West Villages Improvement District

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

WEST VILLAGES IMPROVEMT DISTRICT
FY 2018/2019 AMENDED FINAL BUDGET

TABLE OF CONTENTS

Budget Summary
All Units Comparison	1
Amended Final Operating Fund Budget - District Proper	2
Amended Final Operating Fund Budget - Unit 1	3
Amended Final Operating Fund Budget - Unit 2	4
Amended Final Operating Fund Budget - Unit 3	5
Amended Final Operating Fund Budget - Unit 4	6
Amended Final Operating Fund Budget - Unit 5	7
Amended Final Operating Fund Budget - Unit 7	8
Debt Service
Amended Final Debt Service Fund Budget - Unit 1	9
Amended Final Debt Service Fund Budget - Unit 2	10
Amended Final Debt Service Fund Budget - Unit 3	11
Amended Final Debt Service Fund Budget - Unit 4	12
Amended Final Debt Service Fund Budget - Baseball Stadium Bonds	13
Amended Final Debt Service Fund Budget - Baseball Stadium Notes	14
Amended Final Debt Service Fund Budget - Unit 7	15
Assessment Summary
Total Assessment Comparison	16

AMENDED FINAL BUDGET COMPARISON - ALL UNITS
WEST VILLAGES IMPROVEMENT DISTRICT

	FISCAL YEAR		FISCAL YEAR			FISCAL YEAR	
	2018/2019		2018/2019			2018/2019	
	ANNUAL BUDGET		AMENDED FINAL BUDGET			ACTUAL	
	10/1/18 - 9/30/19		10/1/18 - 9/30/19			10/1/18 - 9/29/19	
REVENUES	
O & M ASSESSMENTS		

1,474,475		

1,274,200			

1,274,200	
O & M ASSESSMENTS - DIRECT BILL		273,544		132,462			132,462	
DEBT ASSESSMENTS (UNIT 1)		2,524,940		2,492,745			2,492,745	
DEBT DIRECT BILL (UNIT 1)		0		0			0	
DEBT ASSESSMENTS (UNIT 2)		2,619,099		1,322,256			1,322,256	
DEBT DIRECT BILL (UNIT 2)		144,355		177,919			177,919	
DEBT ASSESSMENTS (UNIT 3)		1,133,816		1,134,665			1,134,665	
DEBT DIRECT BILL (UNIT 3)		210,210		185,191			185,191	
DEBT ASSESSMENTS (UNIT 4)		289,991		289,854			289,854	
DEBT DIRECT BILL (UNIT 4)		565,074		550,325			550,325	
DEVELOPER FUNDING		100,000		0			0	
INTEREST INCOME		1,000		6,478			6,478	
OTHER REVENUES		0		477,694			477,694	
OTHER REVENUES - SETTLEMENT		0		47,804			47,804	
OTHER REVENUES - CAPITAL		0		77,302,561			61,129,045	
CARRY OVER FUNDS FROM PRIOR YEAR		0		0			0	
Total Revenues		$	9,336,504		$	85,394,154		$	69,220,638	

EXPENDITURES								
BASEBALL FACILITY EXPENSES		100,000		25,000			25,000	
INFRASTRUCTURE MAINTENANCE		993,000		957,598			914,904	
INFRASTRUCTURE MAINTENANCE - EXTRAORDINARY		0		104,192			104,192	
ENGINEERING		87,500		208,247			208,247	
MANAGEMENT		131,486		119,481			119,481	
OPERATIONS MANAGER		50,000		93,888			93,888	
LEGAL		170,000		155,000			147,158	
ASSESSMENT ROLL		13,500		13,500			13,500	
AUDIT FEES		19,800		21,576			21,576	
ARBITRAGE REBATE FEE		6,000		2,600			2,600	
RENTS & LEASES		6,000		14,400			14,400	
INSURANCE		36,000		24,809			24,809	
LEGAL ADVERTISING		3,000		33,000			30,767	
MISCELLANEOUS		89,090		24,100			18,821	
POSTAGE		1,000		1,848			1,848	
OFFICE SUPPLIES		5,000		6,288			6,288	
DUES & SUBSCRIPTIONS		175		175			175	
TRUSTEE FEES		40,000		16,634			16,634	
WEBSITE		3,000		1,500			1,500	
CONTINUING DISCLOSURE FEE		6,000		4,750			4,750	
CAPITAL OUTLAY		0		76,243,917			60,700,054	
CAPITAL - DEVELOPER DEPOSIT REFUND		0		2,000,000			2,000,000	
Total Expenditures		$	1,760,551		$	80,072,503		$	64,470,592	
								
EXCESS OR (SHORTFALL)		$	7,575,953		$	5,321,651		$	4,750,046	

PAYMENT TO TRUSTEE (UNIT 1)		
(2,373,444)		
(2,373,941)			
(2,373,941)	
PAYMENT TO TRUSTEE (UNIT 2)		(2,606,307)		(1,437,157)			(1,437,157)	
PAYMENT TO TRUSTEE (UNIT 3)		(1,275,997)		(1,265,778)			(1,265,778)	
PAYMENT TO TRUSTEE (UNIT 4)		(837,666)		(826,365)			(826,365)	
BALANCE		$	482,539		$	(581,590)		$	(1,153,195)	

COUNTY APPRAISER & TAX COLLECTOR FEE		
(160,846)		
(62,674)			
(62,674)	
DISCOUNTS FOR EARLY PAYMENTS		(321,693)		(247,763)			(247,763)	
NET EXCESS/SHORTFALL		$	-		$	(892,027)		$	(1,463,632)	

Notes
Effective In Fiscal Year 2019/2020 Infrastructure Maintenance that was previously allocated to Unit 2, will be allocated to Unit 1.

Board Of Supervisors approved Work Authorization for Stantec for General Engineering Services for $183,920 on 9/13/18

1

DISTRICT PROPER FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

	FISCAL YEAR	FISCAL YEAR		FISCAL YEAR	
	2018/2019	2018/2019		2018/2019	
	ANNUAL BUDGET	AMENDED FINAL BUDGET		ACTUAL	
	10/1/18 - 9/30/19	10/1/18 - 9/30/19		10/1/18 - 9/29/19	
REVENUES								
O & M ASSESSMENTS			294,076	291,953		291,953	
O & M DIRECT BILL			0	0		0	
DEBT ASSESSMENTS			0	0		0	
DEBT DIRECT BILL			0	0		0	
DEVELOPER CONTRIBUTION			0	0		0	
INTEREST INCOME			1,000	6,478		6,478	
OTHER REVENUES			0	41,700		41,700	
OTHER REVENUES - CAPITAL			0	202,561		202,561	
CARRY OVER FUNDS FROM PRIOR YEAR			0	0		0	
Total Revenues			$	295,076	$	542,692	$	542,692	

EXPENDITURES								
ENGINEERING			45,000	79,106		79,106	
MANAGEMENT			59,456	59,456		59,456	
OPERATIONS MANAGER			25,000	37,569		37,569	
LEGAL			80,000	68,000		66,456	
ASSESSMENT ROLL			7,500	13,500		13,500	
ANNUAL AUDIT			4,800	5,232		5,232	
ARBITRAGE REBATE FEE			0	0		0	
RENTS & LEASES			6,000	14,400		14,400	
INSURANCE			36,000	24,809		24,809	
LEGAL ADVERTISING			3,000	33,000		30,767	
MISCELLANEOUS			3,000	15,000		10,959	
POSTAGE			1,000	1,848		1,848	
OFFICE SUPPLIES			5,000	6,288		6,288	
DUES & SUBSCRIPTIONS			175	175		175	
TRUSTEE FEES			0	0		0	
CONTINUING DISCLOSURE FEE			0	0		0	
WEBSITE			1,500	1,500		1,500	
CONTINGENCY / PREV SHORTFALL			0	0		0	
CAPITAL OUTLAY				0	140,347		140,347	
Total Expenditures			$	277,431	$	500,230	$	492,412	
							
EXCESS OR (SHORTFALL)			$	17,645	$	42,462	$	50,280	

PAYMENT TO TRUSTEE			
-	
-		
-	
BALANCE			$	17,645	$	42,462	$	50,280	

COUNTY APPRAISER & TAX COLLECTOR FEE			
(5,882)	
(2,809)		
(2,809)	
DISCOUNTS FOR EARLY PAYMENTS			(11,763)	(11,100)		(11,100)	
NET EXCESS/SHORTFALL			$	-	$	28,553	$	36,371	

UNIT ONE FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2018/2019	2018/2019	2018/2019	
	ANNUAL BUDGET	AMENDED FINAL BUDGET	ACTUAL	
	10/1/18 - 9/30/19	10/1/18 - 9/30/19	10/1/18 - 9/29/19	
REVENUES					
O & M ASSESSMENTS		552,878	545,838	545,838	
O & M DIRECT BILL		0	0	0	
DEBT ASSESSMENTS		2,524,940	2,492,745	2,492,745	
DEBT DIRECT BILL		0	0	0	
DEVELOPER CONTRIBUTION		0	0	0	
OTHER REVENUES		0	0	
OTHER REVENUES - CAPITAL		0	4,100,000	3,050,196	
CARRY OVER FUNDS FROM PRIOR YEAR		0	0	0	
Total Revenues			$	3,077,818	$	7,138,583	$	6,088,779	

EXPENDITURES					
INFRASTRUCTURE MAINTENANCE		455,000	330,000	322,213	
ENGINEERING		7,500	24,789	24,789	
MANAGEMENT		12,005	12,005	12,005	
OPERATIONS MANAGER		12,500	14,097	14,097	
LEGAL		15,000	22,000	20,567	
ASSESSMENT ROLL		1,500	0	0	
AUDIT FEES		2,500	2,724	2,724	
ARBITRAGE REBATE FEE		1,500	650	650	
RENTS & LEASES		0	0	0	
INSURANCE		0	0	0	
LEGAL ADVERTISING		0	0	0	
MISCELLANEOUS		1,700	9,000	7,837	
POSTAGE		0	0	0	
OFFICE SUPPLIES		0	0	0	
DUES & SUBSCRIPTIONS		0	0	0	
TRUSTEE FEES		10,000	3,709	3,709	
CONTINUING DISCLOSURE FEE		500	500	500	
WEBSITE		0	0	0	
CONTINGENCY / PREV SHORTFALL		0	0	0	
CAPITAL OUTLAY			0	4,100,000	3,059,226	
Total Expenditures			$	519,705	$	4,519,474	$	3,468,317	
				
EXCESS OR (SHORTFALL)			$	2,558,113	$	2,619,109	$	2,620,462	

PAYMENT TO TRUSTEE		
(2,373,444)	(2,373,941)	
(2,373,941)	
BALANCE			$	184,669	$	245,168	$	246,521	

COUNTY APPRAISER & TAX COLLECTOR FEE		
(61,556)	(29,237)	
(29,237)	
DISCOUNTS FOR EARLY PAYMENTS		(123,113)	(115,581)	(115,581)	
NET EXCESS/SHORTFALL			$	-	$	100,350	$	101,703	

UNIT TWO FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2018/2019	2018/2019	2018/2019	
	ANNUAL BUDGET	AMENDED FINAL BUDGET	ACTUAL	
	10/1/18 - 9/30/19	10/1/18 - 9/30/19	10/1/18 - 9/29/19	
REVENUES				
O & M ASSESSMENTS		394,741	203,223	203,223	
O & M DIRECT BILL		30,649	29,915	29,915	
DEBT ASSESSMENTS		2,619,098	1,322,256	1,322,256	
DEBT DIRECT BILL		144,355	177,919	177,919	
DEVELOPER CONTRIBUTION		0	0	0	
OTHER REVENUES		0	104,540	104,540	
OTHER REVENUES - SETTLEMENT		0	47,804	47,804	
OTHER REVENUES - CAPITAL		0	0	0	
CARRY OVER FUNDS FROM PRIOR YEAR		0	0	0	
Total Revenues			$	3,188,843	$	1,885,657	$	1,885,657	

EXPENDITURES				
INFRASTRUCTURE MAINTENANCE		337,000	580,000	550,294	
INFRASTRUCTURE MAINTENANCE - EXTRAORDINARY		0	104,192	104,192	
ENGINEERING		7,500	0	0	
MANAGEMENT		12,005	12,005	12,005	
OPERATIONS MANAGER		12,500	14,097	14,097	
LEGAL		15,000	7,000	6,111	
ASSESSMENT ROLL		1,500	0	0	
AUDIT FEES		2,500	2,724	2,724	
ARBITRAGE REBATE FEE		1,500	650	650	
RENTS & LEASES		0	0	0	
INSURANCE		0	0	0	
LEGAL ADVERTISING		0	0	0	
MISCELLANEOUS		1,700	0	0	
POSTAGE		0	0	0	
OFFICE SUPPLIES		0	0	0	
DUES & SUBSCRIPTIONS		0	0	0	
TRUSTEE FEES		10,000	0	0	
CONTINUING DISCLOSURE FEE		500	1,750	1,750	
WEBSITE		0	0	0	
CONTINGENCY / PREV SHORTFALL		0	0	0	
CAPITAL OUTLAY			0	0	0	
Total Expenditures			$	401,705	$	722,418	$	691,823	
				
EXCESS OR (SHORTFALL)			$	2,787,138	$	1,163,239	$	1,193,834	

PAYMENT TO TRUSTEE		
(2,606,307)	(1,437,157)	
(1,437,157)	
BALANCE			$	180,831	$	(273,918)	$	(243,323)	

COUNTY APPRAISER & TAX COLLECTOR FEE		
(60,277)	(14,678)	
(14,678)	
DISCOUNTS FOR EARLY PAYMENTS		(120,554)	(58,026)	(58,026)	
NET EXCESS/SHORTFALL			$	-	$	(346,622)	$	(316,027)	

Notes
Effective In Fiscal Year 2019/2020 Infrastructure Maintenance that was previously allocated to Unit 2, will be allocated to Unit 1.

UNIT THREE FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2018/2019	2018/2019	2018/2019	
	ANNUAL BUDGET	AMENDED FINAL BUDGET	ACTUAL	
	10/1/18 - 9/30/19	10/1/18 - 9/30/19	10/1/18 - 9/29/19	
REVENUES					
O & M ASSESSMENTS		195,603	196,059	196,059	
O & M DIRECT BILL		34,339	34,340	34,340	
DEBT ASSESSMENTS		1,133,816	1,134,665	1,134,665	
DEBT DIRECT BILL		210,210	185,191	185,191	
DEVELOPER CONTRIBUTION		0	0	0	
OTHER REVENUES		0	328,954	328,954	
OTHER REVENUES - CAPITAL		0	0	0	
CARRY OVER FUNDS FROM PRIOR YEAR		0	0	0	
Total Revenues			$	1,573,967	$	1,879,209	$	1,879,209	

EXPENDITURES					
INFRASTRUCTURE MAINTENANCE		159,000	26,000	23,224	
ENGINEERING		10,000	10,590	10,590	
MANAGEMENT		12,005	12,005	12,005	
OPERATIONS MANAGER		0	9,375	9,375	
LEGAL		15,000	7,000	6,197	
ASSESSMENT ROLL		1,500	0	0	
AUDIT FEES		2,500	2,724	2,724	
ARBITRAGE REBATE FEE		1,500	650	650	
RENTS & LEASES		0	0	0	
INSURANCE		0	0	0	
LEGAL ADVERTISING		0	0	0	
MISCELLANEOUS		1,700	0	0	
POSTAGE		0	0	0	
OFFICE SUPPLIES		0	0	0	
DUES & SUBSCRIPTIONS		0	0	0	
TRUSTEE FEES		10,000	3,709	3,709	
CONTINUING DISCLOSURE FEE		5,000	500	500	
WEBSITE		0	0	0	
CONTINGENCY / PREV SHORTFALL		0	0	0	
CAPITAL OUTLAY			0	0	0	
Total Expenditures			$	218,205	$	72,553	$	68,974	
					
EXCESS  OR (SHORTFALL)			$	1,355,762	$	1,806,656	$	1,810,235	

PAYMENT TO TRUSTEE		(1,275,997)	(1,265,778)	(1,265,778)	
BALANCE			$	79,765	$	540,878	$	544,457	

COUNTY APPRAISER & TAX COLLECTOR FEE		(26,588)	(12,804)	(12,804)	
DISCOUNTS FOR EARLY PAYMENTS		(53,177)	(50,618)	(50,618)	
NET EXCESS/SHORTFALL			$	-	$	477,456	$	481,035	

UNIT FOUR FISCAL YEAR 2018/2019
OCTOBER 1, 2018 - SEPTEMBER 30, 2019

	FISCAL YEAR	FISCAL YEAR		FISCAL YEAR	
	2018/2019	2018/2019		2018/2019	
	ANNUAL BUDGET	AMENDED FINAL BUDGET		ACTUAL	
	10/1/18 - 9/30/19	10/1/18 - 9/30/19		10/1/18 - 9/29/19	
REVENUES							
O & M ASSESSMENTS			37,179	37,127		37,127	
O & M DIRECT BILL			66,057	68,207		68,207	
DEBT ASSESSMENTS			289,991	289,854		289,854	
DEBT DIRECT BILL			565,074	550,325		550,325	
DEVELOPER CONTRIBUTION			0	0		0	
OTHER REVENUES			0	0		0	
OTHER REVENUES - CAPITAL			0	0		0	
CARRY OVER FUNDS FROM PRIOR YEAR			0	0		0	
Total Revenues			$	958,302	$	945,513	$	945,513	

EXPENDITURES							
INFRASTRUCTURE MAINTENANCE			42,000	20,000		17,575	
ENGINEERING			5,000	77,540		77,540	
MANAGEMENT			12,005	12,005		12,005	
OPERATIONS MANAGER			0	9,375		9,375	
LEGAL			15,000	7,500		7,493	
ASSESSMENT ROLL			1,500	0		0	
AUDIT FEES			2,500	2,724		2,724	
ARBITRAGE REBATE FEE			1,500	0		0	
RENTS & LEASES			0	650		650	
INSURANCE			0	0		0	
LEGAL ADVERTISING			0	0		0	
MISCELLANEOUS			10,000	0		0	
POSTAGE			0	0		0	
OFFICE SUPPLIES			0	0		0	
DUES & SUBSCRIPTIONS			0	0		0	
TRUSTEE FEES			10,000	3,709		3,709	
CONTINUING DISCLOSURE FEE			1,500	500		500	
WEBSITE			0	0		0	
CONTINGENCY / PREV SHORTFALL			0	0		0	
CAPITAL OUTLAY				0	3,570		3,570	
Total Expenditures			$	101,005	$	137,573	$	135,141	
							
EXCESS  OR (SHORTFALL)			$	857,297	$	807,940	$	810,372	

PAYMENT TO TRUSTEE			(837,666)	(826,365)		(826,365)	
BALANCE			$	19,631	$	(18,425)	$	(15,993)	

COUNTY APPRAISER & TAX COLLECTOR FEE			(6,543)	(3,146)		(3,146)	
DISCOUNTS FOR EARLY PAYMENTS			(13,087)	(12,438)		(12,438)	
NET EXCESS/SHORTFALL			$	-	$	(34,009)	$	(31,577)	

WEST VILLAGES IMPROVEMENT DISTRICT UNIT FIVE
FISCAL YEAR 2018/2019 OCTOBER 1, 2018 - SEPTEMBER 30, 2019

	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2018/2019	2018/2019	2018/2019	
	ANNUAL BUDGET	AMENDED FINAL BUDGET	ACTUAL	
	10/1/18 - 9/30/19	10/1/18 - 9/30/19	10/1/18 - 9/29/19	
REVENUES				
O & M ASSESSMENTS		0	0	0	
O & M DIRECT BILL		142,500	0	0	
DEBT ASSESSMENTS		0	0	0	
DEBT DIRECT BILL		3,625,720	0	0	
DEVELOPER CONTRIBUTION		0	0	0	
OTHER REVENUES		0	0	0	
OTHER REVENUES - CAPITAL		0	31,500,000	25,110,760	
CARRY OVER FUNDS FROM PRIOR YEAR		0	0	0	
Total Revenues			$	3,768,220	$	31,500,000	$	25,110,760	

EXPENDITURES				
BASEBALL FACILITY EXPENSES		100,000	25,000	25,000	
INFRASTRUCTURE MAINTENANCE		0	0	0	
ENGINEERING		2,500	16,222	16,222	
MANAGEMENT		12,005	12,005	12,005	
OPERATIONS MANAGER		0	9,375	9,375	
LEGAL		15,000	42,500	39,715	
ASSESSMENT ROLL		0	0	0	
AUDIT FEES		2,500	2,724	2,724	
ARBITRAGE REBATE FEE		0	0	0	
RENTS & LEASES		0	0	0	
INSURANCE		0	0	0	
LEGAL ADVERTISING		0	0	0	
MISCELLANEOUS		10,495	100	25	
POSTAGE		0	0	0	
OFFICE SUPPLIES		0	0	0	
DUES & SUBSCRIPTIONS		0	0	0	
TRUSTEE FEES		0	5,507	5,507	
CONTINUING DISCLOSURE FEE		0	1,500	1,500	
WEBSITE		0	0	0	
CONTINGENCY / PREV SHORTFALL		0	0	0	
CAPITAL OUTLAY			0	31,000,000	25,019,783	
Total Expenditures			$	142,500	$	31,114,933	$	25,131,856	
				
EXCESS  OR (SHORTFALL)			$	3,625,720	$	385,067	$	(21,096)	

PAYMENT TO TRUSTEE		(3,625,720)	0	0	
BALANCE			$	-	$	385,067	$	(21,096)	

COUNTY APPRAISER & TAX COLLECTOR FEE		0	0	0	
DISCOUNTS FOR EARLY PAYMENTS		0	0	0	
NET EXCESS/SHORTFALL			$	-	$	385,067	$	(21,096)	

WEST VILLAGES IMPROVEMENT DISTRICT UNIT SEVEN
FISCAL YEAR 2018/2019 OCTOBER 1, 2018 - SEPTEMBER 30, 2019

	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2018/2019	2018/2019	2018/2019	
	ANNUAL BUDGET	AMENDED FINAL BUDGET	ACTUAL	
	10/1/18 - 9/30/19	10/1/18 - 9/30/19	10/1/18 - 9/29/19	
REVENUES						
O & M ASSESSMENTS			0	0	0	
O & M DIRECT BILL			0	0	0	
DEBT ASSESSMENTS				0	0	
DEBT DIRECT BILL			0	0	0	
DEVELOPER FUNDING			100,000	0	0	
OTHER REVENUES			0	2,500	2,500	
OTHER REVENUES - CAPITAL			0	41,500,000	32,765,528	
CARRY OVER FUNDS FROM PRIOR YEAR			0	0	0	
Total Revenues			$	100,000	$	41,502,500	$	32,768,028	

EXPENDITURES						
ALL BASEBALL FACILITY EXPENSES			0	0	0	
INFRASTRUCTURE MAINTENANCE			0	1,598	1,598	
ENGINEERING			10,000	0	0	
MANAGEMENT			12,005	0	0	
OPERATIONS MANAGER			0	0	0	
LEGAL			15,000	1,000	619	
ASSESSMENT ROLL			0	0	0	
AUDIT FEES			2,500	2,724	2,724	
ARBITRAGE REBATE FEE			0	0	0	
RENTS & LEASES			0	0	0	
INSURANCE			0	0	0	
LEGAL ADVERTISING			0	0	0	
MISCELLANEOUS			60,495	0	0	
POSTAGE			0	0	0	
OFFICE SUPPLIES			0	0	0	
DUES & SUBSCRIPTIONS			0	0	0	
TRUSTEE FEES			0	0	0	
CONTINUING DISCLOSURE FEE			0	0	0	
WEBSITE			0	0	0	
CONTINGENCY / PREV SHORTFALL			0	0	0	
CAPITAL OUTLAY			0	41,000,000	32,477,128	
CAPITAL - DEVELOPER DEPOSIT REFUND			0	2,000,000	2,000,000	
Total Expenditures			$	100,000	$	43,005,322	$	34,482,069	
						
EXCESS  OR (SHORTFALL)			$	-	$	(1,502,822)	$	(1,714,041)	

PAYMENT TO TRUSTEE			-	-	-	
BALANCE			$	-	$	(1,502,822)	$	(1,714,041)	

COUNTY APPRAISER & TAX COLLECTOR FEE
DISCOUNTS FOR EARLY PAYMENTS			-
-		-
-		-
-	
NET EXCESS/SHORTFALL			$	-	$	(1,502,822)	$	(1,714,041)	

	FISCAL YEAR		FISCAL YEAR		FISCAL YEAR	
	2018/2019
ANNUAL BUDGET 10/1/18 - 9/30/19		2018/2019
AMENDED FINAL BUDGET 10/1/18 - 9/30/19		2018/2019
ACTUAL 10/1/18 - 9/29/19	
REVENUES	
Interest Income		

0		

4,913		

4,913	
Debt Collections			2,373,444		2,373,941		2,373,941	
Total Revenues			$	2,373,444	$	2,378,854	$	2,378,854	

EXPENDITURES	
Principal Payments (2007)		

1,040,000		

1,040,000		

1,040,000	
Interest Payments (2017)		1,333,444		1,351,644		1,351,644	
Miscellaneous			0		0		0	
Total Expenditures			$	2,373,444	$	2,391,644	$	2,391,644	
							
Excess/Shortfall			$	0	$	(12,790)	$	(12,790)	

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

$1,375,044	
($12,790)	
$1,362,254	

Notes
Reserve Fund Balance = $620,000*. Revenue Fund Balance = $742,254*.
Revenue Fund Balance To Be Used To Make 11/1/2019 Interest Payment Of $657,622.
* Approximate Amounts

Series 2017 Bond Refunding Information

Original Par Amount =	$32,165,000	Annual Principal Payment Due =	
Interest Rate =	3.5% - 4.625%	May 1st	
Issue Date =	August 2017	Annual Interest Payments Due =	
Maturity Date =

Par Amount As Of 9/30/19 =	May 2038

$30,350,000	May 1st & November 1st	

	FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
	2018/2019	2018/2019	2018/2019	
	ANNUAL BUDGET
10/1/18 - 9/30/19	AMENDED FINAL BUDGET
10/1/18 - 9/30/19	ACTUAL
10/1/18 - 9/29/19	
REVENUES						
Interest Income		0		57,953	
Debt Collections		2,606,307		1,437,156	
Prepaid Debt Collections			0	0	22,420	
Total Revenues			$	2,606,307	$	- $	1,517,529	

EXPENDITURES						
Principal Payments		965,000	0	0	
Interest Payments		1,688,815		0	
Trustee / Legal / Miscelaneous Fees 		0		44,856	
Total Expenditures			$	2,653,815	$	- $	44,856	
					
Excess/Shortfall			$	(47,508)	$	- $	1,472,673	

Note: West Villages Unit 2 Series 2005 Were Bifurcated On 10/16/19.	

Outstanding Payments (Principal May 2014, Principal May 2015, Principal May 2016, Principal May 2017, Interest November 2017,
Principal May 2018, Interest May 2018, Interest November 2018, Principal May 2019 and Interest May 2019).

$8,531,380.00

Reserve + Revenue Funds Remaining At 9/30/19	$3,619,423.00

Series 2005 Bond Information

Original Par Amount =	$38,005,000	Annual Principal Payment Due =	
Interest Rate =	5.80%	May 1st	
Issue Date =	November 2005	Annual Interest Payments Due =	
Maturity Date =

Par Amount As Of 9/30/19 =	May 2036

$32,965,000	May 1st & November 1st	

	FISCAL YEAR		FISCAL YEAR		FISCAL YEAR	
	2018/2019
ANNUAL BUDGET 10/1/18 - 9/30/19		2018/2019
AMENDED FINAL BUDGET 10/1/18 - 9/30/19		2018/2019
ACTUAL 10/1/18 - 9/29/19	

REVENUES	
Interest Income			

0		

1,384		

1,384	
Debt Collections			1,275,997		1,265,778		1,265,778	
Prepaid Debt Collections				0		51,392		51,392	
Total Revenues			$	1,275,997	$	1,318,554	$	1,318,554	

EXPENDITURES	
Principal Payments			

570,000		

570,000		

570,000	
Interest Payments			701,385		711,360		711,360	
Miscellaneous / Extra Redemption				4,612		15,000		15,000	
Total Expenditures			$	1,275,997	$	1,296,360	$	1,296,360	
								
Excess/Shortfall			$	-	$	22,194	$	22,194	

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

$459,528	
$22,194	
$481,722	

Notes
Reserve Fund Balance = $100,000*. Revenue Fund Balance = $345,330*. Prepayment Account Balance = $36,392*.
Revenue Fund Balance To Be Used To Make 11/1/2019 Interest Payment Of $345,330.
Prepayment Account Balance To Be Used To Make 11/1/2019 Extraordinary Principal Payment Of $35,000.
* Approximate Amounts - Revenue Account Balance Is As of 10/31/19.

Series 2017 Bond Refunding Information

Original Par Amount =	$16,550,000	Annual Principal Payment Due =	
Interest Rate =	3.5% - 5%	May 1st	
Issue Date =	August 2017	Annual Interest Payments Due =	
Maturity Date =

Par Amount As Of 9/30/19 =	May 2037

$15,415,000	May 1st & November 1st	

	FISCAL YEAR		FISCAL YEAR		FISCAL YEAR	
	2018/2019
ANNUAL BUDGET 10/1/18 - 9/30/19		2018/2019
AMENDED FINAL BUDGET 10/1/18 - 9/30/19		2018/2019
ACTUAL 10/1/18 - 9/29/19	

REVENUES	
Interest Income			

0		

2,196		

2,196	
Debt Collections				837,666		826,365		826,365	
Total Revenues			$	837,666	$	828,561	$	828,561	

EXPENDITURES	
Principal Payments			

235,000		

230,000		

230,000	
Interest Payments			598,031		601,913		601,913	
Miscellaneous				4,635		0		0	
Total Expenditures			$	837,666	$	831,913	$	831,913	
								
Excess/Shortfall			$	-	$	(3,352)	$	(3,352)	

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

$1,123,731	
($3,352)	
$1,120,379	

Notes
Reserve Fund Balance = $586,363*. Revenue Fund Balance = $534,016*.
Revenue Fund Balance To Be Used To Make 11/1/2019 Principal & Interest Payment Of $534,016 (Principal Payment: $235,000 & Interest Payment Of $299,016).
* Approximate Amounts - Revenue Account Balance Is As of 10/31/19.

Series 2016 Bond Information

Original Par Amount =	$13,090,000	Annual Principal Payment Due =	
Interest Rate =	3.375% - 5%	November 1st	
Issue Date =	November 2016	Annual Interest Payments Due =	
Maturity Date =

Par Amount As Of 9/30/19 =	November 2046

$12,615,000	May 1st & November 1st	

Interest Income			0		1,034		1,034	
State Of Florida Pledged Revenues				1,000,000		999,996		999,996	
Total Revenues			$	1,000,000	$	1,001,030	$	1,001,030	

EXPENDITURES	
Principal Payments			

485,000		

485,000		

485,000	
Interest Payments			482,999		483,000		483,000	
Other/Extra Redemption				32,001		0		0	
Total Expenditures			$	1,000,000	$	968,000	$	968,000	
								
Excess/Shortfall			$	-	$	33,030	$	33,030	

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

$244,274	
$33,030	
$277,304	

Notes
Bond Service Fund Balance = $199,485*. Revenue Fund Balance = $77,819*.
Bond Service Fund Balance and October 2019 through January 2019 State Of Florida Pledged Revenues to Be Used To Make 2/1/2020 Principal & Interest Payment Of $496,905 (Principal Payment: $260,000 & Interest Payment Of $236,905).
* Approximate Amounts

Series 2017A Bond Information

Original Par Amount =	$13,955,000	Annual Principal Payment Due =	
Interest Rate =	3.72%	February 1st & August 1st	
Issue Date =	December 2017	Annual Interest Payments Due =	
Maturity Date =	February 2038	February 1st & August 1st	

Par Amount As Of 9/30/19 =	
$13,240,000		

Interest Income			0		100,842		100,842	
Payment By Atlanta Braves				2,625,720		2,588,596		2,588,596	
Total Revenues			$	2,625,720	$	2,689,438	$	2,689,438	

EXPENDITURES	
Principal Payments			

1,148,694		

1,148,693		

1,148,693	
Interest Payments			1,439,902		1,439,902		1,439,902	
Other/Extra  Redemption				37,124		0		0	
Total Expenditures			$	2,625,720	$	2,588,595	$	2,588,595	
								
Excess/Shortfall			$	-	$	100,843	$	100,843	

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

$5,228,999	
$100,843	
$5,329,842	

Notes
Reserve Fund Balance = $4,029,432*. Revenue Fund Balance = $1,300,410*.
Revenue Fund Balance to Be Used To Make 12/30/2019 Principal & Interest Payment Of $1,294,298 (Principal Payment: $597,711 & Interest Payment Of $696,587).
* Approximate Amounts

Series 2017B Notes Information

Original Par Amount =	$27,500,000	Annual Principal Payment Due =	
Interest Rate =	5.39%	June 30th & December 30th	

AMENDED FINAL BUDGET
WEST VILLAGES IMPROVEMENT DISTRICT UNIT 7 DEBT SERVICE FUND
FISCAL YEAR 2018/2019 OCTOBER 1, 2018 - SEPTEMBER 30, 2019

FISCAL YEAR	FISCAL YEAR	FISCAL YEAR	
2018/2019	2018/2019	2018/2019	
ANNUAL BUDGET	AMENDED FINAL BUDGET	ACTUAL	
 	10/1/18 - 9/30/19	10/1/18 - 9/30/19	10/1/18 - 9/29/19		

REVENUES					
Interest Income (Master)	0	3,579	3,579	
Interest Income (Village B)	0	154	154	
Debt Collections	0	0	0	
Debt Proceeds		 	0	3,676,901	3,676,901
Total Revenues		 $	-   $	3,680,634   $	3,680,634

EXPENDITURES			
Principal Payments (Master)	0	0	0	
Principal Payments (Village B)	0	0	0	
Interest Payments (Master)	0	0	0	
Interest Payments (Village B)	0	0	0	
Miscellaneous		 	0	0	0
Total Expenditures		 $	-   $	-   $	-

Excess/Shortfall		 $	-   $	3,680,634   $	3,680,634

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

$0	
$3,680,634	
$3,680,634	

Notes
Reserve Fund Balances = $2,060,663*. Revenue Fund Balances = $3,733*. Interest Fund Balances = $1,616,238*.
Capitalized Interest Set-Up Through May 2020.
Interest Fund Balance To Be Used To Make 11/1/2019 Interest Payments Of $842,507 (Master Interest Payment: $808,139 & Village B Interest Payment Of $34,368).
Capital Projects Fund Proceeds = $28,683,099*
Fiscal Year 2018/2019 Capital Outlays = $25,827,945*
Fiscal Year 2018/2019 Cost Of Issuance Expenditures = $728,750* Fiscal Year 2018/2019 Original Issue Discount = $60,605*
* Approximate Amounts - Revenue Account Balance Is As of 10/31/19.

Series 2019 Bond Information (Master)
Original Par Amount =	$31,040,000	Annual Principal Payment Due =	
Interest Rate =	4.00% - 5.00%	May 1st	
Issue Date =	April 2019	Annual Interest Payments Due =	
Maturity Date =	May 2050	May 1st & November 1st	

Par Amount As Of 9/30/19 =

Series 2019 Bond Information (Village B)	
$31,040,000		
Original Par Amount =	$1,320,000	Annual Principal Payment Due =	
Interest Rate =	4% - 5%	May 1st	
Issue Date =	April 2019	Annual Interest Payments Due =	
Maturity Date =	May 2050	May 1st & November 1st	

Par Amount As Of 9/30/19 =	
$1,320,000		

West Villages ID - Assessment Comparison Totals

	All Units	All Units	
Lot	Product	Fiscal Year 2017/2018	Fiscal Year 2018/2019	
Type	Type	Assessment Totals	Assessment Totals	

Island Walk	Island Walk Single Family	$622.13	$646.53	
	
	Island Walk Multi Family	$618.27	$644.43	

Pre Lennar	2 Bdr Sam 35	$1,837.34	$1,912.67	
	
	3 Bdr Sam 70	$2,176.36	$2,251.69	
	
	3 Bdr Sam 80	$2,303.29	$2,378.62	
	
	3 Bdr Lee 45	$1,971.65	$2,046.98	
	
	3 Bdr Lee 65	$2,124.71	$2,200.04	

Lennar	35'	$1,147.74	$1,223.60	
	
	Townhome	$1,147.74	$1,223.60	
	
	Coach	$1,298.09	$1,374.95	
	
	45'	$1,371.90	$1,447.23	
	
	52'	$1,478.28	$1,553.61	
	
	62'	$1,584.66	$1,659.99	
	
	65'	$1,584.66	$1,659.99	
	
	70'	$1,584.66	$1,659.99	
	
	75'	$1,691.05	$1,766.38	
	
	80'	$1,691.05	$1,766.38	

Renaissance	35' Villa	$960.52	$1,001.47	
	
	50' SF	$1,280.70	$1,322.37	
	
	60' SF	$1,494.16	$1,536.31	
	
Oasis	60' SF	$1,112.04	$1,153.33	
	
	70' SF	$1,261.81	$1,303.44	
	
Preserve	33' Villia	$707.66	$748.04	
	
	50' SF	$962.27	$1,003.23	

Town Center	Town Center Multi Family (3 BDR)	$609.02	$633.90	
	
	Town Center Multi Family (2 BDR)	$564.16	$588.82	
	
	Town Center	$14,946.46	$15,009.34	

Undeveloped Land In Unit 1 Only	Per Half Acre
or Less	$187.85	$209.44	

Undeveloped Land In Unit 2 (not in Unit 3)	Per Half Acre
or Less	$187.85	$209.44	

Undeveloped Land In Unit 3	Per Half Acre
or Less	$187.85	$209.44	

Undeveloped Land In Unit 4	Per Half Acre
or Less	$187.85	$209.44