Ave Maria Stewardship Community District

Amended Final Budget For Fiscal Year 2024/2025
October 1, 2024 - September 30, 2025

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FY 2024/2025 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 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 2018 (Maple Ridge) Debt Service Fund Budget

7

Amended Final Series 2020 (Maple Ridge) Debt Service Fund Budget

8

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

9

Amended Final Series 2021 (Master) Debt Service Fund Budget

10

Amended Final Series 2022 (Maple Ridge) Debt Service Fund Budget

11

Amended Final Series 2024 (Master) Debt Service Fund Budget

12

Amended Final Series 2025 (Maple Ridge) Debt Service Fund Budget

13

AMENDED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT OPERATING FUND
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Note: Reserve Fund Balance As Of 9-30-25 is $378,084.

Page 1

$	201,880

$	(125,644)

$	76,236

FUND BALANCE (LESS RESERVE) AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE (LESS RESERVE) AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025 ANNUAL BUDGET

FISCAL YEAR 2024/2025
AMENDED FINAL BUDGET

YEAR TO DATE ACTUALS
10/1/2024 - 9/29/2025

DIFFERENCE BETWEEN ACTUALS
AND ANNUAL BUDGET

O & M ASSESSMENTS

3,692,018

3,701,344

3,701,344

9,326

DEBT ASSESSMENTS

6,565,123

6,565,911

6,565,911

788

DEVELOPER CONTRIBUTION FOR O & M

1,357,426

904,951

904,951

(452,475)

DEVELOPER CONTRIBUTION FOR DEBT

797,805

710,183

710,183

(87,622)

DEVELOPER CONTRIBUTION - OTHER

0

34,262

34,262

34,262

OTHER REVENUES

0

16,801

16,801

16,801

INTEREST INCOME

500

68,500

68,118

67,618

TOTAL REVENUES

$	12,412,872

$	12,001,952

$	12,001,570

(411,302)

EXPENDITURES

ADMINISTRATIVE EXPENDITURES

SUPERVISORS FEES

9,600

6,400

6,400

3,200

PAYROLL TAX EXPENSE

734

490

490

244

ENGINEERING

90,000

88,000

69,749

20,251

MANAGEMENT

350,000

350,000

350,000

-

LEGAL

100,000

108,000

87,742

12,258

ASSESSMENT ROLL

25,000

25,000

25,000

-

AUDIT FEES

18,300

18,300

18,300

-

ARBITRAGE REBATE FEE

3,900

4,550

4,550

(650)

TRAVEL & LODGING

10,000

8,458

8,458

1,542

INSURANCE

120,000

105,369

105,369

14,631

LEGAL ADVERTISING

8,000

18,500

16,139

(8,139)

MISCELLANEOUS

10,000

35,000

30,407

(20,407)

POSTAGE

3,000

4,500

4,459

(1,459)

OFFICE SUPPLIES

3,500

6,850

6,762

(3,262)

RENTS & LEASES

1,000

936

936

64

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

40,000

47,444

47,444

(7,444)

CONTINUING DISCLOSURE FEE

12,000

10,000

10,000

2,000

METHODOLOGY REPORT

0

2,500

2,500

(2,500)

TOTAL ADMINISTRATIVE EXPENDITURES

$	808,534

$	842,972

$	797,380

$	11,154

MAINTENANCE EXPENDITURES

MAINTENANCE

3,964,509

3,764,618

3,620,038

344,471

EXTRAORDINARY DEVELOPER EXPENDITURES

0

34,262

34,262

(34,262)

TOTAL MAINTENANCE EXPENDITURES

$	3,964,509

$	3,798,880

$	3,654,300

$	310,209

TOTAL EXPENDITURES

$	4,773,043

$	4,641,852

$	4,451,680

321,363

EXCESS OR (SHORTFALL)

$	7,639,829

$	7,360,100

$	7,549,890

89,939

BOND PAYMENTS

$	(6,870,544)

(6,903,346)

(6,903,346)

(32,802)

BALANCE

$	769,285

$	456,754

$	646,544

122,741

COUNTY APPRAISER & TAX COLLECTOR FEE

(359,000)

(197,481)

(197,481)

161,519

DISCOUNTS FOR EARLY PAYMENTS

(410,285)

(384,917)

(384,917)

25,368

NET EXCESS/ (SHORTFALL)

$	-

$	(125,644)

$	64,146

(64,146)

AMENDED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT MAINTENANCE
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Page 2

FISCAL YEAR 2024/2025 ANNUAL BUDGET

FISCAL YEAR 2024/2025
AMENDED FINAL BUDGET

YEAR TO DATE ACTUALS
10/1/2024 - 9/29/2025

DIFFERENCE BETWEEN ACTUALS
AND ANNUAL BUDGET

MAINTENANCE EXPENDITURES

IRRIGATION REPAIR

205,000

285,000

273,311

(68,311)

MISCELLANEOUS MAINTENANCE

75,000

80,000

77,209

(2,209)

PRESSURE WASHING

60,000

70,000

65,442

(5,442)

ELECTRIC (STREETLIGHTS, LANDSCAPE)

150,000

133,000

122,833

27,167

STREET SWEEPING

30,000

15,000

14,500

15,500

STRIPING & TRAFFIC MARKINGS

250,000

240,000

230,593

19,407

STREET LIGHT MAINTENANCE

140,000

155,000

145,359

(5,359)

SIDEWALK / CURB REPAIRS

200,000

85,000

78,003

121,997

LANDSCAPE MAINTENANCE (ROADWAY, ENTRIES):

0

5,765

5,765

(5,765)

MAINTENANCE CONTRACTS

729,793

810,000

791,580

(61,787)

TREE TRIMMING

160,000

125,000

118,314

41,686

STORM CLEANUP

60,000

0

0

60,000

STORM CLEANUP - ELECTRIC

26,250

0

0

26,250

STORM CLEANUP - LANDSCAPING

26,250

15,212

15,212

11,038

PLANT REPLACEMENT

200,000

233,000

225,589

(25,589)

MULCH & MISCELLANEOUS

150,000

150,000

146,529

3,471

WATER MANAGEMENT & DRAINAGE

0

0

0

-

ENTRY FEATURE WATER

5,500

9,500

8,964

(3,464)

IRRIGATION WATER

93,713

102,000

96,005

(2,292)

FOUNTAIN MAINTENANCE

50,000

33,000

30,218

19,782

RODENT/PEST CONTROL

25,000

23,000

19,800

5,200

EQUIPMENT REPAIR

8,400

340

340

8,060

SIGNAGE REPAIR

20,000

29,000

26,588

(6,588)

STORM DRAIN CLEANING

52,500

38,000

33,373

19,127

DRAINAGE / LAKE MAINTENANCE/ LITTORALS

81,113

118,000

112,474

(31,361)

AERATORS

2,100

0

0

2,100

PRESERVE MAINTENANCE

64,890

84,000

78,936

(14,046)

SMALL TOOLS

7,500

3,800

3,421

4,079

MISCELLANEOUS MAINTENANCE REPAIRS

30,000

20,000

17,391

12,609

VEHICLE LEASE / FUEL / REPAIRS (MAINT TECH)

35,000

10,500

9,919

25,081

MOSQUITO CONTROL

0

0

0

-

MISCELLANEOUS OFFICE FACILITIES

0

2,100

2,100

(2,100)

VERIZON - INTERNET

0

2,110

2,110

(2,110)

BASE MANAGEMENT FEE

23,000

23,040

23,040

(40)

ASSET MANAGEMENT & SOFTWARE

139,000

210,000

206,021

(67,021)

OPERATIONS TEAM

462,000

440,001

440,001

21,999

PUBLIC SAFETY PROJECTS

250,000

175,000

159,848

90,152

CAPITAL ASSET PURCHASE

110,000

0

0

110,000

TOTAL MAINTENANCE EXPENDITURES

$	3,922,009

$	3,725,368

$	3,580,788

341,221

RESERVE FUND

27,500

27,500

27,500

-

CONTINGENCY FUND

15,000

11,750

11,750

3,250

TOTAL

$	3,964,509

$	3,764,618

$	3,620,038

344,471

AMENDED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT DEBT SERVICE FUND - SERIES 2019
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Notes
Reserve Fund Balance = $342,564*. Revenue Fund Balance = $528,928*. Prepayment Fund Balance = $11,271*.
Revenue Account Balance To Be Used To Make 11/1/2025 Interest Payment Of $200,378.
Prepayment Account Balance To Be Used To Make 11/1/2025 Extraordinary Principal Payment Of $10,000.
* Approximate Amounts

Series 2019 Bond Refunding Information

Original Par Amount = Interest Rate =
Issue Date =
Maturity Date =

$20,310,000 2.00% - 3.00%
June 2019
May 2038

Annual Principal Payments Due: May 1st
Annual Interest Payments Due:
May 1st & November 1st

Par Amount As Of 9/30/25 =

$14,815,000

Page 3

$805,003

$77,760

$882,763

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025 ANNUAL BUDGET

FISCAL YEAR 2024/2025
AMENDED FINAL BUDGET

YEAR TO DATE ACTUAL
10/1/2024 - 9/29/2025

Interest Income (2019)

500

51,468

51,468

Net NAV Collection (2019)

1,368,371

1,393,374

1,393,374

Prepaid Bond Collection (2019)

0

7,774

7,774

Total Revenues

$	1,368,871

$	1,452,616

$	1,452,616

EXPENDITURES

Principal Payments (2019)

955,000

955,000

955,000

Interest Payments (2019)

410,306

419,856

419,856

Extraordinary Principal Payments (2019)

3,565

0

0

Total Expenditures

$	1,368,871

$	1,374,856

$	1,374,856

Net Excess/ (Shortfall)

$	-

$	77,760

$	77,760

AMENDED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT DEBT SERVICE FUND - SERIES 2022A
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Notes
Reserve Fund Balance = $821,715*. Revenue Fund Balance = $708,016*. Principal Fund Balance = $10,924*.
Revenue Fund Balance To Be Used To Make 11/1/2025 Interest Payment Of $379,041.
Principal Fund Balance To Be Used To Make 11/1/2025 Extraordinary Principal Payment Of $10,000.
* Approximate Amounts

Series 2022A Refunding Bond Information

Original Par Amount = Interest Rate =
Issue Date =
Maturity Date =

$22,950,000 2.875% - 4.00%
February 2022
May 2042

Annual Principal Payments Due: May 1st
Annual Interest Payments Due:
May 1st & November 1st

Par Amount As Of 9/30/25 =

$20,415,000

Page 4

$1,426,845

$113,810

$1,540,655

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025
ANNUAL BUDGET

FISCAL YEAR 2024/2025
AMENDED FINAL BUDGET

YEAR TO DATE ACTUAL
10/1/2024 - 9/29/2025

Interest Income (2022A)

100

79,384

79,384

Net NAV Collection (2022A)

1,643,963

1,676,596

1,676,596

Prepaid Bond Collection (2022A)

0

10,924

10,924

Total Revenues

$	1,644,063

$	1,766,904

$	1,766,904

EXPENDITURES

Principal Payments (2022A)

870,000

870,000

870,000

Extraordinary Principal Payments (2022A)

3,475

0

0

Interest Payments (2022A)

770,588

783,094

783,094

Total Expenditures

$	1,644,063

$	1,653,094

$	1,653,094

Net Excess/ (Shortfall)

$	-

$	113,810

$	113,810

AMENDED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT DEBT SERVICE FUND - SERIES 2015 (MAPLE RIDGE) FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Notes
Reserve Fund Balance = $168,150*. Revenue Fund Balance = $116,089*. Prepayment Account Balance = $2,878*
Revenue Fund Balance To Be Used To Make 11/1/2025 Interest Payment Of $52,900.
* Approximate Amounts

Series 2015 Bond Information

Original Par Amount = Interest Rate =
Issue Date =
Maturity Date =

$2,530,000 5.000% - 5.375%
February 2015
May 2045

Annual Principal Payments Due: May 1st
Annual Interest Payments Due:
May 1st & November 1st

Par Amount As Of 9/30/25 =

$1,990,000

Page 5

$270,962

$16,155

$287,117

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025
ANNUAL BUDGET

FISCAL YEAR 2024/2025
AMENDED FINAL BUDGET

YEAR TO DATE ACTUAL
10/1/2024 - 9/29/2025

Interest Income (2015)

100

12,494

12,494

Net NAV Collection (2015)

163,890

167,109

167,109

Transfer from Construction (2015)

0

102

102

Prepaid Bond Collection (2015)

0

0

0

Total Revenues

$	163,990

$	179,705

$	179,705

EXPENDITURES

Principal Payments (2015)

55,000

55,000

55,000

Extraordinary Principal Payments (2015)

1,815

0

0

Interest Payments (2015)

107,175

108,550

108,550

Total Expenditures

$	163,990

$	163,550

$	163,550

Net Excess/ (Shortfall)

$	-

$	16,155

$	16,155

AMENDED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT DEBT SERVICE FUND - SERIES 2016 BOND (MAPLE RIDGE)
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Notes
Reserve Fund Balance = $113,297*. Revenue Fund Balance = $157,674*.
Revenue Fund Balance To Be Used To Make 11/1/2025 Interest Payment Of $76,781.
* Approximate Amounts

Series 2016 Bond Information

Original Par Amount = Interest Rate =
Issue Date =
Maturity Date =

$3,390,000 5.25%
October 2016
May 2047

Annual Principal Payments Due: May 1st
Annual Interest Payments Due:
May 1st & November 1st

Par Amount As Of 9/30/25 =

$2,925,000

Page 6

$264,463

$16,508

$280,971

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025
ANNUAL BUDGET

FISCAL YEAR 2024/2025
AMENDED FINAL BUDGET

YEAR TO DATE ACTUAL
10/1/2024 - 9/29/2025

Interest Income (2016 - Bond)

100

12,537

12,537

Net NAV Collection (2016 - Bond)

226,663

231,165

231,165

Transfer from Construction (2016 - Bond)

0

44

44

Prepaid Bond Collection (2016 - Bond)

0

0

0

Total Revenues

$	226,763

$	243,746

$	243,746

EXPENDITURES

Principal Payments (16 - Bond)

70,000

70,000

70,000

Extraordinary Principal Payments (16 - Bond)

1,363

0

0

Interest Payments (16 - Bond)

155,400

157,238

157,238

Total Expenditures

$	226,763

$	227,238

$	227,238

Net Excess/ (Shortfall)

$	-

$	16,508

$	16,508

AMENDED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT DEBT SERVICE FUND - SERIES 2018 BOND (MAPLE RIDGE)
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Notes
Reserve Fund Balance = $127,026*. Revenue Fund Balance = $132,789*.
Revenue Fund Balance To Be Used To Make 11/1/2025 Interest Payment Of $90,075. Prepayment Account Balance = $8,704*
* Approximate Amounts

Series 2018 Bond Information

Original Par Amount = Interest Rate =
Issue Date =
Maturity Date =

$4,000,000 4.9% - 5.375%
June 2018
May 2049

Annual Principal Payments Due: May 1st
Annual Interest Payments Due:
May 1st & November 1st

Par Amount As Of 9/30/25 =

$3,395,000

Page 7

$242,749

$25,770

$268,519

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025
ANNUAL BUDGET

FISCAL YEAR 2024/2025
AMENDED FINAL BUDGET

YEAR TO DATE ACTUAL
10/1/2024 - 9/29/2025

Interest Income (2018)

100

12,662

12,662

Net NAV Collection (2018)

253,748

258,742

258,742

Transfer from Construction (2018)

0

159

159

Prepaid Bond Collection (2018)

0

7,787

7,787

Total Revenues

$	253,848

$	279,350

$	279,350

EXPENDITURES

Principal Payments (2018)

70,000

70,000

70,000

Extraordinary Principal Payments (2018)

2,683

0

0

Interest Payments (2018)

181,165

183,580

183,580

Total Expenditures

$	253,848

$	253,580

$	253,580

Net Excess/ (Shortfall)

$	-

$	25,770

$	25,770

AMENDED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT DEBT SERVICE FUND - SERIES 2020 BOND (MAPLE RIDGE)
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Notes
Reserve Fund Balance = $83,065*. Revenue Account Balance = $115,473*.
Revenue Account Balance To Be Used To Make 11/1/2025 Interest Payment Of $69,911.
* Approximate Amounts

Series 2020 Bond Information

Original Par Amount = Interest Rate =
Issue Date =
Maturity Date =

$3,440,000 3.8% - 4.45%
July 2020
May 2052

Annual Principal Payments Due: May 1st
Annual Interest Payments Due:
May 1st & November 1st

Par Amount As Of 9/30/25 =

$3,255,000

Page 8

$184,270

$14,268

$198,538

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025
ANNUAL BUDGET

FISCAL YEAR 2024/2025
AMENDED FINAL BUDGET

YEAR TO DATE ACTUAL
10/1/2024 - 9/29/2025

Interest Income (2020)

100

9,770

9,770

Net NAV Collection (2020)

207,616

211,716

211,716

Transfer from Construction (2020)

0

75

75

Prepaid Bond Collection (2020)

0

0

0

Total Revenues

$	207,716

$	221,561

$	221,561

EXPENDITURES

Principal Payments (2020)

65,000

65,000

65,000

Extraordinary Principal Payments (20)

1,658

0

0

Interest Payments (2020)

141,058

142,293

142,293

Transfer To Construction Fund (2020)

0

0

0

Total Expenditures

$	207,716

$	207,293

$	207,293

Net Excess/ (Shortfall)

$	-

$	14,268

$	14,268

AMENDED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
DEBT SERVICE FUND - SERIES 2021 BOND (AVE MARIA NATIONAL) FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Notes
Reserve Fund Balance = $319,744*. Revenue Account Balance = $196,609*.
Revenue Account Balance To Be Used To Make 11/1/2025 Interest Payment Of $196,609. 11/1/25 Interest Payment To Be Partially Developer Funded.
* Approximate Amounts - Revenue Account Balance As Of 10/31/2025

Series 2021 (Ave Maria National) Bond Information

Original Par Amount = Interest Rate =
Issue Date =
Maturity Date =

$11,340,000 2.6% - 4.0%
March 2021
May 2051

Annual Principal Payments Due: May 1st
Annual Interest Payments Due:
May 1st & November 1st

Par Amount As Of 9/30/25 =

$10,410,000

Page 9

$519,473

($3,120)

$516,353

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025
ANNUAL BUDGET

FISCAL YEAR 2024/2025
AMENDED FINAL BUDGET

YEAR TO DATE ACTUAL
10/1/2024 - 9/29/2025

Interest Income (2021 - National)

0

24,216

22,817

Net NAV Collection (2021 - National)

501,258

511,194

511,194

Developer Contribution (2021 - National)

135,080

100,928

100,928

Prepaid Bond Collection (2021 - National)

0

0

0

Total Revenues

$	636,338

$	636,338

$	634,939

EXPENDITURES

Principal Payments (2021 - National)

240,000

240,000

240,000

Interest Payments (2021 - National)

396,338

399,458

399,458

Transfer To Construction Fund (2021 - National)

0

0

0

Total Expenditures

$	636,338

$	639,458

$	639,458

Net Excess/ (Shortfall)

$	-

$	(3,120)

$	(4,519)

AMENDED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT DEBT SERVICE FUND - SERIES 2021 BOND (MASTER) FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Notes
Reserve Fund Balance = $320,097*. Revenue Account Balance = $280,536*.
Revenue Account Balance To Be Used To Make 11/1/2025 Interest Payment Of $190,822.

Series 2021 (Master) Bond Information

Original Par Amount = Interest Rate =
Issue Date =
Maturity Date =

$11,610,000 2.25% - 4.0%
August 2021
May 2052

Annual Principal Payments Due: May 1st
Annual Interest Payments Due:
May 1st & November 1st

Par Amount As Of 9/30/25 =

$10,865,000

Page 10

$559,743

$40,890

$600,633

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025
ANNUAL BUDGET

FISCAL YEAR 2024/2025
AMENDED FINAL BUDGET

YEAR TO DATE ACTUAL
10/1/2024 - 9/29/2025

Interest Income (2021 - Master)

100

30,223

30,223

Net NAV Collection (2021 - Master)

640,319

653,048

653,048

Prepaid Bond Collection (2021 - Master)

0

0

0

Total Revenues

$	640,419

$	683,271

$	683,271

EXPENDITURES

Principal Payments (2021 - Master)

255,000

255,000

255,000

Extraordinary Principal Payments (2021 - Master)

906

0

0

Interest Payments (2021 - Master)

384,513

387,381

387,381

Total Expenditures

$	640,419

$	642,381

$	642,381

Net Excess/ (Shortfall)

$	-

$	40,890

$	40,890

AMENDED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT DEBT SERVICE FUND - SERIES 2022 MAPLE RIDGE FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Notes
Reserve Fund Balance = $222,150*. Revenue Account Balance = $212,002*.
Revenue Account Balance To Be Used To Make 11/1/2025 Interest Payment Of $141,673.

Series 2022 Bond Information

Original Par Amount = Interest Rate =
Issue Date =
Maturity Date =

$7,775,000 3.00% - 4.00%
February 2022
May 2052

Annual Principal Payments Due: May 1st
Annual Interest Payments Due:
May 1st & November 1st

Par Amount As Of 9/30/25 =

$7,325,000

Page 11

$402,321

$31,831

$434,152

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025
ANNUAL BUDGET

FISCAL YEAR 2024/2025
AMENDED FINAL BUDGET

YEAR TO DATE ACTUAL
10/1/2024 - 9/29/2025

Interest Income (2022)

100

21,426

21,426

Net NAV Collection (2022)

444,361

453,137

453,137

Transfer from Construction (2022)

0

263

263

Prepaid Bond Collection (2022)

0

0

0

Total Revenues

$	444,461

$	474,826

$	474,826

EXPENDITURES

Principal Payments (2022)

155,000

155,000

155,000

Extraordinary Principal Payments (2022)

3,791

0

0

Interest Payments (2022)

285,670

287,995

287,995

Total Expenditures

$	444,461

$	442,995

$	442,995

Net Excess/ (Shortfall)

$	-

$	31,831

$	31,831

AMENDED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT DEBT SERVICE FUND - SERIES 2023 (MASTER) FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Notes
Reserve Fund Balance = $642,463*. Revenue Account Balance = $488,663*.
Revenue Account Balance To Be Used To Make 11/1/2025 Interest Payment Of $488,663. 11/1/25 Interest Payment To Be Partially Developer Funded.
* Approximate Amounts

Series 2024 Bond Information

Original Par Amount = Interest Rate =
Issue Date =
Maturity Date =

$19,150,000 4.50% - 5.50%
August 2023
May 2053

Annual Principal Payments Due: May 1st
Annual Interest Payments Due:
May 1st & November 1st

Par Amount As Of 9/30/25 =

$18,565,000

Page 12

$669,861

$461,265

$1,131,126

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025
ANNUAL BUDGET

FISCAL YEAR 2024/2025
AMENDED FINAL BUDGET

YEAR TO DATE ACTUAL
10/1/2024 - 9/29/2025

Interest Income (2024)

100

40,137

38,204

Net NAV Collection (2024)

624,700

804,058

804,058

Developer Contribution (2024)

659,275

907,895

907,895

Capitalized Interest (2024)

0

0

0

Total Revenues

$	1,284,075

$	1,752,090

$	1,750,157

EXPENDITURES

Principal Payments (2024)

300,000

300,000

300,000

Extraordinary Principal Payments (2024)

0

0

0

Interest Payments (2024)

984,075

990,825

990,825

Transfer To Construction Fund (2024)

0

0

0

Total Expenditures

$	1,284,075

$	1,290,825

$	1,290,825

Net Excess/ (Shortfall)

$	-

$	461,265

$	459,332

AMENDED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT DEBT SERVICE FUND - SERIES 2025 (MAPLE RIDGE) FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Notes
Reserve Fund Balance = $282,883*. Interest Account Balance = $42,156*
Interest Account Balance To Be Used To Make 11/1/2025 Interest Payment Of $41,309. Capitalized Interest Was Set-Up Through November 2025.
Capital Projects Bond Proceeds = $2,123,816. Total Bond Proceeds = $2,245,000. FY 2024/2025 Cost Of Issuance = $201,825.
Construction Fund Balance As Of 9/30/25 = $1,933,860* (Available For Capital Expenditures).
* Approximate Amounts

Series 2025 Bond Information

Original Par Amount = Interest Rate =
Issue Date =
Maturity Date =

$2,245,000 4.15% - 5.95%
July 2025
May 2055

Annual Principal Payments Due: May 1st
Annual Interest Payments Due:
November 1st

Par Amount As Of 9/30/25 =

$2,245,000

Page 13

$0

$122,031

$122,031

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025 BUDGET 10/1/24 - 9/30/25

AMENDED FINAL BUDGET
10/1/24 - 9/30/25

YEAR TO DATE ACTUAL
10/1/24 - 9/29/25

Interest Income

0

847

847

Bond Proceeds (2025)

0

121,184

121,184

Transfer from Construction (2025)

0

0

0

Total Revenues

$	-

$	122,031

$	122,031

EXPENDITURES

Principal Payments

0

0

0

Interest Payments

0

0

0

Bond Redemption

0

0

0

Total Expenditures

$	-

$	-

$	-

Excess/ (Shortfall)

$	-

$	122,031

$	122,031