Arborwood Community Development District

Amended Final Budget Fiscal Year 2017/2018
October 1, 2017 - September 30, 2018

CONTENTS

AMENDED BUDGET COMPARISON

AMENDED GENERAL FUND BUDGET

AMENDED FINAL DEBT SERVICE FUND BUDGET - 2014 BOND

AMENDED FINAL DEBT SERVICE FUND BUDGET - 2018 BOND

AMENDED BUDGET COMPARISON
ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2017/2018
OCTOBER 1, 2018 - SEPTEMBER 30, 2018

REVENUES		FISCAL YEAR 2017/2018
FINAL BUDGET		FISCAL YEAR 2017/2018 AMENDED BUDGET		FISCAL YEAR 2017/2018 ACTUAL
10/1/2017 - 9/29/2018	
GENERAL FUND ON ROLL ASSESSMENT		337,632		359,014		359,014	
GENERAL FUND DIRECT BILL ASSESSMENT - PULTE		10,940		9,788		9,788	
GENERAL FUND DIRECT BILL ASSESSMENT - GL HOMES		15,591		358		358	
GENERAL FUND DIRECT BILL ASSESSMENT - WCI		17,094		13,785		13,785	
DEBT ON ROLL ASSESSMENT		2,977,940		3,228,932		3,228,932	
DEBT DIRECT BILL ASSESSMENT - PULTE		134,092		0		0	
DEBT DIRECT BILL ASSESSMENT - GL HOMES		175,542		4,472		4,472	
DEBT DIRECT BILL ASSESSMENT - WCI (SERIES 2014)		1,002,511		849,244		849,244	
INTEREST/MISCELLANEOUS GENERAL FUND		0		0		0	
GENERAL FUND OTHER REVENUES / CARRY OVER		140,000		0		0	
TOTAL REVENUES		$	4,811,342		$	4,465,593		$	4,465,593	

EXPENDITURES							
PAYROLL TAX EXPENSE		912		750		750	
SUPERVISOR FEES		12,000		9,800		9,800	
ENGINEERING		40,000		38,600		33,664	
MANAGEMENT		34,712		34,712		34,712	
LEGAL		45,000		31,600		26,562	
ASSESSMENT ROLL		5,000		5,000		5,000	
ANNUAL AUDIT		5,700		5,350		5,350	
ARBITRAGE REBATE FEE		4,000		3,350		3,350	
INSURANCE		16,000		14,496		14,496	
LEGAL ADVERTISING		5,500		11,700		10,739	
MISCELLANEOUS		3,000		3,000		2,464	
POSTAGE		1,000		1,625		1,617	
OFFICE SUPPLIES		2,500		3,475		3,430	
DUES & SUBSCRIPTIONS		175		175		175	
TRUSTEE FEES		47,000		32,229		32,229	
CONTINUING DISCLOSURE FEE		5,000		4,000		4,000	
AMORTIZATION SCHEDULE		1,000		0		0	
WEBSITE		1,500		1,500		1,500	
LAKE MAINTENANCE		2,000		0		0	
PROFESSIONAL FEE & PERMITS		2,000		0		0	
ELECTRICITY		2,000		144		144	
OFF-SITE MITIGATION MAINT - TREELINE		5,000		0		0	
DRI MONITORING		10,000		9,775		9,775	
WETLAND MONITORING - PASSARELLA		15,000		15,000		12,246	
OFF-SITE MITIGATION MAINT - PANTHER		84,000		65,000		55,569	
MITIGATION MAINT - PARCEL C		5,000		0		0	
STREET LIGHTING - UTILITY		15,000		27,500		22,895	
CAPITAL OUTLAY - SMALL		1,000		0		0	
NEW - LAKE MAINT (SOMERSET ONLY)		50,000		41,800		36,816	
NEW - PRESERVE MAINT (SOMERSET ONLY)		45,000		45,000		35,000	
NEW FIELD INSPECTOR (SOMERSET ONLY)		35,000		15,816		15,816	
Total Expenditures		500,999		421,397		378,099	
							
EXCESS / (SHORTFALL)		$	4,310,343		$	4,044,196		$	4,087,494	
							
DEBT PAYMENTS (2005)		(2,123,539)		(2,031,687)		(2,031,687)	
DEBT PAYMENTS (2006)		(777,425)		(795,174)		(795,174)	
DEBT PAYMENTS (2014)		(1,209,995)		(1,129,539)		(1,129,539)	
BOND PREPAYMENTS - PAID TO TRUSTEE		0		-		-	
BALANCE		$	199,384		$	87,796		$	131,094	
							
COUNTY APPRAISER & TAX COLLECTOR FEE		(66,312)		(8,688)		(8,688)	
DISCOUNTS FOR EARLY PAYMENTS		(132,623)		(131,580)		(131,580)	
NET EXCESS / (SHORTFALL)		$	449		$	(52,472)		$	(9,174)	

Note: All Figures are Un-audited

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AMENDED FINAL BUDGET
ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND
FISCAL YEAR 2017/2018 OCTOBER 1, 2017 - SEPTEMBER 30, 2018

FISCAL YEAR	FISCAL YEAR		FISCAL YEAR 2017/2018		2017/2018	2017/2018 ACTUAL
REVENUES	ANNUAL BUDGET	AMENDED BUDGET	10/1/2017 - 9/29/2018
ON ROLL ASSESSMENTS	337,632	359,014	359,014
DIRECT BILL ASSESSMENTS - PULTE	10,940	9,788	9,788
DIRECT BILL ASSESSMENTS - GL HOMES	15,591	358	358
DIRECT BILL ASSESSMENTS - WCI	17,094	13,785	13,785
OTHER REVENUES / CARRY OVER	140,000	0	0

Total Revenues

$	521,257	$

382,945	$

382,945

EXPENDITURES
PAYROLL TAX EXPENSE	912	750	750
SUPERVISOR FEES	12,000	9,800	9,800
ENGINEERING	40,000	38,600	33,664
MANAGEMENT	34,712	34,712	34,712
LEGAL	45,000	31,600	26,562
ASSESSMENT ROLL	5,000	5,000	5,000
ANNUAL AUDIT	5,700	5,350	5,350
ARBITRAGE REBATE FEE	4,000	3,350	3,350
INSURANCE	16,000	14,496	14,496
LEGAL ADVERTISING	5,500	11,700	10,739
MISCELLANEOUS	3,000	3,000	2,464
POSTAGE	1,000	1,625	1,617
OFFICE SUPPLIES	2,500	3,475	3,430
DUES & SUBSCRIPTIONS	175	175	175
TRUSTEE FEES	47,000	32,229	32,229
CONTINUING DISCLOSURE FEE	5,000	4,000	4,000
AMORTIZATION SCHEDULE	1,000	0	0
WEBSITE	1,500	1,500	1,500
LAKE MAINTENANCE	2,000	0	0
PROFESSIONAL FEE & PERMITS	2,000	0	0
ELECTRICITY	2,000	144	144
OFF-SITE MITIGATION MAINT - TREELINE	5,000	0	0
DRI MONITORING	10,000	9,775	9,775
WETLAND MONITORING - PASSARELLA	15,000	15,000	12,246
OFF-SITE MITIGATION MAINT - PANTHER	84,000	65,000	55,569
MITIGATION MAINT - PARCEL C	5,000	0	0
STREET LIGHTING - UTILITY	15,000	27,500	22,895
STORM DAMAGE REPAIRS	0	0	0
CAPITAL OUTLAY - SMALL	1,000	0	0
NEW - LAKE MAINT (SOMERSET ONLY)	50,000	41,800	36,816
NEW - PRESERVE MAINT (SOMERSET ONLY)	45,000	45,000	35,000
NEW FIELD INSPECTOR (SOMERSET ONLY)	35,000	15,816	15,816

Total Expenditures

$	500,999	$

421,397	$

378,099

 	 	 	

EXCESS / (SHORTFALL)

$	20,258	$

(38,452)	$

4,846

COUNTY APPRAISER & TAX COLLECTOR FEE	(6,753)	(702)	(702)
DISCOUNTS FOR EARLY PAYMENTS	(13,505)	(13,319)	(13,319)

NET EXCESS / (SHORTFALL)

$	-	$

(52,473)	$

(9,175)

Note: All Figures are Un-audited

Fund Balance on 9/30/2017	$	223,372	
Amended 2017/2018 Net Excess /(Shortfall)	  $ 	(52,473)	
Estimated Fund Balance on 9/30/2018	$	170,899	

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AMENDED FINAL BUDGET
ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT 2014 DEBT SERVICE FUND
FISCAL YEAR 2017/2018 OCTOBER 1, 2017 - SEPTEMBER 30, 2018

 	
2014A-1 				
 	
2014A-2 		
	FISCAL YEAR	FISCAL YEAR		FISCAL YEAR		FISCAL YEAR	FISCAL YEAR		FISCAL YEAR	
	2017/2018	2017/2018		2017/2018 ACTUAL		2017/2018	2017/2018		2017/2018 ACTUAL	
	   ANNUAL BUDGET 	AMENDED BUDGET	 	10/1/2017 - 9/29/2018 		 ANNUAL BUDGET      AMENDED BUDGET	 	10/1/2017 - 9/29/2018 	

REVENUES 
Net On Roll Assessments		

171,352		

231,482		

231,482	
REVENUES 
Net On Roll Assessments		

36,132		

48,813		

48,813	
Interest Income		0		4,818		4,818	Interest Income		0		1,606		1,606	
Bond Prepayments		0		109,909		109,909	Bond Prepayments		0		23,217		23,217	
Direct Bill Assessments - WCI 	 	329,518	 	242,377	 	242,377	Direct Bill Assessments - WCI 	 	70,113	 	43,408	 	43,408	
Total Revenues 	  $ 	500,870	  $ 	588,586	  $ 	588,586	Total Revenues 	  $ 	106,245	  $ 	117,044	  $ 	117,044	

EXPENDITURES 
Principal Payments		

140,000		

140,000		

140,000	
EXPENDITURES 
Principal Payments		

30,000		

30,000		

30,000	
Interest Payments		360,870		365,700		365,700	Interest Payments		76,245		77,280		77,280	
Miscellaneous 	 	0	 	0	 	0	Miscellaneous 	 	0	 	0	 	0	
Total Expenditures 	  $ 	500,870	  $ 	505,700	  $ 	505,700	Total Expenditures 	  $ 	106,245	  $ 	107,280	  $ 	107,280	

Excess / (Shortfall)	$

-	$	82,886	$

82,886

Excess / (Shortfall)	$

-	$	9,764	$

9,764

Series 2014 A-1 Bond Information	Series 2014 A-2 Bond Information

Initial Par Amount =	$4,939,888	Initial Par Amount =	$1,041,652	
Maturity Par Amount =	$5,430,000	Maturity Par Amount =	$1,145,000	
Interest Rate =	6.90%	Interest Rate =	6.90%	
Issue Date =	Dec 2014	Bifurcated Date =	Dec 2014	
Maturity Date =	May 2036	Maturity Date =	May 2036	
Annual Principal Payments Due =	May 1st	Annual Principal Payments Due =	May 1st	
Annual Interest Payments Due =	May 1st & November 1st	Annual Interest Payments Due =	May 1st & November 1st	

Maturity Par Amount As Of 9/30/18 =     $5,160,000	Maturity Par Amount As Of 9/30/18 = $1,090,000

 	2014B 
FISCAL YEAR	FISCAL YEAR	FISCAL YEAR

2017/2018	2017/2018	2017/2018 ACTUAL
   ANNUAL BUDGET      AMENDED BUDGET        10/1/2017 - 9/29/2018 

	Notes	
REVENUES 							Developer Direct Bill Payments To Fund November 1, 2018 Interest Payments.	
Interest Income		0		9,636		9,636	Prepayment Funds Will Be Used To Make Series 2014 Principal Payment	
Direct Bill Assessments - WCI		602,880		651,878		651,878	On November 1, 2018:	
Bond Prepayments 	 	0	 	1,625,553	 	1,625,553	Series 2014A-1: $105,000	
Total Revenues 	  $ 	602,880	  $ 	2,287,067	  $ 	2,287,067	Series 2014A-2: $20,000	
							Series 2014B:    $945,000	
EXPENDITURES 								
Principal Payments		0		1,175,000		1,175,000		
Interest Payments		602,880		651,878		651,878		
Miscellaneous 	 	0	 	0	 	0		
Total Expenditures 	  $ 	602,880	  $ 	1,826,878	  $ 	1,826,878		

Excess / (Shortfall)	$

-	$	460,189	$

460,189

Series 2014 B Bond Information

Initial Par Amount =	$9,097,400
Maturity Par Amount =	$10,000,000
Interest Rate =	6.90%
Issue Date =	Dec 2014
Maturity Date =	May 2025
Annual Principal Payments Due =	N/A
Annual Interest Payments Due =	May 1st & November 1st Par Amount As Of 9/30/18 =	$8,600,000

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AMENDED FINAL BUDGET
ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT 2018 DEBT SERVICE FUND
FISCAL YEAR 2017/2018 OCTOBER 1, 2017 - SEPTEMBER 30, 2018

2018A-1 & 2018A-2		
FISCAL YEAR 2017/2018	FISCAL YEAR 2017/2018	FISCAL YEAR 2017/2018 ACTUAL	
REVENUES	ANNUAL BUDGET  AMENDED BUDGET 10/1/2017 - 9/29/2018

Net On Roll Assessments (05 & 06)			2,591,780		2,826,861		2,826,861	
Direct Bill Assessments (05 & 06)			309,635		0		0	
Interest Income (05,06,18-1,18-2)			0		12,133		12,133	
Bond Prepayments (05 & 06)			0		18,638		18,638	
Transfer From 05 & 06 Debt Service			0		5,763,138		5,763,138	
2018A-1 Refunding Proceeds (DS)			0		24,022,928		24,022,928	
2018A-2 Refunding Proceeds (DS) 		 	0	 	8,582,072	 	8,582,072	
Total Revenues 		  $ 	2,901,415	  $ 	41,225,770	  $ 	41,225,770	
EXPENDITURES								
Principal Payments (05 & 06)			1,090,000		34,160,000		34,160,000	
Principal Payments (2018A-1)			0		0		0	
Principal Payments (2018A-2)			0		0		0	
Interest Payments (05 & 06)			1,810,965		1,681,857		1,681,857	
Interest Payments (2018A-1)			0		133,364		133,364	
Interest Payments (2018A-2)			0		72,357		72,357	
Cost Of Issuance (2018)			0		591,988		591,988	
Original Issue Discount (2018)			0		532,521		532,521	
Bond Insurance (2018)			0		680,732		680,732	
Close-Out Of 2005 & 2006 Debt Service			0		4,045,123		4,045,123	
Miscellaneous 		 	0	 	23,260	 	23,260	
Total Expenditures 		  $ 	2,900,965	  $ 	41,921,202	  $ 	41,921,202	

Excess / (Shortfall)

$	450	$

(695,432)	$

(695,432)

Note: Bond Refunding Proceeds Deposited To Capital Projects Fund: $600,000

 	Series 2018 A-1 Bond Information 
Original Par Amount =	$24,465,000
Interest Rate =	3.02%
Issue Date =	February 2018
Maturity Date =	May 2036
Annual Principal Payments Due =	May 1st
Annual Interest Payments Due =	May 1st & November 1st Par Amount As Of 9/30/18 =	$24,465,000

Series 2018 A-2 Bond Information

Original Par Amount =	$8,740,000
Interest Rate =	4.65%
Issue Date =	February 2018
Maturity Date =	May 2036
Annual Principal Payments Due =	May 1st
Annual Interest Payments Due =	May 1st & November 1st Par Amount As Of 9/30/18 =	$8,740,000

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