Ave Maria Stewardship Community District

Final Budget For Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2019/2020 BUDGET

TABLE OF CONTENTS

Budget Summary
Final Budget	3
Detailed Final Budget	4
Budget Comparison To Previous Year	5
Debt Service
Detailed Final Series 2019 (refi of 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

46%

Assessments

54%

Developer Contributions

3%

4%

Administrative

26%

Maintenance

67%

Debt Payments

Discounts & Fees

Page 3

FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

Sources	Revenue	Percentage	
Assessments	$	3,286,296	46%	
Developer Contributions	$	3,901,090	54%	
Other	$	-	0%	
Total Revenue	$	7,187,386	100%	

Sources	Expenditures	Percentage	
Administrative	$	281,048	4%	
Maintenance	$	1,868,500	26%	
Debt Payments	$	4,791,366	67%	
Discounts & Fees	$	246,472	3%	
Total Expenditures	$	7,187,386	100%	

DETAILED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2019/2020 BUDGET	
O & M ASSESSMENTS	917,903	
DEBT ASSESSMENTS	2,368,393	
DEVELOPER CONTRIBUTION FOR O & M	1,300,488	
DEVELOPER CONTRIBUTION FOR DEBT	2,600,602	
OTHER REVENUES	0	
INTEREST	0	
		
TOTAL REVENUES	$	7,187,386	
		
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	2,600	
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	9,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$	281,048	
		
MAINTENANCE EXPENDITURES		
MAINTENANCE	1,868,500	
		
TOTAL MAINTENANCE EXPENDITURES	$	1,868,500	
		
TOTAL EXPENDITURES	$	2,149,548	
		
EXCESS OR (SHORTFALL)	$	5,037,838	
		
BOND PAYMENTS	$	(4,791,366)	
		
BALANCE	$	246,472	
		
COUNTY APPRAISER & TAX COLLECTOR COST	(115,020)	
DISCOUNTS FOR EARLY PAYMENTS	(131,452)	
		
NET EXCESS / (SHORTFALL)	$	-	
Note: Reserve Fund Balance As Of 6-30-19 is $179,024.01

DETAILED FINAL BUDGET COMPARISON AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2017/2018
ACTUAL	
FISCAL YEAR 2018/2019
BUDGET	
FISCAL YEAR 2019/2020
BUDGET	

COMMENTS	
O & M ASSESSMENTS	875,325	874,853	917,903	See Detail on Page 9	
DEBT ASSESSMENTS	2,475,912	2,474,351	2,368,393	See Detail on Page 9	
DEVELOPER CONTRIBUTION FOR O & M	1,610,651	1,187,709	1,300,488		
DEVELOPER CONTRIBUTION FOR DEBT	2,534,448	2,559,854	2,600,602		
OTHER REVENUES	2,785	0	0		
INTEREST	641	0	0		
					
TOTAL REVENUES	$	7,499,763	$	7,096,767	$	7,187,386		
					
EXPENDITURES					
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISORS FEES	7,400	8,000	8,000	No Change From Previous Budget	
PAYROLL TAX EXPENSE	566	612	612	Supervisor Fees * 7.65%	
ENGINEERING	39,600	50,000	50,000	No Change From Previous Budget	
MANAGEMENT	70,216	70,216	70,216	No Change From Previous Budget	
SECRETARIAL	2,000	4,500	4,500	No Change From Previous Budget	
LEGAL	52,627	55,000	55,000	No Change From Previous Budget	
ASSESSMENT ROLL	15,000	15,000	15,000	No Change From Previous Budget	
AUDIT FEES	10,900	12,500	12,500	No Change From Previous Budget	
ARBITRAGE REBATE FEE	2,600	1,500	2,600	$1,100 Increase From Previous Budget	
TRAVEL & LODGING	4,850	2,000	2,000	No Change From Previous Budget	
INSURANCE	10,791	11,870	11,870	No Change From Previous Budget	
LEGAL ADVERTISING	5,039	5,000	5,000	No Change From Previous Budget	
MISCELLANEOUS	1,503	4,000	4,000	No Change From Previous Budget	
POSTAGE	1,422	1,750	1,750	No Change From Previous Budget	
OFFICE SUPPLIES	3,789	3,500	3,500	No Change 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	20,192	22,000	22,000	No Change From Previous Budget	
CONTINUING DISCLOSURE FEE	8,000	8,000	9,000	$1,000 Increase From Previous Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	259,170	$	278,948	$	281,048		
					
MAINTENANCE EXPENDITURES					
MAINTENANCE	2,139,476	1,718,000	1,868,500	Total Maintenance - See Detail On Page 8	
					
TOTAL MAINTENANCE EXPENDITURES	$	2,139,476	$	1,718,000	$	1,868,500		
					
TOTAL EXPENDITURES	$	2,398,646	$	1,996,948	$	2,149,548		
					
EXCESS OR (SHORTFALL)	$	5,101,117	$	5,099,819	$	5,037,838		
					
BOND PAYMENTS	(4,878,052)	$	(4,848,629)	$ (4,791,366.00)	2020 P & I Payments	
					
BALANCE	$	223,065	$	251,190	$	246,472		
					
COUNTY APPRAISER & TAX COLLECTOR COST	(45,735)	(117,222)	(115,020)	3.5% Of Total Roll (2% Appraiser, 1.5% Collector)	
DISCOUNTS FOR EARLY PAYMENTS	(119,993)	(133,968)	(131,452)	4% Of Total Tax Roll	
					
NET EXCESS / (SHORTFALL)	$	57,337	$	-	$	-		
Note: Reserve Fund Balance As Of 6-30-19 is $179,024.01

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2019
FISCAL YEAR 2019/2020 OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018
ACTUAL	FISCAL YEAR 2018/2019
BUDGET	FISCAL YEAR 2019/2020
BUDGET	
Interest Income (19) (refi of 06)	23,527	100	100	
Net NAV Collection (19) (refi of 06)	1,733,932	1,696,156	1,368,889	
Developer Contribution (refi of 06)	0	0	0	
Prepaid Bonds (19) (refi of 06)	0	0	0	
				
Total Revenues	$	1,757,459	$	1,696,256	$	1,368,989	
				
EXPENDITURES				
Principal Payments (19) (refi of 06)	600,000	630,000	865,000	
Extraordinary Principal Pymt (19) (refi of 06)	60,000	0	1,745	
Interest Payments (19) (refi of 06)	1,111,869	1,066,256	502,244	
				
Total Expenditures	$	1,771,869	$	1,696,256	$	1,368,989	
				
Net Excess/ (Shortfall)	$	(14,410)	$	-	$	-	

Series 2019 Bond Information (Refi of 2006)		
Original Par Amount =	$20,310,000	Annual Principal Payments Due:	
Average Interest Rate =	2.725%	May 1st	
Issue Date =	June 2019	Annual Interest Payments Due:	
Maturity Date =	May 2038	May 1st & November 1st	
Par Amount As Of 1/1/19 =	$20,310,000		

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2012
FISCAL YEAR 2019/2020 OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018
ACTUAL	FISCAL YEAR 2018/2019
BUDGET	FISCAL YEAR 2019/2020
BUDGET	
Interest Income (12)	26,704	100	100	
Net NAV Collection (12)	230,674	225,730	375,040	
Developer Contribution (12)	2,009,764	2,019,193	1,870,210	
Prepaid Bonds (12)	0	0	0	
				
Total Revenues	$	2,267,142	$	2,245,023	$	2,245,350	
				
EXPENDITURES				
Principal Payments (12)	435,000	465,000	500,000	
Extraordinary Principal Payments (12)	15,000	0	0	
Interest Payments (12)	1,824,243	1,780,023	1,745,350	
				
Total Expenditures	$	2,274,243	$	2,245,023	$	2,245,350	
				
Net Excess/ (Shortfall)	$	(7,100)	$	-	$	-	

Series 2012 Bond Information		
Original Par Amount =	$29,100,000	Annual Principal Payments Due:	
Interest Rate =	6.700%	May 1st	
Issue Date =	June 2012	Annual Interest Payments Due:	
Maturity Date =	May 2042	May 1st & November 1st	
Par Amount As Of 1/1/19 =	$26,765,000		

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2015 (MAPLE RIDGE) FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018
ACTUAL	FISCAL YEAR 2018/2019
BUDGET	FISCAL YEAR 2019/2020
BUDGET	
Interest Income (15)	2,731	100	100	
Net NAV Collection (15)	167,472	163,889	168,781	
Developer Contribution (15)	0	7,142	0	
Prepaid Bonds (15)	0	0	0	
				
Total Revenues	$	170,204	$	171,131	$	168,881	
				
EXPENDITURES				
Principal Payments (15)	40,000	45,000	45,000	
Extraordinary Principal Payments (15)	0	0	0	
Interest Payments (15)	129,256	126,131	123,881	
				
Total Expenditures	$	169,256	$	171,131	$	168,881	
				
Net Excess/ (Shortfall)	$	947	$	-	$	-	

Series 2015 Bond (Maple Ridge) Information		
Original Par Amount =	$2,530,000	Annual Principal Payments Due:	
Interest Rate =	5.0% - 5.375%	May 1st	
Issue Date =	February 2015	Annual Interest Payments Due:	
Maturity Date =	May 2045	May 1st & November 1st	
Par Amount As Of 1/1/19 =	$2,415,000		

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2016 (MAPLE RIDGE) FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018
ACTUAL	FISCAL YEAR 2018/2019
BUDGET	FISCAL YEAR 2019/2020
BUDGET	
Interest Income (16)	2,314	100	100	
Net NAV Collection (16)	207,432	203,000	226,181	
Developer Contribution (16)	16,096	20,938	0	
Prepaid Bonds (16)	0	0	0	
				
Total Revenues	$	225,843	$	224,038	$	226,281	
				
EXPENDITURES				
Principal Payments (16)	50,000	50,000	55,000	
Extraordinary Principal Payments (16)	0	0	0	
Interest Payments (16)	177,975	174,038	171,281	
				
Total Expenditures	$	227,975	$	224,038	$	226,281	
				
Net Excess/ (Shortfall)	$	(2,132)	$	-	$	-	

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 =	5.250%	May 1st	
Issue Date =	October 2016	Annual Interest Payments Due:	
Maturity Date =	May 2047	May 1st & November 1st	
Par Amount As Of 1/1/19 =	$3,340,000		

DETAILED FINAL DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND - SERIES 2016 (BOND ANTICIPATION NOTES) FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018
ACTUAL	FISCAL YEAR 2018/2019
BUDGET	FISCAL YEAR 2019/2020
BUDGET	
Interest Income (16 BANS)	4,439	100	100	
Net NAV Collection (16 BANS)	0	0	0	
Developer Contribution (16 BANS)	512,681	512,581	512,581	
Prepaid Bonds (16 BANS)	0	0	0	
				
Total Revenues	$	517,121	$	512,681	$	512,681	
				
EXPENDITURES				
Principal Payments (16 BANS)	0	0	0	
Extraordinary Principal Payments (16 BANS)	0	0	0	
Interest Payments (16 BANS)	512,681	512,681	512,681	
				
Total Expenditures	$	512,681	$	512,681	$	512,681	
				
Net Excess/ (Shortfall)	$	4,439	$	-	$	-	

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 =	4.630%	N/A	
Issue Date =	October 2016	Annual Interest Payments Due:	
Maturity Date =	November 2021	May 1st & November 1st	
Par Amount As Of 1/1/19 =	$11,085,000		

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2018 (MAPLE RIDGE) FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	FISCAL YEAR 2017/2018
ACTUAL	FISCAL YEAR 2018/2019
BUDGET	FISCAL YEAR 2019/2020
BUDGET	
Interest Income (18)	0	0	100	
Net NAV Collection (18)	0	0	269,083	
Developer Contribution (18)	0	0	0	
Capitalized Interest To Fund FY 18-19 Interest Payments	0	210,653	0	
				
Total Revenues	$	-	$	210,653	$	269,183	
				
EXPENDITURES				
Principal Payments (18)	0	0	60,000	
Extraordinary Principal Payments (18)	0	0	0	
Interest Payments (18)	0	210,653	209,183	
				
Total Expenditures	$	-	$	210,653	$	269,183	
				
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 =	4.9% - 5.375%	May 1st	
Issue Date =	June 2018	Annual Interest Payments Due:	
Maturity Date =	May 2049	May 1st & November 1st	
Par Amount As Of 1/1/19 =	$4,000,000		

DETAILED FINAL MAINTENANCE BUDGET AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

	FISCAL YEAR 2017/2018
ACTUAL	FISCAL YEAR 2018/2019
BUDGET	FISCAL YEAR 2019/2020
BUDGET	
MAINTENANCE EXPENDITURES				
				
AQUATIC REPLACEMENTS	0	0	0	
IRRIGATION REPAIR	70,000	40,000	85,000	
MISCELLANEOUS MAINTENANCE	4,044	0	0	
ELECTRIC (STREETLIGHTS, LANDSCAPE)	75,353	85,000	85,000	
STREET SWEEPING	0	5,000	5,000	
STRIPING & TRAFFIC MARKINGS	0	25,000	25,000	
STREET LIGHT MAINTENANCE	74,600	50,000	50,000	
SIDEWALK / CURB REPAIRS	28,772	29,500	40,000	
LANDSCAPE MAINT / ENHANCE (ROADWAY, ENTRIES):	107,236	0	0	
MAINTENANCE CONTRACTS	563,140	600,000	615,000	
TREE TRIMMING	62,258	30,000	45,000	
STORM CLEANUP	0	25,000	25,000	
STORM CLEANUP - ELECTRIC	123,977	0	0	
STORM CLEANUP - LANDSCAPING	84,460	0	0	
PLANT REPLACEMENT	27,945	30,000	30,000	
MULCH & MISCELLANEOUS	81,843	80,000	140,000	
WATER MANAGEMENT & DRAINAGE	3,600	4,000	4,000	
ENTRY FEATURE WATER	2,036	1,000	1,000	
MISCELLANEOUS UTILITIES	255	2,500	2,500	
IRRIGATION WATER	69,622	100,000	100,000	
FOUNTAIN MAINTENANCE	24,663	10,000	10,000	
RODENT / PEST CONTROL	3,975	2,000	4,000	
EQUIPMENT REPAIR	789	0	0	
SIGNAGE REPAIR	5,697	10,000	10,000	
STORM DRAIN CLEANING	17,818	15,000	15,000	
DRAINAGE / LAKE MAINTENANCE/ LITTORALS	62,367	60,000	60,000	
AERATORS	800	1,000	1,000	
PRESERVE MAINTENANCE	73,398	50,000	50,000	
SMALL TOOLS	2,468	2,500	2,500	
MISCELLANEOUS REPAIRS	1,610	0	0	
VEHICLE LEASE / FUEL / REPAIRS (MAINT TECH)	2,340	5,000	5,000	
MOSQUITO CONTROL	289,734	200,000	200,000	
FISH STOCKING	0	0	0	
TEMP FIRE FACILITY OPERATING COSTS	87,887	80,000	80,000	
ADMINISTRATIVE SUPPLIES	0	500	500	
MAINTENANCE TECHNICIANS	82,861	82,500	85,500	
BASE MANAGEMENT FEE	18,531	20,000	20,000	
ADMIN PAYROLL	45,269	30,000	30,000	
				
TOTAL MAINTENANCE EXPENDITURES	$	2,099,347	$	1,675,500	$	1,826,000	
				
RESERVE FUND	27,500	27,500	27,500	
CONTINGENCY FUND	12,629	15,000	15,000	
				
TOTAL	$	2,139,476	$	1,718,000	$	1,868,500	

Ave Maria Stewardship Community District Assessment Breakdown 2019-2020

O&M Assessments*
	Number of Total			Category Total	
	Units Platted for		Per Unit Operation	Operation &	
	Fiscal Year 2019-		& Maintenance	Maintenance	
	 	2020			        Assessment		Assessment	
Residential		 	Per				
Multi Family / Attached	166	Unit	$	326.15	$	54,140.90	
Single Family / Detached	2,153	Unit	$	326.15	$	702,200.95	

Other Uses		
 	Per				
ALF Apartments	0	Unit	$	27.78	$	-	
Apartments	0	Unit	$	69.44	$	-	
Low Affordable Housing	48	Unit	$	48.54	$	2,329.92	
Retail/Entertainment/Service	140,442	Sq. Ft.	$	0.37	$	51,963.54	
Professional Offices	51,529	Sq. Ft.	$	0.23	$	11,851.67	
Light Manufacturing	417,048	Sq. Ft.	$	0.15	$	62,557.20	
Hotel	0	Room	$	273.07	$	-	
Medical Facilities	10,904	Sq. Ft.	$	0.75	$	8,178.00	
Institutional - AM University	1,059	Student	$	16.58	$	17,558.22	
Private K-12 School	275	Student	$	25.90	$	7,122.50	

Total				$	917,902.90	

Debt Assessments *

Gross Units Platted	
Units Prepaid	
Net Units Assessed	
Series 2019 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	
$	403.00					
$	403.00	
66,495.00	
Single Family											
	1167	(11)	1156	$	775.00					$	775.00	895,900.00	
	394		394	$	775.00		$	449.69			$	1,224.69	482,527.86	
	270		270	$	775.00			$	673.19		$	1,448.19	391,011.30	
	3		3	$	775.00				$	667.45	$	1,442.45	4,327.35	
	136		136		$	1,271.00				$	1,271.00	172,856.00	
	94		94		$	1,271.00		$	673.19		$	1,944.19	182,753.86	
	89		89		$	1,271.00			$	667.45	$	1,938.45	172,522.05	

2,319	

(12)	
2,307								
Total										2,368,393.42	

* 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 2019-2020

Type	

   Bonds Series 	

Number of Units	
FY 2018-2019
Per Unit Assessment	
FY 2019-2020
Per Unit Assessment	

Multi Family	

2019	

166	

$825.15	

$729.15	
Single Family	2019	1,167	$1,285.15	$1,101.15	
	2019 + 2015	394	$1,734.84	$1,550.84	
	2019 + 2016	270	$1,958.34	$1,774.34	
	2019 + 2018	3	$1,952.60	$1,768.60	
	2012	136	$1,597.15	$1,597.15	
	2012 + 2016	94	$2,270.34	$2,270.34	
	2012 + 2018	89	$2,264.60	$2,264.60	
ALF Apartments		0	$27.78	$27.78	
Apartments		0	$69.44	$69.44	
Low Affordable Housing		48	$48.54	$48.54	
Retail/Entertainment/Service (sqft)		140,442	$0.37	$0.37	
Professional Offices (sqft)		51,529	$0.23	$0.23	
Light Manufacturing (sqft)		417,048	$0.15	$0.15	
Hotel (rooms)		0	$273.07	$273.07	
Medical Facilities (sqft)		10,904	$0.75	$0.75	
Institutional - AM University (students)		1,059	$16.58	$16.58	
Private K-12 School (students)		275	$25.90	$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