Adopted Budget
Fiscal Year 2021

Verano #1 Community Development District

August 20, 2020

Verano #1
Community Development District

TABLE OF CONTENTS

General Fund Budget
Budget Narrative

Page 1
Page 2

Debt Service Fund - 2015 Budget
Amortization Schedule

Page 3
Page 4

Debt Service Fund - 2017 Budget
Amortization Schedule

Page 5
Page 6-7

Verano #1
Community Development District

General Fund

Adopted Budget
     FY 2020	

Actual Thru
   7/31/2020 

Projected Next
    2 Months 

Total Projected
   9/30/2020 

Adopted Budget
     FY 2021	

 Description	

Revenues

Developer Assessment

$0

$0

$0

$0

$0

TOTAL REVENUES

 	$0 

 	$0 

 	$0 

 	$0 

 	$0 

Expenditures

Administrative Supervisor Fees FICA Expense Annual Audit Arbitrage Trustee Fees
Dissemination Agent Management Fees Insurance
Other Current Charges
Dues, Licenses & Subscriptions Website Compliance

$2,600
$199
$3,600
$1,200
$9,000
$5,000
$16,000
$5,000
$600
$175
$750

$1,400
$107
$3,600
$2,250
$8,081
$4,267
$13,333
$5,000
$361
$175
$625

$600
$46
$0
$0
$0
$833
$2,667
$0
$654
$0
$125

$2,000
$153
$3,600
$2,250
$8,081
$5,100
$16,000
$5,000
$1,015
$175
$750

$2,400
$184
$3,700
$1,200
$9,000
$5,000
$16,000
$5,500
$600
$175
$750

TOTAL ADMINISTRATIVE

 	$44,124 

 	$39,199 

 	$4,925 

 	$44,124 

 	$44,509 

TOTAL EXPENDITURES

 	$44,124 

 	$39,199 

 	$4,925 

 	$44,124 

 	$44,509 

Other Financing Sources/(Uses)

Intergovernmental Transfer (1)

$44,124

$44,074

$50

$44,124

$44,509

Total Other Financing Sources/(Uses)

 	$44,124 

 	$44,074 

 	$50 

 	$44,124 

 	$44,509 

NET CHANGE IN FUND BALANCE

 	$0 

$4,875

($4,875)

$0

$0

(1) Transfers from Verano #5

Page 1

Verano # 1
Community Development District

REVENUES:

Developer Assessments/ Intergovernmental Transfer
The District will levy a non-ad valorem maintenance assessment on the developable property within the District to fund the operating budget. The assessment will be invoiced and collected directly.

EXPENDITURES:

Administrative:

Supervisor Fees
The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon all five supervisors attending the estimated 12 annual meetings.

FICA Expense
Represents the Employer's share of Social Security and Medicare taxes withheld from Board of Supervisors checks.

Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. Per Section 218.39 of the Florida Statues, each special district with total revenues or expenditures in excess of $100,000 OR any special district with revenue or expenses between $50,000 and $100,000 that has not been subject to a financial audit in the 2 preceding fiscal years must perform an independent annual audit.

Arbitrage Rebate Calculation
The District is required to annually have an arbitrage rebate calculation on the Verano #1 District's Series 2017A Special Assessment Bonds. The Verano #1 has contracted with an independent certified public accounting firm to calculate the rebate liability and submit a report to the District.

Trustee Fees
The District issued Series 2017A Community Infrastructure Special Assessment Revenue Bonds which are held with a Trustee at US Bank. The amount of the trustee fees budgeted is based on the agreement between US Bank and the Verano #1 District.

Dissemination Agent
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC.

Other Current Charges
Bank charges and any other miscellaneous expenses that incurred during the year.

Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only expense  under this category for the District.

Website Compliance
Per Section 189.069 F.S, all Districts must have a website by October 1, 2015 to provide detailed information on the CDD as  well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated as required by the Statute.

Page 2

Verano #1
Community Development District

Debt Service Fund
Series 2015 Special Assessment Bonds

Adopted Budget
     FY 2020	

Actual Thru
   7/31/2020 

Projected Next
    2 Months 

Total Projected
   9/30/2020 

Adopted Budget
     FY 2021	

 Description	

Revenues

Special Assessments - A Bonds (On roll) Special Assessments - A Bonds (Direct) Special Assessments - A Bonds Prepayments Interest Income
Carryforward Surplus (1)

$322,615
$229,368
$0
$0
$376,015

$323,986
$50,493
$17,121
$4,829
$338,716

$0
$176,102
$0
$40
$0

$323,986
$226,595
$17,121
$4,869
$338,716

$373,723
$159,432
$0
$0
$359,617

TOTAL REVENUES

 	$927,998 

 	$735,144 

 	$176,142 

 	$911,286 

 	$892,773 

Expenditures

Series 2015 Interest - 11/01 Principal - 11/01 Interest - 05/01
Special Call - 11/01

$199,938
$135,000
$196,731
$0

$199,938
$135,000
$196,731
$20,000

$0
$0
$0
$0

$199,938
$135,000
$196,731
$20,000

$196,231
$140,000
$192,906
$0

TOTAL EXPENDITURES

 	$531,669 

 	$551,669 

 	$0 

 	$551,669 

 	$529,138 

EXCESS REVENUES

 	$396,330 

 	$183,476 

 	$176,142 

 	$359,617 

 	$363,636 

Principal 11/01/2021
Interest 11/01/2021

$   145,000.00
  $   196,231.25 
  $   341,231.25 

(1) Carryforward surplus is net of the reserve requirement

Assessments Table

Verano #1 Series 2015

Verano #1 Series 2015

Page 3

Direct Billed	Amount	Total
Description	Units	per unit*	Direct Billed

40's
50's
60's
Manor/Duplex

74	$1,175.00
0	$1,355.00
0	$1,564.00
 	82		 $1,053.00	
156	Gross Assessm. Less: Discount & Collections 8%
Net Assessments

$86,950.00
$0.00
$0.00
$86,346.00

Total Residential

$173,296.00 ($13,863.68)

$159,432.32

Tax Roll	Total
Description	On Roll Units	per unit*	On Roll

40's
50's
60's
Manor/Duplex

90	$1,175.00
81	$1,355.00
60	$1,564.00
 	92		 $1,053.00	
323	Gross Assessm. Less: Discount & Collections 8%
Net Assessments

$105,750.00
$109,755.00
$93,840.00
$96,876.00

Total Residential

$406,221.00 ($32,497.68)

$373,723.32

Verano #1
Community Development District

Series 2015 Special Assessment  Bonds
Amortization Schedule

11/01/21
05/01/22
11/01/22
05/01/23
11/01/23
05/01/24
11/01/24
05/01/25
11/01/25
05/01/26
11/01/26
05/01/27
11/01/27
05/01/28
11/01/28
05/01/29
11/01/29
05/01/30
11/01/30
05/01/31
11/01/31
05/01/32
11/01/32
05/01/33
11/01/33
05/01/34
11/01/34
05/01/35
11/01/35
05/01/36
11/01/36
05/01/37
11/01/37
05/01/38
11/01/38
05/01/39
11/01/39
05/01/40
11/01/40
05/01/41
11/01/41
05/01/42
11/01/42
05/01/43
11/01/43
05/01/44
11/01/44
05/01/45
11/01/45
05/01/46
11/01/46

$7,480,000.00
$7,335,000.00
$7,335,000.00
$7,185,000.00
$7,185,000.00
$7,025,000.00
$7,025,000.00
$6,860,000.00
$6,860,000.00
$6,685,000.00
$6,685,000.00
$6,500,000.00
$6,500,000.00
$6,305,000.00
$6,305,000.00
$6,100,000.00
$6,100,000.00
$5,885,000.00
$5,885,000.00
$5,660,000.00
$5,660,000.00
$5,425,000.00
$5,425,000.00
$5,175,000.00
$5,175,000.00
$4,915,000.00
$4,915,000.00
$4,640,000.00
$4,640,000.00
$4,355,000.00
$4,355,000.00
$4,055,000.00
$4,055,000.00
$3,735,000.00
$3,735,000.00
$3,400,000.00
$3,400,000.00
$3,045,000.00
$3,045,000.00
$2,675,000.00
$2,675,000.00
$2,285,000.00
$2,285,000.00
$1,875,000.00
$1,875,000.00
$1,440,000.00
$1,440,000.00
$985,000.00
$985,000.00
$505,000.00
$505,000.00

4.750%
4.750%
4.750%
4.750%
4.750%
4.750%
4.750%
4.750%
4.750%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%

$145,000.00

$192,906.25
$189,462.50
$189,462.50
$185,900.00
$185,900.00
$182,100.00
$182,100.00
$178,181.25
$178,181.25
$174,025.00
$174,025.00
$169,284.38
$169,284.38
$164,287.50
$164,287.50
$159,034.38
$159,034.38
$153,525.00
$153,525.00
$147,759.38
$147,759.38
$141,737.50
$141,737.50
$135,331.25
$135,331.25
$128,668.75
$128,668.75
$121,621.88
$121,621.88
$114,318.75
$114,318.75
$106,443.75
$106,443.75
$98,043.75
$98,043.75
$89,250.00
$89,250.00
$79,931.25
$79,931.25
$70,218.75
$70,218.75
$59,981.25
$59,981.25
$49,218.75
$49,218.75
$37,800.00
$37,800.00
$25,856.25
$25,856.25
$13,256.25
$13,256.25

$530,812.50
$0.00
$528,925.00
$0.00
$531,800.00
$0.00
$529,200.00
$0.00
$531,362.50
$0.00
$533,050.00
$0.00
$533,568.75
$0.00
$533,575.00
$0.00
$533,068.75
$0.00
$532,050.00
$0.00
$530,518.75
$0.00
$533,475.00
$0.00
$530,662.50
$0.00
$532,337.50
$0.00
$528,243.75
$0.00
$528,637.50
$0.00
$532,887.50
$0.00
$531,087.50
$0.00
$533,500.00
$0.00
$529,862.50
$0.00
$530,437.50
$0.00
$529,962.50
$0.00
$533,437.50
$0.00
$530,600.00
$0.00
$531,712.50
$0.00
$531,512.50

$150,000.00

$160,000.00

$165,000.00

$175,000.00

$185,000.00

$195,000.00

$205,000.00

$215,000.00

$225,000.00

$235,000.00

$250,000.00

$260,000.00

$275,000.00

$285,000.00

$300,000.00

$320,000.00

$335,000.00

$355,000.00

$370,000.00

$390,000.00

$410,000.00

$435,000.00

$455,000.00

$480,000.00

$505,000.00

Page 4

TOTAL	$7,620,000.00	$6,532,518.75	$14,152,518.75

11/01/20	$7,620,000.00	4.750%	$140,000.00	$196,231.25	$336,231.25
05/01/21	$7,480,000.00	4.750%	$192,906.25	$0.00

DATE	BALANCE	COUPON	PRINCIPAL	INTEREST	TOTAL

Verano #1
Community Development District

Debt Service Fund
Series 2017 Special Assessment Refunding Bonds

Adopted Budget
     FY 2020	

Actual Thru
   7/31/2020 

Projected Next
    2 Months 

Total Projected

Adopted Budget

 Description	

   9/30/2020	FY 2021	

Revenues

Special Assessments - A Bonds (On roll) Special Assessments - A Bonds (Direct) Interest Income
Carryforward Surplus (1)

$574,618
$64,790
$0
$167,480

$576,884
$11,242
$5,813
$180,680

$0
$45,774
$40
$0

$576,884
$57,016
$5,853
$180,680

$574,618
$59,606
$0
$188,523

TOTAL REVENUES

 	$806,888 

 	$774,620 

 	$45,814 

 	$820,433 

 	$822,748 

Expenditures

Series 2017A-1 Interest A1 - 11/01 Principal A1 - 05/01 Interest A1 - 05/01

$141,024
$305,000
$141,024

$141,024
$305,000
$141,024

$0
$0
$0

$141,024
$305,000
$141,024

$137,211
$315,000
$137,211

Series 2017A-2 Interest A2 - 11/01 Principal A2 - 05/01 Interest A2 - 05/01

$12,431
$20,000
$12,431

$12,431
$20,000
$12,431

$0
$0
$0

$12,431
$20,000
$12,431

$12,031
$20,000
$12,031

TOTAL EXPENDITURES

 	$631,910 

 	$631,910 

 	$0 

 	$631,910 

 	$633,485 

EXCESS REVENUES

 	$174,978 

 	$142,710 

 	$45,813 

 	$188,523 

 	$189,263 

Interest A1 - 11/01/2021
Interest A2 - 11/01/2021

$   132,880.00
  $	11,631.25 
  $   144,511.25 

(1) Carryforward surplus is net of the reserve requirement

Page 5

Verano #1
Community Development District

Debt Service Fund
Series 2017 Special Assessment Refunding Bonds

Assessments Table

Verano #1 Series 2017

Verano #1 Series 2017

Page 6

Direct Billed	Amount	Total
Description	Units	per unit*	Direct Billed

40's
50's
60's
Manor/Duplex

Commercial (Future) Clubhouse

3	$1,033.00
13	$1,192.00
4	$1,376.00
 	2		$917.00
22
30,000	$0.80
 	19,665		 	$0.75 
Gross Assessm. Less: Discount & Collections 8%
Net Assessments

$3,099.00
$15,496.00
$5,504.00
$1,834.00

$24,107.76
$14,748.75

Total Residential

$64,789.51 ($5,183.16)

$59,606.35

Tax Roll	Total
Description	On Roll Units	per unit*	On Roll

40's
50's
60's
Manor/Duplex

Commercial

42	$1,033.00
242	$1,192.00
109	$1,376.00
 	125		$917.00
518

 	35,000		 	$0.80 
Gross Assessm. Less: Discount & Collections 8%
Net Assessments

$43,386.00
$288,464.00
$149,984.00
$114,625.00

$28,125.71

Total Residential

$624,584.71 ($49,966.78)

$574,617.93

Verano #1
Community Development District

Series 2017A-1 Senior Special Assessment Refunding Bonds
Amortization Schedule

11/01/21
05/01/22
11/01/22
05/01/23
11/01/23
05/01/24
11/01/24
05/01/25
11/01/25
05/01/26
11/01/26
05/01/27
11/01/27
05/01/28
11/01/28
05/01/29
11/01/29
05/01/30
11/01/30
05/01/31
11/01/31
05/01/32
11/01/32
05/01/33
11/01/33
05/01/34
11/01/34
05/01/35
11/01/35
05/01/36
11/01/36
05/01/37

$6,945,000.00
$6,945,000.00
$6,620,000.00
$6,620,000.00
$6,285,000.00
$6,285,000.00
$5,940,000.00
$5,940,000.00
$5,580,000.00
$5,580,000.00
$5,210,000.00
$5,210,000.00
$4,825,000.00
$4,825,000.00
$4,425,000.00
$4,425,000.00
$4,010,000.00
$4,010,000.00
$3,575,000.00
$3,575,000.00
$3,125,000.00
$3,125,000.00
$2,655,000.00
$2,655,000.00
$2,165,000.00
$2,165,000.00
$1,655,000.00
$1,655,000.00
$1,125,000.00
$1,125,000.00
$575,000.00
$575,000.00

3.00%
3.00%
3.10%
3.10%
3.25%
3.25%
3.50%
3.50%
3.625%
3.625%
3.25%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%

$132,880.00
$132,880.00
$128,005.00
$128,005.00
$122,812.50
$122,812.50
$117,206.25
$117,206.25
$110,906.25
$110,906.25
$104,200.00
$104,200.00
$96,500.00
$96,500.00
$88,500.00
$88,500.00
$80,200.00
$80,200.00
$71,500.00
$71,500.00
$62,500.00
$62,500.00
$53,100.00
$53,100.00
$43,300.00
$43,300.00
$33,100.00
$33,100.00
$22,500.00
$22,500.00
$11,500.00
$11,500.00

$585,091.25

$325,000.00

$585,885.00

$335,000.00

$585,817.50

$345,000.00

$585,018.75

$360,000.00

$588,112.50

$370,000.00

$585,106.25

$385,000.00

$585,700.00

$400,000.00

$585,000.00

$415,000.00

$583,700.00

$435,000.00

$586,700.00

$450,000.00

$584,000.00

$470,000.00

$585,600.00

$490,000.00

$586,400.00

$510,000.00

$586,400.00

$530,000.00

$585,600.00

$550,000.00

$584,000.00
$586,500.00

$575,000.00

Page 7

TOTAL	$8,160,000.00	$3,673,645.48	$11,833,645.48

11/01/20	$7,260,000.00	2.75%	$137,211.25	$583,235.00
05/01/21	$7,260,000.00	2.75%	$315,000.00	$137,211.25

DATE	BALANCE	COUPON	PRINCIPAL	INTEREST	TOTAL

Verano #1
Community Development District

Series 2017A-2 Subordinate Special Assessment Refunding Bonds
Amortization Schedule

11/01/21
05/01/22
11/01/22
05/01/23
11/01/23
05/01/24
11/01/24
05/01/25
11/01/25
05/01/26
11/01/26
05/01/27
11/01/27
05/01/28
11/01/28
05/01/29
11/01/29
05/01/30
11/01/30
05/01/31
11/01/31
05/01/32
11/01/32
05/01/33
11/01/33
05/01/34
11/01/34
05/01/35
11/01/35
05/01/36
11/01/36
05/01/37

$475,000.00
$475,000.00
$455,000.00
$455,000.00
$435,000.00
$435,000.00
$415,000.00
$415,000.00
$390,000.00
$390,000.00
$365,000.00
$365,000.00
$340,000.00
$340,000.00
$315,000.00
$315,000.00
$285,000.00
$285,000.00
$255,000.00
$255,000.00
$225,000.00
$225,000.00
$190,000.00
$190,000.00
$155,000.00
$155,000.00
$120,000.00
$120,000.00
$80,000.00
$80,000.00
$40,000.00
$40,000.00

4.00%
4.00%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%

$11,631.25
$11,631.25
$11,231.25
$11,231.25
$10,756.25
$10,756.25
$10,281.25
$10,281.25
$9,687.50
$9,687.50
$9,093.75
$9,093.75
$8,500.00
$8,500.00
$7,875.00
$7,875.00
$7,125.00
$7,125.00
$6,375.00
$6,375.00
$5,625.00
$5,625.00
$4,750.00
$4,750.00
$3,875.00
$3,875.00
$3,000.00
$3,000.00
$2,000.00
$2,000.00
$1,000.00
$1,000.00

$43,662.50

$20,000.00

$42,862.50

$20,000.00

$41,987.50

$20,000.00

$41,037.50

$25,000.00

$44,968.75

$25,000.00

$43,781.25

$25,000.00

$42,593.75

$25,000.00

$41,375.00

$30,000.00

$45,000.00

$30,000.00

$43,500.00

$30,000.00

$42,000.00

$35,000.00

$45,375.00

$35,000.00

$43,625.00

$35,000.00

$41,875.00

$40,000.00

$45,000.00

$40,000.00

$43,000.00
$41,000.00

$40,000.00

Page 8

$495,000.00	$249,675.00	$744,675.00

11/01/20	$495,000.00	4.00%	$12,031.25	$12,031.25
05/01/21	$495,000.00	4.00%	$20,000.00	$12,031.25

DATE	BALANCE	COUPON	PRINCIPAL	INTEREST	TOTAL