Arborwood Community Development District

Amended Final Budget Fiscal Year 2018/2019
October 1, 2018 - September 30, 2019

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 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES		FISCAL YEAR 2018/2019
FINAL BUDGET		FISCAL YEAR
2018/2019
AMENDED BUDGET		FISCAL YEAR 2018/2019 ACTUAL
10/1/2018 - 9/29/2019	
GENERAL FUND ON ROLL ASSESSMENT		341,141		364,254		364,254	
GENERAL FUND DIRECT BILL ASSESSMENTS		34,129		12,089		12,089	
DEBT ON ROLL ASSESSMENTS		2,808,004		3,058,720		3,058,720	
DEBT DIRECT BILL ASSESSMENTS		1,136,384		747,324		747,324	
INTEREST/MISCELLANEOUS GENERAL FUND		0		0		0	
GENERAL FUND OTHER REVENUES / CARRY OVER		140,000		0		0	
TOTAL REVENUES		$	4,459,658		$	4,182,387		$	4,182,387	

EXPENDITURES							
PAYROLL TAX EXPENSE		912		581		581	
SUPERVISOR FEES		12,000		7,600		7,600	
ENGINEERING		35,000		53,000		52,548	
MANAGEMENT		35,441		35,441		35,441	
LEGAL		38,000		15,097		15,097	
ASSESSMENT ROLL		5,000		5,000		5,000	
ANNUAL AUDIT		5,500		5,350		5,350	
ARBITRAGE REBATE FEE		3,500		2,000		500	
INSURANCE		15,000		13,480		13,480	
LEGAL ADVERTISING		5,500		5,500		4,532	
MISCELLANEOUS		2,800		3,900		3,425	
POSTAGE		1,300		1,835		1,825	
OFFICE SUPPLIES		2,200		1,375		1,333	
DUES & SUBSCRIPTIONS		175		175		175	
TRUSTEE FEES		37,000		27,174		27,174	
CONTINUING DISCLOSURE FEE		5,000		3,000		3,000	
AMORTIZATION SCHEDULES FEE		500		450		450	
WEBSITE		1,500		1,500		1,500	
PROFESSIONAL FEE & PERMITS		2,000		1,000		0	
ELECTRICITY		1,000		146		146	
TREELINE PRESERVE MAINTENANCE - EXOTICS		4,000		2,000		0	
ENVIRONMENTAL CONSULTING - PASSARELLA		15,000		15,386		15,386	
PANTHER MITIGATION MAINTENANCE - EXOTICS		110,000		121,000		116,345	
STREET LIGHTING - UTILITY & MAINTENANCE		21,000		16,000		15,215	
CAPITAL OUTLAY - SMALL		1,000		0		0	
FLOWWAY MAINTENANCE		4,600		2,000		0	
MITIGATION MONITORING - PARCEL C		6,200		8,000		7,117	
PRESERVE MAINTENANCE - PARCEL C		10,800		10,800		10,800	
LAKE MAINTENANCE - SOMERSET ONLY		46,100		48,918		48,918	
PRESERVE MAINTENANCE (SOMERSET ONLY)		35,000		35,000		35,000	
FIELD INSPECTOR (SOMERSET ONLY)		28,000		23,146		23,146	
Total Expenditures		491,028		465,854		451,084	
							
EXCESS / (SHORTFALL)		$	3,968,630		$	3,716,533		$	3,731,303	
							
DEBT PAYMENTS (2014)		(1,278,793)		(1,151,504)		(1,151,504)	
DEBT PAYMENTS (2018)		(2,553,275)		(2,534,504)		(2,534,504)	
BALANCE		$	136,562		$	30,525		$	45,295	
							
COUNTY APPRAISER & TAX COLLECTOR FEE		(10,000)		(7,591)		(7,591)	
DISCOUNTS FOR EARLY PAYMENTS		(125,966)		(124,664)		(124,664)	
NET EXCESS / (SHORTFALL)		$	596		$	(101,730)		$	(86,960)	

Note: All Figures are Un-audited

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AMENDED FINAL BUDGET
ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND
FISCAL YEAR 2018/2019 OCTOBER 1, 2018 - SEPTEMBER 30, 2019

REVENUES		FISCAL YEAR 2018/2019
ANNUAL BUDGET		FISCAL YEAR 2018/2019
AMENDED BUDGET		FISCAL YEAR 2018/2019 ACTUAL
10/1/2018 - 9/29/2019	
ON ROLL ASSESSMENTS		341,141		364,524		364,254	
DIRECT BILL ASSESSMENTS		34,129		12,089		12,089	
OTHER REVENUES / CARRY OVER		140,000		0		0	
Total Revenues		$	515,270		$	376,613		$	376,343	
	
EXPENDITURES	
PAYROLL TAX EXPENSE		912		581		581	
SUPERVISOR FEES		12,000		7,600		7,600	
ENGINEERING		35,000		53,000		52,548	
MANAGEMENT		35,441		35,441		35,441	
LEGAL		38,000		15,097		15,097	
ASSESSMENT ROLL		5,000		5,000		5,000	
ANNUAL AUDIT		5,500		5,350		5,350	
ARBITRAGE REBATE FEE		3,500		2,000		500	
INSURANCE		15,000		13,480		13,480	
LEGAL ADVERTISING		5,500		5,500		4,532	
MISCELLANEOUS		2,800		3,900		3,425	
POSTAGE		1,300		1,835		1,825	
OFFICE SUPPLIES		2,200		1,375		1,333	
DUES & SUBSCRIPTIONS		175		175		175	
TRUSTEE FEES		37,000		27,174		27,174	
CONTINUING DISCLOSURE FEE		5,000		3,000		3,000	
AMORTIZATION SCHEDULES FEE		500		450		450	
WEBSITE		1,500		1,500		1,500	
PROFESSIONAL FEE & PERMITS		2,000		1,000		0	
ELECTRICITY		1,000		146		146	
TREELINE PRESERVE MAINTENANCE - EXOTICS		4,000		2,000		0	
ENVIRONMENTAL CONSULTING - PASSARELLA		15,000		15,386		15,386	
PANTHER MITIGATION MAINTENANCE - EXOTICS		110,000		121,000		116,345	
STREET LIGHTING - UTILITY & MAINTENANCE		21,000		16,000		15,215	
CAPITAL OUTLAY - SMALL		1,000		0		0	
FLOWWAY MAINTENANCE		4,600		2,000		0	
MITIGATION MONITORING - PARCEL C		6,200		8,000		7,117	
PRESERVE MAINTENANCE - PARCEL C		10,800		10,800		10,800	
LAKE MAINTENANCE - SOMERSET ONLY		46,100		48,918		48,918	
PRESERVE MAINTENANCE (SOMERSET ONLY)		35,000		35,000		35,000	
FIELD INSPECTOR (SOMERSET ONLY)		28,000		23,146		23,146	
Total Expenditures		491,028		465,854		451,084	
							
EXCESS / (SHORTFALL)		$	24,242		$	(89,241)		$	(74,741)	
							
COUNTY APPRAISER & TAX COLLECTOR FEE		(6,823)		(812)		(812)	
DISCOUNTS FOR EARLY PAYMENTS		(13,646)		(13,339)		(13,339)	
							
NET EXCESS / (SHORTFALL)		$	3,773		$	(103,392)		$	(88,892)	

Note: All Figures are Un-audited

Fund Balance on 9/30/2018	
Less Amended 2018/2019 Net Excess /(Shortfall)	
Estimated Fund Balance on 9/30/2019	

 
$	218,038	
$	(103,392)	
$	114,646	

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AMENDED FINAL BUDGET
ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT 2014 DEBT SERVICE FUND
FISCAL YEAR 2018/2019 OCTOBER 1, 2018 - SEPTEMBER 30, 2019

 	Series 2014A-1 Bond		 	Series 2014A-2 Bond	
	FISCAL YEAR		FISCAL YEAR		FISCAL YEAR				FISCAL YEAR		FISCAL YEAR		FISCAL YEAR	
	2018/2019		2018/2019		2018/2019 ACTUAL				2018/2019		2018/2019		2018/2019 ACTUAL	
	    ANNUAL BUDGET 		AMENDED BUDGET		     10/1/2018 - 9/29/2019 				 ANNUAL BUDGET		AMENDED BUDGET		     10/1/2018 - 9/29/2019 	

REVENUES									
REVENUES								
Net On Roll Assessments		220,079		334,517		334,517		Net On Roll Assessments		45,823		69,664		69,664	
Interest Income		0		12,387		12,387		Interest Income		0		2,537		2,537	
Bond Prepayments		0		0		0		Bond Prepayments		0		0		0	
Direct Bill Assessments - Lennar 		 	267,247		 	169,094		 	169,094		Direct Bill Assessments - Lennar			 	55,644		 	28,272		 	28,272	
Total Revenues			  $	487,326		  $	515,998		  $	515,998		Total Revenues			  $	101,467		  $	100,473		  $	100,473	

EXPENDITURES									
EXPENDITURES								
Principal Payments		145,000		145,000		145,000		Principal Payments		30,000		30,000		30,000	
Interest Payments		342,326		352,418		352,418		Interest Payments		71,467		74,520		74,520	
Principal Redemption		0		105,000		105,000		Principal Redemption		0		20,000		20,000	
Miscellaneous			 	0		 	0		 	0		Miscellaneous			 	0		 	0		 	0	
Total Expenditures			  $	487,326		  $	602,418		  $	602,418		Total Expenditures			  $	101,467		  $	124,520		  $	124,520	
Excess / (Shortfall)			  $	-		  $	(86,420)		  $	(86,420)		Excess / (Shortfall)			  $	-		  $	(24,047)		  $	(24,047)	

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 9/30/19 $4,910,000	Maturity Par Amount As Of 9/30/19 $1,040,000

FUND BALANCE AS OF 9/30/18	
FY 2018/2019 ACTIVITY	
FUND BALANCE AS OF 9/30/19	

$2,299,872	
($76,884)	
$2,222,988	

 	Series 2014B Bond	
	FISCAL YEAR
2018/2019		FISCAL YEAR
2018/2019	FISCAL YEAR
2018/2019 ACTUAL		
	    ANNUAL BUDGET 		AMENDED BUDGET	     10/1/2018 - 9/29/2019 		
						
REVENUES								
Interest Income		0		20,140	20,140		
Direct Bill Assessments - Lennar		690,000		549,957	549,957		
Bond Prepayments			 	0		 	2,124,283	 	2,124,283	Notes	
Total Revenues			  $	690,000		  $	2,694,380	  $	2,694,380	Reserve Fund Balances = $956,192*. Revenue Fund Balances = $47,578*.	
						2014B Prepayment Fund Balance = $1,219,218.*	
EXPENDITURES							2014B Prepayment Fund Balance To Be Used To Make 11/1/2019	
Principal Payments		0		2,100,000	2,100,000	2014B Principal Payment Of $870,000.	
Interest Payments		602,880		560,797	560,797	Revenue Accounts & Developer Direct Bill Payments ($390,073 Received In October 2019)	
Miscellaneous			 	0		 	0	 	0	To Fund November 1, 2019 Interest Payments:	
Total Expenditures			  $	602,880		  $	2,660,797	  $	2,660,797	Series 2014A-1: $169,395	
						Series 2014A-2: $35,880	
					 		Series 2014B: $224,250	
Excess / (Shortfall)			  $	87,120		  $	33,583	  $	33,583	* Approximate Amounts	

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 9/30/19 =	$6,500,000	

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AMENDED FINAL BUDGET
ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT 2018 DEBT SERVICE FUND
FISCAL YEAR 2018/2019 OCTOBER 1, 2018 - SEPTEMBER 30, 2019

2018A-1 & 2018A-2		
FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
2018/2019	2018/2019	2018/2019 ACTUAL	
REVENUES		 ANNUAL BUDGET AMENDED BUDGET 10/1/2018 - 9/29/2019	
Net On Roll Assessments		2,429,781		2,534,504		2,534,504		
Direct Bill Assessments		123,493		0		0		
Bond Prepayments		0		0		0		
Interest Income			 	0		 	6,238		 	6,238		
Total Revenues			  $	2,553,274		  $	2,540,742		  $	2,540,742		
EXPENDITURES	
Principal Payments (2018A-1)		
1,065,000		
1,065,000		
1,065,000		
Principal Payments (2018A-2)		325,000		325,000		325,000		
Interest Payments (2018A-1)		751,431		762,081		762,081		
Interest Payments (2018A-2)		406,766		413,469		413,469		
Bond Redemption (2018-2)			 	5,077		 	190,000		 	190,000		
Total Expenditures			  $	2,553,274		  $	2,755,550		  $	2,755,550		
Excess / (Shortfall)			  $	-		  $	(214,808)		  $	(214,808)		

FUND BALANCE AS OF 9/30/18	
FY 2018/2019 ACTIVITY	
FUND BALANCE AS OF 9/30/19	

$1,806,194	
($214,808)	
$1,591,386	

Notes
Reserve Fund Balances = $815,469*. Revenue Fund Balance = $775,917*.
Revenue Fund Balance To Be Used To Make 11/1/2019 Interest Payments Of $565,672 (2018A-1: $370,391 & 2018A-2: $195,281).
* Approximate Amounts

 	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 9/30/19 =	$23,400,000

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 9/30/19 =	$8,225,000

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