River's Edge. Community Development District. Adopted Budget Fiscal Year 2017

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1 River's Edge Adopted Budget Fiscal Year 2017 August 17, 2016

2 River's Edge TABLE OF CONTENTS General Fund Summary of Revenues and Expenses Page 1-2 Narrative Page 3-11 Debt Service Fund Bond Series 2008A Page Allocation of Fixed and Variable Costs Page 14 Assessment on Roll Page 15 Mattamy Planned Lots Page 16

3 River's Edge Description Adopted Actual Projected Approved Adopted Budget Thru Thru Budget Proposed Budget FY 16 6/30/2016 9/30/2016 FY 17 Changes FY 17 Revenues Assessments $1,011,728 $1,024,233 $1,024,233 $1,518,870 $0 $1,518,870 Developer Contributions - Mattamy (Amenity Expenses) $0 $47,867 $51,237 $0 $0 $0 Developer Contribution - Boundary Amendment $0 $0 $0 $0 $5,000 $5,000 Misc Income/Interest $0 $467 $847 $0 $1,000 $1,000 Rental Revenue $0 $2,113 $3,583 $0 $4,000 $4,000 Tri-Party Funding Request - HOA Contribution $113,261 $29,793 $113,261 $0 $0 $0 Tri-Party Funding Request - Developer Contribution $0 $27,837 $29,770 $0 $0 $0 Total Revenues $1,124,989 $1,132,310 $1,222,931 $1,518,870 $10,000 $1,528,870 Expenditures Administrative Engineering (Prosser) $26,000 $3,638 $11,464 $20,000 $0 $20,000 Assessment Roll $4,500 $4,500 $4,500 $4,500 $0 $4,500 Attorney $35,000 $31,643 $43,220 $35,000 $5,000 $40,000 Boundary Amendment Exp $0 $6,017 $7,317 $0 $5,000 $5,000 Annual Audit $5,200 $6,000 $6,000 $4,300 $0 $4,300 Trustee Fees $4,500 $4,414 $4,414 $4,500 $0 $4,500 Dissemination $5,500 $5,200 $5,200 $5,500 $0 $5,500 Arbitrage $1,200 $1,200 $1,200 $1,200 $0 $1,200 Management Fees $45,000 $33,750 $45,000 $45,000 $0 $45,000 Information Technology $1,000 $750 $1,000 $1,500 $0 $1,500 Telephone $0 $45 $103 $100 $0 $100 Postage $3,850 $493 $771 $1,600 ($600) $1,000 Printing & Binding $2,000 $1,320 $3,055 $2,700 $0 $2,700 Insurance $8,691 $7,880 $7,880 $8,669 $0 $8,669 Legal Advertising $3,000 $2,837 $3,936 $2,000 $1,000 $3,000 Other Current Charges (1) $1,000 $537 $689 $1,000 $0 $1,000 Office Supplies $300 $83 $130 $200 $0 $200 Dues, Licenses & Subscriptions $175 $175 $175 $175 $0 $175 Website-Compliance $1,500 $1,125 $1,500 $0 $0 $0 Total Administrative $148,416 $111,607 $147,554 $137,944 $10,400 $148,344 Grounds Maintenance Field Operations Management $0 $0 $0 $32,500 $0 $32,500 Landscape Maintenance $362,206 $265,605 $355,127 $362,206 $0 $362,206 Landscape Maintenance - Tri-Party $0 $11,685 $12,318 $0 $0 $0 Mulch $70,000 $0 $70,000 $70,000 $0 $70,000 Landscape Reserves $20,000 $8,159 $20,000 $20,000 $0 $20,000 Landscaping - New Areas $0 $0 $0 $317,500 ($35,000) $282,500 Irrigation Repairs and Maintenance $5,000 $11,205 $11,205 $7,620 $0 $7,620 Lakes, Vegetation and Algae Control $45,960 $36,093 $47,208 $46,683 $0 $46,683 Irrigation Water Use $90,000 $81,543 $144,742 $120,600 $35,000 $155,600 Electric $8,000 $3,881 $5,183 $6,000 $0 $6,000 Street Lighting & Signage Repairs and Replacements $10,000 $8,789 $9,789 $8,000 $2,000 $10,000 Street and Drainage Maintenance $5,000 $0 $2,500 $5,000 $0 $5,000 Other Repairs and Maintenance $5,000 $5,515 $5,515 $5,000 $0 $5,000 Total Grounds Maintenance $621,166 $432,473 $683,585 $1,001,109 $2,000 $1,003,109 Amenity Center Facility Manager/Lifestyle Director (ASG) $52,000 $39,000 $52,000 $52,000 $0 $52,000 Lifeguards/Pool Attendants (ASG) $12,739 $7,643 $12,739 $13,289 $0 $13,289 Security Monitoring $2,208 $1,656 $2,208 $2,208 $0 $2,208 Security Guards $60,000 $46,125 $60,075 $60,000 $0 $60,000 Telephone $6,805 $5,563 $7,959 $8,600 $0 $8,600 Insurance $19,962 1 $32,961 $32,961 $34,609 $0 $34,609

4 River's Edge Adopted Actual Projected Approved Adopted Budget Description FY 16 6/30/2016 9/30/2016 FY 17 Changes FY 17 General Facility Maint/Common Grounds Maint $53,894 $38,746 $51,661 $52,500 $0 $52,500 Pool Maintenance $12,015 $9,017 $12,021 $13,666 $0 $13,666 Pool Chemicals $11,136 $7,694 $11,136 $11,136 $0 $11,136 Janitorial Services/Supplies $6,401 $4,965 $6,566 $7,701 $0 $7,701 Window Cleaning $2,767 $2,049 $2,049 $2,767 $0 $2,767 Propane Gas $1,500 $168 $968 $1,500 $0 $1,500 Electric $31,120 $15,577 $21,465 $25,000 $0 $25,000 Sewer/Water/Irrigation $36,753 $20,558 $29,100 $36,753 $0 $36,753 Repair and Replacements $22,000 $62,975 $65,772 $25,000 $0 $25,000 Refuse $3,100 $5,866 $7,943 $7,900 $0 $7,900 Pest Control $1,444 $1,483 $2,044 $2,240 $0 $2,240 Facility Preventative Maintenance $2,680 $1,855 $2,680 $2,680 $0 $2,680 Access Cards $500 $1,600 $1,600 $500 $0 $500 License/Permits $1,713 $1,298 $1,968 $1,968 $0 $1,968 Other Current $770 $1,205 $1,546 $1,500 $0 $1,500 Special Events $6,000 $35,893 $39,263 $6,000 $0 $6,000 Landscape Replacements $500 $0 $500 $500 $0 $500 Office Supplies/Postage $1,400 $1,291 $1,400 $1,400 $0 $1,400 Capital Expenditure $6,000 $5,180 $5,180 $6,000 $0 $6,000 Developer Amenity Replacements $0 $2,075 $2,075 $0 $0 $0 Reserve Study $0 $2,000 $2,000 $0 $0 $0 Thru Thru Budget Proposed Budget Total Amenity Center Expenses $355,407 $354,445 $436,881 $377,417 $0 $377,417 Total Expenses $1,124,989 $898,525 $1,268,021 $1,516,470 $12,400 $1,528,870 Excess Revenues (Expenditures) $0 $233,785 ($45,090) $2,400 ($2,400) $0 2

5 REVENUES: River s Edge GENERAL FUND BUDGET Assessments The District will levy a non ad-valorem special assessment on all taxable property within the District to fund all of the General Operating Expenditures for the fiscal year. These are collected on the St. Johns County Tax Roll for platted lands. Unplatted lands are direct billed Developer Contributions Mattamy Rivertown LLC agrees to fund any costs related to Boundary Amendment for the district. Misc Income/Interest Miscellaneous Income from proceeds from access cards from residents and guest of the community and any other income the is deposited to the district. The District will have funds invested in a money market fund with U.S. Bank that earns interest based upon the estimated balance invested throughout the year. The district Rental Revenue Income received from residents/non-residents for rental of cabana, pool and Riverhouse area. EXPENDITURES: Administrative: Engineering Fees The District s engineer, Prosser will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc Assessment Roll The District has contracted with Governmental Management Services, LLC for the certification and collection of the District s annual maintenance and debt service assessments. Assessments maybe collected directly by District and/or by County Tax Collector. Attorney The District s legal counsel, Hopping, Green & Sams will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc. Annual Audit The District is required annually to conduct an audit of its financial records by Grau and Associates, an Independent Certified Public Accounting Firm. 3

6 River s Edge GENERAL FUND BUDGET Trustee Fees A Trustee at U.S. BANK holds the District s series 2008A Special Assessment Revenue Bonds. The amount represents the fee for the administration of the District s bond issue. Dissemination The District has contracted with Prager & Co, LLC to act as the Dissemination Agent for the District to prepare the Annual Disclosure Report required by the Security and Exchange Commission in order to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues. Arbitrage The District is required to annually have an arbitrage rebate calculation on the District s Series 2008A Special Assessment Revenue Bonds. The District has contracted with Grau and Associates to calculate the rebate liability and submit a report to the District. Management Fees The District receives management, accounting and administrative services as part of a management agreement with Governmental Management Services, LLC. These services are further outlined in Exhibit A of the Management Agreement. Information Technology The cost related to District s accounting and information systems, District website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements maintained by Governmental Management Services, LLC. Telephone Telephone and fax machine Postage Mailing of agenda packages, overnight deliveries, correspondence, etc. Printing & Binding Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes, etc. Insurance The District s General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance. FIA specializes in providing insurance coverage to governmental agencies. 4

7 River s Edge GENERAL FUND BUDGET Legal Advertising The District is required to advertise various notices for monthly Board meetings, public hearings etc. in a newspaper of general circulation. Other Current Charges Estimated bank charges and any other miscellaneous expenses that incurred during the year. Office Supplies Miscellaneous office supplies. Dues, Licenses & Subscriptions The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only expense under this category for the District. Grounds Maintenance: Field Operations Management The District plans to contract with a service organization to provide services for field contract administration, field inspections, and oversight of the following maintenance items: Landscape, Lakes, and Utilities. Landscape Maintenance The District contracted with Valleycrest Landscape Maintenance to maintain the common areas of the District and Amenity Center. Contract Monthly Annual CDD Landscape Maintenance $ 13,069 $ 156,827 Amenity Center Landscape Maintenance $ 8,099 $ 97,187 Pocket Park $ 350 $ 4,200 Lakes 1 $ 4,759 $ 57,108 Landings $ 3,107 $ 37,284 Annuals $ 800 $ 9,600 $ 30,184 $ 362,206 Mulch Mulching of areas within the District, are under separate contract from landscaping and take place annually in late summer. 5

8 River s Edge GENERAL FUND BUDGET Landscape Reserve For additional landscape services and possible storm cleanup. Landscaping New Areas Provision for additional landscape services for new road openings. Irrigation Maintenance and Repairs Estimated miscellaneous irrigation maintenance and repair costs. Lakes, Vegetation and Algae Control Maintenance costs to maintain lakes and control vegetation and algae. The District currently uses Charles Aquatics, Inc. and AerostarSES for storm water inspection services. Contractor Monthly Annual Charles Aquatics $ 1,605 $ 19,260 AeorstarSES $ 2,100 $ 25,200 $ $ 2,223 $ 3,705 $ 46,683 Irrigation/Reclaimed Water Estimated costs for irrigation by the district billed by JEA. Location Meter Number Monthly Annual 15 Baya St $ 741 $ 8, Baya St $ 19 $ Orange Branch Trl $ 504 $ 6, Perdido St $ 19 $ Rawlings Dr Apt IR $ 2,838 $ 34, Rivertown Bv $ 2,612 $ 31, Rambling Water Run $ 38 $ Sternwheel Dr $ 2,436 $ 29, Waterfront Dr $ 1,622 $ 19, Perdido St Apt LS $ 231 $ 2, Yearling BV $ 38 $ Sternwheel Dr $ 108 $ 1, Longleaf Pine PY $ 86 $ 1, Longleaf Pine PY $ 263 $ 3, Longleaf Pine PY $ 196 $ 2, Kendall Crossing Dr Apt IR $ 107 $ 1,282 Contingency for new accounts $ 1,108 $ 13,301 $ 12,967 $ 155,600 6

9 River s Edge GENERAL FUND BUDGET Electric (Street Lights and Pumps) Estimated costs for electric billed to the district by FPL. Location Meter Number Monthly Annual 147 Chipola Trce #Lights $ 18 $ Landing St # Lights $ 114 $ 1, Orange Branch Trl $ 27 $ Waterfront Dr #Lights $ 23 $ Waterfront Dr # Lights $ 18 $ Sternwheel Dr $ 126 $ 1, Narrowleaf Dr # Mail Kiosk $ 8 $ Landing St #Park $ 14 $ Mascotte Place $ 25 $ Kendall Crossing Dr #Kiosk $ 18 $ Perdido St #Lights $ 21 $ 257 Contingency $ 86 $ 1,034 $ $ 6, Street Lighting & Signage Repairs and Replacement The estimated costs for street lighting and signage repairs and replacements. Street and Drainage Maintenance The estimated costs for street and drainage repairs. Other Repairs and Maintenance Estimated costs for other repairs and maintenance incurred by the district. Amenity Center Expenses Facility Manager/Lifestyle Director The District has contracted with Amenity Services Group, Inc./Vesta to provide Facility Administration & special event coordinator services. Lifeguards/Pool Attendants Contractor Monthly Annual Amenity Services Group $ 4,333 $ 52,000 The District has contracted with Amenity Services Group, Inc./Vesta to provide pool lifeguards/or pool attendants during the operating season for the pool. Contractor Monthly Annual Amenity Services Group $ 1,107 $ 13,289 7

10 River s Edge GENERAL FUND BUDGET Security Monitoring Maintenance costs of the security alarms/cameras provided by Sonitrol. Contract Monthly Annual Monitoring $ 94 $ 1,128 Maintenance $ 90 $ 1,080 $ 184 $ 2,208 Security Guards The district is contracted with Giddens Security to provide security patrols and mileage reimbursement for District Property at $15.34/hour and.56/mile. Contractor Monthly Annual Giddens Security $ 5,000 $ 60,000 Telephone The estimated cost for telephone services for the Amenity Center provided by AT&T. Contractor Account Number Monthly Annual AT&T $ 426 $ 5,108 AT&T Uverse $ 93 $ 1,116 AT&T Uverse $ 69 $ 824 Contingency $ 129 $ 1,552 $ 587 $ 8,600 Insurance The District's Property Insurance policy is with Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies. The amount budgeted represents the estimated premium for property insurance related to the Amenity. General Facility Maintenance/Common Ground Maintenance The District is under contract with Amenity Services Group to provide maintenance and repairs necessary for upkeep of the Amenity Center and common ground areas. Contractor Monthly Annual Amenity Services Group $ 4,375 $ 52,500 8

11 River s Edge GENERAL FUND BUDGET Pool Maintenance The District is under contract with Amenity Services Group for the maintenance of the Amenity Center Swimming Pools. Contractor Monthly Annual Amenity Services Group $ 1,139 $ 13,666 Pool Chemicals The District is under contract with Amenity Services Group to provide pool chemicals for the maintenance of the Amenity Center Swimming Pools. Contractor Monthly Annual Amenity Services Group $ 928 $ 11,136 Janitorial Services The District is under contract with Amenity Services Group to provide janitorial cleaning for the Amenity Center. Contract Monthly Annual Janitorial Services $ 642 $ 7,701 Window Cleaning The District will have windows cleaned inside and outside three times a year. Contract Monthly Annual Commercial Window Cleaning Inc $ 231 $ 2,767 Propane Gas The District is under contract with TECO Peoples Gas to provide gas for fire place and gas grills. Electric Contractor Monthly Annual TECO Peoples Gas $ 125 $ 1,500 Estimated costs for electric billed to the district by FPL. Location Meter Number Monthly Annual 156 Landing St Club House $ 280 $ 3, Landing St (Tennis) $ 898 $ 10, Landing St Fitness $ 593 $ 7,114 Contingency $ 313 $ 3,758 $ 1,770 $ 25,000 9

12 River s Edge GENERAL FUND BUDGET Sewer/Water/Irrigation Estimated costs for sewer, water, and irrigation for the amenity center billed to the district by JEA. Location Meter Number Monthly Annual 156 Landing St -Sewer $ 525 $ 6, Landing St -Water $ 943 $ 11, Landing St -Irrigation $ 1,365 $ 12, Landing St -Water $ 305 $ 3, Contingency $ 223 $ 2,676 $ 3,361 $ 36,753 Repair and Replacements Represents regular cleaning, supplies, and repairs and replacements for District s Amenity Center. Refuse Service Garbage disposal services for the Amenity Centers provided Republic Services. Pest Control The District is contracted with Nadar s Pest Raiders to provide for pest control services. Facility Preventative Maintenance Contractor Quarterly Annual Nader's Pest Raiders $ 187 $ 2,240 Cost of routine inspections of fire extinguishers, back flow preventers, sprinkler system, hydrant, and alarm system provided by Cintas and preventative maintenance on fitness equipment by Commercial Fitness. Contractor Quarterly Annual Cintas - $ 1,700 Commercial Fitness $ 245 $ 980 $ 245 $ 2,680 Access Cards Represents the estimated cost for access cards to the District s Amenity Center. License/Permits Represents license fees for amenity center and permit fees paid to the Florida Department of Health in St. Johns County for the swimming pool. 10

13 River s Edge GENERAL FUND BUDGET Other Current Represents the miscellaneous cost incurred by the District s Amenity Center. Special Events Represents estimated costs for the District to host special events for the community throughout the Fiscal Year. Landscape Replacements A provision for additional landscape features or for repair of existing landscaping. Office Supplies/Postage Costs of supplies and postage incurred for the operation of the Amenity Center. Capital Expenditures Represents capital related purchases for the operation of the Amenity Center 11

14 River's Edge Debt Service Fund Series 2008A Description Adopted Actual Projected Adopted Budget Thru Thru Budget FY 16 6/30/2016 9/30/2016 FY 17 Revenues Assessments - Tax Roll/Direct $1,051,462 $1,063,995 $1,063,995 $1,049,238 Assessments - Prepayment $0 $11,713 $11,713 $0 Interest Income $0 $1,207 $1,957 $0 Carry Forward Surplus (1) $416,685 $446,460 $446,460 $427,763 Total Revenues $1,468,147 $1,523,375 $1,524,125 $1,477,001 Expenditures Series 2008A Interest 11/1 $412,590 $412,590 $412,590 $404,430 Principal 11/1 (Special Call) $0 $0 $0 $0 Interest 5/1 $412,590 $412,590 $412,590 $404,430 Principal 5/1 $225,000 $225,000 $225,000 $240,000 Principal 5/1 (Special Call) $0 $15,000 $15,000 $0 Transfer Out $13,027 $31,182 $31,182 $23,333 Total Expenses $1,063,207 $1,096,362 $1,096,362 $1,072,193 EXCESS REVENUES / (EXPENDITURES) $404,940 $427,013 $427,763 $404,808 Interest Payment 11/01/2017 $ 396, (1) Net of Reserve Funds reflective of St. Johns County collection costs of 2% and early payment discount of 4%. Summary of Assessments Gross Net Assessment Assessment (1) Description Square Feet/Units Per Square Foot Per Square Foot Office 40,000 $0.25 $0.27 Retail 40,000 $0.75 $0.80 Commercial 40,000 $0.17 $ ,000 Single Family Residential Lot Size $862 $ $1,041 $1, $1,219 $1, $1,398 $1, $1,675 $1, $1,862 $1, $2,049 $2, $2,236 $2,378 Custom Lots 2 $2,705 $2,878 Apartments 250 $564 $600 Townhomes 37 $1,181 $1,

15 River's Edge Series 2008A Special Assessment Bonds AMORTIZATION SCHEDULE DATE BALANCE RATE PRINCIPAL INTEREST TOTAL 11/01/16 $ 11,895, % $ - $ 404, $ 404, /01/17 $ 11,895, % $ 240, $ 404, $ - 11/01/17 $ 11,655, % $ - $ 396, $ 1,040, /01/18 $ 11,655, % $ 260, $ 396, $ - 11/01/18 $ 11,395, % $ - $ 387, $ 1,043, /01/19 $ 11,395, % $ 275, $ 387, $ - 11/01/19 $ 11,120, % $ - $ 378, $ 1,040, /01/20 $ 11,120, % $ 295, $ 378, $ - 11/01/20 $ 10,825, % $ - $ 368, $ 1,041, /01/21 $ 10,825, % $ 320, $ 368, $ - 11/01/21 $ 10,505, % $ - $ 357, $ 1,045, /01/22 $ 10,505, % $ 340, $ 357, $ - 11/01/22 $ 10,165, % $ - $ 345, $ 1,042, /01/23 $ 10,165, % $ 365, $ 345, $ - 11/01/23 $ 9,800, % $ - $ 333, $ 1,043, /01/24 $ 9,800, % $ 390, $ 333, $ - 11/01/24 $ 9,410, % $ - $ 319, $ 1,043, /01/25 $ 9,410, % $ 415, $ 319, $ - 11/01/25 $ 8,995, % $ - $ 305, $ 1,040, /01/26 $ 8,995, % $ 445, $ 305, $ - 11/01/26 $ 8,550, % $ - $ 290, $ 1,041, /01/27 $ 8,550, % $ 475, $ 290, $ - 11/01/27 $ 8,075, % $ - $ 274, $ 1,040, /01/28 $ 8,075, % $ 510, $ 274, $ - 11/01/28 $ 7,565, % $ - $ 257, $ 1,041, /01/29 $ 7,565, % $ 545, $ 257, $ - 11/01/29 $ 7,020, % $ - $ 238, $ 1,040, /01/30 $ 7,020, % $ 585, $ 238, $ - 11/01/30 $ 6,435, % $ - $ 218, $ 1,042, /01/31 $ 6,435, % $ 625, $ 218, $ - 11/01/31 $ 5,810, % $ - $ 197, $ 1,041, /01/32 $ 5,810, % $ 670, $ 197, $ - 11/01/32 $ 5,140, % $ - $ 174, $ 1,042, /01/33 $ 5,140, % $ 720, $ 174, $ - 11/01/33 $ 4,420, % $ - $ 150, $ 1,045, /01/34 $ 4,420, % $ 770, $ 150, $ - 11/01/34 $ 3,650, % $ - $ 124, $ 1,044, /01/35 $ 3,650, % $ 820, $ 124, $ - 11/01/35 $ 2,830, % $ - $ 96, $ 1,040, /01/36 $ 2,830, % $ 880, $ 96, $ - 11/01/36 $ 1,950, % $ - $ 66, $ 1,042, /01/37 $ 1,950, % $ 940, $ 66, $ - 11/01/37 $ 1,010, % $ - $ 34, $ 1,040, /01/38 $ 1,010, % $ 1,010, $ 34, $ 1,044, $ 11,895, $ 11,438, $ $ 23,333,

16 Rivers Edge - Allocation of Fixed and Variable District Costs FY 2017 Total Total Allocation of Fixed Cost # of units Total Allocation of Variable Cost Net Total (1) Total FY 2017 Residential Units Units ERU (1) ERUs Fixed Costs Per Unit Developed ERU ERUs Variable Costs Per Unit Cost/Unit Revenues Series $7, $ $11,421 $ $ $ 15, Series $25, $ $37,408 $ $ $ 49, Series $100, $ $141,439 $ $ $ 188, Series 60 1, , $240, $ $71,370 $ $1, $ 94, Series , $248, $ $108,865 $1, $1, $ 144, Series $132, $ $24,645 $1, $1, $ 32, Series $75, $ $1,291 $1, $1, $ 1, Series $58, $ $0 $0.00 $ $ - Custom Lots $89, $ $0 $0.00 $ $ - Apartments $34, $ $0 $0.00 $ $ - Condos $14, $ $0 $0.00 $ $ - Townhomes $62, $ $0 $0.00 $ $ - Total Residentia 4,500 Office 102,000 per 1,000 ft $4, $ $0 $0.00 $0.04 $ - Retail 300,000 per 1,000 ft $35, $ $0 $0.00 $0.12 $ - Commercial 100,000 per 1,000 ft $2, $ $0 $0.00 $0.02 $ - Churchs $1, $ $0 $0.00 $ $ - 502,002 5, $1,132, $396,440 $527, Discount $31, Net $495, O&M Budget Approved FY 2017 Total Fixed Variable % Fixed Administrative $148,344 $148,344 $ % Field Grounds Maintenance $1,003,109 $682,153 $320, % Amenity Center $377,417 $301,934 $75, % General Reserve $0 $0 $ % Total $1,528,870 $1,132,430 $396,440 Total Costs Allocated Total Developed Unit Allocation $495,695 $99,256 $396,440 Allocation to Mattamy-Undeveloped $1,033,175 $1,033,175 $0 Total $1,528,870 $1,132,430 $396,440 Cost Allocation Total FY 2017 O&M Budget Allocation Actual FY 2017 O&M Budget Allocation Developed Unit Allocation $495,695 $495,682 (2) Allocation to Mattamy- Undevelope $1,033,175 $1,033,175 $1,528,870 $1,528,856 FY 2017 Total Allocated Costs vs Actual Assessments ($14) Additional Funding by Mattamy FY 2017 $0 Interest Income $0.00 Final FY 2017 O&M Budget Variance ($14) (1) From Master Assessment Methodology. Based on maximum benefit per product type. (2) Net Assessments to be collected on roll. 14

17 Rivers Edge CDD O&M Budget FY 2017 Assessments on Roll Total Gross Gross Gross Assessment Total # of units Total Costs to be Assessment Assessment Assessment % Increase Residential Units Units developed Cost/Unit Collected Per Unit FY 2016 Per Unit FY 2017 On Roll FY 2017 FY 2017 Series $ $14, $ $ $ 15, % Series $ $46, $ $ $ 49, % Series $ $176, $ 1, $ 1, $ 187, % Series 60 1, $1, $89, $ 1, $ 1, $ 94, % Series $1, $136, $ 1, $ 1, $ 144, % Series $1, $30, $ 1, $ 1, $ 32, % Series $1, $1, $ 1, $ 1, $ 1, % Series $0.00 $0.00 Custom Lots $0.00 $0.00 Apartments $0.00 $0.00 Condos 96 0 $0.00 $0.00 Townhomes $0.00 $0.00 Total Residential 4,500 Office 102,000 per 1,000 ft 0 $0.00 $0.00 Retail 300,000 per 1,000 ft 0 $0.00 $0.00 Commercial 100,000 per 1,000 ft 0 $0.00 $0.00 Churchs 2 0 $0.00 $ , $495, $525, Net Collected $494,

18 Rivers Edge FY 2017 Operations and Maintenance Methodology Future Mattamy Planned Lots Project Future Net Planned Assessment Land Use / Product Type Units Per Unit Townhomes 59 $ Single Familiy - 45' Lot 305 $ Single Familiy - 55' Lot 204 $1, Single Familiy - 70' Lot 12 $1, Single Familiy - 80' Lot 68 $1, Total