Lakewood Ranch CDD 6

Transcription

1 Funding Reserve Analysis for Lakewood Ranch CDD 6 May 30, 2017 Florida Reserve Study and Appraisal, Inc N. Florida Avenue Tampa, FL Phone: Fax: Page 1 of 38 Pages

2 Funding Reserve Analysis for Lakewood Ranch CDD 6 Table of Contents Pages Subject 1 Report Cover Sheet 2 Table of Contents 3 to 19 Reserve Study Summary 20 to 21 Reserve Item Summary 22 to 25 Reserve Item Listing 26 to 27 Present Cost Report 28 Cash Flow 29 to 30 Assessment Summary 31 to 34 Expense Report 35 to 38 Expense Summary Page 2 of 38 Pages

3 Florida Reserve Study and Appraisal, Inc N. Florida Avenue Tampa, FL Phone: Fax: May 30, 2017 Lakewood Ranch CDD Lakewood Ranch Blvd Lakewood Ranch, FL Board of Supervisors, We are pleased to present to Lakewood Ranch CDD 6 the requested Reserve Funding study. We believe that you will find the attached study to be thorough and complete. After you have had an opportunity to review the report you may have questions. Please do not hesitate to write or call, we would be pleased to answer any questions you may have. Project Description Lakewood Ranch CDD 6 commenced operations in November The District is comprised of 444 single family residences. The District is responsible for maintaining infrastructure items including streets, sidewalks, and stormwater drainage, potable water, and sewer system. Build-out is likely to occur in the next year. The CDD encompasses a total site size of 367 acres in Lakewood Ranch, Manatee County, Florida. Date of Physical Inspection The subject property was physically inspected on March 29, 2017 by Paul Gallizzi and Steven Swartz. Study Start and Study End This Reserve Study encompasses the fiscal year plus 30 years. The Study Start Date is October 1, 2017 and the study ends on September 30, Governing Documents A review was made of aerials and subdivision plats for the subject property. Depth of Study Full Service Reserve Study with Field Inspection. A field inspection was made to verify the existing condition of the various reserve study components, their physical condition, and to verify component quantities. In place testing, laboratory testing, and non-destructive testing of the reserve study components were not performed. Field measurements of component quantities were made to either verify improvement plan take offs or determine directly the quantities of various components. Page 3 of 38 Pages

4 Photographs were taken of the site improvements. Prepared by Florida Reserve Study and Appraisal Lakewood Ranch CDD 6 Funding Study Summary - Continued Summary of Financial Assumptions The below table contains a partial summary of information provided by Lakewood Ranch CDD 6 for the Lakewood Ranch CDD 6 funding study. For the purpose of this report, an annual operating budget was set to $0, as this report focuses only on reserve items. Fiscal Calendar Year Begins October 1 Reserve Study by Fiscal Calendar Year Starting October 1, 2017 Funding Study Length 30 Years Number of Assessment Paying Owners 444 Initial Reserves¹ $ 416,882 Annual Inflation Rate 2.50% Tax Rate on Reserve Interest 0.00% Minimum Reserve Account Balance $ 0 Assessment Change Period 1 Year Annual Operating Budget $ 0 ¹ See Appendix A Recommended Payment Schedule The below table contains the recommended schedule of payments for the next six years. The projected life expectancy of the major components and the funding needs of the reserves of the District are based upon the District performing appropriate routine and preventative maintenance for each major component. Failure to perform such maintenance can negatively impact the remaining useful life of the major components and can dramatically increase the funding needs of the reserves of the District. Proposed Assessments Fiscal Calendar Year Owner Total Annual Assessment District Annual Reserve Assessment Proposed Reserve Balance 2018 $ 252 $ 111,800 $ 531, $ 258 $ 114,595 $ 652, $ 265 $ 117,460 $ 666, $ 271 $ 120,396 $ 754, $ 278 $ 123,406 $ 695, $ 285 $ 126,491 $ 829,813 * Annual Reserve Payments have been manually modified. Payments have been modified to smooth payments over time. Fiscal Year beginning October 1, 2017 Page 4 of 38 Pages

5 Lakewood Ranch CDD 6 Funding Study Summary - Continued Reserve Study Assumptions Cost estimates and financial information are accurate and current. No unforeseen circumstances will cause a significant reduction of reserves. Sufficient comprehensive property insurance exists to protect from insurable risks. The District plans to continue to maintain the existing common areas and amenities. Reserve payments occur at the end of every calendar month. Expenses occur throughout the year, as services are provided. Impact of Component Life The projected life expectancy of the major components and the reserve funding needs of the District are closely tied. Performing the appropriate routine maintenance for each major component generally increases the component useful life, effectively moving the component expense into the future which reduces the reserve funding payments of the District. Failure to perform such maintenance can shorten the remaining useful life of the major components, bringing the replacement expense closer to the present which increases the reserve funding payments of the District. Also, some reserves items may have the phrase allowance after it. These reserve items are something that would not be fully replaced at one time, but a small portion may have to be replaced periodically. Inflation Estimate Inflation has been estimated at 2.50 percent over the course of the study. Initial Reserves As of September 30, 2016, there was $388,809 set aside for reserves. The projected reserve balance on October 1, 2017 will be $416,882. These numbers were obtained from the District on the official March 2017 balance sheet and the annual budget. October 1, 2017 starts the next fiscal year. September 30, 2018 marks the end of the fiscal year. Financial Condition of District The pooled method with inflation reserve projections estimate $ per owner per year in and $111,800 in total funding. At the current time, the District is considered to be 74 percent funded. This represents a wellfunded status. The higher the percent funded, the more likely a District is to avoid a special assessment. The following are general measures to the health of a District based on the percent funding model: 0-30% funded: poorly funded 30-70% funded: fairly funded Page 5 of 38 Pages

6 70-100% funded: well funded 100+% funded: very well funded Prepared by Florida Reserve Study and Appraisal Lakewood Ranch CDD 6 Funding Study Summary - Continued Special Assessments No reserve items will require special assessments if the funding schedule is followed. However, funding less than the suggested amounts will likely result in special assessments or for the replacement of an item to be delayed. Reserve Funding Goal The reserve fund is set to be as close to Fully Funded as possible on an annual basis. Study Method Funding studies may be done in several ways, but we believe that the value of a funding study lies in the details. "Bulk" studies are quick, usually inexpensive, and almost always border on worthless. We believe that meaningful answers to funding studies lie in the details. This approach is pragmatic, and allows human judgment and experience to enter into the equation. Unless noted otherwise, the present cost of every reserve item in this report has been estimated using the "National Construction Estimator", a nationally recognized standard, and modified by an area cost adjustment factor. Where possible, known costs have been used. In addition, every reserve item has been given an estimated remaining useful life, an estimated useful life when new, and has been cast into the future to determine the inflated cost. Equal annual payments are calculated for each reserve item based upon a payment starting year and a payment ending year using the end of period payment method. Interest earned on accumulated reserve funds and taxes on the reserve interest are also calculated. Initial reserve funds are consumed as expenses occur until fully depleted, reducing annual reserve payments to a minimum. As you review this report, we are certain that you will appreciate the level of detail provided, allowing you to review each reserve item in detail. Summary of Findings We have estimated future projected expenses for Lakewood Ranch CDD 6 based upon preservation of existing improvements. The attached funding study is limited in scope to those expense items listed in the attached "Lakewood Ranch CDD 6 Reserve Study Expense Items". Expense items which have an expected life of more than 30 Years are not included in this reserve study unless payment for these long lived items overlaps the 30 Years reserve study envelope. Of primary concern is the preservation of a positive funding balance with funds sufficient to meet projected expenses throughout the study. Based upon the attached funding study, it is our professional opinion that monthly fees as shown in the attached "Lakewood Ranch CDD 6 Assessment Summary" will realize this goal. Some reserve items in the "Revenue Summary Table" may not contain payments. In this analysis the initial reserves were used to make annual payments for expense items Page 6 of 38 Pages

7 Lakewood Ranch CDD 6 Funding Study Summary - Continued in their order of occurrence until the initial reserve was consumed. As a result reserve items without payments may be expected, particularly in the first few years of the funding study. Reserve items that have been paid with initial reserve funds are identified with a [FP] in the Expense Items Sheets. An item marked [PR] is partially paid with initial reserve funds. Lakewood Ranch CDD 6 represents and warrants that the information provided to us, including but not limited to that information contained in the attached Reserve Study Information Summary, that the maintenance records are complete and accurate, and that we may rely upon such information and documents without further verification or corroboration. Where the age of a particular Reserve Item (as listed in the Reserve Study) is unknown, Lakewood Ranch CDD 6 shall provide to us Lakewood Ranch CDD 6's best-estimated age of that item. If Lakewood Ranch CDD 6 is unable to provide and estimate of a Reserve Item's age, we shall make our own estimate of age of the Reserve Item. The Reserve Study is created for the District's use, and is a reflection of information provided to us. This information is not for the purpose of performing an audit, historical records, quality or forensic analyses. Any on site inspection is not considered to be a project audit or quality inspection. The actual or projected total presented in the reserve study is based upon information provided and was not audited. Percent Funded Many reserve studies use the concept of "Percent Funded" to measure the reserve account balance against a theoretically perfect value. Percent Funded is often used as a measure of the "Financial Health" of a District. The assumption is, the higher the percentage, the greater the "Financial Health". We believe the basic premise of ''Fully Funded'' is sound, but we also believe that the validity of the Fully Funded value must be used with caution. To answer the question, some understanding of Percent Funded is required. Fully Funded is the sum of the depreciation of all the components by year. To get the Percent Funded, divide the year end reserve balance by the Fully Funded value and multiply by 100 to get a percentage. The concept of Fully Funded is useful when the reserve study is comprehensive, but misleading when the reserve study is superficial or constrained. As a result, we recommend that the statement "Percent Funded" be used with caution. Keeping Your Reserve Study Current We believe that funding studies are an essential part of property management. People and property are constantly changing and evolving. As a result, the useful life of a funding study is at best a few years, and certainly not more than five years. This reserve study should be updated: At least once every few years At changes in the number of assessment paying owners Before starting new improvements Before making changes to the property After a flood or fire Page 7 of 38 Pages

8 After the change of ownership or management After Annexation or Incorporation Prepared by Florida Reserve Study and Appraisal Lakewood Ranch CDD 6 Funding Study Summary - Continued Items Beyond the Scope of this Report Building or land appraisals for any purpose. State or local zoning ordinance violations. Building code violations. Soils conditions, soils contamination or geological stability of site. Engineering analysis or structural stability of site. Air quality, asbestos, electromagnetic radiation, formaldehyde, lead, mercury, radon, water quality or other environmental hazards. Invasions by pests, termites and any or all other destroying organisms, insects, birds, bats or animals to buildings or site. This study is not a pest inspection. Adequacy or efficiency of any system or component on site. Specifically excluded reserve items. Septic systems and septic tanks. Buried or concealed portions of swimming pools, pool liners, Jacuzzis and spas or similar items. Items concealed by signs, carpets or other things are also excluded from this study. Missing or omitted information supplied by the Lakewood Ranch CDD 6 for the purposes of reserve study preparation. Hidden improvements such as sewer lines, water lines, irrigation lines or other buried or concealed items. Sidewalk Notes Most of the sidewalk has an indefinite life. However, certain small sections may need maintenance or to be replaced due to problems such as tree roots uprooting the sidewalk. It is our estimate that 5 percent of the cost new of the sidewalk be set aside over a 5-year period to reserve for these repairs. There is approximately 132,000 SF of sidewalk on the District grounds. The estimated replacement cost new is approximately $660,000, which would result in a sidewalk repair reserve of $33,000 over a 5-year period. Water Line and Sewer Line Notes Lakewood Ranch CDD 6 has responsibility for their water and sewer lines. Lakewood Ranch CDD 6 has an estimated 25,000 linear feet (LF) of water main lines. The main lines are predominantly 8" PVC, but approximately 6% are 4" mains, and approximately 20% are 6" mains. The costs for each of the components are as follows: 8" Water Main Lines - $30.00/LF 6" Water Main Lines - $25.00/LF 4" Water Main Lines - $20.00/LF Page 8 of 38 Pages

9 Lakewood Ranch CDD 6 Funding Study Summary - Continued Additionally, there is estimated to be 15,440 LF of water laterals at an estimated cost of $15.00/LF. The total estimated cost for the water system is $941,600. Lakewood Ranch CDD 6 also has an estimated 25,000 LF of 8" PVC sewer main lines and 1,776 LF of 6" gravity sewer lines. The costs for each of the components are as follows: 8" Sewer Main Lines - $20.00/LF 6" Gravity Forced Main Lines - $15.00/LF Additionally, there is estimated to be 15,440 LF of sewer laterals at an estimated cost of $10.00/LF. The total estimated cost for the sewer system is $681,040. These systems have relatively indefinite lifespans and are reported to be in very good working condition. However, as these systems age, they are more likely to have breaks or need repairs. It is our opinion that the best way to fund for these repairs is by funding an allowance of 2.5% of the total cost of the system over a 5-year period. The repairs should be monitored and can be adjusted accordingly in future reserve funding analysis if they start to become more frequent. Stormwater Drainage Notes Lakewood Ranch CDD 6 has a large land area comprising 444 units encompassing 367 acres. The drainage for the community is comprised of inlets, drainage pipes, and retention ponds. The ponds have been constructed to engineering standards that include proper slopes and shore line stabilization which includes erosion protection and approved backfill materials such as soils with a high clay content covered within 2 inches of sand. The entire residential area including all roads and open areas have a complete drainage system. Overall, there are 139 curb inlets, 39 manholes, 5 mitered end sections, 23 end walls, 3 grate inlets, 1 bubble up, and 2 control structures. Additionally, there is 18,142 feet of reinforced concrete piping ranging in size from an 15 inch diameter to a 42 inch diameter. Lakewood Ranch CDD 6 Storm Water Pipes Concrete: Diameter Length Cost/LF Amount 15" 3402' $163,296 18" 3684' $221,040 24" 3888' $326,592 30" 4097' $442,476 36" 2726' $359,832 42" 345' $ 53,820 Page 9 of 38 Pages

10 Lakewood Ranch CDD 6 Funding Study Summary - Continued Other Drainage: Curb Inlets 139@3500 = $486,500 Grate Inlets 3@3000 = $9,000 Mitered End Sections 5@1800 = $9,000 Control Structures 3@3500 = $10,500 Manholes 39@2650 = $103,350 End Walls 23@2000 = $46,000 Grand Total $2,231,406 In general, the drainage system including drainage structures and drainage pipes have a long lifespan. These improvements, however, may encounter problems from natural causes such as settlement or tree roots and man made causes such as excavations or poor original design or poor construction. It has therefore been deemed necessary to set up a reserve for repair and replacement of the District-owned drainage improvements. For the purpose of this reserve study, it is our opinion that 2.5 percent of the original system cost should be set aside for reserves over a 5 year period, which would result in a reserve over that time of $55,800. These reserves can also be used for deferred maintenance of the storm drainage system, as some minor problems may occur at various times. The amounts shown in this reserve study should be analyzed and adjusted in future reserve studies based upon actual District expenditures for such items. Paving Notes Asphalt paved roads have a varying expected life from approximately 15 years to 30 years. It is typical to assume an expected life of 22 years in the District for the secondary roads and 16 years for the main road--balmoral Woods Blvd. As roads age, this physical condition can be evaluated and the expected remaining life of the roads can be re-evaluated. Small road repairs can be handled from the operating budget. Lakewood Ranch CDD 6 has roads in various conditions. The areas of roadways that are secondary roadways are referred to as area group 1. These roads include Edenmore St, Strandhill Ct, Greystone St, New Castle St, Wexford Dr, Hawick Pl, Portstewart Dr, Silverwood Ct, Highfield Cir, Thornhill Ct, and Lismore Ct. Most of these roads are in average, age-appropriate condition and have an estimated 10 years remaining life. There were a few problematic areas, however. There was a small section of alligator cracking noted on Hawick Ct and cracking around a manhole on Greystone St. These areas can be repaired, but the street would still have several more years of remaining life. The main road, Balmoral Woods Blvd had 40,033 SF of roadway resurfaced about 2 years ago (Group Page 10 of 38

11 Lakewood Ranch CDD 6 Funding Study Summary - Continued 2). This area is in good condition. The remaining 82,857 SF of Balmoral Woods (Group 3) is in average-fair condition, and should be the next street to receive an asphalt mill and overlay. The street pavers make up area group 4. These were considered to be in average condition, with a remaining life of 18 years. Pond Banks Notes Drainage ponds require routine and non-routine maintenance. Routine maintenance includes mowing debris removal and catch basin cleaning. Mowing on a regular basis enhances the aesthetics of the area as well as helping to prevent erosion. Proper mowing of the banks helps the ground cover maintain a healthy root system, which minimizes erosion. Trash, debris, and litter removal reduces obstructions to inlets and outlets allow the storm water system to function as designed. Cleaning catch basins is also considered routine maintenance. For the purpose of this reserve study, the cost of routine maintenance is not a reserve item. Non-routine maintenance is a reserve item. Non-routine maintenance includes bank erosion and stabilization, sediment removal, and structural repairs and replacement. From time to time, some of these ponds may encounter erosion of their banks and require repairs. All ponds react differently due to original construction, slope of the bank, soil or environmental conditions, and other factors. In Lakewood Ranch CDD 6, there are 21 retention ponds for stormwater drainage. These ponds are estimated to have 25,616 linear feet of shoreline area. During the site inspection, we observed most shorelines in good condition and a few spots of minor to moderate erosion. It is not likely that all of the shoreline area will erode and need to be replaced. We have estimated that approximately 5 percent of the shoreline will erode and need refurbishment over a 5 year period. An erosion control reserve for repair of ponds is necessary for the proper upkeep in the District. This number can be adjusted in future reserve planning if necessary. Statement of Qualifications Paul Gallizzi and Steven Swartz are professionals in the business of preparing reserve studies and insurance appraisals for community associations. We have provided detailed analysis of over 300,000 apartment, villa, townhome, and condominium units. We have prepared insurance appraisals and reserve studies for all types of community associations including high rise condominiums, midrise condominiums, garden-style condominiums, townhouse developments, single family homeowners associations, etc. We both hold engineering degrees from fully accredited universities. Paul Gallizzi is a State Certified General Real Estate Appraiser License Number RZ 110 and a State Certified General Contractor License Number CGC Steven Swartz is a designated Reserve Specialist, RS No.214, from the Community Associations Institute as well as a State Certified General Real Estate Appraiser License Number RZ Page 11 of 38

12 Lakewood Ranch CDD 6 Funding Study Summary - Continued Conflict of Interest As the preparers of this reserve study, we certify that we do not have any vested interests, financial interests, or other interests that would cause a conflict of interest in the preparation of this reserve study. We would like to thank Lakewood Ranch CDD 6 for the opportunity to be of service in the preparation of the attached Funding Study. Again, please feel free to write or call at our letterhead address, if you have any questions. Prepared by: Paul Gallizzi Steven M. Swartz, RS Enclosures: 6 Pages of Photographs Attached APPENDIX "A" - Summary of Reserve Accounts Page 12 of 38

13 Prepared by Florida Reserve Study and Appraisal Lakewood Ranch CDD 6 Funding Study Summary - Continued Aluminum Fencing Irrigation Pumps Irrigation Filters Irrigation VFD Drives Vinyl Fencing Around Pump Stations Well Pump Page 13 of 38 Pages

14 Prepared by Florida Reserve Study and Appraisal Lakewood Ranch CDD 6 Funding Study Summary - Continued Barrier Arms and Operators Guardhouse Water Fountains Guardhouse Guardhouse Interior Guardhouse HVAC Aerators Page 14 of 38 Pages

15 Prepared by Florida Reserve Study and Appraisal Lakewood Ranch CDD 6 Funding Study Summary - Continued Typical Pond Typical Pond, Note Minor Erosion Typical Pond, Note Minor Erosion Typical Pond Lift Station Stormwater Drainage Control Structure Page 15 of 38 Pages

16 Prepared by Florida Reserve Study and Appraisal Lakewood Ranch CDD 6 Funding Study Summary - Continued Stormwater Drainage Curb Inlet Paving Group 1, Thornhill Paving Group 1, Greystone Paving Group 1, Greystone, Note Settlement Paving Group 1, Portstewart Paving Group 1, Edenmore Page 16 of 38 Pages

17 Prepared by Florida Reserve Study and Appraisal Lakewood Ranch CDD 6 Funding Study Summary - Continued Paving Group 1, Hawick, Note Alligator Cracking Paving Group 2, Balmoral Woods, Original Paving Group 3, Balmoral Woods, New Street Pavers Typical Sidewalk Street Signs Page 17 of 38 Pages

18 Lakewood Ranch CDD 6 Funding Study Summary - Continued Street Signs Radar Signs Residential Street Lights Page 18 of 38 Pages

19 Lakewood Ranch CDD 6 Funding Study Summary - Continued APPENDIX "A" Summary of Reserve Accounts Account Description Amount Interest Rate Statement Date Roads Reserves $ 291, % October 1, 2017 Capital Improvements $ 85, % October 1, 2017 Utility Reserves $ 40, % October 1, 2017 Reserve Values Used : $ 416, % October 1, 2017 Page 19 of 38

20 Lakewood Ranch CDD 6 Reserve Study Expense Item Summary Reserve Items Vertical Rail Fencing 6' Around Lake 02 Masonry Retaining Wall along Silverwood Ct Entrance Monuments Refurbishment Current Cost When New Estimated Remaining Life Grounds Expected Life When New First Replacement Cost Repeating Item? $ 21, Years 30 Years $ 34,089 Yes $ 6, Years 30 Years $ 9,643 Yes $ 24, Years 30 Years $ 38,573 Yes Irrigation and Pumps 10 HP Jockey Pumps $ 15,000 8 Years 20 Years $ 18,780 Yes 30 HP Pumps $ 60,000 8 Years 20 Years $ 75,122 Yes Irrigation System Filter Pumps $ 18,000 8 Years 20 Years $ 22,537 Yes VFD Drives $ 20,000 3 Years 15 Years $ 22,101 Yes Vinyl Fencing 6' Around Pump Stations $ 3, Years 30 Years $ 6,172 Yes Main Entrance Barrier Arms and Operators $ 16,000 3 Years 15 Years $ 17,681 Yes Water Fountains $ 2,000 8 Years 20 Years $ 2,504 Yes Guardhouse 7 Camera Security System $ 8,000 7 Years 10 Years $ 9,769 Yes Guardhouse Tile Roof $ 17, Years 30 Years $ 28,467 Yes Guardhouse Exterior Paint $ 2,759 2 Years 8 Years $ 2,974 Yes Guardhouse Interior Paint $ 1,704 0 Years 8 Years $ 1,747 Yes Guardhouse HVAC 2 Tons $ 3, Years 12 Years $ 4,048 Yes Ponds Pond Aerators $ 20,000 7 Years 10 Years $ 24,423 Yes Pond Banks Erosion Control $ 38,400 4 Years 5 Years $ 43,507 Yes Potable Water System Potable Water Repair Allowance $ 17,000 4 Years 5 Years $ 19,261 Yes Sewer System Sewer System Repair Allowance $ 23,500 4 Years 5 Years $ 26,626 Yes Lift Station $ 25,000 9 Years 20 Years $ 32,092 Yes Stormwater Drainage Stormwater Drainage Repair Allowance $ 55,800 4 Years 5 Years $ 63,221 Yes Page 20 of 38 Pages

21 Lakewood Ranch CDD 6 Funding Study Expense Item Summary - Continued Reserve Items Current Cost When New Estimated Remaining Life Expected Life When New First Replacement Cost Repeating Item? Streets and Sidewalks Sidewalk Repair Allowance $ 33,000 4 Years 5 Years $ 37,389 Yes Street Signs $ 25, Years 25 Years $ 36,724 Yes Radar Signs $ 8,000 6 Years 12 Years $ 9,528 Yes Residential Street Light Fixtures Paving 1.5 Inch Mill and Overlay Area Group 1 Paving 1.5 Inch Mill and Overlay Area Group 2 Balmoral Paving 1.5 Inch Mill and Overlay Area Group 3 Balmoral $ 13, Years 30 Years $ 27,923 Yes $ 682, Years 22 Years $ 898,451 Yes $ 99,428 2 Years 16 Years $ 107,164 Yes $ 48, Years 16 Years $ 68,147 Yes Street Pavers Area Group 4 $ 136, Years 30 Years $ 219,128 Yes Expected annual inflation: 2.50% Interest earned on reserve funds: 1.00% Initial Reserve: $ 416,882 Page 21 of 38 Pages

22 Lakewood Ranch CDD 6 Reserve Study Expense Item Listing Reserve Items Unit Cost No Units Current Cost When New Estimated Remaining Life Expected Life When New Fiscal Calendar Year Estimated Future Cost Grounds Vertical Rail 18 Years 2036 $ 34,089 Fencing 6' $ / lf 606 lf $ 21, Years Around Lake Years 2066 $ 72,110 Masonry Retaining Wall along Silverwood Ct $ / sf 240 sf $ 6, Years 30 Years 30 Years $ 9,643 $ 20,399 Entrance 18 Years 2036 $ 38,573 Monuments $ 2,000 ea 12 $ 24, Years Refurbishment 30 Years 2066 $ 81, HP Jockey Pumps Irrigation and Pumps $ 7,500 ea 2 $ 15, HP Pumps $ 15,000 ea 4 $ 60,000 Irrigation System Filter Pumps $ 3,000 ea 6 $ 18,000 VFD Drives $ 5,000 ea 4 $ 20,000 8 Years 2026 $ 18, Years 20 Years 2046 $ 30, $ 50,997 8 Years 2026 $ 75, Years 20 Years 2046 $ 123, $ 203,990 8 Years 2026 $ 22, Years 20 Years 2046 $ 37, $ 61,197 3 Years 2021 $ 22, Years 15 Years 2036 $ 32, $ 46,752 Vinyl Fencing 6' 18 Years 2036 $ 6,172 Around Pump $ / lf 128 lf $ 3, Years Stations 30 Years 2066 $ 13,055 Barrier Arms and Operators Main Entrance $ 4,000 ea 4 $ 16,000 Water Fountains $ 1,000 / total 2 total $ 2,000 3 Years 2021 $ 17, Years 15 Years 2036 $ 25, $ 37,401 8 Years 2026 $ 2, Years 20 Years 2046 $ 4, $ 6,800 Guardhouse 7 $ 8,000 ea 1 $ 8,000 7 Years 10 Years 2025 $ 9,769 Page 22 of 38 Pages

23 Lakewood Ranch CDD 6 Reserve Study Expense Item Listing - Continued Reserve Items Unit Cost No Units Current Cost When New Estimated Remaining Life Expected Life When New Fiscal Calendar Year Estimated Future Cost Guardhouse $ 12,541 Camera Security $ 8,000 ea 1 $ 8, Years 10 Years 2045 $ 16,098 System 2055 $ 20,665 Guardhouse Tile Roof Guardhouse Exterior Paint Guardhouse Interior Paint Guardhouse HVAC 2 Tons $ / sf 1476 sf $ 17,712 $ 1.00 / sf 2759 sf $ 2,759 $ 1.00 / sf 1704 sf $ 1,704 $ 3,000 ea 1 $ 3, Years 30 Years 30 Years $ 28,467 $ 60,218 2 Years 2020 $ 2,974 8 Years 8 Years 2028 $ 3, $ 4, $ 5, $ 6,612 0 Years 2018 $ 1,747 8 Years 8 Years 2026 $ 2, $ 2, $ 3, $ 3, Years 2029 $ 4, Years 12 Years 2041 $ 5, $ 7,372 Ponds Pond Aerators $ 4,000 ea 5 $ 20,000 Pond Banks Erosion Control $ 38,400 / total 1 total $ 38,400 7 Years 2025 $ 24, $ 31, Years 10 Years 2045 $ 40, $ 51,663 4 Years 2022 $ 43, $ 49, $ 55,850 5 Years 5 Years 2037 $ 63, $ 71, $ 81,229 Potable Water System Potable Water 4 Years 2022 $ 19,261 Repair $ 17,000 / total 1 total $ 17,000 5 Years 5 Years 2027 $ 21,823 Page 23 of 38 Pages

24 Lakewood Ranch CDD 6 Reserve Study Expense Item Listing - Continued Reserve Items Unit Cost No Units Potable Water Repair Allowance Current Cost When New Estimated Remaining Life Expected Life When New $ 17,000 / total 1 total $ 17,000 5 Years 5 Years Fiscal Calendar Year Estimated Future Cost 2032 $ 24, $ 28, $ 31, $ 35,961 Sewer System 4 Years 2022 $ 26, $ 30,167 Sewer System 2032 $ 34,179 Repair $ 23,500 / total 1 total $ 23,500 5 Years Allowance 5 Years 2037 $ 38, $ 43, $ 49,711 Lift Station $ 25,000 ea 1 $ 25,000 9 Years 2027 $ 32, Years 20 Years 2047 $ 52,884 Stormwater Drainage 4 Years 2022 $ 63, $ 71,630 Stormwater 2032 $ 81,157 Drainage Repair $ 55,800 / total 1 total $ 55,800 5 Years Allowance 5 Years 2037 $ 91, $ 104, $ 118,036 Sidewalk Repair Allowance Streets and Sidewalks $ 33,000 / total 1 total $ 33,000 Street Signs $ 250 ea 101 $ 25,250 Radar Signs $ 4,000 ea 2 $ 8,000 4 Years 2022 $ 37,389 5 Years 5 Years 2027 $ 42, $ 47,996 $ 54, $ 61, $ 69, Years 2032 $ 36, Years 25 Years 2057 $ 68,565 6 Years 2024 $ 9, Years 12 Years 2036 $ 12,858 Page 24 of 38 Pages

25 Lakewood Ranch CDD 6 Reserve Study Expense Item Listing - Continued Reserve Items Unit Cost No Units Current Cost When New Estimated Remaining Life Expected Life When New Fiscal Calendar Year Estimated Future Cost Radar Signs $ 4,000 ea 2 $ 8, Years 12 Years 2048 $ 17,351 Residential Street Light Fixtures $ 440 ea 30 $ 13, Years 30 Years 2047 $ 27,923 Paving 1.5 Inch 10 Years 2028 $ 898,451 Mill and Overlay $ 1.20 / sf sf $ 682, Years Area Group 1 22 Years 2050 $ 1,556,351 Paving 1.5 Inch 2 Years 2020 $ 107,164 Mill and Overlay $ 1.20 / sf sf $ 99, Years 2036 $ 159,803 Area Group 2 16 Years Balmoral 2052 $ 238,299 Paving 1.5 Inch Mill and 13 Years 2031 $ 68,147 Overlay Area $ 1.20 / sf sf $ 48, Years Group 3 16 Years 2047 $ 101,621 Balmoral Street Pavers Area Group 4 $ 5.00 / sf sf $ 136, Years 30 Years 30 Years Expected annual inflation: 2.50% Interest earned on reserve funds: 1.00% Initial Reserve: $ 416, $ 219,128 $ 463,533 Page 25 of 38 Pages

26 Present Costs Category Item Name No Units Unit Cost Present Cost Grounds Vertical Rail Fencing 6' Around Lake 02 Masonry Retaining Wall along Silverwood Ct Entrance Monuments Refurbishment 606 lf $ / lf $ 21, sf $ / sf $ 6, $ 2, ea $ 24, Grounds Sub Total = $ 51, HP Jockey Pumps 2 $ 7, ea $ 15, HP Pumps 4 $ 15, ea $ 60, Irrigation and Pumps Irrigation System Filter Pumps 6 $ 3, ea $ 18, VFD Drives 4 $ 5, ea $ 20, Vinyl Fencing 6' Around Pump Stations 128 lf $ / lf $ 3, Irrigation and Pumps Sub Total = $ 116, Barrier Arms and Operators 4 $ 4, ea $ 16, Water Fountains 2 total $ 1, / total $ 2, Main Entrance Guardhouse 7 Camera Security System 1 $ 8, ea $ 8, Guardhouse Tile Roof 1476 sf $ / sf $ 17, Guardhouse Exterior Paint 2759 sf $ 1.00 / sf $ 2, Guardhouse Interior Paint 1704 sf $ 1.00 / sf $ 1, Guardhouse HVAC 2 Tons 1 $ 3, ea $ 3, Main Entrance Sub Total = $ 51, Ponds Pond Aerators 5 $ 4, ea $ 20, Pond Banks Erosion Control 1 total $ 38, / total $ 38, Ponds Sub Total = $ 58, Potable Water System Potable Water Repair Allowance 1 total $ 17, / total $ 17, Sewer System Sewer System Repair Allowance 1 total $ 23, / total $ 23, Lift Station 1 $ 25, ea $ 25, Sewer System Sub Total = $ 48, Stormwater Drainage Stormwater Drainage Repair Allowance 1 total $ 55, / total $ 55, Page 26 of 38 Pages

27 Present Costs - Continued Category Item Name No Units Unit Cost Present Cost Sidewalk Repair Allowance 1 total $ 33, / total $ 33, Street Signs 101 $ ea $ 25, Radar Signs 2 $ 4, ea $ 8, Residential Street Light Fixtures 30 $ ea $ 13, Streets and Sidewalks Paving 1.5 Inch Mill and Overlay Area Group 1 Paving 1.5 Inch Mill and Overlay Area Group 2 Balmoral Paving 1.5 Inch Mill and Overlay Area Group 3 Balmoral sf $ 1.20 / sf $ 682, sf $ 1.20 / sf $ 99, sf $ 1.20 / sf $ 48, Street Pavers Area Group sf $ 5.00 / sf $ 136, Streets and Sidewalks Sub Total = $ 1,045, Totals = $ 1,444, Page 27 of 38 Pages

28 Lakewood Ranch CDD 6 Funding Study Modified Cash Flow Analysis Fiscal Calendar Year Annual Assessment Annual Interest Annual Expenses Net Reserve Funds % Funded 2018 $ 111,800 $ 4,683 $ 1,747 $ 531, % 2019 $ 114,595 $ 5,843 $ 652, % 2020 $ 117,460 $ 7,060 $ 110,138 $ 666, % 2021 $ 120,396 $ 7,218 $ 39,782 $ 754, % 2022 $ 123,406 $ 8,110 $ 190,004 $ 695, % 2023 $ 126,491 $ 7,539 $ 829, % 2024 $ 129,654 $ 8,894 $ 9,528 $ 958, % 2025 $ 132,895 $ 10,199 $ 34,192 $ 1,067, % 2026 $ 136,217 $ 11,303 $ 121,076 $ 1,094, % 2027 $ 139,623 $ 11,584 $ 247,367 $ 998, % 2028 $ 143,113 $ 10,638 $ 902,082 $ 249, % 2029 $ 146,691 $ 3,171 $ 4,048 $ 395, % 2030 $ 150,359 $ 4,646 $ 550, % 2031 $ 154,118 $ 6,213 $ 68,147 $ 642, % 2032 $ 157,970 $ 7,153 $ 280,631 $ 527, % 2033 $ 161,920 $ 6,016 $ 695, % 2034 $ 165,968 $ 7,714 $ 2,605 $ 866, % 2035 $ 170,117 $ 9,444 $ 43,892 $ 1,001, % 2036 $ 174,370 $ 10,820 $ 571,028 $ 616, % 2037 $ 178,729 $ 6,982 $ 276,347 $ 525, % 2038 $ 183,197 $ 6,096 $ 714, % 2039 $ 187,777 $ 8,010 $ 910, % 2040 $ 192,472 $ 9,989 $ 1,112, % 2041 $ 197,283 $ 12,036 $ 5,463 $ 1,316, % 2042 $ 202,216 $ 14,097 $ 316,283 $ 1,216, % 2043 $ 207,271 $ 13,121 $ 1,437, % 2044 $ 212,453 $ 15,349 $ 5,415 $ 1,659, % 2045 $ 217,764 $ 17,597 $ 56,344 $ 1,838, % 2046 $ 223,208 $ 19,412 $ 196,002 $ 1,885, % 2047 $ 228,788 $ 19,904 $ 537,171 $ 1,596, % 2048 $ 234,508 $ 17,045 $ 17,351 $ 1,830, % Totals : $ 5,142,830 $ 307,886 $ 4,036,643 ¹ Cash Reserves minus Fully Funded Value The cash distribution shown in this table applies to repair and replacement cash reserves only. Basis of Funding Study - Modified Cash Flow Cash reserves have been set to a minimum of $ 0 Cash Flow has been modified with the forced Fixed Payments. Inflation = 2.50 % Interest = 1.00 % Study Life = 30 years Initial Reserve Funds = $ 416, Final Reserve Value = $ 1,830, Page 28 of 38 Pages

29 Lakewood Ranch CDD 6 Modified Reserve Assessment Summary Projected Assessment by Fiscal Calendar Year Fiscal Calendar Year Owner Total Annual Assessment Annual Reserve Assessment 2018 $ $ 111, $ $ 114, $ $ 117, $ $ 120, $ $ 123, $ $ 126, $ $ 129, $ $ 132, $ $ 136, $ $ 139, $ $ 143, $ $ 146, $ $ 150, $ $ 154, $ $ 157, $ $ 161, $ $ 165, $ $ 170, $ $ 174, $ $ 178, $ $ 183, $ $ 187, $ $ 192, $ $ 197, $ $ 202, $ $ 207, $ $ 212, $ $ 217, $ $ 223, $ $ 228, $ $ 234,508 Assessment Summary has been modified with forced Fixed Payments. In the context of the Reserve Payment Summary, the ''Annual Reserve Payment'' corresponds with the ''Annual Revenue'' in the Cash Flow report. Operations Payments Include an annual inflation factor of 2.50% Number of Years of Constant Payments: 1 Page 29 of 38 Pages

30 Lakewood Ranch CDD 6 Funding Study Assessment Summary by Fiscal Calendar Year - Continued No of Assessed Owners: 444 Page 30 of 38 Pages

31 Lakewood Ranch CDD 6 Funding Study - Expenses by Item and by Fiscal Calendar Year Item Description FY 2018 FY 2020 FY 2021 FY 2022 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2031 FY 2032 FY 2034 FY 2035 FY 2036 FY 2037 FY 2041 FY 2042 FY 2044 FY 2045 Reserve Category : Grounds Vertical Rail Fencing 6' Around Lake 02 $ 34,089 Masonry Retaining Wall along Silverwood Ct $ 9,643 Entrance Monuments Refurbishment $ 38,573 Category Subtotal : $ 82, HP Jockey Pumps $ 18, HP Pumps $ 75,122 Irrigation System Filter Pumps $ 22,537 Reserve Category : Irrigation and Pumps VFD Drives $ 22,101 $ 32,144 Vinyl Fencing 6' Around Pump Stations $ 6,172 Category Subtotal : $ 22,101 $ 116,439 $ 38,316 Reserve Category : Main Entrance Barrier Arms and Operators $ 17,681 $ 25,716 Water Fountains $ 2,504 Guardhouse 7 Camera Security System $ 9,769 $ 12,541 $ 16,098 Guardhouse Tile Roof $ 28,467 Guardhouse Exterior Paint $ 2,974 $ 3,631 $ 4,434 $ 5,415 Guardhouse Interior Paint $ 1,747 $ 2,133 $ 2,605 $ 3,181 Guardhouse HVAC 2 Tons $ 4,048 $ 5,463 Category Subtotal : $ 1,747 $ 2,974 $ 17,681 $ 9,769 $ 4,637 $ 3,631 $ 4,048 $ 2,605 $ 12,541 $ 58,617 $ 5,463 $ 3,181 $ 5,415 $ 16,098 Reserve Category : Ponds Pond Aerators $ 24,423 $ 31,352 $ 40,246 Pond Banks Erosion Control $ 43,507 $ 49,294 $ 55,850 $ 63,278 $ 71,694 Category Subtotal : $ 43,507 $ 24,423 $ 49,294 $ 55,850 $ 31,352 $ 63,278 $ 71,694 $ 40,246 Reserve Category : Potable Water System Potable Water Repair Allowance $ 19,261 $ 21,823 $ 24,725 $ 28,014 $ 31,740 Page 31 of 38 Pages

32 Lakewood Ranch CDD 6 Funding Study Expenses by Fiscal Calendar Year - Continued Item Description FY 2018 FY 2020 FY 2021 FY 2022 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2031 FY 2032 FY 2034 FY 2035 FY 2036 FY 2037 FY 2041 FY 2042 FY 2044 FY 2045 Reserve Category : Sewer System Sewer System Repair Allowance $ 26,626 $ 30,167 $ 34,179 $ 38,725 $ 43,875 Lift Station $ 32,092 Category Subtotal : $ 26,626 $ 62,259 $ 34,179 $ 38,725 $ 43,875 Reserve Category : Stormwater Drainage Stormwater Drainage Repair Allowance $ 63,221 $ 71,630 $ 81,157 $ 91,951 $ 104,180 Reserve Category : Streets and Sidewalks Sidewalk Repair Allowance $ 37,389 $ 42,362 $ 47,996 $ 54,380 $ 61,612 Street Signs $ 36,724 Radar Signs $ 9,528 $ 12,858 Residential Street Light Fixtures Paving 1.5 Inch Mill and Overlay Area Group 1 $ 898,451 Paving 1.5 Inch Mill and Overlay Area Group 2 Balmoral $ 107,164 $ 159,803 Paving 1.5 Inch Mill and Overlay Area Group 3 Balmoral $ 68,147 Street Pavers Area Group 4 $ 219,128 Category Subtotal : $ 107,164 $ 37,389 $ 9,528 $ 42,362 $ 898,451 $ 68,147 $ 84,720 $ 391,789 $ 54,380 $ 61,612 Expense Totals : $ 1,747 $ 110,138 $ 39,782 $ 190,004 $ 9,528 $ 34,192 $ 121,076 $ 247,367 $ 902,082 $ 4,048 $ 68,147 $ 280,631 $ 2,605 $ 43,892 $ 571,028 $ 276,347 $ 5,463 $ 316,283 $ 5,415 $ 56,344 Page 32 of 38 Pages

33 Item Description FY 2046 FY 2047 FY 2048 Vertical Rail Fencing 6' Around Lake 02 Masonry Retaining Wall along Silverwood Ct Entrance Monuments Refurbishment Reserve Category : Grounds Category Subtotal : Prepared by Florida Reserve Study and Appraisal Lakewood Ranch CDD 6 Funding Study Expenses by Fiscal Calendar Year - Continued Reserve Category : Irrigation and Pumps 10 HP Jockey Pumps $ 30, HP Pumps $ 123,790 Irrigation System Filter Pumps $ 37,137 VFD Drives Vinyl Fencing 6' Around Pump Stations Category Subtotal : $ 191,875 Barrier Arms and Operators Reserve Category : Main Entrance Water Fountains $ 4,126 Guardhouse 7 Camera Security System Guardhouse Tile Roof Guardhouse Exterior Paint Guardhouse Interior Paint Guardhouse HVAC 2 Tons Category Subtotal : $ 4,126 Reserve Category : Ponds Pond Aerators Pond Banks Erosion Control $ 81,229 Category Subtotal : $ 81,229 Reserve Category : Potable Water System Potable Water Repair Allowance $ 35,961 Page 33 of 38 Pages

34 Item Description FY 2046 FY 2047 FY 2048 Reserve Category : Sewer System Sewer System Repair Allowance $ 49,711 Lift Station $ 52,884 Category Subtotal : $ 102,595 Prepared by Florida Reserve Study and Appraisal Lakewood Ranch CDD 6 Funding Study Expenses by Fiscal Calendar Year - Continued Reserve Category : Stormwater Drainage Stormwater Drainage Repair Allowance $ 118,036 Reserve Category : Streets and Sidewalks Sidewalk Repair Allowance $ 69,807 Street Signs Radar Signs $ 17,351 Residential Street Light Fixtures $ 27,923 Paving 1.5 Inch Mill and Overlay Area Group 1 Paving 1.5 Inch Mill and Overlay Area Group 2 Balmoral Paving 1.5 Inch Mill and Overlay Area Group 3 Balmoral $ 101,621 Street Pavers Area Group 4 Category Subtotal : $ 199,351 $ 17,351 Expense Totals : $ 196,002 $ 537,171 $ 17,351 Page 34 of 38 Pages

35 May 30, 2017 Florida Reserve Study and Appraisal, Inc N. Florida Avenue Tampa, FL Phone: Fax: Expense Summary by Year Year Category Item Name Expense FY 2018 Main Entrance Guardhouse Interior Paint $ 1,747 Year Annual Expense Total = $ 1,747 FY 2020 Main Entrance Guardhouse Exterior Paint $ 2,974 Streets and Sidewalks Paving 1.5 Inch Mill and Overlay Area Group 2 Balmoral $ 107,164 FY 2020 Annual Expense Total = $ 110,138 FY 2021 Irrigation and Pumps VFD Drives $ 22,101 Main Entrance Barrier Arms and Operators $ 17,681 FY 2021 Annual Expense Total = $ 39,782 Ponds Pond Banks Erosion Control $ 43,507 Potable Water System Potable Water Repair Allowance $ 19,261 FY 2022 Sewer System Sewer System Repair Allowance $ 26,626 Stormwater Drainage Stormwater Drainage Repair Allowance $ 63,221 Streets and Sidewalks Sidewalk Repair Allowance $ 37,389 FY 2022 Annual Expense Total = $ 190,004 FY 2024 Streets and Sidewalks Radar Signs $ 9,528 Annual Expense Total = $ 9,528 FY 2025 Main Entrance Guardhouse 7 Camera Security System $ 9,769 Ponds Pond Aerators $ 24,423 FY 2025 Annual Expense Total = $ 34, HP Jockey Pumps $ 18,780 Irrigation and Pumps 30 HP Pumps $ 75,122 FY 2026 Irrigation System Filter Pumps $ 22,537 Irrigation and Pumps Subtotal = $ 116, Main Entrance Water Fountains $ 2,504 Guardhouse Interior Paint $ 2,133 Page 35 of 38 Pages

36 Year Category Item Name Expense Main Entrance Subtotal = $ 4, FY 2026 Annual Expense Total = $ 121,076 Ponds Pond Banks Erosion Control $ 49,294 Potable Water System Potable Water Repair Allowance $ 21,823 FY 2027 Sewer System Sewer System Repair Allowance $ 30,167 Lift Station $ 32,092 Sewer System Subtotal = $ 62, Stormwater Drainage Stormwater Drainage Repair Allowance $ 71,630 Streets and Sidewalks Sidewalk Repair Allowance $ 42,362 FY 2027 Annual Expense Total = $ 247,368 FY 2028 Main Entrance Guardhouse Exterior Paint $ 3,631 Streets and Sidewalks Paving 1.5 Inch Mill and Overlay Area Group 1 $ 898,451 FY 2028 Annual Expense Total = $ 902,082 FY 2029 Main Entrance Guardhouse HVAC 2 Tons $ 4,048 Annual Expense Total = $ 4,048 FY 2031 Streets and Sidewalks Paving 1.5 Inch Mill and Overlay Area Group 3 Balmoral $ 68,147 Annual Expense Total = $ 68,147 Ponds Pond Banks Erosion Control $ 55,850 Potable Water System Potable Water Repair Allowance $ 24,725 Sewer System Sewer System Repair Allowance $ 34,179 FY 2032 Stormwater Drainage Stormwater Drainage Repair Allowance $ 81,157 Streets and Sidewalks Sidewalk Repair Allowance $ 47,996 Street Signs $ 36,724 Streets and Sidewalks Subtotal = $ 84, FY 2032 Annual Expense Total = $ 280,631 FY 2034 Main Entrance Guardhouse Interior Paint $ 2,605 Annual Expense Total = $ 2,605 FY 2035 Main Entrance Guardhouse 7 Camera Security System $ 12,541 Ponds Pond Aerators $ 31,352 FY 2035 Annual Expense Total = $ 43,893 FY 2036 Grounds Vertical Rail Fencing 6' Around Lake 02 $ 34,089 Masonry Retaining Wall along Silverwood Ct $ 9,643 Page 36 of 38 Pages

37 Year Category Item Name Expense Grounds Entrance Monuments Refurbishment $ 38,573 Grounds Subtotal = $ 82, Irrigation and Pumps VFD Drives $ 32,144 Vinyl Fencing 6' Around Pump Stations $ 6,172 FY 2036 Main Entrance Streets and Sidewalks Irrigation and Pumps Subtotal = $ 38, Barrier Arms and Operators $ 25,716 Guardhouse Tile Roof $ 28,467 Guardhouse Exterior Paint $ 4,434 Main Entrance Subtotal = $ 58, Radar Signs $ 12,858 Paving 1.5 Inch Mill and Overlay Area Group 2 Balmoral $ 159,803 Street Pavers Area Group 4 $ 219,128 Streets and Sidewalks Subtotal = $ 391, FY 2036 Annual Expense Total = $ 571,027 Ponds Pond Banks Erosion Control $ 63,278 Potable Water System Potable Water Repair Allowance $ 28,014 FY 2037 Sewer System Sewer System Repair Allowance $ 38,725 Stormwater Drainage Stormwater Drainage Repair Allowance $ 91,951 Streets and Sidewalks Sidewalk Repair Allowance $ 54,380 FY 2037 Annual Expense Total = $ 276,348 FY 2041 Main Entrance Guardhouse HVAC 2 Tons $ 5,463 Annual Expense Total = $ 5,463 Main Entrance Guardhouse Interior Paint $ 3,181 Ponds Pond Banks Erosion Control $ 71,694 FY 2042 Potable Water System Potable Water Repair Allowance $ 31,740 Sewer System Sewer System Repair Allowance $ 43,875 Stormwater Drainage Stormwater Drainage Repair Allowance $ 104,180 Streets and Sidewalks Sidewalk Repair Allowance $ 61,612 FY 2042 Annual Expense Total = $ 316,282 FY 2044 Main Entrance Guardhouse Exterior Paint $ 5,415 Annual Expense Total = $ 5,415 FY 2045 Main Entrance Guardhouse 7 Camera Security System $ 16,098 Ponds Pond Aerators $ 40,246 FY 2045 Annual Expense Total = $ 56,344 Page 37 of 38 Pages

38 Year Category Item Name Expense 10 HP Jockey Pumps $ 30,948 Irrigation and Pumps 30 HP Pumps $ 123,790 FY 2046 Irrigation System Filter Pumps $ 37,137 Irrigation and Pumps Subtotal = $ 191, Main Entrance Water Fountains $ 4,126 Annual Expense Total = $ 196,001 Ponds Pond Banks Erosion Control $ 81,229 Potable Water System Potable Water Repair Allowance $ 35,961 Sewer System Sewer System Repair Allowance $ 49,711 Lift Station $ 52,884 FY 2047 Sewer System Subtotal = $ 102, Stormwater Drainage Stormwater Drainage Repair Allowance $ 118,036 Sidewalk Repair Allowance $ 69,807 Streets and Sidewalks Residential Street Light Fixtures $ 27,923 Paving 1.5 Inch Mill and Overlay Area Group 3 Balmoral $ 101,621 Streets and Sidewalks Subtotal = $ 199, FY 2047 Annual Expense Total = $ 537,172 FY 2048 Streets and Sidewalks Radar Signs $ 17,351 Annual Expense Total = $ 17,351 Page 38 of 38 Pages