Ave Maria Stewardship	
Community District	

Final Budget For	
Fiscal Year 2025/2026	
October 1, 2025 - September 30, 2026	

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2025/2026 BUDGET
TABLE OF CONTENTS

Budget Summary

Final Budget Summary Charts	3	

Detailed Final Budget	4	

Detailed Budgets with Previous Year Comparisions

Detailed Final Budget with Comparisons	5	

Detailed Final Maintenance Budget with Comparisons	6	

Detailed Final Reserve Budget with Comparisons	7	

Debt Service

Detailed Final Series 2019 (refi of 2006) Debt Service Fund Budget	8	

Detailed Final Series 2022 (refi of 2012) Debt Service Fund Budget	9	

Detailed Final Series 2021 (Master) Debt Service Fund Budget	10	

Detailed Final Series 2023 (Master) Debt Service Fund Budget	11	

Detailed Final Series 2025 (Master) Debt Service Fund Budget	12	

Detailed Final Series 2015 (Maple Ridge) Debt Service Fund Budget	13	

Detailed Final Series 2016 (Maple Ridge) Debt Service Fund Budget	14	

Detailed Final Series 2018 (Maple Ridge) Debt Service Fund Budget	15	

Detailed Final Series 2020 (Maple Ridge) Debt Service Fund Budget	16	

Detailed Final Series 2022 (Maple Ridge) Debt Service Fund Budget	17	

Detailed Final Series 2025 (Maple Ridge) Debt Service Fund Budget	18	

Detailed Final Series 2021 (Ave Maria National) Debt Service Fund Budget	19	

Assessments Detail

Assessment Breakdown	20	

Assessment Comparison	21	

FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2025/2026
OCTOBER 1, 2025 - SEPTEMBER 30, 2026

Sources	Revenue	Percentage	

Assessments	$	12,879,437	92%	
Developer Contributions	$	1,112,581	8%	
Other / Reserve Draw	$	500	0%	

8%

Assessments

Developer Contributions

92%

$	13,992,518	100%	

Total Revenue

Sources	Expenditures	Percentage	

Administrative	$	871,384	6%	
Maintenance	$	4,410,100	33%	
Reserve	$	350,000	3%	
Debt Payments	$	6,865,514	51%	
Discounts & Fees	$	965,958	7%	

$	13,462,956	100%	

Total Expenditures

6%

7%

Administrative

33%

Maintenance

Reserve

51%

3%

Debt Payments

Discounts & Fees

Page 3

DETAILED BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

REVENUES	
FISCAL YEAR	
	2025/2026	
	BUDGET	
O & M ASSESSMENTS	4,770,257	
RESERVE ASSESSMENTS	950,878	
DEBT ASSESSMENTS	7,158,302	
DEVELOPER CONTRIBUTION FOR O & M	868,496	
DEVELOPER CONTRIBUTION FOR DEBT	244,085	
OTHER REVENUES - OPERATING / FEMA	0	
OTHER REVENUES - RESERVE DRAW	0	
INTEREST - OPERATING	500	
INTEREST - RESERVE	0	
BOND PREPAYMENTS	0	
BOND PREPAYMENTS PAID TO TRUSTEE	0	
		
TOTAL REVENUES	$	13,992,518	
		
EXPENDITURES		
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISORS FEES	9,600	
PAYROLL TAX EXPENSE	734	
DISTRICT ENGINEERING	110,000	
MANAGEMENT	367,500	
LEGAL	100,000	
ASSESSMENT ROLL	25,000	
AUDIT FEES	18,600	
ARBITRAGE REBATE FEE	5,550	
TRAVEL & LODGING	10,000	
INSURANCE	120,000	
LEGAL ADVERTISING	8,000	
MISCELLANEOUS	10,000	
POSTAGE	3,000	
OFFICE SUPPLIES	3,500	
RENTS & LEASES	14,400	
DUES, LICENSE, & SUBSCRIPTIONS	500	
MISCELLANEOUS FILINGS, NOTICES, ETC.	500	
WEBSITE HOSTING FEES	2,500	
TRUSTEE FEES	50,000	
CONTINUING DISCLOSURE FEE	12,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$	871,384	
		
MAINTENANCE EXPENDITURES		
MAINTENANCE	4,410,100	
		
RESERVE ACTIVITY		
RESERVE EXPENSE	350,000	
NET CHANGE TO RESERVE BALANCE	529,562	
		
TOTAL EXPENDITURES	$	6,161,046	
		
EXCESS OR (SHORTFALL)	7,831,472	
		
BOND PAYMENTS	(6,865,514)	
		
BALANCE	$	965,958	
		
COUNTY APPRAISER & TAX COLLECTOR COST	(450,780)	
DISCOUNTS FOR EARLY PAYMENTS	(515,178)	
		
NET EXCESS / (SHORTFALL)	$	-	

REVENUES	
FISCAL YEAR	
FISCAL YEAR	
FISCAL YEAR		
	2023/2024	2024/2025	2025/2026	COMMENTS or	
	ACTUAL	BUDGET	BUDGET	YEAR OVER YEAR CHANGE	
O & M ASSESSMENTS	2,796,176	3,692,018	4,770,257	Detail on Page 20	
RESERVE ASSESSMENTS	27,500	27,500	950,878	Detail on Page 20	
DEBT ASSESSMENTS	6,121,017	6,565,123	7,158,302	Detail on Page 20	
DEVELOPER CONTRIBUTION FOR O & M	2,605,967	1,357,426	868,496		
DEVELOPER CONTRIBUTION FOR DEBT	1,127,512	797,805	244,085		
OTHER REVENUES - OPERATING / FEMA	250	0	0		
OTHER REVENUES - RESERVE DRAW	0	0	0		
INTEREST - OPERATING	42,477	500	500		
INTEREST - RESERVE	14,687	0	0		
BOND PREPAYMENTS	0	0	0		
BOND PREPAYMENTS PAID TO TRUSTEE	0	0	0		
					
TOTAL REVENUES	$	12,735,585	$	12,440,372	$	13,992,518		
					
EXPENDITURES					
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISORS FEES	8,600	9,600	9,600	0	
PAYROLL TAX EXPENSE	658	734	734	Supervisor Fees * 7.65%	
DISTRICT ENGINEERING	97,681	90,000	110,000	20,000	
MANAGEMENT	188,667	350,000	367,500	17,500	
LEGAL	119,738	100,000	100,000	0	
ASSESSMENT ROLL	25,000	25,000	25,000	0	
AUDIT FEES	18,000	18,300	18,600	300	
ARBITRAGE REBATE FEE	4,550	3,900	5,550	1,650	
TRAVEL & LODGING	22,048	10,000	10,000	0	
INSURANCE	106,051	120,000	120,000	0	
LEGAL ADVERTISING	9,224	8,000	8,000	0	
MISCELLANEOUS	14,789	10,000	10,000	0	
POSTAGE	3,850	3,000	3,000	0	
OFFICE SUPPLIES	5,857	3,500	3,500	0	
RENTS & LEASES	0	1,000	14,400	13,400	
DUES, LICENSE, & SUBSCRIPTIONS	175	500	500	0	
MISCELLANEOUS FILINGS, NOTICES, ETC.	0	500	500	0	
WEBSITE HOSTING FEES	2,833	2,500	2,500	0	
TRUSTEE FEES	43,519	40,000	50,000	10,000	
CONTINUING DISCLOSURE FEE	10,000	12,000	12,000	0	
TOTAL ADMINISTRATIVE EXPENDITURES	$	681,238	$	808,534	$	871,384		
					
MAINTENANCE EXPENDITURES					
MAINTENANCE	4,709,941	3,937,009	4,410,100	Total Maintenance - Detail On Pg 6	
					
RESERVE ACTIVITY					
RESERVE EXPENSE	0	0	350,000	Total Reserve - Detail On Pg 7	
NET CHANGE TO RESERVE BALANCE	0	0	529,562	Total Reserve - Detail On Pg 7	
					
TOTAL EXPENDITURES	$	5,391,178	$	4,745,543	$	6,161,046		
					
EXCESS OR (SHORTFALL)	$	7,344,407	$	7,694,829	$	7,831,472		
					
BOND PAYMENTS	(6,898,507)	$	(6,870,544)	$	(6,865,514)	2026 P & I Payments	
					
BALANCE	$	445,900	$	769,285	$	965,958		
					
COUNTY APPRAISER & TAX COLLECTOR COST	(128,844)	(359,000)	(450,780)	3.5% Of Total Assessment Roll	
DISCOUNTS FOR EARLY PAYMENTS	(338,024)	(410,285)	(515,178)	4% Of Total Assessment Roll	
					
NET EXCESS / (SHORTFALL)	$	(20,968)	$	-	$	-		

		FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
		2023/2024	2024/2025	2025/2026	
		ACTUAL	BUDGET	BUDGET	
	MAINTENANCE EXPENDITURES				
	LANDSCAPE & IRRIGATION				

M-001	
LANDSCAPE & IRRIGATION MAINTENANCE CONTRACT	
707,900	
729,793	
1,050,000	
M-002	PLANT REPLACEMENT	243,136	200,000	200,000	
M-003	MULCH & PINESTRAW (INCLUDING BED PREP)	194,135	150,000	175,000	
M-004	TREE TRIMMING	132,540	160,000	80,000	
M-005	IRRIGATION REPAIR	376,222	205,000	215,000	
M-006	ANNUAL FLOWERS (INCLUDING BED PREP)		0	80,000	
M-007	MISCELLANEOUS LANDSCAPING	125,152	75,000	50,000	
	STREET LIGHTS & ELECTRICITY				

M-008	
ELECTRICITY (STREET LIGHTS & IRRIGATION CLOCKS)	
112,678	
150,000	
150,000	
M-009	STREET LIGHT MAINTENANCE	187,406	140,000	140,000	
	ROADWAYS, SIDEWALK, STRIPING, SIGNAGE				
M-010	SIDEWALK/CURB/PAVER REPAIRS	186,021	200,000	100,000	
M-011	ASPHALT REPAIRS (ROADWAYS/PATHWAYS)		0	75,000	
M-012	STRIPING & TRAFFIC MARKINGS	69,347	250,000	50,000	

M-013	STREET SIGNS (INCLUDING CROSSWALK FLASHING
LIGHTS)	
2,561	
20,000	
35,000	
M-014	STREET SWEEPING	3,000	30,000	36,000	
	STORMWATER DRAINAGE, LAKES, PRESERVES				
M-015	STORMWATER DRAINAGE REPAIRS	21,710	0	50,000	
M-016	STORM DRAIN CLEANING	76,051	52,500	50,000	

M-017	LAKE MAINTENANCE (INCLUDING LITTORALS & LAKE
BANKS)	
68,914	
83,213	
80,000	
M-018	PRESERVE MAINTENANCE	111,584	64,890	115,000	
	MISCELLANEOUS MAINTENANCE/OPERATIONS				
M-019	PRESSURE WASHING	81,021	60,000	65,000	
M-020	FOUNTAIN MAINTENANCE/REPAIR	69,318	50,000	50,000	
M-021	DOG WASTE STATIONS & TRASH CANS		0	6,000	
M-022	SMALL TOOLS	6,003	7,500	5,000	
M-023	VEHICLE FUEL/MAINTENANCE	3,172	35,000	10,000	
M-024	RODENT / PEST CONTROL (BEES, ANTS, RATS)	22,540	25,000	20,000	
M-025	MISC. MAINTENANCE & REPAIRS	53,826	53,400	55,000	

M-026	CHRISTMAS LIGHTS (INCLUDING ELECTRICAL
MAINTENANCE)		
0	
23,500	
	PROFESSIONAL SERVICES AND CIP PROJECTS				
M-027	ASSET MANAGEMENT SUPPORT & SOFTWARE	110,433	139,000	140,000	

M-028	PROFESSIONAL SERVICES
(ENGINEERING/CONSULTING)		
0	
70,000	
M-029	SECURITY CAMERAS PH 2		250,000	250,000	
M-030	ROUNDABOUT UPLIGHTING PROJECT		0	76,000	
M-031	CROSSWALK ENHANCEMENTS		0	100,000	
M-032	STREETLIGHT NUMBERING		0	10,000	
	UTILITIES AND RENT				
M-033	ENTRY FEATURE WATER (POTABLE AMUC)	8,110	5,500	9,400	
M-034	IRRIGATION SPRINKLER WATER (AMUC)	121,316	93,713	140,000	

M-035	
ADMINISTRATION OFFICE RENT & OFFICE SUPPLIES		
0	
9,600	
M-036	OFFICE RENT & SUPPLIES		0	26,000	
M-037	CABLE/PHONE/MODEMS		0	10,000	
M-038	BASE MANAGEMENT FEE (FSR)	21,181	23,000	6,000	
	STORM PREPAREDNESS				
M-039	STORM CLEANUP & REPAIRS	0	112,500	112,500	
	SALARIES & BENEFITS				
M-041	OPERATIONS TEAM SALARIES & BENEFITS	522,134	462,000	485,100	
	LINE ITEMS NO LONGER NEEDED				
	ADMIN PAYROLL	2,852	0		
	TEMP FIRE FACILITY OPERATING COSTS	9,643	0		
	CAPITAL ASSET PURCHASE	37,054	110,000		
	MOSQUITO CONTROL	1,022,980	0		

	TOTAL MAINTENANCE EXPENDITURES	$	4,709,941	$	3,937,009	$	4,410,100	

Page 6

DETAILED RESERVE BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

		FISCAL YEAR
2023/2024
ACTUAL	FISCAL YEAR
2024/2025
BUDGET	FISCAL YEAR
2025/2026
BUDGET	
					
	BEGINNING BALANCE	$	297,148	$	339,335	$	366,835	
	REVENUES				
	
NET RESERVE ASSESSMENTS	
27,500	
27,500	
879,562	
	OTHER REVENUES	0	0	0	
	INTEREST	14,687	0	0	
	TOTAL REVENUES	42,187	27,500	879,562	

EXPENDITURES				
	
Irrigation Replacement (including electrical)	
0	
0	
350,000	
		0	0	0	
		0	0	0	
		0	0	0	
		0	0	0	
		0	0	0	
		0	0	0	
		0	0	0	
		0	0	0	
		0	0	0	
		0	0	0	
		0	0	0	
		0	0	0	
		0	0	0	
	TOTAL EXPENDITURES	0	0	350,000	
					
	EXCESS OR (SHORTFALL)	42,187	27,500	529,562	
					
	ENDING BALANCE	$	339,335	$	366,835	$	896,397	

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2023/2024	2024/2025	2025/2026	
	ACTUAL	BUDGET	BUDGET	
Interest Income (19) (refi of 06)	59,487	500	500	
Net NAV Collection (19) (refi of 06)	1,393,067	1,368,371	1,368,371	
Developer Contribution (refi of 06)	0	0	0	
Prepaid Bonds (19) (refi of 06)	0	0	0	
Bond Proceeds	0	0	0	
				
Total Revenues	$	1,452,554	$	1,368,871	$	1,368,871	
				
EXPENDITURES				
Principal Payments (19) (refi of 06)	935,000	955,000	975,000	
Extraordinary Principal Pymt (19) (refi of 06)	0	3,565	2,865	
Interest Payments (19) (refi of 06)	438,556	410,306	391,006	
Cost of Issuance	0			
				
Total Expenditures	$	1,373,556	$	1,368,871	$	1,368,871	
				
Net Excess/ (Shortfall)	$	78,998	$	-	$	-	

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 9/30/24 =	$15,770,000	

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2023/2024	2024/2025	2025/2026	
	ACTUAL	BUDGET	BUDGET	
Interest Income (22) (refi of 12)	91,487	100	100	
Net NAV Collection (22) (refi of 12)	1,676,283	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	$	1,767,770	$	1,644,063	$	1,644,063	
				
EXPENDITURES				
Principal Payments (22) (refi of 12)	845,000	870,000	895,000	
Extraordinary Principal Pymt (22) (refi of 12)	0	3,475	3,847	
Interest Payments (22) (refi of 12)	807,388	770,588	745,216	
				
Total Expenditures	$	1,652,388	$	1,644,063	$	1,644,063	
				
Net Excess/ (Shortfall)	$	115,382	$	-	$	-	

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 9/30/24 =	$21,285,000	

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2023/2024	2024/2025	2025/2026	
	ACTUAL	BUDGET	BUDGET	
Interest Income (21)	33,206	100	100	
Net NAV Collection (21)	652,943	640,319	640,319	
Developer Contribution (21)	184,741	0	0	
Capitalized Interest (21)	0	0	0	
				
Total Revenues	$	870,890	$	640,419	$	640,419	
				
EXPENDITURES				
Principal Payments (21)	250,000	255,000	260,000	
Extraordinary Principal Payments (21)	0	906	1,700	
Interest Payments (21)	393,006	384,513	378,719	
				
Total Expenditures	$	643,006	$	640,419	$	640,419	
				
Net Excess/ (Shortfall)	$	227,884	$	-	$	-	

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 =	May 2052	May 1st & November 1st	

Par Amount As Of 9/30/24 =	$11,120,000	

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2023/2024	2024/2025	2025/2026	
	ACTUAL	BUDGET	BUDGET	
Interest Income (23)	43,633	100	100	
Net NAV Collection (23)	346,210	624,700	973,523	
Developer Contribution (23)	429,503	659,275	306,727	
Capitalized Interest (23)	0	0	0	
				
Total Revenues	$	819,346	$	1,284,075	$	1,280,350	
				
EXPENDITURES				
Principal Payments (23)	285,000	300,000	310,000	
Extraordinary Principal Payments (23)	0	0	0	
Interest Payments (23)	747,162	984,075	970,350	
Transfer to Construction Fund (23)	8,896			
Total Expenditures	$	1,041,058	$	1,284,075	$	1,280,350	
				
Net Excess/ (Shortfall)	$	(221,712)	$	-	$	-	

Note: Capitalized Interest Was Set-Up Through 11-1-2023

Series 2023 Bond Information			
Original Par Amount =	$19,150,000	Annual Principal Payments Due:	
Average Interest Rate =	5.384%	May 1st	
Issue Date =	8/2023	Annual Interest Payments Due:	
Maturity Date =	5/2053	May 1st & November 1st	

Par Amount As Of 9/30/24 =	$18,865,000	

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2023/2024	2024/2025	2025/2026	
	ACTUAL	BUDGET	BUDGET	
Interest Income (25)	0	0	0	
Net NAV Collection (25)	0	0	0	
Developer Contribution (25)	0	0	0	
Capitalized Interest (25)	0	0	0	
				
Total Revenues	$	-	$	-	$	-	
				
EXPENDITURES				
Principal Payments (25)	0	0	0	
Extraordinary Principal Payments (25)	0	0	0	
Interest Payments (25)	0	0	0	
Transfer to Construction Fund (25)	0			
Total Expenditures	$	-	$	-	$	-	
				
Net Excess/ (Shortfall)	$	-	$	-	$	-	

Note: Capitalized Interest Was Set-Up Through

Series 2025 Bond Information			
Original Par Amount =	$0	Annual Principal Payments Due:	
Average Interest Rate =	0.000%	May 1st	
Issue Date =	0	Annual Interest Payments Due:	
Maturity Date =	0	May 1st & November 1st	

Par Amount As Of 9/30/24 =	$0	

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2023/2024	2024/2025	2025/2026	
	ACTUAL	BUDGET	BUDGET	
Interest Income (15)	14,454	100	100	
Net NAV Collection (15)	167,142	163,890	163,890	
Developer Contribution (15)	0	0	0	
Prepaid Bonds (15)	0	0	0	
				
Total Revenues	$	181,596	$	163,990	$	163,990	
				
EXPENDITURES				
Principal Payments (15)	55,000	55,000	55,000	
Extraordinary Principal Payments (15)	0	1,815	4,565	
Interest Payments (15)	111,300	107,175	104,425	
				
Total Expenditures	$	166,300	$	163,990	$	163,990	
				
Net Excess/ (Shortfall)	$	15,296	$	-	$	-	

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 9/30/24 =	$2,045,000	

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2023/2024	2024/2025	2025/2026	
	ACTUAL	BUDGET	BUDGET	
Interest Income (16)	14,429	100	100	
Net NAV Collection (16)	231,143	226,663	226,663	
Developer Contribution (16)	0	0	0	
Prepaid Bonds (16)	0	0	0	
				
Total Revenues	$	245,572	$	226,763	$	226,763	
				
EXPENDITURES				
Principal Payments (16)	65,000	70,000	75,000	
Extraordinary Principal Payments (16)	0	1,363	169	
Interest Payments (16)	160,650	155,400	151,594	
	.			
Total Expenditures	$	225,650	$	226,763	$	226,763	
				
Net Excess/ (Shortfall)	$	19,922	$	-	$	-	

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 9/30/24 =	$2,995,000	

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2023/2024	2024/2025	2025/2026	
	ACTUAL	BUDGET	BUDGET	
Interest Income (18)	14,378	100	100	
Net NAV Collection (18)	258,776	253,748	253,748	
Developer Contribution (18)	0	0	0	
Prepaid Bonds (18)	0	0	0	
				
Total Revenues	$	273,154	$	253,848	$	253,848	
				
EXPENDITURES				
Principal Payments (18)	65,000	70,000	70,000	
Extraordinary Principal Payments (18)	0	2,683	5,413	
Interest Payments (18)	186,765	181,165	178,435	
				
Total Expenditures	$	251,765	$	253,848	$	253,848	
				
Net Excess/ (Shortfall)	$	21,389	$	-	$	-	

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 9/30/24 =	$3,465,000	

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2023/2024	2024/2025	2025/2026	
	ACTUAL	BUDGET	BUDGET	
Interest Income (20)	11,087	100	100	
Net NAV Collection (20)	211,657	207,616	207,616	
Developer Contribution (20)	0	0	0	
Capitalized Interest	0	0	0	
				
Total Revenues	$	222,744	$	207,716	$	207,716	
				
EXPENDITURES				
Principal Payments (20)	60,000	65,000	65,000	
Extraordinary Principal Payments (20)	0	1,658	4,129	
Interest Payments (20)	144,573	141,058	138,588	
				
Total Expenditures	$	204,573	$	207,716	$	207,716	
				
Net Excess/ (Shortfall)	$	18,171	$	-	$	-	

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 9/30/24 =	$3,320,000	

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2023/2024	2024/2025	2025/2026	
	ACTUAL	BUDGET	BUDGET	
Interest Income (22)	23,289	100	100	
Net NAV Collection (22)	453,130	444,361	444,361	
Developer Contribution (22)	138,498	0	0	
Capitalized Interest	0	0	0	
				
Total Revenues	$	614,917	$	444,461	$	444,461	
				
EXPENDITURES				
Principal Payments (22)	150,000	155,000	160,000	
Extraordinary Principal Payments (22)	0	3,791	3,516	
Interest Payments (22)	292,495	285,670	280,945	
				
Total Expenditures	$	442,495	$	444,461	$	444,461	
				
Net Excess/ (Shortfall)	$	172,422	$	-	$	-	

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 9/30/24 =	$7,480,000	

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2023/2024	2024/2025	2025/2026	
	ACTUAL	BUDGET	BUDGET	
Interest Income (25)	0	0	0	
Net NAV Collection (25)	0	0	120,851	
Developer Contribution (25)	0	0	34,554	
Capitalized Interest	0	0	0	
				
Total Revenues	$	-	$	-	$	155,405	
				
EXPENDITURES				
Principal Payments (25)	0	0	30,000	
Extraordinary Principal Payments (25)	0	0	0	
Interest Payments (25)	0	0	125,405	
				
Total Expenditures	$	-	$	-	$	155,405	
				
Net Excess/ (Shortfall)	$	-	$	-	$	-	

Note: Capitalized Interest Was Set-Up Through

Series 2025 Bond (Maple Ridge) Information	
Original Par Amount =	$2,245,000	Annual Principal Payments Due:	
Average Interest Rate =	5.818%	May 1st	
Issue Date =	July 2025	Annual Interest Payments Due:	
Maturity Date =	May 2055	May 1st & November 1st	

Par Amount As Of 9/30/24 =	$0	

REVENUES	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2023/2024	2024/2025	2025/2026	
	ACTUAL	BUDGET	BUDGET	
Interest Income (21)	24,473	0	0	
Net NAV Collection (21)	380,646	501,258	612,398	
Developer Contribution (21)	242,029	135,080	22,635	
Capitalized Interest	0	0	0	
				
Total Revenues	$	647,148	$	636,338	$	635,033	
				
EXPENDITURES				
Principal Payments (21)	235,000	240,000	245,000	
Extraordinary Principal Payments (21)	0	0	0	
Interest Payments (21)	405,568	396,338	390,033	
				
Total Expenditures	$	640,568	$	636,338	$	635,033	
				
Net Excess/ (Shortfall)	$	6,580	$	-	$	-	

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 9/30/24 =	$10,650,000	

Ave Maria Stewardship Community District Assessment Breakdown - Fiscal Year 2025-2026

Reserve O&M Assessment	Assessment Before CPI	Before CPI
Adjustment	Adjustment

Total O&M + Reserve Assessment Before CPI Adjustment

Year End March 2025 CPI Rate

Amount of O&M Assessment Increase due to CPI

Amount of Reserve Assessment Increase due to CPI

New O&M Assessment Amount

New Reserve Assessment Amount

New Total O&M + Reserve Assessment Amount

$
$
$
$
$
$
$
$
$

73.41	$
197.70	$
139.84	$
0.32	$
0.11	$
0.66	$
348.43	$
36.28	$
90.13	$

15.01	$
40.43	$
28.60	$
0.07	$
0.02	$
0.13	$
71.25	$
7.42	$
18.43	$

88.42
238.13
168.44
0.39
0.13
0.79
419.68
43.70
108.56

2.40%	$
2.40%	$
2.40%	$
2.40%	$
2.40%	$
2.40%	$
2.40%	$
2.40%	$
2.40%	$

1.76	$
4.74	$
3.36	$
0.01	$
-	$
0.02	$
8.36	$
0.87	$
2.16	$

-
-
-
-
-
-
-
-
-

$
$
$
$
$
$
$
$
$

75.17	$
202.44	$
143.20	$
0.33	$
0.11	$
0.68	$
356.79	$
37.15	$
92.29	$

15.01	$
40.43	$
28.60	$
0.07	$
0.02	$
0.13	$
71.25	$
7.42	$
18.43	$

90.18
242.87
171.80
0.40
0.13
0.81
428.04
44.57
110.72

O&M Assessments*	
	
Number of Total		
Per Unit Operation	Category Total Operation & Maintenance & Reserve
	Assessment	

$	929,545.92
$ 4,252,840.98

$	-
$	-
$	8,246.40
$	78,662.40
$	6,545.89
$	337,808.88
$	-
$	59,099.82
$	48,384.64	
	Units Platted for		& Maintenance &		
	Fiscal Year 2025-		Reserve		
		2026				Assessment			
	Residential				Per				
Multi Family / Attached	1,104	Unit	$	841.98		
Single Family / Detached	5,051	Unit	$	841.98		

	Other Uses			
	Per				
ALF Apartments	0	Unit	$	90.18		
Apartments	0	Unit	$	242.87		
MB Low Affordable Housing	48	Unit	$	171.80		
Goods and Services	196,656	Sq. Ft.	$	0.40		
Mini Warehouse (Self Storage)	50,353	Sq. Ft.	$	0.13		
Light Manufacturing	417,048	Sq. Ft.	$	0.81		
Hotel	0	Room	$	428.04		
Institutional - AM University	1,326	Student	$	44.57		
Private K-12 School	437	Student	$	110.72		
Total				$ 5,721,134.93	

Automatic CPI Increase Calculation

	

$	685.38	
$	685.38	

$	140.15	
$	140.15	

$	825.53	
$	825.53	

2.40%	
2.40%	

$	16.45	
$	16.45	

$	-	
$	-	

$	701.83	
$	701.83	

$	140.15	
$	140.15	

$	841.98	
$	841.98	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

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	Series 2025 MR Bonds	Total Debt
Assessment Per Unit	
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	40			40			$	449.15						$	530.29			$	979.44	
16 Unit Ver / 30 Unit Ter	92			92			$	449.15						$	455.46			$	904.61	
	40			40				$	530.02								$	530.02	
Coach / 12 Unit Ver	224			224				$	530.02					$	530.29			$	1,060.31	
16 Unit Ver / 30 Unit Ter	364			364				$	530.02					$	455.46			$	985.48	
Single Family																	
	1167		(15)	1152	$	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	
	227			227			$	863.74									$	863.74	
	314			314			$	863.74							$	670.00		$	1,533.74	
	171			171			$	863.74						$	667.00			$	1,530.74	
	221			221				$	1,019.27								$	1,019.27	
	290			290				$	1,019.27						$	670.00		$	1,689.27	
	195		

	195				$	1,019.27							$	670.00	$	1,689.27	
Total	6,155		(18)	6,137													

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

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	

Page 20

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

Ave Maria Stewardship Community District Total Assessment Comparison 2025-2026

FY 2024-2025	FY 2025-2026	Change -
Number of	Per Unit	Per Unit	Increase /
	Type	 	Bonds Series	  Platted Units   Assessment	  Assessment	 	(Decrease)		

Multi Family	
166	
$986.19	
$1,244.98	
$258.79	
	92	$1,078.19	$1,336.98	$258.79	
	46	$1,533.65	$1,792.44	$258.79	
	40	$1,032.34	$1,291.13	$258.79	
	40	$1,562.63	$1,821.42	$258.79	
	92	$1,487.80	$1,746.59	$258.79	
	40	$1,115.38	$1,372.00	$256.62	
	224	$1,645.67	$1,902.29	$256.62	
	364	$1,570.84	$1,827.46	$256.62	
Single Family	1,167	$1,358.19	$1,616.98	$258.79	
	394	$1,807.88	$2,066.67	$258.79	
	270	$2,031.38	$2,290.17	$258.79	
	3	$2,025.64	$2,284.43	$258.79	
	631	$1,534.19	$1,792.98	$258.79	
	94	$2,207.38	$2,466.17	$258.79	
	408	$2,201.64	$2,460.43	$258.79	
	335	$2,204.19	$2,462.98	$258.79	
	218	$2,201.19	$2,459.98	$258.79	
	113	$2,204.19	$2,462.98	$258.79	
	227	$1,446.93	$1,705.72	$258.79	
	314	$2,116.93	$2,375.72	$258.79	
	171	$2,113.93	$2,372.72	$258.79	
	221	$1,606.64	$1,861.25	$254.61	
	290	$2,276.64	$2,531.25	$254.61	
ALF Apartments	0	$62.46	$90.18	$27.72	
Apartments	0	$168.22	$242.87	$74.65	
Low Affordable Housing	48	$118.99	$171.80	$52.81	
Goods and Services (sqft)	196,656	$0.27	$0.40	$0.13	
Mini Warehouse (Self Storage) (sqft)	50,353	$0.09	$0.13	$0.04	
Light Manufacturing (sqft)	417,048	$0.56	$0.81	$0.25	
Hotel (rooms)	0	$296.48	$428.04	$131.56	
Institutional - AM University (students)	1,326	$30.87	$44.57	$13.70	
Private K-12 School (students)	437	$76.69	$110.72	$34.03	

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

Page 21