Arborwood Community Development District

Amended Final Budget Fiscal Year 2020/2021
October 1, 2020 - September 30, 2021

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 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES		FISCAL YEAR 2020/2021
FINAL BUDGET		FISCAL YEAR
2020/2021
AMENDED BUDGET		FISCAL YEAR 2020/2021 ACTUAL
10/1/2020 - 8/31/2021	
GENERAL FUND ON ROLL ASSESSMENT		512,060		512,175		512,175	
GENERAL FUND DIRECT BILL ASSESSMENTS		8,804		0		0	
DEBT ON ROLL ASSESSMENTS		3,116,749		3,165,927		3,165,927	
DEBT DIRECT BILL ASSESSMENTS		519,657		512,549		512,549	
INTEREST/MISCELLANEOUS GENERAL FUND		0		0		0	
GENERAL FUND OTHER REVENUES / CARRY OVER		0		0		0	
TOTAL REVENUES		$	4,157,270		$	4,190,651		$	4,190,651	

EXPENDITURES							
PAYROLL TAX EXPENSE		880		370		291	
SUPERVISOR FEES		11,000		4,800		3,800	
ENGINEERING		32,500		28,500		23,325	
MANAGEMENT		36,936		36,936		33,858	
LEGAL		23,500		12,500		6,389	
ASSESSMENT ROLL		5,000		5,000		0	
ANNUAL AUDIT		5,600		5,350		5,350	
ARBITRAGE REBATE FEE		2,500		1,000		1,000	
INSURANCE		12,500		9,646		9,646	
LEGAL ADVERTISING		5,500		5,500		3,615	
MISCELLANEOUS		3,500		2,750		1,378	
POSTAGE		1,300		350		326	
OFFICE SUPPLIES		2,300		550		470	
DUES & SUBSCRIPTIONS		175		175		175	
TRUSTEE FEES		31,000		27,174		27,174	
CONTINUING DISCLOSURE FEE		4,000		3,000		3,000	
AMORTIZATION SCHEDULES FEE		500		300		300	
WEBSITE		2,000		2,000		1,833	
PROFESSIONAL FEE & PERMITS		1,500		0		0	
ELECTRICITY		200		1,500		1,156	
TREELINE PRESERVE MAINTENANCE - EXOTICS		7,500		7,500		7,500	
DRI TRAFFIC MONITORING		0		0		0	
MISCELLANEOUS MAINTENANCE		0		15,000		12,990	
ENVIRONMENTAL CONSULTING - PASSARELLA		20,000		20,000		17,324	
PANTHER MITIGATION MAINTENANCE - EXOTICS		80,000		80,000		80,000	
STREET LIGHTING - UTILITY & MAINTENANCE		14,000		7,000		5,858	
CAPITAL OUTLAY - SMALL		1,000		500		0	
FLOWWAY MAINTENANCE		4,600		2,500		0	
MITIGATION MONITORING - PARCEL C		6,200		3,200		0	
PRESERVE MAINTENANCE - PARCEL C		10,800		10,800		5,400	
LAKE MAINTENANCE - SOMERSET ONLY		46,100		46,100		42,229	
LAKE BANK EROSION - SOMERSET ONLY		36,500		36,500		35,340	
PRESERVE MAINTENANCE (SOMERSET ONLY)		35,000		35,000		35,000	
FIELD INSPECTOR (SOMERSET ONLY)		24,000		25,500		23,202	
STORMWATER DRAINS INS & MAINT (SOMERSET ONLY)		20,000		22,225		22,225	
STORMWATER DRAINS INS (BRIDGETOWN ONLY)		2,500		1,500		0	
Total Expenditures		490,591		460,726		410,154	
							
EXCESS / (SHORTFALL)		$	3,666,679		$	3,729,925		$	3,780,497	
							
DEBT PAYMENTS (2014)		(979,011)		(1,018,592)		(1,018,592)	
DEBT PAYMENTS (2018)		(2,532,725)		(2,531,022)		(2,531,022)	
BALANCE		$	154,943		$	180,311		$	230,883	
							
COUNTY APPRAISER & TAX COLLECTOR FEE		(10,000)		(9,805)		(9,805)	
DISCOUNTS FOR EARLY PAYMENTS		(144,943)		(139,905)		(139,905)	
NET EXCESS / (SHORTFALL)		$	-		$	30,601		$	81,173	

Note: All Figures are Un-audited

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ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND
FISCAL YEAR 2020/2021 OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES		FISCAL YEAR 2020/2021
ANNUAL BUDGET		FISCAL YEAR 2020/2021
AMENDED BUDGET		FISCAL YEAR 2020/2021 ACTUAL
10/1/2020 - 8/31/2021	
ON ROLL ASSESSMENTS		512,060		512,175		512,175	
DIRECT BILL ASSESSMENTS		8,804		0		0	
OTHER REVENUES / CARRY OVER		0		0		0	
Total Revenues		$	520,864		$	512,175		$	512,175	
	
EXPENDITURES	
PAYROLL TAX EXPENSE		880		370		291	
SUPERVISOR FEES		11,000		4,800		3,800	
ENGINEERING		32,500		28,500		23,325	
MANAGEMENT		36,936		36,936		33,858	
LEGAL		23,500		12,500		6,389	
ASSESSMENT ROLL		5,000		5,000		0	
ANNUAL AUDIT		5,600		5,350		5,350	
ARBITRAGE REBATE FEE		2,500		1,000		1,000	
INSURANCE		12,500		9,646		9,646	
LEGAL ADVERTISING		5,500		5,500		3,615	
MISCELLANEOUS		3,500		2,750		1,378	
POSTAGE		1,300		350		326	
OFFICE SUPPLIES		2,300		550		470	
DUES & SUBSCRIPTIONS		175		175		175	
TRUSTEE FEES		31,000		27,174		27,174	
CONTINUING DISCLOSURE FEE		4,000		3,000		3,000	
AMORTIZATION SCHEDULES FEE		500		300		300	
WEBSITE		2,000		2,000		1,833	
PROFESSIONAL FEE & PERMITS		1,500		0		0	
ELECTRICITY		200		1,500		1,156	
TREELINE PRESERVE MAINTENANCE - EXOTICS		7,500		7,500		7,500	
DRI TRAFFIC MONITORING		0		0		0	
MISCELLANEOUS MAINTENANCE		0		15,000		12,990	
ENVIRONMENTAL CONSULTING - PASSARELLA		20,000		20,000		17,324	
PANTHER MITIGATION MAINTENANCE - EXOTICS		80,000		80,000		80,000	
STREET LIGHTING - UTILITY & MAINTENANCE		14,000		7,000		5,858	
CAPITAL OUTLAY - SMALL		1,000		500		0	
FLOWWAY MAINTENANCE		4,600		2,500		0	
MITIGATION MONITORING - PARCEL C		6,200		3,200		0	
PRESERVE MAINTENANCE - PARCEL C		10,800		10,800		5,400	
LAKE MAINTENANCE - SOMERSET ONLY		46,100		46,100		42,229	
LAKE BANK EROSION - SOMERSET ONLY		36,500		36,500		35,340	
PRESERVE MAINTENANCE (SOMERSET ONLY)		35,000		35,000		35,000	
FIELD INSPECTOR (SOMERSET ONLY)		24,000		25,500		23,202	
STORMWATER DRAINS INS & MAINT (SOMERSET ONLY)		20,000		22,225		22,225	
STORMWATER DRAINS INS (BRIDGETOWN ONLY)		2,500		1,500		0	
Total Expenditures		490,591		460,726		410,154	
							
EXCESS / (SHORTFALL)		$	30,273		$	51,449		$	102,021	
							
COUNTY APPRAISER & TAX COLLECTOR FEE		(10,000)		(1,034)		(1,034)	
DISCOUNTS FOR EARLY PAYMENTS		(20,273)		(18,240)		(18,240)	
							
NET EXCESS / (SHORTFALL)		$	-		$	32,175		$	82,747	

Note: All Figures are Un-audited

Fund Balance on 9/30/2020	
Less Amended 2020/2021 Net Excess /(Shortfall)	
Estimated Fund Balance on 9/30/2021	

 
$	217,711	
$	32,175	
$	249,886	

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ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT 2014 DEBT SERVICE FUND
FISCAL YEAR 2020/2021 OCTOBER 1, 2020 - SEPTEMBER 30, 2021

 	Series 2014A-1 Bond		 	Series 2014A-2 Bond	
	FISCAL YEAR		FISCAL YEAR		FISCAL YEAR				FISCAL YEAR		FISCAL YEAR		FISCAL YEAR	
	2020/2021		2020/2021		2020/2021 ACTUAL				2020/2021		2020/2021		2020/2021 ACTUAL	
	    ANNUAL BUDGET 		AMENDED BUDGET		     10/1/2020 - 8/31/2021 				 ANNUAL BUDGET		AMENDED BUDGET		     10/1/2020 - 8/31/2021 	

REVENUES									
REVENUES								
Net On Roll Assessments		379,128		417,692		417,692		Net On Roll Assessments		80,226		88,351		88,351	
Interest Income		0		108		107		Interest Income		0		0		0	
Bond Prepayments		0		0		0		Bond Prepayments		0		0		0	
Direct Bill Assessments - Lennar 		 	108,275		 	108,533		 	108,533		Direct Bill Assessments - Lennar			 	22,912		 	22,912		 	22,912	
Total Revenues			  $	487,403		  $	526,333		  $	526,332		Total Revenues			  $	103,138		  $	111,263		  $	111,263	

EXPENDITURES									
EXPENDITURES								
Principal Payments		165,000		165,000		165,000		Principal Payments		35,000		35,000		35,000	
Interest Payments		322,403		328,095		328,095		Interest Payments		68,138		69,345		69,345	
Principal Redemption		0		0		0		Principal Redemption		0		0		0	
Miscellaneous			 	0		 	0		 	0		Miscellaneous			 	0		 	0		 	0	
Total Expenditures			  $	487,403		  $	493,095		  $	493,095		Total Expenditures			  $	103,138		  $	104,345		  $	104,345	
Excess / (Shortfall)			  $	-		  $	33,238		  $	33,237		Excess / (Shortfall)			  $	-		  $	6,918		  $	6,918	

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 8/31/21 $4,590,000	Maturity Par Amount As Of 8/31/21  $970,000

FUND BALANCE AS OF 9/30/20	
FY 2020/2021 ACTIVITY	
FUND BALANCE AS OF 9/30/21	

$2,712,381	
($793,846)	
$1,918,535	

 	Series 2014B Bond	
	FISCAL YEAR
2020/2021		FISCAL YEAR
2020/2021		FISCAL YEAR
2020/2021 ACTUAL		
	    ANNUAL BUDGET 		AMENDED BUDGET		     10/1/2020 - 8/31/2021 		
							
REVENUES									
Interest Income		0		0		0		
Direct Bill Assessments - Lennar		388,470		381,104		381,104		
Bond Prepayments			 	0		 	1,786,052		 	1,786,052	Notes	
Total Revenues			  $	388,470		  $	2,167,156		  $	2,167,156	Reserve Fund Balances = $956,192*. Revenue Fund Balances = $94,096*.	
							Prepayment Fund Balances = $868,247*.	
EXPENDITURES								Prepayment Fund Balance To Be Used To Make 11/1/2021	
Principal Payments		0		2,755,000		2,755,000	2014B Principal Payment Of $865,000.	
Interest Payments		388,470		246,158		246,158	Revenue Accounts & October 2021 Developer Funding	
Miscellaneous			 	0		 	0		 	0	To Fund November 1, 2021 Interest Payments:	
Total Expenditures			  $	388,470		  $	3,001,158		  $	3,001,158	Series 2014A-1: $158,355	
							Series 2014A-2: $33,465	
						
	Series 2014B:  $54,683	
Excess / (Shortfall)			  $	-		  $	(834,002)		  $	(834,002)	* Approximate Amounts - Revenue Fund Amounts Are As 8/31/21	

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 8/31/21 =	$1,585,000	

3

ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT 2018 DEBT SERVICE FUND
FISCAL YEAR 2020/2021 OCTOBER 1, 2020 - SEPTEMBER 30, 2021

2018A-1 & 2018A-2		
FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
2020/2021	2020/2021	2020/2021 ACTUAL	
REVENUES		ANNUAL BUDGET AMENDED BUDGET 10/1/2020 - 8/31/2021	
Net On Roll Assessments		2,532,725		2,531,022		2,531,022		
Bond Prepayments		0		0		0		
Interest Income			 	0		 	75		 	74		
Total Revenues			  $	2,532,725		  $	2,531,097		  $	2,531,096		
EXPENDITURES	
Principal Payments (2018A-1)		
1,110,000		
1,100,000		
1,100,000		
Principal Payments (2018A-2)		350,000		350,000		350,000		
Interest Payments (2018A-1)		701,348		713,311		713,311		
Interest Payments (2018A-2)		356,875		363,644		363,644		
Bond Redemption (2018-1)		0		0		0		
Bond Redemption (2018-2)			 	14,502		 	5,000		 	5,000		
Total Expenditures			  $	2,532,725		  $	2,531,955		  $	2,531,955		
Excess / (Shortfall)			  $	-		  $	(858)		  $	(859)		

FUND BALANCE AS OF 9/30/20	
FY 2020/2021 ACTIVITY	
FUND BALANCE AS OF 9/30/21	

$1,367,375	
($858)	
$1,366,517	

Notes
Reserve Fund Balances = $799,669*. Revenue Fund Balance = $562,786*.
Revenue Fund Balance To Be Used To Make 11/1/2021 Interest Payments Of $519,563 (2018A-1: $344,969 & 2018A-2: $174,594).
Prepayment Account Balance = $2,797*. Excess Revenue Fund Balance = $1,265*.
* 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 8/31/21 =	$21,035,000

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 8/31/21 =	$7,260,000

4