Ave Maria Stewardship Community District

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

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FY 2018/2019 AMENDED FINAL BUDGET

TABLE OF CONTENTS

Budget Summary
Amended Final Budget	1
Amended Final Maintenance Budget	2
Debt Service
Amended Final Series 2006/2019 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

REVENUES	
FISCAL YEAR 2018/2019
ANNUAL BUDGET	
FISCAL YEAR 2018/2019
AMENDED FINAL BUDGET	
YEAR TO DATE ACTUALS
10/1/2018 - 9/29/2019	
DIFFERENCE BETWEEN ACTUALS
AND BUDGET	
O & M ASSESSMENTS	876,482	919,247	919,247	42,765	
DEBT ASSESSMENTS	2,474,351	2,724,320	2,724,320	249,969	
DEVELOPER CONTRIBUTION FOR O & M	1,186,202	1,350,000	1,225,358	39,156	
DEVELOPER CONTRIBUTION FOR DEBT	2,559,854	2,368,470	1,210,014	(1,349,840)	
OTHER REVENUES	0	367,663	367,663	367,663	
INTEREST INCOME	0	800	773	773	
					
TOTAL REVENUES	$	7,096,889	$	7,730,500	$	6,447,375	(649,514)	
					
EXPENDITURES					
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISORS FEES	8,000	6,600	6,600	1,400	
PAYROLL TAX EXPENSE	612	505	505	107	
ENGINEERING	50,000	51,253	51,253	(1,253)	
MANAGEMENT	70,216	70,216	70,216	-	
SECRETARIAL	4,500	4,500	4,500	-	
LEGAL	55,000	60,000	51,743	3,257	
ASSESSMENT ROLL	15,000	15,000	15,000	-	
AUDIT FEES	12,500	11,500	11,500	1,000	
ARBITRAGE REBATE FEE	1,500	2,600	2,600	(1,100)	
TRAVEL & LODGING	2,000	4,900	4,900	(2,900)	
INSURANCE	11,870	9,327	9,327	2,543	
LEGAL ADVERTISING	5,000	3,500	2,391	2,609	
MISCELLANEOUS	4,000	4,300	3,985	15	
POSTAGE	1,750	1,925	1,897	(147)	
OFFICE SUPPLIES	3,500	3,400	3,352	148	
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	22,000	25,338	25,338	(3,338)	
CONTINUING DISCLOSURE FEE	8,000	9,000	9,000	(1,000)	
TOTAL ADMINISTRATIVE EXPENDITURES	$	278,948	$	286,539	$	276,782	$	2,166	
					
MAINTENANCE EXPENDITURES					
MAINTENANCE	1,718,000	2,236,074	2,084,609	(366,609)	
TOTAL MAINTENANCE EXPENDITURES	$	1,718,000	$	2,236,074	$	2,084,609	(366,609)	
					
TOTAL EXPENDITURES	$	1,996,948	$	2,522,613	$	2,361,391	(364,443)	
					
EXCESS OR (SHORTFALL)	$	5,099,941	$	5,207,887	$	4,085,984	1,013,957	
					
BOND PAYMENTS	$	(4,848,629)	$	(4,940,306)	$	(3,781,850)	1,066,779	
					
BALANCE	$	251,312	$	267,581	$	304,134	(52,822)	
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(117,279)	(95,169)	(70,169)	47,110	
DISCOUNTS FOR EARLY PAYMENTS	(134,033)	(133,688)	(133,688)	345	
					
NET EXCESS/ (SHORTFALL)	$	-	$	38,724	$	100,277		

FUND BALANCE (LESS RESERVE) AS OF 9/30/18	
FY 2018/2019 ACTIVITY	
FUND BALANCE (LESS RESERVE) AS OF 9/30/19	

$	149,313	
$	38,724	
$	188,037	

Note: Reserve Fund Balance As Of 9-30-19 is $179,227

	
FISCAL YEAR 2018/2019 ANNUAL BUDGET	
FISCAL YEAR 2018/2019
AMENDED FINAL BUDGET	
YEAR TO DATE ACTUALS
10/1/2018 - 9/29/2019	
DIFFERENCE BETWEEN ACTUALS
AND BUDGET	
MAINTENANCE EXPENDITURES					
					
AQUATIC REPLACEMENTS	0	0	0	-	
IRRIGATION REPAIR	40,000	115,000	108,693	(68,693)	
GROUNDS MAINTENANCE	0	22,059	22,059	(22,059)	
MISCELLANEOUS MAINTENANCE	0	703	703	(703)	
ELECTRIC (STREETLIGHTS, LANDSCAPE)	85,000	85,575	85,575	(575)	
STREET SWEEPING	5,000	0	0	5,000	
STRIPING & TRAFFIC MARKINGS	25,000	741	741	24,259	
STREET LIGHT MAINTENANCE	50,000	55,000	51,106	(1,106)	
SIDEWALK / CURB REPAIRS	29,500	45,000	42,928	(13,428)	
LANDSCAPE MAINTENANCE (ROADWAY, ENTRIES):					
MAINTENANCE CONTRACTS	600,000	645,000	626,353	(26,353)	
TREE TRIMMING	30,000	30,000	0	30,000	
STORM CLEANUP	25,000	0	0	25,000	
PLANT REPLACEMENT	30,000	50,000	45,384	(15,384)	
MULCH	80,000	138,600	138,600	(58,600)	
WATER MANAGEMENT & DRAINAGE	4,000	4,000	3,600	400	
ENTRY FEATURE WATER	1,000	5,500	4,784	(3,784)	
MISCELLANEOUS UTILITIES	2,500	0	0	2,500	
IRRIGATION WATER	100,000	70,000	68,750	31,250	
FOUNTAIN MAINTENANCE	10,000	5,000	4,307	5,693	
RODENT/PEST CONTROL	2,000	7,500	6,375	(4,375)	
EQUIPMENT REPAIR	0	2,370	2,370	(2,370)	
SIGNAGE REPAIR	10,000	10,000	8,494	1,506	
STORM DRAIN CLEANING	15,000	1,000	0	15,000	
DRAINAGE / LAKE MAINTENANCE/ LITTORALS	60,000	87,500	82,860	(22,860)	
AERATORS	1,000	0	0	1,000	
PRESERVE MAINTENANCE	50,000	45,000	41,083	8,917	
SMALL TOOLS	2,500	1,166	1,166	1,334	
MISCELLANEOUS REPAIRS	0	353	353	(353)	
VEHICLE LEASE / FUEL / REPAIRS (MAINT TECH)	5,000	5,000	4,418	582	
MOSQUITO CONTROL	200,000	415,000	381,208	(181,208)	
TEMP FIRE FACILITY OPERATING COSTS	80,000	96,000	93,588	(13,588)	
ADMINISTRATIVE SUPPLIES	500	0	0	500	
MAINTENANCE TECHNICIANS	82,500	96,000	93,371	(10,871)	
BASE MANAGEMENT FEE	20,000	19,087	19,087	913	
ADMIN PAYROLL	30,000	52,000	48,233	(18,233)	
LANDSCAPE ENHANCEMENTS - ROW	0	39,156	39,156	(39,156)	
SIGNS & INTERSECTION STRIPING PROJECT	0	49,914	49,914	(49,914)	
TOTAL MAINTENANCE EXPENDITURES	$	1,675,500	$	2,199,224	$	2,075,259	(399,759)	
					
RESERVE FUND	27,500	27,500	0	27,500	
CONTINGENCY FUND	15,000	9,350	9,350	5,650	
					
TOTAL	$	1,718,000	$	2,236,074	$	2,084,609	(366,609)	

DEBT SERVICE FUND - SERIES 2006/2019 FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2018/2019 ANNUAL BUDGET	FISCAL YEAR 2018/2019
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2018 - 9/29/2019	
Interest Income	100	72,810	72,784	
Net NAV Collection	1,696,156	1,732,206	1,732,206	
Prepaid Bonds	0	31,988	31,988	
Bond Refunding Proceeds	0	20,310,000	20,310,000	
Transfer From 2006 Debt Service	0	2,052,988	2,052,988	
Total Revenues	$	1,696,256	$	24,199,992	$	24,199,966	
				
EXPENDITURES				
Principal Payments (2006)	630,000	21,060,000	21,060,000	
Principal Payments (2019)	0	0	0	
Interest Payments (2006)	1,066,256	1,336,261	1,336,261	
Interest Payments (2019)	0	0	0	
Transfer To 2019 Debt Service	0	2,042,334	2,042,334	
Cost Of Issuance (2019)	0	448,875	448,875	
Orginal Issue Discount (2019)	0	240,761	240,761	
Bond Insurance	0	534,506	534,506	
Total Expenditures	$	1,696,256	$	25,662,737	$	25,662,737	
				
Net Excess/ (Shortfall)	$	-	$	(1,462,745)	$	(1,462,771)	

FUND BALANCE AS OF 9/30/18	
FY 2018/2019 ACTIVITY	
FUND BALANCE AS OF 9/30/19	

$2,016,023	
($1,462,745)	
$553,278	

Notes
Reserve Fund Balance = $342,563*. Revenue Fund Balance = $24,043*. Interest Account Balance = $176,018*. Prepayment Fund Balance = $10,654*.
Interest Account Balance To Be Used To Make 11/1/2019 Interest Payment Of $175,975. Prepayment Fund Balance To Be Used To Make 11/1/2019 Principal Payment Of $10,000.
* Approximate Amounts

Series 2019 Bond Refunding Information		
Original Par Amount =	$20,310,000	Annual Principal Payments Due:	
Interest Rate =	2.00% - 3.00%	May 1st	
Issue Date =	June 2019	Annual Interest Payments Due:	
Maturity Date =	May 2038	May 1st & November 1st	

Par Amount As Of 9/30/19 =	
$20,310,000		

DEBT SERVICE FUND - SERIES 2012 FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2018/2019
ANNUAL BUDGET	FISCAL YEAR 2018/2019
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2018 - 9/29/2019	
Interest Income (12)	100	34,410	32,410	
Net NAV Collection	225,730	1,336,453	1,336,453	
Developer Contribution	2,019,193	856,505	0	
Prepaid Bonds	0	0	0	
				
Total Revenues	$	2,245,023	$	2,227,368	$	1,368,863	
				
EXPENDITURES				
Principal Payments (12)	465,000	465,000	465,000	
Extraordinary Principal Payments (12)	0	20,000	20,000	
Interest Payments (12)	1,780,023	1,793,925	1,793,925	
				
Total Expenditures	$	2,245,023	$	2,278,925	$	2,278,925	
				
Net Excess/ (Shortfall)	$	-	$	(51,557)	$	(910,062)	

FUND BALANCE AS OF 9/30/18	
FY 2018/2019 ACTIVITY	
FUND BALANCE AS OF 9/30/19	

$3,186,673	
($51,557)	
$3,135,116	

Notes
Reserve Fund Balance = $2,254,066*. Revenue Fund Balance = $881,050*.
Revenue Fund Balance To Be Used To Make 11/1/2019 Interest Payment Of $881,050.
* Approximate Amounts - Revenue Account Balance Is As of 10/31/19.

Series 2012 Refunding Bond Information		
Original Par Amount =	$29,100,000	Annual Principal Payments Due:	
Interest Rate =	6.70%	May 1st	
Issue Date =	June 2012	Annual Interest Payments Due:	
Maturity Date =	May 2042	May 1st & November 1st	

Par Amount As Of 9/30/19 =	
$26,300,000		

DEBT SERVICE FUND - SERIES 2015 (MAPLE RIDGE) FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES	FISCAL YEAR 2018/2019
ANNUAL BUDGET	FISCAL YEAR 2018/2019
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2018 - 9/29/2019	
Interest Income (15)	100	4,700	4,649	
Net NAV Collection	163,889	167,445	167,445	
Developer Contribution	7,142	0	0	
Prepaid Bonds	0	0	0	
				
Total Revenues	$	171,131	$	172,145	$	172,094	
				
EXPENDITURES				
Principal Payments (15)	45,000	45,000	45,000	
Interest Payments (15)	126,131	127,256	127,256	
				
Total Expenditures	$	171,131	$	172,256	$	172,256	
				
Net Excess/ (Shortfall)	$	-	$	(111)	$	(162)	

FUND BALANCE AS OF 9/30/18	
FY 2018/2019 ACTIVITY	
FUND BALANCE AS OF 9/30/19	

$237,111	
($111)	
$237,000	

Notes
Reserve Fund Balance = $171,147*. Revenue Fund Balance = $65,853*.
Revenue Fund Balance To Be Used To Make 11/1/2019 Interest Payment Of $62,503.
* Approximate Amounts

Series 2015 Bond Information		
Original Par Amount =	$2,530,000	Annual Principal Payments Due:	
Interest Rate =	5.000% - 5.375%	May 1st	
Issue Date =	February 2015	Annual Interest Payments Due:	
Maturity Date =	May 2045	May 1st & November 1st	

Par Amount As Of 9/30/19 =	
$2,370,000		

REVENUES	FISCAL YEAR 2018/2019
ANNUAL BUDGET	FISCAL YEAR 2018/2019
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2018 - 9/29/2019	
Interest Income (16 - Bond)	100	4,190	4,171	
Net NAV Collection	203,000	231,397	231,397	
Developer Contribution	20,938	0	0	
Debt Service Bond Proceeds (2016)	0	0	0	
Prepaid Bonds	0	0	0	
				
Total Revenues	$	224,038	$	235,587	$	235,568	
				
EXPENDITURES				
Principal Payments (16 - Bond)	50,000	50,000	50,000	
Interest Payments (16 - Bond)	174,038	175,350	175,350	
				
Total Expenditures	$	224,038	$	225,350	$	225,350	
				
Net Excess/ (Shortfall)	$	-	$	10,237	$	10,218	

FUND BALANCE AS OF 9/30/18	
FY 2018/2019 ACTIVITY	
FUND BALANCE AS OF 9/30/19	

$200,766	
$10,237	
$211,003	

Notes
Reserve Fund Balance = $113,297*. Revenue Fund Balance = $97,706*.
Revenue Fund Balance To Be Used To Make 11/1/2019 Interest Payment Of $86,363.
* Approximate Amounts

Series 2016 Bond Information		
Original Par Amount =	$3,390,000	Annual Principal Payments Due:	
Interest Rate =	5.25%	May 1st	
Issue Date =	October 2016	Annual Interest Payments Due:	
Maturity Date =	May 2047	May 1st & November 1st	

Par Amount As Of 9/30/19 =	
$3,290,000		

REVENUES	FISCAL YEAR 2018/2019
ANNUAL BUDGET	FISCAL YEAR 2018/2019
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2018 - 9/29/2019	
Interest Income (16 - BAN)	100	9,848	9,098	
Net NAV Collection	0	0	0	
Developer Contribution	512,581	512,583	256,341	
Debt Service Bond Proceeds (2016)	0	0	0	
Prepaid Bonds	0	0	0	
				
Total Revenues	$	512,681	$	522,431	$	265,439	
				
EXPENDITURES				
Principal Payments (16 - BAN)	0	0	0	
Interest Payments (16 - BAN)	512,681	512,681	512,681	
Transfer To Construction Fund	0	9,753	9,002	
Total Expenditures	$	512,681	$	522,434	$	521,683	
				
Net Excess/ (Shortfall)	$	-	$	(3)	$	(256,244)	

FUND BALANCE AS OF 9/30/18	
FY 2018/2019 ACTIVITY	
FUND BALANCE AS OF 9/30/19	

$769,025	
($3)	
$769,022	

Notes
Reserve Fund Balance = $512,681*. Interest Fund Balance = $256,341*.
Interest Fund Balance To Be Used To Make 11/1/2019 Interest Payment Of $256,341.
* Approximate Amounts - Interest Account Balance Is As of 10/31/19.

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

Par Amount As Of 9/30/19 =	
$11,085,000		

REVENUES	FISCAL YEAR 2018/2019
ANNUAL BUDGET	FISCAL YEAR 2018/2019
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2018 - 9/29/2019	
Interest Income (18 - Bond)	0	670	641	
Net NAV Collection	0	58,009	58,009	
Developer Contribution	0	47,088	0	

Capitalized Interest To Fund FY 18-19 Interest Payments	189,587	0	0	
Prepaid Bonds	0	0	0	
Total Revenues	$	189,587	$	105,767	$	58,650	
				
EXPENDITURES				
Principal Payments (18 - Bond)	0	0	0	
Interest Payments (18 - Bond)	189,587	189,587	189,587	
Transfer To Construction Fund	189,587	641	641	
Total Expenditures	$	379,174	$	190,228	$	190,228	
				
Net Excess/ (Shortfall)	$	(189,587)	$	(84,461)	$	(131,578)	

FUND BALANCE AS OF 9/30/18	
FY 2018/2019 ACTIVITY	
FUND BALANCE AS OF 9/30/19	

$297,460	
($84,461)	
$212,999	

Notes
Reserve Fund Balance = $107,673*. Revenue Fund Balance = $105,326*.
Revenue Fund Balance To Be Used To Make 11/1/2019 Interest Payment Of $105,326.
* Approximate Amounts - Revenue Account Balance Is As of 10/31/19.

Series 2018 Bond 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 9/30/19 =	
$4,000,000