Ave Maria Stewardship	
Community District	

Proposed Budget For	
Fiscal Year 2023/2024	
October 1, 2023 - September 30, 2024	

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2023/2024 BUDGET

TABLE OF CONTENTS

Budget Summary

Proposed Budget	3	

Detailed Proposed Budget	4	

Budget Comparison To Previous Year	5	

Debt Service

Detailed Proposed Series 2019 (refi of 2006) Debt Service Fund Budget	6	

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

Detailed Proposed Series 2021 (Master) Debt Service Fund Budget	8	

Detailed Proposed Series 2023 (Master) Debt Service Fund Budget	9	

Detailed Proposed Series 2021 BANS Debt Service Fund Budget	10	

Detailed Proposed Series 2015 (Maple Ridge) Debt Service Fund Budget	11	

Detailed Proposed Series 2016 (Maple Ridge) Debt Service Fund Budget	12	

Detailed Proposed Series 2018 (Maple Ridge) Debt Service Fund Budget	13	

Detailed Proposed Series 2020 (Maple Ridge) Debt Service Fund Budget	14	

Detailed Proposed Series 2022 (Maple Ridge) Debt Service Fund Budget	15	

Detailed Proposed Series 2021 (Ave Maria National) Debt Service Fund Budget	16	

Maintenance & Assessments Breakdown

Detailed Proposed Maintenance Budget	17	

Assessment Breakdown	18	

Assessment Comparison	19	

PROPOSED BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

Sources	Revenue	Percentage	

Assessments	$	6,835,071	56%	
Developer Contributions	$	5,456,701	44%	
Other	$	400	0%	

44%

Assessments

56%

Developer Contributions

$	12,292,172	100%	

Total Revenue

Sources	Expenditures	Percentage	

Administrative	$	447,534	4%	
Maintenance	$	3,896,600	32%	
Debt Payments	$	7,435,407	60%	
Discounts & Fees	$	512,630	4%	

$	12,292,171	100%	

Total Expenditures

4%

4%

Administrative

32%

Maintenance

60%

Debt Payments

Discounts & Fees

DETAILED BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

REVENUES	
FISCAL YEAR 2023/2024
BUDGET	
O & M ASSESSMENTS	2,260,395	
DEBT ASSESSMENTS	4,574,676	
DEVELOPER CONTRIBUTION FOR O & M	2,252,869	
DEVELOPER CONTRIBUTION FOR DEBT	3,203,832	
OTHER REVENUES	0	
INTEREST	400	
		
TOTAL REVENUES	$	12,292,171	
		
EXPENDITURES		
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISORS FEES	9,600	
PAYROLL TAX EXPENSE	734	
ENGINEERING	85,000	
MANAGEMENT	108,000	
SECRETARIAL	0	
LEGAL	80,000	
ASSESSMENT ROLL	20,000	
AUDIT FEES	20,300	
ARBITRAGE REBATE FEE	3,900	
TRAVEL & LODGING	5,000	
INSURANCE	45,000	
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	$	447,534	
		
MAINTENANCE EXPENDITURES		
MAINTENANCE	3,896,600	
		
TOTAL MAINTENANCE EXPENDITURES	$	3,896,600	
		
TOTAL EXPENDITURES	$	4,344,134	
		
EXCESS OR (SHORTFALL)	$	7,948,037	
		
BOND PAYMENTS	$	(7,435,407)	
		
BALANCE	$	512,630	
		
COUNTY APPRAISER & TAX COLLECTOR COST	(239,227)	
DISCOUNTS FOR EARLY PAYMENTS	(273,403)	
		
NET EXCESS / (SHORTFALL)	$	-	

Note: Reserve Fund Balance As Of 3-31-23 is $293,492.09

DETAILED BUDGET COMPARISON
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

REVENUES	
FISCAL YEAR	
FISCAL YEAR	
FISCAL YEAR	

COMMENTS	
	2021/2022	2022/2023	2023/2024		
	ACTUAL	BUDGET	BUDGET		
O & M ASSESSMENTS	1,556,860	2,152,573	2,260,395	See Detail on Page 9	
DEBT ASSESSMENTS	4,238,061	4,575,451	4,574,676	See Detail on Page 9	
DEVELOPER CONTRIBUTION FOR O & M	1,626,977	1,533,332	2,252,869		
DEVELOPER CONTRIBUTION FOR DEBT	1,635,173	1,897,382	3,203,832		
OTHER REVENUES / FEMA	71,990	0	0		
INTEREST	387	0	400		
BOND PREPAYMENTS	9,351	0	0		
BOND PREPAYMENTS PAID TO TRUSTEE	(9,351)	0	0		
					
TOTAL REVENUES	$	9,129,448	$	10,158,738	$	12,292,171		
					
EXPENDITURES					
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISORS FEES	9,600	8,000	9,600	$1,600 Increase From Previous Budget	
PAYROLL TAX EXPENSE	734	612	734	Supervisor Fees * 7.65%	
ENGINEERING	74,577	55,000	85,000	$30,000 Increase From Previous Budget	
MANAGEMENT	70,216	84,000	108,000	$24,000 Increase From Previous Budget	
SECRETARIAL	4,500	0	0	No Change From Previous Budget	
LEGAL	61,908	75,000	80,000	$5,000 Increase From Previous Budget	
ASSESSMENT ROLL	15,000	15,000	20,000	$5,000 Increase From Previous Budget	
AUDIT FEES	18,100	18,100	20,300	$2,200 Increase From Previous Budget	
ARBITRAGE REBATE FEE	3,900	3,250	3,900	$650 Increase From Previous Budget	
TRAVEL & LODGING	4,743	4,000	5,000	$1,000 Increase From Previous Budget	
INSURANCE	35,707	37,000	45,000	$8,000 Increase From Previous Budget	
LEGAL ADVERTISING	8,058	8,000	8,000	No Change From Previous Budget	
MISCELLANEOUS	78,459	6,000	6,000	No Change From Previous Budget	
POSTAGE	1,258	2,000	2,000	No Change From Previous Budget	
OFFICE SUPPLIES	3,742	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	33,612	35,000	35,000	No Change From Previous Budget	
CONTINUING DISCLOSURE FEE	10,500	12,000	12,000	No Change From Previous Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	437,289	$	369,962	$	447,534		
					
MAINTENANCE EXPENDITURES					
MAINTENANCE	2,722,905	3,154,500	3,896,600	Total Maintenance - See Detail On Page 16	
					
TOTAL MAINTENANCE EXPENDITURES	$	2,722,905	$	3,154,500	$	3,896,600		
					
TOTAL EXPENDITURES	$	3,160,194	$	3,524,462	$	4,344,134		
					
EXCESS OR (SHORTFALL)	$	5,969,254	$	6,634,276	$	7,948,037		
					
BOND PAYMENTS	(5,614,894)	$	(6,129,674)	$	(7,435,407)	2023 P & I Payments	
					
BALANCE	$	354,360	$	504,602	$	512,630		
					
COUNTY APPRAISER & TAX COLLECTOR COST	(80,720)	(235,481)	(239,227)	3.5% Of Total Roll (2% Appraiser, 1.5% Collector)	
DISCOUNTS FOR EARLY PAYMENTS	(223,952)	(269,121)	(273,403)	4% Of Total Tax Roll	
					
NET EXCESS / (SHORTFALL)	$	49,688	$	-	$	-		

Note: Reserve Fund Balance As Of 3-31-23 is $293,492.09	Page 5

DETAILED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2019

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2021/2022	2022/2023	2023/2024	
	ACTUAL	BUDGET	BUDGET	
Interest Income (19) (refi of 06)	51	500	500	
Net NAV Collection (19) (refi of 06)	1,393,160	1,368,371	1,368,371	
Developer Contribution (refi of 06)	0	0	0	
Prepaid Bonds (19) (refi of 06)	9,351	0	0	
Bond Proceeds	0	0	0	
				
Total Revenues	$	1,402,563	$	1,368,871	$	1,368,871	
				
EXPENDITURES				
Principal Payments (19) (refi of 06)	910,000	920,000	940,000	
Extraordinary Principal Pymt (19) (refi of 06)	0	477	-923	
Interest Payments (19) (refi of 06)	475,488	448,394	429,794	
Cost of Issuance	0			
				
Total Expenditures	$	1,385,488	$	1,368,871	$	1,368,871	
				
Net Excess/ (Shortfall)	$	17,075	$	-	$	-	

 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 1/1/23 =	$17,640,000		

DETAILED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2022

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2020/2021	2022/2023	2023/2024	
	ACTUAL	BUDGET	BUDGET	
Interest Income (22) (refi of 12)	6,242	100	100	
Net NAV Collection (22) (refi of 12)	1,852,815	1,643,963	1,643,963	
Developer Contribution (22) (refi of 12)	0	0	0	
Prepaid Bonds (22) (refi of 12)	0	0	0	
				
Total Revenues	$	1,859,058	$	1,644,063	$	1,644,063	
				
EXPENDITURES				
Principal Payments (22) (refi of 12)	0	820,000	845,000	
Extraordinary Principal Pymt (22) (refi of 12)	0	4,888	3,822	
Interest Payments (22) (refi of 12)	1,894,707	819,175	795,241	
				
Total Expenditures	$	1,894,707	$	1,644,063	$	1,644,063	
				
Net Excess/ (Shortfall)	$	(35,649)	$	-	$	-	

 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 1/1/23 =	$22,950,000		

DETAILED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2021 (MASTER)

REVENUES	FISCAL YEAR 2021/2022
ACTUAL	FISCAL YEAR 2022/2023
BUDGET	FISCAL YEAR 2023/2024
BUDGET	
Interest Income (21)	33	100	100	
Net NAV Collection (21)	0	114,412	114,412	
Developer Contribution (21)	0	521,194	525,682	
Capitalized Interest (21)	278,884	0	0	
				
Total Revenues	$	278,918	$	635,706	$	640,194	
				
EXPENDITURES				
Principal Payments (21)	0	240,000	250,000	
Extraordinary Principal Payments (21)	0	0	0	
Interest Payments (21)	278,884	395,706	390,194	
				
Total Expenditures	$	278,884	$	635,706	$	640,194	
				
Net Excess/ (Shortfall)	$	33	$	-	$	-	
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 1/1/23 =	May 2052
$11,610,000	May 1st & November 1st	

DETAILED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2023 (MASTER)

REVENUES	FISCAL YEAR 2021/2022
ACTUAL	FISCAL YEAR 2022/2023
BUDGET	FISCAL YEAR 2023/2024
BUDGET	
Interest Income (23)	0	0	100	
Net NAV Collection (23)	0	0	0	
Developer Contribution (23)	0	0	1,304,704	
Capitalized Interest (23)	0	0	0	
				
Total Revenues	$	-	$	-	$	1,304,804	
				
EXPENDITURES				
Principal Payments (23)	0	0	0	
Extraordinary Principal Payments (23)	0	0	0	
Interest Payments (23)	0	0	1,304,804	
				
Total Expenditures	$	-	$	-	$	1,304,804	
				
Net Excess/ (Shortfall)	$	-	$	-	$	-	
NOTE: ALL SERIES 2023 BOND RELATED INFORMATION IS AN ESTIMATE, THIS BOND HAS NOT CLOSED AS OF 5/30/2023
Note: Capitalized Interest Was Set-Up Through ???

 Series 2023 Bond Information	
Original Par Amount =	$19,445,000	Annual Principal Payments Due:	
Average Interest Rate =	???	May 1st	
Issue Date =	2023	Annual Interest Payments Due:	
Maturity Date =
Par Amount As Of 1/1/23 =	???
$0	May 1st & November 1st	

DETAILED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND - SERIES 2021 (BOND ANTICIPATION NOTES)

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2020/2021	2022/2023	2023/2024	
	ACTUAL	BUDGET	BUDGET	
Interest Income (21 BANS)	51	0	0	
Net NAV Collection (21 BANS)	0	0	0	
Developer Contribution (21 BANS)	345,459	547,400	547,400	
Prepaid Bonds (21 BANS)	0	0	0	
				
Total Revenues	$	345,510	$	547,400	$	547,400	
				
EXPENDITURES				
Principal Payments (21 BANS)	0	0	0	
Extraordinary Principal Payments (21 BANS)	0	0	0	
Interest Payments (21 BANS)	383,180	547,400	547,400	
				
Total Expenditures	$	383,180	$	547,400	$	547,400	
				
Net Excess/ (Shortfall)	$	(37,670)	$	-	$	-	

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 1/1/23 =	$15,640,000		

DETAILED DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2015 (MAPLE RIDGE)

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2021/2022	2022/2023	2023/2024	
	ACTUAL	BUDGET	BUDGET	
Interest Income (15)	776	100	100	
Net NAV Collection (15)	167,049	163,890	163,890	
Developer Contribution (15)	0	0	0	
Prepaid Bonds (15)	0	0	0	
				
Total Revenues	$	167,825	$	163,990	$	163,990	
				
EXPENDITURES				
Principal Payments (15)	55,000	50,000	55,000	
Extraordinary Principal Payments (15)	0	1,171	-935	
Interest Payments (15)	116,569	112,819	109,925	
				
Total Expenditures	$	171,569	$	163,990	$	163,990	
				
Net Excess/ (Shortfall)	$	(3,743)	$	-	$	-	

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 1/1/23 =	$2,150,000		

DETAILED DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2016 (MAPLE RIDGE)

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2021/2022	2022/2023	2023/2024	
	ACTUAL	BUDGET	BUDGET	
Interest Income (16)	768	100	100	
Net NAV Collection (16)	230,920	226,663	226,663	
Developer Contribution (16)	0	0	0	
Prepaid Bonds (16)	0	0	0	
				
Total Revenues	$	231,688	$	226,763	$	226,763	
				
EXPENDITURES				
Principal Payments (16)	60,000	60,000	65,000	
Extraordinary Principal Payments (16)	0	4,538	2,819	
Interest Payments (16)	166,950	162,225	158,944	
	.			
Total Expenditures	$	226,950	$	226,763	$	226,763	
				
Net Excess/ (Shortfall)	$	4,738	$	-	$	-	

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 1/1/23 =	$3,120,000		

DETAILED DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2018 (MAPLE RIDGE)

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2021/2022	2022/2023	2023/2024	
	ACTUAL	BUDGET	BUDGET	
Interest Income (18)	12	100	100	
Net NAV Collection (18)	258,760	253,748	253,748	
Developer Contribution (18)	1,801	0	0	
Prepaid Bonds (18)	0	0	0	
				
Total Revenues	$	260,574	$	253,848	$	253,848	
				
EXPENDITURES				
Principal Payments (18)	60,000	65,000	65,000	
Extraordinary Principal Payments (18)	0	490	3,676	
Interest Payments (18)	192,890	188,358	185,173	
				
Total Expenditures	$	252,890	$	253,848	$	253,848	
				
Net Excess/ (Shortfall)	$	7,684	$	-	$	-	

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 1/1/23 =	$3,595,000		

DETAILED DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2020 (MAPLE RIDGE)

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2021/2022	2022/2023	2023/2024	
	ACTUAL	BUDGET	BUDGET	
Interest Income (20)	11	100	100	
Net NAV Collection (20)	0	207,616	207,616	
Developer Contribution (20)	0	0	0	
Capitalized Interest	146,853	0	0	
				
Total Revenues	$	146,863	$	207,716	$	207,716	
				
EXPENDITURES				
Principal Payments (20)	0	60,000	60,000	
Extraordinary Principal Payments (20)	0	2,004	4,284	
Interest Payments (20)	146,853	145,713	143,433	
				
Total Expenditures	$	146,853	$	207,716	$	207,716	
				
Net Excess/ (Shortfall)	$	11	$	-	$	-	

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 1/1/23 =	$3,440,000		

DETAILED DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2022 (MAPLE RIDGE)

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2021/2022	2022/2023	2023/2024	
	ACTUAL	BUDGET	BUDGET	
Interest Income (22)	12	100	100	
Net NAV Collection (22)	0	70,032	70,032	
Developer Contribution (22)	0	371,713	370,113	
Capitalized Interest	72,562	0	0	
				
Total Revenues	$	72,574	$	441,845	$	440,245	
				
EXPENDITURES				
Principal Payments (22)	0	145,000	150,000	
Extraordinary Principal Payments (22)	0	0	0	
Interest Payments (22)	72,562	296,845	290,245	
				
Total Expenditures	$	72,562	$	441,845	$	440,245	
				
Net Excess/ (Shortfall)	$	12	$	-	$	-	

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 =	3.00% - 4.00%	May 1st	
Issue Date =	February 2022	Annual Interest Payments Due:	
Maturity Date =	May 2052	May 1st & November 1st	
Par Amount As Of 1/1/23 =	$7,775,000		

DETAILED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2021 (AVE MARIA NATIONAL)

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2021/2022	2022/2023	2023/2024	
	ACTUAL	BUDGET	BUDGET	
Interest Income (21)	20	0	0	
Net NAV Collection (21)	90,074	185,033	185,033	
Developer Contribution (21)	552,304	454,440	452,480	
Capitalized Interest	0	0	0	
				
Total Revenues	$	642,398	$	639,473	$	637,513	
				
EXPENDITURES				
Principal Payments (21)	225,000	225,000	235,000	
Extraordinary Principal Payments (21)	0	0	0	
Interest Payments (21)	417,398	414,473	402,513	
				
Total Expenditures	$	642,398	$	639,473	$	637,513	
				
Net Excess/ (Shortfall)	$	-	$	-	$	-	

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 1/1/23 =	$11,115,000		

DETAILED MAINTENANCE BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2021/2022	2022/2023	2023/2024	
	ACTUAL	BUDGET	BUDGET	
MAINTENANCE EXPENDITURES				
				
AQUATIC REPLACEMENTS	0	0	0	
IRRIGATION REPAIR	209,568	95,000	110,000	
MISCELLANEOUS MAINTENANCE	15,774	50,000	50,000	
PRESSURE WASHING	0	0	50,000	
ELECTRIC (STREETLIGHTS, LANDSCAPE)	108,417	85,000	89,250	
STREET SWEEPING	0	1,000	1,050	
STRIPING & TRAFFIC MARKINGS	25,858	100,000	150,000	
STREET LIGHT MAINTENANCE	169,281	110,000	120,000	
SIDEWALK / CURB REPAIRS	111,267	150,000	157,500	
LANDSCAPE MAINT / ENHANCE (ROADWAY, ENTRIES):	0	30,000	31,500	
MAINTENANCE CONTRACTS	677,593	630,000	661,500	
TREE TRIMMING	3,125	146,000	153,300	
STORM CLEANUP	0	25,000	60,000	
STORM CLEANUP - ELECTRIC	0	25,000	26,250	
STORM CLEANUP - LANDSCAPING	0	25,000	26,250	
PLANT REPLACEMENT	144,514	90,000	100,000	
MULCH & MISCELLANEOUS	119,137	140,000	147,000	
WATER MANAGEMENT & DRAINAGE	3,600	4,000	4,200	
ENTRY FEATURE WATER	4,943	4,500	4,725	
IRRIGATION WATER	64,148	85,000	89,250	
FOUNTAIN MAINTENANCE	55,285	25,000	50,000	
RODENT / PEST CONTROL	7,500	8,000	8,400	
EQUIPMENT REPAIR	18,282	8,000	8,400	
SIGNAGE REPAIR	30,352	15,000	15,750	
STORM DRAIN CLEANING	78,751	50,000	52,500	
DRAINAGE / LAKE MAINTENANCE/ LITTORALS	53,739	75,000	78,750	
AERATORS	0	2,000	2,100	
PRESERVE MAINTENANCE	59,192	60,000	63,000	
SMALL TOOLS	12,045	3,500	3,675	
MISCELLANEOUS MAINTENANCE REPAIR	2,225	0	30,000	
VEHICLE LEASE / FUEL / REPAIRS (MAINT TECH)	4,985	20,000	21,000	
MOSQUITO CONTROL	389,296	500,000	525,000	
TEMP FIRE FACILITY OPERATING COSTS	119,654	90,000	94,500	
MAINTENANCE TECHNICIANS	115,028	110,000	115,500	
BASE MANAGEMENT FEE	20,857	20,000	21,000	
ADMIN PAYROLL	61,389	55,000	57,750	
ASSET MANAGER	0	50,000	75,000	
LANDSCAPING PH 2 CAPITAL PROJECT	0	225,000	0	
OPERATIONS TEAM	0	0	600,000	
				
TOTAL MAINTENANCE EXPENDITURES	$	2,685,805	$	3,112,000	$	3,854,100	
				
RESERVE FUND	27,500	27,500	27,500	
CONTINGENCY FUND	9,600	15,000	15,000	
				
TOTAL	$	2,722,905	$	3,154,500	$	3,896,600	

Ave Maria Stewardship Community District Assessment Breakdown - Fiscal Year 2023-2024

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	$	480.88	$  199,084.32	
Single Family / Detached	3,719	Unit	$	480.88	$ 1,788,392.72	

	Other Uses			
	Per				
ALF Apartments	0	Unit	$	31.37	$	-	
Apartments	0	Unit	$	113.68	$	-	
MB Low Affordable Housing	48	Unit	$	72.19	$	3,465.12	
Retail/Entertainment/Service	140,442	Sq. Ft.	$	0.55	$	77,243.10	
Professional Offices	51,529	Sq. Ft.	$	0.35	$	18,035.15	
Light Manufacturing	508,807	Sq. Ft.	$	0.23	$  117,025.61	
Hotel	0	Room	$	406.02	$	-	
Medical Facilities	10,904	Sq. Ft.	$	1.12	$	12,212.48	
Institutional - AM University	1,234	Student	$	24.65	$	30,418.10	
Private K-12 School	377	Student	$	38.51	$	14,518.27	

Total				$ 2,260,394.87	

$	457.98	
$	457.98	

5.00%	
5.00%	

$	22.90	
$	22.90	

$	480.88	
$	480.88	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

O&M Assessment
Before CPI	Year
Adjustment	2023	

End March CPI Rate	

Amount of O&M	New O&M
Assessment	Assessment Increase due to CPI Amount	

$	29.88	

5.00%	

$	1.49	

$	31.37	
$	108.27	5.00%	$	5.41	$	113.68	
$	68.75	5.00%	$	3.44	$	72.19	
$	0.52	5.00%	$	0.03	$	0.55	
$	0.33	5.00%	$	0.02	$	0.35	
$	0.22	5.00%	$	0.01	$	0.23	
$	386.69	5.00%	$	19.33	$	406.02	
$	1.07	5.00%	$	0.05	$	1.12	
$	23.48	5.00%	$	1.17	$	24.65	
$	36.68	5.00%	$	1.83	$	38.51	

Automatic CPI Increase Calculation

	

	

	

	

	

Debt Assessments *	
	Gross Units Platted		Units Prepaid	Net Units Assessed	Series 2019 Bonds	Series 2022 Bonds	Series 2021 Bonds	Series 2023 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	Total Debt Assessment On
Roll	
Multi Family					
	166		(1)	165	$	403.00										$	403.00	66,495.00	
	92			92		$	495.00									$	495.00	45,540.00	
16 Unit Ver / 30 Unit Ter	46			46		$	495.00							$	455.46		$	950.46	43,721.16	
	40			40			$	449.15								$	449.15	17,966.00	
Coach / 12 Unit Ver	24			24			$	449.15						$	530.29		$	979.44	23,506.56	
16 Unit Ver / 30 Unit Ter	46			46			$	449.15						$	455.46		$	904.61	41,612.06	
								$	532.19							$	532.19	0.00	
Single Family																	
	1167		(14)	1153	$	775.00										$	775.00	893,575.00	
	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	
	631		(2)	629		$	951.00									$	951.00	598,179.00	
	94			94		$	951.00				$	673.19					$	1,624.19	152,673.86	
	408			408		$	951.00					$	667.45				$	1,618.45	660,327.60	
	335			335		$	951.00						$	670.00			$	1,621.00	543,035.00	
	218			218		$	951.00							$	667.00		$	1,618.00	352,724.00	
	113			113		$	951.00								$	670.00	$	1,621.00	183,173.00	
	86			86			$	863.74								$	863.74	74,281.64	

	
				$	1,023.45							$	1,023.45	0.00	
Total	4,133		(17)	4,116												4,574,676.39	

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

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

Page 18

2019	
2022	
2022 + 2021 AMN	
2021	
2021 + 2021 AMN	
2021 + 2021 AMN	
2023	
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	
2023	

166	
92	
46	
40	
24	
46	

1,167	
394	
270	
3	
631	
94	
408	
335	
218	
113	
86	

Ave Maria Stewardship Community District Debt Assessment Comparison 2023-2024

	Type		

  Bonds Series		

Number of
 Platted Units 	
FY 2022-2023
Per Unit
  Assessment 	
FY 2023-2024
Per Unit
  Assessment 	
Change - Increase /
  (Decrease) 	

Multi Family			
$860.98	
$883.88	
$22.90	
			$952.98	$975.88	$22.90	
			$1,408.44	$1,431.34	$22.90	
			$907.13	$930.03	$22.90	
			$1,437.42	$1,460.32	$22.90	
			$1,362.59	$1,385.49	$22.90	
			$0.00	$1,013.07	$1,013.07	
Single Family			$1,232.98	$1,255.88	$22.90	
			$1,682.67	$1,705.57	$22.90	
			$1,906.17	$1,929.07	$22.90	
			$1,900.43	$1,923.33	$22.90	
			$1,408.98	$1,431.88	$22.90	
			$2,082.17	$2,105.07	$22.90	
			$2,076.43	$2,099.33	$22.90	
			$2,078.98	$2,101.88	$22.90	
			$2,075.98	$2,098.88	$22.90	
			$2,078.98	$2,101.88	$22.90	
			$1,321.72	$1,344.62	$22.90	
			$0.00	$1,504.33	$1,504.33	
ALF Apartments		0	$29.88	$31.37	$1.49	
Apartments		0	$108.27	$113.68	$5.41	
Low Affordable Housing		48	$68.75	$72.19	$3.44	
Retail/Entertainment/Service (sqft)		140,442	$0.52	$0.55	$0.03	
Professional Offices (sqft)		51,529	$0.33	$0.35	$0.02	
Light Manufacturing (sqft)		508,807	$0.22	$0.23	$0.01	
Hotel (rooms)		0	$386.69	$406.02	$19.33	
Medical Facilities (sqft)		10,904	$1.07	$1.12	$0.05	
Institutional - AM University (students)		1,234	$23.48	$24.65	$1.17	
Private K-12 School (students)		377	$36.68	$38.51	$1.83	

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

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