WATERLEAF COMMUNITY DEVELOPMENT DISTRICT. Advanced Meeting Package. Board of Supervisors Regular Meeting and Budget Public Hearing

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1 DPFG Management & Consulting LLC Amberly Drive Suite 175 Tampa, Florida WATERLEAF COMMUNITY DEVELOPMENT DISTRICT Advanced Meeting Package Board of Supervisors Regular Meeting and Budget Public Hearing Tuesday August 8, 2017 At: 6:00 p.m. Panther Trace II Clubhouse Newgate Crest Drive Riverview, Florida Note: The Advanced Meeting Package is a working document and thus all materials are considered DRAFTS prior to presentation and Board acceptance, approval or adoption.

2 WATERLEAF COMMUNITY DEVELOPMENT DISTRICT AGENDA August 8, 2017 at 6:00 p.m. At Panther Trace II Clubhouse located at Newgate Crest Drive Riverview, Florida District Board of Supervisors Mike Lawson Chairman Doug Draper Vice Chairman Lori Price Assistant Secretary Ted Sanders Assistant Secretary Vacant Assistant Secretary District Manager District Attorney District Engineer Paul Cusmano Vivek Babbar Tonja Stewart DPFG Straley, Robin & Vericker Stantec Consulting Services, Inc. All cellular phones and pagers must be turned off during the meeting. The District Agenda is comprised of seven different sections: The meeting will begin promptly at 6:00 p. m. with the first section is Roll Call of the current Board member to assure a Quorum is at hand. The meeting cannot proceed without three Board members in attendance. The second section which is called Audience Questions and Comments on Agenda Items. The Audience Comment portion of the agenda is where individuals may comment on matters that concern the District. Each individual is limited to three (3) minutes for such comment. The Board of Supervisors or Staff is not obligated to provide a response until sufficient time for research or action is warranted. IF THE COMMENT CONCERNS A MAINTENANCE RELATED ITEM, THE ITEM WILL NEED TO BE ADDRESSED BY THE DISTRICT MANAGER OUTSIDE THE CONTEXT OF THIS MEETING. The third and fourth section is called Consent Agenda and Business Matters. The business items section contains items for approval by the District Board of Supervisors that may require discussion, motion and votes on an item-by-item basis. Occasionally, certain items for decision within this section are required by Florida Statute to be held as a Public Hearing. During the Public Hearing portion of the agenda item, each member of the public will be permitted to provide one comment on the issue, prior to the Board of Supervisors discussion, motion and vote. Th e Fifth section is District Counsel and District Engineer Reports. This section allows the District Engineer, and Attorney to update the Board of Supervisors on any pending issues that are being researched for Board action. It m a y a l s o i n c l u d e a t t i m e s the Landscaping and Ponds section which contains items that often require District Engineer, Operations Manager, and Landscape Contractor to discuss and update the Board.. The fifth section is called Business Items Agendas can be reviewed by contacting the Manager s office at (813) at least seven days in advance of the scheduled meeting. Requests to place items on the agenda must be submitted in writing with an explanation to the District Manager at least fourteen (14) days prior to the date of the meeting. The sixth section is called Staff Reports. This section allows the District Manager and Maintenance Supervisor to update the Board of Supervisors on any pending issues that are being researched for Board action. The seventh section which is called Audience Comments on Other Items provides members of the Audience the opportunity to comment on matters of concern to them that were not addressed during the meeting. The same guidelines used during the first audience comment section will apply here as well. The final section is called Supervisor Requests. This is the section in which the Supervisors may request Staff to prepare certain items in an effort to meet residential needs. Public workshops sessions may be advertised and held in an effort to provide informational services. These sessions allow staff or consultants to discuss a policy or business matter in a more informal manner and allow for lengthy presentations prior to scheduling the item for approval. Typically no motions or votes are made during these sessions. Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this meeting is asked to advise the District Office at (813) , at least 48 hours before the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service at 1 (800) , who can aid you in contacting the District Office. Any person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that this same person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which the appeal is to be based. 2

3 EXHIBIT 1

4 MINUTES OF MEETING WATERLEAF COMMUNITY DEVELOPMENT DISTRICT The Regular Meeting of the Board of Supervisors of the Waterleaf Community Development District was held on Tuesday, July 11, 2017 at 6:00 p.m. at the Panther Trace II Clubhouse, Newgate Crest Drive, Riverview, Florida. FIRST ORDER OF BUSINESS - Roll Call Mr. Cusmano called the meeting to order. Present and constituting a quorum were: Mike Lawson Board Supervisor, Chairman Doug Draper Board Supervisor, Vice Chairman Lori Price Board Supervisor, Assistant Secretary Also present were: Paul Cusmano District Manager Patricia Comings-Thibault Treasurer SECOND ORDER OF BUSINESS Audience Comments Resident requested information on the CDD and its responsibilities. THIRD ORDER OF BUSINESS Vendors A. Aquatic Systems Waterways June Inspection Report Mr. Cusmano stated that there would be a notice sent out that there would be a pond meeting at the Amenity Center next month with the vendor. FOURTH ORDER OF BUSINESS Consent Agenda A. Approval of the Minutes of the June 6, 2017 Meeting B. Acceptance of May 2017 Financial Statements On a MOTION by Mr. Lawson, SECONDED by Mr. Draper, WITH ALL IN FAVOR, the Board approved Items A & B for the Waterleaf Community Development District. FIFTH ORDER OF BUSINESS Business Matters A. Consideration and Approval of Resolution Approval of the Fiscal Year Meeting Schedule Mr. Cusmano presented Resolution Approval of the Fiscal Year Meeting Schedule and asked for comments or questions. On a MOTION by Mr. Lawson, SECONDED by Ms. Price, WITH ALL IN FAVOR, the Board adopted Resolution Approval of the Fiscal Year Meeting Schedule for the Waterleaf Community Development District.

5 Waterleaf CDD July 11, 2017 Regular Meeting Page 2 of B. Review of the Final Audit Report September 30, 2016 Mr. Cusmano presented the Final Audit Report September 30, 2016 and stated that it was a clean audit. C. Budget Workshop Proposed Budget Ms. Comings-Thibault opened the Budget Workshop with a presentation of the Proposed Budget. D. Additional Matters There being none, next item followed. SIXTH ORDER OF BUSINESS Staff Reports A. Manager There being none, next item followed. B. Attorney There being none, the next item followed. C. Engineer There being none, next item followed. SEVENTH ORDER OF BUSINESS Public Comments There being none, next item followed. EIGHTH ORDER OF BUSINESS Supervisor Requests There being none, the next item followed. NINTH ORDER OF BUSINESS Adjournment On a MOTION by Mr. Lawson, SECONDED by Mr. Draper, WITH ALL IN FAVOR, the Board adjourned the meeting for the Waterleaf Community Development District. *Each person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based. Meeting minutes were approved at a meeting by vote of the Board of Supervisors at a publicly noticed meeting held on. Signature Signature Printed Name Printed Name Title: Secretary Assistant Secretary Title: Chairman Vice Chairman

6 EXHIBIT 2

7 Waterleaf Community Development District Financial Statements (Unaudited) Period Ending June 30, 2017 DPFG

8 Waterleaf CDD Balance Sheet June 30, 2017 ASSETS: GENERAL DS SERIES 2013A CAP PROJ CAP PROJ CONSOLIDATED FUND 2013 A A A3 DS2014 DS2016A DS 2016 A TOTAL CASH $ 6,918 $ - $ - $ - $ - $ - $ - $ - $ - $ 6,918 INVESTMENTS: REVENUE FUND - 113,064 6, ,183 18, ,029 CAPITAL INTEREST FUND RESERVE FUND - 222, ,510 95,206 71,038 60, ,367 PREPAYMENT FUND - - 4, ,229 2, , ,417 COST OF ISSUANCE (2016) CONSTRUCTION FUND ,185 6,185 RECEIVABLE FROM DEVELOPER 22, , ,965 ACCOUNTS RECEIVABLE - OTHER , ,000 ASSESSMENTS RECEIVABLE - ON ROLL ASSESSMENTS RECEIVABLE - OFF ROLL 96,490-2,063 61,230 39,569 27,005 47, ,382 DUE FROM OTHER FUNDS ,393 77, ,027 PREPAID EXPENSES UTILITY DEPOSIT 10, ,105 TOTAL ASSETS $ 135,892 $ 335,752 $ 13,147 $ 454,145 $ 177,169 $ 125,083 $ 658,436 $ - $ 154,835 $ 2,054,459 LIABILITIES: ACCOUNTS PAYABLE $ 35,553 $ - $ - $ - $ - $ - $ - $ - $ 148,650 $ 184,203 RETAINAGE PAYABLE DEFERRED REVENUE - ON ROLL DEFERRED REVENUE - OFF ROLL 96,490-2,063 61,230 39,569 27,005 47, ,382 DUE TO OTHER FUNDS , ,026 FUND BALANCE: NONSPENDABLE: PREPAID AND DEPOSITS 10, ,169 RESTRICTED FOR: - DEBT SERVICE - 335,752 (74,942) 392, ,600 98, ,411-6,185 1,506,999 UNASSIGNED: (6,320) (6,320) TOTAL LIABILITIES & FUND BALANCE $ 135,892 $ 335,752 $ 13,147 $ 454,145 $ 177,169 $ 125,083 $ 658,436 $ - $ 154,835 $ 2,054,459 Page 2 of 18

9 Waterleaf CDD General Fund Statement of Revenues, Expenditures and Changes In Fund Balance For The Period Starting October 1, 2016 Ending June 30, 2017 REVENUES FY2017 VARIANCE ADOPTED BUDGET ACTUAL FAVORABLE BUDGET YEAR-TO-DATE YEAR-TO-DATE (UNFAVORABLE) ASSESSMENTS - ON ROLL (NET) $ 249,763 $ 249,763 $ 256,658 $ 6,895 ASSESSMENTS OFF ROLL 303, , ,962 (140,937) ASSESSMENTS VIA LOT CLOSINGS ,447 44,447 CH RENTAL REVENUE MISCELLANEOUS REVENUE INTEREST GATE ACCESS CARDS TOTAL REVENUES 553, , ,090 (88,572) EXPENDITURES ADMINISTRATIVE: BOARD OF SUPERVISORS PAYROLL 8,000 6,000 4,400 1,600 PAYROLL TAXES PAYROLL SERVICES FEE MEETING ROOM RENTAL MANAGEMENT CONSULTING SERVICES 24,000 18,000 18,000 - PLANNING & COORDINATING SERVICES 36,000 27,000 27,000 - ACCOUNTING SERVICES - CONSTRUCTION 9,000 9,000 9,000 - GENERAL ADMINISTRATIVE 3,600 2,700 2,700 - BANKING FEES MISCELLANEOUS AUDITING 5, TRAVEL PER DIEM - MILEAGE INSURANCE (Liability, Property & Casualty) 18,517 18,517 17, REGULATORY AND PERMIT FEES LEGAL ADVERTISEMENTS 1,200 1,200 2,133 (933) ENGINEERING SERVICES 5,000 3,750 4,884 (1,134) LEGAL SERVICES 5,000 3,750 6,529 (2,779) PERFORMANCE & WARRANTY BOND PREMIUM 5,000 5,000 5,000 - WEBSITE HOSTING TOTAL ADMINISTRATIVE 123,956 96,990 98,925 (1,935) DEBT SERVICE: TRUST FUND ACCOUNTING 3,600 2,700 2,700 - ARBITRAGE 2, DISSEMINATING AGENT 6,000 6,000 7,000 (1,000) TRUSTEE FEES 11,315 11,315 11,314 1 TOTAL DEBT SERVICE 22,915 20,665 21,664 (999) PHYSICAL ENVIRONMENT STREETPOLE LIGHTING 50,400 37,800 35,215 2,585 ELECTRICITY (IRRIG &POND PUMPS) 14,400 10,800 5,634 5,166 WATER 24,000 18,000-18,000 LANDSCAPE MAINTENANCE 177, , ,447 (5,977) LANDSCAPE REPLENISHMENT 7,500 7,500 17,030 (9,530) TREE REMOVAL - - 5,645 (5,645) IRRIGATION MAINTENANCE 5,400 4,200 3, MOWING RETENTION PONDS AND EASEMENTS - - 1,350 (1,350) MITIGATION MONITORING 3,240 1,670 1, PET WASTE REMOVAL 2,232 1,674 2,221 (547) PAVEMENT REPAIRS - - 5,425 (5,425) SECURITY MONITORING - - 2,700 (2,700) SECURITY PATROLS - - 2,675 (2,675) Page 3 of 18

10 Waterleaf CDD General Fund Statement of Revenues, Expenditures and Changes In Fund Balance For The Period Starting October 1, 2016 Ending June 30, 2017 FY2017 VARIANCE ADOPTED BUDGET ACTUAL FAVORABLE BUDGET YEAR-TO-DATE YEAR-TO-DATE (UNFAVORABLE) SECURITY - OTHER (291) STORMDRAIN MAINTENANCE 6,000 4,500-4,500 POND MAINTENANCE 19,644 14,733 8,342 6,391 NPDES 5,400 4,050-4,050 GATE MAINTENANCE 2,000 2,000 4,041 (2,041) SOLID WASTE DISPOSAL POND EROSION 10, FIELD MANAGER 18,000 13,500 9,219 4,281 FIELD MANAGER TRAVEL 3,000 2,250 1, SECURITY KEY FOBS & ACCESS CARDS - - 7,829 (7,829) CONTINGENCY 5,000 3,750 1,100 2,650 DECK MAINTANENCE - - 7,100 (7,100) TOTAL PHYSICAL ENVIRONMENT 354, , ,858 (1,961) AMENITY CENTER OPERATIONS POOL MAINTENANCE CONTRACT 13,200 9,900 9,900 - POOL MAINTENANCE & REPAIRS 2,500 2,500 3,850 (1,350) POOL PERMITS AMENITY CENTER POWERWASH - - 3,375 (3,375) AMENITY CENTER CLEANING & MAINT 4,500 3,375 2,025 1,350 AMENITY CENTER INTERNET 3,000 2,250 2,350 (100) AMENITY CENTER ELECTRIC 9,000 6,750 4,272 2,478 AMENITY CENTER WATER UTILITY 2,400 1, AMENITY CENTER PEST CONTROL 1,740 1, REFUSE SERVICE 2,000 1,500-1,500 LANDSCAPE MAINTENANCE 8,000 6,000-6,000 MISC. AMENITY CENTER REPAIRS & MAINT 5,000 3,750 6,217 (2,467) CONTINGENCY 1, TOTAL FIELD OPERATIONS 52,615 40,155 33,730 6,425 OTHER OPERATION EXPENSES C/O AMENITY CENTER IMPROVEMENTS ,707 (36,707) C/O ENTRY WAY RENOVATION ,900 (18,900) TOTAL OTHER OPERATION EXPENSES ,607 (55,607) TOTAL EXPENDITURES 553, , ,784 (54,077) EXCESS OF REVENUE OVER (UNDER) EXPENDITURES - 135,955 (6,694) (142,649) FUND BALANCE - BEGINNING ,544 10,544 FUND BALANCE - ENDING - 135,955 3,850 (132,105) Page 4 of 18

11 Waterleaf CDD DS - Series 2013 A-1 Statement of Revenues, Expenditures and Changes In Fund Balance For The Period Starting October 1, 2016 Ending June 30, 2017 VARIANCE ADOPTED BUDGET ACTUAL FAVORABLE BUDGET YEAR-TO-DATE YEAR-TO-DATE (UNFAVORABLE) REVENUE SPECIAL ASSESSMENT ON ROLL $ 242,052 $ 242,052 $ 228,424 (a) $ (13,628) SPECIAL ASSESSMENT OFF ROLL INTEREST--INVESTMENT MISCELLANEOUS REVENUE LESS ASSESSMENTS DISCOUNT (10,086) TOTAL REVENUE 231, , ,884 (13,168) EXPENDITURES COUNTY ASSESSMENT COLLECTION FEES 10, INTEREST EXPENSE 192, , ,500 (1,125) PRINCIPAL EXPENSE - 05/01/17 30,000 30,000 30,000 - TOTAL EXPENDITURES 232, , ,500 (1,125) EXCESS OF REVENUE OVER (UNDER) EXPENDITURES (495) 19,677 5,384 (14,293) OTHER FINANCING SOURCES (USES) TRANSFERS-IN TRANSFER -OUT (USES) TOTAL OTHER FINANCING SOURCES (USES) NET CHANGE IN FUND BALANCE (495) 19,677 5,384 (14,293) FUND BALANCE - BEGINNING 330, ,367 FUND BALANCE - ENDING $ (495) $ 19,677 $ 335,751 $ 316,074 (a) Total assessments budgeted at gross while budget year-to-date and actuals are reported net of assessment discounts and collection fees. Page 5 of 18

12 Waterleaf CDD DS -Series 2013 A-2 Statement of Revenues, Expenditures and Changes In Fund Balance For The Period Starting October 1, 2016 Ending June 30, 2017 VARIANCE ADOPTED BUDGET A2 ACTUAL FAVORABLE BUDGET YEAR-TO-DATE YEAR-TO-DATE (UNFAVORABLE) REVENUE SPECIAL ASSESSMENT ON ROLL $ - $ - $ - $ - SPECIAL ASSESSMENT OFF ROLL 324,729 21,440 21,440 (a) - PREPAYMENT ,088 74,088 INTEREST MISCELLANEOUS REVENUE LESS ASSESSMENTS DISCOUNT (13,530) TOTAL REVENUE 311,199 21,440 95,841 74,401 EXPENDITURES COUNTY ASSESSMENT COLLECTION FEES 13, PRINCIPAL PREPAYMENT ,000 (755,000) INTEREST EXPENSE 258, ,750 44, ,125 PRINCIPAL RETIREMENT - 05/01/17 40,000 40,000 5,000 35,000 - TOTAL EXPENDITURES 312, , ,625 (505,875) EXCESS OF REVENUE OVER (UNDER) EXPENDITURES (1,081) (277,310) (708,784) (431,474) OTHER FINANCING SOURCES (USES) TRANSFERS-IN TRANSFER-OUT (USES) - - (48,763) (48,763) TOTAL OTHER FINANCING SOURCES (USES) - - (48,763) (48,763) NET CHANGE IN FUND BALANCE (1,081) (277,310) (757,547) (480,237) FUND BALANCE - BEGINNING , ,603 FUND BALANCE - ENDING $ (1,081) $ (277,310) $ (74,944) $ 202,366 (a) Total assessments budgeted at gross while budget year-to-date and actuals are reported net of assessment discounts and collection fees. Page 6 of 18

13 Waterleaf CDD 2013 A-3 DEBT SERVICE Statement of Revenues, Expenditures and Changes In Fund Balance For The Period Starting October 1, 2016 Ending June 30, 2017 VARIANCE ADOPTED BUDGET A3 ACTUAL FAVORABLE BUDGET YEAR-TO-DATE YEAR-TO-DATE (UNFAVORABLE) REVENUE SPECIAL ASSESSMENT ON ROLL $ - $ - $ - $ - SPECIAL ASSESSMENT OFF ROLL 202,111 64,210 64,210 (a) - PREPAYMENT , ,573 MISCELLANEOUS REVENUE INTEREST--INVESTMENT LESS ASSESSMENTS DISCOUNT (8,421) TOTAL REVENUE 193,690 64, , ,889 EXPENDITURES COUNTY ASSESSMENT COLLECTION FEES 8, PRINCIPAL PREPAYMENT ,000 (285,000) INTEREST EXPENSE 159, , ,695 22,425 PRINCIPAL RETIREMENT TOTAL EXPENDITURES 167, , ,695 (262,575) EXCESS OF REVENUE OVER (UNDER) EXPENDITURES 26,149 (94,910) (58,596) 36,314 NET CHANGE IN FUND BALANCE 26,149 (94,910) (58,596) 36,314 FUND BALANCE - BEGINNING , ,511 FUND BALANCE - ENDING $ 26,149 $ (94,910) $ 392,915 $ 487,825 (a) Total assessments budgeted at gross while budget year-to-date and actuals are reported net of assessment discounts and collection fees. Page 7 of 18

14 Waterleaf CDD DS - Series 2014 Statement of Revenues, Expenditures and Changes In Fund Balance For The Period Starting October 1, 2016 Ending June 30, 2017 FY2017 VARIANCE ADOPTED BUDGET ACTUAL FAVORABLE BUDGET YEAR-TO-DATE YEAR-TO-DATE (UNFAVORABLE) REVENUE SPECIAL ASSESSMENT ON ROLL (GROSS) $ 113,333 $ 103,888 $ 107,145 (a) $ 3,257 SPECIAL ASSESSMENT OFF ROLL 102,487 23,746 49,832 (a) 26,086 INTEREST--INVESTMENT MISCELLANEOUS REVENUE LESS ASSESSMENTS DISCOUNT (8,993) TOTAL REVENUE 206, , ,174 29,540 EXPENDITURES COUNTY ASSESSMENT COLLECTION FEES 8, INTEREST EXPENSE 154, , ,318 (1,170) PRINCIPAL EXPENSE - 05/01/17 40,000 40,000 40,000 - TOTAL EXPENDITURES 203, , ,318 (1,170) EXCESS OF REVENUE OVER (UNDER) EXPENDITURES 3,686 (66,514) (38,144) 28,370 OTHER FINANCING SOURCES (USES) TRANSFER IN TRANSFER OUT (USES) TOTAL OTHER FINANCING SOURCES (USES) NET CHANGE IN FUND BALANCE 3,686 (66,514) (38,144) 28,370 FUND BALANCE - BEGINNING , ,744 FUND BALANCE - ENDING $ 3,686 $ (66,514) $ 137,600 $ 204,114 (a) Total assessments budgeted at gross while budget year-to-date and actuals are reported net of assessment discounts and collection fees. Page 8 of 18

15 Waterleaf CDD DS - Series 2016 Statement of Revenues, Expenditures and Changes In Fund Balance For The Period Starting October 1, 2016 Ending June 30, 2017 FY2017 VARIANCE ADOPTED BUDGET ACTUAL FAVORABLE BUDGET YEAR-TO-DATE YEAR-TO-DATE (UNFAVORABLE) REVENUE SPECIAL ASSESSMENT ON/OFF ROLL $ 154,429 $ 88,294 $ 111,158 (a) $ 22,864 INTEREST--INVESTMENT LESS ASSESSMENTS DISCOUNT (6,435) TOTAL REVENUE 147,994 88, ,289 22,995 EXPENDITURES COUNTY ASSESSMENT COLLECTION FEES 6, COST OF ISSUANCE - - 1,000 (1,000) INTEREST EXPENSE 108, ,162 90,938 17,224 PRINCIPAL EXPENSE 30,000 30,000 30,000 - TOTAL EXPENDITURES 144, , ,938 16,224 EXCESS OF REVENUE OVER (UNDER) EXPENDITURES 3,397 (49,868) (10,649) 39,219 OTHER FINANCING SOURCES (USES) TRANSFER IN DEBT PROCEEDS TRANSFER OUT (USES) - - (2,948) (2,948) TOTAL OTHER FINANCING SOURCES (USES) - - (2,816) (2,816) NET CHANGE IN FUND BALANCE 3,397 (49,868) (13,465) 36,403 FUND BALANCE - BEGINNING , ,543 FUND BALANCE - ENDING $ 3,397 $ (49,868) $ 98,078 $ 147,946 (a) Total assessments budgeted at gross while budget year-to-date and actuals are reported net of assessment discounts and collection fees. Page 9 of 18

16 Waterleaf CDD DS - Series 2016 A2 Statement of Revenues, Expenditures and Changes In Fund Balance For The Period Starting October 1, 2016 Ending June 30, 2017 FY2017 VARIANCE ADOPTED BUDGET ACTUAL FAVORABLE BUDGET YEAR-TO-DATE YEAR-TO-DATE (UNFAVORABLE) REVENUE SPECIAL ASSESSMENT ON/OFF ROLL $ 132,445 $ 47,025 $ 47,025 (a) $ - PREPAYMENTS , ,723 INTEREST--INVESTMENT LESS ASSESSMENTS DISCOUNT (5,519) TOTAL REVENUE 126,926 47, , ,854 EXPENDITURES COUNTY ASSESSMENT COLLECTION FEES 5, COST OF ISSUANCE INTEREST EXPENSE 94,050 94,050 78,636 15,414 PRINCIPAL EXPENSE TOTAL EXPENDITURES 99,569 94,050 78,636 15,414 EXCESS OF REVENUE OVER (UNDER) EXPENDITURES 27,357 (47,025) 470, ,268 OTHER FINANCING SOURCES (USES) TRANSFER IN ,763 48,763 DEBT PROCEEDS TRANSFER OUT (USES) - - (132) (132) TOTAL OTHER FINANCING SOURCES (USES) ,631 48,631 NET CHANGE IN FUND BALANCE 27,357 (47,025) 518, ,899 FUND BALANCE - BEGINNING ,537 92,537 FUND BALANCE - ENDING $ 27,357 $ (47,025) $ 611,411 $ 658,436 (a) Total assessments budgeted at gross while budget year-to-date and actuals are reported net of assessment discounts and collection fees. Page 10 of 18

17 Waterleaf CDD Series 2016 Capital Projects Fund Statement of Revenues, Expenditures and Changes In Fund Balance For The Period Starting October 1, 2016 Ending June 30, 2017 ACTUAL YEAR-TO-DATE REVENUE INTEREST--INVESTMENT 861 DEVELOPER CONTRIBUTION 1,368,869 MISCELLANEOUS REVENUE - TOTAL REVENUE 1,369,730 EXPENDITURES CONSTRUCTION IN PROGRESS 2,250,949 TOTAL EXPENDITURES 2,250,949 EXCESS OF REVENUE OVER (UNDER) EXPENDITURES (881,219) OTHER FINANCING SOURCES (USES) BOND PROCEEDES - TRANSFER IN FROM ANOTHER FUND 2,948 TOTAL OTHER FINANCING SOURCES (USES) 2,948 NET CHANGE IN FUND BALANCE (878,271) FUND BALANCE - BEGINNING 884,455 FUND BALANCE - ENDING $ 6,184 Page 11 of 18

18 WATERLEAF CDD BANK RECONCILIATION June 30, 2017 BU Balance Per Bank Statement $ 14, Less: Outstanding Checks (7,801.93) Adjusted Bank Balance $ 6, Beginning Cash Balance Per Books $11, Cash Receipts 40, Cash Disbursements & fees (45,380.43) Balance Per Books $ 6, Page 12 of 18

19 WATERLEAF CDD CHECK REGISTER FY2017 Date Num Name Memo Debit Credit Balance EOY Balance 18, /06/ HILLSBOROUGH COUNTY BOCC 8/16-9/ Waterleaf Vista Blvd , /13/2016 Deposit Key Fobs , /14/2016 Deposit GF , , /14/ Critical Intervention Services Inc Camera Monitoring (6) October , /14/ DPFG Const. Acctng Svs, CDD Field Mgmt - Oct 14, , /14/ Egis Insurance Advisors, LLC Insurance FY , , /14/ TAMPA ELECTRIC Electricity 3, , /20/ FL DEPT OF REVENUE 3rd Qtr Sales Tax , /20/ American Access Controls Repair Exit Gate , /25/2016 HilLSBOROUGH COUNTY TAX COLLECTOR Tax Collections - Excess 3, , /26/ Union Park CDD Reimburse Union Park CDD for Brighthouse Invoice , /31/ HAMILTON ENGINEERING SURVEYING, INC Mitigation Monitoring , TOTAL 36, , , /09/2016 DEPOSIT GF , , /09/2016 DEPOSIT Rentals/Misc , /10/ American Access Controls Repair Exit Gate 1, , /10/ AQUATIC SYSTEMS, INC Lake & Pond Maint - October , /10/ Bright House Cable/Internet , /10/ Brightview Landscape Services Storm Clean up & Irrigation Repairs 4, , /10/ DPFG Field Services, Inc. 9/25-10/22 - Field P/R , /10/ GRANDVIEW BOTANICALS LANDSCAPE CO Mowing Retention Ponds - October , /10/ HALLELUJAH POOLS Pool Maint - October 1, , /10/ TAMPA ELECTRIC Electricity 5, , /10/ U S Bank - Trust Services Trustee Fees 8, , /10/ VENTURESIN.COM, INC. Web Site Hosting - October , /10/ Brightview Landscape Services VOID: Landscape Maint - September , /10/2016 Deposit Key Fobs , /10/ Danielle Fence Mfg. Co., Inc. Replace Gate Lock 1, , /10/ PX Paychex Service Fee , /16/ STANTEC CONSULTING SERVICES Engineering Svcs thru 6/ , /16/2016 Deposit Tax Collections - 11/1-11/13/16 13, , /20/2016 Deposit Tax Collections - 11/14-11/20/16 52, , /23/ FLORIDA DEPT OF ECONOMIC OPPORTUNIT Annual Filing Fee , /28/2016 Deposit GF , , /29/ AQUATIC SYSTEMS, INC Lake & Pond Maint - November , /29/ Bright House Cable/Internet , /29/ Brightview Landscape Services Tree Removal 1, , /29/ DPFG CDD/Field Mgmt - November 5, , /29/ DPFG Field Services, Inc. 10/23-11/16 - Field P/R , /29/ Dun Rite Construction Services Inc Removal of Entry Feature/Replace Walks 9, , /29/ GRANDVIEW BOTANICALS LANDSCAPE CO Mowing Retention Ponds , /29/ HALLELUJAH POOLS Pool Maint - November 1, , /29/ HEIDT DESIGN Maintenance Exhibit 1, , /29/ HILLSBOROUGH COUNTY BOCC Utilities , /29/ Onsight Signage & Visual Solutions Trash Cans 4, , /29/ Poop 911 Pet Waste Removal - October , /29/ STANTEC CONSULTING SERVICES Engineering Svcs thru 10/14/ , /29/ STRALEY ROBIN VERICKER Legal Svcs thru 10/15/16 2, , /29/ TAMPA BAY TIMES Legal Ad 1, , /29/ Terminix Pest Control - October , /29/ U S Bank - Trust Services Trustee Fee A 3, , /29/ VENTURESIN.COM, INC. Web Site Hosting - November , /29/ STRALEY ROBIN VERICKER Legal Svcs thru 9/15/ , TOTAL 138, , , /05/2016 Waterleaf - GF Rentals/Misc , /07/ Danielle Fence Mfg. Co., Inc. Pavers/Fence Fire Pit 4, , /07/2016 Hillsborough Tax Collector Tax Collections - 11/21-11/30/16 287, , /09/ DPFG CDD/Field Mgmt - December 5, , /09/ STEVE FAISON Travel - September , /09/ STANTEC CONSULTING SERVICES Engineering Svcs thru 9/16/ , /09/ Cistech, Inc. Replace Board and Reader 1, , /09/ Critical Intervention Services Inc CCTV Monitoring - Nov & Dec , /09/ DPFG Field Services, Inc. 11/20-12/17 - Field P/R , /09/ STANTEC CONSULTING SERVICES Engineering Svcs thru 11/11/ , /09/ Terminix Pest Control , Page 13 of 18

20 WATERLEAF CDD CHECK REGISTER FY2017 Date Num Name Memo Debit Credit Balance 12/09/ VENTURESIN.COM, INC. Web Site Hosting - December , /12/ DPFG Performance Bond Tracking 5, , /12/ HILLSBOROUGH COUNTY BOCC 10/14-11/ Waterleaf Vista Blvd , /12/ STRALEY ROBIN VERICKER Legal Svcs thru 11/15/ , /12/ Onsight Signage & Visual Solutions Grill 1, , /12/ VALLEYCREST LANDSCAPE DEVELOPMENT Landscape Repairs, Clear off Dirt on Road 1, , /12/ Poop 911 Pet Waste Removal - September , /15/2016 Hillsborough Tax Collector Tax Collections - 12/1-12/9/16 149, , /15/2016 ACH Paychex P/R Fee , /15/ IRA D. DRAPER BOS Mtgs - 10/4 & 11/1/ , /15/ DD Lori Price BOS Mtgs - 10/4 & 11/1/ , /15/ Michael Lawson BOS Mtgs - 10/4 & 11/1/ , /15/2016 ACH Paychex BOS Mtgs - 10/4 & 11/1/ , /16/ AQUATIC SYSTEMS, INC Lake & Pond Maint - December , /16/ Bright House 12/2-1/1 - Cable/Internet , /16/ GRANDVIEW BOTANICALS LANDSCAPE CO Tree Removal/Mowing , /16/ H2 POOL SERVICES Pool Maint - December 1, , /16/ HEIDT DESIGN Maintenance Exhibits , /16/ TAMPA BAY TIMES Legal Ad , /16/ HAMILTON ENGINEERING SURVEYING, INC Mitigation Monitoring , /16/ LLS Tax Solutions Inc. Arbitrage , /16/ Poop 911 Pet Waste Removal - November , /16/ TAMPA ELECTRIC Electricity 7, , /16/ Parker McDonald Refund Rental Deposit , /19/2016 Waterleaf LLC GF , , /19/ Brightview Landscape Services Sod , /19/ TAMPA BAY TIMES Legal Ad , /19/ Cistech, Inc. Maint - Cameras, Add 2 Cameras 1, , /20/ STEVE FAISON Travel - October , /22/ GRANDVIEW BOTANICALS LANDSCAPE CO Sod & General Cleaning 2, , /22/ Bright House 12/16-1/15 - Cable/Internet , /22/ Danielle Fence Mfg. Co., Inc. Pavers/Fire Pit - C/O 1, , /22/ Precision Power Systems, Inc Electrical Repairs 2, , /27/ WATERLEAF CDD C/O US BANK Tax Collection Distribution 12, , /27/ Critical Intervention Services Inc CCTV Monitoring - January , /27/ HILLSBOROUGH COUNTY BOCC 11/14-12/ Waterleaf Vista Blvd , /27/ STANTEC CONSULTING SERVICES Engineering Svcs thru 12/9/ , /27/ WATERLEAF, LLC Refund (O & M) 1, , /28/ Brightview Landscape Services Irrigation Repairs 1, , /28/ Kalin Craig Hall, Jr. 12/15/16 - Security , /28/ JIMMIE ROMANO 12/5/16 - Security , /29/ GARY B. GORDON 12/23/16 - Patrol , /30/ JIMMIE ROMANO 12/28/16 - Patrol , TOTAL 440, , , /03/ DPFG CDD/Field Mgmt - January 5, , /03/ H2 POOL SERVICES Pool Maint - January 1, , /03/ VENTURESIN.COM, INC. Web Site Hosting - January , /04/ GARY B. GORDON 1/3/17 - Security Officer , /04/2017 WATERLEAF - GF Key Fobs , /06/2017 Hillsborough Tax Collector Tax Collections - 12/10-12/31/16 12, , /06/2017 Hillsborough Tax Collector Tax Collections - Interest , /10/ GARY B. GORDON 1/5/17 - Patrol , /12/ Brightview Landscape Services Landscape Maint - Sept - Nov 22, , /12/ VALLEYCREST LANDSCAPE DEVELOPMENT Landscape Maint - August 7, , /13/ GRANDVIEW BOTANICALS LANDSCAPE CO Front Entrance Renovation 9, , /16/ WATERLEAF CDD C/O US BANK Tax Collection Distribution 27, , /16/ AIC Painting Paint - Deck/Bridges 7, , /16/ AQUATIC SYSTEMS, INC Lake & Pond Maint - January , /16/ Bright House 1/16-2/15 - Internet , /16/ Cistech, Inc. Key Fobs , /16/ DPFG Field Services, Inc. 12/18-1/14 - Field P/R , /16/ Poop 911 Pet Waste Removal - January , /16/ Terminix Pest Control - December , /16/ WATERLEAF CDD C/O US BANK Tax Collection Distribution 168, , /16/ WATERLEAF CDD C/O US BANK Tax Collection Distribution 79, , /20/ FLORIDA DEPARTMENT OF REVENUE 4th Qtr. Sales Tax , Page 14 of 18

21 WATERLEAF CDD CHECK REGISTER FY2017 Date Num Name Memo Debit Credit Balance 01/20/ JIMMIE ROMANO 1/12/17 - Patrol , /20/ GARY B. GORDON 1/19/17 - Patrol , /20/2017 ACH Paychex P/R Fees , /20/ IRA D. DRAPER BOS Mtg - 1/6/ , /20/ DD Lori Price BOS Mtg - 1/6/ , /20/ Michael Lawson BOS Mtg - 1/6/ , /20/2017 ACH Paychex BOS Mtg - 1/6/ , /23/ American Access Controls Transmitters 3, , /23/ Onsight Signage & Visual Solutions Charcoal/Bin Scooper , /23/ ZAM, LLC Repair Pool Deck & Parking Lot 3, , /24/ GARY B. GORDON 1/21/17 - Patrol , /25/ STEVE FAISON Travel - Nov & Dec , /26/ AQUATIC SYSTEMS, INC Lake & Pond Maint - January , /26/ GARY B. GORDON 1/24/17 - Patrol , /30/ GARY B. GORDON 1/26/17 - Security , /30/ HILLSBOROUGH COUNTY BOCC 12/13-1/ Waterleaf Vista Blvd , /30/ Onsight Signage & Visual Solutions Picnic Benches/Trash Cans 9, , /30/ STANTEC CONSULTING SERVICES Engineering Svcs thru 1/13/ , /30/ STRALEY ROBIN VERICKER Legal Svcs thru 1/15/ , /30/ Terminix Pest Control - January , TOTAL 12, , , /01/ DPFG CDD/Field Mgmt - February 5, , /01/2017 Waterleaf-GF Rentals/Key Fobs , /03/2017 Paychex Deposit , /07/2017 Hillsborough Tax Collector Tax Collections - 1/1-1/31/17 18, , /08/ FL DEPT OF REVENUE Sales Tax 2nd Qtr , /08/ AQUATIC SYSTEMS, INC Lake & Pond Maint - February , /08/ Bright House 2/2-3/1 - Internet , /08/ Brightview Landscape Services Landscape Main - Dec- Jan 14, , /08/ Critical Intervention Services Inc CCTV Montitoring - February , /08/ H2 POOL SERVICES Pool Maint- February & Misc. 5, , /08/ HAMILTON ENGINEERING SURVEYING, INC Mitigation Monitoring , /08/ HILLSBOROUGH COUNTY SHERIFFS OFFICE Security Admin - December , /08/ SEAN BUSH 2/1/17 - Patrol , /13/ DPFG Field Services, Inc. 1/15-2/11 - Field P/R , /13/ HILLSBOROUGH COUNTY SHERIFFS OFFICE Admin Fee - January , /13/ VENTURESIN.COM, INC. Web Site Hosting - February , /17/ Bright House 2/16-3/15 - Cable/Internet , /17/ GARY B. GORDON 2/8 & 2/10 - Patrol , /17/ STEVE FAISON Travel - January , /17/ JOSHUA STEIN 2/14/17 - Patrol , /21/ Gate Pros, Inc. Gate Maint , /21/ GRANDVIEW BOTANICALS LANDSCAPE CO Bush Hog Easement , /21/ GARY B. GORDON 2/18/17 - Patrol , /21/ Metro Development Group, LLC Cell Phone Reimbursement - Oct-Dec , /22/ Poop 911 Pet Waste Removal - December , /22/ TAMPA ELECTRIC 12/16-1/16 Streetlights 5, , /22/ WATERLEAF CDD C/O US BANK Tax Distribution c/o US Bank 4, , /22/ WATERLEAF CDD C/O US BANK Tax Distribution c/o US Bank 2, , /23/ GARY B. GORDON 2/22/17 - Patrol , /24/ Critical Intervention Services Inc CCTV Monitoring - March , /24/ Dun Rite Construction Services Inc Removal of Sidewalk 1, , /24/ HILLSBOROUGH COUNTY BOCC 1/13-2/ Waterleaf Vista Blvd , /24/ TAMPA ELECTRIC 1/17-2/14 Electricity 4, , TOTAL 18, , , /01/ DPFG MANAGEMENT & CONSULTING, LLC CDD/Field Mgmt - March 5, , /06/ AQUATIC SYSTEMS, INC Lake & Pond Maint - March , /06/ Bright House 3/2-4/1 - Phone , /06/ GARY B. GORDON 2/24/17 - Patrol , /06/ H2 POOL SERVICES Pool Maint - March 1, , /06/ HILLSBOROUGH COUNTY SHERIFFS OFFICE Admin Svcs - February , /06/ JOSHUA STEIN 2/28/17 - Patrol , /06/ Panther Trace CDD Meeting Room - 3/7/ , /06/ STANTEC CONSULTING SERVICES Engineering Svcs thru 2/17/ , /06/ STRALEY ROBIN VERICKER Legal Svcs thru 2/15/ , /06/ TAMPA BAY TIMES Legal Ad , Page 15 of 18

22 WATERLEAF CDD CHECK REGISTER FY2017 Date Num Name Memo Debit Credit Balance 03/06/ Terminix Pest Control - February , /06/ VENTURESIN.COM, INC. Web Site Hosting - March , /13/2017 Deluxe Business Prod Checks , /14/2017 HilLSBOROUGH COUNTY TAX COLLECTOR Tax Collections 2/1-2/28/ , , /14/2017 WATERLEAF - GF Key Fobs , /15/2017 SHUTTS & BOWEN O & M ( Shutts & Bowen) 6, , /17/ Waterleaf LLC VOID: FY 2016 (refund) - Stop pmt 3/20/ , /17/ Bright House 3/16-4/15 - Cable/Internet , /17/ Brightview Landscape Services Landscape Maint 52, , /17/ DPFG Field Services, Inc. 2/12-3/25 - Field P/R 1, , /17/ GARY B. GORDON Patrol , /17/ Poop 911 Pet Waste Removal - February , /17/ TAMPA ELECTRIC Electricity , /17/ VALLEYCREST LANDSCAPE DEVELOPMENT Landscape Maint - August 7, , /17/ TAMPA ELECTRIC Electricty 4, , /20/ Cistech, Inc. Video Report , /21/ GARY B. GORDON 3/17/17 - Patrol , /22/ GARY B. GORDON 3/21/17 - Patrol , /22/ STEVE FAISON Travel - February , /22/ Cistech, Inc. Key Fobs 2, , /27/ TAMPA ELECTRIC Electricity 4, , /27/ HILLSBOROUGH COUNTY BOCC 2/14-3/ Waterleaf Vista Blvd , /27/ TAMPA ELECTRIC 2/16-3/ Big Bend Road Well , /28/ WATERLEAF CDD C/O US BANK Tax Collection Distribution c/o US Bank 11, , /28/ WATERLEAF CDD C/O US BANK Tax Distribution c/o US Bank 5, , /29/2017 Waterleaf-GF Key Fobs , /30/ AIC Painting Paint Pool Area 3, , /30/ Critical Intervention Services Inc CCTV Monitoring - April , /30/ Gate Pros, Inc. Gate Repairs (struck by Vehicle) 2, , /30/ GRANDVIEW BOTANICALS LANDSCAPE CO Remove (4) Trees From Pool Area , TOTAL 17, , , /01/ DPFG MANAGEMENT & CONSULTING, LLC CDD/Field Mgmt - April 5, , /05/ Bright House 4/2-5/1 - Cable/Internet , /05/ GARY B. GORDON Security , /05/ Terminix Pest Control - March , /05/ VENTURESIN.COM, INC. Web Site Hosting - April , /06/2017 HilLSBOROUGH COUNTY TAX COLLECTOR 3/1-3/31/17 - Tax Distribution 6, , /06/2017 SHUTTS & BOWEN Lot Closings (Shutts & Bowen) 7, , /06/2017 Waterleaf LLC GF , , /07/ Brightview Landscape Services Landscape Maint - March 14, , /12/ DPFG Field Services, Inc. 3/26-4/22 - Field P/R 1, , /12/ GARY B. GORDON 3/3/17 - Patrol , /12/ HILLSBOROUGH COUNTY SHERIFFS OFFICE Admin Svcs - Feb-March , /12/ STANTEC CONSULTING SERVICES Engineering Svcs thru 3/17/ , /12/ WATERLEAF CDD C/O US BANK Tax Distribution c/o US Bank 2, , /12/ WATERLEAF CDD C/O US BANK Tax Distribution c/o US Bank 1, , /12/ AQUATIC SYSTEMS, INC Lake & Pond Maint - April , /12/ H2 POOL SERVICES Pool Maint - April 1, , /12/ Poop 911 Pet Waste Removal - March , /14/2017 ACH Paychex P/R Fees , /14/ IRA D. DRAPER BOS Mtg - 3/7 & 4/4/ , /14/ DD Lori Price BOS Mtg - 3/7 & 4/4/ , /14/ Michael Lawson BOS Mtg - 3/7 & 4/4/ , /14/2017 ACH Paychex BOS Mtg - 3/7 & 4/4/ , /14/ THEODORE SANDERS BOS Mtg - 3/7/ , /20/ FL DEPT OF REVENUE 1st Qtr Sales Tax , /24/ Bright House 4/16-5/01 - Cable/Internet , /24/ HILLSBOROUGH COUNTY BOCC 3/15-4/ Waterleaf Vista Blvd , /24/ STEVE FAISON Travel - March , /24/ TAMPA ELECTRIC 3/17-4/ Big Bend Rd Well , /24/2017 PAYCHEX Deposit , /25/2017 WATERLEAF LLC Key Fobs , /28/2017 WATERLEAF LLC CF , , TOTAL 271, , , /01/ DPFG MANAGEMENT & CONSULTING, LLC CDD/Field Mgmt - May 5, , /01/ QGS DEVELOPMENT, INC CF 242, , Page 16 of 18

23 WATERLEAF CDD CHECK REGISTER FY2017 Date Num Name Memo Debit Credit Balance 05/03/2017 WATERLEAF LLC CF , 16 1, , /04/ H20 POWER CLEAN, LLC Power Wash Clubhouse & Pool Area 1, , /04/ Rogers Group Install Fencing 1, , /04/ STANTEC CONSULTING SERVICES Engineering Svcs thru 4/14/ , /04/ VENTURESIN.COM, INC. Web Site Hosting - May , /04/ HEIDT DESIGN CF 1, , /04/ WILLIS OF ALABAMA, INC CF , /05/ Critical Intervention Services Inc CCTV Monitoring - May , /05/2017 SHUTTS & BOWEN O & M (Shutts & Bowen) 4, , /08/2017 HilLSBOROUGH COUNTY TAX COLLECTOR 4/1-4/30 Tax Collections 36, , /08/ DPFG Field Services, Inc. 4/23-5/20 - Field P/R , /08/ STRALEY ROBIN VERICKER Legal Svcs thru 4/15/17 1, , /08/ Terminix Pest Control - April , /09/2017 WATERLEAF LLC Key Fob , /10/ WATERLEAF CDD C/O US BANK Tax Distribution c/o US Bank 14, , /10/ WATERLEAF CDD C/O US BANK Tax Distribution c/o US Bank 6, , /10/ AQUATIC SYSTEMS, INC Pond Maint 1, , /10/ Bright House 5/2-6/1 - Internet , /10/ H2 POOL SERVICES Pool Maint - May 1, , /10/ Poop 911 Pet Waste Removal - April , /10/ TAMPA ELECTRIC Electricity 5, , /11/2017 SHUTTS & BOWEN O & M (Shutts & Bowen) 19, , /11/ Brightview Landscape Services Landscape Maint - April 14, , /11/ DISCLOSURE SERVICES, LLC Dissemination Svcs 7, , /11/2017 WATERLEAF LLC CF , , /12/ Onsight Signage & Visual Solutions CF 13, , /16/2017 WATERLEAF LLC Key Fobs , /17/2017 WATERLEAF LLC GF , , /17/2017 WATERLEAF LLC GF Deposit Correction , /19/ Bright House 5/16-6/15 - Cable/Internet , /22/ Onsight Signage & Visual Solutions Solar Panel 4, , /22/ HILLSBOROUGH COUNTY BOCC 4/12-5/ Waterleaf Vista Blvd , /22/2017 SHUTTS & BOWEN O & M (Shutts & Bowen) 4, , /23/ FLORIDA DEPT OF HEALTH IN HILLSBOROUGH Pool Permit , /25/2017 ACH Paychex P/R Fees , /25/ IRA D. DRAPER BOS Mtg - 5/2/ , /25/ DD Lori Price BOS Mtg - 5/2/ , /25/ Michael Lawson BOS Mtg - 5/2/ , /25/2017 ACH Paychex BOS Mtg - 5/2/ , /25/ TAMPA ELECTRIC Electricity General & Streetlights 3, , /25/ Native Design Group Tiki Hut Cabanas 4, , /25/2017 WATERLEAF LLC Key Fob , /26/ TAMPA ELECTRIC 4/18-5/16 - Waterleaf PH , /26/ Terminix Pest Control - May , /30/ TAMPA ELECTRIC Electricity General & Amenity Center Elec , /31/2017 Bank United Incoming DOM Wire , /31/2017 WATERLEAF LLC CF , , , /31/ Permacast, LLC & 20 CF 154, , TOTAL 248, , , /01/ DPFG MANAGEMENT & CONSULTING, LLC CDD Mgmt - June 5, , /02/2017 Paychex Refund for Inv , /05/ Gate Pros, Inc. Gate Repairs , /05/ Critical Intervention Services Inc CCTV Monitoring - June , /05/ DPFG Field Services, Inc. 5/21-6/17 - Field P/R 1, , /05/ STEVE FAISON Travel - April , /05/ STRALEY ROBIN VERICKER Legal Svcs thru 5/15/ , /05/ TAMPA BAY TIMES Legal Ad , /05/ VENTURESIN.COM, INC. Web Site Hosting - June , /07/ Poop 911 Pet Waste Removal - May , /08/2017 Paychex Refund for Inv , /13/2017 HilLSBOROUGH COUNTY TAX COLLECTOR Tax Cerfificate Sale 4, , /15/2017 WATERLEAF LLC GF , , /16/ Brightview Landscape Services Landscape Maint - May 14, , /19/2017 WATERLEAF LLC Key Fobs , /20/ Metro Development Group, LLC Jan-Mar - Cell Phone Reimbursement , /21/ WATERLEAF CDD C/O US BANK Tax Collection Distribution c/o US Bank 1, , Page 17 of 18

24 WATERLEAF CDD CHECK REGISTER FY2017 Date Num Name Memo Debit Credit Balance 06/21/ WATERLEAF CDD C/O US BANK Tax Collection Distribution c/o US Bank , /22/2017 SHUTTS & BOWEN O & M (Shutts & Bowen) 2, , /22/2017 WATERLEAF LLC GF , , /23/ AQUATIC SYSTEMS, INC Lake & Pond Maint - June , /23/ Bright House Cable , /23/ Brightview Landscape Services Landscape 14, , /23/ Gate Pros, Inc. Transmtters 1, , /23/ HAMILTON ENGINEERING SURVEYING, INC Mitigation Monitoring PH , /23/ STANTEC CONSULTING SERVICES Engineering Svcs thru 5/19/ , /26/ Gate Pros, Inc. Visor Clips , /26/ HILLSBOROUGH COUNTY BOCC 5/11-6/ Waterleaf Vista Blvd , /26/ Business Observer Legal Ad , /28/2017 ACH Paychex P/R Fees , /30/ IRA D. DRAPER BOS Mtg - 6/6/ , /30/ THEODORE SANDERS BOS Mtg - 6/6/ , /30/ DD Lori Price BOS Mtg - 6/6/ , /30/2017 ACH Paychex BOS Mtg - 6/7/ , TOTAL 40, , , Page 18 of 18

25 EXHIBIT 3

26 STATEMENT 1 WATERLEAF CDD FY 2018 PROPOSED BUDGET GENERAL FUND (O&M) FY 2015 ACTUAL FY 2016 ACTUAL FY 2017 ADOPTED FY 2017 YTD- MARCH 31,2017 FY 2018 PROPOSED VARIANCE 2017 TO 2018 REVENUE ASSESSMENT ON ROLL (Net for FY 2017 & 2018) $ 79,735 $ 235,817 $ 553,662 $ 320, ,516 $ 109,854 ASSESSMENTS- DEVELOPER OFF ROLL 206, , MISCELLANEOUS 572 1, DEVELOPER DEFICIT FUNDING - 52, INTEREST TOTAL REVENUE 286, , , , , ,854 EXPENDITURES GENERAL ADMINISTRATIVE: SUPERVISORS COMPENSATION 5,200 5,000 8,000 1,800 8,000 - PAYROLL TAXES PAYROLL SERVICES MEETING ROOM RENTAL MANAGEMENT CONSULTING SERVICES 24,000 24,000 24,000 12,000 28,000 4,000 CONSTRUCTION ACCOUNTING SERVICES 9,000 2,500 9,000 9,000 2,500 (6,500) PLANNING, COORDINATING & CONTRACT SERVICES 36,000 36,000 36,000 18,000 36,000 - ADMINISTRATIVE SERVICES 3,600 3,600 3,600 1,800 3,600 - BANK FEES MISCELLANEOUS 223 1, AUDITING SERVICES 2,400 2,500 5,500-2,400 (3,100) SUPERVISOR TRAVEL PER DIEM INSURANCE 14,803 18,025 18,517 17,803 19,583 1,066 REGULATORY AND PERMIT FEES LEGAL ADVERTISEMENTS 1,296 1,689 1,200 1,740 1,200 - ENGINEERING SERVICES 5,341 10,974 5,000 4,362 6,500 1,500 LEGAL SERVICES 3,867 9,800 5,000 2,562 6,000 1,000 PERFORMANCE &WARRANTY BOND PREMIUM - - 5,000 5,000 5,000 - WEBSITE HOSTING - 1, TOTAL GENERAL ADMINISTRATIVE 106, , ,956 74, ,922 (2,034) DEBT ADMINISTRATION: DISSEMINATION AGENT - 6,000 6,000-6,000 - TRUSTEE FEES 8,081 11,314 11,315 11,314 16,701 5,386 TRUST FUND ACCOUNTING 3,000 3,600 3,600 1,800 3,600 - ARBITRAGE - 1,950 2, ,000 - DEFICIT BUDGET FUNDING ,000 30,000 TOTAL DEBT ADMINISTRATION 11,081 22,864 22,915 13,764 58,301 35,386 PHYSICAL ENVIRONMENT EXPENDITURES: STREETPOLE LIGHTING 40,058 46,310 50,400 18,642 50,400 - ELECTRICITY (IRRIGATION & POND PUMPS) 6,038 11,109 14,400 2,030 14,400 - WATER (purchase from well) ,000-24,000 - LANDSCAPING MAINTENANCE 67, , ,960 74, ,020 66,060 LANDSCAPE REPLINISHMENT 14,976 45,480 7,500 7,845 7,500 - IRRIGATION MAINTENANCE 540 4,823 5,400 3,428 6, RETENTION POND MOWING - 3, MITIGATION MONITORING & MAINTENANCE , ,240 - PET WASTE REMOVAL - 1,708 2,232 1,087 2,232 - PAVEMENT REPAIRS ,500 1,500 1,500 SIGNAGE SECURITY MONITORING - 3,168-2,115 3,600 3,600 SECURITY PATROL - 3,465-2,501 11,000 11,000 STORMWATER DRAIN & MAINTNANCE - 2,955 6,000-3,000 (3,000) Page 1 of 22

27 STATEMENT 1 WATERLEAF CDD FY 2018 PROPOSED BUDGET GENERAL FUND (O&M) FY 2015 ACTUAL FY 2016 ACTUAL FY 2017 ADOPTED FY 2017 YTD- MARCH 31,2017 FY 2018 PROPOSED VARIANCE 2017 TO 2018 POND MAINTENANCE 11,213 9,539 19,644 5,172 26,544 6,900 NPDES 600 4,200 5,400-2,500 (2,900) GATE MAINTENANCE - 1,666 2,000 3,881 2,000 - POND EROSION - 12,993 10,000-2,500 (7,500) FIELD MANAGER 9,196 12,232 18,000 5,690 7,252 (10,748) AMENITY MANAGEMENT ,000 3,000 FIELD SERVICE MANAGEMENT ,000 5,000 FIELD MANAGER TRAVEL - 3,291 3,000 1,141 1,400 (1,600) SECURITY KEY FOBS & ACCESS CARDS - 4,057-7,923 3,500 3,500 HOLIDAY DECORATIONS ,000 5,000 CONTINGENCY 5,516 7,802 5,000 22,875 1,500 (3,500) TOTAL PHYSICAL ENVIRONMENT EXPENDITURES 155, , , , ,438 77,262 AMENITY CENTER OPERATIONS POOL SERVICE CONTRACT - 10,200 13,200 6,350 13,200 - POOL MAINTENANCE AND REPAIRS 4, ,500 4,100 3,500 1,000 POOL PERMIT AMENITY CENTER POWER WASH - 2,000-1,500 3,000 3,000 AMENITY CENTER CLEANING & MAINT - 2,775 4,500 1,350 2,700 (1,800) AMENITY CENTER INTERNET - 2,338 3,000 1,550 3, AMENITY CENTER ELECTRICITY 1,890 5,502 9,000 2,564 9,000 - AMENITY CENTER WATER , ,400 - AMENITY CENTER PEST CONTROL - 1,555 1, (1,020) REFUSE SERVICE - - 2, (2,000) LANDSCAPE MAINTENANCE 450-8,000-8,000 - MISC. AMENTIY CENTER REPAIRS & MAINT. - 1,075 5,000-2,500 (2,500) CONTINGENCY - - 1, (1,000) TOTAL AMENTIY CENTER OPERATIONS 6,700 26,977 52,615 18,227 48,355 (4,260) RESERVES Reserve Study ,500 3, ,500 3,500 CONSTRUCTION EXPENSES: CONSTRUCTION EXPENSES: 8,661 31,900-28, TOTAL EXPENDITURES 289, , , , , ,854 EXCESS OF REVENUE OVER (UNDER) EXPENDITURES (2,641) (8,475) - 22, FUND BALANCE - BEGINNING 21,661 19,020 10,545 10,545 10,545 10,545 FUND BALANCE - ENDING $ 19,020 $ 10,545 $ 10,545 $ 33,051 10,545 10,545 GROSS ASSESSMENTS: Amount SPECIAL ASSESSMENTS - ON ROLL 721,213 DISCOUNT 4% (28,849) COLLECTION FEES 4% (28,849) NET ASSESSMENTS: 663,516 Page 2 of 22

28 STATEMENT 2 WATERLEAF CDD FY 2018 GENERAL FUND (O&M) ASSESSMENT ALLOCATION 1. ERU Assignment, Ranking and Calculation /(a) Lot Width Units ERU Total ERU % ERU 50' % 60' % 70' % Total % 2. O&M Assessment Requirement ("AR") AR = Total Expenditures: 663,516 << from STMT 1 Plus: Early Payment Discount: 28,849 Plus: County Collection Charges: 28,849 Total Assessment - GROSS: 721,213 Total ERU: << from Table 1. above Total AR / ERU: $ Total Assessment / ERU - gross: $1, Current FY Allocation of AR (Difference Due to Rounding) & O&M Assmt. Per Unit /(a) Lot Width Units ERU Net Assmt./Unit Total Net Assmt. GROSS Assmt./Unit Total GROSS Assmt. 50' $ $164,957 $1, $179,301 60' $1, $221,172 $1, $240,404 70' $1, $277,387 $1, $301,505 Total 594 $663,516 $721, Prior FY Allocation of AR (Difference Due to Rounding) & O&M Assmt. Per Unit /(a) Lot Width Units ERU Net Assmt/Unit Total Net Assmt 50' $ $137,647 60' $ $184,555 70' $1, $231,463 Total 594 $553, Difference between Prior FY and Current FY Lot Width Units ERU Difference Total Difference % Increase Mo. Amt. 50' $ $27, % $ ' $ $36, % $ ' $ $45, % $ Total 594 $109, Footnote: (a) The land within the CDD will be developed in multiple phases for a projected total of 594 lots. Page 3 of 22

29 FINANCIAL STATEMENT CATEGORY SERVICE PROVIDER (VENDOR) STATEMENT 3 WATERLEAF UNITS PROPOSED FY 2018 CONTRACT SUMMARY ANNUAL AMOUNT OF CONTRACT PAYMENT SCHEDULE COMMENTS (SCOPE OF SERVICE) EXPENDITURES ADMINISTRATIVE: SUPERVISORS COMPENSATION 8,000 MONTHLY 5 8 meetings PAYROLL TAXES 612 MONTHLY 7.65% of total payroll PAYROLL SERVICES 457 MONTHLY Approximately $54 per month plus $25 EOY processing MEETING ROOM PANTHER TRACE 200 VARIES ROOM RENTAL $25 PER MEETING MANAGEMENT CONSULTING SRVS DPFG 28,000 MONTHLY District Mgmt. - $2,000 monthly CONSTRUCTION ACCOUNTING DPFG 2,500 ANNUALLY Related to the 2016/2017 bond issuance PLANNING, COORDINATING & CONTRACT SERVICES 36,000 MONTHLY Consulting Service ADMINISTRATIVE SERVICES DPFG 3,600 MONTHLY general office expense BANK FEES BANK UNITED 225 MONTHLY Bank United MISCELLANEOUS 500 QUARTERLY AUDITING DEBARTELEMEO 2,400 ANNUALLY FY 2017 is $2,400 and FY 2018 is $2,500 SUPERVISOR TRAVEL PER DIEM 250 MONTHLY INSURANCE (LIABILITY, PROPERTY, CASUALTY, BRIDGE) EGIS 19,583 ANNUALLY REGULATORY AND PERMIT FEES Florida 175 ANNUALLY LEGAL ADVERTISEMENTS TAMPA BAY TIMES 1,200 ENGINEERING SERVICES STANTEC 6,500 RANDOM LEGAL SERVICES STRALEY & ROBIN 6,000 RANDOM PERFORMANCE &WARRANTY BOND PREMIUM 5, % OF BOND AMOUNT WEBSITE HOSTING ATLAS PROFESSIONAL 720 MONTHLY $60 per month EXPENDITURES DEBT ADMINISTRATION: DISSEMINATION AGENT PRAGER SEALY 6,000 ANNUAL TRUSTEE FEES US BANK 16,701 ANNUAL US BANK TRUST FUND ACCOUNTING DPFG 3,600 Maintain accounting for trust funds ARBITRAGE 2,000 $500 PER DEBT ISSUANCE, (2013 A1, A2, A3 and 2014) DEFICIT FUNDING BUDGET FY ,000 Page 4 of 22

30 FINANCIAL STATEMENT CATEGORY PHYSICAL ENVIRONMENT EXPENDITURES: SERVICE PROVIDER (VENDOR) STATEMENT 3 WATERLEAF UNITS PROPOSED FY 2018 CONTRACT SUMMARY ANNUAL AMOUNT OF CONTRACT PAYMENT SCHEDULE STREETPOLE LIGHTING TECO 50,400 MONTHLY COMMENTS (SCOPE OF SERVICE) Phase 1 (51 poles) Phase 2 (43 poles) Phase 3 (22 poles) Total poles = 116. ELECTRICITY (IRRIGATION & POND PUMPS) TECO 14,400 MONTHLY $1,200 mo - Electric utilities to maintain irrigaiton system & pond pumps WATER (PURCHASE FROM WELL) 24,000 MONTHLY Reclaimed and potable - $2,000 monthly LANDSCAPING BRIGHTVIEW 244,020 MONTHLY Brightview Contract for base service, annuals, pine straw, zoysia and pine strawoverseeding. Original contract is at $14,830 mo and additional is $3,005 monthly LANDSCAPE REPLINISHMENT BRIGHTVIEW 7,500 Replinish landscape materials outside of contract scope IRRIGATION MAINTENANCE BRIGHTVIEW 6,000 RANDOM Miscellaneous expenditures related to the repair of the irrigation system - Average $400 mo. POND MOWING GRANDVIEW - Goes to Brightview now MITIGATION MONITORING & MAINTEANCE HAMILTON ENGINEERING 3,240 QUARTERLY Mitigation Monitoring - $460 per quarterly site visit & $700 for semiannual monitoring PET WASTE REMOVAL POOP 911 2,232 MONTHLY Removal of Pet Waste - approximately $186 per month PAVEMENT REPAIRS 0 1,500 Miscellaneous as needed SIGNAGE 350 SECURITY MONITORING CIRTICAL INTERVENTION 3,600 CCTV Monitoring - $300 monthly SECURITY SHERIFF 11,000 Estimated at 6 hours per week at $34 per hour STORMWATER DRAIN & MAINTNANCE GENESIS 3,000 MONTHLY Monthly drain clean out, replacement of rock bags, and protection replacement. Average of $500 monthly POND MAINTENANCE AQUATIC SYSTEMS 26,544 MONTHLY Aquatic Weed Control - 11 ponds - $787 mo. Increasing in August 2018 to $810 mo. and botanical gardens is $850. Additional 5 sites to be added at $450 per month +$1,500 for misc. plantings, etc. NPDES GENISIS 2,500 MONTHLY (National Pollutant Discharge Elimination System) related to the stormwater system GATE MAINTENANCE MISC 2,000 RANDOM As needed SOLID WASTE DISPOSAL NA - MONTHLY MOVED TO AMENITY CENTER POND EROSION VARIOUS 2,500 RANDOM BASED ON NECESSARY EROSION CONTROL MEASURES FIELD MANAGER DPFG 7,252 AS NEEDED FIELD MAINTENANCE PERSONNEL AMENITY MANAGEMENT 3,000 FIELD SERVICE MANAGEMENT 5,000 FIELD TRAVEL EXPENSE DPFG 1,400 VARIES Travel expense for Field Manager SECURITY ACCESS CARDS & FOBS 3,500 HOLIDAY DECORATIONS 5,000 Page 5 of 22

31 FINANCIAL STATEMENT CATEGORY SERVICE PROVIDER (VENDOR) STATEMENT 3 WATERLEAF UNITS PROPOSED FY 2018 CONTRACT SUMMARY ANNUAL AMOUNT OF CONTRACT PAYMENT SCHEDULE COMMENTS (SCOPE OF SERVICE) CONTINGENCY MISC 1,500 Miscellaneous expenditures not accounted for in the above lines AMENITY CENTER OPERATIONS: POOL SERVICE CONTRACT H2 POOL SERVICES 13,200 MONTHLY $850 mo for 5x weekly & servicing water fountain 2x weekly - $250 POOL MAINTENANCE AND REPAIRS H2 POOL SERVICES 3,500 AS NEEDED As needed POOL PERMIT STATE OF FLORIDA 275 Required AMENITY CENTER PRESSURE WASH 3,000 Monthlypressure wash, $250 per month AMENITY CENTER CLEANING & MAINT H2 POOL SERVICES 2,700 Cleaning of clusbhouse faciltities - 3x weekly-$225 monthly. AMENITY CENTER INTERNET BRIGHTHOUSE 3,060 Internet and cable for gate house and amenity center AMENITY CENTER ELECTRICITY TECO 9,000 Electric Utility for clubhouse AMENITY CENTER WATER HILLSBOROUGH COUNTY 2,400 Amenity Center Water Averages $200 monthly AMENITY CENTER PEST CONTROL EARTH TECH 720 Pest control of amenity center - $60 monthly REFUSE SERVICE 2,000 Estimated from Waste Management LANDSCAPE MAINTENANCE 8,000 As needed MISC. AMENTIY CENTER REPAIRS & MAINT. AS NEEDED 2,500 As needed CONTINGENCY 1,000 As needed RESERVES 3,500 Page 6 of 22

32 STATEMENT 4 WATERLEAF CDD FY 2018 PROPOSED BUDGET CAPITAL IMPROVEMENT REVENUE BONDS SERIES 2013 A-1 BUDGET REVENUE SPECIAL ASSESSMENTS - ON-ROLL/OFF ROLL $ 242,052 CAPITAL INTEREST - INTEREST - INVESTMENT - FUND BALANCE FORWARD - LESS: DISCOUNT ASSESSMENTS (10,086) TOTAL REVENUE 231,967 EXPENDITURES COUNTY - ASSESSMENT COLLECTION FEES 10,086 INTEREST EXPENSE 05/01/18 95,625 11/01/18 94,500 PRINCIPAL RETIREMENT 05/01/18 30,000 TOTAL EXPENDITURES 230,211 EXCESS OF REVENUE OVER (UNDER) EXPENDITURES 1,760 FUND BALANCE - BEGINNING - FUND BALANCE - ENDING $ 1,760 Table 1. Allocation of Maximum Annual Debt Service (MADS) to Lots (Phase 1 and 2) Lot Width Units ERU Total ERU % ERU Annual Assmt Annual Assmt/Unit % 68, % 59,970 1, % 93,753 1,399 Total % 222,688 MADS Assmt. per ERU - net 1,000 MADS Assmt. per ERU - gross 1,086 Total revenue - gross 242,052 Page 7 of 22

33 STATEMENT 5 WATERLEAF CDD $2,630,000 CAPITAL IMPROVEMENT REVENUE BONDS, Series 2013A-1 DEBT SERVICE REQUIREMENT Bonds Outstandin g Period Ending Principal Coupon Interest Debt Service /(a) Annual Debt Service /(a) 8/28/2013 2,630,000 11/1/ % 34,519 34,519 34,519 2,630,000 5/1/ % 98,625 98,625 2,630,000 11/1/ % 98,625 98, ,250 2,630,000 5/1/ , % 98, ,625 2,605,000 11/1/ % 97,688 97, ,313 2,605,000 5/1/ , % 97, ,688 2,580,000 11/1/ % 96,750 96, ,438 2,580,000 5/1/ , % 96, ,750 2,550,000 11/1/ % 95,625 95, ,375 2,550,000 5/1/ , % 95, ,625 2,520,000 11/1/ % 94,500 94, ,125 2,520,000 5/1/ , % 94, ,500 2,485,000 11/1/ % 93,188 93, ,688 2,485,000 5/1/ , % 93, ,188 2,450,000 11/1/ % 91,875 91, ,063 2,450,000 5/1/ , % 91, ,875 2,410,000 11/1/ % 90,375 90, ,250 2,410,000 5/1/ , % 90, ,375 2,370,000 11/1/ % 88,875 88, ,250 2,370,000 5/1/ , % 88, ,875 2,325,000 11/1/ % 87,188 87, ,063 2,325,000 5/1/ , % 87, ,188 2,280,000 11/1/ % 85,500 85, ,688 2,280,000 5/1/ , % 85, ,500 2,230,000 11/1/ % 83,625 83, ,125 2,230,000 5/1/ , % 83, ,625 2,175,000 11/1/ % 81,563 81, ,188 2,175,000 5/1/ , % 81, ,563 2,115,000 11/1/ % 79,313 79, ,875 2,115,000 5/1/ , % 79, ,313 2,050,000 11/1/ % 76,875 76, ,188 2,050,000 5/1/ , % 76, ,875 1,980,000 11/1/ % 74,250 74, ,125 1,980,000 5/1/ , % 74, ,250 1,905,000 11/1/ % 71,438 71, ,688 1,905,000 5/1/ , % 71, ,438 1,825,000 Page 8 of 22

34 STATEMENT 5 WATERLEAF CDD $2,630,000 CAPITAL IMPROVEMENT REVENUE BONDS, Series 2013A-1 DEBT SERVICE REQUIREMENT Bonds Outstandin g Period Ending Principal Coupon Interest Debt Service /(a) Annual Debt Service /(a) 11/1/ % 68,438 68, ,875 1,825,000 5/1/ , % 68, ,438 1,740,000 11/1/ % 65,250 65, ,688 1,740,000 5/1/ , % 65, ,250 1,645,000 11/1/ % 61,688 61, ,938 1,645,000 5/1/ , % 61, ,688 1,545,000 11/1/ % 57,938 57, ,625 1,545,000 5/1/ , % 57, ,938 1,435,000 11/1/ % 53,813 53, ,750 1,435,000 5/1/ , % 53, ,813 1,320,000 11/1/ % 49,500 49, ,313 1,320,000 5/1/ , % 49, ,500 1,195,000 11/1/ % 44,813 44, ,313 1,195,000 5/1/ , % 44, ,813 1,060,000 11/1/ % 39,750 39, ,563 1,060,000 5/1/ , % 39, , ,000 11/1/ % 34,313 34, , ,000 5/1/ , % 34, , ,000 11/1/ % 28,500 28, , ,000 5/1/ , % 28, , ,000 11/1/ % 22,125 22, , ,000 5/1/ , % 22, , ,000 11/1/ % 15,188 15, , ,000 5/1/ , % 15, , ,000 11/1/ % 7,875 7, , ,000 5/1/ , % 7, ,875-11/1/ % ,875 - Total $ 2,630,000 $ 4,206,019 $ 6,836,019 $ 6,836,019 Footnote: Max annual ds: 222,688 (a) Data herein for the CDD's budgetary process purposes only. Page 9 of 22

35 STATEMENT 6 WATERLEAF CDD FY 2018 PROPOSED BUDGET CAPITAL IMPROVEMENT REVENUE BONDS SERIES 2013 A-2 REVENUE BUDGET SPECIAL ASSESSMENTS - OFF ROLL $ 10,123 CAPITALIZED INTEREST - INTEREST - INVESTMENT - FUND BALANCE FORWARD - LESS: DISCOUNT ASSESSMENTS (422) TOTAL REVENUE 9,701 EXPENDITURES COUNTY - ASSESSMENT COLLECTION FEES 422 INTEREST EXPENSE 05/01/18 2,063 11/01/18 1,875 PRINCIPAL RETIREMENT 05/01/18 5,000 TOTAL EXPENDITURES 9,359 EXCESS OF REVENUE OVER (UNDER) EXPENDITURES 340 FUND BALANCE - BEGINNING - FUND BALANCE - ENDING $ 340 Table 1. Allocation of Maximum Annual Debt Service (MADS) to Lots Annual Lot Width Units ERU Total ERU % ERU Annual Assmt Assmt/Unit % 2,884 1, % 2,508 1, % 3,921 1,877 Total % 9,313 $1,606 MADS Assmt. per ERU - net MADS Assmt. per ERU - gross Total revenue - gross 10, Page 10 of 22

36 STATEMENT 7 WATERLEAF CDD $3,470,000 CAPITAL IMPROVEMENT REVENUE BONDS, Series 2013A-2 DEBT SERVICE REQUIREMENT Period Ending Principal Coupon Interest Debt Service /(a) Annual Debt Service /(a) Bonds Outstanding 5/1/2017 5, % 2,250 7,250 55,000 11/1/ % 2,063 2,063 9,313 55,000 5/1/2018 5, % 2,063 7,063 50,000 11/1/ % 1,875 1,875 8,938 50,000 5/1/2019 5, % 1,875 6,875 45,000 11/1/ % 1,688 1,688 8,563 45,000 5/1/2020 5, % 1,688 6,688 40,000 11/1/ % 1,500 1,500 8,188 40,000 5/1/2021 5, % 1,500 6,500 35,000 11/1/ % 1,313 1,313 7,813 35,000 5/1/2022 5, % 1,313 6,313 30,000 11/1/ % 1,125 1,125 7,438 30,000 5/1/2023 5, % 1,125 6,125 25,000 11/1/ % ,063 25,000 5/1/2024 5, % 938 5,938 20,000 11/1/ % ,688 20,000 5/1/2025 5, % 750 5,750 15,000 11/1/ % ,313 15,000 5/1/2026 5, % 563 5,563 10,000 11/1/ % ,938 10,000 5/1/2027 5, % 375 5,375 5,000 11/1/ % ,563 5,000 5/1/2028 5, % 188 5,188-11/1/ % - - 5,188 - Total $ 60,000 $ 41,288 $ 101,288 $ 101,288 Footnote: Max annual ds: 9,313 (a) Data herein for the CDD's budgetary process purposes only. Page 11 of 22

37 STATEMENT 8 WATERLEAF CDD FY 2018 PROPOSED BUDGET CAPITAL IMPROVEMENT REVENUE BONDS SERIES 2013 A-3 BUDGET REVENUE SPECIAL ASSESSMENTS - ON/OFF ROLL (GROSS) 202,111 CAPITALIZED INTEREST - INTEREST - INVESTMENT - FUND BALANCE FORWARD - LESS: DISCOUNT ASSESSMENTS (8,421) TOTAL REVENUE 193,690 EXPENDITURES COUNTY - ASSESSMENT COLLECTION FEES 8,421 INTEREST EXPENSE 11/01/17-05/01/18 61,230 11/01/18 61,230 PRINCIPAL RETIREMENT 05/01/18 - TOTAL EXPENDITURES 130,881 EXCESS OF REVENUE OVER (UNDER) EXPENDITURES 62,810 FUND BALANCE - BEGINNING - FUND BALANCE - ENDING $ 62,810 Table 1. Allocation of Maximum Annual Debt Service (MADS) to Lots (Phase 3 and beyond) Lot Width Units ERU Total ERU % EDU Annual Assmt Annual Assmt/Unit % $50,131 $ % $68,360 $ % $67,449 $456 Total % $185,940 $456 MADS Assmt. per ERU - net MADS Assmt. per ERU - gross Total revenue - gross 202, Page 12 of 22

38 STATEMENT 9 WATERLEAF CDD $2,040,000 CAPITAL IMPROVEMENT REVENUE BONDS, Series 2013A-3 DEBT SERVICE REQUIREMENT Period Ending Principal Coupon Interest Debt Service /(a) Annual Debt Service /(a) Bonds Outstanding 11/1/ % 61,230 61, ,580 1,570,000 5/1/ % 61,230 61,230 1,570,000 11/1/ % 61,230 61, ,460 1,570,000 5/1/ , % 61,230 81,230 1,550,000 11/1/ % 60,450 60, ,680 1,550,000 5/1/ , % 60,450 80,450 1,530,000 11/1/ % 59,670 59, ,120 1,530,000 5/1/ , % 59,670 84,670 1,505,000 11/1/ % 58,695 58, ,365 1,505,000 5/1/ , % 58,695 83,695 1,480,000 11/1/ % 57,720 57, ,415 1,480,000 5/1/ , % 57,720 82,720 1,455,000 11/1/ % 56,745 56, ,465 1,455,000 5/1/ , % 56,745 81,745 1,430,000 11/1/ % 55,770 55, ,515 1,430,000 5/1/ , % 55,770 85,770 1,400,000 11/1/ % 54,600 54, ,370 1,400,000 5/1/ , % 54,600 89,600 1,365,000 11/1/ % 53,235 53, ,835 1,365,000 5/1/ , % 53,235 88,235 1,330,000 11/1/ % 51,870 51, ,105 1,330,000 5/1/ , % 51,870 86,870 1,295,000 11/1/ % 50,505 50, ,375 1,295,000 5/1/ , % 50,505 90,505 1,255,000 11/1/ % 48,945 48, ,450 1,255,000 5/1/ , % 48,945 93,945 1,210,000 11/1/ % 47,190 47, ,135 1,210,000 5/1/ , % 47,190 92,190 1,165,000 11/1/ % 45,435 45, ,625 1,165,000 5/1/ , % 45,435 95,435 1,115,000 11/1/ % 43,485 43, ,920 1,115,000 5/1/ , % 43,485 98,485 1,060,000 11/1/ % 41,340 41, ,825 1,060,000 5/1/ , % 41, ,340 1,000,000 11/1/ % 39,000 39, ,340 1,000,000 5/1/ , % 39, , ,000 11/1/ % 36,270 36, , ,000 5/1/ , % 36, , ,000 11/1/ % 33,345 33, , ,000 5/1/ , % 33, , ,000 11/1/ % 30,420 30, , ,000 5/1/ , % 30, , ,000 11/1/ % 27,105 27, , ,000 5/1/ , % 27, , ,000 11/1/ % 23,400 23, , ,000 5/1/ , % 23, , ,000 11/1/ % 19,500 19, , ,000 5/1/ , % 19, , ,000 11/1/ % 15,210 15, , ,000 5/1/ , % 15, , ,000 11/1/ % 10,530 10, , ,000 5/1/ , % 10, , ,000 11/1/ % 5,460 5, , ,000 5/1/ , % 5, ,460-11/1/ % ,460 - Total $ 1,570,000 $ 2,749,871 $ 4,319,871 $ 4,319,871 Footnote: Max annual ds: 145,990 (a) Data herein for the CDD's budgetary process purposes only. Page 13 of 22

39 STATEMENT 10 WATERLEAF CDD FY 2018 PROPOSED BUDGET $2,715,000 CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2014 BUDGET REVENUE SPECIAL ASSESSMENTS - ON/OFF ROLL (GROSS) $215,820 CAPITALIZED INTEREST - INTEREST - INVESTMENT - FUND BALANCE FORWARD - LESS: DISCOUNT ASSESSMENTS (8,993) TOTAL REVENUE 206,828 EXPENDITURES COUNTY - ASSESSMENT COLLECTION FEES 8,993 INTEREST EXPENSE 05/01/18 76,489 11/01/18 75,319 PRINCIPAL RETIREMENT 05/01/18 40,000 TOTAL EXPENDITURES 200,800 EXCESS OF REVENUE OVER (UNDER) EXPENDITURES 6,030 FUND BALANCE - BEGINNING - FUND BALANCE - ENDING $ 6,030 Table 1. Allocation of Maximum Annual Debt Service (MADS) to Lots (Phase Annual 3 and beyond) Annual Lot Width Units ERU Total ERU % EDU Assmt Assmt/Unit % $143,571 $1, % $54,984 $1,222 Total % 198,555 MADS Assmt. per ERU - net 1, MADS Assmt. per ERU - gross 1, Total revenue - gross 215, Page 14 of 22

40 STATEMENT 11 WATERLEAF CDD $2,715,000 CAPITAL IMPROVEMENT REVENUE BONDS, Series 2014A DEBT SERVICE REQUIREMENT Period Ending Principal Coupon Interest Debt Service /(a) Annual Debt Service /(a) Bonds Outstanding 10/15/2014 2,715,000 5/1/ , % 86, , ,473 2,690,000 11/1/ % 78,683 78,683 2,690,000 5/1/ , % 78, , ,365 2,655,000 11/1/ % 77,659 77,659 2,655,000 5/1/ , % 77, , ,318 2,615,000 11/1/ % 76,489 76,489 2,615,000 5/1/ , % 76, , ,978 2,575,000 11/1/ % 75,319 75,319 2,575,000 5/1/ , % 75, , ,638 2,530,000 11/1/ % 74,003 74,003 2,530,000 5/1/ , % 74, , ,005 2,485,000 11/1/ % 72,686 72,686 2,485,000 5/1/ , % 72, , ,373 2,435,000 11/1/ % 71,224 71,224 2,435,000 5/1/ , % 71, , ,448 2,385,000 11/1/ % 69,761 69,761 2,385,000 5/1/ , % 69, , ,523 2,330,000 11/1/ % 68,153 68,153 2,330,000 5/1/ , % 68, , ,305 2,270,000 11/1/ % 66,398 66,398 2,270,000 5/1/ , % 66, , ,795 2,210,000 11/1/ % 64,643 64,643 2,210,000 5/1/ , % 64, , ,285 2,145,000 11/1/ % 62,741 62,741 2,145,000 5/1/ , % 62, , ,483 2,075,000 11/1/ % 60,694 60,694 2,075,000 5/1/ , % 60, , ,388 2,000,000 11/1/ % 58,500 58,500 2,000,000 5/1/ , % 58, , ,000 1,920,000 11/1/ % 56,160 56,160 1,920,000 5/1/ , % 56, , ,320 1,835,000 11/1/ % 53,674 53,674 1,835,000 5/1/ , % 53, , ,348 1,750,000 11/1/ % 51,188 51,188 1,750,000 5/1/ , % 51, , ,375 1,655,000 11/1/ % 48,409 48,409 1,655,000 5/1/ , % 48, , ,818 1,555,000 11/1/ % 45,484 45,484 1,555,000 5/1/ , % 45, , ,968 1,450,000 Page 15 of 22

41 STATEMENT 11 WATERLEAF CDD $2,715,000 CAPITAL IMPROVEMENT REVENUE BONDS, Series 2014A DEBT SERVICE REQUIREMENT Period Ending Principal Coupon Interest Debt Service /(a) Annual Debt Service /(a) Bonds Outstanding 11/1/ % 42,413 42,413 1,450,000 5/1/ , % 42, , ,825 1,340,000 11/1/ % 39,195 39,195 1,340,000 5/1/ , % 39, , ,390 1,225,000 11/1/ % 35,831 35,831 1,225,000 5/1/ , % 35, , ,663 1,100,000 11/1/ % 32,175 32,175 1,100,000 5/1/ , % 32, , , ,000 11/1/ % 28,373 28, ,000 5/1/ , % 28, , , ,000 11/1/ % 24,278 24, ,000 5/1/ , % 24, , , ,000 11/1/ % 19,890 19, ,000 5/1/ , % 19, , , ,000 11/1/ % 15,356 15, ,000 5/1/ , % 15, , , ,000 11/1/ % 10,530 10, ,000 5/1/ , % 10, , , ,000 11/1/ % 5,411 5, ,000 5/1/ , % 5, , ,823-11/1/ % Total $ 2,715,000 $ 3,057,103 $ 5,772,103 $ 5,772,103 Footnote: Max annual ds: 198,555 (a) Data herein for the CDD's budgetary process purposes only. Page 16 of 22

42 STATEMENT 12 WATERLEAF CDD FY 2018 PROPOSED BUDGET $2,080,000 CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2016A-1 BUDGET REVENUE SPECIAL ASSESSMENTS - ON/OFF ROLL (GROSS) $154,429 CAPITALIZED INTEREST - INTEREST - INVESTMENT - FUND BALANCE FORWARD 300 LESS: DISCOUNT ASSESSMENTS (6,435) TOTAL REVENUE 148,295 EXPENDITURES COUNTY - ASSESSMENT COLLECTION FEES 6,435 INTEREST EXPENSE 05/01/18 53,781 11/01/18 53,081 PRINCIPAL RETIREMENT 05/01/18 35,000 TOTAL EXPENDITURES 148,297 EXCESS OF REVENUE OVER (UNDER) EXPENDITURES - FUND BALANCE - BEGINNING - FUND BALANCE - ENDING $ - Table 1. Allocation of Maximum Annual Debt Service (MADS) to Lots (Phase Annual 3 and beyond) Annual Lot Width Units ERU Total ERU % EDU Assmt Assmt/Unit % $45,560 $1, % $96,515 $1,399 Total % 142,075 MADS Assmt. per ERU - net MADS Assmt. per ERU - gross 1, Total revenue - gross 154, Page 17 of 22

43 STATEMENT 13 WATERLEAF CDD $2,080,000 CAPITAL IMPROVEMENT REVENUE BONDS, Series 2016A-1 DEBT SERVICE REQUIREMENT Period Ending Principal Coupon Interest Debt Service /(a) Annual Debt Service /(a) Bonds Outstanding 6/30/2016 2,080,000 11/1/ ,556 36,556 36,556 2,080,000 5/1/ , % 54,381 84,381 2,050,000 11/1/ % 53,781 53, ,163 2,050,000 5/1/ , % 53,781 88,781 2,015,000 11/1/ % 53,081 53, ,863 2,015,000 5/1/ , % 53,081 88,081 1,980,000 11/1/ % 52,381 52, ,463 1,980,000 5/1/ , % 52,381 87,381 1,945,000 11/1/ % 51,681 51, ,063 1,945,000 5/1/ , % 51,681 86,681 1,910,000 11/1/ % 50,981 50, ,663 1,910,000 5/1/ , % 50,981 90,981 1,870,000 11/1/ % 50,056 50, ,038 1,870,000 5/1/ , % 50,056 90,056 1,830,000 11/1/ % 49,131 49, ,188 1,830,000 5/1/ , % 49,131 89,131 1,790,000 11/1/ % 48,206 48, ,338 1,790,000 5/1/ , % 48,206 93,206 1,745,000 11/1/ % 47,166 47, ,372 1,745,000 5/1/ , % 47,166 92,166 1,700,000 11/1/ % 46,125 46, ,291 1,700,000 5/1/ , % 46,125 96,125 1,650,000 11/1/ % 44,800 44, ,925 1,650,000 5/1/ , % 44,800 94,800 1,600,000 11/1/ % 43,475 43, ,275 1,600,000 5/1/ , % 43,475 98,475 1,545,000 11/1/ % 42,018 42, ,493 1,545,000 5/1/ , % 42,018 97,018 1,490,000 11/1/ % 40,560 40, ,578 1,490,000 5/1/ , % 40, ,560 1,430,000 11/1/ % 38,970 38, ,530 1,430,000 5/1/ , % 38, ,970 1,365,000 11/1/ % 37,248 37, ,218 1,365,000 5/1/ , % 37, ,248 1,300,000 11/1/ % 35,525 35, ,773 1,300,000 5/1/ , % 35, ,525 1,230,000 Page 18 of 22

44 STATEMENT 13 WATERLEAF CDD $2,080,000 CAPITAL IMPROVEMENT REVENUE BONDS, Series 2016A-1 DEBT SERVICE REQUIREMENT Period Ending Principal Coupon Interest Debt Service /(a) Annual Debt Service /(a) Bonds Outstanding 11/1/ % 33,670 33, ,195 1,230,000 5/1/ , % 33, ,670 1,155,000 11/1/ % 31,683 31, ,353 1,155,000 5/1/ , % 31, ,683 1,075,000 11/1/ % 29,563 29, ,245 1,075,000 5/1/ , % 29, , ,000 11/1/ % 27,225 27, , ,000 5/1/ , % 27, , ,000 11/1/ % 24,888 24, , ,000 5/1/ , % 24, , ,000 11/1/ % 22,413 22, , ,000 5/1/ , % 22, , ,000 11/1/ % 19,663 19, , ,000 5/1/ , % 19, , ,000 11/1/ % 16,775 16, , ,000 5/1/ , % 16, , ,000 11/1/ % 13,750 13, , ,000 5/1/ , % 13, , ,000 11/1/ % 10,588 10, , ,000 5/1/ , % 10, , ,000 11/1/ % 7,288 7, , ,000 5/1/ , % 7, , ,000 11/1/ % 3,713 3, , ,000 5/1/ , % 3, ,713-11/1/ % ,713 - Total $ 2,080,000 $ 2,143,739 $ 4,223,739 $ 4,223,739 Footnote: Max annual ds: 142,075 (a) Data herein for the CDD's budgetary process purposes only. Page 19 of 22

45 STATEMENT 14 WATERLEAF CDD FY 2018 PROPOSED BUDGET $1,710,000 CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2016A-2 BUDGET REVENUE SPECIAL ASSESSMENTS - ON/OFF ROLL (GROSS) $132,445 CAPITALIZED INTEREST - INTEREST - INVESTMENT - FUND BALANCE FORWARD - LESS: DISCOUNT ASSESSMENTS (5,519) TOTAL REVENUE 126,927 EXPENDITURES COUNTY - ASSESSMENT COLLECTION FEES 5,519 INTEREST EXPENSE 05/01/18 47,025 11/01/18 47,025 PRINCIPAL RETIREMENT 05/01/18 - TOTAL EXPENDITURES 99,569 EXCESS OF REVENUE OVER (UNDER) EXPENDITURES 27,360 FUND BALANCE - BEGINNING - FUND BALANCE - ENDING $ 27,360 Table 1. Allocation of Maximum Annual Debt Service (MADS) to Lots Lot Width Units ERU Total ERU % EDU Annual Assmt Annual Assmt/Unit % $16,135 $ % $43,370 $1, % $62,345 Total % 121,850 MADS Assmt. per ERU - net MADS Assmt. per ERU - gross Total revenue - gross 132, Page 20 of 22

46 STATEMENT 15 WATERLEAF CDD $1,710,000 CAPITAL IMPROVEMENT REVENUE BONDS, Series 2016A-1 DEBT SERVICE REQUIREMENT Period Ending Principal Coupon Interest Debt Service /(a) Annual Debt Service /(a) Bonds Outstanding 6/30/2016 1,710,000 11/1/ ,611 31,611 31,611 1,710,000 5/1/ ,025 47,025 1,710,000 11/1/ ,025 47,025 94,050 1,710,000 5/1/ ,025 47,025 1,710,000 11/1/ ,025 47,025 94,050 1,710,000 5/1/ , % 47,025 72,025 1,685,000 11/1/ % 46,338 46, ,363 1,685,000 5/1/ , % 46,338 76,338 1,655,000 11/1/ % 45,513 45, ,850 1,655,000 5/1/ , % 45,513 75,513 1,625,000 11/1/ % 44,688 44, ,200 1,625,000 5/1/ , % 44,688 74,688 1,595,000 11/1/ % 43,863 43, ,550 1,595,000 5/1/ , % 43,863 73,863 1,565,000 11/1/ % 43,038 43, ,900 1,565,000 5/1/ , % 43,038 78,038 1,530,000 11/1/ % 42,075 42, ,113 1,530,000 5/1/ , % 42,075 77,075 1,495,000 11/1/ % 41,113 41, ,188 1,495,000 5/1/ , % 41,113 81,113 1,455,000 11/1/ % 40,013 40, ,125 1,455,000 5/1/ , % 40,013 80,013 1,415,000 11/1/ % 38,913 38, ,925 1,415,000 5/1/ , % 38,913 83,913 1,370,000 11/1/ % 37,675 37, ,588 1,370,000 5/1/ , % 37,675 82,675 1,325,000 11/1/ % 36,438 36, ,113 1,325,000 5/1/ , % 36,438 86,438 1,275,000 11/1/ % 35,063 35, ,500 1,275,000 5/1/ , % 35,063 85,063 1,225,000 11/1/ % 33,688 33, ,750 1,225,000 5/1/ , % 33,688 88,688 1,170,000 11/1/ % 32,175 32, ,863 1,170,000 5/1/ , % 32,175 87,175 1,115,000 11/1/ % 30,663 30, ,838 1,115,000 5/1/ , % 30,663 90,663 1,055,000 11/1/ % 29,013 29, ,675 1,055,000 Page 21 of 22

47 STATEMENT 15 WATERLEAF CDD $1,710,000 CAPITAL IMPROVEMENT REVENUE BONDS, Series 2016A-1 DEBT SERVICE REQUIREMENT Period Ending Principal Coupon Interest Debt Service /(a) Annual Debt Service /(a) Bonds Outstanding 5/1/ , % 29,013 94, ,000 11/1/ % 27,225 27, , ,000 5/1/ , % 27,225 92, ,000 11/1/ % 25,438 25, , ,000 5/1/ , % 25,438 95, ,000 11/1/ % 23,513 23, , ,000 5/1/ , % 23,513 98, ,000 11/1/ % 21,450 21, , ,000 5/1/ , % 21, , ,000 11/1/ % 19,250 19, , ,000 5/1/ , % 19, , ,000 11/1/ % 16,913 16, , ,000 5/1/ , % 16, , ,000 11/1/ % 14,438 14, , ,000 5/1/ , % 14, , ,000 11/1/ % 11,825 11, , ,000 5/1/ , % 11, , ,000 11/1/ % 9,075 9, , ,000 5/1/ , % 9, , ,000 11/1/ % 6,188 6, , ,000 5/1/ , % 6, , ,000 11/1/ % 3,163 3, , ,000 5/1/ , % 3, ,163-11/1/ ,163 - Total $ 1,710,000 $ 1,864,211 $ 3,574,211 $ 3,574,211 Footnote: Max annual ds: 121,850 (a) Data herein for the CDD's budgetary process purposes only. Page 22 of 22

48 EXHIBIT 4

49 RESOLUTION THE ANNUAL APPROPRIATION RESOLUTION OF THE WATERLEAF COMMUNITY DEVELOPMENT DISTRICT ( DISTRICT ) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2017, AND ENDING SEPTEMBER 30, 2018 APPROVING A BUDGET FUNDING AGREEMENT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the District Manager has, prior to the fifteenth (15 th ) day in June, 2017, submitted to the Board of Supervisors ( Board ) a proposed budget for the next ensuing budget year along with an explanatory and complete financial plan for each fund of the District, pursuant to the provisions of Section (2)(a), Florida Statutes; and WHEREAS, at least sixty (60) days prior to the adoption of the proposed annual budget ( Proposed Budget ), the District filed a copy of the Proposed Budget with the local governing authorities having jurisdiction over the area included in the District pursuant to the provisions of Section (2)(b), Florida Statutes; and WHEREAS, the Board set August 8, 2017, as the date for a public hearing thereon and caused notice of such public hearing to be given by publication pursuant to Section (2)(a), Florida Statutes; and WHEREAS, the District Manager posted the Proposed Budget on the District s website at least two days before the public hearing; and WHEREAS, Section (2)(a), Florida Statutes, requires that, prior to October 1, of each year, the District Board by passage of the Annual Appropriation Resolution shall adopt a budget for the ensuing fiscal year and appropriate such sums of money as the Board deems necessary to defray all expenditures of the District during the ensuing fiscal year; and WHEREAS, the District Manager has prepared a Proposed Budget, whereby the budget shall project the cash receipts and disbursements anticipated during a given time period, including reserves for contingencies for emergency or other unanticipated expenditures during the fiscal year; and WHEREAS, in order for the Developer to fund a portion of the Budget, the Board desires to approve a form of the Budget Funding Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE WATERLEAF COMMUNITY DEVELOPMENT DISTRICT: Section 1. Budget a. That the Board of Supervisors has reviewed the District Manager s Proposed Budget, a copy of which is on file with the office of the District Manager and at the District s Records Office, and hereby approves certain amendments thereto, as shown in Section 2 below. { DOC/} 1

50 b. That the Proposed Budget, attached hereto as Exhibit A, as amended by the Board, is hereby adopted in accordance with the provisions of Section (2)(a), Florida Statutes, and incorporated herein by reference; provided, however, that the comparative figures contained in the adopted budget may be subsequently revised as deemed necessary by the District Manager to reflect actual revenues and expenditures for fiscal year 2016/2017 and/or revised projections for fiscal year 2017/2018. c. That the adopted budget, as amended, shall be maintained in the office of the District Manager and at the District s Records Office and identified as the Budget for the Waterleaf Community Development District for the Fiscal Year Beginning October 1, 2017, and Ending September 30, 2018, as adopted by the Board of Supervisors on August 8, d. The final adopted budget shall be posted by the District Manager on the District s official website within thirty (30) days after adoption. Section 2. Appropriations There is hereby appropriated out of the revenues of the District, for the fiscal year beginning October 1, 2017, and ending September 30, 2018, the sum of $ to be raised by the levy of assessments and otherwise, which sum is deemed by the Board to be necessary to defray all expenditures of the District during said budget year, to be divided and appropriated in the following fashion: TOTAL GENERAL FUND $ TOTAL DEBT SERVICE FUNDS $ TOTAL ALL FUNDS $ * *Not inclusive of any collection costs. Section 3. Budget Amendments Pursuant to Section , Florida Statutes, the District at any time within the fiscal year or within 60 days following the end of the fiscal year may amend its budget for that fiscal year as follows: a. The Board may authorize an increase or decrease in line item appropriations within a fund by motion recorded in the minutes if the total appropriations of the fund do not increase. b. The District Manager or Treasurer may authorize an increase or decrease in line item appropriations within a fund if the total appropriations of the fund do not increase and if the aggregate change in the original appropriation item does not exceed $10,000 or 10% of the original appropriation. { DOC/} 2

51 c. By resolution, the Board may increase any appropriation item and/or fund to reflect receipt of any additional unbudgeted monies and make the corresponding change to appropriations or the unappropriated balance. d. Any other budget amendments shall be adopted by resolution and consistent with Florida law. The District Manager or Treasurer must establish administrative procedures to ensure that any budget amendments are in compliance with this Section 3 and Section of the Florida Statutes, among other applicable laws. Among other procedures, the District Manager or Treasurer must ensure that any amendments to budget(s) under subparagraphs c. and d. above are posted on the District s website within 5 days after adoption. Section 4. Effective Date. This Resolution shall take effect immediately upon adoption. Section 5. Budget Funding Agreement The form of the Budget Funding Agreement, attached as Exhibit B hereto, is hereby approved in order to fund the Developer s portion of the budget for Fiscal Year 2017/2018. Section 6. Effective Date. This Resolution shall take effect upon the passage and adoption of this Resolution by the Board of Supervisors of the Waterleaf Community Development District. PASSED AND ADOPTED THIS 8TH DAY OF AUGUST, ATTEST: WATERLEAF COMMUNITY DEVELOPMENT DISTRICT By: Name: Assistant Secretary By: Michael Lawson Chair of the Board of Supervisors Exhibit A: Exhibit B: 2017/2018 Budget Budget Funding Agreement { DOC/} 3

52 EXHIBIT 5

53 RESOLUTION A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE WATERLEAF COMMUNITY DEVELOPMENT DISTRICT IMPOSING SPECIAL ASSESSMENTS; PROVIDING FOR COLLECTION AND ENFORCEMENT OF SPECIAL ASSESSMENTS; ADOPTING AND CERTIFYING AN ASSESSMENT ROLL; PROVIDING FOR AMENDMENT OF THE ASSESSMENT ROLL; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Waterleaf Community Development District ( District ) is a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes for the purpose of providing, operating and maintaining infrastructure improvements, facilities and services to the lands within the District; and WHEREAS, the District is located in Hillsborough County, Florida ( County ); and WHEREAS, the District owns and operates various infrastructure improvements and provides certain services in accordance with Chapter 190, Florida Statutes; and WHEREAS, the Board of Supervisors ( Board ) of the District hereby determines to undertake various operations and maintenance activities described in the District s budget for fiscal year 2017/2018 ( Budget ), attached hereto as Exhibit A and incorporated as a material part of this Resolution by this reference; and WHEREAS, the District must obtain sufficient funds to provide for the operation and maintenance services and facilities provided by the District as described in the District s Budget; and WHEREAS, the provision of such services, facilities, and operations is a benefit to lands within the District; and WHEREAS, Chapter 190, Florida Statutes, provides that the District may impose special assessments on benefitted lands within the District; and WHEREAS, Chapter 197, Florida Statutes, provides a mechanism pursuant to which such special assessments may be placed on the County Tax Roll and collected by the County Tax Collector ( Uniform Method ); and WHEREAS, the District has, by resolution and public notice, previously evidenced its intention to utilize the Uniform Method; and WHEREAS, the District has approved an agreement with the County Property Appraiser and County Tax Collector to provide for the collection of special assessments under the Uniform Method; and { DOC/} 1

54 WHEREAS, it is in the best interests of the District to proceed with the imposition of the special assessments on all assessable lands for operations and maintenance in the amount contained in the Budget; and WHEREAS, the District desires to levy and collect special assessments reflecting each parcel s portion of the District s Budget; and WHEREAS, it is in the best interests of the District to adopt the Assessment Roll of the District ( Assessment Roll ) attached to this Resolution as Exhibit B and incorporated as a material part of this Resolution by this reference, and to certify a portion of the Assessment Roll on the parcels designated in Exhibit B to the County Tax Collector pursuant to the Uniform Method and to directly collect a portion of the assessments on the parcels designated in Exhibit B through the direct collection method pursuant to Chapter 190, Florida Statutes; and WHEREAS, it is in the best interests of the District to permit the District Manager to amend the Assessment Roll adopted herein, including that portion certified to the County Tax Collector by this Resolution, as the County Property Appraiser updates the property roll, for such time as authorized by Florida law. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE WATERLEAF COMMUNITY DEVELOPMENT DISTRICT: SECTION 1. BENEFIT. The provision of the services, facilities and operations as described in Exhibit A confer a special and peculiar benefit to the lands within the District, which benefits exceed or equal the costs of the assessments. The allocation of the costs to the specially benefited lands is shown in Exhibits A and B. SECTION 2. ASSESSMENT IMPOSITION. Pursuant to Chapter 190 of the Florida Statutes, and using procedures authorized by Florida law for the levy and collection of special assessments, a special assessment for operation and maintenance is hereby imposed and levied on benefited lands within the District in accordance with Exhibits A and B. The lien of the special assessments for operations and maintenance imposed and levied by this Resolution shall be effective upon passage of this Resolution. SECTION 3. COLLECTION AND DUE DATE. A. Uniform Method Assessments. The collection of the previously levied debt service assessments and operation and maintenance special assessments on a portion of the platted lots and developed lands shall be at the same time and in the same manner as County taxes in accordance with the Uniform Method, as set forth in Exhibits A and B. B. Direct Bill Assessments. The annual installment for the previously levied debt service assessments, and the annual operations and maintenance assessments, on a portion of the undeveloped and unplatted lands will be collected directly by the District in accordance with Florida law, as set forth in Exhibits A and B. Assessments directly collected by the { DOC/} 2

55 District are due in full on December 1, 2017; provided, however, that, to the extent permitted by law, the assessments due may be paid in several partial, deferred payments and according to the following schedule: 50% due no later than December 1, 2017, 25% due no later than February 1, 2018 and 25% due no later than May 1, In the event that an assessment payment is not made in accordance with the schedule stated above, the whole assessment including any remaining partial, deferred payments for Fiscal Year 2017/2018, as well as any future installments of special assessments securing debt service shall immediately become due and payable; shall accrue interest, penalties in the amount of one percent (1%) per month, and all costs of collection and enforcement; and shall either be enforced pursuant to a foreclosure action, or, at the District s sole discretion, collected pursuant to the Uniform Method on a future tax bill, which amount may include penalties, interest, and costs of collection and enforcement. Any prejudgment interest on delinquent assessments shall accrue at the applicable rate of any bonds or other debt instruments secured by the special assessments, or, in the case of operations and maintenance assessments, at the applicable statutory prejudgment interest rate. In the event an assessment subject to direct collection by the District shall be delinquent, the District Manager and District Counsel, without further authorization by the Board, may initiate foreclosure proceedings pursuant to Chapter 170 of the Florida Statutes or other applicable law to collect and enforce the whole assessment, as set forth herein. C. Future Collection Methods. The decision to collect special assessments by any particular method e.g., on the tax roll or by direct bill does not mean that such method will be used to collect special assessments in future years, and the District reserves the right in its sole discretion to select collection methods in any given year, regardless of past practices. The District certifies all assessments for debt service and operations and maintenance for collection pursuant to Chapters 190 and 197, Florida Statutes. All assessments collected by the County Tax Collector shall be due and payable as provided in Chapter 197, Florida Statutes. SECTION 4. ASSESSMENT ROLL. The District's Assessment Roll, attached to this Resolution as Exhibit B, is hereby certified and adopted. SECTION 5. ASSESSMENT ROLL AMENDMENT. The District Manager shall keep apprised of all updates made to the property roll by the County Property Appraiser after the date of this Resolution, and shall amend the District s Assessment Roll in accordance with any such updates, for such time as authorized by Florida law. After any amendment of the Assessment Roll, the District Manager shall file the updates to the tax roll in the District records. SECTION 6. SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof. SECTION 7. EFFECTIVE DATE. This Resolution shall take effect upon the passage and adoption of this Resolution by the Board of Supervisors of the Waterleaf Community Development District. { DOC/} 3

56 PASSED AND ADOPTED THIS 8TH DAY OF AUGUST, ATTEST: WATERLEAF COMMUNITY DEVELOPMENT DISTRICT By: Name: Assistant Secretary By: Michael Lawson Chair of the Board of Supervisors Exhibit A Fiscal Year 2017/2018 Budget Exhibit B District Assessment Lien Roll Assessment Roll (Uniform Method) Assessment Roll (Direct Collect) { DOC/} 4

57 Exhibit 6

58 Budget Funding Agreement Fiscal Year 2017/2018 This Agreement is made and entered into this 8th day of August, 2017, by and between the Waterleaf Community Development District, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, and located in Hillsborough County, Florida (hereinafter "District"), and Waterleaf, LLC, a Florida limited liability company (hereinafter "Developer"). Recitals WHEREAS, the District is a local unit of special-purpose government established pursuant to Chapter 190, Florida Statues and located in Hillsborough County, Florida, (the "County") for the purpose of planning, financing, constructing, operating and/or maintaining certain infrastructure ; and WHEREAS, the District, pursuant to Chapter 190, Florida Statutes, is authorized to levy such taxes, special assessments, fees and other charges as may be necessary in furtherance of the District's activities and services; and WHEREAS, Developer presently owns real property within the District, which property will benefit from the timely construction and acquisition of the District' s facilities, activities and services and from the continued operations of the District; and WHEREAS, the District is adopting its general fund budget for the Fiscal Year 2017/2018, which year commences on October 1, 2017 and concludes on September 30, 2018; and WHEREAS, the District will need a funding mechanism to enable it to proceed with its operations and services during Fiscal Year 2017/2018 as described in Exhibit A attached hereto; and WHEREAS, the Developer desires to provide such funds, as are necessary, to the District to proceed with its operations and services for Fiscal Year 2017/2018, as described in Exhibit A, and as may be amended from time to time by the District. NOW, THEREFORE, based upon good and valuable consideration and the mutual covenants of the parties, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. The Developer agrees to make available to the District the monies necessary for the operation of the District as called for in the budget attached hereto as Exhibit A, as may be amended from time to time, within thirty (30) days of written request by the District. The funds shall be placed in the District s general checking account. These payments are made by the Developer in lieu of taxes, fees, or assessments which might otherwise be levied or imposed by the District. { RTF/} Page 1 of 3

59 2. The parties hereto recognize that a portion of the aforereferenced operating expenses may be required in support of the District s effort to implement its capital improvements program which are to be financed in the form of note(s), bond(s) or future developer advances and as such may be considered to be reimbursable expenses. The District agrees that upon the issuance of its note(s) or bonds(s) that there will be included an amount sufficient to reimburse the Developer for a portion of the advances made pursuant to this agreement and such reimbursement will be made within thirty (30) days of receiving the proceeds of the note(s) or bond(s). The advances made pursuant to this agreement and reimbursement of same will not include any interest charge since it is anticipated that the District will proceed in a timely fashion to obtain its note(s) or bond(s). 3. This instrument shall constitute the final and complete expression of the agreement between the parties relating to the subject matter of this Agreement. Amendment to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both of the parties hereto. 4. The execution of this Agreement has been duly authorized by the appropriate body or official of all parties hereto, each party has complied with all the requirements of law, and each party has full power and authority to comply with the terms and provisions of this instrument. 5. This Agreement may be assigned, in whole or in part by either party only upon the written consent of the other. Any purported assignment without such written consent shall be void. 6. A default by either party under this Agreement shall entitle the other to all remedies available at law or in equity, which shall include, but not be limited to, the right of damages and specifically including the ability of the District to enforce any and all payment obligations under this Agreement through the imposition and enforcement of a contractual or other lien on property owned by the Developer. 7. In the event that either party is required to enforce this Agreement by court proceedings or otherwise, then the parties agree that the prevailing party shall be entitled to recover from the other all costs incurred, including reasonable attorneys' fees and costs for, trial alternative dispute resolution, or appellate proceedings. 8. This Agreement is solely for the benefit of the formal parties herein and no right or cause of action shall accrue upon or by reason hereof, to or for the benefit of any third party not a formal party hereto. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Agreement or any provisions or conditions hereof; and all of the provisions, representations, covenants and conditions herein contained shall inure to the sole benefit of and shall be binding upon the parties hereto and their respective representatives, successors and assigns. { RTF/} Page 2 of 3

60 9. This Agreement and the provisions contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida. 10. This Agreement has been negotiated fully between the parties as an arm's length transaction. The parties participated fully in the preparation of this Agreement with the assistance of their respective counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, the parties are each deemed to have drafted, chosen and selected the language, and the doubtful language will not be interpreted or construed against any party. 11. The Agreement shall be effective after execution by both parties hereto. IN WITNESS WHEREOF, the parties execute this agreement the day and year first written above. Attest: Waterleaf Community Development District Secretary/Assistant Secretary By: Michael Lawson Chair of the Board of Supervisors Waterleaf LLC a Florida limited liability company Witness By: Waterleaf Sub, LLC a Delaware limited liability company as its Managing Member Witness By: John Ryan Manager Exhibit A Fiscal Year 2017/2018 General Fund Budget { RTF/} Page 3 of 3

61 EXHIBIT 7

62 Consideration; $10.00 Documentary Stamp Tax: $0.70 Prepared by and when recorded return to: Vivek K. Babbar Straley Robin Vericker 1510 W. Cleveland Street Tampa, Florida SPECIAL WARRANTY DEED THIS SPECIAL WARRANTY DEED is made as of the day of July, 2017, by Waterleaf, LLC, a Florida limited liability company ( Grantor ), whose address is 2502 N. Rocky Point Drive, Suite 1050 Tampa, FL 33607, in favor of the Waterleaf Community Development District, a unit of special purpose local government organized and existing under Chapter 190, Florida Statutes ( Grantee ), whose address is Amberly Drive, Suite 175. Tampa, FL WITNESSETH, that Grantor, for and in consideration of the sum of Ten and 00/100 Dollars ($10.00), and other valuable consideration, lawful money of the United States of America, to it in hand paid by Grantee, the receipt whereof is hereby acknowledged, has granted, bargained, sold and conveyed to Grantee, its successors and assigns forever, all of the following described land in Hillsborough County, Florida ("Property"): Tracts A, B, C, D, and E, of Waterleaf Phase 4A-1 according to the plat thereof, as recorded in Plat Book 128, Page 272, of the public records of Hillsborough County, Florida; and TOGETHER, with all appurtenances thereunto appertaining, and all fixtures and improvements located thereon. TO HAVE AND TO HOLD, the same in fee simple forever. Subject to and except for (a) governmental requirements and restrictions, and (b) easements, covenants, conditions, restrictions and other matters of record, Grantor warrants that Grantor is seized of the Property in fee simple; the Property is free from all monetary encumbrances made by Grantor; and Grantor will warrant and defend title to the Property against the lawful claims and demands of all persons claiming by, through or under Grantor, but not against the claims of any others. THIS IS A CONVEYANCE OF PROPERTY TO THE COMMUNITY DEVELOPMENT DISTRICT. NO CONSIDERATION HAS BEEN DELIVERED FOR THIS TRANSFER; THEREFORE, ONLY MINIMUM DOCUMENTARY STAMP TAXES ARE DUE. { DOC/}

63 IN WITNESS WHEREOF, Grantor has executed this Deed as of the date first above written. Signed, Sealed and Delivered in the Presence of: Waterleaf, LLC a Florida limited liability company (Witness 1 Signature) By: Waterleaf Sub, LLC, a Delaware limited liability company as its Managing Member (Witness 1 Printed Name) By: John Ryan Manager (Witness 2 Signature) (Witness 2 Printed Name) STATE OF FLORIDA COUNTY OF HILLSBOROUGH The foregoing instrument was acknowledged before me this day of July, 2017, by John Ryan as Manager of Waterleaf Sub, LLC, as Managing Member of Waterleaf, LLC, on behalf of the company. He is personally known to me. NOTARY PUBLIC, STATE OF FLORIDA (Print, Type, or Stamp Commissioned Name of Notary Public) { DOC/} Page 2 of 2

64 EXHIBIT 8

65 Waterleaf CDD Waterway Inspection Report Reason for Inspection: Routine Scheduled - Monthly Inspection Date: 7/17/2017 Prepared for: Mr. Paul Cusmano, District Manager DPFG Amberly Drive, Suite #175 Tampa, Florida Prepared by: Virginia Tillman, Assistant Account Representative/Biologist Aquatic Systems, Inc. Sun City Field Office Corporate Headquarters 2100 N.W. 33 rd Street, Pompano Beach, FL

66 7/17/ Site looks good Pond #4 looks good. Minor Primrose and shoreline weeds were present in the south side of the pond, both of which were treated during our routine visit on 7/13. 5 Treatment in progress Minor Filamentous Algae and shoreline weeds were observed along the perimeter of Pond #5, both of which were treated during our routine visit on 7/13.

67 7/17/ Treatment in progress Pond #8 has improved following our routine maintenance! The minor Filamentous Algae was targeted during our routine visit on 7/ Site looks good Pond #10 looks great! The native Gulf Spikerush will continue to be promoted and fill in naturally along the perimeter.

68 7/17/ Normal growth observed Minor Filamentous Algae, Primrose and shoreline weeds were observed along the perimeter of Pond #13. The grasses were treated during our routine visit on 7/13 and the Algae will be targeted during our upcoming routine visits. 16 Pond #16 looks great! Site looks good

69 7/17/ Site looks good Overall, Pond #17 looks great! The minor terrestrial grasses were treated during our routine visit on 7/ Pond #18 looks fantastic! Site looks good

70 7/17/ Treatment in progress Overall, Pond #19 looks great! The minor shoreline weeds and Primrose were targeted during our routine visit on 7/ Site looks good Pond #20 looks great! The water level was elevated due to recent rainfall.

71 Waterleaf CDD Waterway Inspection Report 7/17/2017 Management Summary Overall, the ponds within Waterleaf CDD continue to look great. Pond #8 has improved following our routine maintenance! The following 10 ponds were visually assessed during today's inspection: Ponds #4, #5, #8, #10, #13, #16, #17, #18, #19 and #20 respectively. Algae thrives in environments that are rich in Nitrogen and Phosphorus. Under natural conditions, Algal growth is restricted because these two nutrients are generally in limited supply. But when runoff carries these excess nutrients into a pond, or when heavy rainfall causes additional runoff, an increase in Algal growth may occur. Due to the naturally occurring Phosphorus in the underlying soils and the warmer weather, Algal growth is elevated during this time of the year. Ponds #5, #8 and #13 were observed to have minor Algal growth. The minor Bottom to Surface Filamentous Algae on Ponds #5 and #8 were targeted during our routine visit on 7/13 and the minor growth on Pond #13 will be treated during our upcoming routine visits. Positive results should be seen within 7-10 days following treatment. Invasive vegetation was observed along the shoreline of Ponds #4, #5, #13 and #19. The minor Torpedograss, Alligatorweed and Pennywort on each of the ponds were treated during our routine visit on 7/13. Positive results should be seen within days following treatment. Terrestrial vegetation was present within Ponds #4, #13 and #19. The minor Primrose in Ponds #4 and #13; the minor terrestrial grasses on Pond #17; and the minor Primrose in Pond #19 were all treated during our routine visit on 7/13. The new ponds that were recently added to contract were visually assessed today, including: Ponds #16, #17, #18, #19 and #20. Overall, these ponds were in good condition during today's inspection, however the water quality within the ponds was observed to be turbid. Turbidity is defined as the cloudiness or haziness of a fluid caused by suspended solids throughout the water column. Construction can disturb the soil and can lead to raised levels of sediment which runs off into the storm water retention ponds. High turbidity levels can reduce the amount of light reaching lower depths in bodies of water like rivers, lakes and reservoirs, which inhibits growth of some forms of aquatic plants and can negatively affect species that are dependent on them by reducing the dissolved oxygen levels. Usually turbidity will subside on its own following the completion of the surrounding construction. ASI will continue to monitor each of the ponds during our routine visits. Recommendations/Action Items - Routine Maintenance. - Continue to monitor all ponds for Algal growth and target on contact. - Target the minor Filamentous Algae on Pond #13. - Continue to treat all sites for invasive vegetation during our routine visits. - Monitor the grasses in Ponds #4, #5, #13, #17 and #19 for results following treatment. - Continue to monitor the turbidity within Ponds #16, #17, #18, #19 and #20. THANK YOU FOR CHOOSING ASI! Aquatic Systems, Inc

72 Waterleaf CDD Waterway Inspection Report 7/17/2017 Aquatic Systems, Inc

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