Ave Maria Stewardship Community District

Amended Final Budget For Fiscal Year 2021/2022
October 1, 2021 - September 30, 2022

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FY 2021/2022 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 2012/2022A 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
Amended Final Series 2021 (Ave Maria National) Debt Service Fund Budget	10
Amended Final Series 2021 (Master) Debt Service Fund Budget	11
Amended Final Series 2021 (BANS) Debt Service Fund Budget	12
Amended Final Series 2022 (Maple Ridge) Debt Service Fund Budget	13

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT OPERATING FUND
FISCAL YEAR 2021/2022 OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2021/2022
ANNUAL BUDGET	
FISCAL YEAR 2021/2022
AMENDED FINAL BUDGET	
YEAR TO DATE ACTUALS
10/1/2021 - 9/29/2022	
DIFFERENCE BETWEEN ACTUALS
AND ANNUAL BUDGET	
O & M ASSESSMENTS	1,556,178	1,556,859	1,556,859	681	
DEBT ASSESSMENTS	4,461,050	4,238,061	4,238,061	(222,989)	
DEVELOPER CONTRIBUTION FOR O & M	1,220,233	1,626,977	1,626,977	406,744	
DEVELOPER CONTRIBUTION FOR DEBT	296,442	1,254,683	1,254,683	958,241	
DEVELOPER CONTRIBUTION - OTHER	0	70,855	70,855	70,855	
OTHER REVENUES	0	1,135	1,135	1,135	
INTEREST INCOME	0	387	387	387	
TOTAL REVENUES	$	7,533,903	$	8,748,570	$	8,748,570	1,214,667	
					
EXPENDITURES					
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISORS FEES	8,000	9,600	9,600	(1,600)	
PAYROLL TAX EXPENSE	612	734	734	(122)	
ENGINEERING	55,000	79,500	74,577	(19,577)	
MANAGEMENT	70,216	70,216	70,216	-	
SECRETARIAL	4,500	4,500	4,500	-	
LEGAL	70,000	66,000	56,193	13,807	
ASSESSMENT ROLL	15,000	15,000	15,000	-	
AUDIT FEES	13,000	18,100	18,100	(5,100)	
ARBITRAGE REBATE FEE	3,250	3,900	3,900	(650)	
TRAVEL & LODGING	4,000	5,000	4,743	(743)	
INSURANCE	11,870	35,707	35,707	(23,837)	
LEGAL ADVERTISING	5,000	10,000	8,058	(3,058)	
MISCELLANEOUS	4,000	9,000	7,604	(3,604)	
POSTAGE	1,750	1,300	1,257	493	
OFFICE SUPPLIES	3,500	3,800	3,743	(243)	
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	27,000	33,612	33,612	(6,612)	
CONTINUING DISCLOSURE FEE	9,000	10,500	10,500	(1,500)	
TOTAL ADMINISTRATIVE EXPENDITURES	$	309,198	$	379,144	$	360,719	$	(51,521)	
					
MAINTENANCE EXPENDITURES					
MAINTENANCE	2,350,500	2,918,065	2,743,091	(392,591)	
TOTAL MAINTENANCE EXPENDITURES	$	2,350,500	$	2,918,065	$	2,743,091	(392,591)	
					
TOTAL EXPENDITURES	$	2,659,698	$	3,297,209	$	3,103,810	(444,112)	
					
EXCESS OR (SHORTFALL)	$	4,874,205	$	5,451,361	$	5,644,760	(770,555)	
					
BOND PAYMENTS	$	(4,422,913)	$	(5,234,404)	$	(5,234,404)	(811,491)	
					
BALANCE	$	451,292	$	216,957	$	410,356	40,936	
					
COUNTY APPRAISER & TAX COLLECTOR FEE	(210,603)	(111,412)	(111,412)	99,191	
DISCOUNTS FOR EARLY PAYMENTS	(240,689)	(223,952)	(223,952)	16,737	
					
NET EXCESS/ (SHORTFALL)	$	-	$	(118,407)	$	74,992	(74,992)	

FUND BALANCE (LESS RESERVE) AS OF 9/30/21	
FY 2021/2022 ACTIVITY	
FUND BALANCE (LESS RESERVE) AS OF 9/30/22	

$	147,479	
$	(118,407)	
$	29,072	

Note: Reserve Fund Balance As Of 9-30-22 is $263,368.

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT MAINTENANCE
FISCAL YEAR 2021/2022 OCTOBER 1, 2021 - SEPTEMBER 30, 2022

	
FISCAL YEAR 2021/2022 ANNUAL BUDGET	
FISCAL YEAR 2021/2022
AMENDED FINAL BUDGET	
YEAR TO DATE ACTUALS
10/1/2021 - 9/29/2022	
DIFFERENCE BETWEEN ACTUALS
AND ANNUAL BUDGET	
MAINTENANCE EXPENDITURES					
					
IRRIGATION REPAIR	95,000	215,000	204,858	(109,858)	
MISCELLANEOUS MAINTENANCE	10,000	15,000	14,613	(4,613)	
ELECTRIC (STREETLIGHTS, LANDSCAPE)	85,000	108,417	108,417	(23,417)	
STREET SWEEPING	1,000	0	0	1,000	
STRIPING & TRAFFIC MARKINGS	15,000	30,000	25,857	(10,857)	
STREET LIGHT MAINTENANCE	80,000	173,000	169,281	(89,281)	
SIDEWALK / CURB REPAIRS	70,000	116,000	111,267	(41,267)	
LANDSCAPE MAINTENANCE (ROADWAY, ENTRIES):	30,000	8,000	6,930	23,070	
MAINTENANCE CONTRACTS	630,000	685,000	670,683	(40,683)	
TREE TRIMMING	50,000	0	0	50,000	
STORM CLEANUP - OTHER	0	70,855	70,855	(70,855)	
STORM CLEANUP	25,000	0	0	25,000	
STORM CLEANUP - ELECTRIC	25,000	0	0	25,000	
STORM CLEANUP - LANDSCAPING	25,000	0	0	25,000	
PLANT REPLACEMENT	90,000	150,000	144,514	(54,514)	
MULCH & MISCELLANEOUS	140,000	125,000	119,137	20,863	
WATER MANAGEMENT & DRAINAGE	4,000	3,600	3,300	700	
ENTRY FEATURE WATER	4,500	5,500	4,943	(443)	
MISCELLANEOUS UTILITIES	0	2,847	2,847	(2,847)	
IRRIGATION WATER	85,000	61,301	61,301	23,699	
FOUNTAIN MAINTENANCE	25,000	58,000	55,285	(30,285)	
RODENT/PEST CONTROL	8,000	8,500	7,500	500	
EQUIPMENT REPAIR	6,000	18,282	18,282	(12,282)	
SIGNAGE REPAIR	10,000	33,000	30,352	(20,352)	
STORM DRAIN CLEANING	10,000	88,000	78,751	(68,751)	
DRAINAGE / LAKE MAINTENANCE/ LITTORALS	75,000	58,000	48,930	26,070	
AERATORS	2,000	0	0	2,000	
PRESERVE MAINTENANCE	60,000	55,000	49,029	10,971	
SMALL TOOLS	2,500	11,963	11,963	(9,463)	
MISCELLANEOUS REPAIRS	0	2,225	2,225	(2,225)	
VEHICLE LEASE / FUEL / REPAIRS (MAINT TECH)	20,000	4,985	4,985	15,015	
MOSQUITO CONTROL	400,000	450,000	389,296	10,704	
TEMP FIRE FACILITY OPERATING COSTS	40,000	119,654	119,654	(79,654)	
ADMINISTRATIVE SUPPLIES	0	1,162	1,162	(1,162)	
MAINTENANCE TECHNICIANS	110,000	115,028	115,028	(5,028)	
BASE MANAGEMENT FEE	20,000	20,857	20,857	(857)	
ADMIN PAYROLL	55,000	61,389	61,389	(6,389)	
TOTAL MAINTENANCE EXPENDITURES	$	2,308,000	$	2,875,565	$	2,733,491	(425,491)	
					
RESERVE FUND	27,500	27,500	0	27,500	
CONTINGENCY FUND	15,000	15,000	9,600	5,400	
					
TOTAL	$	2,350,500	$	2,918,065	$	2,743,091	(392,591)	

DEBT SERVICE FUND - SERIES 2019 FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	FISCAL YEAR 2021/2022 ANNUAL BUDGET	FISCAL YEAR 2021/2022
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2021 - 9/29/2022	
Interest Income (2019)	500	50	48	
Net NAV Collection (2019)	1,368,371	1,393,160	1,393,160	
Prepaid Bond Collection (2019)	0	9,351	9,351	
Total Revenues	$	1,368,871	$	1,402,561	$	1,402,559	
				
EXPENDITURES				
Principal Payments (2019)	900,000	900,000	900,000	
Interest Payments (2019)	2,277	475,488	475,488	
Extraordinary Principal Payments (19)	466,594	10,000	10,000	
Total Expenditures	$	1,368,871	$	1,385,488	$	1,385,488	
				
Net Excess/ (Shortfall)	$	-	$	17,073	$	17,071	

FUND BALANCE AS OF 9/30/21	
FY 2021/2022 ACTIVITY	
FUND BALANCE AS OF 9/30/22	

$668,029	
$17,073	
$685,102	

Notes
Reserve Fund Balance = $342,563*. Revenue Fund Balance = $332,810*. Prepayment Fund Balance = $9,729*.
Revenue Account Balance To Be Used To Make 11/1/2022 Interest Payment Of $228,691.
* 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 9/30/22 =	
$17,640,000		

DEBT SERVICE FUND - SERIES 2012/2022A FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	FISCAL YEAR 2020/2021
ANNUAL BUDGET	FISCAL YEAR 2020/2021
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2020 - 9/29/2021	
Interest Income (2012)	100	6,327	6,323	
Net NAV Collection (2012)	1,010,592	1,852,815	1,852,815	
Developer Contribution (2012)	1,232,298	380,490	0	
Bond Proceeds (2022A)	0	22,950,000	22,950,000	
Refunding Premium (2022A)	0	520,918	520,918	
Total Revenues	$	2,242,990	$	25,710,550	$	25,330,056	
				
EXPENDITURES				
Principal Payments (2012)	570,000	25,240,000	25,240,000	
Extraordinary Principal Payments (2012)	0	15,000	15,000	
Interest Payments (2012)	1,672,990	1,691,583	1,691,583	
Interest Payments (2022A)	0	203,124	203,124	
Cost Of Issuance (2022A)	0	440,610	440,610	
Total Expenditures	$	2,242,990	$	27,590,317	$	27,590,317	
				
Net Excess/ (Shortfall)	$	-	$	(1,879,767)	$	(2,260,261)	

FUND BALANCE AS OF 9/30/21	
FY 2021/2022 ACTIVITY	
FUND BALANCE AS OF 9/30/22	

$3,116,963	
($1,879,767)	
$1,237,196	

Notes
Reserve Fund Balance = $821,715*. Revenue Fund Balance = $415,481*.
Revenue Fund Balance To Be Used To Make 11/1/2022 Interest Payment Of $415,481.
* Approximate Amounts - Revenue Account Balance Is As of 10/31/22.

Series 2022 Refunding Bond Information		
Original Par Amount =	$22,950,000	Annual Principal Payments Due:	
Interest Rate =	2.875% - 4.00%	May 1st	
Issue Date =	February 2022	Annual Interest Payments Due:	
Maturity Date =	May 2042	May 1st & November 1st	

Par Amount As Of 9/30/22 =	
$22,950,000		

DEBT SERVICE FUND - SERIES 2015 (MAPLE RIDGE) FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	FISCAL YEAR 2021/2022
ANNUAL BUDGET	FISCAL YEAR 2021/2022
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2021 - 9/29/2022	
Interest Income (2015)	100	435	429	
Net NAV Collection (2015)	163,890	167,049	167,049	
Developer Contribution (2015)	5,267	0	0	
Prepaid Bond Collection (2015)	0	0	0	
Total Revenues	$	169,257	$	167,484	$	167,478	
				
EXPENDITURES				
Principal Payments (2015)	50,000	50,000	50,000	
Extraordinary Principal Payments (2015)	0	5,000	5,000	
Interest Payments (2015)	119,257	116,569	116,569	
Total Expenditures	$	169,257	$	171,569	$	171,569	
				
Net Excess/ (Shortfall)	$	-	$	(4,085)	$	(4,091)	

FUND BALANCE AS OF 9/30/21	
FY 2021/2022 ACTIVITY	
FUND BALANCE AS OF 9/30/22	

$245,871	
($4,085)	
$241,786	

Notes
Reserve Fund Balance = $168,419*. Revenue Fund Balance = $70,859*. Prepayment Account Balance = $2,508*
Revenue Fund Balance To Be Used To Make 11/1/2022 Interest Payment Of $56,900.
* 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 9/30/22 =	
$2,150,000		

REVENUES	FISCAL YEAR 2021/2022
ANNUAL BUDGET	FISCAL YEAR 2021/2022
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2021 - 9/29/2022	
Interest Income (2016 - Bond)	100	430	424	
Net NAV Collection (2016 - Bond)	226,663	230,920	230,920	
Prepaid Bond Collection (2016 - Bond)	0	0	0	
Total Revenues	$	226,763	$	231,350	$	231,344	
				
EXPENDITURES				
Principal Payments (16 - Bond)	60,000	60,000	60,000	
Extraordinary Principal Payments (16 - Bond)	1,388	0	0	
Interest Payments (16 - Bond)	165,375	166,950	166,950	
Total Expenditures	$	226,763	$	226,950	$	226,950	
				
Net Excess/ (Shortfall)	$	-	$	4,400	$	4,394	

FUND BALANCE AS OF 9/30/21	
FY 2021/2022 ACTIVITY	
FUND BALANCE AS OF 9/30/22	

$222,282	
$4,400	
$226,682	

Notes
Reserve Fund Balance = $113,297*. Revenue Fund Balance = $113,351*. Prepayment Account Balance = $34*
Revenue Fund Balance To Be Used To Make 11/1/2022 Interest Payment Of $81,900.
* 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 9/30/22 =	
$3,120,000		

REVENUES	FISCAL YEAR 2021/2022
ANNUAL BUDGET	FISCAL YEAR 2021/2022
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2021 - 9/29/2022	
Interest Income (2016 - BAN)	0	113	113	
Developer Contribution (2016 - BAN)	0	0	0	
				
Total Revenues	$	-	$	113	$	113	
				
EXPENDITURES				
Principal Payments (2016 - BAN)	0	11,085,000	11,085,000	
Interest Payments (2016 - BAN)	0	256,454	256,454	
				
Total Expenditures	$	-	$	11,341,454	$	11,341,454	
				
Net Excess/ (Shortfall)	$	-	$	(11,341,341)	$	(11,341,341)	

FUND BALANCE AS OF 9/30/21	
FY 2021/2022 ACTIVITY	
FUND BALANCE AS OF 9/30/22	

$11,341,341	
($11,341,341)	
$0	

Notes
2016 BANS Principal Paid In Full In November 2021.

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 9/30/22 =	
$0		

REVENUES	FISCAL YEAR 2021/2022
ANNUAL BUDGET	FISCAL YEAR 2021/2022
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2021 - 9/29/2022	
Interest Income (2018)	100	12	11	
Net NAV Collection (2018)	211,765	258,760	258,760	
Developer Contribution (2018)	56,315	1,801	1,801	
Prepaid Bond Collection (2018)	0	0	0	
Total Revenues	$	268,180	$	260,573	$	260,572	
				
EXPENDITURES				
Principal Payments (2018)	65,000	60,000	60,000	
Extraordinary Principal Payments (2018)	0	0	0	
Interest Payments (2018)	203,180	192,890	192,890	
Total Expenditures	$	268,180	$	252,890	$	252,890	
				
Net Excess/ (Shortfall)	$	-	$	7,683	$	7,682	

FUND BALANCE AS OF 9/30/21	
FY 2021/2022 ACTIVITY	
FUND BALANCE AS OF 9/30/22	

$203,712	
$7,683	
$211,395	

Notes
Reserve Fund Balance = $108,157*. Revenue Fund Balance = $102,320*.
Revenue Fund Balance To Be Used To Make 11/1/2022 Interest Payment Of $94,975. Prepayment Account Balance = $918*
* Approximate Amounts

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 9/30/22 =	
$3,595,000		

REVENUES	FISCAL YEAR 2021/2022
ANNUAL BUDGET	FISCAL YEAR 2021/2022
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2021 - 9/29/2022	
Interest Income (2020)	0	11	10	
Net NAV Collection (2020)	0	0	0	
Developer Contribution (2020)	0	0	0	
Transfer From Capitalized Interest Fund (2020)	146,853	0	0	
Prepaid Bond Collection (2020)	0	0	0	
Total Revenues	$	146,853	$	11	$	10	
				
EXPENDITURES				
Principal Payments (2020)	0	0	0	
Interest Payments (2020)	146,853	146,853	146,853	
Transfer To Construction Fund (2020)	0	0	0	
Total Expenditures	$	146,853	$	146,853	$	146,853	
				
Net Excess/ (Shortfall)	$	-	$	(146,842)	$	(146,843)	

FUND BALANCE AS OF 9/30/21	
FY 2021/2022 ACTIVITY	
FUND BALANCE AS OF 9/30/22	

$303,364	
($146,842)	
$156,522	

Notes
Reserve Fund Balance = $83,065*.
Captalized Interest Account Balance = $73,457*.
Capitalized Interest Account Balance To Be Used To Make 11/1/2022 Interest Payment Of $73,426. Capitalized Interest Set-up Through November 2022.
* 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 9/30/22 =	
$3,440,000		

REVENUES	FISCAL YEAR 2021/2022
ANNUAL BUDGET	FISCAL YEAR 2021/2022
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2021 - 9/29/2022	
Interest Income (2021 - National)	0	19	18	
Net NAV Collection (2021 - National)	59,230	90,074	90,074	
Developer Contribution (2021 - National)	580,243	549,382	549,382	
Prepaid Bond Collection (2021 - National)	0	0	0	
Total Revenues	$	639,473	$	639,475	$	639,474	
				
EXPENDITURES				
Principal Payments (2021 - National)	225,000	225,000	225,000	
Interest Payments (2021 - National)	414,473	417,398	417,398	
Transfer To Construction Fund (2021 - National)	0	17	17	
Total Expenditures	$	639,473	$	642,415	$	642,415	
				
Net Excess/ (Shortfall)	$	-	$	(2,940)	$	(2,941)	

FUND BALANCE AS OF 9/30/21	
FY 2021/2022 ACTIVITY	
FUND BALANCE AS OF 9/30/22	

$528,456	
($2,940)	
$525,516	

Notes
Reserve Fund Balance = $319,744*. Revenue Account Balance = $205,772*.
Revenue Account Balance To Be Used To Make 11/1/2022 Interest Payment Of $203,923. Capitalized Interest Set-up Through November 2021.
FY 2021/2022 Capital Outlay = $2,866.
* Approximate Amounts - Revenue Account Balance As Of 10/31/2022

Series 2021 (Ave Maria National) Bond 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 9/30/22 =	
$11,115,000		

REVENUES	FISCAL YEAR 2021/2022
ANNUAL BUDGET	FISCAL YEAR 2021/2022
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2021 - 9/29/2022	
Interest Income (2021 - Master)	0	32	31	
Net NAV Collection (2021 - Master)	0	0	0	
Developer Contribution (2021 - Master)	0	0	0	
Prepaid Bond Collection (2021 - Master)	0	0	0	

Transfer From Capitalized Interest Fund (2021 - Master)	398,406	0	0	
Total Revenues	$	398,406	$	32	$	31	
				
EXPENDITURES				
Principal Payments (2021 - Master)	0	0	0	
Interest Payments (2021 - Master)	398,406	278,884	278,884	
Transfer To Construction Fund (2021 - Master)	0	0	0	
Total Expenditures	$	398,406	$	278,884	$	278,884	
				
Net Excess/ (Shortfall)	$	-	$	(278,852)	$	(278,853)	

FUND BALANCE AS OF 9/30/21	
FY 2021/2022 ACTIVITY	
FUND BALANCE AS OF 9/30/22	

$800,358	
($278,852)	
$521,506	

Notes
Reserve Fund Balance = $320,097*. Capitalized Interest Account Balance = $199,236* Revenue Account Balance = $2,173*.
Capitalized Interest Account Balance To Be Used To Make 11/1/2022 Interest Payment Of $199,203. Capitalized Interest Set-up Through November 2022.
* Approximate Amounts

Series 2021 (Master) Bond Information		
Original Par Amount =	$11,610,000	Annual Principal Payments Due:	
Interest Rate =	2.25% - 4.0%	May 1st	
Issue Date =	August 2021	Annual Interest Payments Due:	
Maturity Date =	May 2052	May 1st & November 1st	

Par Amount As Of 9/30/22 =	
$11,610,000		

REVENUES	FISCAL YEAR 2021/2022
ANNUAL BUDGET	FISCAL YEAR 2021/2022
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2021 - 9/29/2022	
Interest Income (2021 - BAN)	0	50	48	
Net NAV Collection (2021 - BAN)	0	0	0	
Developer Contribution (2021 - BAN)	0	0	0	
Prepaid Bond Collection (2021 - BAN)	0	0	0	

Transfer From Capitalized Interest Fund (2021 - BAN)	547,400	0	0	
Total Revenues	$	547,400	$	50	$	48	
				
EXPENDITURES				
Principal Payments (2021 - BAN)	0	0	0	
Interest Payments (2021 - BAN)	547,400	383,180	383,180	
Transfer To Construction Fund (2021 - BAN)	0	0	0	
Total Expenditures	$	547,400	$	383,180	$	383,180	
				
Net Excess/ (Shortfall)	$	-	$	(383,130)	$	(383,132)	

FUND BALANCE AS OF 9/30/21	
FY 2021/2022 ACTIVITY	
FUND BALANCE AS OF 9/30/22	

$1,204,282	
($383,130)	
$821,152	

Notes
Reserve Fund Balance = $547,400*. Capitalized Interest Account Balance = $273,752*. Capitalized Interest Fund Balance To Be Used To Make 11/1/2022 Interest Payment Of $273,700. Capitalized Interest Set-up Through November 2022.
FY 2021/2022 Capital Outlay = $1,044,382.

Series 2021 BANS Information		
Original Par Amount =	$15,640,000	Annual Principal Payments Due:	
Interest Rate =	3.50%	N/A	
Issue Date =	August 2021	Annual Interest Payments Due:	
Maturity Date =	May 2026	May 1st & November 1st	

Par Amount As Of 9/30/22 =	
$15,640,000		

REVENUES	FISCAL YEAR 2021/2022
ANNUAL BUDGET	FISCAL YEAR 2021/2022
AMENDED FINAL BUDGET	YEAR TO DATE ACTUAL
10/1/2021 - 9/29/2022	
Interest Income (2022)	0	6	6	
Net NAV Collection (2022)	0	0	0	
Developer Contribution (2022)	0	0	0	
Prepaid Bond Collection (2022)	0	0	0	
Bond Proceeds (2022)	0	443,135	443,135	
Total Revenues	$	-	$	443,141	$	443,141	
				
EXPENDITURES				
Principal Payments (2022)	0	0	0	
Interest Payments (2022)	0	72,562	72,562	
Transfer To Construction Fund (2022)	0	0	0	
Total Expenditures	$	-	$	72,562	$	72,562	
				
Net Excess/ (Shortfall)	$	-	$	370,579	$	370,579	

FUND BALANCE AS OF 9/30/21	
FY 2021/2022 ACTIVITY	
FUND BALANCE AS OF 9/30/22	

$0	
$370,579	
$370,579	

Notes
Reserve Fund Balance = $222,150*. Capitalized Interest Account Balance = $148,429*. Capitalized Interest Fund Balance To Be Used To Make 11/1/2022 Interest Payment Of $148,423. Capitalized Interest Set-up Through November 2022.
Capital Projects Debt Proceeds = $7,331,865. Total Bond Proceeds = $7,775,000. FY 2021/2022 Cost Of Issuance = $233,300.
FY 2021/2022 Capital Outlay = $2,781,286.

Series 2022 Bond Information		
Original Par Amount =	$7,775,000	Annual Principal Payments Due:	
Interest Rate =	3.00% - 4.00%	May 1st	
Issue Date =	February 2022	Annual Interest Payments Due:	
Maturity Date =	May 2052	May 1st & November 1st	

Par Amount As Of 9/30/22 =	
$7,775,000