FIDDLER'S CREEK COMMUNITY DEVELOPMENT DISTRICT #2 ADOPTED BUDGET FISCAL YEAR 2017 UPDATED AUGUST 17, 2016

Transcription

1 ADOPTED BUDGET FISCAL YEAR 2017 UPDATED AUGUST 17, 2016

2 TABLE OF CONTENTS Description General Fund Definitions of General Fund Expenditures Debt Service Fund - Series 2003 A/B Bonds Debt Service - Series 2003 A-2 Bonds - Debt Service Schedules Debt Service Fund - Series 2004 Bonds Debt Service - Series 2004 Bonds - Debt Service Schedules Debt Service Fund - Series Bonds (exchanged Series 2004) Debt Service - Series Bonds - Debt Service Schedules Debt Service Fund - Series 2005 Bonds Debt Service - Series 2005 Bonds - Amortization Schedule Debt Service Fund - Series Bonds (exchanged Series 2005) Debt Service - Series Bonds - Debt Service Schedules Debt Service Fund - Series Bonds (exchanged Series 2005) Debt Service - Series Bonds - Debt Service Schedules Debt Service Fund - Series Bonds (exchanged Series 2005) Debt Service - Series Bonds - Debt Service Schedules Debt Service Fund - Series 2015A-1 Bonds Debt Service - Series 2015A-1 Bonds - Debt Service Schedules Debt Service Fund - Series 2015A-2 Bonds Debt Service - Series 2015A-2 Bonds - Debt Service Schedules Debt Service Fund - Series 2015B Bonds Debt Service - Series 2015B Bonds - Debt Service Schedules Fiscal Year Assessments Page Number(s)

3 GENERAL FUND BUDGET FISCAL YEAR 2017 Fiscal Year 2017 Adopted FY 2016 Actual 3/31/16 Projected 9/30/16 Total Revenue & Expenditures Proposed FY 2017 REVENUES Assessment levy - gross $ 1,787,146 $ 1,946,096 Allowable discounts (4%) (71,486) (77,844) Assessment levy - net 1,715,660 $ 1,575,307 $ 140,353 $ 1,715,660 1,868,252 Assessment levy: off-roll 259, , , , ,256 Interest 7,500 57,983 5,000 62,983 7,500 Total revenues 1,982,934 1,763, ,240 2,038,417 2,419,009 EXPENDITURES Professional & administration Supervisors' fees 12,275 6,244 6,031 12,275 12,275 Management 84,662 42,331 42,331 84,662 84,662 Assessment roll preparation 22,500 22,500-22,500 22,500 Audit 12,000 5,600 6,400 12,000 12,000 Legal - general 15,000 11,899 3,101 15,000 15,000 Legal - litigation 50, ,285 50, , ,000 Engineering 15,000 8,465 6,535 15,000 15,000 Engineering - FC parkway traffic light - 3,964 5,000 8,964 - Telephone Postage 2,000 1, ,000 2,000 Insurance 9,245 4,450 4,795 9,245 9,707 Printing and binding Legal advertising 2,000 8,300 2,000 10,300 2,000 Office supplies and expenses Annual district filing fee Trustee 25,500 10,500 15,000 25,500 25,500 Arbitrage rebate calculation 8,000-8,000 8,000 8,000 Contingency 25, ,440 25,000 25,000 Total professional & Administration 284, , , , ,436 Field management Field management services 11,424 5,712 5,712 11,424 11,424 Total field management 11,424 5,712 5,712 11,424 11,424 Water management Other contractual 77,607 17,907 59,700 77,607 69,645 Fountains 132,500 59,175 73, , ,500 Total water management 210,107 77, , , ,145 Street lighting services Contractual services 7,500-7,500 7,500 10,000 Electricity 12,500 7,264 5,236 12,500 25,000 Miscellaneous 1,000-1,000 1,000 1,000 Total street lighting 21,000 7,264 13,736 21,000 36,000 1

4 GENERAL FUND BUDGET FISCAL YEAR 2017 Adopted FY 2016 Fiscal Year 2017 Actual 3/31/16 Projected 9/30/16 Total Revenue & Expenditures Proposed FY 2017 Landscaping services Other contractual 670, , , ,000 1,109,000 Improvements and renovations 75,000 16,833 58,167 75,000 75,000 Contingencies 5,000-5,000 5,000 5,000 Total landscaping services 750, , , ,000 1,189,000 Access control services Contractual services 240,157 97, , , ,148 Rental and leases 15,297 2,679 12,618 15,297 16,775 Fuel 6,316 1,962 4,354 6,316 5,628 Repair & maintenance - parts 2,961 1,314 1,647 2,961 3,247 Repair & maintenance - gate house 9,869 5,894 3,975 9,869 10,822 Insurance 4,282 3,268-3,268 3,896 Operating supplies 17,764 12,938 4,826 17,764 19,480 Capital Outlay 7,895 6, ,658 Total access control services 304, , , , ,654 Roadway services Contractual services (street cleaning) 10, ,000 2,850 5,000 Roadway maintenance 55,000 58,152 5,000 63,152 75,000 Captial Outlay - traffic signal - 1,697-1,697 - Total roadway services 65,000 60,699 7,000 67,699 80,000 Irrigation supply services Controller repairs and maintenance 4, ,000 Supply system 86,848 30,118 56,730 86,848 95,237 Total irrigation supply services 90,848 30,226 57,480 87,706 97,237 Other fees and charges Property appraiser 26,807-26,807 26,807 29,191 Tax collector 35,743 31,505 4,238 35,743 38,922 Total other fees and charges 62,550 31,505 31,045 62,550 68,113 Total expenditures 1,800, , ,131 1,913,632 2,419,009 Excess/(deficiency) of revenues over/(under) expenditures 182, ,445 (704,891) 124,785 - Fund balance - beginning (unaudited) 163, , , , ,759 Fund balance - ending (projected) $ 345,710 $ 935,419 $ 230,528 $ 236,759 $ 236,759 Assessment Summary ERU's FY 16 Assessment FY17 Assessment Total Revenue On-Roll: other ,596 1,738 1,946,096 On-Roll: Developer 0 1,596 1,738 - Off-Roll: Developer 338 1,476 1, ,

5 DEFINITIONS OF GENERAL FUND EXPENDITURES EXPENDITURES Professional & administration Supervisors' fees $ 12,275 Statutory set at $200 (plus applicable taxes) for each meeting of the Board of Supervisors not to exceed $4,800 for each fiscal year. The District anticipates meeting 12 times. Management 84,662 Wrathell, Hunt and Associates, LLC specializes in managing community development districts in the State of Florida by combining the knowledge, skills and experiences of a team of professionals to ensure compliance with all governmental requirements of the District, develop financing programs, administer the issuance of tax exempt bond financings, and finally operate and maintain the assets of the community. Assessment roll preparation 22,500 Includes preparing, maintaining and transmitting the annual lien roll with annual special assessment amounts for capital and operating and maintenance assessments. Pursuant to an agreement with the District, AJC Associates, Inc., currently provides this service. Audit 12,000 The District is required to annually undertake an independent examination of its books, records and accounting procedures. This audit is conducted pursuant to Florida State Law and the Rules of the Auditor General. Legal - general 15,000 Woodward, Pires & Lombardo, P.A., provides on-going general counsel and legal representation. These lawyers are confronted with issues relating to public finance, public bidding, rulemaking, open meetings, public records, real property dedications, conveyances and contracts. In this capacity, they provide service as "local government lawyers," realizing that this type of local government is very limited in its scope - providing infrastructure and services to development. Legal - litigation 150,000 Tobin Reyes P.A, provides Special Counsel services to the CDD and is expected to continue to represent the CDD in its participation in a case against the former trustee for mis use of certain CDD trust estate funds and the Interpleader case involving the 2003 A and B Bonds.. Engineering 15,000 Hole Montes, Inc., provides a broad array of engineering, consulting and construction services to the Districts, which assists in crafting solutions with sustainability for the long term interest of the community - recognizing the needs of government, the environment and maintenance of the District's facilities. Telephone 272 Telephone and fax machine. Postage 2,000 Mailing of agenda packages, overnight deliveries, correspondence, etc. Insurance 9,707 The District carries public officials liability and general liability insurance. The limit of liability for this coverage is set at $1,000,000 for general liability ($2,000,000 general aggregate) and $1,000,000 for public officials liability limit. Printing and binding 595 Letterhead, envelopes, copies, etc. Legal advertising 2,000 The District advertises in the Naples Daily News for monthly meetings, special meetings, public hearings, bidding, etc. 3

6 DEFINITIONS OF GENERAL FUND EXPENDITURES EXPENDITURES (continued) Office supplies and expenses 750 Accounting and administrative supplies. Annual district filing fee 175 Annual fee paid to the Florida Department of Community Affairs. Trustee 25,500 Annual fee paid to Wilmington Trust for the services provided as trustee, paying agent and registrar. Arbitrage rebate calculation 8,000 To ensure the District's compliance with tax regulations, annual computations are necessary to calculate the arbitrage rebate liability. Contingency 25,000 Miscellaneous, unforeseen costs incurred out the year. Field management Field management services 11,424 The field manager is responsible for the day-to-day field operations. These responsibilities include preparing and bidding of services and commodities, contract administration, hiring and maintaining qualified personnel, preparation and implementation of operating schedules and policies, ensuring compliance with operating permits, preparing field budgets, being a resource regarding District programs and attending Board meetings. Water management Other contractual 69,645 The District has a contract with Lakemasters Aquatic Weed Control, Inc, for monthly service within the lake and wetland areas. Also the District will continue to participate in the financial cost of maintaing the 310 acre Belle Meade Preserve. This expense will be shared with CDD #1 at the same cost sharing ratio as used for Access Control and Irrigation Supply Services. Lake Maint. 48,000 Belle Meade 21,645 Total 69,645 Fountains 137,500 These expenditures are for the decorative fountains at the entrance to Veneta, Aviamar and the newly installed fountains at Oyster Harbor. Utilities (Electric/Water) 80,000 Maintenance 50,000 Insurance 7,500 4

7 DEFINITIONS OF GENERAL FUND EXPENDITURES EXPENDITURES (continued) Street lighting services Contractual services 10,000 The District utilizes a licensed electrician for street light, signage and landscape lighting repairs. Electricity 25,000 The District is charged on a monthly basis per street light for electric service. Miscellaneous 1,000 Covers an unforeseen costs. Landscaping services Other contractual 1,109,000 This District contracts with an outside company to maintain the District common areas and right-of-ways. The District anticipates additional areas to come on line during the upcoming fiscal year within the Oyster Harbor neighborhood. The contract provides for equipment, labor and materials. Costs also include mulching, tree-trimming and on-call services. Maintenance contract 934,000 Mulch 75,000 Tree trimming 100,000 Improvements and renovations 75,000 Provides for the replacement and renovation of landscape material and irrigation systems. Contingencies 5,000 Covers any unforeseen costs. Access control services Contractual services 276,148 The District maintains a security contract with Fiddler's Creek Foundation, which provides labor and certain equipment for the access control services of the District at the Foundations actual costs. The projected scheduled hours are 25,376 annually for 24/7 service at the main gate, to include an extra guard 4 hours a day, 5 days a week from December 15th thru April 30th and roving patrol and 12/6 service at the Championship and Sandpiper Drive Gate. This category also covers the cost of hiring an off-duty sheriff's deputy twice a week during season and twice a month outside of season for traffic enforcement and patrolling. This program cost will be shared with Fiddler's Creek Community Development District #1 based upon the number of units. Rentals and leases 16,775 Includes the lease of a trailer to serve as a temporary guardhouse at Sandpiper/US 41. Also includes the annual maintenance agreement covering various access control equipment including keypad, access base, mega-arm etc. Security System 3,571 Temp Guardhouse Maintenance Agreement Patrol Vehicle 1,948 5,195 6,061 Fuel 5,628 This category covers the fuel costs for the vehicles utilized by the Department. The decrease, as compared to the prior year, is due to decrease of fuel prices. Repairs and Maintenance - Parts 3,247 This category covers the maintenance costs for the vehicles utilized by the Department. 5

8 DEFINITIONS OF GENERAL FUND EXPENDITURES EXPENDITURES (continued) Repairs and maintenance - gatehouse 10,822 This category covers the maintenance costs for the gatehouses. Insurance 3,896 This category covers the cost of insurance for the above mentioned vehicle and gatehouses. Operating supplies 19,480 Costs associated with miscellaneous supplies used during daily activities of the department. Includes office supplies, daily passes and the inclusion of transmitters for new residents. Also includes contract with ADT for security alarm monitoring in the Championship Drive guard house; fee is $ quarterly. Capital Outlay 8,658 The Districts installed enhanced camera systems at each of the community entry gates in fiscal year For fiscal year 2016 the Districts anticipate supplementing the newly installed system. Summary of Expenditures for Access Control Units Fiddler's Creek #1 1,910 57% Fiddler's Creek #2 1,458 43% Total 3, % Fiddler's #1 Fiddler's #2 Total Contractual Services 361, , ,905 Rentals and Leases 21,975 16,775 38,750 Fuel 7,372 5,628 13,000 Repairs and Maintenance - Parts 4,253 3,247 7,500 Repairs and Maintenance - Gatehouse 14,178 10,822 25,000 Insurance 5,104 3,896 9,000 Operating Supplies 25,520 19,480 45,000 Capital Outlay 11,342 8,658 20,000 Total 451, , ,155 Roadway services Contractual services (street cleaning) 5,000 The District utilizes the services of a sub-contractor for street sweeping, once a month. Roadway maintenance 75,000 This category covers the costs associated with minor repairs of the road, roadway signage and sidewalks as well as pressure washing all CDD owned sidewalks and curbs/gutters. Irrigation supply services Controller repairs and maintenance 2,000 The District maintains its common areas and right of ways irrigation controllers which includes electricity and occassional repairs and updates.. 6

9 DEFINITIONS OF GENERAL FUND EXPENDITURES EXPENDITURES (continued) Supply system 95,237 The District will maintain the community's irrigation pumping facility. This includes the well pumps, irrigation supply pumps and providing for secondary potable water supply in the event of an emergency. These costs are shared with Fiddler's Creek CDD #1 based upon units. The cost-sharing percentages are as follows: Units Fiddler's Creek #1 Fiddler's Creek #2 Total Summary of Expenditures for Supply System 1,910 57% 1,458 43% 3, % Fiddler's #1 Fiddler's #2 Total Electricity 42,533 32,467 75,000 Repairs and Maintenance 45,368 34,632 80,000 Contractual 34,026 25,974 60,000 Insurance 2,836 2,164 5,000 Total 124,763 95, ,000 Other fees and charges Property appraiser The property appraiser charges 1.5% of the assessment levy. Tax collector The tax collector charges 2% of the assessment levy. Total expenditures 29,191 38,922 $ 2,419,009 7

10 DEBT SERVICE FUND BUDGET - SERIES 2003 A/B BONDS FISCAL YEAR 2017 Fiscal Year 2017 Adopted FY 2016 Actual 3/31/16 Projected 9/30/16 Total Revenue & Expenditures Proposed FY 2017 REVENUES Assessment levy: on-roll - gross* $ 2,173,187 $ 2,099,787 Allowable discounts (4%) (86,927) (83,991) Assessment levy: on-roll - net 2,086,260 $ 1,905,251 $ 181,009 $ 2,086,260 2,015,796 Assessment levy: off-roll 1,902,400-1,902,400 1,902,400 1,902,400 Assessment prepayments - 622, , ,974 - Special assessments - direct bill - 5,076-5,076 - Interest Total revenues 3,988,660 2,533,768 2,237,594 4,771,362 3,918,196 EXPENDITURES Debt service Principal A-1 555, , ,000 - Principal A ,000 Principal B 1,644,243-1,644,243 1,644,243 1,644,243 Interest A 1,441,903-1,441,903 1,441,903 1,326,956 Interest B 258, , , ,157 Total debt service 3,899,303-3,899,303 3,899,303 3,809,356 Other fees & charges Property appraiser 32,598-32,598 32,598 31,497 Tax collector 43,464 38,103 5,361 43,464 41,996 Total other fees & charges 76,062 38,103 37,959 76,062 73,493 Total expenditures 3,975,365 38,103 3,937,262 3,975,365 3,882,849 Excess/(deficiency) of revenues over/(under) expenditures 13,295 2,495,665 (1,699,668) 795,997 35,347 Beginning fund balance (unaudited) 5,462,428 6,627,355 11,618,685 6,627,355 8,219,349 Ending fund balance (projected) $ 5,489,018 $ 11,618,685 $ 8,219,349 $ 8,219,349 8,290,043 Use of fund balance Amount reserved for Series A prepayments (89,556) Amount reserved for Series B prepayments (3,029,705) Debt service reserve A account balance (required) (1,892,450) Debt service reserve B account balance (required) (421,549) Interest A-2 On-roll expense - November 1, 2017 (644,991) Projected fund balance surplus/(deficit) as of September 30, 2017 $ 2,211,792 *Maximum annual debt service is being collected on all assessed properties. Notes: 1. The FY 2017 noted above does not include Series 2003A revenues or expenditures related to the additional amounts that were added per court order to the properties subject to the bankruptcy proceedings; however, these additional amounts have been accounted for by the Assessment Roll Coordinator and will be reflected in the District's financial statements when the monies are received at each closing. 2. The FY 2017 does not include adjustments for unauthorized trustee expenditures from the trust accounts. 8

11 Fiddler's Creek # 2 Community Development District Special Assessment Revenue Bonds, Series 2003 On-roll A-2 Debt Service Schedule Date Principal Coupon Interest Total P+I 11/01/ , , /01/ , % 663, ,243, /01/ , , /01/ , % 644, ,264, /01/ , , /01/ , % 625, ,285, /01/ , , /01/ , % 604, ,309, /01/ , , /01/ , % 581, ,331, /01/ , , /01/ , % 557, ,357, /01/ , , /01/ , % 532, ,382, /01/ , , /01/ , % 505, ,415, /01/ , , /01/ , % 476, ,446, /01/ , , /01/2026 1,030, % 445, ,475, /01/ , , /01/2027 1,100, % 412, ,512, /01/ , , /01/2028 1,170, % 377, ,547, /01/ , , /01/2029 1,250, % 340, ,590, /01/ , , /01/2030 1,330, % 300, ,630, /01/ , , /01/2031 1,420, % 257, ,677, /01/ , , /01/2032 1,510, % 212, ,722, /01/ , , /01/2033 1,610, % 164, ,774, /01/ , , /01/2034 1,720, % 113, ,833, /01/ , , /01/2035 1,830, % 58, ,888, Total $20,815, $15,746, $36,561,

12 DEBT SERVICE FUND BUDGET - SERIES 2004 BONDS FISCAL YEAR 2017 Fiscal Year 2017 Adopted FY 2016 Actual 3/31/16 Projected 9/30/16 Total Revenue & Expenditures Proposed FY 2017 REVENUES Assessment levy: on-roll - gross $ 327,600 $ 288,400 Allowable discounts (4%) (13,104) (11,536) Assessment levy: on-roll - net 314,496 $ 284,347 $ 30,149 $ 314, ,864 Assessment prepayments - 348, ,474 - Interest Total revenues 314, ,856 30, , ,864 EXPENDITURES Debt service Principal 70,000-70,000 70,000 65,000 Principal prepayment , ,000 - Interest 232, , , , ,788 Total debt service 302, , , , ,788 Other fees & charges Property appraiser 4,914-4,914 4,914 4,326 Tax collector 6,552 5, ,552 5,768 Total other fees & charges 11,466 5,686 5,780 11,466 10,094 Total expenditures 314, , , , ,882 Excess/(deficiency) of revenues over/(under) expenditures ,914 (560,852) (48,938) 2,982 Net change in fund balances ,914 (560,852) (48,938) 2,982 Beginning fund balance (unaudited) 1,075, , , , ,270 Ending fund balance (projected) $ 1,076,258 $ 860,122 $ 299,270 $ 299, ,252 Use of fund balance Debt service reserve account balance (required) (50,000) Interest expense - On-roll - November 1, 2017 (97,200) Projected fund balance surplus/(deficit) as of September 30, 2017 $ 155,052 10

13 Fiddler's Creek # 2 Community Development District Series 2004 Remaining Debt Service Schedule Date Principal Coupon Interest Total P+I 11/01/ , , /01/ , % 99, , /01/ , , /01/ , % 97, , /01/ , , /01/ , % 94, , /01/ , , /01/ , % 92, , /01/ , , /01/ , % 89, , /01/ , , /01/ , % 86, , /01/ , , /01/ , % 83, , /01/ , , /01/ , % 80, , /01/ , , /01/ , % 76, , /01/ , , /01/ , % 73, , /01/ , , /01/ , % 69, , /01/ , , /01/ , % 64, , /01/ , , /01/ , % 59, , /01/ , , /01/ , % 54, , /01/ , , /01/ , % 49, , /01/ , , /01/ , % 43, , /01/ , , /01/ , % 37, , /01/ , , /01/ , % 31, , /01/ , , /01/ , % 24, , /01/ , , /01/ , % 16, ,

14 DEBT SERVICE FUND BUDGET - SERIES (Exchanged Series 2004) FISCAL YEAR 2017 Fiscal Year 2017 Adopted FY 2016 Actual 3/31/16 Projected 9/30/16 Total Revenue & Expenditures Proposed FY 2017 REVENUES Assessment levy: on-roll - gross $ 85,022 $ 66,200 Allowable discounts (4%) (3,401) (2,648) Assessment levy: on-roll - net 81,621 $ 74,850 $ 6,771 $ 81,621 63,552 Assessment levy: off-roll 723, , , , ,578 Assessment prepayments - 197, ,178 - Special assessments - on-roll - 6,757-6,757 - Interest Total revenues & proceeds 805, , ,451 1,009, ,130 EXPENDITURES Debt service Principal 185, , , ,000 Principal prepayment - 395, , ,000 - Interest 617, , , , ,138 Total debt service & cost of issuance 802, , ,063 1,397, ,138 Other fees & charges Property appraiser 1,275-1,275 1, Tax collector 1,700 1, ,700 1,324 Total other fees & charges 2,975 1,496 1,479 2,975 2,317 Total expenditures 805, , ,542 1,400, ,455 Excess/(deficiency) of revenues over/(under) expenditures 1 (139,785) (251,091) (390,876) 5,675 Beginning fund balance (unaudited) 4, , , ,912 25,036 Ending fund balance (projected) $ 4,801 $ 276,127 $ 25,036 $ 25,036 30,711 Use of fund balance: Debt service reserve account balance - Interest expense - November 1, 2017 (282,656) Projected fund balance surplus/(deficit) as of September 30, 2017 $ (251,945) 12

15 Fiddler's Creek # 2 Community Development District Special Assessment Bonds, Series Debt Service Schedule Date Principal Coupon Interest Total P+I 11/01/ , , /01/ , % 289, , /01/ , , /01/ , % 282, , /01/ , , /01/ , % 275, , /01/ , , /01/ , % 268, , /01/ , , /01/ , % 260, , /01/ , , /01/ , % 251, , /01/ , , /01/ , % 242, , /01/ , , /01/ , % 233, , /01/ , , /01/ , % 222, , /01/ , , /01/ , % 211, , /01/ , , /01/ , % 199, , /01/ , , /01/ , % 187, , /01/ , , /01/ , % 173, , /01/ , , /01/ , % 159, , /01/ , , /01/ , % 143, , /01/ , , /01/ , % 127, , /01/ , , /01/ , % 109, , /01/ , , /01/ , % 90, , /01/ , , /01/ , % 70, , /01/ , , /01/ , % 48, , /01/ , , /01/ , % 24, , Total 8,565, ,746, ,311,

16 DEBT SERVICE FUND BUDGET - SERIES 2005 BONDS FISCAL YEAR 2017 Fiscal Year 2017 Adopted FY 2016 Actual 3/31/16 Projected 9/30/16 Total Revenue & Expenditures Proposed FY 2017 REVENUES Assessment levy: on-roll - gross $ 239,876 $ 239,876 Allowable discounts (4%) (9,595) (9,595) Assessment levy: on-roll - net 230,281 $ 211,646 $ 18,635 $ 230, ,281 Interest income Total revenues 230, ,654 18, , ,281 EXPENDITURES Debt service Principal - On-roll 55,000-55,000 55,000 60,000 Interest - On-roll 158,100 79,050 79, , ,800 Total debt service 213,100 79, , , ,800 Other fees & charges Property appraiser 3,598-3,598 3,598 3,598 Tax collector 4,798 4, ,798 4,798 Total other fees & charges 8,396 4,232 4,164 8,396 8,396 Total expenditures 221,496 83, , , ,196 Excess/(deficiency) of revenues over/(under) expenditures 8, ,372 (119,579) 8,793 7,085 Beginning fund balance (unaudited) 585, , , , ,135 Ending fund balance (projected) $ 594,126 $ 296,714 $ 177,135 $ 177, ,220 Use of fund balance Debt service reserve account balance (required) (50,000) Interest expense - On-roll - November 1, 2017 (75,600) Projected fund balance surplus/(deficit) as of September 30, 2017 $ 58,620 14

17 Fiddler's Creek # 2 Community Development District Series 2005 Remaining Debt Service Schedule Date Principal Coupon Interest Total P+I 11/01/ , , /01/ , % 77, , /01/ , , /01/ , % 75, , /01/ , , /01/ , % 73, , /01/ , , /01/ , % 71, , /01/ , , /01/ , % 69, , /01/ , , /01/ , % 67, , /01/ , , /01/ , % 65, , /01/ , , /01/ , % 62, , /01/ , , /01/ , % 59, , /01/ , , /01/ , % 57, , /01/ , , /01/ , % 54, , /01/ , , /01/ , % 50, , /01/ , , /01/ , % 47, , /01/ , , /01/ , % 43, , /01/ , , /01/ , % 40, , /01/ , , /01/ , % 36, , /01/ , , /01/ , % 31, , /01/ , , /01/ , % 27, , /01/ , , /01/ , % 22, , /01/ , , /01/ , % 17, , /01/ , , /01/ , % 12, , /01/ , , /01/ , % 6, , Total $2,580, $2,140, $4,720,

18 DEBT SERVICE FUND BUDGET - SERIES (Exchanged Series 2005) FISCAL YEAR 2017 Fiscal Year 2017 Adopted FY 2016 Actual 3/31/16 Projected 9/30/16 Total Revenue & Expenditures Proposed FY 2017 REVENUES Assessment levy: off-roll $ 1,281,300 $ 475,649 $ 805,651 $ 1,281,300 $ 1,281,500 Interest Total revenues 1,281, , ,652 1,281,302 1,281,500 EXPENDITURES Debt service Principal 330, , , ,000 Interest 951, , , , ,500 Total expenditures 1,281, , ,650 1,281,300 1,281,500 Excess/(deficiency) of revenues over/(under) expenditures Beginning fund balance (unaudited) Ending fund balance (projected) $ - $ 1 $ 2 $ 3 7 Use of fund balance: Debt service reserve account balance - Interest expense - November 1, 2017 (455,250) Projected fund balance surplus/(deficit) as of September 30, 2017 $ (455,243) 16

19 Fiddler's Creek # 2 Community Development District Special Assessment Bonds, Series Debt Service Schedule Date Principal Coupon Interest Total P+I 11/01/ , , /01/ , % 465, , /01/ , , /01/ , % 455, , /01/ , , /01/ , % 444, , /01/ , , /01/ , % 432, , /01/ , , /01/ , % 419, , /01/ , , /01/ , % 406, , /01/ , , /01/ , % 392, , /01/ , , /01/ , % 377, , /01/ , , /01/ , % 361, , /01/ , , /01/ , % 344, , /01/ , , /01/ , % 326, , /01/ , , /01/ , % 307, , /01/ , , /01/ , % 286, ,006, /01/ , , /01/ , % 265, ,030, /01/ , , /01/ , % 242, ,052, /01/ , , /01/ , % 217, ,077, /01/ , , /01/ , % 192, ,107, /01/ , , /01/ , % 164, ,134, /01/ , , /01/2035 1,030, % 135, ,165, /01/ , , /01/2036 1,095, % 104, ,199, /01/ , , /01/2037 1,160, % 71, ,231, /01/ , , /01/2038 1,235, % 37, ,272, Total $15,525, $12,898, $28,423,

20 DEBT SERVICE FUND BUDGET - SERIES (Exchanged Series 2005) FISCAL YEAR 2017 Fiscal Year 2017 Adopted FY 2016 Actual 3/31/16 Projected 9/30/16 Total Revenue & Expenditures Proposed FY 2017 REVENUES Assessment levy: on-roll - gross $ 284,154 $ - Allowable discounts (4%) (11,366) - Assessment levy: on-roll - net 272,788 $ 250,362 $ 22,426 $ 272,788 - Assessment levy: off-roll 1,018, , ,419 1,018, ,600 Interest Total revenues 1,291, , ,920 1,291, ,600 EXPENDITURES Debt service Principal 330, , , ,000 Interest 951, , , , ,600 Total debt service 1,281, , , , ,600 Other fees & charges Cost of Issuance Underwriter's Discount Bondholder contribution - (100,000) Property appraiser 4, Tax collector 5,683 5, ,683 - Total other fees & charges 9,945 (94,994) 677 5,683 - Total expenditures 1,291, , , , ,600 Excess/(deficiency) of revenues over/(under) expenditures - 267, , ,361 - Beginning fund balance (unaudited) - 77,462-77, ,823 Ending fund balance (projected) $ - $ 345,430 $ 193,393 $ 538, ,823 Use of fund balance: Debt service reserve account balance (100,000) Interest expense - November 1, 2017 (252,450) Projected fund balance surplus/(deficit) as of September 30, 2017 $ 186,373 18

21 Fiddler's Creek # 2 Community Development District Special Assessment Bonds, Series Debt Service Schedule Date Principal Coupon Interest Total P+I 11/01/ , , /01/ , % 258, , /01/ , , /01/ , % 252, , /01/ , , /01/ , % 246, , /01/ , , /01/ , % 239, , /01/ , , /01/ , % 232, , /01/ , , /01/ , % 225, , /01/ , , /01/ , % 217, , /01/ , , /01/ , % 209, , /01/ , , /01/ , % 200, , /01/ , , /01/ , % 190, , /01/ , , /01/ , % 180, , /01/ , , /01/ , % 170, , /01/ , , /01/ , % 159, , /01/ , , /01/ , % 147, , /01/ , , /01/ , % 134, , /01/ , , /01/ , % 120, , /01/ , , /01/ , % 106, , /01/ , , /01/ , % 91, , /01/ , , /01/ , % 75, , /01/ , , /01/ , % 58, , /01/ , , /01/ , % 39, , /01/ , , /01/ , % 20, , Total $8,610, $7,153, $15,763,

22 DEBT SERVICE FUND BUDGET - SERIES (Exchanged Series 2005) FISCAL YEAR 2017 Adopted FY 2016 Fiscal Year 2017 Actual Projected 3/31/16 9/30/16 Total Revenue & Expenditures Proposed FY 2017 REVENUES Assessment levy: off-roll $ 872,400 $ 323,700 $ 548,700 $ 872,400 $ 873,900 Interest Total revenues 872, , , , ,900 EXPENDITURES Debt service Principal 225, , , ,000 Interest 647, , , , ,900 Total expenditures 872, , , , ,900 Excess/(deficiency) of revenues over/(under) expenditures Beginning fund balance (unaudited) Ending fund balance (projected) $ - $ 2 $ - $ 2 2 Use of fund balance: Debt service reserve account balance - Interest expense - November 1, 2017 (309,750) Projected fund balance surplus/(deficit) as of September 30, 2017 $ (309,748) 20

23 Fiddler's Creek # 2 Community Development District Special Assessment Bonds, Series Debt Service Schedule Date Principal Coupon Interest Total P+I 11/01/ , , /01/ , % 316, , /01/ , , /01/ , % 309, , /01/ , , /01/ , % 302, , /01/ , , /01/ , % 294, , /01/ , , /01/ , % 285, , /01/ , , /01/ , % 276, , /01/ , , /01/ , % 266, , /01/ , , /01/ , % 256, , /01/ , , /01/ , % 245, , /01/ , , /01/ , % 234, , /01/ , , /01/ , % 221, , /01/ , , /01/ , % 208, , /01/ , , /01/ , % 195, , /01/ , , /01/ , % 180, , /01/ , , /01/ , % 164, , /01/ , , /01/ , % 148, , /01/ , , /01/ , % 130, , /01/ , , /01/ , % 112, , /01/ , , /01/ , % 92, , /01/ , , /01/ , % 71, , /01/ , , /01/ , % 48, , /01/ , , /01/ , % 25, , Total $10,565, $8,773, $19,338,

24 DEBT SERVICE FUND BUDGET - SERIES 2015A-1 BONDS FISCAL YEAR 2017 Fiscal Year 2017 Adopted FY 2016 Actual 3/31/16 Projected 9/30/16 Total Revenue & Expenditures Proposed FY 2017 REVENUES Assessment levy: on-roll - gross $ - $ 199,588 Allowable discounts (4%) - (7,984) Assessment levy: on-roll - net - $ - $ - $ - 191,604 Assessment levy: off-roll , , ,297 Assessment prepayments - 119,093 47, ,731 - Interest income Total revenues - 119, , , ,901 EXPENDITURES Debt service Principal ,000 75,000 85,000 Principal prepayment , ,000 - Interest , , ,950 Total debt service , , ,950 Other fees & charges Receipt of bonds proceeds - (337,287) - (337,287) - Cost of Issuance - 228, ,050 - Property appraiser ,994 Tax collector ,992 Total other fees & charges - (109,237) - (109,237) 6,986 Total expenditures - (109,237) 344, , ,936 Excess/(deficiency) of revenues over/(under) expenditures - 228,333 (67,359) 160,974 (35) Beginning fund balance (unaudited) ,974 Ending fund balance (projected) $ - $ 228,333 $ (67,359) $ 160, ,974 Use of fund balance Debt service reserve account balance (required) (108,513) Interest expense - On-roll - November 1, 2017 (168,350) Projected fund balance surplus/(deficit) as of September 30, 2017 $ (115,889) 22

25 Fiddler's Creek # 2 Community Development District Special Assessment Bonds, Series 2015A - 1 $6,050,000 Debt Service Schedule Date Principal Coupon Interest Total P+I 11/01/ , , /01/ , % 170, , /01/ , , /01/ , % 168, , /01/ , , /01/ , % 166, , /01/ , , /01/ , % 163, , /01/ , , /01/ , % 161, , /01/ , , /01/ , % 158, , /01/ , , /01/ , % 156, , /01/ , , /01/ , % 153, , /01/ , , /01/ , % 150, , /01/ , , /01/ , % 147, , /01/ , , /01/ , % 143, , /01/ , , /01/ , % 139, , /01/ , , /01/ , % 135, , /01/ , , /01/ , % 130, , /01/ , , /01/ , % 125, , /01/ , , /01/ , % 120, , /01/ , , /01/ , % 114, , /01/ , , /01/ , % 108, , /01/ , , /01/ , % 102, , /01/ , , /01/ , % 95, , /01/ , , /01/ , % 88, , /01/ , , /01/ , % 80, , /01/ , , /01/ , % 72, , /01/ , , /01/ , % 64, , /01/ , , /01/ , % 54, , /01/ , ,

26 Fiddler's Creek # 2 Community Development District Special Assessment Bonds, Series 2015A - 1 $6,050,000 Debt Service Schedule Date Principal Coupon Interest Total P+I 05/01/ , % 45, , /01/ , , /01/ , % 34, , /01/ , , /01/ , % 23, , /01/ , , /01/ , % 12, , Total $5,860, $6,139, $11,999,

27 DEBT SERVICE FUND BUDGET - SERIES 2015A-2 BONDS FISCAL YEAR 2017 Fiscal Year 2017 Adopted FY 2016 Actual 3/31/16 Projected 9/30/16 Total Revenue & Expenditures Proposed FY 2017 REVENUES Assessment levy: on-roll - gross $ - $ 67,196 Allowable discounts (4%) - (2,688) Assessment levy: on-roll - net - $ - $ - $ - 64,508 Assessment levy: off-roll ,052 85,052 81,227 Assessment prepayments - 35,391 14,156 49,547 - Total revenues - 35,391 99, , ,735 EXPENDITURES Debt service Principal ,000 40,000 45,000 Principal prepayment ,000 35,000 - Interest ,052-98,750 Total debt service ,052 75, ,750 Other fees & charges Receipt of bonds proceeds - (1,779,680) - (1,779,680) - Cost of Issuance - 65,737-65,737 - Pymt to refunded escrow agent - 1,674,664-1,674,664 - Property appraiser ,008 Tax collector ,344 Total other fees & charges - (39,279) - (39,279) 2,352 Total expenditures - (39,279) 120,052 35, ,102 Excess/(deficiency) of revenues over/(under) expenditures - 74,670 (20,844) 98,878 (367) Beginning fund balance (unaudited) ,878 Ending fund balance (projected) $ - $ 74,670 $ (20,844) $ 98,878 98,878 Use of fund balance Debt service reserve account balance (required) (36,238) Interest expense - On-roll - November 1, 2017 (48,250) Projected fund balance surplus/(deficit) as of September 30, 2017 $ 14,390 25

28 Fiddler's Creek # 2 Community Development District Special Assessment Bonds, Series 2015A - 2 $1,810,000 Debt Service Schedule Date Principal Coupon Interest Total P+I 11/01/ , , /01/ , % 49, , /01/ , , /01/ , % 48, , /01/ , , /01/ , % 47, , /01/ , , /01/ , % 46, , /01/ , , /01/ , % 44, , /01/ , , /01/ , % 43, , /01/ , , /01/ , % 42, , /01/ , , /01/ , % 40, , /01/ , , /01/ , % 39, , /01/ , , /01/ , % 37, , /01/ , , /01/ , % 36, , /01/ , , /01/ , % 33, , /01/ , , /01/ , % 31, , /01/ , , /01/ , % 29, , /01/ , , /01/ , % 26, , /01/ , , /01/ , % 24, , /01/ , , /01/ , % 21, , /01/ , , /01/ , % 18, , /01/ , , /01/ , % 15, , /01/ , , /01/ , % 11, , /01/ , , /01/ , % 7, , /01/ , , /01/ , % 4, , Total $1,775, $1,441, $3,216,

29 DEBT SERVICE FUND BUDGET - SERIES 2015B BONDS FISCAL YEAR 2017 Adopted FY 2016 Fiscal Year 2017 Actual 3/31/16 Projected 9/30/16 Total Revenue & Expenditures Proposed FY 2017 REVENUES Assessment levy: off-roll $ - $ - $ 162,252 $ 162,252 $ 362,500 Assessment prepayments - 118, ,268 - Interest income Total revenues - 118, , , ,500 EXPENDITURES Debt service Principal prepayment , ,000 - Interest , , ,500 Total debt service , , ,500 Other fees & charges Receipt of bonds proceeds - (5,832,012) - (5,832,012) - Cost of Issuance - 190, ,300 - Pymt to refunded escrow agent - 5,451,566-5,451,566 - Total other fees & charges - (190,146) - (190,146) - Total expenditures - (190,146) 277,252 87, ,500 Excess/(deficiency) of revenues over/(under) expenditures - 308,418 (115,000) 193,418 - Beginning fund balance (unaudited) ,418 Ending fund balance (projected) $ - $ 308,418 $ (115,000) $ 193, ,418 Use of fund balance Debt service reserve account balance (required) (184,844) Interest expense - On-roll - November 1, 2017 (181,250) Projected fund balance surplus/(deficit) as of September 30, 2017 $ (172,676) 27

30 Fiddler's Creek # 2 Community Development District Special Assessment Bonds, Series 2015B $5,915,000 Debt Service Schedule Date Principal Coupon Interest Total P+I 11/01/ , , /01/ , , /01/ , , /01/ , , /01/ , , /01/ , , /01/ , , /01/ , , /01/ , , /01/ , , /01/ , , /01/ , , /01/ , , /01/ , , /01/ , , /01/ , , /01/ , , /01/2025 5,800, % 181, ,981, Total $5,800, $3,424, $9,224,

31 Fiddler's Creek #2 Community Development District Fiscal Year Assessments Collier County 18 years remaining 2003 Series Bond Issue Outstanding Principal Residential Bond Debt Service O & M Total after Neighborhoods Designation Assessment Assessment Assessment tax payment Laguna Coach 1 $ 1, $ 1, $ 3, $ 13, Varenna Coach 2 $ 1, $ 1, $ 3, $ 17, Varenna II Coach 4 $ 2, $ 1, $ 4, $ 29, Marengo Coach 2 $ 1, $ 1, $ 3, $ 16, Marengo II Coach 4 $ 2, $ 1, $ 4, $ 29, Serena Coach 3 $ 2, $ 1, $ 3, $ 19, Serena II Coach 6 $ 2, $ 1, $ 4, $ 25, Serena III Coach 6 $ 2, $ 1, $ 4, $ 28, Sonoma Coach 3 $ 2, $ 1, $ 3, $ 19, Menaggio Coach 5 $ 2, $ 1, $ 3, $ 21, Menaggio II Coach 7 $ 2, $ 1, $ 4, $ 27, Menaggio III Coach 8 $ 3, $ 1, $ 5, $ 37, Millbrook Patio 50 $ 3, $ 1, $ 5, $ 33, Millbrook (unsold) Patio 50 $ 5, $ 1, $ 6, $ 51, Chiasso Patio 65-1 $ 3, $ 1, $ 4, $ 28, Chiasso II Patio 65-2 $ 5, $ 1, $ 6, $ 49, Mussorie (lots 1-40) Patio 65-2 $ 5, $ 1, $ 6, $ 49, Lagomar (lots 43-80) Patio 65-2 $ 5, $ 1, $ 6, $ 49, Amador I & II Patio 65-2 $ 5, $ 1, $ 6, $ 49, Fiscal Year Assessments Laguna Coach 1 $ 1, $ 1, $ 3, $ 14, Varenna Coach 2 $ 1, $ 1, $ 3, $ 17, Varenna II Coach 4 $ 2, $ 1, $ 4, $ 29, Marengo Coach 2 $ 1, $ 1, $ 3, $ 17, Marengo II Coach 4 $ 2, $ 1, $ 4, $ 29, Serena Coach 3 $ 2, $ 1, $ 3, $ 19, Serena II Coach 6 $ 2, $ 1, $ 4, $ 26, Serena III Coach 6 $ 2, $ 1, $ 4, $ 29, Sonoma Coach 3 $ 2, $ 1, $ 3, $ 19, Menaggio Coach 5 $ 2, $ 1, $ 3, $ 22, Menaggio II Coach 7 $ 2, $ 1, $ 4, $ 28, Menaggio III Coach 8 $ 3, $ 1, $ 5, $ 38, Millbrook Patio 50 $ 3, $ 1, $ 5, $ 34, Millbrook (unsold) Patio 50 $ 5, $ 1, $ 7, $ 51, Chiasso Patio 65-1 $ 3, $ 1, $ 4, $ 28, Chiasso II Patio 65-2 $ 5, $ 1, $ 6, $ 51, Mussorie (lots 1-40) Patio 65-2 $ 5, $ 1, $ 6, $ 51, Lagomar (lots 43-80) Patio 56-2 $ 5, $ 1, $ 6, $ 51, Amador I & II Patio 65-2 $ 5, $ 1, $ 6, $ 51,