Riverwood Community Development District

Transcription

1 Riverwood Community Development District Operating, Debt Service and Utility Budget Fiscal Year 2010 Adopted August 18, 2009 V.1

2 Riverwood Community Development District TABLE OF CONTENTS General Fund Budget Summary of Revenue & Expenditures Page 1-2 Allocation of Reserves - Exhibit "A" Page 3 Debt Service Budget - Series 1994 Summary of Revenue & Expenditures Page 4 Principal and Interest Amortization Schedule Page 5 Debt Service Budget - Series 2007A Summary of Revenue & Expenditures Page 6 Principal and Interest Amortization Schedule Page 7 Debt Service Budget - Series 2007B Summary of Revenue & Expenditures Page 8 Principal and Interest Amortization Schedule Page 9 Allocation of Reserves - Exhibit "B" Page 10 Annual Assessment Rates Page 11 Utility Fund Budget Summary of Revenue & Expenditures Page Principal and Interest Amortization Schedule Page 17 Narrative Page 18-23

3 RIVERWOOD COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND Adopted Budget - Fiscal Year 2010 ADOPTED ACTUAL PROJECTED TOTAL ADOPTED ACTUAL BUDGET THRU APRIL- PROJECTED BUDGET DESCRIPTION FY 2008 FY 2009 MARCH 2009 SEPT /30/2009 FY 2010 REVENUE Interest - Investments $ 23,587 $ 375 $ 4,108 $ 1,000 $ 5,108 $ 1,500 Net Incr (Decr) In FMV-Invest (7,837) Interest - Tax Collector Special Assmnts - Tax Collector 369, , ,770 20, , ,537 Special Assmnts - Developer 43, Special Assmnts - Discounts (13,429) (15,475) (13,816) (1,659) (15,475) (11,541) Other Miscellaneous Revenues 15, RV Park Revenue ,000 TOTAL REVENUE 431, , ,715 18, , ,496 EXPENDITURES ADMINISTRATIVE P/R-Board of Supervisors 4,800 6,000 3,400 3,000 6,400 6,000 FICA Taxes ProfServ-Arbitrage Rebate 12,600 4,725-4,725 4,725 4,725 ProfServ-Engineering 2,421 8, ProfServ-Legal Services 35,055 15,000 10,480 14,520 25,000 15,000 ProfServ-Mgmt Consulting Serv 28,706 29,711 14,856 14,113 28,969 45,077 ProfServ-Recording Secretary 7,165 7,416 3,708 3,523 7,231 - ProfServ-Special Assessment 16,508 17,086 17,086 (427) 16,659 - ProfServ-Trustee 10,638 9,315 6,988 3,232 10,220 10,300 Accounting Services 8,634 8,936 4,468 4,245 8,713 - Auditing Services 3,988 9,250 4,000-4,000 5,000 Travel and Per Diem Communication - Telephone Postage and Freight 1,026 2, ,250 1,810 2,500 Rentals - General 1,200 1, ,170 - Insurance - General Liability 25,129 31,000 12,861 5,506 18,367 3,545 Insurance - Property ,614 Printing and Binding 2,926 4,000 1,106 2,000 3,106 4,000 Legal Advertising Miscellaneous Services 2,891 6, ,000 Miscellaneous-News Letters Misc-Property Taxes 39,483 44,000 19,446-19,446 20,000 Misc-Assessmnt Collection Fee 7,133 7,737 7, ,737 5,771 Office Supplies Annual District Filing Fee Capital Outlay TOTAL ADMINISTRATIVE 211, , ,564 58, , ,116 FIELD R&M-Gate 4, R&M-General ,000 R&M-Mitigation 1,560 2,500-1,250 1,250 - R&M-Signage 5,216 5, ,500 3,083 5,000 Misc-Special Projects 0 50,000-85,000 85,000 15,000 Misc-Turnover ,000 Misc-Contingency 2,566 50,000 18,296-18,296 5,000 Capital Outlay 107, Reserves-Normal Year Provision 0 62, ,572 Reserves - Catch Up Provision 0 36, ,808 Reserves - RV Park ,000 TOTAL FIELD 120, ,697 19,531 88, , ,380 Report Date: 8/19/2009 Prepared by: 1 Severn Trent Management Services

4 RIVERWOOD COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND Adopted Budget - Fiscal Year 2010 ADOPTED ACTUAL PROJECTED TOTAL ADOPTED ACTUAL BUDGET THRU APRIL- PROJECTED BUDGET DESCRIPTION FY 2008 FY 2009 MARCH 2009 SEPT /30/2009 FY 2010 DEBT SERVICE Operating Loan Repayment 113, TOTAL DEBT SERVICE 113, TOTAL EXPENDITURES & RESERVES 445, , , , , ,496 Excess of Revenues Over (Under) Expenditures (13,601) (50,000) 230,620 (128,579) 102,041 - OTHER FINANCING SOURCES (USES) Interfund Transfer - In 6, Prior Year Fund Balance 50, Contribution to Fund Balance TOTAL OTHER SOURCES (USES) 6,759 50, Net Change in Fund Balance (6,842) (50,000) 230,620 (128,579) 102,041 - FUND BALANCE, OCTOBER 1 925, , , ,285 1,020,326 FUND BALANCE, ENDING $ 918,284 $ 868,285 $ 1,148,905 $ (128,579) $ 1,020,326 $ 1,020,326 Report Date: 8/19/2009 Prepared by: 2 Severn Trent Management Services

5 Riverwood Community Development District Exhibit "A" Allocation of Reserves - General Fund Estimated Funds Available Beginning Fund Balance - Fiscal Year ,020,326 Net Change in Fund Balance - Fiscal Year Reserves - Fiscal Year 2010 Additions 103,380 Total Estimated Funds Available - 9/30/2010 $1,123,706 Allocation of Funds Available (1) Operating Reserve - First Quarter Operating Capital $72,624 (2) Reserve $837,206 FY 2010 Reserve Funding 103,380 Total Allocation of Funds $1,013,210 Total Undesignated Cash $110,496 Notes (1) Represents approximately 3 months of operating expenditures (2) Balance of Reserve Account, includes FY 2009 Reserve Funding Report Date: 8/19/2009 Prepared by: Severn Trent Management Services 3

6 RIVERWOOD COMMUNITY DEVELOPMENT DISTRICT 1994A/B DEBT SERVICE FUND Adopted Budget - Fiscal Year 2010 ADOPTED ACTUAL PROJECTED TOTAL ADOPTED BUDGET THRU APRIL- PROJECTED BUDGET DESCRIPTION FY 2009 MARCH 2009 SEPT /30/2009 FY 2010 REVENUE Interest - Investments $ 4,254 $ 622 $ 622 $ 1,244 $ 608 Special Assmnts - Tax Collector 121, ,054 9, , ,524 Special Assmnts - Discounts (4,861) (4,256) (605) (4,861) (4,861) TOTAL REVENUE 120, ,420 9, , ,270 EXPENDITURES DEBT SERVICE PAYMENTS Misc-Assessmnt Collection Fee 2,430 2, ,430 2,430 TOTAL DEBT SERVICE PAYMENTS 2,430 2, ,430 2,430 DEBT SERVICE Principal Debt Retirement 70,000-70,000 70,000 75,000 Interest Expense 39,138 19,569 19,569 39,138 33,713 TOTAL DEBT SERVICE 109,138 19,569 89, , ,713 TOTAL EXPENDITURES & RESERVES 111,568 21,725 89, , ,143 Excess of Revenues Over (Under) Expenditures 9,349 86,695 (80,356) 6,339 6,127 OTHER FINANCING SOURCES (USES) Prior Year Fund Balance Contribution to Fund Balance (9,349) (6,127) TOTAL OTHER SOURCES (USES) (9,349) (6,127) Net Change in Fund Balance 9,349 86,695 (80,356) 6,339 6,127 FUND BALANCE, OCTOBER 1 163, , , ,355 FUND BALANCE, ENDING $ 172,365 $ 249,711 $ (80,356) $ 169,355 $ 175,482 Report Date: 8/19/2009 Prepared by: 4 Severn Trent Management Services

7 Riverwood Community Development District 1994A Special Assessment Revenue Bonds Amortization Schedule Year *Principal Interest Fiscal Total 11/1/2006 $24,413 5/1/2007 $60,000 $24,413 $108,825 11/1/2007 $22,088 5/1/2008 $65,000 $22,088 $109,175 11/1/2008 $19,569 5/1/2009 $70,000 $19,569 $109,138 11/1/2009 $16,856 5/1/2010 $75,000 $16,856 $108,713 11/1/2010 $13,950 5/1/2011 $80,000 $13,950 $107,900 11/1/2011 $10,850 5/1/2012 $85,000 $10,850 $106,700 11/1/2012 $7,556 5/1/2013 $95,000 $7,556 $110,113 11/1/2013 $3,875 5/1/2014 $100,000 $3,875 $107,750 Totals $630,000 $238,313 $868,313 * 7.750% Coupon 5

8 RIVERWOOD COMMUNITY DEVELOPMENT DISTRICT 2007A DEBT SERVICE FUND Adopted Budget - Fiscal Year 2010 ADOPTED ACTUAL PROJECTED TOTAL ADOPTED BUDGET THRU APRIL- PROJECTED BUDGET DESCRIPTION FY 2009 MARCH 2009 SEPT /30/2009 FY 2010 REVENUE Interest - Investments $ 1,146 $ 475 $ 475 $ 950 $ 576 Special Assmnts - Tax Collector 115, ,149 8, , ,120 Special Assmnts - Discounts (4,605) (4,031) (574) (4,605) (4,605) TOTAL REVENUE 111, ,593 8, , ,091 EXPENDITURES DEBT SERVICE PAYMENTS Misc-Assessmnt Collection Fee 2,302 2, ,302 2,302 TOTAL DEBT SERVICE PAYMENTS 2,302 2, ,302 2,302 DEBT SERVICE Principal Debt Retirement 61,764 30,389 31,375 61,764 64,243 Interest Expense 46,443 23,715 22,728 46,443 43,964 TOTAL DEBT SERVICE 108,207 54,104 54, , ,207 TOTAL EXPENDITURES & RESERVES 110,509 56,147 54, , ,510 Excess of Revenues Over (Under) Expenditures 1,152 46,446 (45,490) OTHER FINANCING SOURCES (USES) Prior Year Fund Balance Contribution to Fund Balance (1,152) (581) TOTAL OTHER SOURCES (USES) (1,152) (581) Net Change in Fund Balance 1,152 46,446 (45,490) FUND BALANCE, OCTOBER 1 132, , , ,521 FUND BALANCE, ENDING $ 133,717 $ 179,011 $ (45,490) $ 133,521 $ 134,102 Report Date: 8/19/2009 Prepared by: 6 Severn Trent Management Services

9 Riverwood Community Development District 2007A Special Assessment Revenue Refunding Bonds Amortization Schedule Year *Principal Interest Principal Balance Fiscal Total 12/28/2007 $1,221,105 5/1/2008 $37,483 $16,621 $1,183,622 $54,104 11/1/2008 $30,389 $23,715 $1,153,233 5/1/2009 $31,375 $22,729 $1,121,858 $108,207 11/1/2009 $31,627 $22,477 $1,090,231 5/1/2010 $32,616 $21,487 $1,057,615 $108,207 11/1/2010 $32,914 $21,190 $1,024,701 5/1/2011 $33,908 $20,196 $990,793 $108,207 11/1/2011 $34,253 $19,851 $956,540 5/1/2012 $35,147 $18,957 $921,393 $108,207 11/1/2012 $35,643 $18,461 $885,750 5/1/2013 $36,647 $17,457 $849,103 $108,207 11/1/2013 $37,091 $17,012 $812,012 5/1/2014 $38,100 $16,004 $773,912 $108,207 11/1/2014 $38,598 $15,506 $735,314 5/1/2015 $39,611 $14,492 $695,703 $108,207 11/1/2015 $40,165 $13,939 $655,538 5/1/2016 $41,112 $12,991 $614,425 $108,207 11/1/2016 $41,793 $12,310 $572,632 5/1/2017 $42,818 $11,286 $529,814 $108,207 11/1/2017 $43,489 $10,615 $486,326 5/1/2018 $44,519 $9,585 $441,807 $108,207 11/1/2018 $45,252 $8,852 $396,555 5/1/2019 $46,288 $7,816 $350,267 $108,207 11/1/2019 $47,086 $7,018 $303,181 5/1/2020 $48,095 $6,008 $255,086 $108,207 11/1/2020 $48,993 $5,111 $206,093 5/1/2021 $50,042 $4,062 $156,051 $108,207 11/1/2021 $50,977 $3,127 $105,074 5/1/2022 $52,033 $2,071 $53,041 $108,207 11/1/2022 $53,041 $1,063 $0 $54,104 Totals $1,221,105 $402,006 $1,623,111 *3.920% Coupon 7

10 RIVERWOOD COMMUNITY DEVELOPMENT DISTRICT 2007B DEBT SERVICE FUND Adopted Budget - Fiscal Year 2010 ADOPTED ACTUAL PROJECTED TOTAL ADOPTED BUDGET THRU APRIL- PROJECTED BUDGET DESCRIPTION FY 2009 MARCH 2009 SEPT /30/2009 FY 2010 REVENUE Interest - Investments $ 18,904 $ 2,788 $ 2,788 $ 5,576 $ 4,926 Special Assmnts - Tax Collector 985, ,493 76, , ,272 Special Assmnts - Discounts (39,411) (34,504) (4,907) (39,411) (39,411) TOTAL REVENUE 964, ,781 71, , ,787 EXPENDITURES DEBT SERVICE PAYMENTS Misc-Assessmnt Collection Fee 19,705 17,483 2,222 19,705 19,705 TOTAL DEBT SERVICE PAYMENTS 19,705 17,483 2,222 19,705 19,705 DEBT SERVICE Principal Debt Retirement 738, , , ,000 Interest Expense 203, , , , ,571 TOTAL DEBT SERVICE 941, , , , ,571 TOTAL EXPENDITURES & RESERVES 960, , , , ,277 Excess of Revenues Over (Under) Expenditures 4, ,951 (769,244) (9,293) (10,490) OTHER FINANCING SOURCES (USES) Prior Year Fund Balance ,490 Contribution to Fund Balance (4,035) TOTAL OTHER SOURCES (USES) (4,035) ,490 Net Change in Fund Balance 4, ,951 (769,244) (9,293) (10,490) FUND BALANCE, OCTOBER 1 672, , , ,505 FUND BALANCE, ENDING $ 676,833 $ 1,432,749 $ (769,244) $ 663,505 $ 653,015 Report Date: 8/19/2009 Prepared by: 8 Severn Trent Management Services

11 Riverwood Community Development District 2007B Special Assessment Revenue Refunding Bonds Amortization Schedule Year *Principal Interest Principal Balance Fiscal Total 12/28/2007 $5,610,000 5/1/2008 $690,000 $79,280 $4,920,000 $769,280 11/1/2008 $0 $102,347 $4,920,000 5/1/2009 $738,000 $100,678 $4,182,000 $941,025 11/1/2009 $0 $86,995 $4,182,000 5/1/2010 $769,000 $85,577 $3,413,000 $941,571 11/1/2010 $0 $70,998 $3,413,000 5/1/2011 $802,000 $69,840 $2,611,000 $942,838 11/1/2011 $0 $54,315 $2,611,000 5/1/2012 $835,000 $53,724 $1,776,000 $943,039 11/1/2012 $0 $36,945 $1,776,000 5/1/2013 $870,000 $36,342 $906,000 $943,287 11/1/2013 $0 $18,847 $906,000 5/1/2014 $906,000 $18,540 $0 $943,386 Totals $5,610,000 $814,427 $6,424,427 *4.070% Coupon 9

12 RIVERWOOD COMMUNITY DEVELOPMENT DISTRICT Exhibit "B" Allocation of Reserves - Debt Service Funds Debt Service Debt Service Debt Service Series 1994A Series 2007A Series 2007B Estimated Funds Available Beginning Fund Balance - Fiscal Year , , ,505 Net Change in Fund Balance - Fiscal Year , (10,490) Reserves - Fiscal Year 2010 Additions $0 $0 $0 Total Estimated Funds Available - 9/30/2010 $175,482 $134,102 $653,015 Allocation of Funds Available Interest Payment - November 2010 $13,950 $21,190 $70,998 Reserve Account(s) - US Bank $126,500 $0 $358,137 Total Allocation of Funds $140,450 $21,190 $429,135 Total Undesignated Cash $35,032 $112,912 $223,881 Report Date: 8/19/2009 Prepared by: Severn Trent Management Services 10

13 Parcel Product Type RIVERWOOD CDD ANNUAL ASSESSMENT RATES FISCAL YEAR # of Total Units O&M per unit 1994A Debt per unit 2007A Amenity Debt per unit 2007B (1992) Debt per unit Total per unit Residential Fairway Lakes Single Family $ $0.00 $82.88 $ $ Lakeshore Village Single Family $ $0.00 $82.88 $ $ Riverside Single Family $ $0.00 $82.88 $ $1, Riverside Single Family 8.00 $ $0.00 $82.88 $1, $1, Royal Oaks Single Family $ $0.00 $82.88 $ $ Royal Oaks Single Family 6.00 $ $0.00 $82.88 $ $ Eagle Trace Single Family $ $ $82.88 $ $ Bayridge Single Family $ $0.00 $82.88 $ $ Osprey Landing Single Family $ $0.00 $82.88 $ $ Reserves Twin Villas $ $0.00 $82.88 $ $ Grand Vista Multifamily $ $0.00 $82.88 $ $ Silver Lakes Estate Single Family $ $0.00 $82.88 $ $ Myakka Pt - Logan Pt Estate Single Family $ $ $82.88 $ $1, Myakka Pt - Baileys Pond Single Family $ $ $82.88 $ $1, Myakka Pt - Marlin Cove Twin Villas $ $ $82.88 $ $ Myakka Pt - Tarpon Harbor Multifamily $ $ $82.88 $ $1, Myakka Pt - Tarpon Harbor II Multifamily $ $91.45 $82.88 $ $ Sawgrass - Westport Ridge Estate Single Family $ $ $82.88 $1, $1, Sawgrass - Estuary Single Family $ $ $82.88 $ $1, Sawgrass - Driftwood Pt Single Family $ $ $82.88 $ $1, Sawgrass - Oyster Bay Twin Villas $ $ $82.88 $ $1, Sawgrass - Pompano Cove Twin Villas $ $ $82.88 $ $1, Sawgrass - River Run Estate Single Family $ $ $82.88 $1, $1, Sawgrass - Channel Ridge Estate Single Family $ $ $82.88 $1, $1, Sawgrass - Clipper Cove Single Family $ $ $82.88 $ $1, Sawgrass - Fisher Landing Single Family $ $ $82.88 $ $1, Sawgrass - Still Water Trace Twin Villas $ $ $82.88 $ $1, Sawgrass - Redfin Shores Multifamily $ $80.91 $82.88 $ $ Stonebridge Single Family $ $0.00 $82.88 $ $ Willow Glen Phase 1 Single Family $ $0.00 $82.88 $ $ Willow Glen Phase 2 Single Family $ $0.00 $82.88 $ $ Willow Glen Phase 3 Single Family $ $0.00 $82.88 $ $ Willow Glen - 1st Choice Single Family $ $0.00 $82.88 $0.00 $ Total Residential 1, Commercial Centex $ $0.00 $0.00 $4, $4, Myakka $ $0.00 $0.00 $3, $3, Maintenance Bldg 2.90 $ $0.00 $0.00 $1, $1, Club 3.10 $ $0.00 $0.00 $7, $7, Golf Course 4.10 $ $0.00 $0.00 $ $ Golf Course $ $0.00 $0.00 $ $ Golf Course $ $0.00 $0.00 $ $ Golf Course $ $0.00 $0.00 $ $ Golf Course 6.96 $ $0.00 $0.00 $ $ Golf Course $ $0.00 $0.00 $ $ Golf Course $ $0.00 $0.00 $ $ Golf Course 6.78 $ $0.00 $0.00 $ $ Golf Course 1.66 $ $0.00 $0.00 $ $ Golf Course $ $0.00 $0.00 $ $ Golf Course 0.60 $ $0.00 $0.00 $ $ Golf Course 0.13 $ $0.00 $0.00 $ $ Golf Course $ $0.00 $0.00 $ $ Golf Course 2.02 $ $0.00 $0.00 $ $ Golf Course 0.58 $ $0.00 $0.00 $ $ Golf Course 0.02 $ $0.00 $0.00 $ $ Total Commercial TOTAL 1,

14 OPERATING REVENUE M A AE A AG A AI A AK A AM A AO RIVERWOOD COMMUNITY DEVELOPMENT DISTRICT ADOPTED ACTUAL PROJECTED TOTAL ADOPTED ACTUAL BUDGET THRU APRIL- PROJECTED BUDGET DESCRIPTION FY 2008 FY 2009 MARCH 2009 SEPT /30/2009 FY 2010 Interest - Investments $ 50,536 $ 1,000 $ 6,002 $ 1,000 $ 7,002 $ 1,000 Water Revenue 414, , , , ,337 - Water-Base Rate ,876 Water-Usage ,508 Sewer Revenue 911, , , , ,787 1,033,227 Sewer Fee-Non Resident ,690 Meter Fees 6,710 5,500 2,695 2,805 5,500 - Standby Fees 125,654 95,160 34,051 34,051 68, ,253 Net Incr (Decr) In FMV-Invest (7,156) Other Miscellaneous Revenues 6,631 1,000 7,078 1,000 8,078 1,000 Installation Charges Connection Fees - W/S 54,353 43,125 22,842 20,283 43,125 - TOTAL OPERATING REVENUE 1,563,295 1,546, , ,634 1,532,806 1,782,554 OPERATING EXPENSES PERSONNEL AND ADMINISTRATION P/R-Board of Supervisors 4,800 6,000 3,400 2,600 6,000 6,000 FICA Taxes ProfServ-Arbitrage Rebate 2, ProfServ-Engineering 54,056 35,000 19,449 17,381 36,830 26,750 ProfServ-Info Technology 1, ProfServ-Legal Services 26,396 17,000 17,046 7,954 25,000 17,000 ProfServ-Mgmt Consulting Serv 16,767 29,105 14,386 14,386 28,772 47,301 ProfServ-Recording Secretary 4, ProfServ-Trustee 3, ProfServ-Utility Billing 11, Accounting Services 5, Auditing Services 3,988 9,251 4,000-4,000 5,000 Communication - Telephone 402 2, ,120 Postage and Freight 4,438 2, ,143 1,625 Rentals - General 1, Insurance - General Liability 11,826 5,494 1, ,482 3,544 Insurance - Property ,017 Printing and Binding 3,617 4,200 1,106 1,105 2,211 3,150 Legal Advertising 1, Miscellaneous Services 3,459 4, ,600 Office Supplies TOTAL PERSONNEL AND ADMINISTRATION 160, ,007 62,722 46, , ,691 DEBT SERVICE PAYMENTS UTILITY FUND - COMBINED Adopted Budget - Fiscal Year 2010 ProfServ-Arbitrage Rebate - 1,575-1,575 1,575 1,575 ProfServ-Trustee - 3,500-2,694 2,694 3,500 TOTAL DEBT SERVICE PAYMENTS - 5,075-4,269 4,269 5,075 Report Date: 8/19/2009 Prepared by: 12 Severn Trent Management Services

15 M A AE A AG A AI A AK A AM A AO RIVERWOOD COMMUNITY DEVELOPMENT DISTRICT UTILITY FUND - COMBINED Adopted Budget - Fiscal Year 2010 ADOPTED ACTUAL PROJECTED TOTAL ADOPTED ACTUAL BUDGET THRU APRIL- PROJECTED BUDGET DESCRIPTION FY 2008 FY 2009 MARCH 2009 SEPT /30/2009 FY TOTAL OPERATING EXPENSES 1,348,520 1,652, ,528 1,084,881 1,731,409 2,821, OTHER FINANCING SOURCES (USES) TOTAL OTHER SOURCES (USES) (32) 105, ,039, Change in Net Assets 214,743 (105,435) 140,644 (339,247) (198,603) (1,039,218) TOTAL NET ASSETS, OCTOBER 1 5,326,033 5,540,778 5,540,778-5,540,778 5,342, WATER-SEWER COMB SERVICES Contracts-Other Services 206, , , , , ,000 Communication - Telephone 1,697 2,000 1,089 1,045 2,134 2,000 Electricity - General 71,450 93,347 41,019 46,674 87, ,000 Utility - Water 371, , , , ,707 - Utility - Water-Base Rate - 97,668 Utility - Water-Usage - 364,521 Utility - Water & Sewer - 1,000 Utility - Meter Reading 14, Insurance - Property 9,106 4,474 2,563 7,037 - R&M-General 229, , , , , ,000 R&M-Meters 30,000-30,000 30,000 5,000 R&M-Sludge Hauling ,000 Misc-Contingency 26,660 20,000 1,000 19,000 20,000 17,000 Misc-Licences & Permits Misc-Laboratory Testing ,000 Op Supplies - General 8, Op Supplies - Chemicals ,000 Depreciation Expense 125, Misc-Biological Treatment ,000 Capital Outlay 250, , , ,000 Reserves - Sewer System 61, ,751 Reserves - Water System 5, ,682 Rsvrs - Sewer Non-Resid Underg ,690 TOTAL WATER-SEWER COMB SERVICES 1,047,217 1,361, , ,829 1,449,667 1,910,322 IRRIGATION SERVICES ProfServ-Engineering 70, ProfServ-Legal Services 1, Reserves - Irrigation System ,977 Capital Outlay ,000 TOTAL IRRIGATION SERVICES 72, ,977 DEBT SERVICE Principal Debt Retirement 132, , , ,173 Interest Expense 68,780 35,935 17,968 17,968 35,936 30,534 TOTAL DEBT SERVICE 68, ,633 17, , , ,707 Operating Income (Loss) 214,775 (105,435) 140,644 (339,247) (198,603) (1,039,218) Interfund Transfer - In Operating Transfers-Out (35) Prior Year Fund Balance 105, ,039,218 Contribution to Fund Balance TOTAL NET ASSETS, ENDING $ 5,540,776 $ 5,435,343 $ 5,681,422 $ (339,247) $ 5,342,175 $ 4,302,957 Report Date: 8/19/2009 Prepared by: 13 Severn Trent Management Services

16 OPERATING REVENUE M A AE A AG A AI A AK A AM RIVERWOOD COMMUNITY DEVELOPMENT DISTRICT ADOPTED ACTUAL PROJECTED TOTAL ADOPTED BUDGET THRU APRIL- PROJECTED BUDGET DESCRIPTION FY 2009 MARCH 2009 SEPT /30/2009 FY 2010 Sewer Revenue 832, , , ,787 1,033,227 Surcharge from Non-CDD Customers ,690 Standby Fees 95,160 34,051 34,051 68, ,253 Other Miscellaneous Revenues 500 3, , Connection Fees - W/S 43,125 22,842 20,283 43,125 - TOTAL OPERATING REVENUE 971, , , ,053 1,253,670 OPERATING EXPENSES PERSONNEL AND ADMINISTRATION P/R-Board of Supervisors 5,700 3,230 2,470 5,700 5,700 FICA Taxes ProfServ-Engineering 33,250 17,381 17,381 34,762 10,000 ProfServ-Legal Services 16,150 17,046 7,954 25,000 16,150 ProfServ-Mgmt Consulting Serv 27,650 13,667 13,667 27,334 45,077 Auditing Services 8,788 3,800-3,800 4,750 Communication - Telephone 2, ,000 Postage and Freight 2, ,086 1,500 Insurance - General Liability 5,219 1, ,358 3,367 Insurance - Property ,017 Printing and Binding 3,990 1,050 1,050 2,100 3,000 Legal Advertising Miscellaneous Services 4, ,500 Office Supplies TOTAL PERSONNEL AND ADMINISTRATION 111,156 59,344 45, , ,572 DEBT SERVICE PAYMENTS ProfServ-Arbitrage Rebate 1,575-1,575 1,575 1,575 ProfServ-Trustee 3,500-2,694 2,694 3,500 TOTAL DEBT SERVICE PAYMENTS 5,075-4,269 4,269 5,075 SEWER SERVICES Contracts-Other Services 271, , , , ,955 Communication - Telephone 2,000 1,089 1,045 2,134 2,000 Electricity - General 93,347 41,019 46,674 87, ,000 Utility - Water & Sewer ,000 Insurance - Property 9,106 4,474 2,563 7,037 - R&M-General 117, , , , ,000 R&M-Sludge Hauling ,000 Misc-Contingency 15,000 1,000 14,000 15,000 15,000 Misc-Licenses & Permits Misc-Laboratory Testing Op Supplies - General 8, Op Supplies - Chemicals ,000 Misc-Biological Treatment 40,000 Capital Outlay 250, , , ,000 Reserves - Sewer System 61, ,751 Rsvrs - Sewer Non-Resid Underg ,690 TOTAL SEWER SERVICES 828, , , ,482 1,384,906 DEBT SERVICE UTILITY FUND - SEWER ONLY Adopted Budget - Fiscal Year 2010 Principal Debt Retirement 132, , , ,173 Interest Expense 35,935 17,968 17,968 35,936 30,534 TOTAL DEBT SERVICE 168,633 17, , , ,707 TOTAL OPERATING EXPENSES 1,113, , ,203 1,175,802 1,662,260 Operating Income (Loss) (141,971) 142,562 (370,311) (227,749) (408,590) Report Date: 8/19/2009 Prepared by: Severn Trent Management Services 14

17 OPERATING REVENUE M A AE A AG A AI A AK A AM RIVERWOOD COMMUNITY DEVELOPMENT DISTRICT ADOPTED ACTUAL PROJECTED TOTAL ADOPTED BUDGET THRU APRIL- PROJECTED BUDGET DESCRIPTION FY 2009 MARCH 2009 SEPT /30/2009 FY 2010 Water Revenue 567, , , ,337 - Water-Base Rate ,876 Water-Usage ,508 Meter Fees 5,500 2,695 2,805 5,500 - Other Miscellaneous Revenues 500 3, , Installation Charges TOTAL OPERATING REVENUE 574, , , , ,884 OPERATING EXPENSES PERSONNEL AND ADMINISTRATION P/R-Board of Supervisors FICA Taxes ProfServ-Engineering 1, ,750 ProfServ-Legal Services ProfServ-Mgmt Consulting Serv 1, ,438 2,224 Auditing Services Communication - Telephone Postage and Freight Insurance - General Liability Printing and Binding Legal Advertising Miscellaneous Services Office Supplies TOTAL PERSONNEL AND ADMINISTRATION 5,851 1,311 1,043 2,354 6,119 WATER SERVICES UTILITY FUND - WATER ONLY Adopted Budget - Fiscal Year 2010 Contracts-Other Services 28,707 14,239 14,239 28,478 30,045 Utility - Water 458, , , ,707 - Utility - Water-Base Rate ,668 Utility - Water-Usage ,521 R&M-General 5,000-5,000 5,000 5,000 R&M-Meters 30,000-30,000-5,000 Misc-Contingency 5,000-5,000-2,000 Misc-Laboratory Testing Reserves - Water System 5, ,682 TOTAL WATER SERVICES 532, , , , ,416 TOTAL OPERATING EXPENSES 538, , , , ,535 Operating Income (Loss) 35,546 (5,853) 55,065 84,212 1,349 Report Date: 8/19/2009 Prepared by: 15 Severn Trent Management Services

18 OPERATING REVENUE M A AE A AG A AI A AK A AM RIVERWOOD COMMUNITY DEVELOPMENT DISTRICT ADOPTED ACTUAL PROJECTED TOTAL ADOPTED BUDGET THRU APRIL- PROJECTED BUDGET DESCRIPTION FY 2009 MARCH 2009 SEPT /30/2009 FY 2010 TOTAL OPERATING REVENUE OPERATING EXPENSES PERSONNEL AND ADMINISTRATION ProfServ-Engineering 2,068-2,068 15,000 TOTAL PERSONNEL AND ADMINISTRATION - 2,068-2,068 15,000 IRRIGATION SERVICES UTILITY FUND - IRRIGATION ONLY Adopted Budget - Fiscal Year 2010 R&M-General ,000 Capital Outlay-Reclaimed Water Project ,000 Reserves - Irrigation System ,977 TOTAL IRRIGATION SERVICES ,977 TOTAL OPERATING EXPENSES 10 2,068-2, ,977 Operating Income (Loss) (10) (2,068) - (2,068) (632,977) Report Date: 8/19/2009 Prepared by: 16 Severn Trent Management Services

19 Riverwood Community Development District 2007 Sewer System Revenue Refunding Bonds Amortization Schedule Year *Principal Interest Principal Balance Fiscal Total 12/28/2007 $1,020,000 4/1/2008 $0 $10,955 $1,020,000 10/1/2008 $137,074 $20,757 $882,926 $168,786 4/1/2009 $0 $17,968 $882,926 10/1/2009 $132,698 $17,968 $750,229 $168,633 4/1/2010 $0 $15,267 $750,229 10/1/2010 $138,173 $15,267 $612,055 $168,708 4/1/2011 $0 $12,455 $612,055 10/1/2011 $143,875 $12,455 $468,180 $168,786 4/1/2012 $0 $9,527 $468,180 10/1/2012 $149,759 $9,527 $318,421 $168,814 4/1/2013 $0 $6,480 $318,421 10/1/2013 $155,992 $6,480 $162,429 $168,952 4/1/2014 $0 $3,305 $162,429 10/1/2014 $162,429 $3,305 $0 $169,040 Totals $1,020,000 $161,718 $1,181,718 *4.070% Coupon 17

20 18

21 19

22 20

23 21

24 22

25 23