FY20/21 Proposed BudgetI
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 16, 2020
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 2020/2021 (Oct. 1, 2020 — Sept. 30, 2021)
Should you have any questions or comments, please do not hesitate to contact our office.
Sincerely,
SPECIAL DISTRICT SERVICES, INC.
Laura J. A her
Enclosure
Ave MaTia StewaTdship
Community DiStTiCt
Proposed Budget For
Fiscal Year 202o/2o2i
October i, 2020-September 30, 2o2i
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2020/2021 BUDGET
TABLE OF CONTENTS
Budget Summary
Proposed Budget
Detailed Proposed Budget
Budget Comparison To Previous Year
Debt Service
3
4
5
Detailed Proposed Series 2019 (refi of 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
Assessment Breakdown
12
13
Assessment Comparison 14
FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021
Sources Revenue Percentage
Assessments $ 4,329,262 23%
Developer Contributions $ 14,278,194 77%
Other $ - 0%
Total Revenue
$ 18,607,456 100%
Assessments
^: Developer Contributions
Sources Expenditures Percentage
Administrative
$
299,198
2%
Maintenance
$
2,110,000
11 %
Debt Payments
$
15,873,564
85%
Discounts & Fees
$
324,694
2%
Total Expenditures
$ 18,607,456 100%
■ Administrative
■ Maintenance
Debt Payments
Discounts & Fees
Page 3
DETAILED FINAL BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021
REVENUES
FISCAL YEAR
2020/2021
BUDGET
O & M ASSESSMENTS
1,106,256
DEBT ASSESSMENTS
3,223,006
DEVELOPER CONTRIBUTION FOR O & M
1,385 911
DEVELOPER CONTRIBUTION FOR DEBT
12,892,283
OTHER REVENUES
0
INTEREST
0
TOTAL REVENUES
$ 18,607,456
EXPENDITURES
ADMINISTRATIVE EXPENDITURES
SUPERVISORS FEES
8,000
PAYROLL TAX EXPENSE
612
ENGINEERING
55,000
MANAGEMENT
70,216
SECRETARIAL
4,500
LEGAL
60,000
ASSESSMENT ROLL
15,000
AUDIT FEES
13,000
ARBITRAGE REBATE FEE
3,250
TRAVEL & LODGING
4,000
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
27,000
CONTINUING DISCLOSURE FEE
9,000
TOTAL ADMINISTRATIVE EXPENDITURES
$ 299,198
MAINTENANCE EXPENDITURES
MAINTENANCE
2,110,000
TOTAL MAINTENANCE EXPENDITURES
S 2.110.000
BALANCE $ 324,694
COUNTY APPRAISER & TAX COLLECTOR COST (151,524)
DISCOUNTS FOR EARLY PAYMENTS (173,170)
NET EXCESS / SHORTFALL $ -
Note: Reserve Fund Balance As Of 4-30-20 is $192,015
Page 4
DETAILED PROPOSED BUDGET COMPARISON
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021
REVENUES
FISCAL YEAR
2018/2019
ACTUAL
FISCAL YEAR
2019/2020
BUDGET
FISCAL YEAR
2020/2021
BUDGET
COMMENTS
O & M ASSESSMENTS
919,247
917,903
1,106,256
See Detail on Page 9
DEBT ASSESSMENTS
2,724,320
2 368 393
3 223 006
See Detail on Page 9
DEVELOPER CONTRIBUTION FOR O & M
1,225,358
1,300,488
1,385,911
DEVELOPER CONTRIBUTION FOR DEBT
2,374,294
2,600,602
12,892,283
OTHER REVENUES / FEMA
367,663
0
0
INTEREST
773
0
0
TOTAL REVENUES
$ 7,611,654
$ 7,187,386
$ 18,607,456
EXPENDITURES
ADMINISTRATIVE EXPENDITURES
SUPERVISORS FEES
6,600
8,000
8,000
No Change From Previous Budget
PAYROLL TAX EXPENSE
505
612
612
Supervisor Fees' 7.65%
ENGINEERING
51,253
50,000
55,000
$5 000 Increase From Previous Budget
MANAGEMENT
70,216
70,216
70,216
No Change From Previous Bud et
SECRETARIAL
4,500
4,500
4,500
No Change From Previous Bud et
LEGAL
56,180
55,000
60,000
$5 000 Increase From Previous Budget
ASSESSMENT ROLL
15,000
15,000
15,000
No Chan - a From Previous Budget
AUDIT FEES
11,500
12,500
13,000
$500 Increase From Previous Budget
ARBITRAGE REBATE FEE
2,600
2,600
3,250
$650 Increase From Previous Budget
TRAVEL & LODGING
4,900
2,000
4,000
$2 000 Increase From Previous Budget
INSURANCE
9,327
11,870
11,870
No Chan a From Previous Budget
LEGAL ADVERTISING
3,175
5,000
5,000
No Change From Previous Budget
MISCELLANEOUS
3,984
4,000
4,000
No Change From Previous Budget
POSTAGE
1,897
1,750
1,750
No Change From Previous Budget
OFFICE SUPPLIES
3,352
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
25,337
22,000
27,000
$5 000 Increase From Previous Budget
CONTINUING DISCLOSURE FEE
9,000
9,000
9,000
No Change From Previous Budget
TOTAL ADMINISTRATIVE EXPENDITURES
$ 282,001
$ 281,048
$ 299,198
MAINTENANCE EXPENDITURES
MAINTENANCE
2,119,645
1 868 500
2 110 000
Total Maintenance - See Detail On Page 12
TOTAL MAINTENANCE EXPENDITURES
$ 2,119,645
$ 1,868,500
$ 2,110,000
TOTAL EXPENDITURES
$ 2,401,646
$ 2,149,548
$ 2,409,198
EXCESS OR SHORTFALL
$ 5,210,008
$ 5,037,838
$ 16,198,258
BOND PAYMENTS
4 946 131
$ 4 791 366
$ 15 873 564.00
2020 P & I Payments
BALANCE
$ 263,877
$ 246,472
$ 324,694
COUNTY APPRAISER & TAX COLLECTOR COST
49,309
115,020
151,524
3.5% Of Total Roll 2% Appraiser, 1.5% Collector
DISCOUNTS FOR EARLY PAYMENTS
133,688
131,452
173,170
4% Of Total Tax Roll
NET EXCESS / SHORTFALL
$ 80,880
$ -
$
Note: Reserve Fund Balance As Of 4-30-20 is $192,015
Page 5
DETAILED PROPOSED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND - SERIES 2019
FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021
FISCAL YEAR
2018/2019
REVENUES ACTUAL
FISCAL YEAR
2019/2020
BUDGET
FISCAL YEAR
2020/2021
BUDGET
Interest Income 19 refi of 06
72,877
100
1,073
Net NAV Collection 19 refi of 06
1,732,206
1,368,889
1,368,371
Developer Contribution refi of 06
0
0
0
Prepaid Bonds 19 refi of 06
42,643
0
0
Series 2019 Bond Proceeds
20,310,000
Total Revenues
$ 22,157,726
$ 1,368,989
$ 1,369,444
EXPENDITURES
Principal Payments 19 refi of 06
21,060,000
865,000
885,000
Extraordinary Principal P mt 19 refi of 06
0
1,745
0
Interest Payments 19 refi of 06
1,336,261
502,244
484,444
Cost of Issuance
1,224,142
Total Ex enditures
$ 23,620,403
$ 1,368,989
$ 1,369,444
Net Excess/ Shortfall
$ 1,462,677
$ -
$
Series 2019 Bond Information (Refi of 2006
Original Par Amount= $20,310,000 Annual Principal Payments Due:
Average Interest Rate = 2.725% May 1st
Issue Date = June 2019 Annual Interest Payments Due:
Maturity Date = May 2038 May 1st & November 1st
Par Amount As Of 1/1/19 = $20,310,000
Page 6
DETAILED PROPOSED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND - SERIES 2012
FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021
REVENUES
FISCAL YEAR
2018/2019
ACTUAL
FISCAL YEAR
2019/2020
BUDGET
FISCAL YEAR
2020/2021
BUDGET
Interest Income 12
52,589
100
100
Net NAV Collection 12
1,336,453
375,040
1,010,592
Developer Contribution 12
855,127
1,870,210
1,234,985
Prepaid Bonds 12
0
0
0
Total Revenues
$ 2,244,168
$ 2,245,350
$ 2,245,678
EXPENDITURES
Principal Payments 12
465,000
500,000
535,000
Extraordinary Principal Payments 12
20,000
0
0
Interest Payments 12
1,793,925
1,745,350
1,710,678
Total Expenditures
$ 2,278,926
$ 2,245,350
$ 2,245,678
Net Excess/ Shortfall
$ 34,757
$ -
$ -
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 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021
REVENUES
FISCAL YEAR
2018/2019
ACTUAL
FISCAL YEAR
2019/2020
BUDGET
FISCAL YEAR
2020/2021
BUDGET
Interest Income 15
5,001
100
100
Net NAV Collection 15
173,268
168,781
163,890
Developer Contribution 15
0
0
3,767
Prepaid Bonds 15
0
0
0
Total Revenues
$ 178,269
$ 168,881
$ 167,756
EXPENDITURES
Principal Payments 15
45,000
45,000
45,000
Extraordinary Principal Payments 15
0
0
0
Interest Payments 15
127,256
123,881
122,756
Total Expenditures
$ 172,256
$ 168 881
$ 167,756
Net Excess/ Shortfall
$ 6,013
$ -
$ -
Series 2015 Bond (Mai
Original Par Amount =
Interest Rate =
Issue Date =
Maturity Date =
Par Amount As Of 1/1/19 =
Information
$2,530,000
5.0% - 5.375%
February 2015
May 2045
$2,415,000
Annual Principal Payments Due:
May 1 st
Annual Interest Payments Due:
May 1st & November 1st
Page 8
DETAILED PROPOSED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND - SERIES 2016 (MAPLE RIDGE)
FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021
REVENUES
FISCAL YEAR
2018/2019
ACTUAL
FISCAL YEAR
2019/2020
BUDGET
FISCAL YEAR
2020/2021
BUDGET
Interest Income 16
4,479
100
100
Net NAV Collection 16
231,397
226,181
226,663
Developer Contribution 16
0
0
0
Prepaid Bonds 16
0
0
0
Total Revenues
$ 235,876
$ 226,281
$ 226,763
EXPENDITURES
Principal Payments 16
50,000
55,000
55,000
Extraordinary Principal Payments 16
0
0
3,369
Interest Payments 16
175,350
171,281
168,394
Total Expenditures
$ 225,350
$ 226,281
$ 226,763
Net Excess/ Shortfall
$ 10,526
$ -
$
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 1 st & November 1 st
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 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021
REVENUES
FISCAL YEAR
2018/2019
ACTUAL
FISCAL YEAR
2019/2020
BUDGET
FISCAL YEAR
2020/2021
BUDGET
Interest Income 16 BANS
9,848
100
100
Net NAV Collection 16 BANS
0
0
0
Developer Contribution 16 BANS
512,583
512,581
11,597,581
Prepaid Bonds 16 BANS
0
0
0
Total Revenues
$ 522,431
$ 612,681
$ 11 597,681
EXPENDITURES
Principal Payments 16 BANS
0
0
11,085,000
Extraordinary Principal Payments 16 BANS
0
0
0
Interest Payments 16 BANS
512,681
512,681
512,681
Total Expenditures
$ 512,681
$ 512,681
$ 11,597 681
Net Excess/ Shortfall
$ 9,750
$ -
$
Note: Capitalized Interest Was Set -Up Through November 1, 2017
Series 2016 BANS Infc
Original Par Amount =
Interest Rate =
Issue Date =
Maturity Date =
Par Amount As Of 1/1/19 =
$11,085,000 Annual Principal Payments Due:
4.630% N/A
October 2016 Annual Interest Payments Due:
November 2021 May 1st & November 1st
$11,085,000
Page 10
DETAILED PROPOSED DEBT SERVICE BUDGET
AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT
DEBT SERVICE FUND - SERIES 2018 (MAPLE RIDGE)
FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021
REVENUES
FISCAL YEAR
2018/2019
ACTUAL
FISCAL YEAR
2019/2020
BUDGET
FISCAL YEAR
2020/2021
BUDGET
Interest Income 18
669
100
100
Net NAV Collection 18
58,010
269,083
211,765
Developer Contribution 18
47,088
0
64,377
Capitalized Interest
0
0
Total Revenues
$ 105,767
$ 269,183
$ 266,243
EXPENDITURES
Principal Payments 18
0
60,000
60,000
Extraordinary Principal Payments 18
0
0
0
Interest Payments 18
189,587
209,183
206,243
Total Expenditures
$ 189,587
$ 269,183
$ 266,243
Net Excess/ Shortfall
$ 83,820
$ -
$
Note: Capitalized Interest Was Set -Up Through May 1, 2019
Series 2018 Bond (Maple Ridae) Information
Original Par Amount = $4,000,000 Annual Principal Payments Due:
Interest Rate = 4.9% - 5.375% May 1 st
Issue Date = June 2018 Annual Interest Payments Due:
Maturity Date = May 2049 May 1 st & November 1 st
Par Amount As Of 1/1/19 = $4,000,000
Page 11
DETAILED PROPOSED MAINTENANCE BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021
FISCAL YEAR
2018/2019
ACTUAL
FISCAL YEAR
2019/2020
BUDGET
FISCAL YEAR
2020/2021
BUDGET
MAINTENANCE EXPENDITURES
AQUATIC REPLACEMENTS
0
0
0
IRRIGATION REPAIR
108,693
85,000
85,000
MISCELLANEOUS MAINTENANCE
22,762
0
10,000
ELECTRIC STREETLIGHTS, LANDSCAPE
85,575
85,000
85,000
STREET SWEEPING
0
5,000
1,000
STRIPING & TRAFFIC MARKINGS
50,655
25,000
25,000
STREET LIGHT MAINTENANCE
51,106
50,000
60,000
SIDEWALK / CURB REPAIRS
42,928
40,000
35,000
LANDSCAPE MAINT / ENHANCE ROADWAY, ENTRIES):
39,156
0
30,000
MAINTENANCE CONTRACTS
626,353
615,000
630,000
TREE TRIMMING
0
45,000
30,000
STORM CLEANUP
0
25,000
25,000
STORM CLEANUP - ELECTRIC
0
0
25,000
STORM CLEANUP - LANDSCAPING
0
0
25,000
PLANT REPLACEMENT
45,384
30,000
35,000
MULCH & MISCELLANEOUS
138,600
140,000
140,000
WATER MANAGEMENT & DRAINAGE
3,600
4,000
4,000
ENTRY FEATURE WATER
4,784
1,000
3,000
IRRIGATION WATER
68,750
100,000
70,000
FOUNTAIN MAINTENANCE
4,307
10,000
15,000
RODENT / PEST CONTROL
6,375
4,000
4,000
EQUIPMENT REPAIR
2,370
0
2,000
SIGNAGE REPAIR
8,494
10,000
10,000
STORM DRAIN CLEANING
0
15,000
10,000
DRAINAGE / LAKE MAINTENANCE/ LITTORALS
90,750
60,000
75,000
AERATORS
0
1,000
1,000
PRESERVE MAINTENANCE
41,083
50,000
50,000
SMALL TOOLS
1,166
2,500
2,500
VEHICLE LEASE / FUEL / REPAIRS MAINT TECH
4,418
5,000
20,000
MOSQUITO CONTROL
381,208
200,000
300,000
TEMP FIRE FACILITY OPERATING COSTS
93,588
80,000
90,000
MAINTENANCE TECHNICIANS
93,371
85,500
100,000
BASE MANAGEMENT FEE
19,087
20,000
20,000
ADMIN PAYROLL
48,233
30,000
50,000
TOTAL MAINTENANCE EXPENDITURES
$ 2,082,795
$ 1,823,000
$ 2,067,500
RESERVE FUND
27,500
27,500
27,500
CONTINGENCY FUND
9,350
15,000
15,000
TOTAL
$ 2,119,645
$ 1,865,500
$ 2,110,000
Page 12
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Ave Maria Stewardship Community District
Debt Assessment Comparison 2020-2021
FY 2019-2020
FY 2020-2021
Number of
Per Unit
Per Unit
Type
Bonds Series
Units
Assessment
Assessment
Multi Family
2019
166
$729.15
$729.15
2012
76
$988.15
$988.15
Single Family
2019
1,167
$1,101.15
$1,101.15
2019 + 2015
394
$1,550.84
$1,550.84
2019 + 2016
270
$1,774.34
$1,774.34
2019 + 2018
3
$1,768.60
$1,768.60
2012
386
$1,597.15
$1,597.15
2012 + 2016
94
$2,270.34
$2,270.34
2012 + 2018
340
$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)
1,083
$16.58
$16.58
Private K-12 School (students)
266
$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 14
PROPOSED AVE MARIA MASTER IRRIGATION UTILITY BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021
REVENUES
FISCAL YEAR
2018/2019
ACTUAL
FISCAL YEAR
2019/2020
BUDGET
FISCAL YEAR
2020/2021
BUDGET
COMMENTS
AMUC Income
667,349
703,400
780,000
Approximately 2/3 of Expenditures
Developer Contribution
477,601
469,000
416,400
Approximately 1/3 of Expenditures
Peninsula True -Up Of Expenditures
0
0
0
Estimate Of True -Up Of Expenditures
Total Revenues
$ 1,144,949
$ 1,172,400
$ 1,196,400
EXPENDITURES
Operating Fee
889,552
890,400
779,100
Estimate of $64 925 per Month
Management Fee
111,300
Estimate of $9 275 per Month
AMUC Bulk Water Charge
282,433
282 000
306,000
Estimate of $25 500 per Month
Other Expenses
0
0
0
Total Expenditures
$ 1.171.985
$ 1,172,400
$ 1,196,400
Excess / Shortfall
$ 27 036
$ -
$ -
Note- Utility Fund Balance As Of 9/30/19 Was $139,890
Special District Services, Inc.
The Oaks Center
2501A Burns Road
Palm Beach Gardens, Fl. 33410
7019 2970 0001 3297 3372
.W': z
jj�.- $008-000
0000918290 jI-JN 1 8 2020
MAILED FROM ZIP CODE 33410
COLLIER COUNTY
COLLIER COUNTY COURTHOUSE
3315 TAMIAMITRAIL EAST, H 102
NAPLES, FL 34112-5324
1 it. ki