FY14/15 Proposed Budget AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
c/o Special District Services, Inc.
2501 Burns Road, Suite A
Palm Beach Gardens, Florida 33410
(561)630-4922
Fax: (561) 630-4923
TF1 - ,Tg
MAY 122014
May 8, 2014
BY AS-
VIA CERTIFIED MAIL-
RETURN RECEIPT REQUESTED
Clerk of the Circuit Court
Collier County Courthouse
3315 Tamiami Trail East
Naples, Florida 34112-5324
Re: Ave Maria Stewardship Community District
To Whom It May Concern:
Pursuant to Florida law, enclosed please find a copy of the following document relative
to the above referenced Stewardship Community District:
1.) Proposed Budget Fiscal Year 2014/2015 (Oct. 1, 2014-Sept.30,2015)
Should you have any questions or comments,please do not hesitate to contact our office.
Sincerely,
SPECIAL DISTRICT SERVICES, INC.
Laura J. Arch:
Enclosure
Ave Maria Stewardship
Community District
Proposed Budget For
Fiscal Year 2014/2015
October 1, 2014 - September 30, 2015
CONTENTS
I PROPOSED BUDGET
II DETAILED PROPOSED BUDGET
III DETAILED PROPOSED DEBT SERVICE FUND BUDGET
IV DETAILED PROPOSED MAINTENANCE BUDGET
V ASSESSMENT BREAKDOWN
5/7/2014 10:11 AM
PROPOSED BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2014/2015
October 1,2014-September 30,2015
FISCAL YEAR
2014/2015
REVENUES BUDGET
O & M ASSESSMENTS 452,602
DEBT ASSESSMENTS 853,886
DEVELOPER CONTRIBUTION FOR 0 & M 1,214,798
DEVELOPER CONTRIBUTION FOR DEBT 3,170,282
OTHER REVENUES 0
TOTAL REVENUES $ 5,691,567
EXPENDITURES
ADMINISTRATIVE EXPENDITURES
PAYROLL TAXES EXPENSE 612
SUPERVISORS FEES 8,000
ENGINEERING 20,000
MANAGEMENT 70,216
SECRETARIAL 4,500
LEGAL 20,000
ASSESSMENT ROLL 15,000
AUDIT FEES 8,200
ARBITRAGE REBATE FEE 1,500
TRAVEL & LODGING 1,550
INSURANCE 11,282
LEGAL ADVERTISING 1,500
MISCELLANEOUS 1,455
POSTAGE 1,750
OFFICE SUPPLIES 2,000
DUES, LICENSE, & SUBSCRIPTIONS 500
MISCELLANEOUS FILINGS, NOTICES, ETC. 1,000
WEBSITE HOSTING FEES 1,000
TRUSTEE FEES 13,000
CONTINUING DISCLOSURE FEE 5,000
METHODOLOGY REPORT 0
TOTAL ADMINISTRATIVE EXPENDITURES $ 188,065
MAINTENANCE EXPENDITURES
MAINTENANCE 1,445,389
MAINTENANCE/INSPECTIONS/ADMIN 0
TOTAL MAINTENANCE EXPENDITURES $ 1,445,389
TOTAL EXPENDITURES $ 1,633,454
EXCESS OR(SHORTFALL) $ 4,058,113
PAYMENT TO TRUSTEE $ (3,960,127)
BALANCE $ 97,987
COUNTY APPRAISER&TAX COLLECTOR COST (45,727)
DISCOUNTS FOR EARLY PAYMENTS (52,260)
NET EXCESS/(SHORTFALL) $ 0
5/7/2014 10:11 AM I
DETAILED PROPOSED BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2014/2015
October 1,2014-September 30,2015
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2012/2013 2013/2014 2014/2015
REVENUES ACTUAL BUDGET BUDGET COMMENTS
O&M ASSESSMENTS 365,756 371,101 452,602 See Detail on Page 5
DEBT ASSESSMENTS 760,063 759,904 853,886 See Detail on Page 5
DEVELOPER CONTRIBUTION FOR 0&M 862,821 1,289,686 1,214,798
DEVELOPER CONTRIBUTION FOR DEBT 3,188,749 3,255,955 3,170,282
OTHER REVENUES 6,920 0 0
BOND PREPAYENTS RECEIVED 0 0 0
BOND PREPAYMENTS SENT TO TRUSTEE 0 0 0
TOTAL REVENUES $ 5,184,310 $ 5,676,645 $ 5,691,567
EXPENDITURES
ADMINISTRATIVE EXPENDITURES
PAYROLL TAX EXPENSE 306 612 612 No Change From 2013-2014 Budget
SUPERVISORS FEES 4,000 8,000 8,000 No Change From 2013-2014 Budget
ENGINEERING 16,443 20,000 20,000 No Change From 2013-2014 Budget
MANAGEMENT 55,000 70,216 70,216 No Change From 2013-2014 Budget
SECRETARIAL 2,000 4,500 4,500 No Change From 2013-2014 Budget
LEGAL 18,025 20,000 20,000 No Change From 2013-2014 Budget
ASSESSMENT ROLL 15,000 15,000 15,000 No Change From 2013-2014 Budget
AUDIT FEES 7,900 8,200 8,200 No Change From 2013-2014 Budget
ARBITRAGE REBATE FEE 1,300 1,500 1,500 No Change From 2013-2014 Budget
TRAVEL&LODGING 672 1,550 1,550 No Change From 2013-2014 Budget
INSURANCE 9,988 10,737 11,282 $545 Increase From 2013-2014 Budget
LEGAL ADVERTISING 805 1,500 1,500 No Change From 2013-2014 Budget
MISCELLANEOUS 1,102 2,000 1,455 $545 Decrease From 2013-2014 Budget
POSTAGE 1,281 1,750 1,750 No Change From 2013-2014 Budget
OFFICE SUPPLIES 1,511 2,000 2,000 No Change From 2013-2014 Budget
DUES,LICENSE,&SUBSCRIPTIONS 175 500 M No Change From 2013-2014 Budget
MISCELLANEOUS FILINGS,NOTICES,ETC. 0 1,500 1, $500 Decrease From 2013-2014 Budget
WEBSITE HOSTING FEES 0 1,000 1,000 No Change From 2013-2014 Budget
TRUSTEE FEES 12,535 12,000 13,000 US Bank Proposed Increase of Trustee Fees
CONTINUING DISCLOSURE FEE 5,000 5,000 5,000 No Change From 2013-2014 Budget
METHODOLOGY REPORT 10,000 0 0 No Change From 2013-2014 Budget
TOTAL ADMINISTRATIVE EXPENDITURES $ 163,042 $ 187,565 $ 188,065
MAINTENANCE EXPENDITURES
MAINTENANCE 1,134,348 1,445,389 1,445,389 Total Maintenance-See Detail On Page 4
MAINTENANCE/INSPECTIONS/ADMIN 0 0 0
TOTAL MAINTENANCE EXPENDITURES $ 1,134,348 $ 1,445,389 $ 1,445,389
TOTAL EXPENDITURES $ 1,297,390 $ 1,632,954 $ 1,633,454
EXCESS OR(SHORTFALL) $ 3,886,920 $ 4,043,691 $ 4,058,113
BOND PAYMENTS (3,910,827) $ (3,958,866) $ (3,960,127) 2015P&I Payments
BALANCE $ (23,907) $ 84,825 $ 97,987
COUNTY APPRAISER&TAX COLLECTOR COST (30,373) (39,585) (45,727) 3.5%Of Total Roll(2%Appraiser,1.5%Collector)
DISCOUNTS FOR EARLY PAYMENTS (34,432) (45,240) (52,260) 4%Of Total Tax Roll
NET EXCESS/(SHORTFALL) $ (88,712) $ 0 $ 0
5/7/2014 10:11 AM II
DETAILED PROPOSED DEBT SERVICE FUND BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
FISCAL YEAR 2014/2015
October 1,2014-September 30,2015
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2012/2013 2013/2014 2014/2015
REVENUES ACTUALS BUDGET BUDGET COMMENTS
Interest Income('06 Bond) 0 0 0 DS Reserve Interest is now going to the Deferred Cost Account
Interest Income('12 Bond) 0 0 0 DS Reserve Interest is now going to the Deferred Cost Account
Net NAV Collection 722,077 702,911 789,845 Per Assessment Breakdown(page 5)less 7.5%for Discounts and Fees
Developer Contribution 3,188,749 3,255,955 3,170,282
Prepaid Bond Collection 0 0 0
Total Revenues $ 3,910,827 $ 3,958,866 $ 3,960,127
EXPENDITURES
Principal Payments('O6 Bond) 475,000 485,000 515,000 2006 Bond Principal Payment Due In 2015
Interest Payments('06 Bond) 1,257,675 1,221,159 1,195,534 2006 Bond Interest Payments Due In 2015
Principal Payments('12 Bond) 310,000 335,000 355,000 2012 Bond Principal Payment Due In 2015
Interest Payments('12 Bond) 1,754,730 1,917,707 1,894,593 2012 Bond Interest Payments Due In 2015
Total Expenditures $ 3,797,405 $ 3,958,866 $ 3,960,127
Excess/(Shortfall) $ 113,422 $ - $ -
Series 2006 Bond Information
Original Par Amount= $26,245,000 Annual Principal Payments Due= May 1st
Interest Rate= 5.125% Annual Interest Payments Due= May 1st&November 1st
Issue Date= December 2006
Maturity Date= May 2038
Series 2012 Bond Information
Original Par Amount= $29,100,000 Annual Principal Payments Due= May 1st
Interest Rate= 6.700% Annual Interest Payments Due= May 1st&November 1st
Issue Date= June 2012
Maturity Date= May 2042
I I I
5/7/2014 10:11 AM
DETAILED PROPOSED MAINTENANCE BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2014/2015
October 1, 2014 -September 30, 2015
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2012/2013 2013/2014 2014/2015
ACTUAL BUDGET BUDGET
MAINTENANCE EXPENDITURES
ELECTRIC (STREETLIGHTS, LANDSCAPE) 79,017 90,000 90,000
STREET SWEEPING 145 5,000 5,000
STRIPING & TRAFFIC MARKINGS 0 35,000 35,000
STREET LIGHT MAINTENANCE 48,893 30,000 30,000
SIDEWALK/ CURB REPAIRS 13,482 5,000 9,000
LANDSCAPE MAINTENANCE (ROADWAY, ENTRIES):
MAINTENANCE CONTRACTS 430,637 500,000 500,000
TREE TRIMMING 17,500 42,000 29,000
STORM CLEANUP 450 41,000 41,000
PLANT REPLACEMENT 26,179 35,000 40,000
MULCH & MISCELLANEOUS 42,892 60,000 60,000
MISC. UTILITIES 170 5,000 5,000
ELECTRICITY 0 0 0
IRRIGATION WATER 69,169 90,000 80,000
IRRIGATION REPAIR 19,208 12,000 20,000
ENTRY FEATURE WATER 0 0 0
FOUNTAIN MAINTENANCE 11,649 10,000 10,000
RODENT/ PEST CONTROL 1,905 3,000 4,000
EQUIPMENT REPAIR 30 1,000 1,000
SIGNAGE REPAIR 16,985 8,000 8,000
WATER MANAGEMENT & DRAINAGE 1,100 3,000 3,000
STORM DRAIN CLEANING 0 5,000 5,000
DRAINAGE / LAKE MAINTENANCE/ LITTORALS 59,488 50,000 50,000
AERATORS 0 6,500 6,500
AQUATIC REPLACEMENTS 0 5,000 5,000
PRESERVE MAINTENANCE 56,366 104,000 104,000
TAXES & LICENSES 0 0 0
INSURANCE 0 0 0
SMALL TOOLS 631 3,000 3,000
MISCELLANEOUS MAINT. 0 0 0
MISC. REPAIRS 5,767 10,000 10,000
VEHICLE LEASE / FUEL / REPAIRS (MAINT TECH) 3,490 5,000 5,000
MOSQUITO CONTROL 75,432 80,000 80,000
FISH STOCKING 0 5,000 5,000
TEMP FIRE FACILITY OPERATING COSTS 61,788 65,000 65,000
ADMINISTRATIVE SUPPLIES 0 500 500
OFFICE LEASE 0 0 0
OFFICE UTILITIES 0 0 0
MAINTENANCE TECHNICIANS 39,966 60,000 65,000
BASE MANAGEMENT FEE 14,809 16,667 16,667
ADMIN PAYROLL 16,338 19,722 19,722
TOTAL MAINTENANCE EXPENDITURES $ 1,113,484 $ 1,410,389 $ 1,410,389
RESERVE FUND 20,864 20,000 20,000
CONTINGENCY FUND 0 15,000 15,000
TOTAL $ 1,134,348 $ 1,445,389 $ 1,445,389
5/7/2014 10:11 AM IV
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PROPOSED AVE MARIA UTILITY BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
FISCAL YEAR 2014/2015
October 1, 2014 -September 30, 2015
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2012/2013 2013/2014 2014/2015
REVENUES ACTUAL BUDGET BUDGET COMMENTS
AMUC Income 271,176 270,000 270,000 Approximately 2/3 of Expenditures
Developer Contribution 120,000 130,000 130,000 Approximately 1/3 of Expenditures
Total Revenues $ 391,176 $ 400,000 $ 400,000
EXPENDITURES
OMI Operating Fee 204,075 252,000 252,000 Estimate of$21,000 per Month
AMUC Bulk Water Charge 147,165 148,000 148,000 Estimate of$12,333 per Month
Total Expenditures $ 351,240 $ 400,000 $ 400,000
Excess/(Shortfall) $ 39,936 $ - $ -
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