FY19/20 Proposed Budget AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
do Special District Services, Inc.
2501 Burns Road, Suite A
Palm Beach Gardens,Florida 33410
(561)630-4922
Fax: (561)630-4923
June 5, 2019
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 2019/2020 (Oct. 1,2019—Sept.30,2020)
Should you have any questions or comments,please do not hesitate to contact our office.
Sincerely,
SPECIAL DISTRICT SERVICES, INC.
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Laura J. Ar'
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FILED 6/10,19 13:21collier coo
Ave Maria Stewardship
Community District
Proposed Budget For
Fiscal Year 2019/2020
October i, 2019 - September 30, 2020
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2019/2020 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
Detailed Proposed Series 2018(Maple Ridge)Debt Service Fund Budget 11
Maintenance&Assessments Breakdown
Detailed Proposed Maintenance Budget 12
Assessment Breakdown 13
Assessment Comparison 14
PROPOSED BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2019/2020
OCTOBER 1,2019-SEPTEMBER 30,2020
Sources Revenue Percentage
Assessments $ 3,596,063 48%
Developer Contributions $ 3,923,385 52%
Other $ - 0%
Total Revenue $ 7,519,448 100%
52% 48%
Assessments
■Developer Contributions
Sources Expenditures Percentage
Administrative $ 281,048 4%
Maintenance $ 1,868,500 25%
Debt Payments $ 5,100,195 68%
Discounts & Fees $ 269,705 4%
Total Expenditures $ 7,519,448 100%
4%
3%
•Administrative
25%
■Maintenance
% Debt Payments
Discounts& Fees
Page 3
DETAILED PROPOSED BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2019/2020
OCTOBER 1,2019-SEPTEMBER 30,2020
FISCAL YEAR
2019/2020
REVENUES BUDGET
O&M ASSESSMENTS 876,482
DEBT ASSESSMENTS 2,719,581
DEVELOPER CONTRIBUTION FOR 0&M 1,338,802
DEVELOPER CONTRIBUTION FOR DEBT 2,584,583
OTHER REVENUES 0
INTEREST 0
TOTAL REVENUES $ 7,519,448
EXPENDITURES
ADMINISTRATIVE EXPENDITURES
SUPERVISORS FEES 8,000
PAYROLL TAX EXPENSE 812
ENGINEERING 50,000
MANAGEMENT 70,216
SECRETARIAL 4,500
LEGAL 55,000
ASSESSMENT ROLL 15,000
AUDIT FEES 12,500
ARBITRAGE REBATE FEE 2,600
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 9,000
TOTAL ADMINISTRATIVE EXPENDITURES $ 281,048
MAINTENANCE EXPENDITURES
MAINTENANCE 1,868,500
TOTAL MAINTENANCE EXPENDITURES $ 1,868,500
TOTAL EXPENDITURES $ 2,149,548
EXCESS OR(SHORTFALL) $ 5,369,900
BOND PAYMENTS $ (5,100,195)
BALANCE $ 269,705
COUNTY APPRAISER&TAX COLLECTOR COST (125,862)
DISCOUNTS FOR EARLY PAYMENTS (143,843)
NET EXCESS/(SHORTFALL) $ -
Note: Reserve Fund Balance As Of 4-30-19 is$178,889.42
Page 4
DETAILED PROPOSED BUDGET COMPARISON
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2019/2020
OCTOBER 1,2019-SEPTEMBER 30,2020
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2017/2018 2018/2019 2019/2020
REVENUES ACTUAL BUDGET BUDGET COMMENTS
O&M ASSESSMENTS 875,325 874,853 876,482 See Detail on Page 9
DEBT ASSESSMENTS 2,475,912 2,474,351 2,719,581 See Detail on Page 9
DEVELOPER CONTRIBUTION FOR O&M 1,610,651 1,187,709 1,338,802
DEVELOPER CONTRIBUTION FOR DEBT 2,534,448 2,559,854 2,584,583
OTHER REVENUES 2,785 0 0
INTEREST 641 0 0
TOTAL REVENUES $ 7,499,763 $ 7,096,767 $ 7,519,448
EXPENDITURES
ADMINISTRATIVE EXPENDITURES
SUPERVISORS FEES 7,400 8,000 8,000 No Change From Previous Budget
PAYROLL TAX EXPENSE 566 612 612 Supervisor Fees*7.65%
ENGINEERING 39,600 50,000 50,000 No Change From Previous Budget
MANAGEMENT 70,216 70,216 70,216 No Change From Previous Budget
SECRETARIAL 2,000 4,500 4,500 No Change From Previous Budget
LEGAL 52,627 55,000 55,000 No Change From Previous Budget
ASSESSMENT ROLL 15,000 15,000 15,000 No Change From Previous Budget
AUDIT FEES 10,900 12,500 12,500 No Change From Previous Budget
ARBITRAGE REBATE FEE 2,600 1,500 2,600$1,100 Increase From Previous Budget
TRAVEL&LODGING 4,850 2,000 2,000 No Change From Previous Budget
INSURANCE 10,791 11,870 11,870 No Change From Previous Budget
LEGAL ADVERTISING 5,039 5,000 5,000 No Change From Previous Budget
MISCELLANEOUS 1,503 4,000 4,000 No Change From Previous Budget
POSTAGE 1,422 1,750 1,750 No Change From Previous Budget
OFFICE SUPPLIES 3,789 3,500 3,500 No Change 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 20,192 22,000 22,000 No Change From Previous Budget
CONTINUING DISCLOSURE FEE 8,000 8,000 9,000$1,000 Increase From Previous Budget
TOTAL ADMINISTRATIVE EXPENDITURES $ 259,170 $ 278,948 $ 281,048
MAINTENANCE EXPENDITURES
MAINTENANCE 2,139,476 1,718,000 1,868,500 Total Maintenance-See Detail On Page 8
TOTAL MAINTENANCE EXPENDITURES $ 2,139,476 $ 1,718,000 $ 1,868,500
TOTAL EXPENDITURES $ 2,398,646 $ 1,996,948 $ 2,149,548
EXCESS OR(SHORTFALL) $ 5,101,117 $ 5,099,819 $ 5,369,900
BOND PAYMENTS (4,878,052) $ (4,848,629) $ (5,100,195.00)2020 P&I Payments
BALANCE $ 223,065 $ 251,190 $ 269,705
COUNTY APPRAISER&TAX COLLECTOR COST (45,735) (117,222) (125,862) 3.5%Of Total Roll(2%Appraiser,1.5%Collector)
DISCOUNTS FOR EARLY PAYMENTS (119,993) (133,968) (143,843)4%Of Total Tax Roll
NET EXCESS/(SHORTFALL) $ 57,337 $ - $ -
Note:Reserve Fund Balance As Of 4-30-19 is$178,889.42
Page 5
DETAILED PROPOSED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND-SERIES 2006
FISCAL YEAR 2019/2020
OCTOBER 1,2019-SEPTEMBER 30,2020
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2017/2018 2018/2019 2019/2020
REVENUES ACTUAL BUDGET BUDGET
Interest Income(06) 23,527 100 100
Net NAV Collection(06) 1,733,932 1,696,156 1,677,719
Developer Contribution(06) 0 0 0
Prepaid Bonds(06) 0 0 0
Total Revenues $ 1,757,459 $ 1,696,256 $ 1,677,819
EXPENDITURES
Principal Payments(06) 600,000 630,000 650,000
Extraordinary Principal Payments(06) 60,000 0 0
Interest Payments(06) 1,111,869 1,066,256 1,027,819
Total Expenditures $ 1,771,869 $ 1,696,256 $ 1,677,819
Net Excess/(Shortfall) $ (14,410) $ - $ -
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 1/1/19= $21,010,000
Page 6
DETAILED PROPOSED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND-SERIES 2012
FISCAL YEAR 2019/2020
OCTOBER 1,2019-SEPTEMBER 30,2020
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2017/2018 2018/2019 2019/2020
REVENUES ACTUAL BUDGET BUDGET
Interest Income(12) 26,704 100 100
Net NAV Collection(12) 230,674 225,730 375,040
Developer Contribution(12) 2,009,764 2,019,193 1,870,210
Prepaid Bonds(12) 0 0 0
Total Revenues $ 2,267,142 $ 2,245,023 $ 2,245,350
EXPENDITURES
Principal Payments(12) 435,000 465,000 500,000
Extraordinary Principal Payments(12) 15,000 0 0
Interest Payments(12) 1,824,243 1,780,023 . 1,745,350
Total Expenditures $ 2,274,243 i 2,245,023 $ 2,245,350
Net Excess/(Shortfall) $ (7,100) $ - $ -
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 1/1/19= $26,765,000
Page 7
DETAILED PROPOSED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND-SERIES 2015(MAPLE RIDGE)
FISCAL YEAR 2019/2020
OCTOBER 1,2019-SEPTEMBER 30,2020
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2017/2018 2018/2019 2019/2020
REVENUES ACTUAL BUDGET BUDGET
Interest Income(15) 2,731 100 100
Net NAV Collection(15) 167,472 163,889 168,781
Developer Contribution(15) 0 7,142 0
Prepaid Bonds(15) 0 0 0
Total Revenues E 170,204 $ 171,131 $ 168,881
EXPENDITURES
Principal Payments(15) 40,000 45,000 45,000
Extraordinary Principal Payments(15) 0 0 0
Interest Payments(15) 129,256 126,131 123,881
Total Expenditures $ 169,256 $ 171,131 $ 168,881
Net Excess/(Shortfall) $ 947 $ - $ -
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 1/1/19= $2,415,000
Page 8
DETAILED PROPOSED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND-SERIES 2016(MAPLE RIDGE)
FISCAL YEAR 2019/2020
OCTOBER 1,2019-SEPTEMBER 30,2020
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2017/2018 2018/2019 2019/2020
REVENUES ACTUAL BUDGET BUDGET
Interest Income(16) 2,314 100 100
Net NAV Collection(16) 207,432 203,000 226,181
Developer Contribution(16) 16,096 20,938 0
Prepaid Bonds(16) 0 0 0
Total Revenues $ 225,843 $ 224,038 $ 226,281
EXPENDITURES
Principal Payments(16) 50,000 50,000 55,000
Extraordinary Principal Payments(16) 0 0 0
Interest Payments(16) 177,975 174,038 171,281
Total Expenditures $ 227,975 $ 224,038 $ 226,281
Net Excess/(Shortfall) $ (2,132) $ - $ -
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 1/1/19= $3,340,000
Page 9
DETAILED PROPOSED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND-SERIES 2016(BOND ANTICIPATION NOTES)
FISCAL YEAR 2019/2020
OCTOBER 1,2019-SEPTEMBER 30,2020
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2017/2018 2018/2019 2019/2020
REVENUES ACTUAL BUDGET BUDGET
Interest Income(16 BANS) 4,439 100 100
Net NAV Collection(16 BANS) 0 0 0
Developer Contribution(16 BANS) 512,681 512,581 512,581
Prepaid Bonds(16 BANS) 0 0 0
Total Revenues $ 517,121 $ 512,681 $ 512,681
EXPENDITURES
Principal Payments(16 BANS) 0 0 0
Extraordinary Principal Payments(16 BANS) 0 0 0
Interest Payments(16 BANS) 512,681 512,681 512,681
Total Expenditures $ 512,681 $ 512,681 $ 512,681
Net Excess/(Shortfall) $ 4,439 $ - $ -
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 1/1/19= $11,085,000
Page 10
DETAILED PROPOSED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND-SERIES 2018(MAPLE RIDGE)
FISCAL YEAR 2018/2020
OCTOBER 1,2019-SEPTEMBER 30,2020
FISCAL YEAR FISCAL YEAR FISCAL YEAR
2017/2018 2018/2019 2019/2020
REVENUES ACTUAL BUDGET BUDGET
Interest Income(18) 0 0 100
Net NAV Collection(18) 0 0 269,083
Developer Contribution(18) 0 0 0
Capitalized Interest To Fund FY 18-19 Interest Payments 0 210,653 0
Total Revenues $ - $ 210,653 $ 269,183
EXPENDITURES
Principal Payments(18) 0 0 60,000
Extraordinary Principal Payments(18) 0 0 0
Interest Payments(18) 0 210,653 209,183
Total Expenditures $ - $ 210,653 $ 269,183
Net Excess/(Shortfall) $ - $ - $ 1
Note:Capitalized Interest Was Set-Up Through May 1,2019
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 1/1/19= $4,000,000
Page 11
DETAILED PROPOSED MAINTENANCE BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2019/2020
OCTOBER 1, 2019 -SEPTEMBER 30, 2020
FISCAL YEAR FISCAL YEAR FISCAL YEAR
C 2017/2018 2018/2019 2019/2020
ACTUAL BUDGET BUDGET
MAINTENANCE EXPENDITURES
AQUATIC REPLACEMENTS 0 0 0
IRRIGATION REPAIR 70,000 40,000 85,000
MISCELLANEOUS MAINTENANCE 4,044 0 0
ELECTRIC (STREETLIGHTS, LANDSCAPE) 75,353 85,000 85,000
STREET SWEEPING 0 5,000 5,000
STRIPING &TRAFFIC MARKINGS 0 25,000 25,000
STREET LIGHT MAINTENANCE 74,600 50,000 50,000
SIDEWALK/CURB REPAIRS 28,772 29,500 40,000
LANDSCAPE MAINT/ENHANCE (ROADWAY, ENTRIES): 107,236 0 0
MAINTENANCE CONTRACTS 563,140 600,000 615,000
TREE TRIMMING 62,258 30,000 45,000
STORM CLEANUP 0 25,000 25,000
STORM CLEANUP -ELECTRIC 123,977 0 0
STORM CLEANUP- LANDSCAPING 84,460 0 0
PLANT REPLACEMENT 27,945 30,000 30,000
MULCH & MISCELLANEOUS 81,843 80,000 140,000
WATER MANAGEMENT & DRAINAGE 3,600 4,000 4,000
ENTRY FEATURE WATER 2,036 1,000 1,000
MISCELLANEOUS UTILITIES 255 2,500 2,500
IRRIGATION WATER 69,622 100,000 100,000
FOUNTAIN MAINTENANCE 24,663 10,000 10,000
RODENT/PEST CONTROL 3,975 2,000 4,000
EQUIPMENT REPAIR 789 0 0
SIGNAGE REPAIR 5,697 10,000 10,000
STORM DRAIN CLEANING 17,818 15,000 15,000
DRAINAGE/LAKE MAINTENANCE/LITTORALS 62,367 60,000 60,000
AERATORS 800 1,000 1,000
PRESERVE MAINTENANCE 73,398 50,000 50,000
SMALL TOOLS 2,468 2,500 2,500
MISCELLANEOUS REPAIRS 1,610 0 0
VEHICLE LEASE/FUEL/ REPAIRS (MAINT TECH) 2,340 5,000 5,000
MOSQUITO CONTROL 289,734 200,000 200,000
FISH STOCKING 0 0 0
TEMP FIRE FACILITY OPERATING COSTS 87,887 80,000 80,000
ADMINISTRATIVE SUPPLIES 0 500 500
MAINTENANCE TECHNICIANS 82,861 82,500 85,500
BASE MANAGEMENT FEE 18,531 20,000 20,000
ADMIN PAYROLL 45,269 30,000 30,000
TOTAL MAINTENANCE EXPENDITURES $ 2,099,347 $ 1,675,500 $ 1,826,000
RESERVE FUND 27,500 27,500 27,500
CONTINGENCY FUND 12,629 15,000 15,000
TOTAL $ 2,139,476 $ 1,718,000 $ 1,868,500
Page 12
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Ave Maria Stewardship Community District
Debt Assessment Comparison 2019-2020
FY 2018-2019 FY 2019-2020
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 94 $2,270.34 $2,270.34
2012 +2018 89 $2,264.60 $2,264.60
ALF Apartments 0 $27.78 $27.78
Apartments 0 $69.44 $69.44
Low Affordable Housing 48 $48.54 $48.54
Retail/Entertainment/Service (sqft) 140,442 $0.37 $0.37
Professional Offices (sqft) 51,529 $0.23 $0.23
Light Manufacturing (sqft) 417,048 $0.15 $0.15
Hotel (rooms) 0 $273.07 $273.07
Medical Facilities (sqft) 10,904 $0.75 $0.75
Institutional-AM University (students) 1,059 $16.58 $16.58
Private K-12 School (students) 275 $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 Cosi
Page 14
Ave Maria Master Irriation Utility
Proposed Budget For
Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020
PROPOSED AVE MARIA MASTER IRRIGATION UTILITY BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2019/2020
OCTOBER 1, 2019 -SEPTEMBER 30, 2020
FISCAL YEAR FISCAL YEAR FISCAL YEAR
• 2017/2018 2018/2019 2019/2020
REVENUES ACTUAL BUDGET BUDGET COMMENTS
AMUC Income 610,114 668,250 703,400 Approximately 3/5 of Expenditures
Developer Contribution 136,171 222,750 469,000 Approximately 2/5 of Expenditures
Peninsula True-Up Of Expenditures 0 75,000 0 Estimate Of True-Up Of Expenditures
Total Revenues $ 746,286 $ 966,000 $ 1,172,400
EXPENDITURES
Operating Fee 518,382 726,000 890,4001Estimate of$74,200 per Month
AMUC Bulk Water Cha_gr a 232,708 240,000 282,000 Estimate of$23,500 per Month
Other Expenses 0 0 0
1
(Total Expenditures $ 751,089 $ 966,000 $ 1,172,400
Excess/(Shortfall) $ (4,804) $ -I $ -
Note:Utility Fund Balance As Of 9/30/18 Was$46,735