for replacement access bar codes/remotes/stickers to the gate.

Expenditures - Administrative

P/R-Board of Supervisors Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting in which they attend. The budgeted amount for the fiscal year is based on all supervisors attending 6 meetings.

FICA Taxes Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.

Professional Service-Arbitrage Rebate The District has contracted with its independent auditors to annually calculate the arbitrage rebate liability on its bonds.

Professional Service-Dissemination Agent The bond indenture requests a special annual report on the District’s development activity. The District has contracted with Inframark, LLC to provide these reports. The amount is based upon the contract amount.

Annual Operating and Debt Service Fiscal Year 2021 4



Expenditures – Administrative (continued)

Professional Service-Engineering

The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.

Professional Service-Legal Service The District’s Attorney, Scott D. Clark, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.

Professional Service-Management Consulting Service The District receives Management, Accounting and Administrative services as part of a Management Agreement with Inframark, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.

Professional Services - Property Appraiser The Osceola County Board of Commissioners provides the District with a listing of the legal description of each property parcel within the District boundaries, and the names and addresses of the owners of such property. The District reimburses the Board of Commissioners for necessary administrative costs incurred to provide this service. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The budget for Board of Commissioners costs was based on a unit price per parcel.

Professional Service-Special Assessment Inframark, LLC provides assessment services for closing lot sales, assessment roll services with Osceola Tax Collector and financial advisory services.

Professional Services - Trustee The District issued this Series of 2018 Special Assessment Bonds that are deposited with a Trustee to handle all trustee matters.

Auditing Service The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.

Communication - Telephone New internet and WiFi service for Office.





Postage and Freight Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.

Insurance-General Liability The District's General Liability & Public Officials Liability Insurance policy is with Public Risk Insurance Agency, Inc. They specialize in providing insurance coverage to governmental agencies.

Printing and Binding Copies used in the preparation of agenda packages, required mailings, and other special projects.

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

Miscellaneous Services This includes monthly bank charges and any other miscellaneous expenses that incur during the year.

Miscellaneous Assessment Collection Costs The District reimburses the Osceola Tax Collector for her or his necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The budget for collection costs was based on a maximum of 2% of the anticipated assessment collections.

Misc.-Web Hosting This represents cost for community website construction and maintenance.

Office Supplies Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.

Annual District Filing Fee The District is required to pay an annual fee to the Department of Community Affairs for $175.

Expenditures – Field

Professional Service-Field Management $48,000 The District will contract management services for the operation of the Property and its contractors.

Misc.-Property Taxes Property taxes for parcels owned by the District.




Expenditures – Landscape

Contracts-Lakes and Wetland $6,900 Scheduled maintenance consists of inspections and treatment of CDD lakes and ponds. Herbiciding will consist of chemical treatments. Algae control will include removal and chemical treatments.

Pond Tract 5A $ 260 Pond Tract A 292 Overlook 8 Boat Ramp 7 Boat Dock 8

Total monthly service $ 575

Expenditures – Utility

Utility-General $46,500 Electricity accounts with Kissimmee Utility Authority for lighting of the front entry features, fountains irrigation clocks, and lift stations and pumps. This also includes utilities for the gatehouse facility.

Expenditures – Gatehouse

Contracts - Security Services $88,045 The District has a contract with Envera to monitor gate activity of entrance and exit lanes, swing gates and barrier arms. Includes new homes additions.

Monitoring & Database Services 24 Hour Monitoring of Virtual Gate Guard System at Front Entrance $ 5,041 Envera Kiosk System 500 Managed Access Control 150 Monthly Repair & Maintenance Services 861 ISP Pass Thru 447 Additional Residents varies monthly varies

For a Total monthly service cost of approximately: $7,337




Expenditures – Gatehouse (continued)

R&M-Gatehouse $5,000 This category is for any items related to maintenance of the gatehouse that are not covered in other budget line items.

Misc.-Access Control Software This fee includes maintenance and monitoring.

$ 2,000

Misc.-Bar Codes Gate security system requires car stickers.

$ 2,400

Expenditures – Road and Street Facilities

R&M-Roads & Alleyways This category is for any item related to maintenance of the roadway systems.

$ 10,000

R&M-Signage Scheduled maintenance of the signage consists of cleaning and general maintenance. Unscheduled maintenance consists of minor repair and replacement, touch-up painting.

$ 1,200

R&M-Pipe Inlet & Structure $183.700 Scheduled repairs and maintenance of the storm sewer system within the single-family residential area, to be completed over a period of three years

Expenditures – Parks and Recreation - General

Contracts-Fountain $ 1,440 The District currently has a contract with Churchills Group Holdings, Inc.to maintain and repair the fountain.

Contracts-Security Services $ 6,663 The District has a contract with Envera to monitor and service the pool and surrounding deck, as well as cabana area under roof; these services are billed quarterly.

Pool monitoring/database $ 1,293 Quarterly ISP Pass Thru 373

Total Quarterly $ 1,665




Expenditures – Parks and Recreation – General (continued)

Contracts-Pools $ 7,020 The District currently has a contract with Churchills Group Holdings, Inc. to maintain and repair the pool.

Contracts-Sheriff $ 14,000 The District has a contract with Osceola County Sheriff to provide additional patrol of the District roads, as needed.

Utility – Refuse Removal The District is currently using Waste Management service to remove garbage.

$ 2,736

R&M-Clubhouse $ 10,000 This line item is for any maintenance and repairs of the District’s clubhouse. This includes cable services and pest control.

R&M-Parks $ 500 Maintenance of park areas, benches, eating areas, picnic tables, landscaping, and trash removal.

R&M-Pool $ 3,000 This category is for any items related to maintenance of pool maintenance and repair and chemicals.

R&M-Tennis Courts $ 500 Maintenance includes repair of damaged court surface nets, cleaning and fencing.

Misc.-Access Control Software $ 500 This fee includes maintenance and monitoring.

Misc-Contingency $10,000 This includes any other miscellaneous expenses incurred during the year.




Expenditures – Common Area

Contracts-Landscape $64,524 The District currently has a contract with Blade Runner landscape service.

Irrigation - Scheduled maintenance consists of regular inspections, adjustments to controller and irrigation heads. Unscheduled maintenance consists of major repairs and replacement of system components.

Tree - Scheduled maintenance consists of pruning, trimming, fertilizing, mulching, and applying pest and disease control chemicals for trees in common areas.

Mowing and Turf Treatment - Scheduled maintenance consists of mowing, edging, blowing.

Hedges, Shrubs, Ground Cover, Annuals - Schedule maintenance consists of pruning, trimming, mulching, and applying fertilizer and pest and disease control chemicals.

R&M-Common Area $ 3,500 This category is for any items related to maintenance of common areas that are not covered in the budget line items.

R&M-Landscape $ 3,500 This category is for any items related to maintenance of landscape that are not covered in all other budget line items.


VillaSol


Debt Service Budgets Fiscal Year 2021

Series 2018 Debt Service Fund VILLASOLCommunity Development

District

Summary of Revenues, Expenditures and Changes in Fund Balances

Fiscal Year 2021 Proposed Budget




REVENUES

Interest - Investments $ 166 $ 716 $ 100 $ 1,045 100 $ 1,145 $ 100



Special Assmnts- Discounts 855 (6,800) (8,863) (7,663) - (7,663) (8,863)

TOTAL REVENUES 57,369 215,495 212,817 192,548 22,514 215,062 212,817

EXPENDITURES

Administrative

Misc-Assessmnt Collection Cost 1,137 4,296 4,432 3,830 602 4,432 4,432

Total Administrative 1,137 4,296 4,432 3,830 602 4,432 4,432

Debt Service

Principal Debt Retirement Series A-1


Interest Expense Series A-1


Cost of Inssuance

Total Debt Service

-

15,024

4,442

62,960

82,426

125000

77,864

202,864

110,000

15,000

57,895

17,075

-

199,970

-

-

28,948

8,538

-

37,486

110,000

15,000

28,948

8,538

-

162,485

110,000

15,000

57,896

17,076

-

199,971

115,000

15,000

55,695

16,381

-

202,076



Over (under) expenditures (26,194) 8,335 8,415 151,232 (140,573) 10,659 6,309


Interfund Transfer-In

Debt Proceeds

Proceeds of Refunding Bonds

Other Non Operating Uses

TOTAL OTHER SOURCES (USES)

58,398

131,500

62,080

(24,904)

227,074

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,309

Net change in fund balance 200,880 8,335 8,415 151,232 (140,573) 10,659 6,309

FUND BALANCE, BEGINNING

FUND BALANCE, ENDING $

-

209,216

-

$ 8,335 $

209,216

217,631 $

209,216

360,448 $

-

(140,573) $

209,216

219,875 $

219,875

226,184



District

AMORTIZATION SCHEDULE SERIES 2018A-1 SPECIAL ASSESSMENT BONDS

Outstanding Annual Period Balance Principal Interest Debt Service Debt Service

11/1/2020 1,925,000 27,848 27,848 5/1/2021 1,925,000 115,000 27,848 142,848 170,695

11/1/2021 1,810,000 26,698 26,698 5/1/2022 1,810,000 115,000 26,698 141,698 168,395

11/1/2022 1,695,000 25,476 25,476 5/1/2023 1,695,000 125,000 25,476 150,476 175,951

11/1/2023 1,570,000 24,069 24,069 5/1/2024 1,570,000 120,000 24,069 144,069 168,139

11/1/2024 1,450,000 22,629 22,629 5/1/2025 1,450,000 125,000 22,629 147,629 170,259

11/1/2025 1,325,000 21,067 21,067 5/1/2026 1,325,000 130,000 21,067 151,067 172,134

11/1/2026 1,195,000 19,361 19,361 5/1/2027 1,195,000 135,000 19,361 154,361 173,721

11/1/2027 1,060,000 17,420 17,420 5/1/2028 1,060,000 135,000 17,420 152,420 169,840

11/1/2028 925,000 15,395 15,395 5/1/2029 925,000 140,000 15,395 155,395 170,790

11/1/2029 785,000 13,120 13,120 5/1/2030 785,000 150,000 13,120 163,120 176,240

11/1/2030 635,000 10,683 10,683 05/01/203/ 635,000 150,000 10,683 160,683 171,365 11/01/203/ 485,000 8,245 8,245 5/1/2032 485,000 155,000 8,245 163,245 171,490

11/1/2032 330,000 5,610 5,610 5/1/2033 330,000 165,000 5,610 170,610 176,220

11/1/2033 165,000 2,805 2,805 5/1/2034 165,000 165,000 2,805 167,805 170,610

1,925,000 480,849 2,405,849 2,405,849



District



11/1/2020 340,000 8,191 8,191 5/1/2021 340,000 15,000 8,191 23,191 31,381

11/1/2021 325,000 7,844 7,844 5/1/2022 325,000 20,000 7,844 27,844 35,688

11/1/2022 305,000 7,381 7,381 5/1/2023 305,000 20,000 7,381 27,381 34,763

11/1/2023 285,000 6,919 6,919 5/1/2024 285,000 20,000 6,919 26,919 33,838

11/1/2024 265,000 6,456 6,456 5/1/2025 265,000 20,000 6,456 26,456 32,913

11/1/2025 245,000 5,994 5,994 5/1/2026 245,000 20,000 5,994 25,994 31,988

11/1/2026 225,000 5,531 5,531 5/1/2027 225,000 25,000 5,531 30,531 36,063

11/1/2027 200,000 4,953 4,953 5/1/2028 200,000 25,000 4,953 29,953 34,906

11/1/2028 175,000 4,375 4,375 5/1/2029 175,000 25,000 4,375 29,375 33,750

11/1/2029 150,000 3,750 3,750 5/1/2030 150,000 25,000 3,750 28,750 32,500

11/1/2030 125,000 3,125 3,125 05/01/203/ 125,000 30,000 3,125 33,125 36,250 11/01/203/ 95,000 2,375 2,375 5/1/2032 95,000 30,000 2,375 32,375 34,750

11/1/2032 65,000 1,625 1,625 5/1/2033 65,000 30,000 1,625 31,625 33,250

11/1/2033 35,000 875 875 5/1/2034 35,000 35,000 875 35,875 36,750

340,000 138,788 478,788 478,788


VillaSol Community Development District Series 2018 Debt Service Fund


REVENUES

Interest - Investments The District earns interest on the monthly average collected balance for each of its trust accounts.

Special Assessments – Tax Collector The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the debt service expenditures during the Fiscal Year.



Miscellaneous Assessment Collection Costs The District reimburses the Osceola Tax Collector for necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The budget for collection costs was based on a maximum of 2% of the anticipated assessment collections.

Expenditures – Debt Service

Debt Retirement Series A The District pays regular principal payments annually in order to pay down/retire the debt.

Interest Expense Series A The District pays interest expense on the debt twice during the year.


VillaSol


Supporting Budget Schedules Fiscal Year 2021

VILLASOL

Community Development District All Funds

2021-2020 Non-Ad Valorem Assessments Comparison

Neighborhood

O&M

Units

Bond

Units

Prepaid

Units

Annual

Maintenance

Assessment

Annual

2018 Debt

Assessment

Total

Assessed

Per Unit

FY 2021 FY 2020 Variance FY 2021 FY 2020 Variance FY 2021 FY 2020 Variance

Townhomes 138 138 0 $1,067.74 $640.33 66.7% $398.15 $398.15 0.00% $1,466 $1,038 41%

Single Family 278 278 0 $1,593.65 $955.71 66.7% $573.08 $573.08 0.00% $2,167 $1,529 42%

Single Family- New Debt 77 73 0 $1,593.65 $955.71 66.7% $100.24 $100.24 N/A $1,694 $1,056 60%

Total 493 0

Annual Operating and Debt Service BudgetFiscal Year 2021 15

VILLA SOL Community Development District

Annual Operating and Debt Service Budget

Fiscal Year 2021

Proposed Budget: Option 2

May 1, 2020

Prepared by:

VillaSol


Budget Overview Fiscal Year 2021

VILLASOL


Table of Contents

Page #

OPERATING BUDGET

General Fund

Summary of Revenues, Expenditures and Changes in Fund Balances …………………………….. 1-2

Exhibit A - Allocation of Fund Balances …………………………………………………………………. 3

Budget Narrative …………………………………………………………………………………………… 4-10

DEBT SERVICE BUDGET

Series 2018

Summary of Revenues, Expenditures and Changes in Fund Balances …………………………….. 11

Amortization Schedule …………………………………………………………………………………….. 12-13

Budget Narrative …………………………………………………………………………………………… 14

SUPPORTING BUDGET SCHEDULES

2020-2021 Non-Ad Valorem Assessment Comparison……………………………………………………….. 15

VillaSol


Operating Budget Fiscal Year 2021


District






REVENUES

Interest - Investments $ 3,561 $ 5,290 $ 4,500 $ 2,530 $ 1,970 $ 4,500 $ 4,500

Room Rentals 5,050 5,201 7,000 3,239 3,239 6,478 4,000

Interest - Tax Collector 126 244 - 143 - 143 -

Special Assmnts- Tax Collector 433,059 427,642 427,643 384,385 43,258 427,643 1,187,560


Special Assmnts- Discounts (11,529) (13,124) (17,106) (14,790) (2,316) (17,106) (47,502)

Other Miscellaneous Revenues 12,675 2,000 - 500 - 500 500

Access Cards 5,045 3,295 6,000 3,182 3,182 6,364 6,000

Insurance Reimbursemnets - - - 2,496 - 2,496 -

TOTAL REVENUES 452,776 430,548 428,037 381,685 49,333 431,018 1,155,058

EXPENDITURES

Administrative

P/R-Board of Supervisors 8,400 4,600 4,800 2,800 2,000 4,800 6,000

FICA Taxes 643 352 367 214 153 367 459

ProfServ-Arbitrage Rebate 600 - 600 - 600 600 600

ProfServ-Dissemination Agent 1,000 1,000 1,000 - 1,000 1,000 1,000

ProfServ-Engineering 33,209 (3,276) 3,000 5,575 5,575 11,150 73,600

ProfServ-Legal Services 34,012 28,021 15,000 8,833 6,167 15,000 39,200

ProfServ-Mgmt Consulting Serv 38,500 39,655 42,390 21,195 21,195 42,390 47,000

ProfServ-Property Appraiser 233 199 400 172 228 400 400

ProfServ-Special Assessment 5,150 5,150 5,150 5,150 - 5,150 5,150

ProfServ-Trustee Fees 2,892 2,136 3,000 5,728 - 5,728 6,410

Auditing Services 6,250 6,250 6,250 - 6,250 6,250 6,250

Communication - Telephone 2,499 2,622 3,600 1,565 2,035 3,600 3,600

Postage and Freight 1,601 1,392 1,000 586 414 1,000 1,600

Insurance - General Liability 23,183 19,824 22,401 19,847 - 19,847 21,832

Printing and Binding 5,279 3,314 3,000 1,031 1,969 3,000 4,000

Legal Advertising 5,017 1,185 1,000 163 837 1,000 1,000

Miscellaneous Services 977 1,807 600 431 431 862 1,000

Misc-Assessmnt Collection Cost 4,513 4,061 8,553 7,392 1,161 8,553 23,751

Misc-Web Hosting - - 12,000 2,009 9,991 12,000 4,000

Office Supplies 482 508 463 444 19 463 463

Annual District Filing Fee 175 175 175 175 - 175 175

Total Administrative 174,615 118,975 134,749 83,310 60,025 143,335 247,490

Field

ProfServ-Field Management 42,000 43,360 43,206 21,603 21,603 43,206 48,000

Misc-Property Taxes 530 533 540 511 - 511 540

Total Field 42,530 43,893 43,746 22,114 21,603 43,717 48,540

Landscape Services

Contracts-Lake and Wetland 6,475 7,910 6,900 3,780 3,120 6,900 6,900

Total Landscape Services 6,475 7,910 6,900 3,780 3,120 6,900 6,900

Utilities

Utility - General 46,064 42,450 46,500 21,593 24,907 46,500 46,500

Total Utilities 46,064 42,450 46,500 21,593 24,907 46,500 46,500



District



ACCOUNT DESCRIPTION

ACTUAL

FY 2018

ACTUAL

FY 2019

ADOPTED

BUDGET

FY 2020

ACTUAL

THRU

MAR-2020

PROJECTED

APR-

SEP-2020

TOTAL

PROJECTED

FY 2020

ANNUAL

BUDGET

FY 2021

Gatehouse

Contracts-Security Services

R&M-Gatehouse

Misc-Access Control Software

Misc-Bar Codes

Total Gatehouse

82,218

4,151

469

2,033

88,871

85,913

8,685

-

1,929

96,527

88,045

5,000

2,000

4,800

99,845

43,319

1,273

785

856

46,233

44,726

1,273

785

856

47,640

88,045

2,546

1,570

1,712

93,873

88,045

5,000

2,000

2,400

97,445


R&M-Roads & Alleyways

R&M-Signage

R&M-Pipe Inlet & Structure

Total Road and Street Facilities

-

1,255

-

1,255

150

2,424

-

2,574

5,000

1,000

-

6,000

17,293

421

-

17,714

-

579

-

579

17,293

1,000

-

18,293

10,000

1,200

569,100

580,300


Contracts-Fountain


Contracts-Temporary Labor

Contracts-Pools

Contracts-Sheriff

Utility - Refuse Removal

R&M-Clubhouse

R&M-Parks

R&M-Pools

R&M-Recreation Center

R&M-Tennis Courts


Misc-Contingency

Total Parks and Recreation - General

1,440

6,663

1,864

7,438

10,991

2,813

7,993

349

8,338

2,550

-

160

422

51,021

1,440

5,389

-

6,728

7,606

4,188

2,853

761

9,970

1,016

-

312

648

40,911

1,440

6,663

-

7,020

14,000

2,736

8,000

500

7,000

-

500

500

500

48,859

726

2,777

-

3,539

506

1,972

2,454

443

1,887

-

-

-

1,808

16,112

726

3,886

-

3,481

13,494

764

500

570

1,887

-

500

500

-

26,308

1,452

6,663

-

7,020

14,000

2,736

2,954

1,013

3,774

-

500

500

1,808

42,420

1,440

6,663

-

7,020

14,000

2,736

10,000

500

3,000

-

500

500

10,000

56,359

Common Area

Contracts-Landscape

R&M-Common Area

R&M-Other Landscape

Total Common Area

64,524

3,043

8,714

76,281

64,524

5,168

1,721

71,413

64,524

1,000

500

66,024

32,262

2,437

1,756

36,455

32,262

1,000

1,756

35,018

64,524

3,437

3,512

71,473

64,524

3,500

3,500

71,524

TOTAL EXPENDITURES 487,112 424,653 452,623 247,311 219,200 466,511 1,155,058


Over (under) expenditures (34,336) 5,895 (24,586) 134,374 (169,867) (35,493) -


Contribution to (Use of) Fund Balance - - (24,586) - - - -

TOTAL OTHER SOURCES (USES) - - (24,586) - - - -

Net change in fund balance (34,336) 5,895 (24,586) 134,374 (169,867) (35,493) -

FUND BALANCE, BEGINNING 262,896 228,560 233,900 233,900 - 233,900 198,407

FUND BALANCE, ENDING $ 228,560 $ 234,455 $ 209,314 $ 368,274 $ (169,867) $ 198,407 $ 198,407


VILLASOL


Exhibit "A"

Allocation of Fund Balances

AVAILABLE FUNDS

Beginning Fund Balance - Fiscal Year 2021 $

Amount

198,407

Net Change in Fund Balance - Fiscal Year 2021 -

Reserves - Fiscal Year 2021 Additions -

Total Funds Available (Estimated) - 9/30/2021 198,407

Assigned Fund Balance

Operating Reserve - First Quarter Operating Capital

Total Allocation of Available Funds

Total Unassigned (undesignated) Cash $

192,510

192,510

5,897

(1)

Notes

(1) Represents approximately 2 months of operating expenditures




REVENUES

Interest - Investments The District earns interest on the monthly average collected balance for each of their operating accounts.

Room Rentals The District receives revenue from the rental of the Clubhouse for events.

Special Assessments – Tax Collector The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the operating expenditures during the Fiscal Year.


Access Cards Revenue collected for replacement access cards to the Clubhouse for replacement access bar codes/remotes/stickers to the gate.


P/R-Board of Supervisors Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting in which they attend. The budgeted amount for the fiscal year is based on all supervisors attending 6 meetings.

FICA Taxes Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.

Professional Service-Arbitrage Rebate The District has contracted with its independent auditors to annually calculate the arbitrage rebate liability on its bonds.

Professional Service-Dissemination Agent The bond indenture requests a special annual report on the District’s development activity. The District has contracted with Inframark, LLC to provide these reports. The amount is based upon the contract amount.





Professional Service-Engineering

The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.

Professional Service-Legal Service The District’s Attorney, Scott D. Clark, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.

Professional Service-Management Consulting Service The District receives Management, Accounting and Administrative services as part of a Management Agreement with Inframark, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.

Professional Services - Property Appraiser The Osceola County Board of Commissioners provides the District with a listing of the legal description of each property parcel within the District boundaries, and the names and addresses of the owners of such property. The District reimburses the Board of Commissioners for necessary administrative costs incurred to provide this service. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The budget for Board of Commissioners costs was based on a unit price per parcel.

Professional Service-Special Assessment Inframark, LLC provides assessment services for closing lot sales, assessment roll services with Osceola Tax Collector and financial advisory services.

Professional Services - Trustee The District issued this Series of 2018 Special Assessment Bonds that are deposited with a Trustee to handle all trustee matters.

Auditing Service The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.

Communication - Telephone New internet and WiFi service for Office.





Postage and Freight Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.

Insurance-General Liability The District's General Liability & Public Officials Liability Insurance policy is with Public Risk Insurance Agency, Inc. They specialize in providing insurance coverage to governmental agencies.

Printing and Binding Copies used in the preparation of agenda packages, required mailings, and other special projects.

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

Miscellaneous Services This includes monthly bank charges and any other miscellaneous expenses that incur during the year.

Miscellaneous Assessment Collection Costs The District reimburses the Osceola Tax Collector for her or his necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The budget for collection costs was based on a maximum of 2% of the anticipated assessment collections.

Misc.-Web Hosting This represents cost for community website construction and maintenance.

Office Supplies Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.

Annual District Filing Fee The District is required to pay an annual fee to the Department of Community Affairs for $175.

Expenditures – Field

Professional Service-Field Management $48,000 The District will contract management services for the operation of the Property and its contractors.

Misc.-Property Taxes Property taxes for parcels owned by the District.




Expenditures – Landscape

Contracts-Lakes and Wetland $6,900 Scheduled maintenance consists of inspections and treatment of CDD lakes and ponds. Herbiciding will consist of chemical treatments. Algae control will include removal and chemical treatments.

Pond Tract 5A $ 260 Pond Tract A 292 Overlook 8 Boat Ramp 7 Boat Dock 8

Total monthly service $ 575

Expenditures – Utility

Utility-General $46,500 Electricity accounts with Kissimmee Utility Authority for lighting of the front entry features, fountains irrigation clocks, and lift stations and pumps. This also includes utilities for the gatehouse facility.

Expenditures – Gatehouse

Contracts - Security Services $88,045 The District has a contract with Envera to monitor gate activity of entrance and exit lanes, swing gates and barrier arms. Includes new homes additions.

Monitoring & Database Services 24 Hour Monitoring of Virtual Gate Guard System at Front Entrance $ 5,041 Envera Kiosk System 500 Managed Access Control 150 Monthly Repair & Maintenance Services 861 ISP Pass Thru 447 Additional Residents varies monthly varies

For a Total monthly service cost of approximately: $7,337




Expenditures – Gatehouse (continued)

R&M-Gatehouse $5,000 This category is for any items related to maintenance of the gatehouse that are not covered in other budget line items.

Misc.-Access Control Software This fee includes maintenance and monitoring.

$ 2,000

Misc.-Bar Codes Gate security system requires car stickers.

$ 2,400

Expenditures – Road and Street Facilities

R&M-Roads & Alleyways This category is for any item related to maintenance of the roadway systems.

$ 10,000

R&M-Signage Scheduled maintenance of the signage consists of cleaning and general maintenance. Unscheduled maintenance consists of minor repair and replacement, touch-up painting.

$ 1,200

R&M-Pipe Inlet & Structure $569,100 Scheduled repairs and maintenance of the storm sewer system within the single-family residential area, to be completed over a period of one year.

Expenditures – Parks and Recreation - General

Contracts-Fountain $ 1,440 The District currently has a contract with Churchills Group Holdings, Inc.to maintain and repair the fountain.

Contracts-Security Services $ 6,663 The District has a contract with Envera to monitor and service the pool and surrounding deck, as well as cabana area under roof; these services are billed quarterly.

Pool monitoring/database $ 1,293 Quarterly ISP Pass Thru 373

Total Quarterly $ 1,665




Expenditures – Parks and Recreation – General (continued)

Contracts-Pools $ 7,020 The District currently has a contract with Churchills Group Holdings, Inc. to maintain and repair the pool.

Contracts-Sheriff $ 14,000 The District has a contract with Osceola County Sheriff to provide additional patrol of the District roads, as needed.

Utility – Refuse Removal The District is currently using Waste Management service to remove garbage.

$ 2,736

R&M-Clubhouse $ 10,000 This line item is for any maintenance and repairs of the District’s clubhouse. This includes cable services and pest control.

R&M-Parks $ 500 Maintenance of park areas, benches, eating areas, picnic tables, landscaping, and trash removal.

R&M-Pool $ 3,000 This category is for any items related to maintenance of pool maintenance and repair and chemicals.

R&M-Tennis Courts $ 500 Maintenance includes repair of damaged court surface nets, cleaning and fencing.

Misc.-Access Control Software $ 500 This fee includes maintenance and monitoring.

Misc-Contingency $10,000 This includes any other miscellaneous expenses incurred during the year.




Expenditures – Common Area

Contracts-Landscape $64,524 The District currently has a contract with Blade Runner landscape service.

Irrigation - Scheduled maintenance consists of regular inspections, adjustments to controller and irrigation heads. Unscheduled maintenance consists of major repairs and replacement of system components.

Tree - Scheduled maintenance consists of pruning, trimming, fertilizing, mulching, and applying pest and disease control chemicals for trees in common areas.

Mowing and Turf Treatment - Scheduled maintenance consists of mowing, edging, blowing.

Hedges, Shrubs, Ground Cover, Annuals - Schedule maintenance consists of pruning, trimming, mulching, and applying fertilizer and pest and disease control chemicals.

R&M-Common Area $ 3,500 This category is for any items related to maintenance of common areas that are not covered in the budget line items.

R&M-Landscape $ 3,500 This category is for any items related to maintenance of landscape that are not covered in all other budget line items.


VillaSol


Debt Service Budgets Fiscal Year 2021


District






REVENUES

Interest - Investments $ 166 $ 716 $ 100 $ 1,045 100 $ 1,145 $ 100



Special Assmnts- Discounts 855 (6,800) (8,863) (7,663) - (7,663) (8,863)

TOTAL REVENUES 57,369 215,495 212,817 192,548 22,514 215,062 212,817

EXPENDITURES

Administrative

Misc-Assessmnt Collection Cost 1,137 4,296 4,432 3,830 602 4,432 4,432

Total Administrative 1,137 4,296 4,432 3,830 602 4,432 4,432

Debt Service





Cost of Inssuance

Total Debt Service

-

15,024

4,442

62,960

82,426

125000

77,864

202,864

110,000

15,000

57,895

17,075

-

199,970

-

-

28,948

8,538

-

37,486

110,000

15,000

28,948

8,538

-

162,485

110,000

15,000

57,896

17,076

-

199,971

115,000

15,000

55,695

16,381

-

202,076



Over (under) expenditures (26,194) 8,335 8,415 151,232 (140,573) 10,659 6,309


Interfund Transfer-In

Debt Proceeds

Proceeds of Refunding Bonds

Other Non Operating Uses

TOTAL OTHER SOURCES (USES)

58,398

131,500

62,080

(24,904)

227,074

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,309

Net change in fund balance 200,880 8,335 8,415 151,232 (140,573) 10,659 6,309

FUND BALANCE, BEGINNING

FUND BALANCE, ENDING $

-

209,216

-

$ 8,335 $

209,216

217,631 $

209,216

360,448 $

-

(140,573) $

209,216

219,875 $

219,875

226,184



District



11/1/2020 1,925,000 27,848 27,848 5/1/2021 1,925,000 115,000 27,848 142,848 170,695

11/1/2021 1,810,000 26,698 26,698 5/1/2022 1,810,000 115,000 26,698 141,698 168,395

11/1/2022 1,695,000 25,476 25,476 5/1/2023 1,695,000 125,000 25,476 150,476 175,951

11/1/2023 1,570,000 24,069 24,069 5/1/2024 1,570,000 120,000 24,069 144,069 168,139

11/1/2024 1,450,000 22,629 22,629 5/1/2025 1,450,000 125,000 22,629 147,629 170,259

11/1/2025 1,325,000 21,067 21,067 5/1/2026 1,325,000 130,000 21,067 151,067 172,134

11/1/2026 1,195,000 19,361 19,361 5/1/2027 1,195,000 135,000 19,361 154,361 173,721

11/1/2027 1,060,000 17,420 17,420 5/1/2028 1,060,000 135,000 17,420 152,420 169,840

11/1/2028 925,000 15,395 15,395 5/1/2029 925,000 140,000 15,395 155,395 170,790

11/1/2029 785,000 13,120 13,120 5/1/2030 785,000 150,000 13,120 163,120 176,240

11/1/2030 635,000 10,683 10,683 05/01/203/ 635,000 150,000 10,683 160,683 171,365 11/01/203/ 485,000 8,245 8,245 5/1/2032 485,000 155,000 8,245 163,245 171,490

11/1/2032 330,000 5,610 5,610 5/1/2033 330,000 165,000 5,610 170,610 176,220

11/1/2033 165,000 2,805 2,805 5/1/2034 165,000 165,000 2,805 167,805 170,610

1,925,000 480,849 2,405,849 2,405,849



District



11/1/2020 340,000 8,191 8,191 5/1/2021 340,000 15,000 8,191 23,191 31,381

11/1/2021 325,000 7,844 7,844 5/1/2022 325,000 20,000 7,844 27,844 35,688

11/1/2022 305,000 7,381 7,381 5/1/2023 305,000 20,000 7,381 27,381 34,763

11/1/2023 285,000 6,919 6,919 5/1/2024 285,000 20,000 6,919 26,919 33,838

11/1/2024 265,000 6,456 6,456 5/1/2025 265,000 20,000 6,456 26,456 32,913

11/1/2025 245,000 5,994 5,994 5/1/2026 245,000 20,000 5,994 25,994 31,988

11/1/2026 225,000 5,531 5,531 5/1/2027 225,000 25,000 5,531 30,531 36,063

11/1/2027 200,000 4,953 4,953 5/1/2028 200,000 25,000 4,953 29,953 34,906

11/1/2028 175,000 4,375 4,375 5/1/2029 175,000 25,000 4,375 29,375 33,750

11/1/2029 150,000 3,750 3,750 5/1/2030 150,000 25,000 3,750 28,750 32,500

11/1/2030 125,000 3,125 3,125 05/01/203/ 125,000 30,000 3,125 33,125 36,250 11/01/203/ 95,000 2,375 2,375 5/1/2032 95,000 30,000 2,375 32,375 34,750

11/1/2032 65,000 1,625 1,625 5/1/2033 65,000 30,000 1,625 31,625 33,250

11/1/2033 35,000 875 875 5/1/2034 35,000 35,000 875 35,875 36,750

340,000 138,788 478,788 478,788


VillaSol Community Development District Series 2018 Debt Service Fund


REVENUES

Interest - Investments The District earns interest on the monthly average collected balance for each of its trust accounts.

Special Assessments – Tax Collector The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the debt service expenditures during the Fiscal Year.



Miscellaneous Assessment Collection Costs The District reimburses the Osceola Tax Collector for necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The budget for collection costs was based on a maximum of 2% of the anticipated assessment collections.

Expenditures – Debt Service

Debt Retirement Series A The District pays regular principal payments annually in order to pay down/retire the debt.

Interest Expense Series A The District pays interest expense on the debt twice during the year.


VillaSol


Supporting Budget Schedules Fiscal Year 2021

VILLASOL

Community Development District All Funds

2021-2020 Non-Ad Valorem Assessments Comparison

Neighborhood

O&M

Units

Bond

Units

Prepaid

Units

Annual

Maintenance

Assessment

Annual

2018 Debt

Assessment

Total

Assessed

Per Unit

FY 2021 FY 2020 Variance FY 2021 FY 2020 Variance FY 2021 FY 2020 Variance

Townhomes 138 138 0 $1,778.18 $640.33 177.7% $398.15 $398.15 0.00% $2,176 $1,038 110%

Single Family 278 278 0 $2,654.00 $955.71 177.7% $573.08 $573.08 0.00% $3,227 $1,529 111%

Single Family- New Debt 77 73 0 $2,654.00 $955.71 177.7% $100.24 $100.24 N/A $2,754 $1,056 161%

Total 493 0

Annual Operating and Debt Service BudgetFiscal Year 2021 15

RESOLUTION 2020-2

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE VILLASOL COMMUNITY DEVELOPMENT DISTRICT APPROVING THE BUDGET FOR FISCAL YEAR 2021 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW

WHEREAS, the District Manager has heretofore prepared and submitted to the Board a proposed operating and/or debt service budget for Fiscal Year 2021; a copy of which is attached hereto, and

WHEREAS, the Board of Supervisors has considered said proposed budget and desires to set the required public hearing thereon;

NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE VILLASOL COMMUNITY DEVELOPMENT DISTRICT;

1. The budget proposed by the District Manager for Fiscal Year 2021 is hereby approved as the basis for conducting a public hearing to adopt said budget.

2. A public hearing on said approved budget is hereby declared and set for the following date, hour and place:

Date: July 14, 2020

Hour: 1:30 p.m.

Place: VillaSol Clubhouse, 3050 Puerta Del Sol Boulevard, Kissimmee, Florida 34744

Notice of this public hearing shall be published in the manner prescribed in Florida Law.

Adopted this 12th day of May, 2020.

Ramon Bermudez Chairman

Mark Gosdin Secretary

Sixth Order of Business

MINUTES OF MEETING VILLASOL COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the VillaSol Community Development

District was held Tuesday, March 10, 2020 at 1:30 p.m. at the VillaSol Clubhouse, 3050 Puerta

Del Sol Boulevard, Kissimmee, FL 34744.

Present and constituting a quorum were: Ramon Bermudez Chairman Servando Comas Vice Chairman Mark Gosdin Secretary Michael Edgecombe Assistant Secretary (via phone) Faye Woolery Assistant Secretary

Also present were: Kristen Suit Inframark - District Manager Scott Clark District Counsel Ariel Medina Inframark – Field Supervisor

This represents the context and summary of the meeting.

FIRST ORDER OF BUSINESS Roll Call Ms. Suit called the meeting to order and called the roll.

SECOND ORDER OF BUSINESS Pledge of Allegiance The pledge of allegiance was recited.

THIRD ORDER OF BUSINESS Audience Comments • Mr. Clark noted this is related to gate damage incidents.

• Mr. Jose Rivera addressed receiving notice regarding gate damages noting he was not

tailgating, as the video shows. The bar hit his car, the car that was tailgating was behind

him.

o Mr. Clark noted they have walked through the whole sequence together and it

appears there was a malfunction of the gate, but the video is not conclusive

evidence of a violation. He recommended they release the claim against Mr.

Rivera.

• Mr. Bermudez noted Mr. Rivera’s privileges were also suspended.

March 10, 2020 VillaSol CDD

On MOTION by Mr. Bermudez seconded Mr. Comas, with all in favor, to dismiss the Rivera claim of May 30, 2019 gates damages and reactivate gate access card was approved.

• A resident inquired if once a car comes to his address if they will have permanent access

without a call.

o Mr. Bermudez noted he believes it is after several trips through the gate.

o Ms. Suit noted they cannot deny access to the community to anyone.

o Numerous speakers addressed gate access.

FOURTH ORDER OF BUSINESS Approval of the Minutes of January 14, 2020 Meeting

On MOTION by Mr. Bermudez seconded by Mr. Gosdin, with all in favor, the minutes of the January 14, 2020 meeting were approved.

FIFTH ORDER OF BUSINESS Capital Projects A. Capital Projects Status Update

• Mr. Medina noted the only outstanding project on his list is the roof repair -pool area.

B. Capital Projects List • Ms. Suit reported another invoice was received from the engineer; the remaining balance is

a little over $1,000.

SIXTH ORDER OF BUSINESS Attorney’s Report • Mr. Clark reported on the gate damage reimbursements noting they received a $400 check

today from Mr. Cruz, correspondence has been received from Mr. Barreto indicating he

does not agree. He further addressed the smaller claims noting they are hard to take to

small claims unless they have six or so to file at one time.

• Discussion ensued on continuing to pursue collections and amending rules to include

discontinuing access to District amenities. This action will be taken at a later date.

• Mr. Comas addressed streets that are HOA property and bringing them into the CDD.

o Mr. Clark outlined the process noting he would suggest they have the engineer

inspect the roads, at the HOA’s cost, and advise if there is any reason not to accept

them.

2


SEVENTH ORDER OF BUSINESS District Engineer A. Proposals for Storm Pipe Repairs

• Ms. Suit noted the $97,000 is the initial repair and does not include consulting fees, total it

would be approximately $150,000. It is something they will have to budget for next year.

They will have to increase assessments significantly. There about $500,000 of repairs to be

made to the roads over the next couple of years in phases.

• Mr. Gosdin noted the proposal is for storm pipe repairs only and does not address roads.

o Ms. Suit noted if they want Mr. Malave to do an inspection of the road surfaces,

they will need a motion approving that work at a cost of $8,500 to $9,000.

• Discussion continued on drainage repairs, increasing assessments, the possibility of

securing a loan, and community input.

• Provide two budgets with options for funding operational expenses.

EIGHTH ORDER OF BUSINESS District Manager’s Report A. Financial Statements

• Ms. Suit noted the financial statements are included in the agenda package and inquired if

there are any questions.

On MOTION by Mr. Comas seconded by Mr. Bermudez, with all in favor, the January financial statements were approved.

B. Check Registers • Mr. Comas addressed invoices paid to Bright House Networks noting the name needs to be

changed to Spectrum.

On MOTION by Mr. Comas seconded by Mr. Bermudez, with all in favor, the check registers were approved.

C. Ratification of Chair Authorized Expenditures Between Meetings • Ms. Suit reviewed the expenditures.

On MOTION by Mr. Gosdin seconded by Mr. Comas, with all in favor, the Chair authorized expenditures between meeting in the amount of $1,040.30 was ratified.

3

https://1,040.30


D. Consideration of Resolution 2020-1 – General Election • Ms. Suit outlined Resolution 2020-1 noting the seats up for election is November 2020 are

Mr. Comas and Mr. Edgecombe.

On MOTION by Mr. Bermudez seconded by Mr. Gosdin, with all in favor, Resolution 2020-1 confirming the District’s Use of the Osceola County Supervisor of Elections in conjunction with the General Election was adopted.

• Mr. Comas noted an error within the qualifying information on page 56.

E. Discussion of Proposal for Attorney Services • Discussion followed on the proposal for attorney services with Mr. Gosdin noting they are

doing their due diligence to make sure they are doing the right things.

• The consensus of the Board is they are happy with Clark & Albaugh.

NINTH ORDER OF BUSINESS Field Operations A. Field Management Report

i. Action Items List ii. Resident Call Log iii. BrightView Landscaping Update iv. Churchills Group Report

• Mr. Medina reviewed the Field Manager’s report. He addressed the performance of

BrightView and inquired if the Board would like to do an RFP or continue to try to work

with BrightView.

o Discussion continued on BrightView with it being noted in two years they have

changed the manager three times and the crew also changes frequently.

Work with new manager to institute deadlines/compliance dates to provide

them an opportunity to improve.

Mr. Medina noted every time they put pressure on them to improve their

service, they change managers. He will work them and see where they get.

The contract is under the RFP threshold. Mr. Medina was requested to

contact landscape vendors with regard to pricing.

B. Consideration of BrightView Proposal for Bush Hogging • Mr. Medina reviewed the proposal for bush hogging.

4


On MOTION by Mr. Gosdin seconded by Mr. Bermudez, with Mr. Gosdin, Mr. Bermudez, Ms. Woolery and Mr. Edgecombe voting aye and Mr. Comas voting nay, the BrightView proposal for bush hogging in the amount of $1,785.71 was approved.

C. Gate Damage Status Report Previously addressed.

TENTH ORDER OF BUSINESS Other Business • A resident addressed the proposed increase in assessments inquiring why they did the

capital improvements. She further addressed the drainage and road repairs estimates

suggesting they have a committee to look at these items.

o Ms. Suit noted they have an Engineer who manages these items for the District.

o Discussion continued with the resident requesting multiple proposals be provided

for residents to review.

• A resident addressed the community being in a pay-me-now or pay-me-later situation. He

suggested they have look into county or state funding or grants to offset the costs.

ELEVENTH ORDER OF BUSINESS Supervisor Requests & Comments • Mr. Comas inquired about the time of the May meeting.

o Ms. Suit noted it is 1:30 p.m.

o It was requested the May meeting be moved to 5:00 p.m. and advertised

accordingly.

• Mr. Bermudez requested Envera attend the May meeting.

• Ms. Suit noted she just received an email from Envera and read it into the record.

“Envera has Automatic License Plate Recognition technology installed at VillaSol. This

means that if a guest is listed on a resident’s guest list as permanent or temporary, their first

visit will be processed by a live guard where their license plate will be paired with their

vehicle tag number automatically. Then during their next visit, provided that they remain

on the approved guest list (usually permanent), their license plate will be read, and the gate

will open automatically while logging that guest to the home that has them listed as an

approved guest. If the guest is removed from the list, their plate and all information will be

deleted from the system. So, to clarify, the system will not allow entry simply because they

are a repeat visitor. They must be a repeat visitor who is currently on a homeowner’s

5

https://1,785.71


approved guest list at the time of entry. It is recommended that residents only add guests

such as close friends and relatives as permanent and add service providers such pool or

landscape companies as “temporary” with day/time restrictions. So, if a resident adds their

pool company as allowed on Mondays only from 8-5, the pool company will have to talk to

a guard if they come at any other time and entry is not automated. We do not recommend

residents adding Uber as a permanent guest, because then the tags of some Uber drivers

will be linked to their home, and that Uber driver will be granted entry if they remain on

the home’s permanent guest list. With the MyEnvera app, residents have the ability to

quickly add Uber in real-time, for only the day they are expecting them or as a “one time”

visitor. This is our recommendation.

Additionally, as you stated, because VillaSol is a CDD, Envera has to grant entry to all

visitors, however by working together to educate residents, we can help reduce the number

of unwanted automated entries and attempt to call the residents before admitting guests.”

• Discussion continued on the license plate readers and access through the gates.

TWELFTH ORDER OF BUSINESS Adjournment

On MOTION by Mr. Comas seconded by Mr. Gosdin, with all in favor, the meeting was adjourned at 3:22 p.m.

______________________________ __________________________ Kristen Suit Ramon Bermudez Assistant Secretary Chairman

6

MEMORANDUM

TO: Board of Supervisors, VillaSol CDD

FROM: Fernand Thomas, Accountant II

CC: Kristen Suit, District Manager, Alan Baldwin, Accounting Manager

DATE: April 17, 2020

SUBJECT: March Financial Report

Attached, please find the March Financial Report. During your review, please keep in mind that the goal is for revenue

to meet or exceed the year-to-date budget and for expenditures to be at or below the year-to-date budget. To assist

with your review, an overview of each of the District’s Funds is provided below. If you have any questions or require

additional information, please contact me at [email protected].

General Funds:

• Total revenues are approximately 89% of the annual budget.

• Non-Ad Valorem Assessments 90% collected.

• For the current month, expenditures are at 55% of the year-to-date budget.

Debt Service Funds:

Series 2018 A1-A2

• Total revenues are approximately 90% of the year-to-date budget and includes prepayments. Annual Assessments are 90% collected.

• Total Principal and Interest is paid for the year and includes principal prepayments.

Construction Fund:

• Revenues recorded are interest earned on Investments.

• Expenditures recorded are construction requisitions.


VILLASOL Community Development District

Table of Contents

FINANCIAL STATEMENTS Page #

Balance Sheet - All Funds ………………………………………………………………. 1

Statement of Revenues, Expenditures and Changes in Fund Balance

General Fund ………………………………………………………………. 2 - 4

Notes to the Financials …………………………………………………………. 5-6

Debt Service Fund ………………………………………………………………. 7

Capital Project Fund(s) ………………………………………………………………. 8

SUPPORTING SCHEDULES

Non-Ad Valorem Special Assessments - Schedule ……………………………………………. 9

Cash and Investment Report ………………………………………………………………. 10

Bank Reconciliation ………………………………………………………………. 11

Check Register ………………………………………………………………. 12

VillaSol


Financial Statements

(Unaudited)

March 31, 2020

VILLASOL Governmental Funds Community Development District

ACCOUNT DESCRIPTION

ASSETS

Cash - Checking Account

Investments:

Money Market Account

Project Fund

Reserve Fund (A-2)

Reserve Fund A

Revenue Fund

Prepaid Items

Deposits

TOTAL ASSETS

LIABILITIES

Accounts Payable

Accrued Expenses

TOTAL LIABILITIES

FUND BALANCES

Nonspendable:

Prepaid Items

Deposits

Restricted for:

Debt Service

Capital Projects

Assigned to:

Operating Reserves

Unassigned:

TOTAL FUND BALANCES

TOTAL LIABILITIES & FUND BALANCES

Balance Sheet March 31, 2020

SERIES 2018

A1 & A2 DEBT

GENERAL SERVICE

FUND FUND

$ 112,444 $ -

274,010 -

- -

- 17,938

- 87,273

- 255,237

4,958 -

4,075 -

$ 395,487 $ 360,448

$ 23,087 $ -

4,125 -

27,212 -

4,958 -

4,075 -

- 360,448

- -

110,324 -

248,918 -

$ 368,275 $ 360,448

$ 395,487 $ 360,448

SERIES 2018

CAPITAL

PROJECTS

FUND

$ -

-

33,300

-

-

-

-

-

$ 33,300

$ -

-

-

-

-

-

33,300

-

-

$ 33,300

$ 33,300

TOTAL

$ 112,444

274,010

33,300

17,938

87,273

255,237

4,958

4,075

$ 789,235

$ 23,087

4,125

27,212

4,958

4,075

360,448

33,300

110,324

248,918

$ 762,023

$ 789,235

1

VILLASOL General Fund


Statement of Revenues, Expenditures and Changes in Fund Balances

For the Period Ending March 31, 2020

ANNUAL YTD ACTUAL

ADOPTED YEAR TO DATE AS A % OF

ACCOUNT DESCRIPTION BUDGET ACTUAL ADOPTED BUD

MAR-20

ACTUAL

REVENUES

Interest - Investments

Room Rentals

Interest - Tax Collector

Special Assmnts- Tax Collector

Special Assmnts- Discounts

Other Miscellaneous Revenues

Access Cards

Insurance Reimbursements

TOTAL REVENUES

EXPENDITURES

Administration

P/R-Board of Supervisors

FICA Taxes

ProfServ-Arbitrage Rebate

ProfServ-Dissemination Agent

ProfServ-Engineering

ProfServ-Legal Services

ProfServ-Mgmt Consulting Serv

ProfServ-Property Appraiser

ProfServ-Special Assessment

ProfServ-Trustee Fees

Auditing Services

Communication - Telephone

Postage and Freight

Insurance - General Liability

Printing and Binding

Legal Advertising

Miscellaneous Services

Misc-Assessmnt Collection Cost

Misc-Web Hosting

Office Supplies

Annual District Filing Fee

Total Administration

$ 4,500 $ 2,531

7,000 3,239

- 143

427,643 384,385

(17,106) (14,790)

- 500

6,000 3,182

- 2,496

428,037 381,686

4,800 2,800

367 214

600 -

1,000 -

3,000 5,575

15,000 8,833

42,390 21,195

400 172

5,150 5,150

3,000 5,728

6,250 -

3,600 1,565

1,000 586

22,401 19,847

3,000 1,031

1,000 163

600 431

8,553 7,392

12,000 2,009

463 444

175 175

134,749 83,310

56.24%

46.27%

0.00%

89.88%

86.46%

0.00%

53.03%

0.00%

89.17%

58.33%

58.31%

0.00%

0.00%

185.83%

58.89%

50.00%

43.00%

100.00%

190.93%

0.00%

43.47%

58.60%

88.60%

34.37%

16.30%

71.83%

86.43%

16.74%

95.90%

100.00%

61.83%

$ 370

1,149

-

8,467

(54)

-

615

-

10,547

800

61

-

-

-

3,334

3,533

172

-

1,453

-

242

169

-

156

-

84

168

-

273

-

10,445

2





ACCOUNT DESCRIPTION

ANNUAL

ADOPTED

BUDGET

YEAR TO DATE

ACTUAL

YTD ACTUAL

AS A % OF

ADOPTED BUD

MAR-20

ACTUAL

Field

ProfServ-Field Management

Misc-Property Taxes

Total Field

43,206

540

43,746

21,603

511

22,114

50.00%

94.63%

50.55%

1,946

-

1,946

Landscape Services

Contracts-Lake and Wetland

Total Landscape Services

6,900

6,900

3,780

3,780

54.78%

54.78%

630

630

Utilities

Utility - General

Total Utilities

46,500

46,500

21,593

21,593

46.44%

46.44%

3,697

3,697

Gatehouse


R&M-Gatehouse


Misc-Bar Codes

Total Gatehouse

88,045

5,000

2,000

4,800

99,845

43,319

1,273

785

856

46,233

49.20%

25.46%

39.25%

17.83%

46.30%

6,514

573

-

428

7,515


R&M-Roads & Alleyways

R&M-Signage

Total Road and Street Facilities

5,000

1,000

6,000

17,293

421

17,714

345.86%

42.10%

295.23%

-

-

-


Contracts-Fountain


Contracts-Pools

Contracts-Sheriff

Utility - Refuse Removal

R&M-Clubhouse

R&M-Parks

R&M-Pools

R&M-Tennis Courts

1,440

6,663

7,020

14,000

2,736

8,000

500

7,000

500

726

2,777

3,539

506

1,972

2,454

443

1,887

-

50.42%

41.68%

50.41%

3.61%

72.08%

30.68%

88.60%

26.96%

0.00%

126

746

614

148

333

99

-

734

-

3





ANNUAL YTD ACTUAL



Misc-Access Control Software 500 - 0.00%

Misc-Contingency 500 1,808 361.60%

Total Parks and Recreation - General 48,859 16,112 32.98%

Common Area

Contracts-Landscape 64,524 32,262 50.00%

R&M-Common Area 1,000 2,437 243.70%

R&M-Other Landscape 500 1,756 351.20%

Total Common Area 66,024 36,455 55.21%

TOTAL EXPENDITURES 452,623 247,311 54.64%


Over (under) expenditures (24,586) 134,375 0.00%


Contribution to (Use of) Fund Balance (24,586) - 0.00%

TOTAL FINANCING SOURCES (USES) (24,586) - 0.00%

Net change in fund balance $ (24,586) $ 134,375 0.00%

FUND BALANCE, BEGINNING (OCT 1, 2019) 233,900 233,900

FUND BALANCE, ENDING $ 209,314 $ 368,275

MAR-20

ACTUAL

-

1,655

4,455

5,377

1,100

1,756

8,233

36,921

(26,374)

-

-

$ (26,374)

4

VillaSol CDD Balance Sheet


Notes to the Financial Statements

Assets

District has one MMA . (See Cash & Investments Report for details)

Prepaid Items represents payment for Trustee Services.

Deposit represents payment from residents for water utility.

Liabilities

Accounts Payable represents invoices received that will be paid in following month.

Accrued Expenses represents monthly contracts, and expenses that will be paid in following month.

Fund Balance

In the General Fund, the District has one assigned Reserves .

The notes are intended to provide additional information helpful when reviewing the financial statements.

Report Date: 4/17/2020

5

VillaSol CDD Statement of Revenues


Notes to the Financial Statements

Budget Analysis - Significant Variances

Account Name Budget YTD Actual % of Budget Explanation

Administrative P/R Board of Supervisors $4,800 $ 2,800 58% Board meeting through current month.

ProfServ-Engineering $3,000 $ 5,575 186% Eng. Services by Dewberry Inc.

ProfServ-Trustee Fees $3,000 $5,728 191% Payment throughout FY2020.

Insurance-General Liability $22,401 $19,847 89% Paid in full.

ProfServ-Legal Services $15,000 $8,833 59% Drafting Covid-19 agreement idemnification and Board meeting.

Field

ProfServ-Field Management $43,206 $23,258 54% Field management services through current month.

Misc-Property Taxes $540 $511 95% Tax paid in full.

Landscape Services Contracts-Lake and Wetland $6,900 $3,780 55% Contract paid through current month.

Road and Street Facilities R&M-Roads & Alleyways $5,000 $17,293 346% Repair 24" ADS Pipe @Intel and asphalt paving.

Parks and Recreation-General Utility-Refuse Removal $2,736 $1,972 72% Utility and waste management through current month.

R&M-Parks $500 $443 89% Repairs were more than anticipated.

Common Area R&M-Common Area $1,000 $2,437 244% Removal of palm tree.

R&M- Other Landscape $500 $1,756 351% Replace Sable Palm/Sod.

The notes are intended to provide additional information helpful when reviewing the financial statements.

Report Date: 4/28/2020 6

VILLASOL Series 2018 A1 and A2 Debt Service Fund




ANNUAL YTD ACTUAL



REVENUES

Interest - Investments $ 100 $ 1,045 1045.00%

Special Assmnts- Tax Collector 221,580 199,166 89.88%

Special Assmnts- Discounts (8,863) (7,663) 86.46%

TOTAL REVENUES 212,817 192,548 90.48%

EXPENDITURES

Administration

Misc-Assessmnt Collection Cost 4,432 3,830 86.42%

Total Administration 4,432 3,830 86.42%

Debt Service

Principal Debt Retirement A-1 110,000 - 0.00%

Principal Debt Retirement A-2 15,000 - 0.00%

Interest Expense Series A-1 57,895 28,948 50.00%

Interest Expense Series A-2 17,075 8,538 50.00%

Total Debt Service 199,970 37,486 18.75%

TOTAL EXPENDITURES 204,402 41,316 20.21%


Over (under) expenditures 8,415 151,232 0.00%


Contribution to (Use of) Fund Balance 8,415 - 0.00%

TOTAL FINANCING SOURCES (USES) 8,415 - 0.00%

Net change in fund balance $ 8,415 $ 151,232 0.00%

FUND BALANCE, BEGINNING (OCT 1, 2019) 209,216 209,216

FUND BALANCE, ENDING $ 217,631 $ 360,448

MAR-20

ACTUAL

$ 268

4,387

(28)

4,627

87

87

-

-

-

-

-

87

4,540

-

-

$ 4,540

7

VILLASOL Series 2018 Capital Projects Fund




ACCOUNT DESCRIPTION

ANNUAL

ADOPTED

BUDGET

YEAR TO DATE

ACTUAL

YTD ACTUAL

AS A % OF

ADOPTED BUD

MAR-20

ACTUAL

REVENUES

Interest - Investments $ - $ 524 0.00% $ 38

TOTAL REVENUES - 524 0.00% 38

EXPENDITURES

Construction In Progress

Construction in Progress

Total Construction In Progress

-

-

59,422

59,422

0.00%

0.00%

6,599

6,599

TOTAL EXPENDITURES - 59,422 0.00% 6,599


Over (under) expenditures - (58,898) 0.00% (6,561)

Net change in fund balance $ - $ (58,898) 0.00% $ (6,561)

FUND BALANCE, BEGINNING (OCT 1, 2019) - 92,198

FUND BALANCE, ENDING $ - $ 33,300

8

VillaSol


Supporting Schedules

March 31, 2020

VILLASOL Community Development District All Funds

Non-Ad Valorem Special Assessments - Osceola County Tax Collector

(Monthly Collection Distributions)

For the Fiscal Year Ending September 30, 2020

Allocation by Fund

Discount / Gross Debt Service

Date Net Amount (Penalty) Collection Amount General Series 2018

Received Received Amount Cost Received Fund** Fund

ASSESSMENTS LEVIED $ 649,222 $ 427,643 $ 221,580

Allocation % 100% 66% 34%

11/12/19 $ 7,279 $ 417 $ 149 $ 7,845 5,167 2,677

11/22/19 42,971 1,827 877 45,675 30,086 15,589

12/06/19 434,418 18,470 8,866 461,754 304,157 157,597

12/23/19 17,940 698 366 19,004 12,518 6,486

01/10/20 15,591 492 318 16,402 10,804 5,598

01/13/20 5,378 148 110 5,636 3,712 1,923

02/12/20 13,783.11 318.23 281.27 14,382.61 9,473.82 4,908.79

03/09/20 12,515.71 82.68 255.43 12,853.82 8,466.81 4,387.01

$ -

TOTAL $ 549,876 $ 22,453 $ 11,222 $ 583,551 $ 384,385 $ 199,166

% COLLECTED 90% 90% 90%

TOTAL OUTSTANDING $ 65,672 $ 43,258 $ 22,414


VILLASOL All Funds


Cash and Investment Report March 31, 2020

Account Name Bank Name Investment Type Yield Balance

GENERAL FUND

Checking Account - Operating SunTrust Bank MuniNow 0.10% $112,444

Money Market Account Bank United Money Market Sub-total

0.45% $274,010 $386,454

DEBT SERVICE FUND

Series 2018 A1 & A2-Revenue Fund US Bank US Bank Money Market 0.02% $255,237

Series 2018 A1 Debt Service Reserve US Bank US Bank Money Market 0.02% $87,273

Series 2018 A2 Debt Service Reserve US Bank US Bank Money Market 2.00% $17,938

Series 2018 -Project Fund US Bank US Bank Money Market 0.02% $33,300

Total $780,201


VillaSol CDD Bank Reconciliation

Bank Account No. 1613

Statement No. 03-2020

Statement Date 3/31/2020

G/L Balance (LCY) 112,444.40

G/L Balance 112,444.40

Positive Adjustments 0.00

Subtotal 112,444.40

Negative Adjustments 0.00

SunTrust Bank N.A. GF

Statement Balance

Outstanding Deposits

Subtotal

Outstanding Checks

Differences

112,490.85

0.00

112,490.85

46.45

0.00

Ending G/L Balance

Difference

112,444.40

0.00

Ending Balance 112,444.40

Posting Document Document Cleared Date Type No. Description Amount Amount Difference

Outstanding Checks

3/26/2020

3/31/2020

Payment

Payment

004831

DD284

FED EX

Payment of Invoice 006929

14.87

31.58

0.00

0.00

14.87

31.58

Total Outstanding Checks...................................................................................................................... 46.45 46.45

11

VillaSol


Check Register

March 1- March 31, 2020

VILLASOL COMMUNITY DEVELOPMENT DISTRICT

Payment Register by Fund

For the Period from 3/1/2020 to 3/31/2020

(Sorted by Check / ACH No.)

Fund

No.

Check /

ACH No. Date Payee Invoice No. Payment Description Invoice / GL Description G/L Account #

Amount

Paid

GENERAL FUND - 001

001 004814 03/03/20 CLARK & ALBAUGH, LLP 16928 GEN MATTERS THRU FEB 2020 ProfServ-Legal Services 531023-51401 $780.40

001 004815 03/04/20 DEWBERRY ENGINEERS INC 1792067 ENGG SVCS THRU JAN 2020 ProfServ-Engineering 531013-51501 $720.00

001 004816 03/06/20 EXERCISE SYSTEMS INC 050603 FITNESS EQUIP REPAIR PREVENTIVE MAINT FIT CTR 1/16/19 546015-57201 $316.00

001 004817 03/06/20 FAST SIGNS 2060-12576 SIGNAGE R&M-Signage 546085-54101 $225.00

001 004818 03/06/20 SOLITUDE LAKE MANAGEMENT PI-A00357867 FEB LAKE/POND MGMT Contracts-Lake and Wetland 534021-53902 $630.00

001 004819 03/06/20 TERMINIX PROCESSING CENTER 393592390 PEST CONTROL 1/6/2020 5373916 546015-57201 $67.00

001 004820 03/06/20 THE HOME DEPOT 020520-9241 JAN PURCHASES REPAIR HOLE @ REC CTR 546078-57201 $55.93

001 004820 03/06/20 THE HOME DEPOT 020520-9241 JAN PURCHASES PAINT SUPPLIES 546016-57208 $38.04

001 004820 03/06/20 THE HOME DEPOT 020520-9241 JAN PURCHASES BOLTS 546016-57208 $9.37

001 004820 03/06/20 THE HOME DEPOT 020520-9241 JAN PURCHASES SIGNAGE 546085-54101 $116.52

001 004820 03/06/20 THE HOME DEPOT 020520-9241 JAN PURCHASES CLEANING SUPPLIES 546015-57201 $62.44

001 004821 03/06/20 WASTE MANAGEMENT 9778636-0180-2 MAR REFUSE REMOVAL Misc-Contingency 549900-57201 $333.42

001 004822 03/10/20 BRIGHTVIEW LANDSCAPE SVC 6682515 FEB. 2020 LANDSCAPE MAINT Contracts-Landscape 534050-57208 $5,377.00

001 004823 03/10/20 CHURCHILLS 10920 FEB. 2020 POOL/FOUNTAIN SVCS Contracts-Fountain 534023-57201 $120.00

001 004823 03/10/20 CHURCHILLS 10920 FEB. 2020 POOL/FOUNTAIN SVCS Contracts-Pools 534078-57201 $585.00

001 004823 03/10/20 CHURCHILLS 10906 JAN. 2020 CHEMICAL DELIVERY R&M-Pools 546074-57201 $134.85

001 004824 03/10/20 ENVERA SYSTEMS 687729 MAR. 2020 ACCESS CONTROL - BOGGY CRK Contracts-Security Services 534037-53904 $7,238.13

001 004826 03/13/20 TERMINIX PROCESSING CENTER 394441533 PEST CONTROL 2/4/2020 5373916 546015-57201 $67.00

001 004827 03/17/20 BRIGHTVIEW LANDSCAPE SVC 6579550 REPLACE SABLE PALM/SOD R&M-Other Landscape 546036-57208 $1,755.75

001 004829 03/20/20 FED EX 6-952-21645 MAR POSTAGE Postage and Freight 541006-51301 $126.27

001 004830 03/26/20 INFRAMARK, LLC 49844 MAR MGMT FEES ProfServ-Field Management 531016-53901 $3,600.50

001 004830 03/26/20 INFRAMARK, LLC 49844 MAR MGMT FEES ProfServ-Mgmt Consulting Serv 531027-51201 $3,532.50

001 004830 03/26/20 INFRAMARK, LLC 49844 MAR MGMT FEES Printing and Binding 547001-51301 $155.63

001 004830 03/26/20 INFRAMARK, LLC 49844 MAR MGMT FEES Postage and Freight 541006-51301 $13.50

001 004830 03/26/20 INFRAMARK, LLC 49844 MAR MGMT FEES Office Supplies 551002-51301 $272.75

001 004830 03/26/20 INFRAMARK, LLC 49844 MAR MGMT FEES Misc-Bar Codes 549008-53904 $427.96

001 004831 03/26/20 FED EX 6-959-90040 MAR POSTAGE Postage and Freight 541006-51301 $14.87

001 203 03/20/20 VILLA SOL CDD 03202020 TRFR FROM MMA TO CHECK 1613 Cash with Fiscal Agent 103000 $25,000.00

001 DD272 03/02/20 TOHO WATER AUTHORITY 020320 ACH BILL PRD 1/4-2/3/20 Utility - General 543001-53903 $388.07

001 DD275 03/02/20 KUA 021320 ACH BILL PRD 1/8-2/6/20 Utility - General 543001-53903 $3,111.51

001 DD276 03/05/20 BRIGHT HOUSE NETWORKS 068176902021820 ACH 2/17-3/16/20 OFFICE Communication - Telephone 541003-51301 $229.24

001 DD280 03/16/20 BRIGHT HOUSE NETWORKS 077902902030120 ACH BILL PRD 2/28-3/27/20 GATE R&M-Gatehouse 546035-53904 $174.96

001 DD284 03/31/20 THE HOME DEPOT 30520-0520 FEB PURCHASES CLEANING SUPPLIES 546015-57201 $31.58

001 004825 03/12/20 MARK A. GOSDIN PAYROLL March 12, 2020 Payroll Posting $184.70

001 DD277 03/12/20 RAMON E. BERMUDEZ PAYROLL March 12, 2020 Payroll Posting $184.70

001 DD278 03/12/20 SERVANDO JR COMAS PAYROLL March 12, 2020 Payroll Posting $184.70

001 DD279 03/12/20 MICHAEL J. EDGECOMBE PAYROLL March 12, 2020 Payroll Posting $184.70

Fund Total $56,449.99

SERIES 2018 A1 & A2 DEBT SERVICE FUND - 202

202 004828 03/17/20 VILLASOL CDD C/O US BANK N.A. 03122020-SER 2018 TRFR ASSESS SER 2018 TAX COLLECTIONS Due From Other Funds 131000 $16,132.74

Fund Total $16,132.74

Total Checks Paid $72,582.73

12

VillaSol Community Development District

Basic Financial Statements For the Year Ended September 30, 2019


Table of Contents

Independent Auditor’s Report 1-2

Management's Discussion and Analysis (Not Covered by Independent Auditor’s Report) 3-6

Basic Financial Statements

Government-wide Financial Statements:

Statement of Net Position 7

Fund Financial Statements:

Reconciliation of the Balance Sheet of Governmental

Statement of Activities 8

Balance Sheet - Governmental Funds 9

Funds to the Statement of Net Position 10

Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 11

Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 12

Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund 13

Notes to Basic Financial Statements 14-21

Other Reports of Independent Auditors

Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 22-23

Independent Auditor’s Report to District Management 24-25

Independent Accountant’s Report on Compliance with Section 218.415, Florida Statutes 26

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors VillaSol Community Development District Osceola County, Florida

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities and each major fund of VillaSol Community Development District (the “District”), as of and for the year ended September 30, 2019, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Controller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

KMCcpa.com | 6550 N Federal Hwy, 4th Floor, Fort Lauderdale, FL 33308 Phone: 954.771.0896 Fax: 954.938.9353 Top 25 Accounting Firms | South Florida Business Journal Top 400 Accounting Firms in the U.S. | INSIDE Public Accounting

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https://KMCcpa.com


Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and the major funds of the District, as of September 30, 2019, and the respective changes in financial position and respective budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis on pages 3 through 6 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Government Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated March 30, 2020, on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

KEEFE McCULLOUGH

Fort Lauderdale, Florida March 30, 2020

2

VillaSol Community Development DistrictManagement's Discussion and AnalysisSeptember 30, 2019

Our discussion and analysis of VillaSol Community Development District’s (the “District”) financial performance provides an overview of the District’s financial activities for the years ended September 30, 2019 and 2018. Please read it in conjunction with the District’s basic financial statements, which immediately follow this discussion.

Financial Highlights

The following are the highlights of financial activity for the year ended September 30, 2019:

The District’s total assets exceeded its liabilities at September 30, 2019 by $ 4,092,385 (net position).

The District’s total revenues were $ 647,146, $ 629,297 from non-ad valorem assessments, $ 7,353 from interest income, and $ 10,496 from miscellaneous income. The District’s expenses for this year were $ 817,792. This resulted in a $ 170,646 decrease in net position.

At the close of the current fiscal year, the District’s governmental funds reported combined fund balances of $ 535,314, a decrease of $ 246,940 in comparison with the prior year.

Overview of the Financial Statements

This discussion and analysis are intended to serve as an introduction to the District’s basic financial statements. The basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to basic financial statements.

Government-Wide Financial Statements: The government-wide financial statements, which consist of the following two statements, are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private sector business.

The statement of net position presents information on all the District’s assets, liabilities, and deferred inflows/outflows of resources, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the District’s net position changed during the year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.

The government-wide financial statements can be found on pages 7 and 8 of this report.

Fund Financial Statements: A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District has only one fund type: governmental funds.

Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as balances of spendable resources available at the end of the year. Such information may be useful in evaluating a government’s near-term financing requirements.

3


Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the statement of revenues, expenditures and changes in fund balances provide reconciliations to facilitate this comparison between governmental fund financial statements and government-wide financial statements.

The governmental fund financial statements can be found on pages 9 through 13 of this report.

Notes to Basic Financial Statements: The notes provide additional information that is essential for a full understanding of the data provided in the government-wide and fund financial statements. The notes to basic financial statements can be found on pages 14 through 21 of this report.

Government-Wide Financial Analysis

As noted earlier, net position may serve over time as a useful indicator of the District’s financial position. The following table reflects the condensed government-wide statement of net position as of September 30, 2019 and 2018:

VillaSol Community Development District Statements of Net Position

2019 2018

Current and other assets Capital assets, net

$ 564,231 5,956,171

$ 805,735 6,004,423

Total assets 6,520,402 6,810,158

Other liabilities Long-term liabilities

185,154 2,242,863

180,924 2,366,203

Total liabilities 2,428,017 2,547,127

Net position: Net investment in capital Restricted Unrestricted (deficit)

assets 4,329,268 72,769

(309,652)

4,543,27163,218

(343,458)

Total net position $ 4,092,385 $ 4,263,031

4


Governmental Activities: Governmental activities for the year ended September 30, 2019 decreased the District’s net position by $ 170,646 as reflected in the table below:

VillaSol Community Development District Statements of Activities

2019 2018 Revenues: Program revenue: Non-ad valorem assessments $ 629,297 $ 640,303 General revenue: Interest income 7,353 5,687 Miscellaneous income 10,496 22,770

Total revenues 647,146 668,760

Expenses: Physical environment 599,953 598,821 Interest and other debt service costs 93,921 326,039 General government 123,918 173,210

Total expenses 817,792 1,098,070

Change in net position (170,646) (429,310)

Net Position, Beginning of Year 4,263,031 4,692,341

Net Position, End of Year $ 4,092,385 $ 4,263,031

Analysis of the Governmental Funds

As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The focus of the District’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the District’s financing requirements. In particular, unreserved fund balance may serve as a useful measure of a District’s net resources available for spending at the end of the fiscal year. The General Fund, Debt Service Fund, and Capital Project Fund comprise the total governmental funds.

As of the end of the most current fiscal year, the District’s governmental funds reported combined ending fund balance of $ 535,314 a decrease of $ 246,940 when compared to the total balance of October 1, 2018.

Capital Assets and Debt Administration

The District’s investment in capital assets, less accumulated depreciation, for its governmental activities as of September 30, 2019 amounted to $ 5,956,171 and consists of land and improvements, construction in progress, improvements other than buildings, infrastructure, buildings, and furniture and equipment.

5


At the end of the year, the District had total bonded debt outstanding of $ 2,367,863. The District’s debt represents bonds secured solely by a specified revenue source (i.e., revenue bonds).

Additional information on the District’s long-term debt can be found in Note 5 on pages 20 and 21 of this report.

General Fund Budgetary Highlights

Revenues were over budget while expenditures were under the budget creating an overall favorable variance of $ 19,797.

Economic Factors and Next Year’s Budget

Revenues for the fiscal year 2020 adopted budget for the General Fund of the District are $ 428,037 while expenditures are $ 452,623.

Requests for Information

This financial report is designed to provide a general overview of VillaSol Community Development District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the VillaSol Community Development District, 210 North University Drive, Suite 702, Coral Springs, Florida 33071.

6

BASIC FINANCIAL STATEMENTS

VillaSol Community Development DistrictStatement of Net Position September 30, 2019

Assets: Cash and cash equivalents Investments Due from other governments Prepaids Deposits Capital assets: Non-depreciable Depreciable, net

$

Governmental Activities

235,004 317,119

4,302 3,731 4,075

3,065,3442,890,827

Total assets 6,520,402

Liabilities: Accounts payable and accrued liabilities Accrued interest payable Bonds payable, due within one year Bonds payable, due in more than one year

28,917 31,237

125,000 2,242,863

Total liabilities 2,428,017

Net Position: Net investment in capital assets Restricted for debt service Unrestricted (deficit)

4,329,268 72,769

(309,652)

Total net position $ 4,092,385

The accompanying notes to basic financial statements are an integral part of these statements.

7

VillaSol Community Development DistrictStatement of Activities For the Year Ended September 30, 2019

Program Revenues Charges Operating Capital

for Grants and Grants and Expenses Services Contributions Contributions

Functions/Programs: Governmental activities: Physical environment $ 599,953 $ 303,550 $ - $ - Interest and other debt service costs 93,921 214,779 - - General government 123,918 110,968 - -

Total governmental activities $ 817,792 $ 629,297 $ - $ -

General revenues: Interest income Miscellaneous income

Change in net position

Net position, October 1, 2018

Net position, September 30, 2019

$

$

Governmental Activities

Net Revenues (Expenses) and

Change in Net Position

(296,403)

120,858(12,950)

(188,495)

7,35310,496

(170,646)

4,263,031

4,092,385


8

VillaSol Community Development DistrictBalance Sheet - Governmental Funds September 30, 2019

General Fund

Series 2018

Debt Service Fund

Series 2018

Capital Project Fund

Total Governmental

Funds

Assets: Cash and cash equivalents Investments Due from other governments Prepaids Deposits

$ 235,004 -

4,302 3,731 4,075

$ -

209,216 ---

$ -

107,903 ---

$ 235,004 317,119

4,302 3,731 4,075

Total assets $ 247,112 209,216 $ 107,903 $ 564,231

Liabilities: Accounts payable and accrued liabilities $ 13,212 $ - $ 15,705 $ 28,917

Total liabilities 13,212 - 15,705 28,917

Fund Balances: Nonspendable: Deposits and prepaids Restricted for: Debt service

Capital projects Assigned for: Operating reserve Subsequent year's budget

Unassigned

7,806

--

113,156 24,586 88,352

-

209,216 -

---

-

-92,198

---

7,806

209,21692,198

113,15624,586 88,352

Total fund balances 233,900 209,216 92,198 535,314

Total liabilities and fund balances $ 247,112 $ 209,216 $ 107,903 $ 564,231


9

VillaSol Community Development DistrictReconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position September 30, 2019

Total Fund Balances of Governmental Funds, Page 9 $ 535,314

Amounts reported for governmental activities in the statement of net position are difference because:

Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds:

Governmental capital assets Less accumulated depreciation

10,569,816 (4,613,645)

Certain liabilities are not due and payable in the current period and therefore are not reported in the funds:

Accrued interest payable Governmental bonds payable

(31,237) (2,367,863)

Net Position of Governmental Activities, Page 7 $ 4,092,385


10

VillaSol Community Development DistrictStatement of Revenues, Expenditures andChange in Fund Balances - Governmental FundsFor the Year Ended September 30, 2019

Series Series 2018 2018 Total

General Fund

Debt Service Fund

Capital Project Fund

Governmental Funds

Revenues: Non-ad valorem assessments $ 414,518 $ 214,779 $ - $ 629,297 Interest income 5,534 721 1,098 7,353 Miscellaneous income 10,496 - - 10,496

Total revenues 430,548 215,500 1,098 647,146

Expenditures: Current: General government 119,623 4,295 - 123,918 Physical environment 305,585 - - 305,585 Capital outlay - - 246,116 246,116 Debt service: Principal - 125,000 - 125,000 Interest - 77,864 - 77,864 Bond issuance cost - - 15,603 15,603

Total expenditures 425,208 207,159 261,719 894,086

Net change in fund balances 5,340 8,341 (260,621) (246,940)

Fund Balances, October 1, 2018 228,560 200,875 352,819 782,254

Fund Balances, September 30, 2019 $ 233,900 $ 209,216 $ 92,198 $ 535,314


11

VillaSol Community Development DistrictReconciliation of the Statement of Revenues, Expenditures and Changes inFund Balances of Governmental Funds to the Statement of Activities For the Year Ended September 30, 2019

Net Change in Fund Balances - Total Governmental Funds, Page 11 $ (246,940)

Amounts reported for governmental activities in the statement of activities are difference because:

Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is depreciated over their estimated useful lives:

Expenditures for capital assets Less current year provision for depreciation

$ 246,116 (294,368) (48,252)

Repayment of debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. 125,000

Certain items reported in the statement of activities do not require the use of current financial resources and therefore are not reported as expenditures in the governmental funds:

Change in bond discount Change in accrued interest payable

(1,660) 1,206

Change in Net Position of Governmental Activities, Page 8 $ (170,646)


12

VillaSol Community Development DistrictStatement of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual - General FundFor the Year Ended September 30, 2019

Original Budget

Final Budget Actual Variance

Revenues: Non-ad valorem assessments Interest income Miscellaneous income

$ 410,537 3,300

13,000

$ 410,537 3,300

13,000

$ 414,518 5,534

10,496

$ 3,981 2,234

(2,504)

Total revenues 426,837 426,837 430,548 3,711

Expenditures: Current: General government Physical environment

118,136 323,158

118,136 323,158

119,623 305,585

(1,487)17,573

Total expenditures 441,294 441,294 425,208 16,086

Net change in fund balance (14,457) (14,457) 5,340 19,797

Fund Balance, October 1, 2018 228,560 228,560 228,560 -

Fund Balance, September 30, 2019 $ 214,103 $ 214,103 $ 233,900 $ 19,797


13

VillaSol Community Development DistrictNotes to Basic Financial Statements September 30, 2019

Note 1 - Organization and Operations

VillaSol Community Development District (the “District”) was created February 26, 2001, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, by the Osceola County Board of Commissions. The District was created for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing or reconstructing, enlarging or extending, equipping, operating and maintaining water management, water supply, sewer and wastewater management, bridges or culverts, roads, landscaping, street lights, and other basic infrastructure projects within or without the boundaries of the District.

The District is governed by a five-member Board of Supervisors (the “Board”), who are elected on a rotating basis for terms between two to four years.

Note 2 - Summary of Significant Accounting Policies

The basic financial statements of the District have been prepared in conformity with generally accepted accounting principles as applied to governmental units. The District’s more significant accounting policies are described below:

The financial reporting entity: The criteria used for including component units consists of identification of legally separate organizations for which the Board of Supervisors of the District are financially accountable. These criteria also include identification of organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting District’s basic financial statements to be misleading or incomplete. Based upon this review, there were no potential component units of the District.

Basis of presentation:

Financial Statements - Government-Wide Statements: The District's basic financial statements include both government-wide (reporting the District as a whole) and fund financial statements (reporting the District's major funds). Both the government-wide and fund financial statements categorize primary activities as either governmental or business type. All of the District's activities are classified as governmental activities.

In the government-wide statement of net position, the governmental activities column is presented on a consolidated basis, if applicable, and is reported on a full-accrual, economic resource basis, which recognizes all noncurrent assets and receivables as well as all noncurrent debt and obligations when and if applicable. The effect of interfund activity has been eliminated from the government-wide financial statements.

The government-wide statement of activities reports both the gross and net cost of each of the District's functions. The net costs, by function, are also supported by general revenues, other revenue, etc. The statement of activities reduces gross expenses by related program revenues, operating and capital grants. Program revenues must be directly associated with the function. Operating grants include operating-specific and discretionary (either operating or capital) grants while the capital grants column reflect capital-specific grants.

This government-wide focus is more on the ability to sustain the District as an entity and the change in the District's net position resulting from the current year's activities.

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Note 2 - Summary of Significant Accounting Policies (continued)

Financial Statements - Fund Financial Statements: The accounts of the District are organized on the basis of funds. The operations of the funds are accounted for with separate self-balancing accounts that comprise their assets, liabilities, fund equity, revenues, and expenditures.

The District reports the following major governmental funds:

General Fund - This fund is used to account for all operating activities of the District. At this time, revenues are derived principally from non-ad valorem assessments, investment income, and miscellaneous income.

Debt Service Fund - This fund is used to account for the accumulation of resources for and the payment of the Series 2018 long-term debt principal, interest, and other financing costs.

Capital Project Fund - This fund is used to account for the Series 2018 bond proceeds that are restricted for the construction of various capital improvements.

For the year ended September 30, 2019, the District does not report any proprietary funds.

Measurement focus, basis of accounting, and presentation: Basis of accounting refers to the point at which revenues or expenditures/expenses are recognized in the accounts and reported in the basic financial statements. It relates to the timing of the measurements made regardless of the measurement focus applied. Governmental funds use the current financial resources measurement focus and the government-wide statements use the economic resources measurement focus.

Governmental activity in the government-wide financial statements is presented on the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred.

The governmental fund financial statements are presented on the modified accrual basis of accounting under which revenue is recognized in the accounting period in which it becomes susceptible to accrual (i.e., when it becomes both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within sixty days of the end of the current year.

Budget: A budget is adopted for the General Fund and Debt Service Funds on an annual basis. Appropriations lapse at fiscal year-end. Changes or amendments to the total budgeted expenditures of the District must be approved by the District Board of Supervisors.

The District follows these procedures in establishing the budgetary data reflected in the financial statements:

a. Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.

b. Public hearings are conducted to obtain taxpayer comments.

c. Prior to October 1, the budget is legally adopted by the District Board.

d. The budgets are adopted on a basis consistent with generally accepted accounting principles.

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Cash and cash equivalents: Cash and cash equivalents are defined as demand deposits, money market accounts, and short-term investments with original maturities of three months or less from the date of acquisition.

Investments: Investments, if held, are stated at their fair value, which is based on quoted market prices. Unrealized gains and losses in fair value are recognized. Certain money market investments are stated at amortized cost if they have a remaining maturity of one year or less when purchased.

Prepaid expenses/expenditures: Certain payments reflect costs applicable to future accounting periods and are recorded as prepaid items in both the government-wide and fund financial statements.

Capital assets: Capital assets, which include land and improvements, construction in progress, improvements other than buildings, infrastructure, buildings, and furniture and equipment are reported in the applicable governmental activities column in the government-wide financial statements. The government defines capital assets as assets with an initial, individual cost of more than $ 5,000 and an estimated useful life in excess of two years. Such assets are recorded at historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation. Depreciation on all capital assets is charged to operations using the straight-line method over the assets’ estimated service lives, ranging from 5 to 50 years.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized.

Special assessments: The District’s special assessment revenue (non ad-valorem) is levied through Osceola County based on the approved budget submitted to the County by the District on or before September 15 of each tax year. The assessment is included in the County’s property tax levy each November 1 and is due on or before March 31.

The District is required to impose special assessments on each parcel of benefitted land within the District in accordance with the Bond Indenture. Certain assessments are collected upon closing on each lot sold and are used to prepay a portion of the Bonds and to pay a portion of the interest owed. The District must also levy and collect additional annual assessments to provide funds for additional debt service on the portion of the Bonds which are not paid for from the prepaid assessments, and to pay for the operations and maintenance of the District.

Deferred outflow/inflows of resources: In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The District does not have any items that qualify for reporting in this category.

In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The District does not have any items that qualify for reporting in this category.

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Equity classifications:

Government-wide statements: Equity is classified as net position and displayed in three components:

a. Net investment in capital assets - consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds or other borrowings that are attributable to the acquisition, construction or improvement of those assets.

b. Restricted - consists of net position with constraints placed on their use either by 1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments, or 2) law through constitutional provisions or enabling legislation.

c. Unrestricted - all other net position that do not meet the definition of "restricted" or "net investment in capital assets."

When both restricted and unrestricted resources are available for use, it is the District’s policy to use restricted resources first, for qualifying expenditures, then unrestricted resources as they are needed.

Fund statements: GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions requires that governmental fund financial statements present fund balances based on classifications that comprise a hierarchy that is based primarily on the extent to which the District is bound to honor constraints on the specific purposes for which amounts in the respective governmental funds can be spent. The classifications used in the governmental fund financial statements are as follows:

Nonspendable: This classification includes amounts that cannot be spent because they are either (a) not in spendable form or (b) are legally or contractually required to be maintained intact. The District classifies prepaid items and deposits as nonspendable since they are not expected to be converted to cash or are not expected to be converted to cash within the next year.

Restricted: This classification includes amounts for which constraints have been placed on the use of the resources either (a) externally imposed by creditors (such as through a debt covenant), grantors, contributors, or laws or regulations of other governments, or (b) imposed by law through constitutional provisions or enabling legislation.

Committed: This classification includes amounts that can be used only for specific purposes pursuant to constraints imposed by formal action of the District’s Board. These amounts cannot be used for any other purpose unless the Board removes or changes the specified use by taking the same type of action (resolution) that was employed when the funds were initially committed. This classification also includes contractual obligations to the extent that existing resources have been specifically committed for use in satisfying those contractual requirements.

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Assigned: This classification includes amounts that are constrained by the District’s intent to be used for a specific purpose but are neither restricted nor committed. This intent can be expressed by the Board or through the Board delegating this responsibility to the District Manager through the budgetary process. This classification also includes the remaining positive fund balance for all governmental funds except for the General Fund. The District classifies existing fund balance to be used in the subsequent year’s budget for elimination of a deficit as assigned.

Unassigned: This classification includes the residual fund balance for the General Fund.

The District would typically use restricted fund balances first, followed by committed fund balances, assigned fund balances and finally, unassigned fund balances.

Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from the actual results.

Date of management review: Subsequent events have been evaluated through March 30, 2020, which is the date the financial statements were available to be issued.

Note 3 - Deposits and Investments

Deposits: The District’s deposits must be placed with banks and savings and loans which are qualified as public depositories under Chapter 280, Florida Statutes. These deposits are insured by the FDIC up to $ 250,000. Monies deposited in amounts greater than the insurance coverage are secured by the banks pledging securities with the State Treasurer in the collateral pool. At year end, the carrying amount of the District’s deposits was $ 235,004 and the bank balance was $ 247,885.

Investments: The investment of funds is authorized by Florida Statutes, which allows the District to invest in the Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act, SEC registered money market funds with the highest credit quality rating, interest-bearing time deposits or savings accounts in qualified public depositories and direct obligations of the United States Treasury. Investments of the Debt Service Funds are governed by the Bond Indenture.

Investments as of September 30, 2019 were $ 317,119 and were invested in money market funds.

Credit risk: Florida Statutes require the money market funds held by the District to have the highest credit quality rating from a nationally recognized rating agency. The money market funds held by the Debt Service Fund and Capital Project Fund are rated A+ by Standard and Poor’s.

Interest rate risk: Florida Statutes state that the investment portfolio be structured in such manner as to provide sufficient liquidity to pay obligations as they come due. As of September 30, 2019, the money market funds are daily liquidity investments.

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Note 3 - Deposits and Investments (continued)

Custodial credit risk: For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the District will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. At September 30, 2019 the District’s investments are not subject to custodial credit risk.

Note 4 - Capital Assets

Capital asset activity for the year ended September 30, 2019 was as follows:

Balance at October 1,

2018 Additions Deletions

Balance at September 30,

2019

Governmental Activities: Capital assets, not being depreciated:

Land and improvements Construction in progress

$ 2,819,228 -

$ -246,116

$ --

$ 2,819,228246,116

Total capital assets, not being depreciated 2,819,228 246,116 - 3,065,344

Capital assets, being depreciated: Improvements other than buildings Infrastructure

Building Furniture and equipment

4,426,919 2,603,075

288,843 185,635

----

----

4,426,9192,603,075

288,843185,635

Total capital assets, being depreciated 7,504,472 - - 7,504,472

Total capital assets 10,323,700 246,116 - 10,569,816

Less accumulated depreciation for: Improvements other than buildings Infrastructure Buildings Furniture and equipment

2,519,010 1,597,430

69,318 133,519

168,734 105,052

5,777 14,805

----

2,687,7441,702,482

75,095148,324

Total accumulated depreciation 4,319,277 294,368 - 4,613,645

Total capital assets, being depreciated, net 3,185,195 294,368 - 2,890,827

Governmental activities capital assets, net $ 6,004,423 $ (48,252) $ - $ 5,956,171

Provision for depreciation was charged to functions as follows:

Governmental Activities: Physical environment $ 294,368

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Note 5 - Long-Term Debt

a. Summary of Long-Term Debt of Governmental Activities

Long-term debt of the governmental activities at September 30, 2019 is comprised of the following bond issue:

$ 2,145,000 Special Assessment Revenue Refunding Bonds, Series 2018A-1; due in annual installments through May 2034; interest payable semiannually at rates that range from 2.000% to 3.400%. $ 2,035,000

$ 370,000 Special Assessment Revenue Refunding Bonds, Series 2008A-2; due in annual installments through May 2034; interest payable semiannually at rates that range from 4.625% to 5.000%. 355,000

Bond discount (22,137)

$ 2,367,863

The following is a summary of changes in governmental activities long-term debt for the year ended September 30, 2019:

Balance Balance Due October 1, September 30, Within

2018 Additions Deletions 2019 One Year Revenue Refunding Bonds: Series 2018A-1 $ 2,145,000 - $ 110,000 $ 2,035,000 $ 110,000 Series 2018A-2 370,000 - 15,000 355,000 15,000 Bond discount (23,797) - (1,660) (22,137) -

$ 2,491,203 $ - $ 123,340 $ 2,367,863 $ 125,000

b. Summary of Significant Debt Terms of Governmental Activities

$ 2,515,000 Special Assessment Revenue Refunding Bonds, Series 2018A-1 & 2018A-2 - On February 1st, 2018, the District refinanced the Special Assessment Revenue Bonds, Series 2003A by issuing Special Assessment Revenue Refunding Bonds in the amount of $ 2,145,000 for Series 2018A-1, and $ 370,000 for 2018A-2 for the purpose of refunding the outstanding Series 2003 Bond and funding certain projects within the boundaries of the District. The Bonds are payable in annual principal installments through May 2034. Interest rates that range from 2.00% to 5.00% are payable semiannually on the first day of each May and November. The Bonds are secured by the pledge of revenues derived from the collection of non-ad valorem special assessments.

The District is required by the Bond Indenture to levy and collect special assessments pursuant to Florida Statutes, Section 190.022. The collection of these assessments is restricted and applied to the debt service requirements of the Bonds. Further, the District covenants to levy special assessments in annual amounts adequate to provide for payment of principal and interest on the Bonds as they become due.

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Note 5 - Long-Term Debt (continued)

The Bonds are subject to mandatory redemption at par on a schedule of annual redemptions through May 2034, the maturity date. The District is required to redeem the Bonds at par prior to schedule from the proceeds of any assessments prepaid or if certain events occur as outlined in the Bond Indenture. The Bonds are subject to redemption at the option of the District in whole or in part at any time after May 1, 2028.

The Bond Indenture requires a reserve fund equal to $ 88,273 for the Series 2018A-1 and $ 17,938 for the Series 2018A-2. The Series 2018A-1 reserve requirement was funded with proceeds from the Bonds and the deposit of a reserve insurance policy while the Series 2018A-2 was funded with proceeds from the Bonds. The District is in compliance with the reserve requirement at September 30, 2019.

c. The annual debt service requirements for the Special Assessment Revenue Bonds, Series 2018A-1 & 2018A-2 are as follows:

Year Ending September 30, Principal Interest Total

2020 $ 125,000 $ 74,970 $ 199,970 2021 130,000 72,076 202,076 2022 135,000 69,083 204,083 2023 145,000 65,713 210,713 2024 140,000 61,975 201,975

2025-2029 780,000 246,363 1,026,363 2030-2034 935,000 104,425 1,039,425

$ 2,390,000 $ 694,605 $ 3,084,605

Note 6 - Risk Management

The District purchased an insurance policy that provided coverage of up to a $ 1,000,000 maximum for each general liability occurrence in combination with a maximum annual aggregate coverage of approximately $ 2,000,000 for the policy year ending September 30, 2019. Other insurance policies carried by the District during the year included automobile, public officials and property liability and employment practices liability. Deductible amounts ranged from $ 0 to $ 2,500. Settlement amounts have not exceeded insurance coverage during the last three (3) fiscal years.

Note 7 - Subsequent Event

In March 2020, the World Health Organization declared the outbreak of a coronavirus (COVID-19) a pandemic. As a result, the local and global financial markets are experiencing significant declines and creating economic uncertainties. At this time, it is unknown how this negative outlook will impact the District’s financial statements. No adjustments have been made to the accompanying financial statements as a result of the current events.

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OTHER REPORTS OF INDEPENDENT AUDITORS

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS

BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS


We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund, of VillaSol Community Development District (the “District”), as of and for the year ended September 30, 2019, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our report thereon dated March 30, 2020.

Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.


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Compliance and Other Matters

As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

KEEFE McCULLOUGH


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INDEPENDENT AUDITOR’S REPORT TO DISTRICT MANAGEMENT


Report on the Financial Statements

We have audited the financial statements of VillaSol Community Development District, Florida, (the "District"), as of and for the fiscal year ended September 30, 2019, and have issued our report thereon dated March 30, 2020.

Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Auditor General.

Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Accountant’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated March 30, 2020, should be considered in conjunction with this management letter.

Prior Audit Findings

Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. There were no findings or recommendations made in the preceding annual financial audit report.

Official Title and Legal Authority

Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. The District was


established February 26, 2001 by Osceola County Ordinance No. 01-05, pursuant to the provisions of Chapter 190, of the laws of the State of Florida. The District does not have any component units.

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Financial Condition and Management

Sections 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that the District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the District. It is management’s responsibility to monitor the District’s financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.

Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.

Additional Matters

Section 10.554(1)(i)3., Rules of the Auditor General, require us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants attention of those charged with governance. In connection with our audit, we did not note any such findings.

Purpose of this Letter

Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Board of Supervisors, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties.

KEEFE McCULLOUGH


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INDEPENDENT ACCOUNTANT’S REPORT ON COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES


We have examined VillaSol Community Development District’s (the “District”) compliance with the requirements of Section 218.415, Florida Statutes, Local Government Investment Policies, during the year ended September 30, 2019. Management is responsible for the District’s compliance with the specified requirements. Our responsibility is to express an opinion on the District’s compliance with the specified requirements based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

Our examination does not provide a legal determination on the District’s compliance with specified requirements.

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2019.

This report is intended solely for the information and use of the Board of Supervisors, management and the State of Florida Auditor General and is not intended to be and should not be used by anyone other than these specified parties.

KEEFE McCULLOUGH



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ORLANDO Contract #:81633-032320174929-78522423 SAND LAKE RD STE 100 ORLANDO,FL 32809-7706 Inspection Date: 03/23/2020TERM/NIX 4078161560

Inspector:CIPRIAN, EDGARD A.

Homeowner VILLA SOL CDD Name:

Address:3050 PUERTA DEL SOL

City State KISSIMMEE, FL,34744 Zip:

Home Phone: 4075662018

Work Phone:

Ultimate Protection Home Pest Inspection Please pay special attention to findings and comments below as these may indicate conditions that can lead to termite and pest problems.

EXTERIOR INSPECTION

PROPERTY DETAILS

Linear Feet:34 Built Pre 1985: Primary Use: Single Family Dwelling

# of Stories:1 Roof Type: Clay Tile Foundation Type: Concrete

Construction Type:Monolithic SlabSiding: Stucco Industry Type:

Square Footage:5890 Lot Size: 1 # of Gas Meters:

Cubic Feet: Eave Height: Peak Height:

PROPERTY HAS A:

Cistern: French Drain: Well:

Visible Pond, Lake, Stream, or Waterway: Sprinkler System Present: El

Exterior Slab (False Porch) Over Basement Area: Gas Meter Have 3' Clearance:

CONDUCIVE CONDITIONS

Indications of pests, rodents, termites, Live Subterranean Termites wildlife, or other wood-destroying pests? Found?

Damage Found? g Trees/shrubs on or against x home?

Conditions on or around foundation0 Foundation slab/wall visible? conducive to termite attack?

Conditions allowing water to collect aroundEl Openings large enough for structure? pest/rodent/wildlife entry?

Gutters and downspouts clear of debris and Siding Less Than 6" From standing water? Grade:

Styrofoam Insulation or "DRI-VIT" Below Wood embedded in concrete? Grade?

Breeding Sites:

ORLANDO Contract #:81633-032320174929-78522423 SAND LAKE RD STE 100 ORLANDO,FL 32809-7706 Inspection Date: 03/23/2020TERM/NIX 4078161560

Inspector:CIPRIAN, EDGARD A.

INTERIOR INSPECTION„-.--, PROPERTY DETAILS

Sump Pump: 0 A/C - Heat Ducts in or Below Slab:D

Plenum A/C - Heat System: 0 Radiant Heat: 0

CONDUCIVE CONDITIONS

Indications Of Pests, Rodents, Termites, Live Subterranean Termites Found? 0Wildlife, Or Other Wood-Destroying Pests?

Damage Found? 0 Obvious Signs Of Leaks? 0

Musky Odors? 0 Bath Traps Installed Where Applicable? 0

Wall Separation/Cracks? 0 Sagging Or Bouncing Floors? 0

ATTIC

Number Of Attics: Attic Access Location:None

Indications Of Pests, Rodents, Termites, Wildlife, Or Other Wood-Destroying Pests?0

Adequate Ventilation? Adequate Insulation R-Value? Obvious Signs Of Leaks?

Attic Vents Screened? Asbestos Present?

CRAWL SPACE

Number Of Crawl Spaces: Crawl Space Access Location:None

Height Of Crawl Space: High Point Of Crawl Space: Low Point Of Crawl Space:

Distance Between Joists: Depth Of Joists: # of electrical connections:

Indications of pests, rodents, termites, wildlife, fungi, or other wood-destroying pests?

Wood debris, stored material or structure/ground contact?

Excessive Moisture? Visible Plumbing Leaks? Cracked foundation walls/supports?

Sagging Or Cracked Wood-Earth Contact? Wood Debris In Crawl Floor Joists? Space? Inadequate Ventilation In Wood Embedded In Entire Crawl Space Crawl Space? Concrete? Accessible?

INSPECTOR'S STATEMENT OF VISIBLE DAMAGE

Visible Termite damage in the roof Date: 03/23/2020

TECHNICIAN'S STATEMENT OF VISIBLE DAMAGE

Date:

Contract #: 81633-032320174929-7852TERMINIX %Immono/ COMMERCIAL

SUBTERRANEAN TERMITE BAIT DEFEND SERVICE PLAN

THIS AGREEMENT PROVIDES FOR INSTALLATION, MONITORING AND SERVICING OF A SUBTERRANEAN TERMITE BAITING SYSTEM. THIS AGREEMENT DOES NOT PROVIDE FOR THE REPAIR OF DAMAGE TO STRUCTURES CAUSED BY SUBTERRANEAN TERMITES SUBSEQUENT TO SUCH INSTALLATION. THE REMOVAL OF THE BAIT OR BAITING SYSTEM MAY RESULT IN A LACK OF TERMITE PROTECTION.

Purchaser (print name)

VILLA SOL COD Main Phone 4075662018

Alternate Phone

Purchaser Mailing Address

Property Address 3050 PUERTA DEL SOL, KISSIMMEE,FL 34744

Description of Structure(s) CoveredGarage/Carport,House Email [email protected]

SERVICE / PAYMENT TERMS

INITIAL CHARGES* (Installation/ Treatment and Initial Term Fee) 2128.00 ANNUAL RENEWAL CHARGE* TRANSFER FEE*

BILLING FREQUENCY Annual 'Excludes tax (if applicable)

THE TREATMENT PROVIDED IS: TREATMENT STICKER WILL BE

0 CURATIVE PLACED ON ELECTRICAL BOX UPON 0 PREVENTATIVE JOB COMPLETION.

PROTECTION AGAINST SUBTERRANEAN TERMITES: THE BAITING SYSTEM ONLY CONTROLS FOR AND PROTECTS THE STRUCTURES FROM SUBTERRANEAN (IN-GROUND) TERMITES (RETICULITERMES SSP., HETEROTERMES SPP.), ASIAN TERMITES (COPTOTERMES GESTROI SPP.) AND FORMOSAN TERMITES (COPTOTERMES SPP.) (COLLECTIVELY "SUBTERRANEAN TERMITES") INFESTATIONS. THE BAITING SYSTEM DOES NOT CONTROL OR PROTECT THE STRUCTURES FROM AERIAL (ABOVE-GROUND) INFESTATION OF ANY KIND, DRYWOOD TERMITES (INCISITERMES SPP.,CRYPTOTERMES SPP.) OR OTHER WOOD-DESTROYING ORGANISMS INCLUDING, BUT NOT LIMITED TO, POWDER-POST BEETLES OR WOOD-DECAY FUNGI. FUMIGATION OR SPOT TREATMENT MAY BE NECESSARY TO CONTROL AERIAL INFESTATIONS. IF A FUMIGATION OR SPOT TREATMENT IS DEEMED NECESSARY BY TERMINIX TO CONTROL AN AERIAL (ABOVE-GROUND) INFESTATION, CUSTOMER GRANTS TERMINIX A RIGHT OF ACCESS TO THE STRUCTURES TO TREAT SUCH AERIAL INFESTATION AND CUSTOMER SHALL PAY TO TERMINIX ADDITIONAL CHARGES FOR SUCH AERIAL INFESTATION TREATMENT AT TERMINIX'S THEN-CURRENT RATES.

Customer acknowledges, accepts and agrees that

Terminix has provided the Customer with any state-required documents for the termiticide(s), which will be used to treat the above-named property.

Terminix has provided the Customer with an Inspection Graph, as described in Section 3—Inspection Graph of the Terms and Conditions of this Agreement.

CUSTOMER ACCEPTS AND AGREES TO THE TERMS, CONDITIONS, RESTRICTIONS, LIMITATIONS AND EXCLUSIONS ON THIS AGREEMENT, INCLUDING THE MANDATORY ARBITRATION AND CLASS ACTION WAIVER PROVISIONS IN SECTIONS 19 AND 20 OF THE TERMS AND CONDITIONS OF THIS AGREEMENT. CUSTOMER AGREES THAT THE INSPECTION GRAPH AND THE WOOD DESTROYING ORGANISM APPLICATION RECORD PROVIDED TO CUSTOMER CONSTITUTES PART OF THIS AGREEMENT AND IS FULLY INCORPORATED BY REFERENCE:

Customer's Company Customers Authorized Representative

Name: VILLA SOL (Print Name): VILLA SOL CDD

Customer's Authorized

Representative

(Signature): „4"--- Date:/tea -A -dee Ok2

Representative

Representative Nam'CIPRIAN, EDGARD A. (Signature): Date:

Terminix Branch Phony4078161560 Terminix Branch Charter No.:

Terminix Branch Address: 2ND LAKE RD STE 100, ORLANDO, FL 32809-770

In the event you have any questions or complaints, you may contact a Terminix representative by calling 1.800.TELLTMX (1.800.835.5869).

www.terminrn.com Key 837814F1. Commercial Termite Bait Defend Service Plan (No Damage Protection Annual) (Florida v 9.23.2015) New 9/2015 0 2015 The Tenninix International Company Limited Partnership. All rights reserved.

www.terminrn.com


TERM/NIX Summary of Charges

Product RenewalsAmountTax DiscountTotal Amount

Initial Term TERMITE BAIT $2128.00$152.10$100.00$2180.10 CURATIVE

Grand Total:$2180.1

Product Merchandise

Quantity

Purchaser Payments

By signing below, I, the cardholder, have authorized Terminix to process this one-time payment without further signature or authorization from me.

31( 4y ilvieim "cece Authorization

1A/4

Purchaser Name: VILLA SOL CDDPurchaser (Signature):

AUTOPAY: Purchaser authorizes Terminix a • d affiliates inciudin SMAC to automatically debit Purchaser's chec g account or credit card, as indicated below, in an amount equalny recurring .ervice charges due to Terminix under teement within five (5)days of the date such charge becomes due. This au •• • • - • - usiness day following Terminix's receipt from Purchaser of a written notice to cancel such authorization. Purchaser understands that cancellation of this authorization does not cancel Purchaser's obligations under this Agreement.

Terminix Authorization

Purchaser Name: VILLA SOL CDDPurchaser (Signature): Date:

SMAC Authorization

Purchaser Name: VILLA SOL CDDPurchaser (Signature): Date:

https://$2180.10

https://$100.00

https://$152.10

O&M General Services LLC 407-433-3731O•t1, -T OME

[email protected]

Invoice #000021 We appreciate your business. Make all checks payable to O&M General Services LLC

Bill To Invoice Details Payment

Villas Del Sol CDD Ariel Medina PDF created March 29, 2020 Due March 28, 2020

[email protected] $3,200.00 $3,200.00 , FL 34747

Item Quantity Price Amount

Add on roof change order 1$3,200.00$3,200.00

Add on invoice to cover materials and labor for complete roof correction as per pictures and Terminix finding of possible termites colony at roof or wall areas. We to change and replace all panels, side panels of roof and correct all damage area with new panels. This is based on report sent to Ariel Medina

Subtotal $3,200.00

Total Due $3,200.00

Pay online

To pay your invoice go to https://gosq.me/u/zbL8PMcW Or open your camera on your mobile device, and place the code on the left within the camera's view.

https://gosq.me/u/zbL8PMcW

https://3,200.00

https://3,200.00

https://$3,200.00

https://$3,200.00

https://3,200.00

https://3,200.00



MARY JANE ARRINGTON OSCEOLA COUNTY SUPERVISOR OF ELECTIONS

April 16, 2020

Ms. Sandra H. Demarco Recording Manager Inframark Infrastructure Management Services 210 N. University Drive Suite 702 Coral Springs, FL 33071

RE: VillaSol Community Development District — Registered Voters

Dear Ms. Demarco:

Thank you for your letter of April 14, 2020 requesting confirmation of the number of registered voters within the VillaSol Community Development District as of April 15, 2020,

The number of registered voters within the VillaSol CDD is 805 as of April 15, 2020.

If I can be of further assistance please contact me at 407.742.6000.

Respectfully yours,

Mary Jane Arrington Supervisor of Elections

2509 East Trio Bronson Hwy. 'Kissimmee, FL 34744 407.742.6000 • Fax: 407.742.600T • www.voteosceoia.com

www.voteosceoia.com

villa sol community development district …...2020/05/12 · villa sol community development...

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