Ave Maria Stewardship Community District

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

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	DETAILED FINAL MAINTENANCE BUDGET
V	ASSESSMENT BREAKDOWN

FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	
FISCAL YEAR 2017/2018 BUDGET	
O & M ASSESSMENTS	785,039	
DEBT ASSESSMENTS	2,026,109	
DEVELOPER CONTRIBUTION FOR O & M	985,127	
DEVELOPER CONTRIBUTION FOR DEBT	2,976,397	
OTHER REVENUES	0	
		
TOTAL REVENUES	$		6,772,672	
		
EXPENDITURES		
		
ADMINISTRATIVE EXPENDITURES		
PAYROLL TAXES EXPENSE	612	
SUPERVISORS FEES	8,000	
ENGINEERING	50,000	
MANAGEMENT	70,216	
SECRETARIAL	4,500	
LEGAL	55,000	
ASSESSMENT ROLL	15,000	
AUDIT FEES	8,200	
ARBITRAGE REBATE FEE	1,500	
TRAVEL & LODGING	1,000	
INSURANCE	11,760	
LEGAL ADVERTISING	4,000	
MISCELLANEOUS	4,000	
POSTAGE	1,750	
OFFICE SUPPLIES	3,000	
DUES, LICENSE, & SUBSCRIPTIONS	500	
MISCELLANEOUS FILINGS, NOTICES, ETC.	500	
WEBSITE HOSTING FEES	2,500	
TRUSTEE FEES	15,500	
CONTINUING DISCLOSURE FEE	8,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$		265,538	
		
MAINTENANCE EXPENDITURES		
MAINTENANCE	1,445,750	
MAINTENANCE/INSPECTIONS/ADMIN	0	
TOTAL MAINTENANCE EXPENDITURES	$		1,445,750	
		
TOTAL EXPENDITURES	$		1,711,288	
		
EXCESS OR (SHORTFALL)	$		5,061,384	
		
PAYMENT TO TRUSTEE	$		(4,850,548)	
		
BALANCE	$		210,836	
		
COUNTY APPRAISER & TAX COLLECTOR COST	(98,390)	
DISCOUNTS FOR EARLY PAYMENTS	(112,446)	
		
NET EXCESS / (SHORTFALL)	$		-	

Note: Reserve Fund Balance As Of 7-31-17 is $122,628

I

DETAILED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	
FISCAL YEAR 2015/2016 ACTUAL	
FISCAL YEAR 2016/2017 BUDGET	
FISCAL YEAR 2017/2018 BUDGET	

COMMENTS	
O & M ASSESSMENTS	606,172	720,585	785,039	See Detail on Page 5	
DEBT ASSESSMENTS	1,576,601	1,989,954	2,026,109	See Detail on Page 5	
DEVELOPER CONTRIBUTION FOR O & M	1,298,476	1,020,841	985,127		
DEVELOPER CONTRIBUTION FOR DEBT	2,549,934	2,288,814	2,976,397		
OTHER REVENUES	1,693	0	0		
BOND PREPAYENTS RECEIVED	23,691	0	0		
BOND PREPAYMENTS SENT TO TRUSTEE	(23,691)	0	0		
					
TOTAL REVENUES	$	6,032,876	$	6,020,194	$	6,772,672		
					
EXPENDITURES					
					
ADMINISTRATIVE  EXPENDITURES					
PAYROLL TAX EXPENSE	490	612	612	No Change From Previous Budget	
SUPERVISORS FEES	6,400	8,000	8,000	No Change From Previous Budget	
ENGINEERING	46,256	50,000	50,000	No Change From Previous Budget	
MANAGEMENT	55,000	70,216	70,216	No Change From Previous Budget	
SECRETARIAL	2,000	4,500	4,500	No Change From Previous Budget	
LEGAL	72,221	40,000	55,000	$15,000 Increase From Previous Budget	
ASSESSMENT ROLL	15,000	15,000	15,000	No Change From Previous Budget	
AUDIT FEES	7,500	8,200	8,200	No Change From Previous Budget	
ARBITRAGE REBATE FEE	1,300	1,500	1,500	No Change From Previous Budget	
TRAVEL & LODGING	0	2,000	1,000	$1,000 Decrease From Previous Budget	
INSURANCE	10,538	11,760	11,760	No Change From Previous Budget	
LEGAL ADVERTISING	4,322	2,000	4,000	$2,000 Increase From Previous Budget	
MISCELLANEOUS	3,585	1,455	4,000	$1,545 Increase From Previous Budget	
POSTAGE	1,295	1,750	1,750	No Change From Previous Budget	
OFFICE SUPPLIES	2,637	3,000	3,000	No Change From Previous Budget	
DUES, LICENSE, & SUBSCRIPTIONS	175	500	500	No Change From Previous Budget	
MISCELLANEOUS FILINGS, NOTICES, ETC.	0	1,000	500	$500 Decrease From Previous Budget	
WEBSITE HOSTING FEES	2,500	2,500	2,500	No Change From Previous Budget	
TRUSTEE FEES	15,242	13,000	15,500	$2,500 Increase From Previous Budget	
CONTINUING DISCLOSURE FEE	6,000	5,000	8,000	$3,000 Increase From Previous Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	252,461	$	241,993	$	265,538		
					
MAINTENANCE  EXPENDITURES					
MAINTENANCE	1,649,125	1,445,389	1,445,750	Total Maintenance - See Detail On Page 4	
MAINTENANCE/INSPECTIONS/PERMIT	0	0	0		
TOTAL MAINTENANCE EXPENDITURES	$	1,649,125	$	1,445,389	$	1,445,750		
					
TOTAL EXPENDITURES	$	1,901,586	$	1,687,382	$	1,711,288		
					
EXCESS OR (SHORTFALL)	$	4,131,290	$	4,332,812	$	5,061,384		
					
BOND PAYMENTS	(4,043,029)	$	(4,129,521)	$	(4,850,548)	2018 P & I Payments	
					
BALANCE	$	88,261	$	203,291	$	210,836		
					
COUNTY APPRAISER & TAX COLLECTOR COST	(58,493)	(94,869)	(98,390)	3.5% Of Total Roll (2% Appraiser, 1.5% Collector)	
DISCOUNTS FOR EARLY PAYMENTS	(73,422)	(108,422)	(112,446)	4% Of Total Tax Roll	
					
NET EXCESS / (SHORTFALL)	$	(43,654)	$	-	$	-		

Note: Reserve Fund Balance As Of 7-31-17 is $122,628

II

DETAILED FINAL DEBT SERVICE FUND BUDGET AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

REVENUES	FISCAL YEAR 2015/2016 ACTUALS	FISCAL YEAR 2016/2017 BUDGET	FISCAL YEAR 2017/2018 BUDGET	

COMMENTS	

Interest Income ('06 Bond)	
1,782	
0	
0		

Interest Income ('12 Bond)	
30,269	
0	
0		

Net NAV Collection	
1,493,095	
1,840,707	
1,874,151	
Per Assessment Breakdown (page 5) less 7.5% for Discounts and Fees	

Developer Contribution	
2,549,934	
2,288,814	
2,976,397		

Prepaid Bond Collection	
23,691	
0	
0		

Total Revenues	
$	4,098,771	
$	4,129,521	
$	4,850,548		

EXPENDITURES					

Principal Payments ('06 Bond)	
705,000	
570,000	
600,000	
2006 Bond Principal Payment Due In 2018	

Interest Payments ('06 Bond)	
1,181,313	
1,138,775	
1,097,775	
2006 Bond Interest Payments Due In 2018	

Principal Payments ('12 Bond)	
425,000	
410,000	
435,000	
2012 Bond Principal Payment Due In 2018	

Interest Payments ('12 Bond)	
1,881,193	
1,840,490	
1,810,173	
2012 Bond Interest Payments Due In 2018	

Principal Payments ('15 Bond)	
35,000	
40,000	
40,000	
2015 Bond Principal Payment Due In 2018	

Interest Payments ('15 Bond)	
133,006	
130,256	
128,256	
2015 Bond Interest Payments Due In 2018	

Principal Payments ('16 Bond)	
0	
0	
50,000	
2016 Bond Principal Payment Due In 2018	

Interest Payments ('16 Bond)	
0	
0	
176,663	
2016 Bond Interest Payments Due In 2018	

Principal Payments ('16 BAN)	
0	
0	
0	
2016 BAN Principal Payment Due In 2018	

Interest Payments ('16 BAN)	
0	
0	
512,681	
2016 BAN Interest Payments Due In 2018	

Total Expenditures	
$	4,360,511	
$	4,129,521	
$	4,850,548		

Excess / (Shortfall)	
$	(261,740)	
$	-	
$	-		

Series 2006 Bond Information
Original Par Amount =	$26,245,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	5.125%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	December 2006			
Maturity Date =	May 2038			
Series 2012 Bond Information
Original Par Amount =	$29,100,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	6.700%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	June 2012			
Maturity Date =	May 2042			
Series 2015 Bond Information
Original Par Amount =	$2,530,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	5.000% - 5.375%  Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	March 2015		
Maturity Date =	May 2045		
Series 2016 Bond Information
Original Par Amount =	$3,390,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	5.250%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	October 2016			
Maturity Date =	May 2047			
Series 2016 BAN Information
Original Par Amount =	$11,085,000	Annual Principal Payments Due =	N/A	
Interest Rate =	4.625%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	October 2016			
Maturity Date =	November 2021			

DETAILED FINAL MAINTENANCE BUDGET AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2017/2018
OCTOBER 1, 2017 - SEPTEMBER 30, 2018

	FISCAL YEAR 2015/2016 ACTUAL	FISCAL YEAR 2016/2017 BUDGET	FISCAL YEAR 2017/2018 BUDGET	
MAINTENANCE  EXPENDITURES				
				
HIGH TECH CROSSWALKS	186,442	0	0	
AQUATIC REPLACEMENTS	0	3,000	3,000	
IRRIGATION REPAIR	39,607	30,000	40,000	
SIGNS	0	0	2,000	
MISCELLANEOUS  MAINTENANCE	0	0	0	
ELECTRIC (STREETLIGHTS, LANDSCAPE)	76,228	90,000	80,000	
STREET SWEEPING	0	5,000	5,000	
STRIPING & TRAFFIC MARKINGS	1,006	10,000	10,000	
STREET LIGHT MAINTENANCE	60,223	40,000	50,000	
SIDEWALK / CURB REPAIRS	29,450	29,500	29,500	
LANDSCAPE MAINTENANCE (ROADWAY, ENTRIES):	111	0	0	
MAINTENANCE CONTRACTS	468,476	470,000	500,000	
TREE TRIMMING	39,835	40,639	55,000	
STORM CLEANUP	9,676	25,000	25,000	
PLANT REPLACEMENT	30,960	30,000	30,000	
MULCH & MISCELLANEOUS	75,213	80,000	80,000	
WATER MANAGEMENT & DRAINAGE	3,829	3,000	4,000	
ENTRY FEATURE WATER	196	0	1,000	
MISCELLANEOUS UTILITIES	14,791	5,000	5,000	
IRRIGATION WATER	79,821	80,000	60,000	
FOUNTAIN MAINTENANCE	8,579	10,000	10,000	
RODENT / PEST CONTROL	1,181	2,000	2,000	
EQUIPMENT REPAIR	825	1,000	0	
SIGNAGE REPAIR	2,438	8,000	8,000	
STORM DRAIN CLEANING	0	4,250	4,250	
DRAINAGE / LAKE MAINTENANCE/ LITTORALS	48,975	70,000	50,000	
AERATORS	4,498	9,000	9,000	
PRESERVE MAINTENANCE	30,270	40,000	40,000	
SMALL TOOLS	2,482	2,000	5,000	
MISCELLANEOUS REPAIRS	2,480	5,000	0	
VEHICLE LEASE / FUEL / REPAIRS (MAINT TECH)	1,867	10,000	5,000	
MOSQUITO CONTROL	247,070	110,000	110,000	
FISH STOCKING	0	5,000	5,000	
TEMP FIRE FACILITY OPERATING COSTS	47,928	65,000	55,000	
ADMINISTRATIVE SUPPLIES	230	500	500	
MAINTENANCE  TECHNICIANS	77,314	70,000	70,000	
BASE MANAGEMENT FEE	17,547	20,000	20,000	
ADMIN PAYROLL	39,577	30,000	30,000	
				
TOTAL MAINTENANCE EXPENDITURES	$	1,649,125	$	1,402,889	$	1,403,250	
				
RESERVE FUND	0	27,500	27,500	
CONTINGENCY FUND	0	15,000	15,000	
				
TOTAL	$	1,649,125	$	1,445,389	$	1,445,750	

Ave Maria Stewardship Community District Assessment Breakdown 2017-2018

	

Number of Series 2006 Units Platted for Fiscal Year 2017-2018	

Number of Series 2015 Units Platted for Fiscal Year 2017- 2018	

Number of Series 2016 Units Platted for Fiscal Year 2017-2018	Number of Total Units Platted for Fiscal Year 2017-2018	

Per	
Residential						
Townhome / Condos	72	0	0	72	Unit	
Carriage/Attached  Villa	94	0	0	94	Unit	
Detached Villa 46'/52'	720	123	0	843	Unit	
Single Family 52'/55'	244	141	131	516	Unit	
Single Family 60'/65'	160	79	33	272	Unit	
Single Family 70'/75'	52	0	0	52	Unit	
Single Family 90'	0	51	0	51	Unit	
						
Other Uses					Per	
ALF Apartments	0	0	0	0	Unit	
Apartments	0	0	0	0	Unit	
Low Affordable Housing	48	0	0	48	Unit	

Retail/Entertainment/Service	195,469	0	0	195,469	Sq. Ft.	
Professional Offices	251,686	0	0	251,686	Sq. Ft.	
Light Manufacturing	0	0	0	0	Sq. Ft.	
Hotel	0	0	0	0	Room	
Medical Facilities	10,904	0	0	10,904	Sq. Ft.	

Institutional - AM University	1,075	0	0	1,075	
Student	
Private K-12 School	263	0	0	263	
Student	
						
Total						

 	

Operation & Maintenance Assessment	

Total Operation & Maintenance Assessment	
		
$	326.15	$	23,482.80	
$	326.15	$	30,658.10	
$	326.15	$     274,944.45	
$	326.15	$     168,293.40	
$	326.15	$	88,712.80	
$	326.15	$	16,959.80	
$	326.15	$	16,633.65	

$	27.78	$	-	
$	69.44	$	-	
$	48.54	$	2,329.92	
$	0.37	$	72,323.53	
$	0.23	$	57,887.78	
$	0.15	$	-	
$	273.07	$	-	
$	0.75	$	8,178.00	
$	16.58	$	17,823.50	
$	25.90	$	6,811.70	
		
	$     785,039.43	

 	

Series 2006 Debt Assessment per Unit	

Total Series 2006 Debt Assessment	

Series 2015 Debt Assessment per Unit	

Total Series 2015 Debt Assessment	

Series 2016 Debt Assessment per Unit	

Total Series 2016 Debt Assessment	

Number of Bond Prepayments	

Total Debt Assessment Prepayments	

Total Debt Assessment less Prepayments	
									
$	499.00	$	35,928.00	$	449.69	$	-	$	673.19	$	-	1	$	(499.00)	$	35,429.00	
$	499.00	$	46,906.00	$	449.69	$	-	$	673.19	$	-		$	-	$	46,906.00	
$	959.00	$	808,437.00	$	449.69	$   55,311.87	$	673.19	$	-	6	$    (5,754.00)	$	857,994.87	
$	959.00	$	494,844.00	$	449.69	$   63,406.29	$	673.19	$   88,187.89	1	$	(959.00)	$	645,479.18	
$	959.00	$	260,848.00	$	449.69	$   35,525.51	$	673.19	$   22,215.27		$	-	$	318,588.78	
$	959.00	$	49,868.00	$	449.69	$	-	$	673.19	$	-		$	-	$	49,868.00	
$	959.00	$	48,909.00	$	449.69	$   22,934.19	$	673.19	$	-		$	-	$	71,843.19	

									

									

									

									
									
	$   1,745,740.00		$ 177,177.86		$ 110,403.16	8	$    (7,212.00)	$	2,026,109.02	

Assessments Include the Following :		Community Information:	
4% Discount for Early Payments		Total Platted Residential Units	1,900	
1.5% County Tax Collector Administrative Cost		Prepayments	8	
2% County Property Appraiser Administrative Cost		Billed for Debt	1,892	

*Note: 70 units included in Detached Villas 46'/52' are classified just as "Single Family" in Liberty Park and Hampton Village Replat.
The actual unit types (size) will be determined at a future date, but they will be single family so they will have the same assessment as the other single family properties. Also, this category includes all Single Family units smaller than 46'. All Single family have the same charge.

V