Ave Maria Stewardship Community District

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

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FY 2019/2020 AMENDED FINAL BUDGET

TABLE OF CONTENTS

Budget Summary
Amended Final Budget	1
Amended Final Maintenance Budget	2
Debt Service
Amended Final Series 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
Amended Final Series 2020 (Maple Ridge) Debt Service Fund Budget	9

REVENUES	
FISCAL YEAR 2019/2020
ANNUAL BUDGET	
FISCAL YEAR 2019/2020
AMENDED FINAL BUDGET	
YEAR TO DATE ACTUALS
10/1/2019 - 9/29/2020	
DIFFERENCE BETWEEN ACTUALS
AND BUDGET	
O & M ASSESSMENTS	1,106,256	1,109,196	1,109,196	2,940	
DEBT ASSESSMENTS	3,223,006	3,215,927	3,215,927	(7,079)	
DEVELOPER CONTRIBUTION FOR O & M	1,126,261	1,313,971	1,313,971	187,710	
DEVELOPER CONTRIBUTION FOR DEBT	1,810,085	1,762,132	1,762,132	(47,953)	
OTHER REVENUES	0	8,082	8,082	8,082	
INTEREST INCOME	0	739	739	739	
					
TOTAL REVENUES	$	7,265,608	$	7,410,047	$	7,410,047	144,439	
					
EXPENDITURES					
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISORS FEES	8,000	7,800	7,800	200	
PAYROLL TAX EXPENSE	612	597	597	15	
ENGINEERING	50,000	60,000	57,391	(7,391)	
MANAGEMENT	70,216	70,216	70,216	-	
SECRETARIAL	4,500	4,500	4,500	-	
LEGAL	55,000	73,200	67,201	(12,201)	
ASSESSMENT ROLL	15,000	15,000	15,000	-	
AUDIT FEES	12,500	11,700	11,700	800	
ARBITRAGE REBATE FEE	2,600	3,250	3,250	(650)	
TRAVEL & LODGING	2,000	1,014	1,014	986	
INSURANCE	11,870	9,706	9,706	2,164	
LEGAL ADVERTISING	5,000	9,000	7,966	(2,966)	
MISCELLANEOUS	4,000	4,000	3,804	196	
POSTAGE	1,750	1,060	1,041	709	
OFFICE SUPPLIES	3,500	2,300	2,178	1,322	
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	25,969	25,969	(3,969)	
CONTINUING DISCLOSURE FEE	9,000	7,500	7,500	1,500	
TOTAL ADMINISTRATIVE EXPENDITURES	$	281,048	$	309,487	$	299,508	$	(18,460)	
					
MAINTENANCE EXPENDITURES					
MAINTENANCE	1,868,500	2,201,675	2,076,272	(207,772)	
TOTAL MAINTENANCE EXPENDITURES	$	1,868,500	$	2,201,675	$	2,076,272	(207,772)	
					
TOTAL EXPENDITURES	$	2,149,548	$	2,511,162	$	2,375,780	(226,232)	
					
EXCESS OR (SHORTFALL)	$	5,116,060	$	4,898,885	$	5,034,267	81,793	
					
BOND PAYMENTS	$	(4,791,366)	$	(4,793,539)	$	(4,793,539)	(2,173)	
					
BALANCE	$	324,694	$	105,346	$	240,728	83,966	
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(151,524)	(94,930)	(94,930)	56,594	
DISCOUNTS FOR EARLY PAYMENTS	(173,170)	(164,529)	(164,529)	8,641	
					
NET EXCESS/ (SHORTFALL)	$	-	$	(154,113)	$	(18,731)		

FUND BALANCE (LESS RESERVE) AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE (LESS RESERVE) AS OF 9/30/20	

$	229,068	
$	(154,113)	
$	74,955	

Note: Reserve Fund Balance As Of 9-30-20 is $207,466

	
FISCAL YEAR 2019/2020 ANNUAL BUDGET	
FISCAL YEAR 2019/2020
AMENDED FINAL BUDGET	
YEAR TO DATE ACTUALS
10/1/2019 - 9/29/2020	
DIFFERENCE BETWEEN ACTUALS
AND BUDGET	
MAINTENANCE EXPENDITURES					
					
IRRIGATION REPAIR	85,000	41,000	35,555	49,445	
ROADWAYS & BRIDGES	0	32,625	32,625	(32,625)	
MISCELLANEOUS MAINTENANCE	0	5,000	2,870	(2,870)	
ELECTRIC (STREETLIGHTS, LANDSCAPE)	85,000	91,513	91,513	(6,513)	
STREET SWEEPING	5,000	1,000	0	5,000	
STRIPING & TRAFFIC MARKINGS	25,000	4,000	2,924	22,076	
STREET LIGHT MAINTENANCE	50,000	80,000	76,452	(26,452)	
SIDEWALK / CURB REPAIRS	40,000	95,000	92,963	(52,963)	
LANDSCAPE MAINTENANCE (ROADWAY, ENTRIES):					
MAINTENANCE CONTRACTS	615,000	700,000	675,082	(60,082)	
TREE TRIMMING	45,000	32,000	28,680	16,320	
STORM CLEANUP	25,000	0	0	25,000	
PLANT REPLACEMENT	30,000	97,000	94,344	(64,344)	
MULCH & MISCELLANEOUS	140,000	84,945	84,945	55,055	
WATER MANAGEMENT & DRAINAGE	4,000	3,600	3,600	400	
ENTRY FEATURE WATER	1,000	3,276	3,276	(2,276)	
MISCELLANEOUS UTILITIES	2,500	1,000	0	2,500	
IRRIGATION WATER	100,000	112,774	112,774	(12,774)	
FOUNTAIN MAINTENANCE	10,000	5,000	3,411	6,589	
RODENT/PEST CONTROL	4,000	9,000	8,450	(4,450)	
EQUIPMENT REPAIR	0	9,904	9,904	(9,904)	
SIGNAGE REPAIR	10,000	1,000	0	10,000	
STORM DRAIN CLEANING	15,000	1,000	0	15,000	
DRAINAGE / LAKE MAINTENANCE/ LITTORALS	60,000	85,000	81,915	(21,915)	
AERATORS	1,000	500	0	1,000	
PRESERVE MAINTENANCE	50,000	36,000	31,639	18,361	
SMALL TOOLS	2,500	1,524	1,524	976	
VEHICLE LEASE / FUEL / REPAIRS (MAINT TECH)	5,000	3,030	3,030	1,970	
MOSQUITO CONTROL	200,000	365,000	304,462	(104,462)	
TEMP FIRE FACILITY OPERATING COSTS	80,000	109,952	109,952	(29,952)	
ADMINISTRATIVE SUPPLIES	500	390	390	110	
MAINTENANCE TECHNICIANS	85,500	103,323	103,323	(17,823)	
BASE MANAGEMENT FEE	20,000	19,664	19,664	336	
ADMIN PAYROLL	30,000	51,655	51,655	(21,655)	
TOTAL MAINTENANCE EXPENDITURES	$	1,826,000	$	2,186,675	$	2,066,922	(240,922)	
					
RESERVE FUND	27,500	0	0	27,500	
CONTINGENCY FUND	15,000	15,000	9,350	5,650	
					
TOTAL	$	1,868,500	$	2,201,675	$	2,076,272	(207,772)	

REVENUES	FISCAL YEAR 2019/2020 ANNUAL BUDGET	FISCAL YEAR 2019/2020
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2019 - 9/29/2020	
Interest Income	100	714	713	
Net NAV Collection	1,368,889	1,395,000	1,395,000	
Prepaid Bonds	0	0	0	
Total Revenues	$	1,368,989	$	1,395,714	$	1,395,713	
				
EXPENDITURES				
Principal Payments (2019)	865,000	865,000	865,000	
Interest Payments (2019)	502,244	431,271	431,271	
Transfer To 2019 Debt Service	0	0	0	
Cost Of Issuance (2019)	0	0	0	
Extraordinary Principal Payments (19)	1,745	10,000	10,000	
Total Expenditures	$	1,368,989	$	1,306,271	$	1,306,271	
				
Net Excess/ (Shortfall)	$	-	$	89,443	$	89,442	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$553,346	
$89,443	
$642,789	

Notes
Reserve Fund Balance = $342,564*. Revenue Fund Balance = $299,571*. Prepayment Fund Balance = $654*.
Revenue Account Balance To Be Used To Make 11/1/2020 Interest Payment Of $246,647.
* 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 9/30/20 =	
$19,435,000		

REVENUES	FISCAL YEAR 2019/2020
ANNUAL BUDGET	FISCAL YEAR 2019/2020
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2019 - 9/29/2020	
Interest Income	100	18,715	18,702	
Net NAV Collection	375,040	1,030,430	1,030,430	
Developer Contribution	1,870,210	1,196,206	1,196,206	
Prepaid Bonds	0	13,564	13,564	
				
Total Revenues	$	2,245,350	$	2,258,915	$	2,258,902	
				
EXPENDITURES				
Principal Payments (2012)	500,000	500,000	500,000	
Extraordinary Principal Payments (2012)	0	0	0	
Interest Payments (2012)	1,745,350	1,762,100	1,762,100	
				
Total Expenditures	$	2,245,350	$	2,262,100	$	2,262,100	
				
Net Excess/ (Shortfall)	$	-	$	(3,185)	$	(3,198)	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$3,135,116	
($3,185)	
$3,131,931	

Notes
Reserve Fund Balance = $2,254,066*. Revenue Fund Balance = $864,300*. Prepayment Account = $13,565*
Revenue Fund Balance To Be Used To Make 11/1/2020 Interest Payment Of $864,300.
Prepayment Fund Balance To Be Used To Make 11/1/2020 Extraordinary Principal Payment Of $10,000.
* Approximate Amounts - Revenue Account Balance Is As of 10/31/20.

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 9/30/20 =	
$25,800,000		

REVENUES	FISCAL YEAR 2019/2020
ANNUAL BUDGET	FISCAL YEAR 2019/2020
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2019 - 9/29/2020	
Interest Income (2015)	100	1,822	1,821	
Net NAV Collection	168,781	166,976	166,976	
Prepaid Bonds	0	0	0	
				
Total Revenues	$	168,881	$	168,798	$	168,797	
				
EXPENDITURES				
Principal Payments (2015)	45,000	45,000	45,000	
Interest Payments (2015)	123,881	125,006	125,006	
				
Total Expenditures	$	168,881	$	170,006	$	170,006	
				
Net Excess/ (Shortfall)	$	-	$	(1,208)	$	(1,209)	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$243,124	
($1,208)	
$241,916	

Notes
Reserve Fund Balance = $171,147*. Revenue Fund Balance = $70,769*.
Revenue Fund Balance To Be Used To Make 11/1/2020 Interest Payment Of $61,378.
* 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 9/30/20 =	
$2,325,000		

REVENUES	FISCAL YEAR 2019/2020
ANNUAL BUDGET	FISCAL YEAR 2019/2020
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2019 - 9/29/2020	
Interest Income (2016 - Bond)	100	1,609	1,608	
Net NAV Collection	226,181	231,072	231,072	
Prepaid Bonds	0	0	0	
				
Total Revenues	$	226,281	$	232,681	$	232,680	
				
EXPENDITURES				
Principal Payments (16 - Bond)	55,000	55,000	55,000	
Interest Payments (16 - Bond)	171,281	172,725	172,725	
				
Total Expenditures	$	226,281	$	227,725	$	227,725	
				
Net Excess/ (Shortfall)	$	-	$	4,956	$	4,955	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$211,292	
$4,956	
$216,248	

Notes
Reserve Fund Balance = $113,297*. Revenue Fund Balance = $102,917*. Prepayment Account = $34*
Revenue Fund Balance To Be Used To Make 11/1/2020 Interest Payment Of $84,919.
* 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 9/30/20 =	
$3,235,000		

REVENUES	FISCAL YEAR 2019/2020
ANNUAL BUDGET	FISCAL YEAR 2019/2020
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2019 - 9/29/2020	
Interest Income (2016 - BAN)	100	3,687	3,682	
Net NAV Collection	0	0	0	
Developer Contribution	512,581	512,661	512,661	
Prepaid Bonds	0	0	0	
				
Total Revenues	$	512,681	$	516,348	$	516,343	
				
EXPENDITURES				
Principal Payments (2016 - BAN)	0	0	0	
Interest Payments (2016 - BAN)	512,681	512,681	512,681	
Transfer To Construction Fund	0	3,667	3,662	
Total Expenditures	$	512,681	$	516,348	$	516,343	
				
Net Excess/ (Shortfall)	$	-	$	-	$	-	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$769,022	
$0	
$769,022	

Notes
Reserve Fund Balance = $512,681*. Interest Fund Balance = $256,341*.
Interest Fund Balance To Be Used To Make 11/1/2020 Interest Payment Of $256,341.
* Approximate Amounts - Interest Account Balance Is As of 10/31/20.

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 2019/2020
ANNUAL BUDGET	FISCAL YEAR 2019/2020
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2019 - 9/29/2020	
Interest Income (2018)	100	423	422	
Net NAV Collection	269,083	215,966	215,966	
Developer Contribution	0	53,266	53,266	
Prepaid Bonds	0	0	0	
Total Revenues	$	269,183	$	269,655	$	269,654	
				
EXPENDITURES				
Principal Payments (2018)	60,000	60,000	60,000	
Interest Payments (2018)	209,183	210,653	210,653	
Transfer To Construction Fund	0	0	0	
Total Expenditures	$	269,183	$	270,653	$	270,653	
				
Net Excess/ (Shortfall)	$	-	$	(998)	$	(999)	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$212,999	
($998)	
$212,001	

Notes
Reserve Fund Balance = $108,145*. Revenue Fund Balance = $103,856*.
Revenue Fund Balance To Be Used To Make 11/1/2020 Interest Payment Of $103,856.
* Approximate Amounts - Revenue Account Balance Is As of 10/31/20.

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 9/30/20 =	
$3,940,000		

REVENUES	FISCAL YEAR 2019/2020
ANNUAL BUDGET	FISCAL YEAR 2019/2020
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2019 - 9/29/2020	
Interest Income (2020)	0	2	1	
Net NAV Collection	0	0	0	
Developer Contribution	0	0	0	
Bond Proceeds (2020)	0	419,602	419,602	
Prepaid Bonds	0	0	0	
Total Revenues	$	-	$	419,604	$	419,603	
				
EXPENDITURES				
Principal Payments (2020)	0	0	0	
Interest Payments (2020)	0	0	0	
Transfer To Construction Fund	0	0	0	
Total Expenditures	$	-	$	-	$	-	
				
Net Excess/ (Shortfall)	$	-	$	419,604	$	419,603	

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$0	
$419,604	
$419,604	

Notes
Reserve Fund Balance = $83,065*.
Captalized Interest Account Balance = $336,539*.
Capitalized Interest Account Balance To Be Used To Make 11/1/2020 Interest Payment Of $42,832. Capitalized Interest Set-up Through November 2022.
Capital Projects Debt Proceeds = $3,020,398. Total Bond Proceeds = $3,440,000. FY 2019/2020 Capital Outlays = $1,500,000.*
FY 2019/2020 Cost Of Issuance = $201,725.
* Approximate Amounts

Series 2020 Bond Information		
Original Par Amount =	$3,440,000	Annual Principal Payments Due:	
Interest Rate =	3.8% - 4.45%	May 1st	
Issue Date =	July 2020	Annual Interest Payments Due:	
Maturity Date =	May 2052	May 1st & November 1st	

Par Amount As Of 9/30/20 =	
$3,440,000