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FEATHER SOUND COMMUNITY SERVICES
DISTRICT, INC TREASURER'S REPORTS
May 6th 2005
The cash flow projection is
essentially unchanged from the previous meeting. The current projection
includes $100,000 in current year funding for recreation area projects.
The projected cash balance at the end of fiscal year September 2005 is
approximately $290,000. The budget for FYE 2006 was presented at a County
work session in April and was approved. Biff Baker was present and
together we responded to several questions regarding the taxing district
and annexation. The annual Report to Residents was mailed to residents
this week. Cost for printing and mailing will be about $2,000.
April 4th 2005
The cash flow projection is essentially
unchanged from the previous meeting. The projected cash balance at the end
of fiscal year September 2005 is approximately $300,000. A draft of next
year’s budget is attached for review and approval. A budget submission is
due to the County this month. As discussed at our last meeting the millage
rate requested will remain the same at 1 mill. The funds requested of
$240,000 are also the same amount as the previous year.
March 7th
2005
The Certificates of Deposit of $100,000
each matured on February 28th and were renewed. The renewed
Certificates were split into 4 CDs of $50,000 each with maturity dates of
3,6,9 and 12 months. This structures the funds as a CD ladder and will
allow maturing CD’s to be renewed at higher interest rates assuming
interest rates continue to rise. The cash flow projection is essentially
unchanged from the previous meeting. The projected cash balance at the end
of fiscal year September 2005 is approximately $300,000. Discuss question
of reduce millage rate in for next year fiscal budget.
February 7th
2005
The balance due for maintenance of the
boardwalk was paid in the amount of $3,600 in December. Additional amounts
of $260 and $52 were paid in January to repair boards kicked out by
vandals on the boardwalk and to remove carpeting dumped on the recreation
area. On February 2nd 2005 an amount of $60,000 was received
from Pinellas County for tax collections as scheduled in the FSCSD current
year budget. The cash flow projection is essentially unchanged from the
previous meeting. The projected cash balance at the end of fiscal year
September 2005 is approximately $300,000.
The fiscal year 2004 annual audit and tax
return have been completed with no exceptions noted. The tax return has
been filed by certified mail and a copy of the annual report will be sent
to the County as required by the FSCSD charter.
A draft of the annual report to residents is
attached for review and comment.
November 8th 2004
Financial Report and Banking Activities
Cash Flow Projection 2004/2005 The cash flow projection is essentially
unchanged from the previous meeting. The cash balance at the end of the
fiscal year September 2005 is approximately $300,000.
Progress Energy The City of St Petersburg contacted
Progress Energy regarding the changes in street lighting at the entrance
to Feather Sound. Three lights north of Heron will be removed and six on
Whisperwood will be moved to the City’s account. There will be nine less
light fixtures on the FSCSD account. Offsetting this expense decrease will
be increased rates of as much as 10% later this year to restore Progress
Energy hurricane funds.
Insurance The annual directors and officers liability
policy premium has been paid. The liability limits remain at $1,000,000.
Annual Audit Financial records were given to Jim
Attkissson & Associates last month to complete the audit and tax return
preparation for fiscal year 2004. Once the audit is done the report to
residents will be prepared.
October 18th 2004
Cash Flow Projection 2004/2005 The cash flow projection
is essentially unchanged from the previous meeting. The cash balance at
the end of the fiscal year September 2004 is $314,519. Assuming $100,000
of capital improvements in 2005 in addition to other ongoing expenses the
projected cash balance is $300,000 in September of 2005.
Progress Energy The City of St Petersburg has been
contacted regarding the need to notify Progress Energy of the changes in
street lighting charges due to the recent annexation of roads at the Egret
entrance to Feather Sound.
Insurance The annual general liability policy premium
has been paid and a new policy received.
Annual Audit An engagement letter was received. The
signed agreement and other financial records will be given to Jim
Attkissson & Associates this week to complete the audit and tax return
preparation for fiscal year 2004.
September 20th 2004
Financial Report and Banking Activities Two
Certificates of Deposit for $100,000 each matured on September 3rd and
were automatically renewed for another three months. Interest of $700 was
earned at a rate of 1.40% for the three-month term of the certificates.
Short-term redemption of these funds will not be needed under the current
cash flow projection.
Cash Flow Projection 2004/2005 The cash flow projection
is essentially unchanged from the previous meeting. The projected cash
balance at the end of the fiscal year in September 2004 is approximately
$300,000. Projected cash receipts for fiscal year 2005 are $240,000.
Assuming $100,000 of capital improvements in 2005 in addition to other
ongoing expenses the projected cash balance is $304,000 in September of
2005.
Progress Energy Progress Energy has changed its billing
date a few days earlier. This will result in a one occurrence of two
utility payments in the month of August. The City of St Petersburg has
been contacted regarding the need to notify Progress Energy of the changes
in street lighting charges due to the recent annexation of roads at the
Egret entrance to Feather Sound.
Insurance The FSCSD General Liability policy due to be
renewed Oct 17th 2004 has been invoiced and a new policy received. A
payment in the amount of $653.00 will be mailed to the agency. The policy
limit is $1,000,000 and covers a period of one year.
Annual Audit A request for an engagement letter has
been sent to Jim Attkissson & Associates to complete the audit and tax
return preparation for fiscal year 2004.
August 16th 2004
Financial Report and Banking Activities
Pinellas County transferred funds to the
FSCSD bank account per the budget amounts requested. $50,000 was received
in June and $45,000 in August.
Printing and postage expenses of $1,802
for producing and delivering the annual report to residents were paid in
May and did not exceed the $2,000 previously authorized by the Board.
Payment of $20,776 was made to Be-Mac in June for the completion of the
landscaping of the two medians adjacent to Pelican Landing. $10,927 was
paid in June to Gatorscape as final settlement of this disputed matter.
Two Certificates of Deposit for $100,000
each matured on June 3rd and were automatically renewed for
another three months. Interest of $700 was earned at a rate of 1.40% for
the three month term of the certificates. Short-term redemption of these
funds will not be needed under the current cash flow projection.
Cash Flow Projection 2004/2005
The cash flow projection has been revised
to reallocate $100,000 from landscaping improvements intended for the
Egret entrance to Feather Sound. The City of St. Petersburg has annexed
this roadway and plans to improve the median as part of a $450,000 project
to begin fall of 2004 and continue into 2005. The projected cash balance
at the end of the fiscal year in September 2004 is $320,000. Projected
cash receipts for fiscal year 2005 are $240,000. Assuming $100,000 of
capital improvements in 2005 in addition to other ongoing expenses the
projected cash balance is $304,000 in September of 2005.
Annual Audit
Based on prior reviews for audit firms Jim
Attkissson & Associates appears to be the best company to complete the
audit for fiscal year 2004. Request this selection be approved by the
Board so that an engagement letter from the firm may be requested
May 18th
2004
Gatorscape
The case went to trial on May 10th.
Attending were Dawn O’Neill, presenting the case for FSCSD and former
chairman Jack Hebert. The case was decided in favor of Gatorscape. Dawn
O’Neill is preparing a summary of the trial.
Financial Report and Banking Activities
The cash flow projection now includes an
amount of $20,000 estimated to be the payment to be made to Gatorscape.
The road maintenance payment of $100,000 has been moved forward to August
due to the uncertainty about these roads being acquired by the county. Two
Certificates of Deposit for $100,000 each will mature on June 3rd
but will automatically renew for another three months. Redemption of these
funds will not be needed with the current cash flow projection. Projected
balance at the end of this fiscal year continues to be approximately
$200,000.
Fiscal Year 2005 Budget
The budget for next year was presented to the
county board of commissioners on May 4th. The budget was
accepted as presented.
Annual Report to Residents
Residents should be receiving the report
this week.
April 19th
2004
Financial Report and Banking Activities
Cash Flow Statement FYE - 2004. Projected
balance at the end of this fiscal year will be approximately $200,000.
This projection includes $102,000 for road improvements and $50,000 for
landscaping improvements to the Feather Sound Drive medians between the
Feather Sound Corporate Center and Pelican Landing both in June. These
amounts are included for cash flow projection purposes only and are
subject to the approval of the road improvement project suggested by the
county and the board approval of the landscaping project.
Another funding installment of $50,000 was
received from Pinellas County on March 31st as scheduled and
deposited directly to our bank account. Two Certificates of Deposit for
$100,000 were purchased with a yield of 1.40% and maturity of three
months. After the initial three months ending June 3rd the certificates
will renew for another three months unless redeemed. The interest rate on
the CD’s is about 1% greater than offered on the Money Market account.
Florida Progress Billings
The billing for April to be paid the first
week in May is the first monthly billing with all adjustments for the new
streetlights completed. This billing is just under $6,000 and appears to
be what we can expect the future monthly charges to be. This is about
$1,000 less than the amount used in previous cash flow projections.
Mail Box
Rent for the box at the UPS store in Feather Sound
was paid for another year in advance and includes an extra three months
free rental.
Annual Report to State of Florida
The annual report due to the State of
Florida May 1st was filed in April and included an update to the names and
titles of the current board.
Annual Report to Residents
A local printing company is working on the
graphics and a price quote for the mailing.
FSCSD vs Gatorscape
There are no new developments in this
case. There was no response to our offer to settle in February of this
year.
Fiscal Year 2005 Budget Proposal
A draft of a proposed budget is attached to this
report for discussion purposes. The budget assumes a one-mill tax rate and
a funding request of $240,000.
February 16th
2004
Financial Report and Banking Activities
Cash Flow Statement FYE - 2004. Projected
balance at the end of this fiscal year will be approximately $200,000.
This projection includes $102,000 for road improvements and $50,000 for
additional landscape and lighting improvements to the Egret entrance.
These projects are included for discussion purposes only and are subject
to the approval of the road improvement project suggested by the county
and the consent of Feather Sound residents to the use of these funds for
the project. Money Market balances may be invested in higher yielding
short term Certificates of Deposit based on cash flow projections.
Florida Progress Billings
The billings still appear to be incorrect.
The charges appear to include only 37 new poles while the rest of the
poles are under the older billing rate. There may be a delay in updating
the billings if a work order has not been closed. We will continue to
review the billings for the new lights installed.
Annual Audit
Jim Attkissson & Associates has completed
the audit and tax return for FYE 2003. Final reports are now available.
The tax return was signed and mailed to the IRS prior to the due date of
February 15th.
Annual Report to Residents
Report has been drafted for review and
approval by board. Following approval of the report a company to handle
all printing, postage and mailing will be used to distribute the report to
residents. Cost is estimated to be between $1,500 and $2,000.
FSCSD vs Gatorscape
An offer to settle the case as previously
agreed by the board has been extended in writing again to Gatorscape.
January 12th
2004
Financial Report and Banking Activities
Cash Flow Statement FYE - 2004. Projected
balance at the end of this fiscal year will be approximately $200,000.
This projection includes $102,000 for road improvements and $50,000 for
additional landscape and lighting improvements to the Egret entrance.
These projects are included for discussion purposes only and are subject
to the approval of the road improvement project suggested by the county
and the consent of Feather Sound residents to the use of these funds for
the project.
Florida Progress Invoicing
In the process of installing the new lights Florida
Progress discovered that it had not closed out the work order for the 8
new fixtures installed for the Feather Sound Townhouse homeowners
association in December 2002. FSCSD had agreed with the homeowners
association to pay for the fixture rental and electric costs and the
homeowners association paid for the one-time installation costs. For the
past year the charge for these 8 lights is about $1,800 in additional
costs for which Florida Progress has invoiced FSCSD. This charge and the
program to change out the rest of the lights has resulted in some
invoicing confusion. Florida Progress issued an invoice in December 2003
rebilling for the past year charges then cancelled that and issued a new
invoice that was paid in January 2004.
Annual Audit
Jim Attkissson & Associates has completed
the audit and tax return for FYE 2003. Draft reports are now available.
There are no audit or financial statement exceptions in preliminary
report. Final audit report to be issued after receipt of signed
representation letter. Tax return will be signed and mailed when final
available.
Annual Report to Residents
Report can now be drafted. Propose using a
company that handles all printing, postage and mailing. Cost would be a
little more than last year or between $1,500 and $2,000.
FSCSD vs Gatorscape
FSCSD filed a motion to dismiss the case
based on apparent business ownership issues in December of 2003. This
motion was denied. Nothing more has been received from Gatorscape in
regard to further action on their part.
November 17th
2003
Financial Report and Banking Activities
Cash Flow Statement FYE - 2004. Projected
balance at the end of next fiscal year would be approximately $200,000.
This projection includes $102,000 for road improvements and $50,000 for
additional landscape and lighting improvements to the Egret entrance.
These projects are included for discussion purposes only and are subject
to the approval of the road improvement project suggested by the county
and the consent of Feather Sound residents to the use of these funds for
the project.
Cash Flow Statement FYE - 2005. Projected
statement is presented with a reduction in the millage rate from 1.00 to
.75 for discussion purposes only. Estimated annual maintenance and
utility costs for FYE 2005 are about $150,000. A millage reduction from
1.00 to .75 would result in revenue of about $175,000 or a net of $25,000
over other annual operating expenses. These funds could be used for
capital improvements.
Annual Audit
Jim Attkissson & Associates has the
documents needed to perform the audit and prepare the tax return for FYE
2003. No estimate of the completion date has been given.
FSCSD vs Gatorscape
Dawn O'Neill has scheduled a deposition of
plaintiff for the last week of November. Gatorscape has provided copies of
documents at our request regarding their billings and other items which
they will be giving the court in support of their case. FSCSD has provided
copies of invoices, cancelled checks and other documents supporting our
case.
October 20th
2003
Financial Report and Banking Activities
Cash Flow Statement - 2003. Actual Oct
2002 through Sept 2003. FYE Sept 2003 cash balance was $157,229. Projected
balance at the end of next fiscal year is approximately $350,000 excluding
any additional capital improvements.
FSCSD vs Gatorscape
Dawn O'Neill has scheduled a deposition of
plaintiff for the last week of November. Gatorscape has provided copies of
documents at our request regarding their billings and other items which
they will be giving the court in support of their case. FSCSD will be
providing copies of invoices, cancelled checks and other documents
supporting our case.
Annual Audit
Jim Attkissson & Associates has agreed to
perform the audit and prepare the tax return for FYE 2003 at a cost of
$2,000. Engagement letter approval requested.
August 18th
2003
Financial Report and Banking Activities
Cash Flow Statement - 2003. Actual Oct
2002 through July 2003. Projected through FYE Sept 2003. Cash balance as
of the end of July was $98,197. Projected balance at the end of this
fiscal year is $162,462 excluding any additional capital improvements.
Addition electric service for landscaping lights will be approximately
$250 per month. Four month billing was received in July because Progress
Energy was having difficulty locating the meter.
FSCSD vs Gatorscape
Gatorscape has filed an amended motion.
Dawn O'Neill has been responding on behalf of FSCSD to requests for a
trial date.
Annual Report to Residents
Comments on the revised draft of the
report? If approved mailing labels will be ordered from the county, a
postal permit applied for, approval obtained from Jim Attkinson, graphics
work updated and approximately 1,500 copies printed.
May 19th
2003
Financial Report and Banking Activities
Cash Flow Statement - 2003. Actual Oct
2002 through April 2003. Projected through FYE Sept 2003. Cash balance as
of the end of April was $78,132. Projected balance at the end of this
fiscal year is $165,012 excluding any additional capital improvements.
New checks were ordered and received for
the change in FSCSD mail address of 2655 Ulmerton Road, Box 266,
Clearwater, Florida 33762.
FY2004 Budget
The county review of the FY2004 budget for
FSCSD was held as scheduled 9:30am May 13th. The budget has
been accepted as proposed including an increase of approximately $100,000
in capital expenditures. Present at the review were Treasurer Rich Pettit
and Commissioner John Morroni.
FSCSD vs Gatorscape
Motions to dismiss the judgement and Writ
of Garnishment were decided in favor of FSCSD. The hold on FSCSD funds at
United Bank has been removed. Copy of notice from court attached.
Registered Agent
FSCSD registered agent has been changed to
Rich Pettit.
April 21st
2003
Financial Report and Banking Activities
Cash Flow Statement - 2003. Actual through
March. Projected through FYE Sept 2003.
Proposed FY2004 Budget
The county review of the FY2004 budget for
FSCSD is scheduled for 9:30am May 13th. Proposed budget has been submitted to Mark
Woodard, Pinellas County Budget Office.
IRS Penalty Appeal Status
Taxpayer Advocate Service has abated the
penalties. Letter from IRS attached.
FSCSD vs Gatorscape
Motions to dismiss the judgement and bank
account garnishment were heard April 15th. FSCSD was
represented by attorney and Feather Sound resident Dawn O'Neill. Rich
Pettit and Biff Baker attended the hearing. Judge Mary McNary has taken
the matter under advisement but promised a decision soon.
Feather Sound Country Club Irrigation
Invoice
The invoice for $3,600 received from
Feather Sound Country Club for irrigation for the period April 2002
through March 2003 was reduced to $2,400 and paid.
New Postal Address for FSCSD
2655 Ulmerton Road, Box 266, Clearwater,
Florida 33762. Four keys made. Box is located at Mailboxes Etc. in
FeatherSound. Box rent of $180 for one year has been prepaid. A change of
address notice has been filed with the post office. Electric and water
invoicing have been changed to new address. New stationary to be ordered.
FSCSD Calendar
Calendar of financial and other annual
events attached.
March 17th
2003
FYE 2002 Audit and Tax Return
Audit is done and the tax return has been
filed for FYE 2002. A copy of the audit will be mailed to the County Board
of Commissioners as required by the FSCSD charter. A report to Feather
Sound residents will be drafted for the FSCSD board review prior to
distribution.
Financial Report and Banking Activities
Cash Flow Statement - 2003. Actual through
February. Projected through FYE Sept 2003.
Proposed FY2004 Budget
The county review of the FY2004 budget for
FSCSD is scheduled for the morning of May 13th. Proposed budget
and cover letter accompanies this report for review and approval by the
FSCSD board.
IRS Penalty Appeal Status
Contacted the IRS on March 12th regarding
lack of response to our letter in November of 2002 requesting abatement of
the penalty and lack of response from the Taxpayer Advocacy office which
was supposed to call within a week of our referral to them on February
13th 2003. I was given another deadline to call the IRS back - March 26th
in order to continue the hold on collection efforts and garnishment of our
checking account. I was also given the phone number of the Jacksonville
Taxpayer Advocacy office which I contacted in Jacksonville. I faxed them
the original letter requesting abatement of the penalty and was told that
a response to this would take about a week. Or case number with the
advocacy office is 2757920. The contact and phone number is Peggy Morgan.
801-620-3038.
Garnishment of FSCSD Checking Account
The FSCSD checking account was garnished
on February 28th in the amount of $14,032.66, twice the amount
of a Writ of Garnishment for $7,016.33. The garnishment is the result of a
default judgement against FSCSD in a civil suit by former mowing service
Gatorscape. Restricting twice the amount of the garnishment is standard
practice. The bank uses the additional funds as a reserve to charge legal
and other fees it may incur. A $150 charge has been made against the
account as a service fee for processing the Writ of Garnishment. Other
attorney fees may also be charged. The last notice sent by the court dated
March 7th is a Notice of Garnishment and Certificate of
Service. The defendant, FSCSD, must move to dissolve the Writ of
Garnishment within 20 days of the date of service. It appears that a
motion must be filed by March 27th.
Feather Sound Country Club Irrigation
Invoice
An invoice for $3,600 has been received
from Feather Sound Country Club for irrigation for the period April 2002
through March 2003. There is an agreement with the club for use of their
water but it does not specify that any amount would be paid to them
January 20th 2003
Financial Report and Banking Activities
·
Cash Flow Statement - 2003
IRS Penalty Appeal Status
Called IRS on January 15th. Notification
that they received my letter sent November 21st 2002 has been
mailed to us. The request is still pending review. Must call IRS back with
status update by Feb 14th to continue collection hold status.
FYE 2002 Audit and Tax Return Bid Status
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Engagement letter for 2002 audit was received from Attkisson
& Associates with the same price as last audit and tax return preparation
of $2,000. Letter signed and returned to them. Will contact them to set up
a time to give them records for 2002.
Safe Deposit Box
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Deposit box has been opened. Signature card needs to be
signed.
Landscaping Contract
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BE-MAC contract revised as requested. Copy of agreement
signed and returned
December 16th 2002
Financial Report and Banking Activities
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Cash Flow Statements - 2002 and 2003
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FY 2002 Cash Flow Statement
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FY 2003 Cash Flow Projection
IRS Penalty Appeal Status
Letter sent November 21st 2002. Must call
IRS collection dept back with status update by Dec 19th.
FYE 2002 Audit and Tax Return Bid Status
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Contacted Gregory, Sharer & Stuart for bid. Advised that
they could not do audit and return within our price range.
·
Recommend we have 2002 audit done by Attkisson & Associates
again. Requested engagement letter from them.
Safe Deposit Box
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Recommend a safe deposit box be opened for records retention
and safe keeping.
Landscaping Contract
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BE-MAC contacted with request for contract revisions
November 18th 2002
Financial Report and Banking Activities
·
Cash Flow Statements - 2002 and 2003
·
FY 2002 Cash Flow Statement
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FY 2003 Cash Flow Projection
Feather Sound Community Services District, Inc -
Legal Status
Corporate entity reinstated with State of Florida
Insurance
·
General liability insurance renewed for another year
effective Oct 17th
·
Directors & Officers liability insurance due for renewal Nov
18th
Audit Status & Annual Report
·
Contacting other CPA firms for bids for FY 2002 audit
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Recommend we have 2002 audit done before issuing annual
report to residents
Landscaping Contract
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BE-MAC
June 17, 2002
Financial Report
and Banking Activities
·
Cash Flow Statement - Current
Fiscal Year
·
Banking moved to United Bank &
Trust
·
CD - 3 month rolling (On 50k
increased interest of $1k yr)
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Electronic Funds Transfer
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From Pinellas County to FSCSD Acct
·
From FSCSD Acct to Florida Power &
County Utilities
Tax Returns &
Audit Status
·
Tax returns filed May 14th
by certified mail.
·
Audit status
·
2001 Annual Report
FY 2003 Budget
·
Presented to Board of County
Commissioners May 14th
·
Budget revision
Insurance Status
Update
·
General Liability Insurance.
$1,000,000 limit. Policy expires Oct 17th, 2002.
·
Directors & Officers Insurance.
$1,000,000 limit. Policy expires Nov. 18th , 2002
Feather Sound
Community Services District, Inc - Legal Status?
·
Corporate entity has been dissolved
for failure to file annual report
·
Can be reinstated for approximately
$1,000
·
Who should be registered agent?
What mailing address should we use?
Five Year Cash
Flow History and Projection Update
·
Board of County Commissions Reserve
Acct Analysis
·
Updated 10 year Actual/Projected
Cash Flow
·
Five Year Capital Expenditures Plan
·
Florida Power Billing Analysis
May 13, 2002
Financial Reports
·
Summary of FY 1998, 1999 and 2000
·
Current year income statement trend
·
Current year vs budget
·
Current year balance sheet trend
·
Current year cash flow projection
FY 2003 Budget
·
Review and approval
·
Next year revenue collections
estimated to be $247,000
·
3.5% inc in assessed value + .7%
new construction
·
Funds available to FSCSD are 95% of
tax collections
·
Budget faxed to county last week
·
Presentation to county - Tuesday
1:00, 315 Court St., Clearwater
Tax Returns for FY
1998, 1999 & 2000 & Audit Status
·
Tax returns reviewed and will be
signed for mailing by certified mail on Tuesday.
·
1998 and 1999 are past due. Penalty
is $20 per day or maximum of $10,000.
·
Should expect to receive penalty
notice from IRS for $20,000. Per J. Attkisson
Penalty may be waived if reasonable cause
for failure to file can be shown.
·
Additional penalty of $10 day,
maximum $5,000 for any officer who fails to file
return after reasonable demand by IRS. Did
FSCSD receive such a demand?
·
Preliminary audit financial
statements available for review. Agreement with county
requires annual report to them 60 days
after FY end and audited financials in 90 days.
·
How do we want to publish and
distribute summary financials? Three years in one page mailing as in prior
years or with a newsletter? Mailing labels
Feather Sound
Community Services District, Inc legal status
·
Corporate entity has been dissolved
for failure to file annual report
·
Can be reinstated for approximately
$1,000
·
Who should be registered agent?
What mailing address should we use?
Suggest move
checking and money market accounts to United Bank and Trust
·
Direct access to account on daily
basis
·
Better interest rate potential
·
Two signatures to be required. Who
will be signers? Need copy of drivers license |