Ave Maria Stewardship	
Community District	

Final Budget For	
Fiscal Year 2022/2023	
October 1, 2022 - September 30, 2023	

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2022/2023 BUDGET

TABLE OF CONTENTS

Budget Summary

Final Budget	3	

Detailed Proposed 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 2022 (refi of 2012) Debt Service Fund Budget	7	

Detailed Final Series 2021 Debt Service Fund Budget	8	

Detailed Final Series 2021 BANS Debt Service Fund Budget	9	

Detailed Final Series 2015 (Maple Ridge) Debt Service Fund Budget	10	

Detailed Final Series 2016 (Maple Ridge) Debt Service Fund Budget	11	

Detailed Final Series 2018 (Maple Ridge) Debt Service Fund Budget	12	

Detailed Final Series 2020 (Maple Ridge) Debt Service Fund Budget	13	

Detailed Final Series 2022 (Maple Ridge) Debt Service Fund Budget	14	

Detailed Final Series 2021 (Ave Maria National) Debt Service Fund Budget	15	

Maintenance & Assessments Breakdown

Detailed Final Maintenance Budget	16	

Assessment Breakdown	17	

Assessment Comparison	18	

FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

Sources	Revenue	Percentage	

Assessments	$	6,728,165	66%	
Developer Contributions	$	3,430,584	34%	
Other	$	-	0%	

Assessments

Developer Contributions

66%

34%

$	10,158,749	100%	

Total Revenue

Sources	Expenditures	Percentage	

Administrative	$	369,962	4%	
Maintenance	$	3,154,500	31%	
Debt Payments	$	6,129,674	60%	
Discounts & Fees	$	504,613	5%	

$	10,158,749	100%	

Total Expenditures

5%

4%

Administrative

Maintenance

Debt Payments

Discounts & Fees

60%

31%

Page 3

DETAILED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023
BUDGET	
O & M ASSESSMENTS	2,152,714	
DEBT ASSESSMENTS	4,575,451	
DEVELOPER CONTRIBUTION FOR O & M	1,533,202	
DEVELOPER CONTRIBUTION FOR DEBT	1,897,382	
OTHER REVENUES	0	
INTEREST	0	
		
TOTAL REVENUES	$	10,158,749	
		
EXPENDITURES		
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISORS FEES	8,000	
PAYROLL TAX EXPENSE	612	
ENGINEERING	55,000	
MANAGEMENT	84,000	
SECRETARIAL	0	
LEGAL	75,000	
ASSESSMENT ROLL	15,000	
AUDIT FEES	18,100	
ARBITRAGE REBATE FEE	3,250	
TRAVEL & LODGING	4,000	
INSURANCE	37,000	
LEGAL ADVERTISING	8,000	
MISCELLANEOUS	6,000	
POSTAGE	2,000	
OFFICE SUPPLIES	3,500	
DUES, LICENSE, & SUBSCRIPTIONS	500	
MISCELLANEOUS FILINGS, NOTICES, ETC.	500	
WEBSITE HOSTING FEES	2,500	
TRUSTEE FEES	35,000	
CONTINUING DISCLOSURE FEE	12,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$	369,962	
		
MAINTENANCE EXPENDITURES		
MAINTENANCE	3,154,500	
		
TOTAL MAINTENANCE EXPENDITURES	$	3,154,500	
		
TOTAL EXPENDITURES	$	3,524,462	
		
EXCESS OR (SHORTFALL)	$	6,634,287	
		
BOND PAYMENTS	$	(6,129,674)	
		
BALANCE	$	504,613	
		
COUNTY APPRAISER & TAX COLLECTOR COST	(235,486)	
DISCOUNTS FOR EARLY PAYMENTS	(269,127)	
		
NET EXCESS / (SHORTFALL)	$	-	

Note: Reserve Fund Balance As Of 3-31-22 is $263,170.12

Page 4

DETAILED FINAL BUDGET COMPARISON AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR	
FISCAL YEAR	
FISCAL YEAR	

COMMENTS	
	2020/2021	2021/2022	2022/2023		
	ACTUAL	BUDGET	BUDGET		
O & M ASSESSMENTS	1,265,359	1,556,178	2,152,714	See Detail on Page 9	
DEBT ASSESSMENTS	3,825,900	4,461,050	4,575,451	See Detail on Page 9	
DEVELOPER CONTRIBUTION FOR O & M	1,719,171	1,220,233	1,533,202		
DEVELOPER CONTRIBUTION FOR DEBT	948,584	296,442	1,897,382		
OTHER REVENUES / FEMA	1,813	0	0		
INTEREST	515	0	0		
BOND PREPAYMENTS	328,711	0	0		
BOND PREPAYMENTS PAID TO TRUSTEE	(328,711)	0	0		
					
TOTAL REVENUES	$	7,761,341	$	7,533,903	$	10,158,749		
					
EXPENDITURES					
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISORS FEES	8,000	8,000	8,000	No Change From Previous Budget	
PAYROLL TAX EXPENSE	612	612	612	Supervisor Fees * 7.65%	
ENGINEERING	49,916	55,000	55,000	No Change From Previous Budget	
MANAGEMENT	70,216	70,216	84,000	$13,784 Increase From Previous Budget	
SECRETARIAL	4,500	4,500	0	$4,500 Decrease From Previous Budget	
LEGAL	70,175	70,000	75,000	$5,000 Increase From Previous Budget	
ASSESSMENT ROLL	15,000	15,000	15,000	No Change From Previous Budget	
AUDIT FEES	13,400	13,000	18,100	$5,100 Increase From Previous Budget	
ARBITRAGE REBATE FEE	2,600	3,250	3,250	No Change From Previous Budget	
TRAVEL & LODGING	3,174	4,000	4,000	No Change From Previous Budget	
INSURANCE	10,417	11,870	37,000	$25,130 Increase From Previous Budget	
LEGAL ADVERTISING	8,929	5,000	8,000	$3,000 Increase From Previous Budget	
MISCELLANEOUS	6,271	4,000	6,000	$2,000 Increase From Previous Budget	
POSTAGE	1,887	1,750	2,000	$250 Increase From Previous Budget	
OFFICE SUPPLIES	2,181	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	30,107	27,000	35,000	$8,000 Increase From Previous Budget	
CONTINUING DISCLOSURE FEE	9,500	9,000	12,000	$3,000 Increase From Previous Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	309,561	$	309,198	$	369,962		
					
MAINTENANCE EXPENDITURES					
MAINTENANCE	2,632,913	2,350,500	3,154,500	Total Maintenance - See Detail On Page 16	
					
TOTAL MAINTENANCE EXPENDITURES	$	2,632,913	$	2,350,500	$	3,154,500		
					
TOTAL EXPENDITURES	$	2,942,474	$	2,659,698	$	3,524,462		
					
EXCESS OR (SHORTFALL)	$	4,818,867	$	4,874,205	$	6,634,287		
					
BOND PAYMENTS	(4,552,989)	$	(4,422,913)	$	(6,129,674)	2023 P & I Payments	
					
BALANCE	$	265,878	$	451,292	$	504,613		
					
COUNTY APPRAISER & TAX COLLECTOR COST	(87,046)	(210,603)	(235,486)	3.5% Of Total Roll (2% Appraiser, 1.5% Collector)	
DISCOUNTS FOR EARLY PAYMENTS	(196,876)	(240,689)	(269,127)	4% Of Total Tax Roll	
					
NET EXCESS / (SHORTFALL)	$	(18,043)	$	-	$	-		

Note: Reserve Fund Balance As Of 3-31-22 is $263,170.12	Page 5

DETAILED FINAL BUDGET COMPARISON AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2019
FISCAL YEAR 2022/2023 OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2020/2021	2021/2022	2022/2023	
	ACTUAL	BUDGET	BUDGET	
Interest Income (19) (refi of 06)	51	500	500	
Net NAV Collection (19) (refi of 06)	1,393,758	1,368,371	1,368,371	
Developer Contribution (refi of 06)	0	0	0	
Prepaid Bonds (19) (refi of 06)	9,723	0	0	
Bond Proceeds	0	0	0	
				
Total Revenues	$	1,403,533	$	1,368,871	$	1,368,871	
				
EXPENDITURES				
Principal Payments (19) (refi of 06)	885,000	900,000	920,000	
Extraordinary Principal Pymt (19) (refi of 06)	0	2,277	477	
Interest Payments (19) (refi of 06)	493,294	466,594	448,394	
Cost of Issuance	0			
				
Total Expenditures	$	1,378,294	$	1,368,871	$	1,368,871	
				
Net Excess/ (Shortfall)	$	25,239	$	-	$	-	

 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 1/1/22 =	$18,540,000		

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2022
FISCAL YEAR 2022/2023 OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2020/2021	2021/2022	2022/2023	
	ACTUAL	BUDGET	BUDGET	
Interest Income (22) (refi of 12)	178	100	100	
Net NAV Collection (22) (refi of 12)	1,554,388	134,908	1,643,963	
Developer Contribution (22) (refi of 12)	690,442	483,597	0	
Prepaid Bonds (22) (refi of 12)	13,290	0	0	
				
Total Revenues	$	2,258,298	$	618,605	$	1,644,063	
				
EXPENDITURES				
Principal Payments (22) (refi of 12)	535,000	0	820,000	
Extraordinary Principal Pymt (22) (refi of 12)	10,000	0	4,888	
Interest Payments (22) (refi of 12)	1,728,265	618,605	819,175	
				
Total Expenditures	$	2,273,265	$	618,605	$	1,644,063	
				
Net Excess/ (Shortfall)	$	(14,967)	$	-	$	-	

 Series 2022 Bond Information (Refi of 2012)		
Original Par Amount =	$22,950,000	Annual Principal Payments Due:	
Average Interest Rate =	3.825%	May 1st	
Issue Date =	February 2022	Annual Interest Payments Due:	
Maturity Date =	May 2042	May 1st & November 1st	
Par Amount As Of 1/1/22 =	N/A		

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2021
FISCAL YEAR 2022/2023 OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR 2020/2021
ACTUAL	FISCAL YEAR 2021/2022
BUDGET	FISCAL YEAR 2022/2023
BUDGET	
Interest Income (21)	1	100	100	
Net NAV Collection (21)	0	0	114,412	
Developer Contribution (21)	0	0	521,194	
Capitalized Interest (21)	0	398,406	0	
				
Total Revenues	$	1	$	398,506	$	635,706	
				
EXPENDITURES				
Principal Payments (21)	0	0	240,000	
Extraordinary Principal Payments (21)	0	0	0	
Interest Payments (21)	0	398,406	395,706	
				
Total Expenditures	$	-	$	398,406	$	635,706	
				
Net Excess/ (Shortfall)	$	1	$	100	$	-	
Note: Capitalized Interest Was Set-Up Through November 1, 2022

 Series 2021 Bond Information	
Original Par Amount =	$11,610,000	Annual Principal Payments Due:	
Average Interest Rate =	3.691%	May 1st	
Issue Date =	August 2021	Annual Interest Payments Due:	
Maturity Date =
Par Amount As Of 1/1/22 =	May 2052
$11,610,000	May 1st & November 1st	

DETAILED FINAL DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND - SERIES 2021 (BOND ANTICIPATION NOTES) FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2020/2021	2021/2022	2022/2023	
	ACTUAL	BUDGET	BUDGET	
Interest Income (21 BANS)	2	0	0	
Net NAV Collection (21 BANS)	0	0	0	
Developer Contribution (21 BANS)	0	547,400	547,400	
Prepaid Bonds (21 BANS)	0	0	0	
				
Total Revenues	$	2	$	547,400	$	547,400	
				
EXPENDITURES				
Principal Payments (21 BANS)	0	0	0	
Extraordinary Principal Payments (21 BANS)	0	0	0	
Interest Payments (21 BANS)	0	547,400	547,400	
				
Total Expenditures	$	-	$	547,400	$	547,400	
				
Net Excess/ (Shortfall)	$	2	$	-	$	-	

Series 2021 BAN Information			
Original Par Amount =	$15,640,000	Annual Principal Payments Due:	
Interest Rate =	3.500%	N/A	
Issue Date =	August 2021	Annual Interest Payments Due:	
Maturity Date =	May 2026	May 1st & November 1st	
Par Amount As Of 1/1/22 =	$15,640,000		

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2015 (MAPLE RIDGE) FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2020/2021	2021/2022	2022/2023	
	ACTUAL	BUDGET	BUDGET	
Interest Income (15)	19	100	100	
Net NAV Collection (15)	166,913	163,890	163,890	
Developer Contribution (15)	0	5,267	0	
Prepaid Bonds (15)	79,779	0	0	
				
Total Revenues	$	246,712	$	169,256	$	163,990	
				
EXPENDITURES				
Principal Payments (15)	45,000	50,000	50,000	
Extraordinary Principal Payments (15)	75,000	0	1,171	
Interest Payments (15)	122,756	119,256	112,819	
				
Total Expenditures	$	242,756	$	169,256	$	163,990	
				
Net Excess/ (Shortfall)	$	3,955	$	-	$	-	

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 1/1/22 =	$2,205,000		

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2016 (MAPLE RIDGE) FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2020/2021	2021/2022	2022/2023	
	ACTUAL	BUDGET	BUDGET	
Interest Income (16)	16	100	100	
Net NAV Collection (16)	230,856	226,663	226,663	
Developer Contribution (16)	0	0	0	
Prepaid Bonds (16)	0	0	0	
				
Total Revenues	$	230,871	$	226,763	$	226,763	
				
EXPENDITURES				
Principal Payments (16)	55,000	60,000	60,000	
Extraordinary Principal Payments (16)	0	1,388	4,538	
Interest Payments (16)	169,838	165,375	162,225	
	.			
Total Expenditures	$	224,838	$	226,763	$	226,763	
				
Net Excess/ (Shortfall)	$	6,034	$	-	$	-	

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 1/1/22 =	$3,180,000		

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2018 (MAPLE RIDGE) FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2020/2021	2021/2022	2022/2023	
	ACTUAL	BUDGET	BUDGET	
Interest Income (18)	17	100	100	
Net NAV Collection (18)	258,489	211,765	253,748	
Developer Contribution (18)	0	56,315	0	
Prepaid Bonds (18)	225,918	0	0	
				
Total Revenues	$	484,423	$	268,180	$	253,848	
				
EXPENDITURES				
Principal Payments (18)	60,000	65,000	65,000	
Extraordinary Principal Payments (18)	225,000	0	490	
Interest Payments (18)	207,713	203,180	188,358	
				
Total Expenditures	$	492,713	$	268,180	$	253,848	
				
Net Excess/ (Shortfall)	$	(8,289)	$	-	$	-	

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 1/1/22 =	$3,655,000		

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2020 (MAPLE RIDGE) FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2020/2021	2021/2022	2022/2023	
	ACTUAL	BUDGET	BUDGET	
Interest Income (20)	18	0	100	
Net NAV Collection (20)	0	0	207,616	
Developer Contribution (20)	0	0	0	
Capitalized Interest	116,258	146,853	0	
				
Total Revenues	$	116,276	$	146,853	$	207,716	
				
EXPENDITURES				
Principal Payments (20)	0	0	60,000	
Extraordinary Principal Payments (20)	0	0	2,004	
Interest Payments (20)	116,258	146,853	145,713	
				
Total Expenditures	$	116,258	$	146,853	$	207,716	
				
Net Excess/ (Shortfall)	$	18	$	-	$	-	

Note: Capitalized Interest Was Set-Up Through November 1, 2022

Series 2020 Bond (Maple Ridge) 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 1/1/22 =	$3,440,000		

DETAILED FINAL DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2022 (MAPLE RIDGE) FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2020/2021	2021/2022	2022/2023	
	ACTUAL	BUDGET	BUDGET	
Interest Income (22)	0	0	100	
Net NAV Collection (22)	0	0	70,032	
Developer Contribution (22)	0	0	371,713	
Capitalized Interest	0	220,985	0	
				
Total Revenues	$	-	$	220,985	$	441,845	
				
EXPENDITURES				
Principal Payments (22)	0	0	145,000	
Extraordinary Principal Payments (22)	0	0	0	
Interest Payments (22)	0	220,985	296,845	
				
Total Expenditures	$	-	$	220,985	$	441,845	
				
Net Excess/ (Shortfall)	$	-	$	-	$	-	

Note: Capitalized Interest Was Set-Up Through November 1, 2022

Series 2022 Bond (Maple Ridge) Information	
Original Par Amount =	$7,775,000	Annual Principal Payments Due:	
Average Interest Rate =	3.945%	May 1st	
Issue Date =	February 2022	Annual Interest Payments Due:	
Maturity Date =	May 2052	May 1st & November 1st	
Par Amount As Of 1/1/22 =	$3,440,000		

DETAILED FINAL DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2021 (AVE MARIA NATIONAL)
FISCAL YEAR 2022/2023 OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2020/2021	2021/2022	2022/2023	
	ACTUAL	BUDGET	BUDGET	
Interest Income (21)	14	0	0	
Net NAV Collection (21)	0	59,230	185,033	
Developer Contribution (21)	0	580,243	454,440	
Capitalized Interest	66,088	0	0	
				
Total Revenues	$	66,102	$	639,473	$	639,473	
				
EXPENDITURES				
Principal Payments (21)	0	225,000	225,000	
Extraordinary Principal Payments (21)	0	0	0	
Interest Payments (21)	66,088	414,473	414,473	
				
Total Expenditures	$	66,088	$	639,473	$	639,473	
				
Net Excess/ (Shortfall)	$	14	$	-	$	-	

Series 2021 Bond (Ave Maria National) Information	
Original Par Amount =	$11,340,000	Annual Principal Payments Due:	
Interest Rate =	2.6% - 4.0%	May 1st	
Issue Date =	March 2021	Annual Interest Payments Due:	
Maturity Date =	May 2051	May 1st & November 1st	
Par Amount As Of 9/1/21 =	$11,340,000		

DETAILED FINAL MAINTENANCE BUDGET AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2020/2021	2021/2022	2022/2023	
	ACTUAL	BUDGET	BUDGET	
MAINTENANCE EXPENDITURES				
				
AQUATIC REPLACEMENTS	0	0	0	
IRRIGATION REPAIR	59,968	95,000	95,000	
MISCELLANEOUS MAINTENANCE	48,394	10,000	50,000	
ELECTRIC (STREETLIGHTS, LANDSCAPE)	83,814	85,000	85,000	
STREET SWEEPING	0	1,000	1,000	
STRIPING & TRAFFIC MARKINGS	1,389	15,000	100,000	
STREET LIGHT MAINTENANCE	86,695	80,000	110,000	
SIDEWALK / CURB REPAIRS	160,627	70,000	150,000	
LANDSCAPE MAINT / ENHANCE (ROADWAY, ENTRIES):	0	30,000	30,000	
MAINTENANCE CONTRACTS	670,453	630,000	630,000	
TREE TRIMMING	48,815	50,000	146,000	
STORM CLEANUP	0	25,000	25,000	
STORM CLEANUP - ELECTRIC	0	25,000	25,000	
STORM CLEANUP - LANDSCAPING	0	25,000	25,000	
PLANT REPLACEMENT	173,161	90,000	90,000	
MULCH & MISCELLANEOUS	136,014	140,000	140,000	
WATER MANAGEMENT & DRAINAGE	3,600	4,000	4,000	
ENTRY FEATURE WATER	3,989	4,500	4,500	
IRRIGATION WATER	66,479	85,000	85,000	
FOUNTAIN MAINTENANCE	45,121	25,000	25,000	
RODENT / PEST CONTROL	14,293	8,000	8,000	
EQUIPMENT REPAIR	9,222	6,000	8,000	
SIGNAGE REPAIR	8,705	10,000	15,000	
STORM DRAIN CLEANING	0	10,000	50,000	
DRAINAGE / LAKE MAINTENANCE/ LITTORALS	56,293	75,000	75,000	
AERATORS	0	2,000	2,000	
PRESERVE MAINTENANCE	61,156	60,000	60,000	
SMALL TOOLS	4,934	2,500	3,500	
VEHICLE LEASE / FUEL / REPAIRS (MAINT TECH)	4,884	20,000	20,000	
MOSQUITO CONTROL	549,796	400,000	500,000	
TEMP FIRE FACILITY OPERATING COSTS	125,991	40,000	90,000	
MAINTENANCE TECHNICIANS	99,809	110,000	110,000	
BASE MANAGEMENT FEE	20,250	20,000	20,000	
ADMIN PAYROLL	52,211	55,000	55,000	
ASSET MANAGER	0	0	50,000	
LANDSCAPING PH 2 CAPITAL PROJECT	0	0	225,000	
				
TOTAL MAINTENANCE EXPENDITURES	$	2,596,063	$	2,308,000	$	3,112,000	
				
RESERVE FUND	27,500	27,500	27,500	
CONTINGENCY FUND	9,350	15,000	15,000	
				
TOTAL	$	2,632,913	$	2,350,500	$	3,154,500	

Ave Maria Stewardship Community District Assessment Breakdown 2022-2023

O&M Assessments*	
	
Number of Total			
Category Total	
	Units Platted for		Per Unit Operation	Operation &	
	Fiscal Year 2021-		& Maintenance	Maintenance	
		2022			  Assessment 	  Assessment 	
	Residential				Per				
Multi Family / Attached	414	Unit	$	457.98	$  189,603.72	
Single Family / Detached	3,719	Unit	$	457.98	$ 1,703,227.62	

	Other Uses			
	Per				
ALF Apartments	0	Unit	$	29.88	$	-	
Apartments	0	Unit	$	108.27	$	-	
MB Low Affordable Housing	48	Unit	$	68.75	$	3,300.00	
Retail/Entertainment/Service	140,442	Sq. Ft.	$	0.52	$	73,029.84	
Professional Offices	51,529	Sq. Ft.	$	0.33	$	17,004.57	
Light Manufacturing	508,807	Sq. Ft.	$	0.22	$  111,937.54	
Hotel	0	Room	$	386.69	$	-	
Medical Facilities	10,904	Sq. Ft.	$	1.07	$	11,667.28	
Institutional - AM University	1,240	Student	$	23.48	$	29,115.20	
Private K-12 School	377	Student	$	36.68	$	13,828.36	

Total				$ 2,152,714.13	

$	422.10	
$	422.10	

8.50%	
8.50%	

$	35.88	
$	35.88	

$	457.98	
$	457.98	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

O&M Assessment		Amount of O&M	New O&M Before CPI	Year End March	Assessment	Assessment Adjustment	2022 CPI Rate	Increase due to CPI Amount	

$	27.54	

8.50%	

$	2.34	

$	29.88	
$	99.79	8.50%	$	8.48	$	108.27	
$	63.36	8.50%	$	5.39	$	68.75	
$	0.48	8.50%	$	0.04	$	0.52	
$	0.30	8.50%	$	0.03	$	0.33	
$	0.20	8.50%	$	0.02	$	0.22	
$	356.40	8.50%	$	30.29	$	386.69	
$	0.99	8.50%	$	0.08	$	1.07	
$	21.64	8.50%	$	1.84	$	23.48	
$	33.81	8.50%	$	2.87	$	36.68	

Automatic CPI Increase Calculation

	

	

	

	

	

Debt Assessments *			
	
Gross Units	Units Prepaid	Net Units Assessed	Series 2019 Bonds	Series 2022 Bonds	Series 2021 Bonds	Series 2015 MR Bonds	Series 2016 MR Bonds	Series 2018 MR Bonds	Series 2020 MR Bonds	Series 2021 AMN Bonds	Series 2022 MR Bonds	Total Debt Assessment Per
Unit	
	Platted													
Multi Family			
	166	(1)	165	$	403.00									$	403.00	
	92		92		$	495.00								$	495.00	
16 Unit Ver / 30 Unit Ter	46		46		$	495.00						$	455.46		$	950.46	
	40		40			$	449.15							$	449.15	
Coach / 12 Unit Ver	24		24			$	449.15					$	530.29		$	979.44	
16 Unit Ver / 30 Unit Ter

Single Family

Total	46		46			$	449.15					$	455.46		$	904.61	
	
1167	
(13)	
1154	
$	775.00									
$	775.00	
	394		394	$	775.00			$	449.69						$	1,224.69	
	270		270	$	775.00				$	673.19					$	1,448.19	
	3		3	$	775.00					$	667.45				$	1,442.45	
	631	(2)	629		$	951.00								$	951.00	
	94		94		$	951.00			$	673.19					$	1,624.19	
	408		408		$	951.00				$	667.45				$	1,618.45	
	335		335		$	951.00					$	670.00			$	1,621.00	
	218		218		$	951.00						$	667.00		$	1,618.00	
	113		113		$	951.00							$	670.00	$	1,621.00	
	86		86			$	863.74							$	863.74	
	4,133	

(16)	4,117											

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

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

Page 17

2019	
2022	
2022 + 2021 AMN	
2021	
2021 + 2021 AMN	
2021 + 2021 AMN	
2019	
2019 + 2015 MR	
2019 + 2016 MR	
2019 + 2018 MR	
2022	
2022 + 2016 MR	
2022 + 2018 MR	
2022 + 2020 MR	
2022 + 2021 AMN	
2022 + 2022 MR	
2021	

$777.13	
$1,036.13	

$1,149.13	
$1,598.82	
$1,822.32	
$1,816.58	
$1,645.13	
$2,318.32	
$2,312.58	
$2,315.13	
$2,312.13	

Ave Maria Stewardship Community District Debt Assessment Comparison 2022-2023

	Type		

  Bonds Series		

Number of
 Platted Units 	
FY 2021-2022
Per Unit
  Assessment 	
FY 2022-2023
Per Unit
  Assessment 	
Change - Increase /
  (Decrease)		

Multi Family		
166		
$860.98	
$83.85	
		92		$952.98	($83.15)	
		46		$1,408.44	$1,408.44	
		40		$907.13	$907.13	
		24		$1,437.42	$1,437.42	
		46		$1,362.59	$1,362.59	
Single Family		1,167		$1,232.98	$83.85	
		394		$1,682.67	$83.85	
		270		$1,906.17	$83.85	
		3		$1,900.43	$83.85	
		631		$1,408.98	($236.15)	
		94		$2,082.17	($236.15)	
		408		$2,076.43	($236.15)	
		335		$2,078.98	($236.15)	
		218		$2,075.98	($236.15)	
		113		$2,078.98	$2,078.98	
		86		$1,321.72	$1,321.72	
ALF Apartments		0	$27.54	$29.88	$2.34	
Apartments		0	$84.62	$108.27	$23.65	
Low Affordable Housing		48	$55.95	$68.75	$12.80	
Retail/Entertainment/Service (sqft)		140,442	$0.43	$0.52	$0.09	
Professional Offices (sqft)		51,529	$0.28	$0.33	$0.05	
Light Manufacturing (sqft)		508,807	$0.18	$0.22	$0.04	
Hotel (rooms)		0	$314.74	$386.69	$71.95	
Medical Facilities (sqft)		10,904	$0.87	$1.07	$0.20	
Institutional - AM University (students)		1,240	$19.11	$23.48	$4.37	
Private K-12 School (students)		377	$29.86	$36.68	$6.82	

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

Page 18