THE THREE WVID FUNDS

As I understand it, the WVID district functions using three different funds: a General Fund, a Bond Fund, and a Capital Improvements Fund. Each fund is used as follows:


The General Fund is used for day-to-day operations of the district and any operations and maintenance costs associated with already completed capital improvements to the district.  The annual budget for this fund is about $1 million for this year.  The "budget" for this fund is the document provided in the meeting book for the August 24, 2010 board meeting.  The document is available on the IslandWalk HOA website for review and download.

The Bond Fund is where the $130 million or so of bond money raised by the district is accounted for.  This fund receives annual revenue from the county for the non-ad valorem tax money collected.  This fund is used to pay interest and principle due on the bonds.  Money from this fund is "transferred" to the General Fund or Capital Improvements Fund as needed to pay the district's bills.

The Capital Improvements Fund is probably the least understood and least discussed fund of the district. It is also the most important fund since about $10 to $15 million a year is spent by the district through this fund for land acquisitions and capital improvements such as roads, drainage, street lighting, and other large dollar projects.

What I would like to see from our district, starting with the next scheduled meeting on 9/28/2010 is some more public disclosure as to how the Capital Improvements Fund is being used.  Specifically, I would like to see:

1.  A simple line by line list of all major past capital improvement projects completed by the district since its inception in 2004 showing the project title, start date, completion date, budget cost, and actual cost.
2.  I would like to see a copy of the actual FY 2010 and the proposed (or now approved) FY 2011 Capital Improvements Fund budgets that have a clearly indicated line item for "Land Acquisitions" by the district.
3.  I would like to see a simple list of all in-progress capital improvement projects showing the project title, start date, estimated completion date, budget cost, and current status or percent completion of the project.
4.  I would like to see a simple list of all remaining Capital Improvement projects necessary to complete the current overall district development plan showing the project title, estimated start date, and estimated budget cost of each remaining project.

I'm sending this request by email to the WVID General Manger at Special District Services, Inc. and I'm hoping to see all of the requested documentation by the 9/28/2010 meeting date.