Ave Maria Stewardship Community District

Amended Final Budget For Fiscal Year 2017/2018
October 1, 2017 - September 30, 2018

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FY 2017/2018 AMENDED FINAL BUDGET

TABLE OF CONTENTS

Budget Summary
Amended Final Budget	1
Amended Final Maintenance Budget	2
Debt Service
Amended Final Series 2006 Debt Service Fund Budget	3
Amended Final Series 2012 Debt Service Fund Budget	4
Amended Final Series 2015 (Maple Ridge) Debt Service Fund Budget	5
Amended Final Series 2016 (Maple Ridge) Debt Service Fund Budget	6
Amended Final Series 2016 BANS Debt Service Fund Budget	7
Amended Final Series 2018 (Maple Ridge) Debt Service Fund Budget	8

OPERATING FUND FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	
FISCAL YEAR 2017/2018 ANNUAL BUDGET	
FISCAL YEAR 2017/2018
AMENDED FINAL BUDGET	
YEAR TO DATE ACTUALS
10/1/2017 - 9/29/2018	
DIFFERENCE BETWEEN ACTUALS
AND BUDGET	
O & M ASSESSMENTS	874,853	875,325	875,325	472	
DEBT ASSESSMENTS	2,475,098	2,475,912	2,475,912	814	
DEVELOPER CONTRIBUTION FOR O & M	902,049	1,610,651	1,610,651	708,602	
DEVELOPER CONTRIBUTION FOR DEBT	2,561,082	2,534,448	2,534,448	(26,634)	
OTHER REVENUES	0	2,785	2,785	2,785	
INTEREST INCOME	0	641	641	641	
					
TOTAL REVENUES	$	6,813,082	$	7,499,762	$	7,499,762	686,680	
					
EXPENDITURES					
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISORS FEES	8,000	7,400	7,400	600	
PAYROLL TAX EXPENSE	612	566	566	46	
ENGINEERING	50,000	41,500	39,600	10,400	
MANAGEMENT	70,216	70,216	70,216	-	
SECRETARIAL	4,500	2,000	2,000	2,500	
LEGAL	55,000	54,500	52,627	2,373	
ASSESSMENT ROLL	15,000	15,000	15,000	-	
AUDIT FEES	8,200	10,900	10,900	(2,700)	
ARBITRAGE REBATE FEE	1,500	2,600	2,600	(1,100)	
TRAVEL & LODGING	1,000	4,850	4,850	(3,850)	
INSURANCE	11,760	10,791	10,791	969	
LEGAL ADVERTISING	4,000	6,100	5,039	(1,039)	
MISCELLANEOUS	4,000	3,000	1,503	2,497	
POSTAGE	1,750	1,450	1,422	328	
OFFICE SUPPLIES	3,000	3,825	3,789	(789)	
DUES, LICENSE, & SUBSCRIPTIONS	500	175	175	325	
MISCELLANEOUS FILINGS, NOTICES, ETC.	500	0	0	500	
WEBSITE HOSTING FEES	2,500	2,500	2,500	-	
TRUSTEE FEES	15,500	20,192	20,192	(4,692)	
CONTINUING DISCLOSURE FEE	8,000	8,000	8,000	-	
TOTAL ADMINISTRATIVE EXPENDITURES	$	265,538	$	265,565	$	259,170	$	6,368	
					
MAINTENANCE EXPENDITURES					
MAINTENANCE	1,445,750	2,167,022	2,111,976	(666,226)	
TOTAL MAINTENANCE EXPENDITURES	$	1,445,750	$	2,167,022	$	2,111,976	(666,226)	
					
TOTAL EXPENDITURES	$	1,711,288	$	2,432,587	$	2,371,146	(659,858)	
					
EXCESS OR (SHORTFALL)	$	5,101,794	$	5,067,175	$	5,128,616	(26,822)	
					
BOND PAYMENTS	$	(4,850,548)	$	(4,878,052)	$	(4,878,052)	(27,504)	
					
BALANCE	$	251,246	$	189,123	$	250,564	682	
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(117,248)	(72,047)	(72,047)	45,201	
DISCOUNTS FOR EARLY PAYMENTS	(133,998)	(119,993)	(119,993)	14,005	
					
NET EXCESS/ (SHORTFALL)	$	-	$	(2,917)	$	58,524		

FUND BALANCE (LESS RESERVE) AS OF 9/30/17	
FY 2017/2018 ACTIVITY	
FUND BALANCE AS OF 9/30/18	

 	
$	92,618	
$	(2,917)	
$	89,701	

MAINTENANCE
FISCAL YEAR 2017/2018 OCTOBER 1, 2017 - SEPTEMBER 30, 2018

	
FISCAL YEAR 2017/2018 ANNUAL BUDGET	

FISCAL YEAR 2017/2018
AMENDED FINAL BUDGET	

YEAR TO DATE ACTUALS
10/1/2017 - 9/29/2018	
DIFFERENCE BETWEEN ACTUALS AND BUDGET	
MAINTENANCE EXPENDITURES					
					
ELECTRIC (STREETLIGHTS, LANDSCAPE)	80,000	78,000	75,353	4,647	
STREET SWEEPING	5,000	0	0	5,000	
STRIPING & TRAFFIC MARKINGS	10,000	0	0	10,000	
STREET LIGHT MAINTENANCE	50,000	74,601	74,601	(24,601)	
SIDEWALK / CURB REPAIRS	29,500	28,772	28,772	728	
LANDSCAPE MAINTENANCE (ROADWAY, ENTRIES):	0	0	0	-	
MAINTENANCE CONTRACTS	500,000	570,000	563,140	(63,140)	
TREE TRIMMING	55,000	62,258	62,258	(7,258)	
STORM CLEANUP	25,000	0	0	25,000	
STORM CLEANUP - ELECTRIC	0	123,977	123,977	(123,977)	
STORM CLEANUP - LANDSCAPING	0	84,460	84,460	(84,460)	
PLANT REPLACEMENT	30,000	30,000	27,945	2,055	
MULCH	80,000	81,843	81,843	(1,843)	
MISC. UTILITIES	5,000	1,000	255	4,745	
IRRIGATION WATER	60,000	69,622	69,622	(9,622)	
IRRIGATION REPAIR	40,000	70,000	70,000	(30,000)	
FOUNTAIN MAINTENANCE	10,000	24,663	24,663	(14,663)	
RODENT/PEST CONTROL	2,000	3,975	3,975	(1,975)	
EQUIPMENT REPAIR	0	789	789	(789)	
SIGNAGE REPAIR	10,000	5,696	5,696	4,304	
WATER MANAGEMENT & DRAIN	4,000	3,600	3,600	400	
ENTRY FEATURE WATER	1,000	2,036	2,036	(1,036)	
STORM DRAIN CLEANING	4,250	17,818	17,818	(13,568)	
DRAINAGE / LAKE MAINTENANCE/ LITTORALS	50,000	62,367	62,367	(12,367)	
AERATORS	9,000	800	800	8,200	
AQUATIC REPLACEMENTS	3,000	0	0	3,000	
PRESERVE MAINTENANCE	40,000	76,000	73,398	(33,398)	
SMALL TOOLS	5,000	2,468	2,468	2,532	
MISC. REPAIRS	0	5,654	5,654	(5,654)	
VEHICLE LEASE / FUEL / REPAIRS (MAINT TECH)	5,000	2,340	2,340	2,660	
MOSQUITO CONTROL	110,000	300,000	289,734	(179,734)	
FISH STOCKING	5,000	0	0	5,000	
TEMP FIRE FACILITY OPERATING COSTS	55,000	87,887	87,887	(32,887)	
ADMINISTRATIVE SUPPLIES	500	0	0	500	
MAINTENANCE TECHNICIANS	70,000	82,860	82,860	(12,860)	
BASE MANAGEMENT FEE	20,000	18,531	18,531	1,469	
ADMIN PAYROLL	30,000	45,269	45,269	(15,269)	
LANDSCAPE ENHANCEMENTS - ROW	0	107,236	107,236	(107,236)	
					
TOTAL MAINTENANCE EXPENDITURES	$	1,403,250	$	2,124,522	$	2,099,347	(696,097)	
					
RESERVE FUND	27,500	27,500	0	27,500	
CONTINGENCY FUND	15,000	15,000	12,629	2,371	
					
TOTAL	$	1,445,750	$	2,167,022	$	2,111,976	(666,226)	

REVENUES	FISCAL YEAR 2017/2018
ANNUAL BUDGET	FISCAL YEAR 2017/2018
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2017 - 9/29/2018	
Interest Income (06)	0	23,526	23,526	
Net NAV Collection	1,697,775	1,733,932	1,733,932	
Developer  Contribution	0	0	0	
Prepaid Bonds	0	0	0	
				
Total Revenues	$	1,697,775	$	1,757,458	$	1,757,458	
				
EXPENDITURES				
Principal Payments (06)	600,000	600,000	600,000	
Extraordinary Principal Payments (06)	0	60,000	60,000	
Interest Payments (06)	1,097,775	1,111,869	1,111,869	
				
Total Expenditures	$	1,697,775	$	1,771,869	$	1,771,869	
				
Net Excess/ (Shortfall)	$	-	$	(14,411)	$	(14,411)	

FUND BALANCE AS OF 9/30/17	
FY 2017/2018 ACTIVITY	
FUND BALANCE AS OF 9/30/18	

 	
$2,030,432	
($14,411)	
$2,016,021	

Notes

Reserve Fund Balance = $1,415,812*. Revenue Fund Balance = $588,999*.

Revenue Fund Balance To Be Used To Make 11/1/2018 Interest Payment Of $539,663.

* Approximate Amounts

Series 2006 Bond Information		
Original Par Amount =	$26,245,000	Annual Principal Payments Due:	
Interest Rate = Issue Date = Maturity Date =	5.125%

December 2006

May 2038	May 1st

Annual Interest Payments Due: May 1st & November 1st	

Par Amount As Of 9/30/18 =	
$21,060,000		

REVENUES	FISCAL YEAR 2017/2018
ANNUAL BUDGET	FISCAL YEAR 2017/2018
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2017 - 9/29/2018	
Interest Income (12)	0	29,046	29,046	
Net NAV Collection	225,730	230,674	230,674	
Developer  Contribution	2,019,443	2,009,764	2,009,764	
Prepaid Bonds	0	0	0	
				
Total Revenues	$	2,245,173	$	2,269,484	$	2,269,484	
				
EXPENDITURES				
Principal Payments (12)	435,000	435,000	435,000	
Extraordinary Principal Payments (12)	0	15,000	15,000	
Interest Payments (12)	1,810,173	1,824,243	1,824,243	
				
Total Expenditures	$	2,245,173	$	2,274,243	$	2,274,243	
				
Net Excess/ (Shortfall)	$	-	$	(4,759)	$	(4,759)	

FUND BALANCE AS OF 9/30/17	
FY 2017/2018 ACTIVITY	
FUND BALANCE AS OF 9/30/18	

 	
$3,191,431	
($4,759)	
$3,186,672	

Notes

Reserve Fund Balance = $2,285,275*. Revenue Fund Balance = $897,298*.

Revenue Fund Balance To Be Used To Make 11/1/2018 Interest Payment Of $897,298.

* Approximate Amounts - Revenue Account Balance Is As of 10/31/18.

Series 2012 Refunding Bond Information		
Original Par Amount =	$29,100,000	Annual Principal Payments Due:	
Interest Rate = Issue Date = Maturity Date =	6.70%

June 2012

May 2042	May 1st

Annual Interest Payments Due: May 1st & November 1st	

Par Amount As Of 9/30/18 =	
$26,785,000		

REVENUES	FISCAL YEAR 2017/2018
ANNUAL BUDGET	FISCAL YEAR 2017/2018
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2017 - 9/29/2018	
Interest Income (15)	0	2,731	2,731	
Net NAV Collection	163,889	167,472	167,472	
Developer  Contribution	4,367	0	0	
Prepaid Bonds	0	0	0	
				
Total Revenues	$	168,256	$	170,203	$	170,203	
				
EXPENDITURES				
Principal Payments (15)	40,000	40,000	40,000	
Interest Payments (15)	128,256	131,598	131,598	
				
Total Expenditures	$	168,256	$	171,598	$	171,598	
				
Net Excess/ (Shortfall)	$	-	$	(1,395)	$	(1,395)	

FUND BALANCE AS OF 9/30/17	
FY 2017/2018 ACTIVITY	
FUND BALANCE AS OF 9/30/18	

 	
$238,505	
($1,395)	
$237,110	

Notes

Reserve Fund Balance = $171,146*. Revenue Fund Balance = $65,964*.

Revenue Fund Balance To Be Used To Make 11/1/2018 Interest Payment Of $63,628.

* Approximate Amounts

Series 2015 Bond Information		
Original Par Amount =	$2,530,000	Annual Principal Payments Due:	
Interest Rate = Issue Date = Maturity Date =	5.000% - 5.375%

February 2015

May 2045	May 1st

Annual Interest Payments Due: May 1st & November 1st	

Par Amount As Of 9/30/18 =	
$2,415,000		

REVENUES	FISCAL YEAR 2017/2018
ANNUAL BUDGET	FISCAL YEAR 2017/2018
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2017 - 9/29/2018	
Interest Income (16 - Bond)	0	2,314	2,314	
Net NAV Collection	203,000	207,432	207,432	
Developer  Contribution	23,663	16,096	16,096	
Debt Service Bond Proceeds (2016)	0	0	0	
Prepaid Bonds	0	0	0	
				
Total Revenues	$	226,663	$	225,842	$	225,842	
				
EXPENDITURES				
Principal Payments (16 - Bond)	50,000	50,000	50,000	
Interest Payments (16 - Bond)	176,663	177,975	177,975	
				
Total Expenditures	$	226,663	$	227,975	$	227,975	
				
Net Excess/ (Shortfall)	$	-	$	(2,133)	$	(2,133)	

FUND BALANCE AS OF 9/30/17	
FY 2017/2018 ACTIVITY	
FUND BALANCE AS OF 9/30/18	

 	
$202,898	
($2,133)	
$200,765	

Notes

Reserve Fund Balance = $113,331*. Revenue Fund Balance = $87,675*.

Revenue Fund Balance To Be Used To Make 11/1/2018 Interest Payment Of $87,675.
* Approximate Amounts - Revenue Account Balance Is As of 10/31/18.

Series 2016 Bond Information		
Original Par Amount =	$3,390,000	Annual Principal Payments Due:	
Interest Rate =

Issue Date =	5.25%

October 2016	May 1st

Annual Interest Payments Due:	

REVENUES	FISCAL YEAR 2017/2018
ANNUAL BUDGET	FISCAL YEAR 2017/2018
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2017 - 9/29/2018	
Interest Income (16 - BAN)	0	4,439	4,439	
Net NAV Collection	0	0	0	
Developer Contribution	512,681	512,681	512,681	
Debt Service Bond Proceeds (2016)	0	0	0	
Prepaid Bonds	0	0	0	
				
Total Revenues	$	512,681	$	517,120	$	517,120	
				
EXPENDITURES				
Principal Payments (16 - BAN)	0	0	0	
Interest Payments (16 - BAN)	512,681	512,681	512,681	
Transfer To Construction Fund	0	6,575	6,575	
Total Expenditures	$	512,681	$	519,256	$	519,256	
				
Net Excess/ (Shortfall)	$	-	$	(2,136)	$	(2,136)	

FUND BALANCE AS OF 9/30/17	
FY 2017/2018 ACTIVITY	
FUND BALANCE AS OF 9/30/18	

 	
$771,161	
($2,136)	
$769,025	

Notes
Reserve Fund Balance = $512,684*. Interest Fund Balance = $256,341*.
Interest Fund Balance To Be Used To Make 11/1/2018 Interest Payment Of $256,341.
* Approximate Amounts - Interest Account Balance Is As of 10/31/18.

Series 2016 BANS Information		
Original Par Amount =	$11,085,000	Annual Principal Payments Due:	
Interest Rate = Issue Date = Maturity Date =	4.63%
October 2016
November 2021	N/A
Annual Interest Payments Due: May 1st & November 1st	

Par Amount As Of 9/30/18 =	
$11,085,000		

REVENUES	FISCAL YEAR 2017/2018
ANNUAL BUDGET	FISCAL YEAR 2017/2018
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2017 - 9/29/2018	
Interest Income (18 - Bond)	0	200	200	
Net NAV Collection	0	0	0	
Developer  Contribution	0	0	0	
Debt Service Bond Proceeds (2018)	0	297,260	297,260	
Prepaid Bonds	0	0	0	
Total Revenues	$	-	$	297,460	$	297,460	
				
EXPENDITURES				
Principal Payments (18 - Bond)	0	0	0	
Interest Payments (18 - Bond)	0	0	0	
Total Expenditures	$	-	$	-	$	-	
				
Net Excess/ (Shortfall)	$	-	$	297,460	$	297,460	

FUND BALANCE AS OF 9/30/17	
FY 2017/2018 ACTIVITY	
FUND BALANCE AS OF 9/30/18	

 	
$0	
$297,460	
$297,460	

Notes

Reserve Fund Balance = $107,745*. Capitalized Interest Fund Balance = $189,715*.

Capitalized Interest Fund Balance To Be Used To Make 11/1/2018 Interest Payment Of $84,261. Capitalized Interest Set-up through 5/1/2019
Bond Proceeds Deposited To Capital Projects Fund: $3,702,740.

* Approximate Amounts

Series 2018 Bond Information		
Original Par Amount =	$4,000,000	Annual Principal Payments Due:	
Interest Rate = Issue Date = Maturity Date =	4.9% - 5.375%

June 2018

May 2049	May 1st

Annual Interest Payments Due: May 1st & November 1st	

Par Amount As Of 9/30/18 =	
$4,000,000