Arborwood Community Development District

Amended Final Budget Fiscal Year 2021/2022
October 1, 2021 - September 30, 2022

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 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES		FISCAL YEAR 2021/2022
ANNUAL BUDGET		FISCAL YEAR 2021/2022
AMENDED BUDGET		FISCAL YEAR 2021/2022 ACTUAL
10/1/2021 - 9/29/2022	
GENERAL FUND ON ROLL ASSESSMENT		504,210		504,435		504,435	
GENERAL FUND DIRECT BILL ASSESSMENTS		3,565		3,565		3,565	
DEBT ON ROLL ASSESSMENTS		3,218,098		3,219,375		3,219,375	
DEBT DIRECT BILL ASSESSMENTS		231,881		51,624		51,624	
INTEREST/MISCELLANEOUS GENERAL FUND		0		0		0	
GENERAL FUND OTHER REVENUES / CARRY OVER		15,000		2,846		2,846	
TOTAL REVENUES		$	3,972,754		$	3,781,845		$	3,781,845	

EXPENDITURES							
PAYROLL TAX EXPENSE		880		704		704	
SUPERVISOR FEES		11,000		9,200		9,200	
ENGINEERING		32,500		47,000		43,346	
MANAGEMENT		37,452		37,452		37,452	
LEGAL		23,000		17,000		12,101	
ASSESSMENT ROLL		5,000		5,000		5,000	
ANNUAL AUDIT		5,350		5,350		5,350	
ARBITRAGE REBATE FEE		2,000		1,000		1,000	
INSURANCE		12,000		9,983		9,983	
LEGAL ADVERTISING		5,500		4,000		3,149	
MISCELLANEOUS		3,500		3,500		2,120	
POSTAGE		1,200		525		496	
OFFICE SUPPLIES		2,300		1,500		1,419	
DUES & SUBSCRIPTIONS		175		175		175	
TRUSTEE FEES		30,000		27,174		27,174	
CONTINUING DISCLOSURE FEE		4,000		3,000		3,000	
AMORTIZATION SCHEDULES FEE		500		150		150	
WEBSITE		2,000		2,000		2,000	
PROFESSIONAL FEE & PERMITS		1,250		0		0	
TREELINE PRESERVE MAINTENANCE - EXOTICS		6,000		2,000		0	
DRI TRAFFIC MONITORING		10,000		10,000		0	
MISCELLANEOUS MAINTENANCE		0		3,000		1,025	
ENVIRONMENTAL CONSULTING - PASSARELLA		20,000		16,000		11,199	
PANTHER MITIGATION MAINTENANCE - EXOTICS		80,000		80,000		80,000	
STREET LIGHTING - UTILITY & MAINTENANCE		15,000		7,000		6,005	
CAPITAL OUTLAY - SMALL		1,000		0		0	
FLOWWAY MAINTENANCE		4,600		4,600		2,350	
EROSION RESTORATION PROJECT		0		19,875		19,875	
PRESERVE MAINTENANCE - PARCEL C		10,800		5,000		1,900	
LAKE MAINTENANCE - SOMERSET ONLY		46,100		46,068		46,068	
LAKE BANK EROSION - SOMERSET ONLY		36,500		62,200		62,200	
PRESERVE MAINTENANCE (SOMERSET ONLY)		35,000		35,000		35,000	
FIELD INSPECTOR (SOMERSET ONLY)		25,500		24,701		24,701	
STORMWATER DRAINS INS & MAINT (SOMERSET ONLY)		20,000		5,000		0	
STORMWATER DRAINS INS (BRIDGETOWN ONLY)		2,500		1,000		0	
Total Expenditures		492,607		496,157		454,142	
							
EXCESS / (SHORTFALL)		$	3,480,147		$	3,285,688		$	3,327,703	
							
DEBT PAYMENTS (2014)		(788,905)		(608,408)		(608,408)	
DEBT PAYMENTS (2018)		(2,532,350)		(2,531,239)		(2,531,239)	
BALANCE		$	158,892		$	146,041		$	188,056	
							
COUNTY APPRAISER & TAX COLLECTOR FEE		(10,000)		(9,993)		(9,993)	
DISCOUNTS FOR EARLY PAYMENTS		(148,892)		(141,941)		(141,941)	
NET EXCESS / (SHORTFALL)		$	-		$	(5,893)		$	36,122	

Note: All Figures are Un-audited

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AMENDED FINAL BUDGET
ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND
FISCAL YEAR 2021/2022 OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES		FISCAL YEAR 2021/2022
ANNUAL BUDGET		FISCAL YEAR 2021/2022
AMENDED BUDGET		FISCAL YEAR 2021/2022 ACTUAL
10/1/2021 - 9/29/2022	
ON ROLL ASSESSMENTS		504,210		504,435		504,435	
DIRECT BILL ASSESSMENTS		3,565		3,565		3,565	
OTHER REVENUES / CARRY OVER		15,000		2,846		2,846	
Total Revenues		$	522,775		$	510,846		$	510,846	
	
EXPENDITURES	
PAYROLL TAX EXPENSE		880		704		704	
SUPERVISOR FEES		11,000		9,200		9,200	
ENGINEERING		32,500		47,000		43,346	
MANAGEMENT		37,452		37,452		37,452	
LEGAL		23,000		17,000		12,101	
ASSESSMENT ROLL		5,000		5,000		5,000	
ANNUAL AUDIT		5,350		5,350		5,350	
ARBITRAGE REBATE FEE		2,000		1,000		1,000	
INSURANCE		12,000		9,983		9,983	
LEGAL ADVERTISING		5,500		4,000		3,149	
MISCELLANEOUS		3,500		3,500		2,120	
POSTAGE		1,200		525		496	
OFFICE SUPPLIES		2,300		1,500		1,419	
DUES & SUBSCRIPTIONS		175		175		175	
TRUSTEE FEES		30,000		27,174		27,174	
CONTINUING DISCLOSURE FEE		4,000		3,000		3,000	
AMORTIZATION SCHEDULES FEE		500		150		150	
WEBSITE		2,000		2,000		2,000	
PROFESSIONAL FEE & PERMITS		1,250		0		0	
TREELINE PRESERVE MAINTENANCE - EXOTICS		6,000		2,000		0	
DRI TRAFFIC MONITORING		10,000		10,000		0	
MISCELLANEOUS MAINTENANCE		0		3,000		1,025	
ENVIRONMENTAL CONSULTING - PASSARELLA		20,000		16,000		11,199	
PANTHER MITIGATION MAINTENANCE - EXOTICS		80,000		80,000		80,000	
STREET LIGHTING - UTILITY & MAINTENANCE		15,000		7,000		6,005	
CAPITAL OUTLAY - SMALL		1,000		0		0	
FLOWWAY MAINTENANCE		4,600		4,600		2,350	
EROSION RESTORATION PROJECT		0		19,875		19,875	
PRESERVE MAINTENANCE - PARCEL C		10,800		5,000		1,900	
LAKE MAINTENANCE - SOMERSET ONLY		46,100		46,068		46,068	
LAKE BANK EROSION - SOMERSET ONLY		36,500		62,200		62,200	
PRESERVE MAINTENANCE (SOMERSET ONLY)		35,000		35,000		35,000	
FIELD INSPECTOR (SOMERSET ONLY)		25,500		24,701		24,701	
STORMWATER DRAINS INS & MAINT (SOMERSET ONLY)		20,000		5,000		0	
STORMWATER DRAINS INS (BRIDGETOWN ONLY)		2,500		1,000		0	
Total Expenditures		492,607		496,157		454,142	
							
EXCESS / (SHORTFALL)		$	30,168		$	14,689		$	56,704	
							
COUNTY APPRAISER & TAX COLLECTOR FEE		(10,000)		(1,391)		(1,391)	
DISCOUNTS FOR EARLY PAYMENTS		(20,168)		(19,758)		(19,758)	
							
NET EXCESS / (SHORTFALL)		$	-		$	(6,460)		$	35,555	

Note: All Figures are Un-audited

Fund Balance on 9/30/2021	
Less Amended 2021/2022 Net Excess /(Shortfall)	
Estimated Fund Balance on 9/30/2022	

 
$	171,621	
$	(6,460)	
$	165,161	

2

AMENDED FINAL BUDGET
ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT 2014 DEBT SERVICE FUND
FISCAL YEAR 2021/2022 OCTOBER 1, 2021 - SEPTEMBER 30, 2022

	Series 2014A-1 Bond			Series 2014A-2 Bond	
	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR				FISCAL YEAR		FISCAL YEAR		FISCAL YEAR	
	2021/2022	2021/2022	2021/2022 ACTUAL				2021/2022		2021/2022		2021/2022 ACTUAL	
	 ANNUAL BUDGET	AMENDED BUDGET	 10/1/2021 - 9/29/2022 				 ANNUAL BUDGET		AMENDED BUDGET		 10/1/2021 - 9/29/2022 	

REVENUES							
REVENUES								
Net On Roll Assessments		381,537	458,164	458,164		Net On Roll Assessments		82,102		98,620		98,620	
Interest Income		0	1,650	1,645		Interest Income		0		0		0	
Bond Prepayments		0	0	0		Bond Prepayments		0		0		0	
Direct Bill Assessments - Lennar 			108,963		69,671		69,671		Direct Bill Assessments - Lennar				23,448			30,065			30,065	
Total Revenues			 $	490,500	 $	529,485	 $	529,480		Total Revenues			 $	105,550		 $	128,685		 $	128,685	

EXPENDITURES							
EXPENDITURES								
Principal Payments		180,000	180,000	180,000		Principal Payments		40,000		40,000		40,000	
Interest Payments		310,500	316,710	316,710		Interest Payments		65,550		66,930		66,930	
Principal Redemption		0	0	0		Principal Redemption		0		0		0	
Miscellaneous				0		350		350		Miscellaneous				0			0			0	
Total Expenditures			 $	490,500	 $	497,060	 $	497,060		Total Expenditures			 $	105,550		 $	106,930		 $	106,930	
Excess / (Shortfall)			 $	-	
 $	32,425	 $	32,420		Excess / (Shortfall)			 $	-		 $	21,755		 $	21,755	

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 9/30/22 $4,410,000	Maturity Par Amount As Of 9/30/22 $930,000

FUND BALANCE AS OF 9/30/21	
FY 2021/2022 ACTIVITY	
FUND BALANCE AS OF 9/30/22	

$2,133,287	
($1,105,951)	
$1,027,336	

	Series 2014B Bond	
	FISCAL YEAR
2021/2022		FISCAL YEAR
2021/2022		FISCAL YEAR
2021/2022 ACTUAL		
	 ANNUAL BUDGET 		AMENDED BUDGET		  10/1/2021 - 9/29/2022 		
							
REVENUES									
Interest Income		0		0		0		
Direct Bill Assessments - Lennar		192,855		54,683		54,683		
Bond Prepayments				0			444,016			444,016	Notes	
Total Revenues			 $	192,855		 $	498,699		 $	498,699	Reserve Fund Balances = $614,007*. Revenue Fund Balances = $146,265*.
Prepayment Fund Balances = $267,064*.	
EXPENDITURES									
Principal Payments		0		1,585,000		1,585,000		
Interest Payments		192,855		73,830		73,830	Revenue Accounts & October 2022 Developer Funding	
Miscellaneous				0			0			0	To Fund November 1, 2022 Interest Payments:	
Total Expenditures			 $	192,855		 $	1,658,830		 $	1,658,830	Series 2014A-1: $152,145 Series 2014A-2: $32,085	
Excess / (Shortfall)			 $	-		 $	(1,160,131)		
 $	(1,160,131)	* Approximate Amounts - Revenue Fund Amounts Are As 9/30/22	

Series 2014 B Bond Information (Paid Off In May 2022)
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 9/30/22 =	$0	

3

AMENDED FINAL BUDGET
ARBORWOOD COMMUNITY DEVELOPMENT DISTRICT 2018 DEBT SERVICE FUND
FISCAL YEAR 2021/2022 OCTOBER 1, 2021 - SEPTEMBER 30, 2022

2018A-1 & 2018A-2		
FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
2021/2022	2021/2022	2021/2022 ACTUAL	
REVENUES		 ANNUAL BUDGET AMENDED BUDGET 10/1/2021 - 9/29/2022	
Net On Roll Assessments		2,532,350		2,531,239		2,531,239		
Bond Prepayments		0		4,029		4,029		
Interest Income				0			87			85		
Total Revenues			 $	2,532,350		 $	2,535,355		 $	2,535,353		
EXPENDITURES	
Principal Payments (2018A-1)		
1,125,000		
1,125,000		
1,125,000		
Principal Payments (2018A-2)		345,000		345,000		345,000		
Interest Payments (2018A-1)		677,280		689,936		689,936		
Interest Payments (2018A-2)		342,572		349,188		349,188		
Bond Redemption (2018-1)		0		0		0		
Bond Redemption (2018-2)				42,498			45,000			45,000		
Total Expenditures			 $	2,532,350		 $	2,554,124		 $	2,554,124		
Excess / (Shortfall)			 $	-		 $	(18,769)		 $	(18,771)		

FUND BALANCE AS OF 9/30/21	
FY 2021/2022 ACTIVITY	
FUND BALANCE AS OF 9/30/22	

$1,366,527	
($18,769)	
$1,347,758	

Notes
Reserve Fund Balances = $798,294*. Revenue Fund Balance = $541,753*.
Revenue Fund Balance To Be Used To Make 11/1/2022 Interest Payments Of $498,693 (2018A-1: $332,312 & 2018A-2: $166,381).
Prepayment Account Balance = $6,827*. Excess Revenue Fund Balance = $884*.
* 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 9/30/22 =	$19,910,000

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 9/30/22 =	$6,870,000

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