Ave Maria Stewardship Community District

Final Budget For Fiscal Year 2026/2027
October 1, 2026 - September 30, 2027

AMSCD Final Budget FY 26-27 - 8/04/26

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2026/2027 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

AMSCD Final Budget FY 26-27 - 8/04/26

FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2026/2027
OCTOBER 1, 2026 - SEPTEMBER 30, 2027

Sources

Revenue

Percentage

$
$
$

14,933,271
1,933,788
1,000

89%
11%
0%

On-Roll Assessments
Developer Contributions and Off-Roll Debt Assessments Other / Reserve Draw

Total Revenue

$

16,868,059

100%

11%

On-Roll Assessments

Developer Contributions and Off-Roll Debt Assessments

89%

Sources

Expenditures

Percentage

$
$
$
$
$

1,031,536
4,667,935
1,115,000
9,005,464
1,119,995

6%
28%
7%
53%
7%

Administrative Maintenance Reserve
Debt Payments Discounts & Fees

Total Expenditures

$

16,939,930

100%

6%

Administrative

7%

27%

Maintenance

Reserve

7%

53%

Debt Payments

Discounts & Fees

AMSCD Final Budget FY 26-27 - 8/04/26

Page 3

DETAILED BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

AMSCD Final Budget FY 26-27 - 8/04/26

Page 4

REVENUES

FISCAL YEAR 2026/2027 BUDGET

O & M ASSESSMENTS *

5,994,138

RESERVE ASSESSMENTS *

1,127,166

DEBT ASSESSMENTS *

7,811,967

DEVELOPER CONTRIBUTION FOR O & M

154,393

DEVELOPER OFF-ROLL ASSESSMENTS FOR DEBT

1,779,395

OTHER REVENUES - OPERATING / FEMA

0

OTHER REVENUES - RESERVE DRAW

0

INTEREST - OPERATING

500

INTEREST - RESERVE

500

BOND PREPAYMENTS

0

BOND PREPAYMENTS PAID TO TRUSTEE

0

TOTAL REVENUES

$	16,868,059

EXPENDITURES

ADMINISTRATIVE EXPENDITURES

SUPERVISORS FEES

9,600

PAYROLL TAX EXPENSE

734

DISTRICT ENGINEERING

120,000

MANAGEMENT

377,423

LEGAL

100,000

LEGISLATION CHANGES

116,379

ASSESSMENT ROLL

25,000

AUDIT FEES

20,000

ARBITRAGE REBATE FEE

6,000

TRAVEL & LODGING

10,000

INSURANCE

135,000

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

55,000

CONTINUING DISCLOSURE FEE

14,000

TOTAL ADMINISTRATIVE EXPENDITURES

$	1,031,536

MAINTENANCE EXPENDITURES

MAINTENANCE

4,667,935

RESERVE ACTIVITY

RESERVE EXPENSE

1,115,000

NET CHANGE TO RESERVE BALANCE

-71,872

TOTAL EXPENDITURES

$	6,742,599

EXCESS OR (SHORTFALL)

10,125,460

BOND PAYMENTS

(9,005,464)

BALANCE

$	1,119,996

COUNTY APPRAISER & TAX COLLECTOR COST

(522,664)

DISCOUNTS FOR EARLY PAYMENTS

(597,331)

NET EXCESS / (SHORTFALL)

$	1

DETAILED BUDGET COMPARISON
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

* Total Estimated Developer/Builder On Roll Assessment in current year

O&M = $803,586

Res = $161,181

Debt = $1,211,316

AMSCD Final Budget FY 26-27 - 8/04/26

Page 5

REVENUES

FISCAL YEAR 2024/2025 ACTUAL

FISCAL YEAR 2025/2026 BUDGET

FISCAL YEAR 2026/2027 BUDGET

COMMENTS or
YEAR OVER YEAR CHANGE

R-001

O & M ASSESSMENTS *

3,673,847

4,795,091

5,994,138

Detail on Page 20

R-002

RESERVE ASSESSMENTS *

27,500

955,930

1,127,166

Detail on Page 20

R-003

DEBT ASSESSMENTS *

6,565,911

7,148,845

7,811,967

Detail on Page 20

R-004

DEVELOPER CONTRIBUTION FOR O & M

904,951

845,525

154,393

R-005

DEVELOPER OFF-ROLL ASSESSMENTS FOR DEBT

710,183

252,832

1,779,395

R-006

OTHER REVENUES - OPERATING / FEMA

51,063

0

0

R-007

OTHER REVENUES - RESERVE DRAW

0

0

0

R-008

INTEREST - OPERATING

58,504

500

500

R-009

INTEREST - RESERVE

13,489

0

500

R-010

BOND PREPAYMENTS

26,484

0

0

R-011

BOND PREPAYMENTS PAID TO TRUSTEE

(26,484)

0

0

TOTAL REVENUES

$	12,005,449

$	13,998,723

$	16,868,059

EXPENDITURES

ADMINISTRATIVE EXPENDITURES

A-001

SUPERVISORS FEES

6,400

9,600

9,600

0

A-002

PAYROLL TAX EXPENSE

490

734

734

Supervisor Fees * 7.65%

A-003

DISTRICT ENGINEERING

79,987

110,000

120,000

10,000

A-004

MANAGEMENT

350,000

367,500

377,423

9,923

A-005

LEGAL

92,816

100,000

100,000

0

A-006

LEGISLATION CHANGES

0

0

116,379

116,379

A-007

ASSESSMENT ROLL

25,000

25,000

25,000

0

A-008

AUDIT FEES

18,300

18,600

20,000

1,400

A-009

ARBITRAGE REBATE FEE

4,550

5,550

6,000

450

A-010

TRAVEL & LODGING

8,458

10,000

10,000

0

A-011

INSURANCE

105,369

120,000

135,000

15,000

A-012

LEGAL ADVERTISING

16,139

8,000

8,000

0

A-013

MISCELLANEOUS

65,769

10,000

10,000

0

A-014

POSTAGE

4,459

3,000

3,000

0

A-015

OFFICE SUPPLIES

6,762

3,500

3,500

0

A-016

RENTS & LEASES

935

14,400

14,400

0

A-017

DUES, LICENSE, & SUBSCRIPTIONS

175

500

500

0

A-018

MISCELLANEOUS FILINGS, NOTICES, ETC.

2,500

500

500

0

A-019

WEBSITE HOSTING FEES

2,500

2,500

2,500

0

A-020

TRUSTEE FEES

47,444

50,000

55,000

5,000

A-021

CONTINUING DISCLOSURE FEE

10,000

12,000

14,000

2,000

TOTAL ADMINISTRATIVE EXPENDITURES

$	848,054

$	871,384

$	1,031,536

MAINTENANCE EXPENDITURES

M-001

MAINTENANCE

3,605,417

4,410,100

4,667,935

Total Maintenance - Detail On Pg 6

RESERVE ACTIVITY

R-001

RESERVE EXPENSE

0

350,000

1,115,000

Total Reserve - Detail On Pg 7

R-002

NET CHANGE TO RESERVE BALANCE

40,989

534,235

(71,872)

Total Reserve - Detail On Pg 7

TOTAL EXPENDITURES

$	4,453,470

$	6,165,719

$	6,742,599

EXCESS OR (SHORTFALL)

$	7,551,979

$	7,833,004

$	10,125,460

D-001

BOND PAYMENTS

(6,903,346)

$	(6,865,514)

$	(9,005,464)

2026 P & I Payments

BALANCE

$	648,633

$	967,490

$	1,119,996

A-022

COUNTY APPRAISER & TAX COLLECTOR COST

(174,301)

(451,495)

(522,664)

3.5% Of Total Assessment Roll

A-023

DISCOUNTS FOR EARLY PAYMENTS

(384,917)

(515,995)

(597,331)

4% Of Total Assessment Roll

NET EXCESS / (SHORTFALL)

$	89,415

$	-

$	1

DETAILED MAINTENANCE BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

AMSCD Final Budget FY 26-27 - 8/04/26

Page 6

FISCAL YEAR 2024/2025 ACTUAL

FISCAL YEAR 2025/2026 BUDGET

FISCAL YEAR 2026/2027 BUDGET

MAINTENANCE EXPENDITURES

LANDSCAPE & IRRIGATION

M-001

LANDSCAPE & IRRIGATION MAINTENANCE CONTRACT

791,580

1,050,000

1,200,000

M-002

PLANT REPLACEMENT

225,589

200,000

200,000

M-003

MULCH & PINESTRAW (INCLUDING BED PREP)

146,529

175,000

190,000

M-004

TREE TRIMMING

118,314

80,000

125,000

M-005

IRRIGATION REPAIR

273,311

215,000

300,000

M-006

ANNUAL FLOWERS (INCLUDING BED PREP)

80,000

110,000

M-007

MISCELLANEOUS LANDSCAPING

5,765

50,000

50,000

STREET LIGHTS & ELECTRICITY

M-008

ELECTRICITY (STREET LIGHTS & IRRIGATION CLOCKS)

122,833

150,000

165,000

M-009

STREET LIGHT MAINTENANCE

145,359

140,000

150,000

ROADWAYS, SIDEWALK, STRIPING, SIGNAGE

M-010

SIDEWALK/CURB/PAVER REPAIRS

78,003

100,000

20,000

M-011

ASPHALT REPAIRS (ROADWAYS/PATHWAYS)

75,000

20,000

M-012

STRIPING & TRAFFIC MARKINGS

230,593

50,000

15,000

M-013

STREET SIGNS (INCLUDING CROSSWALK FLASHING LIGHTS)

26,588

35,000

15,000

M-014

STREET SWEEPING

14,500

36,000

37,080

STORMWATER DRAINAGE, LAKES, PRESERVES

M-015

STORMWATER DRAINAGE REPAIRS

0

50,000

5,000

M-016

STORM DRAIN CLEANING

33,373

50,000

30,000

M-017

LAKE MAINTENANCE (INCLUDING LITTORALS & LAKE BANKS)

114,344

80,000

120,000

M-018

LAKE BANK REPAIRS

0

0

100,000

M-019

MISC. EXOTICS REMOVAL

0

0

50,000

M-020

CANAL MAINTENANCE

0

0

20,000

M-021

PRESERVE MAINTENANCE

78,936

115,000

125,000

MISCELLANEOUS MAINTENANCE/OPERATIONS

M-022

PRESSURE WASHING

65,442

65,000

100,000

M-023

FOUNTAIN MAINTENANCE/REPAIR

30,218

50,000

0

M-024

FOUNTAIN REMOVAL (INCLUDING PUMPS)

0

0

20,000

M-025

DOG WASTE STATIONS & TRASH CANS

6,000

3,500

M-026

SMALL TOOLS

3,421

5,000

5,000

M-027

VEHICLE FUEL/MAINTENANCE

9,919

10,000

15,000

M-028

RODENT / PEST CONTROL (BEES, ANTS, RATS)

19,800

20,000

20,000

M-029

MISC. MAINTENANCE & REPAIRS

96,207

55,000

25,000

M-030

CHRISTMAS LIGHTS (INCLUDING ELECTRICAL MAINTENANCE)

11,750

23,500

30,000

PROFESSIONAL SERVICES AND CIP PROJECTS

M-031

ASSET MANAGEMENT SUPPORT & SOFTWARE

215,604

140,000

100,000

M-032

PROFESSIONAL SERVICES (ENGINEERING/CONSULTING)

160

70,000

50,000

M-033

SECURITY CAMERAS PH 3

159,848

250,000

200,000

M-034

ENHANCED SECURITY

0

0

15,000

M-035

ROUNDABOUT UPLIGHTING PROJECT

76,000

75,000

M-036

CROSSWALK ENHANCEMENTS

100,000

100,000

M-037

STREETLIGHT NUMBERING

10,000

0

M-038

STREETLIGHT REFURBISHMENT

0

25,000

UTILITIES AND RENT

M-039

POTABLE IRRIGATION WATER (AMUC)

8,964

9,400

5,000

M-040

IRRIGATION SPRINKLER WATER (AMUC)

96,005

140,000

155,000

M-041

ADMINISTRATION OFFICE RENT & OFFICE SUPPLIES

2,100

9,600

12,000

M-042

OFFICE RENT & SUPPLIES

26,000

35,000

M-043

CABLE/PHONE/MODEMS

2,110

10,000

15,000

M-044

BASE MANAGEMENT FEE (FSR)

23,040

6,000

6,000

STORM PREPAREDNESS

M-045

STORM CLEANUP & REPAIRS

15,213

112,500

100,000

SALARIES & BENEFITS

M-046

OPERATIONS TEAM SALARIES & BENEFITS

440,001

485,100

509,355

TOTAL MAINTENANCE EXPENDITURES

$	3,605,417

$	4,410,100

$	4,667,935

DETAILED

RESERVE BUDGET

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

AMSCD Final Budget FY 26-27 - 8/04/26

Page 7

FISCAL YEAR
2024/2025
ACTUAL

FISCAL YEAR
2025/2026
BUDGET

FISCAL YEAR
2026/2027
BUDGET

BEGINNING BALANCE

$	297,147

$	338,136

$	872,371

REVENUES

NET RESERVE ASSESSMENTS OTHER REVENUES
INTEREST

27,500
0
13,489

884,235
0
0

1,042,628
0
500

RR-001

RR-002

RR-003

TOTAL REVENUES

40,989

884,235

1,043,128

EXPENDITURES

Irrigation Replacement (including electrical)

Asphalt Pathway Repairs Catch Basin Repairs Curb Repairs
Sidewalk Repairs
Irrigation System Repairs/Replacement Signage Replacement

0
0
0
0
0
0
0
0
0
0
0
0
0
0

350,000
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
175,000
150,000
120,000
110,000
360,000
200,000
0
0
0

0

Re-001

Re-002

Re-003

Re-004

Re-005

Re-006

Re-007

TOTAL EXPENDITURES

0

350,000

1,115,000

EXCESS OR (SHORTFALL)

40,989

534,235

(71,872)

ENDING BALANCE

$	338,136

$	872,371

$	800,499

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

Series 2019 Bond Information (Refi of 2006)

Original Par Amount = Average Interest Rate = Issue Date =
Maturity Date =
Par Amount As Of 9/30/25 =

$20,310,000 2.725%
June 2019
May 2038
$14,815,000

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

AMSCD Final Budget FY 26-27 - 8/04/26

Page 8

REVENUES

FISCAL YEAR 2024/2025
ACTUAL

FISCAL YEAR 2025/2026
BUDGET

FISCAL YEAR 2026/2027
BUDGET

Interest Income (19) (refi of 06)

51,468

500

500

Net NAV Collection (19) (refi of 06)

1,393,374

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

$	1,444,842

$	1,368,871

$	1,368,871

EXPENDITURES

Principal Payments (19) (refi of 06)

955,000

975,000

975,000

Extraordinary Principal Pymt (19) (refi of 06)

0

2,865

2,865

Interest Payments (19) (refi of 06)

419,856

391,006

391,006

Cost of Issuance

0

Total Expenditures

$	1,374,856

$	1,368,871

$	1,368,871

Net Excess/ (Shortfall)

$	69,985

$	-

$	-

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

Series 2022 Bond Information (Refi of 2012)

Original Par Amount = Average Interest Rate = Issue Date =
Maturity Date =
Par Amount As Of 9/30/25 =

$22,950,000 3.825%
February 2022
May 2042
$20,415,000

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

AMSCD Final Budget FY 26-27 - 8/04/26

Page 9

REVENUES

FISCAL YEAR 2024/2025
ACTUAL

FISCAL YEAR 2025/2026
BUDGET

FISCAL YEAR 2026/2027
BUDGET

Interest Income (22) (refi of 12)

79,384

100

100

Net NAV Collection (22) (refi of 12)

1,676,596

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

$	1,755,980

$	1,644,063

$	1,644,063

EXPENDITURES

Principal Payments (22) (refi of 12)

870,000

895,000

895,000

Extraordinary Principal Pymt (22) (refi of 12)

0

3,847

3,847

Interest Payments (22) (refi of 12)

783,094

745,216

745,216

Total Expenditures

$	1,653,094

$	1,644,063

$	1,644,063

Net Excess/ (Shortfall)

$	102,886

$	-

$	-

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

Series 2021 Bond Information

Original Par Amount = Average Interest Rate = Issue Date =
Maturity Date =
Par Amount As Of 9/30/25 =

$11,610,000 3.691%
August 2021
May 2052
$10,865,000

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

AMSCD Final Budget FY 26-27 - 8/04/26

Page 10

REVENUES

FISCAL YEAR 2024/2025
ACTUAL

FISCAL YEAR 2025/2026
BUDGET

FISCAL YEAR 2026/2027
BUDGET

Interest Income (21)

30,223

100

100

Net NAV Collection (21)

653,048

640,319

640,319

Developer Contribution (21)

0

0

0

Capitalized Interest (21)

0

0

0

Total Revenues

$	683,271

$	640,419

$	640,419

EXPENDITURES

Principal Payments (21)

255,000

260,000

260,000

Extraordinary Principal Payments (21)

0

1,700

1,700

Interest Payments (21)

387,381

378,719

378,719

Total Expenditures

$	642,381

$	640,419

$	640,419

Net Excess/ (Shortfall)

$	40,889

$	-

$	-

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

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

Series 2023 Bond Information

Original Par Amount = Average Interest Rate = Issue Date =
Maturity Date =
Par Amount As Of 9/30/25 =

$19,150,000 5.384%
8/2023
5/2053
$18,565,000

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

AMSCD Final Budget FY 26-27 - 8/04/26

Page 11

REVENUES

FISCAL YEAR 2024/2025
ACTUAL

FISCAL YEAR 2025/2026
BUDGET

FISCAL YEAR 2026/2027
BUDGET

Interest Income (23)

38,204

100

100

Net NAV Collection (23)

804,058

973,523

1,180,265

Developer Contribution (23)

465,615

306,727

99,985

Capitalized Interest (23)

0

0

0

Total Revenues

$	1,307,876

$	1,280,350

$	1,280,350

EXPENDITURES

Principal Payments (23)

300,000

310,000

310,000

Extraordinary Principal Payments (23)

0

0

0

Interest Payments (23)

990,825

970,350

970,350

Transfer to Construction Fund (23)

Total Expenditures

$	1,290,825

$	1,280,350

$	1,280,350

Net Excess/ (Shortfall)

$	17,051

$	-

$	-

DETAILED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT DEBT SERVICE FUND - SERIES 2025 (MASTER)

Note: Capitalized Interest Was Set-Up Through

Series 2025 Bond Information

Original Par Amount = Average Interest Rate = Issue Date =
Maturity Date =
Par Amount As Of 9/30/25 =

$29,255,000 5.473%
11/12/2025
5/1/2056
$29,255,000

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

AMSCD Final Budget FY 26-27 - 8/04/26

Page 12

REVENUES

FISCAL YEAR 2024/2025
ACTUAL

FISCAL YEAR 2025/2026
BUDGET

FISCAL YEAR 2026/2027
BUDGET

Interest Income (25)

847

0

0

Net NAV Collection (25)

0

0

359,640

Developer Contribution (25)

0

0

1,620,414

Capitalized Interest (25)

0

0

0

Total Revenues

$	-

$	-

$	1,980,054

EXPENDITURES

Principal Payments (25)

0

0

440,000

Extraordinary Principal Payments (25)

0

0

0

Interest Payments (25)

0

0

1,540,054

Transfer to Construction Fund (25)

0

Total Expenditures

$	-

$	-

$	1,980,054

Net Excess/ (Shortfall)

$	-

$	-

$	-

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

Series 2015 Bond (Maple Ridge) Information

Original Par Amount = Interest Rate =
Issue Date = Maturity Date =
Par Amount As Of 9/30/25 =

$2,530,000 5.0% - 5.375%
February 2015
May 2045
$1,990,000

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

AMSCD Final Budget FY 26-27 - 8/04/26

Page 13

REVENUES

FISCAL YEAR 2024/2025
ACTUAL

FISCAL YEAR 2025/2026
BUDGET

FISCAL YEAR 2026/2027
BUDGET

Interest Income (15)

12,494

100

100

Net NAV Collection (15)

167,109

163,890

163,890

Developer Contribution (15)

0

0

0

Prepaid Bonds (15)

0

0

0

Total Revenues

$	179,603

$	163,990

$	163,990

EXPENDITURES

Principal Payments (15)

55,000

55,000

55,000

Extraordinary Principal Payments (15)

0

4,565

4,565

Interest Payments (15)

108,550

104,425

104,425

Total Expenditures

$	163,550

$	163,990

$	163,990

Net Excess/ (Shortfall)

$	16,053

$	-

$	-

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

Series 2016 Bond (Maple Ridge) Information

Original Par Amount = Interest Rate =
Issue Date = Maturity Date =
Par Amount As Of 9/30/25 =

$3,390,000 5.250%
October 2016
May 2047
$2,925,000

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

AMSCD Final Budget FY 26-27 - 8/04/26

Page 14

REVENUES

FISCAL YEAR 2024/2025
ACTUAL

FISCAL YEAR 2025/2026
BUDGET

FISCAL YEAR 2026/2027
BUDGET

Interest Income (16)

12,537

100

100

Net NAV Collection (16)

231,165

226,663

226,663

Developer Contribution (16)

0

0

0

Prepaid Bonds (16)

0

0

0

Total Revenues

$	243,702

$	226,763

$	226,763

EXPENDITURES

Principal Payments (16)

70,000

75,000

75,000

Extraordinary Principal Payments (16)

0

169

169

Interest Payments (16)

157,238

151,594

151,594

.

Total Expenditures

$	227,238

$	226,763

$	226,763

Net Excess/ (Shortfall)

$	16,465

$	-

$	-

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

Series 2018 Bond (Maple Ridge) Information

Original Par Amount = Interest Rate =
Issue Date = Maturity Date =
Par Amount As Of 9/30/25 =

$4,000,000 4.9% - 5.375%
June 2018
May 2049
$3,395,000

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

AMSCD Final Budget FY 26-27 - 8/04/26

Page 15

REVENUES

FISCAL YEAR 2024/2025
ACTUAL

FISCAL YEAR 2025/2026
BUDGET

FISCAL YEAR 2026/2027
BUDGET

Interest Income (18)

12,662

100

100

Net NAV Collection (18)

258,742

253,748

253,748

Developer Contribution (18)

0

0

0

Prepaid Bonds (18)

0

0

0

Total Revenues

$	271,404

$	253,848

$	253,848

EXPENDITURES

Principal Payments (18)

70,000

70,000

70,000

Extraordinary Principal Payments (18)

0

5,413

5,413

Interest Payments (18)

183,580

178,435

178,435

Total Expenditures

$	253,580

$	253,848

$	253,848

Net Excess/ (Shortfall)

$	17,824

$	-

$	-

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

Series 2020 Bond (Maple Ridge) Information

Original Par Amount = Interest Rate =
Issue Date = Maturity Date =
Par Amount As Of 9/30/25 =

$3,440,000 3.8% - 4.45%
July 2020
May 2052
$3,255,000

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

AMSCD Final Budget FY 26-27 - 8/04/26

Page 16

REVENUES

FISCAL YEAR 2024/2025
ACTUAL

FISCAL YEAR 2025/2026
BUDGET

FISCAL YEAR 2026/2027
BUDGET

Interest Income (20)

9,770

100

100

Net NAV Collection (20)

211,716

207,616

207,616

Developer Contribution (20)

0

0

0

Capitalized Interest

0

0

0

Total Revenues

$	221,486

$	207,716

$	207,716

EXPENDITURES

Principal Payments (20)

65,000

65,000

65,000

Extraordinary Principal Payments (20)

0

4,129

4,128

Interest Payments (20)

142,293

138,588

138,588

Total Expenditures

$	207,293

$	207,716

$	207,716

Net Excess/ (Shortfall)

$	14,194

$	-

$	-

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

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

Series 2022 Bond (Maple Ridge) Information

Original Par Amount = Average Interest Rate = Issue Date =
Maturity Date =
Par Amount As Of 9/30/25 =

$7,775,000 3.00% - 4.00%
February 2022
May 2052
$7,325,000

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

AMSCD Final Budget FY 26-27 - 8/04/26

Page 17

REVENUES

FISCAL YEAR 2024/2025
ACTUAL

FISCAL YEAR 2025/2026
BUDGET

FISCAL YEAR 2026/2027
BUDGET

Interest Income (22)

21,426

100

100

Net NAV Collection (22)

453,137

444,361

444,361

Developer Contribution (22)

0

0

0

Capitalized Interest

0

0

0

Total Revenues

$	474,563

$	444,461

$	444,461

EXPENDITURES

Principal Payments (22)

155,000

160,000

160,000

Extraordinary Principal Payments (22)

0

3,516

3,516

Interest Payments (22)

287,995

280,945

280,945

Total Expenditures

$	442,995

$	444,461

$	444,461

Net Excess/ (Shortfall)

$	31,568

$	-

$	-

DETAILED DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP COMMUNITY DISTRICT DEBT SERVICE FUND - SERIES 2025 (MAPLE RIDGE)

Note: Capitalized Interest Was Set-Up Through

Series 2025 Bond (Maple Ridge) Information

Original Par Amount = Average Interest Rate = Issue Date =
Maturity Date =
Par Amount As Of 9/30/25 =

$2,245,000 5.818%
July 2025
May 2055
$2,245,000

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

AMSCD Final Budget FY 26-27 - 8/04/26

Page 18

REVENUES

FISCAL YEAR 2024/2025
ACTUAL

FISCAL YEAR 2025/2026
BUDGET

FISCAL YEAR 2026/2027
BUDGET

Interest Income (25)

847

0

0

Net NAV Collection (25)

0

120,851

159,896

Developer Contribution (25)

0

34,554

0

Capitalized Interest

0

0

0

Total Revenues

$	847

$	155,405

$	159,896

EXPENDITURES

Principal Payments (25)

0

30,000

30,000

Extraordinary Principal Payments (25)

0

0

4,491

Interest Payments (25)

0

125,405

125,405

Total Expenditures

$	-

$	155,405

$	159,896

Net Excess/ (Shortfall)

$	847

$	-

$	-

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

Series 2021 Bond (Ave Maria National) Information

Original Par Amount = Interest Rate =
Issue Date = Maturity Date =
Par Amount As Of 9/30/25 =

$11,340,000 2.6% - 4.0%
March 2021
May 2051
$10,410,000

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

AMSCD Final Budget FY 26-27 - 8/04/26

Page 19

REVENUES

FISCAL YEAR 2024/2025
ACTUAL

FISCAL YEAR 2025/2026
BUDGET

FISCAL YEAR 2026/2027
BUDGET

Interest Income (21)

22,817

0

0

Net NAV Collection (21)

511,194

612,398

612,398

Developer Contribution (21)

178,324

22,635

22,635

Capitalized Interest

0

0

0

Total Revenues

$	712,335

$	635,033

$	635,033

EXPENDITURES

Principal Payments (21)

240,000

245,000

245,000

Extraordinary Principal Payments (21)

0

0

0

Interest Payments (21)

399,458

390,033

390,033

Total Expenditures

$	639,458

$	635,033

$	635,033

Net Excess/ (Shortfall)

$	72,878

$	-

$	-

Ave Maria Stewardship Community District Assessment Breakdown - Fiscal Year 2026-2027

O&M Assessments*

Automatic CPI Increase Calculation

Debt Assessments *

* All Assessments Include the Following :

4% Discount for Early Payments
1.5% County Tax Collector Administrative Cost 2% County Property Appraiser Administrative Cost

AMSCD Final Budget FY 26-27 - 8/04/26

Page 20

Total Debt		Total Debt Gross Units	Units	Net Units	Series 2019	Series 2022	Series 2021	Series 2023	Series 2025	Series 2015 MR	Series 2016 MR	Series 2018 MR	Series 2020 MR	Series 2021 AMN	Series 2022 MR	Series 2025 MR	Assessment Per	Assessment On
Platted	Prepaid	Assessed	Bonds	Bonds	Bonds	Bonds	Bonds	Bonds	Bonds	Bonds	Bonds	Bonds	Bonds	Bonds	Unit	Roll

Multi Family
166	(2)	164	$	403.00	$	403.00	66,092.00
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	40	40	$	449.15	$	530.29	$	979.44	39,177.60
16 Unit Ver / 30 Unit Ter	92	92	$	449.15	$	455.46	$	904.61	83,224.12
100	100	$	530.02	$	530.02	53,002.00
Coach / 12 Unit Ver	228	228	$	530.02	$	530.29	$	1,060.31	241,750.68
16 Unit Ver / 30 Unit Ter	364	364	$	530.02	$	455.46	$	985.48	358,714.72

Single Family

1118	(15)	1103	$	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	(3)	628	$	951.00	$	951.00
94	94	$	951.00	$	673.19	$	1,624.19
408	(1)	407	$	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
393	393	$	1,019.27	$	1,019.27
290	290	$	1,019.27	$	670.00	$	1,689.27
209	209	$	1,019.27	$	670.00	$	1,689.27
49	49	$	775.00	$	670.00	$	1,445.00
243	243	$	1,600.00	$	1,600.00

6,648	(21)	6,627

854,825.00
482,527.86
391,011.30
4,327.35
597,228.00
152,673.86
658,709.15
543,035.00
352,724.00
183,173.00
196,068.98
481,594.36
261,756.54
400,573.11
489,888.30
353,057.43
70,805.00
388,800.00

Total

7,811,966.52

Total O&M +
O&M Assessment	Reserve	Reserve	Year End March	Amount of O&M	Amount of Reserve	New O&M	New Reserve	New Total O&M + Before CPI	Assessment Before	Assessment Before	2025 CPI Rate -	Assessment	Assessment	Assessment	Assessment	Reserve
Adjustment	CPI Adjustment	CPI Adjustment	3.4%	Increase due to CPI	Increase due to CPI	Amount	Amount	Assessment Amount
$	804.02	$	151.51	$	955.53	3.00%	$	24.12	$	4.55	$	828.14	$	156.06	$	984.20
$	804.02	$	151.51	$	955.53	3.00%	$	24.12	$	4.55	$	828.14	$	156.06	$	984.20
$	86.11	$	16.23	$	102.34	3.00%	$	2.58	$	0.49	$	88.69	$	16.72	$	105.41
$	231.91	$	43.71	$	275.62	3.00%	$	6.96	$	1.31	$	238.87	$	45.02	$	283.89
$	164.05	$	30.92	$	194.97	3.00%	$	4.92	$	0.93	$	168.97	$	31.85	$	200.82
$	0.38	$	0.08	$	0.46	3.00%	$	0.01	$	-	$	0.39	$	0.08	$	0.47
$	0.12	$	0.02	$	0.14	3.00%	$	-	$	-	$	0.12	$	0.02	$	0.14
$	0.77	$	0.14	$	0.91	3.00%	$	0.02	$	-	$	0.79	$	0.14	$	0.93
$	408.74	$	77.03	$	485.77	3.00%	$	12.26	$	2.31	$	421.00	$	79.34	$	500.34
$	42.56	$	8.02	$	50.58	3.00%	$	1.28	$	0.24	$	43.84	$	8.26	$	52.10
$	105.72	$	19.92	$	125.64	3.00%	$	3.17	$	0.60	$	108.89	$	20.52	$	129.41

Category Total
Number of Total	Per Unit Operation	Operation &
Units Platted for	& Maintenance &	Maintenance & Fiscal Year 2026-		Reserve		Reserve
	2027			Assessment	 	Assessment	
	Residential			Per	

Multi Family / Attached	1,168	Unit	 $	984.20	$ 1,149,545.60 Single Family / Detached	5,480	Unit	$	984.20	$  5,393,416.00

	Other Uses			Per	

ALF Apartments Apartments
MB Low Affordable Housing Goods and Services
Mini Warehouse (Self Storage)
Light Manufacturing Hotel
Institutional - AM University
Private K-12 School

0	Unit	$	105.41
0	Unit	$	283.89
48	Unit	$	200.82
219,138	Sq. Ft.	$	0.47
50,353	Sq. Ft.	$	0.14
417,048	Sq. Ft.	$	0.93
0	Room	$	500.34
1,359	Student	$	52.10
0	Student	$	129.41

$	-
$	-
$	9,639.36
$	102,994.86
$	7,049.42
$	387,854.64
$	-
$	70,803.90
$	-

Total

$  7,121,303.78

Ave Maria Stewardship Community District Total Assessment Comparison 2026-2027

Assessments Include the Following :

4% Discount for Early Payments
1.5% County Tax Collector Administrative Cost 2% County Property Appraiser Administrative Cost

AMSCD Final Budget FY 26-27 - 8/04/26

Page 21

FY 2025-2026	FY 2026-2027	Change -
Number of	Per Unit	Per Unit	Increase /
	Type	 	Bonds Series	  Platted Units   Assessment	  Assessment	 	(Decrease)	

Multi Family	2019	166	$1,244.98	$1,387.20	$142.22 2022		92	$1,336.98	$1,479.20	$142.22
2022 + 2021 AMN	46	$1,792.44	$1,934.66	$142.22
2021	40	$1,291.13	$1,433.35	$142.22
2021 + 2021 AMN	40	$1,821.42	$1,963.64	$142.22
2021 + 2021 AMN	92	$1,746.59	$1,888.81	$142.22
2023	100	$1,372.00	$1,514.22	$142.22
2023 + 2021 AMN	228	$1,902.29	$2,044.51	$142.22
2023 + 2021 AMN		364		$1,827.46	$1,969.68	$142.22 Single Family		2019		1,118		$1,616.98	$1,759.20	$142.22 2019 + 2015 MR	394		$2,066.67			$2,208.89		$142.22
2019 + 2016 MR	270	$2,290.17	$2,432.39	$142.22
2019 + 2018 MR	3	$2,284.43	$2,426.65	$142.22
2019 + 2025 MR	49	$0.00	$2,429.20	$2,429.20
2022	631	$1,792.98	$1,935.20	$142.22
2022 + 2016 MR	94	$2,466.17	$2,608.39	$142.22
2022 + 2018 MR	408	$2,460.43	$2,602.65	$142.22
2022 + 2020 MR	335	$2,462.98	$2,605.20	$142.22
2022 + 2021 AMN	218	$2,459.98	$2,602.20	$142.22
2022 + 2022 MR	113	$2,462.98	$2,605.20	$142.22
2021	227	$1,705.72	$1,847.94	$142.22
2021 + 2022 MR	314	$2,375.72	$2,517.94	$142.22
2021 + 2021 AMN	171	$2,372.72	$2,514.94	$142.22
2023	393	$1,861.25	$2,003.47	$142.22
2023 + 2022 MR	290	$2,531.25	$2,673.47	$142.22
2023 + 2025 MR	209	$2,531.25	$2,673.47	$142.22
2025	243	$0.00	$2,584.20	$2,584.20
ALF Apartments	0		$90.18	$105.41	$15.23 Apartments	0	$242.87	$283.89	$41.02
Low Affordable Housing	48	$171.80	$200.82	$29.02
Goods and Services (sqft)		219,138		$0.40		$0.47		$0.07 Mini Warehouse (Self Storage) (sqft)			50,353		$0.13		$0.14		$0.01 Light Manufacturing (sqft)	417,048	$0.81		$0.93		$0.12
Hotel (rooms)	0	$428.04	$500.34	$72.30
Institutional - AM University (students)	1,359		$44.57		$52.10		$7.53 Private K-12 School (students)		0	$110.72	$129.41	$18.69