FY18/19 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
June 7, 2018
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 2018/2019 (Oct. 1, 2018— Sept. 30, 2019)
Should you have any questions or comments, please do not hesitate to contact our office.
Sincerely,
SPECIAL DISTRICT SERVICES, INC.
Va(A,C, 0
Laura J. Archer..
Enclosure
F I LED06i:1 18 12:2 coi i ier(_:o
Ave Maria Stewardship
Community District
Proposed Budget For
Fiscal Year 2018/2019
October 1, 2018 - September go, 2019
AVE MARIA STEWARDSHIP
COMMUNITY DISTRICT
FY 2018/2019 BUDGET
TABLE OF CONTENTS
Budget Summary
Proposed Budget 3
Detailed Proposed Budget 4
Budget Comparison to Previous Year 5
Debt Service
Detailed Proposed Series 2006 Debt Service Fund Budget 6
Detailed Proposed Series 2012 Debt Service Fund Budget 7
Detailed Proposed Series 2015 (Maple Ridge) Debt Service Fund Budget 8
Detailed Proposed Series 2016 (Maple Ridge) Debt Service Fund Budget 9
Detailed Proposed Series 2016 BANS Debt Service Fund Budget 10
Maintenance &Assessments Breakdown
Detailed Proposed Maintenance Budget 11
Assessment Breakdown 12
Assessment Comparison 13
PROPOSED BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2018/2019
OCTOBER 1,2018-SEPTEMBER 30,2019
Sources Revenue Percentage
Developer Contributions $ 3,349,204 47%
Assessments $ 3,747,563 53%
Other $ - 0%
Total Revenue $ 7,096,767 100%
47% v Developer Contributions
53%
Assessments
Sources Expenditures Percentage
Administrative $ 278,948 4%
Maintenance $ 1,718,000 24%
Debt Payments $ 4,848,629 68%
Discounts & Fees $ 251,190 4%
Total Expenditures $ 7,096,767 100%
4%
4%
■Administrative
24%
•Maintenance
Debt Payments
Discounts& Fees
Page 3
DETAILED PROPOSED BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2018/2019
OCTOBER 1,2018-SEPTEMBER 30,2019
FISCAL YEAR
2018/2019
REVENUES BUDGET
O&M ASSESSMENTS 874,853
DEBT ASSESSMENTS 2,474,351
DEVELOPER CONTRIBUTION FOR 0&M 1,187,709
DEVELOPER CONTRIBUTION FOR DEBT 2,559,854
OTHER REVENUES 0
INTEREST 0
TOTAL REVENUES $ 7,096,767
EXPENDITURES
ADMINISTRATIVE EXPENDITURES
SUPERVISORS FEES 8,000
PAYROLL TAX EXPENSE 612
ENGINEERING 50,000
MANAGEMENT 70,216
SECRETARIAL 4,500
LEGAL 55,000
ASSESSMENT ROLL 15,000
AUDIT FEES 12,500
ARBITRAGE REBATE FEE 1,500
TRAVEL&LODGING 2,000
INSURANCE 11,870
LEGAL ADVERTISING 5,000
MISCELLANEOUS 4,000
POSTAGE 1,750
OFFICE SUPPLIES 3,500
DUES, LICENSE,&SUBSCRIPTIONS 500
MISCELLANEOUS FILINGS, NOTICES, ETC. 500
WEBSITE HOSTING FEES 2,500
TRUSTEE FEES 22,000
CONTINUING DISCLOSURE FEE 8,000
TOTAL ADMINISTRATIVE EXPENDITURES $ 278,948
MAINTENANCE EXPENDITURES
MAINTENANCE 1,718,000
TOTAL MAINTENANCE EXPENDITURES $ 1,718,000
TOTAL EXPENDITURES $ 1,996,948
EXCESS OR(SHORTFALL) $ 5,099,819
BOND PAYMENTS $ (4,848,629)
BALANCE $ 251,190
COUNTY APPRAISER&TAX COLLECTOR COST (117,222)
DISCOUNTS FOR EARLY PAYMENTS (133,968)
NET EXCESS/(SHORTFALL) $ -
Note: Reserve Fund Balance As Of 4-30-18 is$150,614
Page 4
DETAILED PROPOSED BUDGET COMPARISON
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2018/2019
OCTOBER 1,2018-SEPTEMBER 30,2019
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2016/2017 2017/2018 2018/2019
REVENUES ACTUAL BUDGET BUDGET COMMENTS
O&M ASSESSMENTS 720,997 874,853 874,853 See Detail on Page 9
DEBT ASSESSMENTS 1,990,478 2,475,098 2,474,351 See Detail on Page 9
DEVELOPER CONTRIBUTION FOR 0&M 1,586,339 902,049 1,187,709
DEVELOPER CONTRIBUTION FOR DEBT 2,237,647 2,561,082 2,559,854
OTHER REVENUES 967 0 0
INTEREST 552 0 0
TOTAL REVENUES $ 6,536,980 $ 6,813,082 $ 7,096,767
EXPENDITURES
ADMINISTRATIVE EXPENDITURES
SUPERVISORS FEES 5,600 8,000 8,000 No Change From Previous Budget
PAYROLL TAX EXPENSE 428 612_ 612 Supervisor Fees*7.65%
ENGINEERING 25,778 50,000 50,000 No Change From Previous Budget
MANAGEMENT 66,412 70,216 70,216 No Change From Previous Budget
SECRETARIAL 2,000 4,500 4,500 No Change From Previous Budget
LEGAL 48,619 55,000 55,000 No Change From Previous Budget
ASSESSMENT ROLL 15,000 15,000 15,000 No Change From Previous Budget
AUDIT FEES 7,700 8,200 12,500 Increased Due To Additional Bond Issues
ARBITRAGE REBATE FEE 1,300 1,500 1,500 No Change From Previous Budget
TRAVEL&LODGING 4,925 1,000 2,000$1,000 Increase From Previous Budget
INSURANCE 10,642 11,760 11,870 Insurance Company Estimate
LEGAL ADVERTISING 5,345 4,000 5,000$1,000 Increase From Previous Budget
MISCELLANEOUS 3,245 4,000 4,000 No Change From Previous Budget
POSTAGE 1,452 1,750 1,750 No Change From Previous Budget
OFFICE SUPPLIES 3,282 3,000 3,500$500 Increase 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 15,242 15,500 22,000 Increased Due To Additional Bond Issues
CONTINUING DISCLOSURE FEE 8,000 8,000 8,000 No Change From Previous Budget
TOTAL ADMINISTRATIVE EXPENDITURES $ 227,645 $ 265,538 $ 278,948
MAINTENANCE EXPENDITURES
MAINTENANCE 1,964,779 1,445,750 1,718,000 Total Maintenance-See Detail On Page 8
TOTAL MAINTENANCE EXPENDITURES $ 1,964,779 $ 1,445,750 $ 1,718,000
TOTAL EXPENDITURES $ 2,192,424 $ 1,711,288 $ 1,996,948
EXCESS OR(SHORTFALL) $ 4,344,556 $ 5,101,794 $ 5,099,819
BOND PAYMENTS (4,119,657) $ (4,850,548) $ (4,848,629)2019 P&I Payments
BALANCE $ 224,899 $ 251,246 $ 251,190
COUNTY APPRAISER&TAX COLLECTOR COST (75,800) (117,248) (117,222)3.5%Of Total Roll(2%Appraiser,1.5%Collector)
DISCOUNTS FOR EARLY PAYMENTS (95,181) (133,998) (133,968)4%Of Total Tax Roll
NET EXCESS I(SHORTFALL) $ 53,918 $ - $ -
Note:Reserve Fund Balance As Of 4-30-18 is$150,614
Page 5
DETAILED PROPOSED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND-SERIES 2006
FISCAL YEAR 2018/2019
OCTOBER 1,2018-SEPTEMBER 30,2019
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2016/2017 2017/2018 2018/2019
REVENUES ACTUAL BUDGET BUDGET
Interest Income(06) 4,865 0 100
Net NAV Collection(06) 1,167,679 1,697,775 1,696,156
Developer Contribution(06) 531,000 0 0
Prepaid Bonds(06) 5,969 0 0
Total Revenues $ 1,709,513 $ 1,697,775 $ 1,696,256
EXPENDITURES
Principal Payments(06) 570,000 600,000 630,000
Extraordinary Principal Payments(06) 60,000 0 0
Interest Payments(06) 1,143,900 1,097,775 1,066,256
Total Expenditures $ 1,773,900 $ 1,697,775 $ 1,696,256
Net Excess/(Shortfall) $ (64,387) $ - $ -
Series 2006 Bond Information
Original Par Amount= $26,245,000 Annual Principal Payments Due:
Interest Rate= 5.125% May 1st
Issue Date= December 2006 Annual Interest Payments Due:
Maturity Date= May 2038 May 1st&November 1st
Par Amount As Of 1/1/18= $21,670,000
Page 6
DETAILED PROPOSED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND-SERIES 2012
FISCAL YEAR 2018/2019
OCTOBER 1,2018-SEPTEMBER 30,2019
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2016/2017 2017/2018 2018/2019
REVENUES ACTUAL BUDGET BUDGET
Interest Income(12) 24,022 0 100
Net NAV Collection(12) 477,183 225,730 225,730
Developer Contribution(12) 1,771,539 2,019,443 2,019,193
Prepaid Bonds(12) 0 0 0
Total Revenues $ 2,272,744 $ 2,245,173 $ 2,245,023
EXPENDITURES
Principal Payments(12) 410,000 435,000 465,000
Extraordinary Principal Payments(12) 30,000 0 0
Interest Payments(12) 1,853,220 1,810,173 1,780,023
Total Expenditures $ 2,293,220 $ 2,245,173 $ 2,245,023
Net Excess/(Shortfall) , $ (20,476) $ - $ -
Series 2012 Bond Information
Original Par Amount= $29,100,000 Annual Principal Payments Due:
Interest Rate= 6.700% May 1st
Issue Date= June 2012 Annual Interest Payments Due:
Maturity Date= May 2042 May 1st&November 1st
Par Amount As Of 1/1/18= $27,220,000
Page 7
DETAILED PROPOSED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND-SERIES 2015(MAPLE RIDGE)
FISCAL YEAR 2018/2019
OCTOBER 1,2018-SEPTEMBER 30,2019
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2016/2017 2017/2018 2018/2019
REVENUES ACTUAL BUDGET BUDGET
Interest Income(15) 710 0 100
Net NAV Collection(15) 172,256 163,889 163,889
Developer Contribution(15) 0 4,367 7,142
Prepaid Bonds(15) 0 0 0
Total Revenues $ 172,966 $ 168,256 $ 171,131
EXPENDITURES
Principal Payments(15) 40,000 40,000 45,000
Extraordinary Principal Payments(15) 0 0 0
Interest Payments(15) 131,256 128,256 126,131
Total Expenditures $ 171,256 $ 168,256 $ 171,131
Net Excess/(Shortfall) $ 1,710 $ - $ -
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 1/1/18= $2,455,000
Page 8
DETAILED PROPOSED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND-SERIES 2016(MAPLE RIDGE)
FISCAL YEAR 2018/2019
OCTOBER 1,2018-SEPTEMBER 30,2019
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2016/2017 2017/2018 2018/2019
REVENUES ACTUAL BUDGET BUDGET
Interest Income(16) 579 0 100
Net NAV Collection(16) 0 203,000 203,000
Developer Contribution(16) 0 23,663 20,938
Prepaid Bonds(16) 0 0 0
Total Revenues $ 579 $ 226,663 $ 224,038
EXPENDITURES
Principal Payments(16) 0 50,000 50,000
Extraordinary Principal Payments(16) 0 0 0
Interest Payments(16) 88,493 176,663 174,038
Total Expenditures $ 88,493 $ 226,663 $ 224,038
Net Excess/(Shortfall) $ (87,914) $ - $ -
Note:Capitalized Interest Was Set-Up Through November 1,2017
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 1/1/18= $3,390,000
Page 9
DETAILED PROPOSED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND-SERIES 2016(BOND ANTICIPATION NOTES)
FISCAL YEAR 2018/2019
OCTOBER 1,2018-SEPTEMBER 30,2019
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2016/2017 2017/2018 2018/2019
REVENUES ACTUAL BUDGET BUDGET
Interest Income(16 BANS) 2,139 0 100
Net NAV Collection(16 BANS) 0 0 0
Developer Contribution(16 BANS) 0 512,681 512,581
Prepaid Bonds(16 BANS) 0 0 0
Total Revenues $ 2,139 $ 512,681 $ 512,681
EXPENDITURES
Principal Payments(16 BANS) 0 0 0
Extraordinary Principal Payments(16 BANS) 0 0 0
Interest Payments(16 BANS) 254,917 512,681 512,681
Total Expenditures $ 254,917 $ 512,681 $ 512,681
Net Excess/(Shortfall) $ (252,778) $ - $ -
Note:Capitalized Interest Was Set-Up Through November 1,2017
Series 2016 BANS Information
Original Par Amount= $11,085,000 Annual Principal Payments Due:
Interest Rate= 4.630% N/A
Issue Date= October 2016 Annual Interest Payments Due:
Maturity Date= November 2021 May 1st&November 1st
Par Amount As Of 1/1/18= $11,085,000
Page 10
DETAILED PROPOSED MAINTENANCE BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2016/2017 2017/2018 2018/2019
ACTUAL BUDGET BUDGET
MAINTENANCE EXPENDITURES
AQUATIC REPLACEMENTS 0 3,000 0
IRRIGATION REPAIR 74,938 40,000 40,000
MISCELLANEOUS MAINTENANCE 0 0 0
ELECTRIC (STREETLIGHTS, LANDSCAPE) 88,054 80,000 85,000
STREET SWEEPING 75 5,000 5,000
STRIPING &TRAFFIC MARKINGS 98 10,000 25,000
STREET LIGHT MAINTENANCE 68,618 50,000 50,000
SIDEWALK/CURB REPAIRS 30,208 29,500 29,500
LANDSCAPE MAINTENANCE (ROADWAY, ENTRIES): _ 590 0 0
MAINTENANCE CONTRACTS 513,116 500,000 600,000
TREE TRIMMING 18,126 55,000 30,000
STORM CLEANUP 0 25,000 25,000
STORM CLEANUP - ELECTRIC 7,493 0 0
STORM CLEANUP - LANDSCAPING 310,709 0 0
PLANT REPLACEMENT 50,080 30,000 30,000
MULCH & MISCELLANEOUS 87,677 80,000 80,000
WATER MANAGEMENT & DRAINAGE 4,960 4,000 4,000
ENTRY FEATURE WATER 150 1,000 1,000
MISCELLANEOUS UTILITIES 0 5,000 2,500
IRRIGATION WATER 69,755 60,000 100,000
FOUNTAIN MAINTENANCE 15,558 10,000 10,000
RODENT/ PEST CONTROL 300 2,000 2,000
EQUIPMENT REPAIR 2,381 0 0
SIGNAGE REPAIR _ 2,314 10,000 10,000
STORM DRAIN CLEANING 0 4,250 15,000
DRAINAGE / LAKE MAINTENANCE/ LITTORALS 74,039 50,000 60,000
AERATORS 0 9,000 1,000
PRESERVE MAINTENANCE 77,526 40,000 50,000
SMALL TOOLS 3,155 5,000 2,500
MISCELLANEOUS REPAIRS 555 0 0
VEHICLE LEASE / FUEL/ REPAIRS (MAINT TECH) 21,895 5,000 5,000
MOSQUITO CONTROL 223,818 110,000 200,000
FISH STOCKING 0 5,000 0
TEMP FIRE FACILITY OPERATING COSTS 74,908 55,000 80,000
ADMINISTRATIVE SUPPLIES 0 500 500
MAINTENANCE TECHNICIANS 81,335 70,000 82,500
BASE MANAGEMENT FEE 18,083 20,000 20,000
ADMIN PAYROLL 44,265 30,000 30,000
TOTAL MAINTENANCE EXPENDITURES $ 1,964,779 $ 1,403,250 $ 1,675,500
RESERVE FUND 0 27,500 27,500
CONTINGENCY FUND 0 15,000 15,000
TOTAL $ 1,964,779 $ 1,445,750 $ 1,718,000
Page 11
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Ave Maria Stewardship Community District
Debt Assessment Comparison 2018-2019
FY 2017-2018 FY 2018-2019
Number of Per Unit Per Unit
Type Bonds Series Units Assessment Assessment
Multi Family 2006 166 $825.15 $825.15
Single Family 2006 1,170 $1,285.15 $1,285.15
2006 + 2015 394 $1,734.84 $1,734.84
2006 + 2016 270 $1,958.34 $1,958.34
2012 136 $1,597.15 $1,597.15
2012 + 2016 56 $2,270.34 $2,270.34
ALF Apartments 0 $27.78 $27.78
Apartments 0 $69.44 $69.44
Low Affordable Housing 48 $48.54 $48.54
Retail/Entertainment/Service 140,442 sqft $0.37 $0.37
Professional Offices 51,529 sqft $0.23 $0.23
Light Manufacturing 417,048 sqft $0.15 $0.15
Hotel 0 rooms $273.07 $273.07
Medical Facilities 10,904 sq ft $0.75 $0.75
Institutional - AM University 1,042 students $16.58 $16.58
Private K-12 School 223 students $25.90 $25.90
Assessments Include the Following :
4% Discount for Early Payments
1.5% County Tax Collector Administrative Cost
2% County Property Appraiser Administrative Cost
Page 13
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