Ave Maria Stewardship Community District

Final Budget For Fiscal Year 2018/2019
October 1, 2018 - September 30, 2019

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FY 2018/2019 BUDGET

TABLE OF CONTENTS

Budget Summary
Final      Budget…………………………………………………………......................	3
Detailed Final Budget………………………………………………………….……	4
Budget Comparison to Previous Year...………………......................................	5
Debt Service
Detailed Final Series 2006 Debt Service Fund Budget…………………….…...	6
Detailed Final Series 2012 Debt Service Fund Budget……………….………...	7
Detailed Final Series 2015 (Maple Ridge) Debt Service Fund Budget………..	8
Detailed Final Series 2016 (Maple Ridge) Debt Service Fund Budget………..	9
Detailed Final Series 2016 BANS Debt Service Fund Budget…………….......	10
Detailed Final Series 2018 (Maple Ridge) Debt Service Fund Budget………..	11
Maintenance & Assessments Breakdown
Detailed Final Maintenance Budget……………………………………………….	12
Assessment      Breakdown………………...……………….…………………………	13
Assessment      Comparison…..….…………………………………………...………	14

FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

Sources	Revenue	Percentage	
Assessments	$	3,349,204	47%	
Developer Contributions	$	3,747,563	53%	
Other	$	-	0%	
Total Revenue	$	7,096,767	100%	

53%	47%	

Assessments Developer Contrib	

utions	

Sources	

Expenditures	

Percentage	
Administrative	$	278,948	4%	
Maintenance	$	1,718,000	24%	
Debt Payments	$	4,848,629	68%	
Discounts & Fees	$	251,190	4%	
Total Expenditures	$	7,096,767	100%	

4%

4%

Administrative

24%

Maintenance

68%

Debt Payments

Discounts & Fees

Page 3

DETAILED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2018/2019 BUDGET	
O & M ASSESSMENTS	874,853	
DEBT ASSESSMENTS	2,474,351	
DEVELOPER CONTRIBUTION FOR O & M	1,187,709	
DEVELOPER CONTRIBUTION FOR DEBT	2,559,854	
OTHER REVENUES	0	
INTEREST	0	
		
TOTAL REVENUES	$		7,096,767	
		
EXPENDITURES		
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISORS FEES	8,000	
PAYROLL TAX EXPENSE	612	
ENGINEERING	50,000	
MANAGEMENT	70,216	
SECRETARIAL	4,500	
LEGAL	55,000	
ASSESSMENT ROLL	15,000	
AUDIT FEES	12,500	
ARBITRAGE REBATE FEE	1,500	
TRAVEL & LODGING	2,000	
INSURANCE	11,870	
LEGAL ADVERTISING	5,000	
MISCELLANEOUS	4,000	
POSTAGE	1,750	
OFFICE SUPPLIES	3,500	
DUES, LICENSE, & SUBSCRIPTIONS	500	
MISCELLANEOUS FILINGS, NOTICES, ETC.	500	
WEBSITE HOSTING FEES	2,500	
TRUSTEE FEES	22,000	
CONTINUING DISCLOSURE FEE	8,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$		278,948	
		
MAINTENANCE EXPENDITURES		
MAINTENANCE	1,718,000	
		
TOTAL MAINTENANCE EXPENDITURES	$		1,718,000	
		
TOTAL EXPENDITURES	$		1,996,948	
		
EXCESS OR (SHORTFALL)	$		5,099,819	
		
BOND PAYMENTS	$		(4,848,629)	
		
BALANCE	$		251,190	
		
COUNTY APPRAISER & TAX COLLECTOR COST	(117,222)	
DISCOUNTS FOR EARLY PAYMENTS	(133,968)	
		
NET EXCESS / (SHORTFALL)	$		-	

Note: Reserve Fund Balance As Of 6-30-18 is $150,783

DETAILED FINAL BUDGET COMPARISON AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	
FISCAL YEAR 2016/2017 ACTUAL	
FISCAL YEAR 2017/2018 BUDGET	
FISCAL YEAR 2018/2019 BUDGET	

COMMENTS	
O & M ASSESSMENTS	720,997	874,853	874,853	See Detail on Page 9	
DEBT ASSESSMENTS	1,990,478	2,475,098	2,474,351	See Detail on Page 9	
DEVELOPER CONTRIBUTION FOR O & M	1,586,339	902,049	1,187,709		
DEVELOPER CONTRIBUTION FOR DEBT	2,237,647	2,561,082	2,559,854		
OTHER REVENUES	967	0	0		
INTEREST	552	0	0		
					
TOTAL REVENUES	$	6,536,980	$	6,813,082	$	7,096,767		
					
EXPENDITURES					
					
ADMINISTRATIVE  EXPENDITURES					
SUPERVISORS FEES	5,600	8,000	8,000	No Change From Previous Budget	
PAYROLL TAX EXPENSE	428	612	612	Supervisor Fees * 7.65%	
ENGINEERING	25,778	50,000	50,000	No Change From Previous Budget	
MANAGEMENT	66,412	70,216	70,216	No Change From Previous Budget	
SECRETARIAL	2,000	4,500	4,500	No Change From Previous Budget	
LEGAL	48,619	55,000	55,000	No Change From Previous Budget	
ASSESSMENT ROLL	15,000	15,000	15,000	No Change From Previous Budget	
AUDIT FEES	7,700	8,200	12,500	Increased Due To Additional Bond Issues	
ARBITRAGE REBATE FEE	1,300	1,500	1,500	No Change From Previous Budget	
TRAVEL & LODGING	4,925	1,000	2,000	$1,000 Increase From Previous Budget	
INSURANCE	10,642	11,760	11,870	Insurance Company Estimate	
LEGAL ADVERTISING	5,345	4,000	5,000	$1,000 Increase From Previous Budget	
MISCELLANEOUS	3,245	4,000	4,000	No Change From Previous Budget	
POSTAGE	1,452	1,750	1,750	No Change From Previous Budget	
OFFICE SUPPLIES	3,282	3,000	3,500	$500 Increase From Previous Budget	
DUES, LICENSE, & SUBSCRIPTIONS	175	500	500	No Change From Previous Budget	
MISCELLANEOUS FILINGS, NOTICES, ETC.	0	500	500	No Change From Previous Budget	
WEBSITE HOSTING FEES	2,500	2,500	2,500	No Change From Previous Budget	
TRUSTEE FEES	15,242	15,500	22,000	Increased Due To Additional Bond Issues	
CONTINUING DISCLOSURE FEE	8,000	8,000	8,000	No Change From Previous Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	227,645	$	265,538	$	278,948		
					
MAINTENANCE EXPENDITURES					
MAINTENANCE	1,964,779	1,445,750	1,718,000	Total Maintenance - See Detail On Page 8	
					
TOTAL MAINTENANCE EXPENDITURES	$	1,964,779	$	1,445,750	$	1,718,000		
					
TOTAL EXPENDITURES	$	2,192,424	$	1,711,288	$	1,996,948		
					
EXCESS OR (SHORTFALL)	$	4,344,556	$	5,101,794	$	5,099,819		
					
BOND PAYMENTS	(4,119,657)	$	(4,850,548)	$	(4,848,629)	2019 P & I Payments	
					
BALANCE	$	224,899	$	251,246	$	251,190		
					
COUNTY APPRAISER & TAX COLLECTOR COST	(75,800)	(117,248)	(117,222)	3.5% Of Total Roll (2% Appraiser, 1.5% Collector)	
DISCOUNTS FOR EARLY PAYMENTS	(95,181)	(133,998)	(133,968)	4% Of Total Tax Roll	
					
NET EXCESS / (SHORTFALL)	$	53,918	$	-	$	-		

Note: Reserve Fund Balance As Of 6-30-18 is $150,783

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2006
FISCAL YEAR 2018/2019 OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017
ACTUAL	FISCAL YEAR 2017/2018
BUDGET	FISCAL YEAR 2018/2019
BUDGET	
Interest Income (06)	4,865	0	100	
Net NAV Collection (06)	1,167,679	1,697,775	1,696,156	
Developer Contribution (06)	531,000	0	0	
Prepaid Bonds (06)	5,969	0	0	
				
Total Revenues	$	1,709,513	$	1,697,775	$	1,696,256	
				
EXPENDITURES				
Principal Payments (06)	570,000	600,000	630,000	
Extraordinary Principal Payments (06)	60,000	0	0	
Interest Payments (06)	1,143,900	1,097,775	1,066,256	
				
Total Expenditures	$	1,773,900	$	1,697,775	$	1,696,256	
				
Net Excess/ (Shortfall)	$	(64,387)	$	-	$	-	

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 1/1/18 =	$21,670,000		

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2012
FISCAL YEAR 2018/2019 OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017
ACTUAL	FISCAL YEAR 2017/2018
BUDGET	FISCAL YEAR 2018/2019
BUDGET	
Interest Income (12)	24,022	0	100	
Net NAV Collection (12)	477,183	225,730	225,730	
Developer Contribution (12)	1,771,539	2,019,443	2,019,193	
Prepaid Bonds (12)	0	0	0	
				
Total Revenues	$	2,272,744	$	2,245,173	$	2,245,023	
				
EXPENDITURES				
Principal Payments (12)	410,000	435,000	465,000	
Extraordinary Principal Payments (12)	30,000	0	0	
Interest Payments (12)	1,853,220	1,810,173	1,780,023	
				
Total Expenditures	$	2,293,220	$	2,245,173	$	2,245,023	
				
Net Excess/ (Shortfall)	$	(20,476)	$	-	$	-	

Series 2012 Bond Information		
Original Par Amount =	$29,100,000	Annual Principal Payments Due:	
Interest Rate = Issue Date = Maturity Date =	6.700%
June 2012
May 2042	May 1st
Annual Interest Payments Due: May 1st & November 1st	
Par Amount As Of 1/1/18 =	$27,220,000		

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2015 (MAPLE RIDGE) FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017
ACTUAL	FISCAL YEAR 2017/2018
BUDGET	FISCAL YEAR 2018/2019
BUDGET	
Interest Income (15)	710	0	100	
Net NAV Collection (15)	172,256	163,889	163,889	
Developer Contribution (15)	0	4,367	7,142	
Prepaid Bonds (15)	0	0	0	
				
Total Revenues	$		172,966	$		168,256	$		171,131	
				
EXPENDITURES				
Principal Payments (15)	40,000	40,000	45,000	
Extraordinary Principal Payments (15)	0	0	0	
Interest Payments (15)	131,256	128,256	126,131	
				
Total Expenditures	$		171,256	$		168,256	$		171,131	
				
Net Excess/ (Shortfall)	$		1,710	$		-	$		-	

Series 2015 Bond (Maple Ridge) Information		
Original Par Amount =	$2,530,000	Annual Principal Payments Due:	
Interest Rate = Issue Date = Maturity Date =	5.0% - 5.375%
February 2015
May 2045	May 1st
Annual Interest Payments Due: May 1st & November 1st	
Par Amount As Of 1/1/18 =	$2,455,000		

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2016 (MAPLE RIDGE) FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017
ACTUAL	FISCAL YEAR 2017/2018
BUDGET	FISCAL YEAR 2018/2019
BUDGET	
Interest Income (16)	579	0	100	
Net NAV Collection (16)	0	203,000	203,000	
Developer Contribution (16)	0	23,663	20,938	
Prepaid Bonds (16)	0	0	0	
				
Total Revenues	$		579	$		226,663	$		224,038	
				
EXPENDITURES				
Principal Payments (16)	0	50,000	50,000	
Extraordinary Principal Payments (16)	0	0	0	
Interest Payments (16)	88,493	176,663	174,038	
				
Total Expenditures	$		88,493	$		226,663	$		224,038	
				
Net Excess/ (Shortfall)	$		(87,914)	$		-	$		-	

Note: Capitalized Interest Was Set-Up Through November 1, 2017

Series 2016 Bond (Maple Ridge) Information		
Original Par Amount =	$3,390,000	Annual Principal Payments Due:	
Interest Rate = Issue Date = Maturity Date =	5.250%
October 2016
May 2047	May 1st
Annual Interest Payments Due: May 1st & November 1st	
Par Amount As Of 1/1/18 =	$3,390,000		

DETAILED FINAL DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND - SERIES 2016 (BOND ANTICIPATION NOTES) FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017
ACTUAL	FISCAL YEAR 2017/2018
BUDGET	FISCAL YEAR 2018/2019
BUDGET	
Interest Income (16 BANS)	2,139	0	100	
Net NAV Collection (16 BANS)	0	0	0	
Developer Contribution (16 BANS)	0	512,681	512,581	
Prepaid Bonds (16 BANS)	0	0	0	
				
Total Revenues	$	2,139	$		512,681	$		512,681	
				
EXPENDITURES				
Principal Payments (16 BANS)	0	0	0	
Extraordinary Principal Payments (16 BANS)	0	0	0	
Interest Payments (16 BANS)	254,917	512,681	512,681	
				
Total Expenditures	$	254,917	$		512,681	$		512,681	
				
Net Excess/ (Shortfall)	$	(252,778)	$		-	$		-	

Note: Capitalized Interest Was Set-Up Through November 1, 2017

Series 2016 BANS Information		
Original Par Amount =	$11,085,000	Annual Principal Payments Due:	
Interest Rate = Issue Date = Maturity Date =	4.630%
October 2016
November 2021	N/A
Annual Interest Payments Due: May 1st & November 1st	
Par Amount As Of 1/1/18 =	$11,085,000		

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2018 (MAPLE RIDGE) FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2016/2017
ACTUAL	FISCAL YEAR 2017/2018
BUDGET	FISCAL YEAR 2018/2019
BUDGET	
Interest Income (18)	0	0	0	
Net NAV Collection (18)	0	0	0	
Developer Contribution (18)	0	0	0	
Capitalized Interest To Fund FY 18-19 Interest Payments	0	0	189,587	
				
Total Revenues	$		-	$		-	$		189,587	
				
EXPENDITURES				
Principal Payments (18)	0	0	0	
Extraordinary Principal Payments (18)	0	0	0	
Interest Payments (18)	0	0	189,587	
				
Total Expenditures	$		-	$		-	$		189,587	
				
Net Excess/ (Shortfall)	$		-	$		-	$		-	

Note: Capitalized Interest Was Set-Up Through May 1, 2019

Series 2018 Bond (Maple Ridge) 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 6/7/18 =	$4,000,000		

DETAILED FINAL MAINTENANCE BUDGET AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

	FISCAL YEAR 2016/2017 ACTUAL	FISCAL YEAR 2017/2018 BUDGET	FISCAL YEAR 2018/2019 BUDGET	
MAINTENANCE  EXPENDITURES				
				
AQUATIC REPLACEMENTS	0	3,000	0	
IRRIGATION REPAIR	74,938	40,000	40,000	
MISCELLANEOUS  MAINTENANCE	0	0	0	
ELECTRIC (STREETLIGHTS, LANDSCAPE)	88,054	80,000	85,000	
STREET SWEEPING	75	5,000	5,000	
STRIPING & TRAFFIC MARKINGS	98	10,000	25,000	
STREET LIGHT MAINTENANCE	68,618	50,000	50,000	
SIDEWALK / CURB REPAIRS	30,208	29,500	29,500	
LANDSCAPE MAINTENANCE (ROADWAY, ENTRIES):	590	0	0	
MAINTENANCE CONTRACTS	513,116	500,000	600,000	
TREE TRIMMING	18,126	55,000	30,000	
STORM CLEANUP	0	25,000	25,000	
STORM CLEANUP - ELECTRIC	7,493	0	0	
STORM CLEANUP - LANDSCAPING	310,709	0	0	
PLANT REPLACEMENT	50,080	30,000	30,000	
MULCH & MISCELLANEOUS	87,677	80,000	80,000	
WATER MANAGEMENT & DRAINAGE	4,960	4,000	4,000	
ENTRY FEATURE WATER	150	1,000	1,000	
MISCELLANEOUS UTILITIES	0	5,000	2,500	
IRRIGATION WATER	69,755	60,000	100,000	
FOUNTAIN MAINTENANCE	15,558	10,000	10,000	
RODENT / PEST CONTROL	300	2,000	2,000	
EQUIPMENT REPAIR	2,381	0	0	
SIGNAGE REPAIR	2,314	10,000	10,000	
STORM DRAIN CLEANING	0	4,250	15,000	
DRAINAGE / LAKE MAINTENANCE/ LITTORALS	74,039	50,000	60,000	
AERATORS	0	9,000	1,000	
PRESERVE MAINTENANCE	77,526	40,000	50,000	
SMALL TOOLS	3,155	5,000	2,500	
MISCELLANEOUS REPAIRS	555	0	0	
VEHICLE LEASE / FUEL / REPAIRS (MAINT TECH)	21,895	5,000	5,000	
MOSQUITO CONTROL	223,818	110,000	200,000	
FISH STOCKING	0	5,000	0	
TEMP FIRE FACILITY OPERATING COSTS	74,908	55,000	80,000	
ADMINISTRATIVE SUPPLIES	0	500	500	
MAINTENANCE  TECHNICIANS	81,335	70,000	82,500	
BASE MANAGEMENT FEE	18,083	20,000	20,000	
ADMIN PAYROLL	44,265	30,000	30,000	
				
TOTAL MAINTENANCE EXPENDITURES	$	1,964,779	$	1,403,250	$	1,675,500	
				
RESERVE FUND	0	27,500	27,500	
CONTINGENCY FUND	0	15,000	15,000	
				
TOTAL	$	1,964,779	$	1,445,750	$	1,718,000	

Ave Maria Stewardship Community District Assessment Breakdown 2018-2019

O&M Assessments*

Residential	Number of Total
Units Platted for	Per Unit Operation
Fiscal Year 2018-	& Maintenance
 	2019	 	Assessment 

Per
166	Unit	$	326.15
2,026	Unit	$	326.15

Per
0	Unit	$	27.78
0	Unit	$	69.44
48	Unit	$	48.54
140,442	Sq. Ft.	$	0.37
51,529	Sq. Ft.	$	0.23
417,048	Sq. Ft.	$	0.15
0	Room	$	273.07
10,904	Sq. Ft.	$	0.75
1,042	Student	$	16.58
223	Student	$	25.90	Category Total Operation & Maintenance Assessment	

$	

54,140.90	
Multi Family / Attached Single Family / Detached

Other Uses				
		$	660,779.90	
ALF Apartments Apartments
Low Affordable Housing Retail/Entertainment/Service Professional  Offices
Light Manufacturing Hotel
Medical  Facilities Institutional - AM University Private K-12 School		$	-	
		$	-	
		$	2,329.92	
		$	51,963.54	
		$	11,851.67	
		$	62,557.20	
		$	-	
		$	8,178.00	
		$	17,276.36	
		$	5,775.70	
Total		$	874,853.19	

Debt Assessments *

Gross Units Platted	
Units Prepaid	
Net Units Assessed	
Series 2006 Bonds		
Series 2012 Bonds	
Series 2015 MR Bonds	
Series 2016 MR Bonds	
Series 2018 MR Bonds	Total Debt
Assessment Per Unit	Total Debt
Assessment On Roll	
Multi Family	

166	

(1)	

165	

$	

499.00							

$	

499.00	

82,335.00	
Single Family															
	1170	(7)	1163	$	959.00							$	959.00	1,115,317.00	
	394		394	$	959.00			$	449.69			$	1,408.69	555,023.86	
	270		270	$	959.00					$	673.19	$	1,632.19	440,691.30	
	136		136			$	1,271.00					$	1,271.00	172,856.00	
	56		56			$	1,271.00			$	673.19	$	1,944.19	108,874.64	

2,192	(8)	2,184		
Total		2,475,097.80	

* All Assessments Include the Following :  4% Discount for Early Payments
1.5% County Tax Collector Administrative Cost
2% County Property Appraiser Administrative Cost

Page 13

Ave Maria Stewardship Community District Debt Assessment Comparison 2018-2019

Type	
FY 2017-2018
Number of	Per Unit
   Bonds Series	 	Units	Assessment 

2006	166	$825.15

2006	1,170	$1,285.15

2006 + 2015	394	$1,734.84

2006 + 2016	270	$1,958.34

2012	136	$1,597.15

2012 + 2016	56	$2,270.34

0	$27.78

0	$69.44

48	$48.54

140,442 sqft	$0.37

51,529 sqft	$0.23

417,048 sqft	$0.15

0 rooms	$273.07

10,904 sq ft	$0.75

1,042 students	$16.58

223 students	$25.90	
FY 2018-2019
Per Unit Assessment	

Multi Family		

$825.15	
Single Family		$1,285.15	
		$1,734.84	
		$1,958.34	
		$1,597.15	
		$2,270.34	
ALF Apartments		$27.78	
Apartments		$69.44	
Low Affordable Housing		$48.54	
Retail/Entertainment/Service		$0.37	
Professional Offices		$0.23	
Light Manufacturing		$0.15	
Hotel		$273.07	
Medical Facilities		$0.75	
Institutional - AM University		$16.58	
Private K-12 School		$25.90	

Assessments Include the Following : 4% Discount for Early Payments
1.5% County Tax Collector Administrative Cost
2% County Property Appraiser Administrative Cost

Page 14