Arborwood Community Development District

Amended Final Budget Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020

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 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES		FISCAL YEAR 2019/2020
FINAL BUDGET		FISCAL YEAR
2019/2020
AMENDED BUDGET		FISCAL YEAR 2019/2020 ACTUAL
10/1/2019 - 9/29/2020	
GENERAL FUND ON ROLL ASSESSMENT		521,994		527,234		527,234	
GENERAL FUND DIRECT BILL ASSESSMENTS		17,081		14,818		14,818	
DEBT ON ROLL ASSESSMENTS		3,062,768		3,110,356		3,110,356	
DEBT DIRECT BILL ASSESSMENTS		735,207		471,039		471,039	
INTEREST/MISCELLANEOUS GENERAL FUND		0		18,152		18,152	
GENERAL FUND OTHER REVENUES / CARRY OVER		0		0		0	
TOTAL REVENUES		$	4,337,050		$	4,141,599		$	4,141,599	

EXPENDITURES							
PAYROLL TAX EXPENSE		912		520		520	
SUPERVISOR FEES		12,000		6,800		6,800	
ENGINEERING		25,000		37,324		37,324	
MANAGEMENT		36,108		36,108		36,108	
LEGAL		25,000		17,500		14,436	
ASSESSMENT ROLL		5,000		5,000		5,000	
ANNUAL AUDIT		5,500		5,350		5,350	
ARBITRAGE REBATE FEE		3,500		1,000		1,000	
INSURANCE		15,000		11,186		11,186	
LEGAL ADVERTISING		5,500		4,800		3,803	
MISCELLANEOUS		2,800		2,800		1,812	
POSTAGE		1,300		370		352	
OFFICE SUPPLIES		2,500		1,025		963	
DUES & SUBSCRIPTIONS		175		1,758		175	
TRUSTEE FEES		33,000		27,174		27,174	
CONTINUING DISCLOSURE FEE		5,000		3,000		3,000	
AMORTIZATION SCHEDULES FEE		500		300		300	
WEBSITE		1,500		2,000		2,000	
PROFESSIONAL FEE & PERMITS		1,500		0		0	
ELECTRICITY		200		159		159	
TREELINE PRESERVE MAINTENANCE - EXOTICS		7,500		2,000		0	
DRI TRAFFIC MONITORING		10,000		9,177		9,177	
ENVIRONMENTAL CONSULTING - PASSARELLA		20,000		20,000		19,070	
PANTHER MITIGATION MAINTENANCE - EXOTICS		90,000		90,569		90,569	
STREET LIGHTING - UTILITY & MAINTENANCE		21,000		14,108		14,108	
CAPITAL OUTLAY - SMALL		1,000		0		0	
FLOWWAY MAINTENANCE		4,600		1,500		0	
MITIGATION MONITORING - PARCEL C		6,200		2,000		0	
PRESERVE MAINTENANCE - PARCEL C		10,800		8,827		8,827	
LAKE MAINTENANCE - SOMERSET ONLY		46,100		46,048		46,068	
LAKE BANK EROSION - SOMERSET ONLY		30,000		39,726		39,726	
PRESERVE MAINTENANCE (SOMERSET ONLY)		35,000		35,000		35,000	
FIELD INSPECTOR (SOMERSET ONLY)		24,000		24,930		24,930	
STORMWATER DRAINS INS & MAINT (SOMERSET ONLY)		17,500		5,560		5,560	
STORMWATER DRAINS INS (BRIDGETOWN ONLY)		2,500		1,000		0	
Total Expenditures		508,195		464,619		450,497	
							
EXCESS / (SHORTFALL)		$	3,828,855		$	3,676,980		$	3,691,102	
							
DEBT PAYMENTS (2014)		(1,122,190)		(923,132)		(923,132)	
DEBT PAYMENTS (2018)		(2,553,275)		(2,532,900)		(2,532,900)	
BALANCE		$	153,390		$	220,948		$	235,070	
							
COUNTY APPRAISER & TAX COLLECTOR FEE		(10,000)		(7,770)		(7,770)	
DISCOUNTS FOR EARLY PAYMENTS		(143,390)		(136,867)		(136,867)	
NET EXCESS / (SHORTFALL)		$	-		$	76,311		$	90,433	

Note: All Figures are Un-audited

1

AMENDED FINAL BUDGET
ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND
FISCAL YEAR 2019/2020 OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES		FISCAL YEAR 2019/2020
ANNUAL BUDGET		FISCAL YEAR 2019/2020
AMENDED BUDGET		FISCAL YEAR 2019/2020 ACTUAL
10/1/2019 - 9/29/2020	
ON ROLL ASSESSMENTS		521,994		527,234		527,234	
DIRECT BILL ASSESSMENTS		17,082		14,818		14,818	
OTHER REVENUES / CARRY OVER		0		18,152		18,152	
Total Revenues		$	539,076		$	560,204		$	560,204	
	
EXPENDITURES	
PAYROLL TAX EXPENSE		912		520		520	
SUPERVISOR FEES		12,000		6,800		6,800	
ENGINEERING		25,000		37,324		37,324	
MANAGEMENT		36,108		36,108		36,108	
LEGAL		25,000		17,500		14,436	
ASSESSMENT ROLL		5,000		5,000		5,000	
ANNUAL AUDIT		5,500		5,350		5,350	
ARBITRAGE REBATE FEE		3,500		1,000		1,000	
INSURANCE		15,000		11,186		11,186	
LEGAL ADVERTISING		5,500		4,800		3,803	
MISCELLANEOUS		2,800		2,800		1,812	
POSTAGE		1,300		370		352	
OFFICE SUPPLIES		2,500		1,025		963	
DUES & SUBSCRIPTIONS		175		1,758		175	
TRUSTEE FEES		33,000		27,174		27,174	
CONTINUING DISCLOSURE FEE		5,000		3,000		3,000	
AMORTIZATION SCHEDULES FEE		500		300		300	
WEBSITE		1,500		2,000		2,000	
PROFESSIONAL FEE & PERMITS		1,500		0		0	
ELECTRICITY		200		159		159	
TREELINE PRESERVE MAINTENANCE - EXOTICS		7,500		2,000		0	
DRI TRAFFIC MONITORING		10,000		9,177		9,177	
ENVIRONMENTAL CONSULTING - PASSARELLA		20,000		20,000		19,070	
PANTHER MITIGATION MAINTENANCE - EXOTICS		90,000		90,569		90,569	
STREET LIGHTING - UTILITY & MAINTENANCE		21,000		14,108		14,108	
CAPITAL OUTLAY - SMALL		1,000		0		0	
FLOWWAY MAINTENANCE		4,600		1,500		0	
MITIGATION MONITORING - PARCEL C		6,200		2,000		0	
PRESERVE MAINTENANCE - PARCEL C		10,800		8,827		8,827	
LAKE MAINTENANCE - SOMERSET ONLY		46,100		46,048		46,068	
LAKE BANK EROSION - SOMERSET ONLY		30,000		39,726		39,726	
PRESERVE MAINTENANCE (SOMERSET ONLY)		35,000		35,000		35,000	
FIELD INSPECTOR (SOMERSET ONLY)		24,000		24,930		24,930	
STORMWATER DRAINS INS & MAINT (SOMERSET ONLY)		17,500		5,560		5,560	
STORMWATER DRAINS INS (BRIDGETOWN ONLY)		2,500		1,000		0	
Total Expenditures		508,195		464,619		450,497	
							
EXCESS / (SHORTFALL)		$	30,881		$	95,585		$	109,707	
							
COUNTY APPRAISER & TAX COLLECTOR FEE		(10,294)		(1,034)		(1,034)	
DISCOUNTS FOR EARLY PAYMENTS		(20,587)		(18,240)		(18,240)	
							
NET EXCESS / (SHORTFALL)		$	-		$	76,311		$	90,433	

Note: All Figures are Un-audited

Fund Balance on 9/30/2019	
Less Amended 2019/2020 Net Excess /(Shortfall)	
Estimated Fund Balance on 9/30/2020	

 
$	128,646	
$	76,311	
$	204,957	

2

AMENDED FINAL BUDGET
ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT 2014 DEBT SERVICE FUND
FISCAL YEAR 2019/2020 OCTOBER 1, 2019 - SEPTEMBER 30, 2020

 	Series 2014A-1 Bond		 	Series 2014A-2 Bond	
	FISCAL YEAR		FISCAL YEAR		FISCAL YEAR				FISCAL YEAR		FISCAL YEAR		FISCAL YEAR	
	2019/2020		2019/2020		2019/2020 ACTUAL				2019/2020		2019/2020		2019/2020 ACTUAL	
	    ANNUAL BUDGET 		AMENDED BUDGET		     10/1/2019 - 9/29/2020 				 ANNUAL BUDGET		AMENDED BUDGET		     10/1/2019 - 9/29/2020 	

REVENUES									
REVENUES								
Net On Roll Assessments		334,955		375,348		375,348		Net On Roll Assessments		72,384		76,745		76,745	
Interest Income		0		5,932		5,932		Interest Income		0		1,483		1,483	
Bond Prepayments		0		0		0		Bond Prepayments		0		0		0	
Direct Bill Assessments - Lennar 		 	153,487		 	108,533		 	108,533		Direct Bill Assessments - Lennar			 	33,169		 	29,169		 	29,169	
Total Revenues			  $	488,442		  $	489,813		  $	489,813		Total Revenues			  $	105,553		  $	107,397		  $	107,397	

EXPENDITURES									
EXPENDITURES								
Principal Payments		155,000		155,000		155,000		Principal Payments		35,000		35,000		35,000	
Interest Payments		333,442		338,790		338,790		Interest Payments		70,553		71,760		71,760	
Principal Redemption		0		0		0		Principal Redemption		0		0		0	
Miscellaneous			 	0		 	0		 	0		Miscellaneous			 	0		 	0		 	0	
Total Expenditures			  $	488,442		  $	493,790		  $	493,790		Total Expenditures			  $	105,553		  $	106,760		  $	106,760	
Excess / (Shortfall)			  $	-		  $	(3,977)		  $	(3,977)		Excess / (Shortfall)			  $	-		  $	637		  $	637	

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 9/30/20 $4,755,000	Maturity Par Amount As Of 9/30/20 $1,005,000

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$2,612,962	
$386,656	
$2,999,618	

 	Series 2014B Bond	
	FISCAL YEAR
2019/2020		FISCAL YEAR
2019/2020	FISCAL YEAR
2019/2020 ACTUAL		
	    ANNUAL BUDGET 		AMENDED BUDGET	     10/1/2019 - 9/29/2020 		
						
REVENUES								
Interest Income		0		7,414	7,414		
Direct Bill Assessments - Lennar		528,195		333,437	333,437		
Bond Prepayments			 	0		 	2,627,630	 	2,627,630	Notes	
Total Revenues			  $	528,195		  $	2,968,481	  $	2,968,481	Reserve Fund Balances = $956,192*. Revenue Fund Balances = $348,451*.	
						Prepayment Fund Balances = $1,694,975*.	
EXPENDITURES							Prepayment Fund Balance To Be Used To Make 11/1/2020	
Principal Payments		0		2,160,000	2,160,000	2014B Principal Payment Of $1,545,000.	
Interest Payments		528,195		418,485	418,485	Revenue Accounts	
Miscellaneous			 	0		 	0	 	0	To Fund November 1, 2020 Interest Payments:	
Total Expenditures			  $	528,195		  $	2,578,485	  $	2,578,485	Series 2014A-1: $164,048	
						Series 2014A-2: $34,673	
					 		Series 2014B: $149,730	
Excess / (Shortfall)			  $	-		  $	389,996	  $	389,996	* Approximate Amounts - Revenue Fund Amounts Are As 10/31/20	

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 9/30/20 =	$4,340,000	

3

AMENDED FINAL BUDGET
ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT 2018 DEBT SERVICE FUND
FISCAL YEAR 2019/2020 OCTOBER 1, 2019 - SEPTEMBER 30, 2020

2018A-1 & 2018A-2		
FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
2019/2020	2019/2020	2019/2020 ACTUAL	
REVENUES		 ANNUAL BUDGET AMENDED BUDGET 10/1/2019 - 9/29/2020	
Net On Roll Assessments		2,532,918		2,532,900		2,532,900		
Direct Bill Assessments		20,356		0		0		
Bond Prepayments		0		247,664		247,664		
Interest Income			 	0		 	1,767		 	1,767		
Total Revenues			  $	2,553,274		  $	2,782,331		  $	2,782,331		
EXPENDITURES	
Principal Payments (2018A-1)		
1,085,000		
1,085,000		
1,085,000		
Principal Payments (2018A-2)		335,000		335,000		335,000		
Interest Payments (2018A-1)		729,932		740,781		740,781		
Interest Payments (2018A-2)		393,154		390,563		390,563		
Bond Redemption (2018-1)		0		180,000		180,000		
Bond Redemption (2018-2)			 	10,188		 	275,000		 	275,000		
Total Expenditures			  $	2,553,274		  $	3,006,344		  $	3,006,344		
Excess / (Shortfall)			  $	-		  $	(224,013)		  $	(224,013)		

FUND BALANCE AS OF 9/30/19	
FY 2019/2020 ACTIVITY	
FUND BALANCE AS OF 9/30/20	

$1,591,386	
($224,013)	
$1,367,373	

Notes
Reserve Fund Balances = $800,430*. Revenue Fund Balance = $548,425*.
Revenue Fund Balance To Be Used To Make 11/1/2020 Interest Payments Of $538,649 (2018A-1: $356,655 & 2018A-2: $181,994).
Prepayment Account Balance = $2,797*. Excess Revenue Fund Balance = $15,723*.
Excess Revenue Fund Balance To Be Used To Make 11/1/2020 Extraordinary (A-2) Principal Payment Of $15,000
* 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 9/30/20 =	$22,135,000

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 9/30/20 =	$7,615,000

4