Adopted Budget
Fiscal Year 2022

Verano #3 Community Development District

August 19, 2021

Verano #3
Community Development District

TABLE OF CONTENTS

General Fund Budget
Budget Narrative

Page 1
Page 2 - 3

Debt Service Fund Budget
Amortization schedule

Page 4
Page 5 - 6

Verano #3
Community Development District

General Fund

Adopted Budget
     FY 2021	

Actual Thru
   7/31/2021 

Projected Next
    2 Months 

Total Projected
   9/30/2021 

Adopted Budget
 	FY 2022	

 Description	

Revenues

Developer Assessment

$0

$0

$0

$0

$0

TOTAL REVENUES

 	$0 

 	$0 

 	$0 

 	$0 

 	$0 

Expenditures

Administrative
Annual Audit
Arbitrage Rebate Calculation Trustee Fees
Dissemination Agent Management Fees Other Current Charges
Dues, Licenses & Subscriptions Website Compliance

$0
$0
$0
$0
$2,500
$600
$175
$750

$0
$0
$0
$0
$2,083
$334
$175
$625

$0
$0
$0
$0
$417
$266
$0
$125

$0
$0
$0
$0
$2,500
$600
$175
$750

$5,000
$2,000
$6,000
$2,500
$20,000
$600
$175
$750

TOTAL ADMINISTRATIVE

 	$4,025 

 	$3,217 

 	$808 

 	$4,025 

 	$37,025 

Common Area Maintenance
Property Insurance Field Management Electric Utility Services
Landscape Maintenance Irrigation Repairs
Irrigation Pump Maintenance Agreement Pest Control & Fertilization

$0
$0
$0
$0
$0
$0
$0

$0
$0
$0
$0
$0
$0
$0

$0
$0
$0
$0
$0
$0
$0

$0
$0
$0
$0
$0
$0
$0

$0
$20,417
$14,000
$171,500
$8,750
$6,000
$18,725

TOTAL COMMON AREA MAINTENANCE

 	$0 

 	$0 

 	$0 

 	$0 

 	$239,392 

TOTAL EXPENDITURES

 	$4,025 

 	$3,217 

 	$808 

 	$4,025 

 	$276,417 

Other Financing Sources and (Uses)

Intergovernmental Transfer (1)

$4,025

$4,025

$0

$4,025

$276,417

Total Other Financing Sources/(Uses)

 	$4,025 

 	$4,025 

 	$0 

 	$4,025 

 	$276,417 

NET CHANGE IN FUND BALANCE
(1) Transfers from Verano #5

 	$0 

$808

($808)

$0

$0

Page 1

Pod G specific assessments

Description	Units	Total
40' Single Family	145	$33,088
50' Single Family	204	$53,534
60' Single Family	40	$12,140
Manor/Duplex	46	$9,342
Developer Funding	$152,105
Total	435	$260,208.34

Gross Assessment Discount&  Collections 8%
Net

$260,208.34 ($20,816.67)

$239,391.67

Description

All Areas*

Pod G Specific*

Total

40' Single Family
50' Single Family
60' Single Family Manor/Duplex

$136.70
$157.21
$181.81
$121.66

$228.19
$262.42
$303.49
$203.09

$364.89
$419.63
$485.30
$324.75

VERANO #3
Community Development District

REVENUES:

Developer Assessments/ Intergovernmental Transfer
The District will levy a non-ad valorem maintenance assessment on the developable property within the District to fund the operating budget. The District will receive fund transfers from Verano #5 CDD for General Operating Expenditures.

EXPENDITURES:

Administrative:

Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

Arbitrage Rebate Calculation
The District is required to annually have an arbitrage rebate calculation on the Verano #3 District's Series 2021 Special Assessment Bonds. The Verano #3 has contracted with an independent certified public accounting firm to calculate the rebate liability and submit a report to the District.

Trustee Fees
The District issued Series 2021 Special Assessment Revenue Bonds which are held with a Trustee at US Bank. The amount of the trustee fees budgeted is based on the agreement between US Bank and the Verano #3 District.

Dissemination Agent
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC.

Other Current Charges
Bank charges and any other miscellaneous expenses that incurred during the year.

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.

Website Compliance
Per Section 189.069 F. S, all Districts must have a website by October 1, 2015 to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated as required by the Statute.

Common Area Maintenance

Field Management
The district will contract a company to manage to manage the common area. The responsibilities include reviewing contracts and other maintenance related items.

Electric Utility Services
The District will contract FPL.

Landscape Maintenance
The district will contract a landscaping company to maintain the districts common area.

Irrigation Repair
Cost for maintaining the irrigation system.

Page 2

VERANO #3
Community Development District

Common Area Maintenance (continued)

Pump System maintenance
The district will have an agreement with a company to maintain the pump system.

Pest Control & Fertilization
The district will contract a company for pest control throughout the district’s common area.

Page 3

Verano #3
Community Development District

Debt Service
Series 2021 Special Assessments Bonds

Adopted Budget
     FY 2021	

Actual Thru
   7/31/2021 

Projected Next
    2 Months 

Total Projected
   9/30/2021 

Adopted Budget
     FY 2022	

 Description	

Revenues

Carry Forward Surplus (1)
Special Assessments - Direct Bill Interest Income

$0
$0
$25

$0
$0
$15

$0
$0
$10

$0
$0
$25

$165,445
$538,231
$0

TOTAL REVENUES

 	$25 

 	$15 

 	$10 

 	$25 

 	$703,676 

Expenditures

Series 2021 Interest - 11/01 Interest - 05/01 Principal - 05/01

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$165,445
$170,172
$200,000

TOTAL ADMINISTRATIVE

 	$0 

 	$0 

 	$0 

 	$0 

 	$535,617 

TOTAL EXPENDITURES

$0

$0

$0

$0

$535,617

Other Financing Sources and (Uses)

Bond Proceed
Interfund Transfer In/(Out)

$434,561
($14)

$434,561
($9)

$0 ($5)

$434,561
($14)

$0
$0

Total Other Financing Sources/(Uses)

 	$434,546 

 	$434,551 

 	($5)

 	$434,546 

 	$0 

NET CHANGE IN FUND BALANCE

 	$434,571 

$434,566

$5

$434,571

$168,059

(1) Carry forward is net of Reserve Fund requirement.

Page 4

Annual	Total
Product Type	Assessments	Annual
Phase	Units	per Unit	Assessments

Pod 1 50' Lots	1	139	$1,412.86	$196,387
Pod 2 Apartments	1	318	$0.00	$0
Pod 3 Casitas	1	158	$0.00	$0
Pod 4 40' Lots	1	122	$1,304.18	$159,111
Pod 4 50' Lots	1	2	$1,412.86	$2,826
Pod 5 40' Lots	1	23	$1,412.86	$32,496
Pod 5 50' Lots	1	63	$1,412.86	$89,010
Pod 5 Park Lots 60'	1	40	$1,630.23	$65,209
Pod 5 Villas	1	46	$869.46	$39,995
Commercial	1	45,000	$0.00	$0

TOTAL

Gross assessments per unit
Minus: 8% discount/commission/appraiser Net assessments per unit

$585,034

$585,034 ($46,803)

$538,231

interest 11/1/22	$167,797

Verano #3
Community Development District

Amortization Schedule
Series 2021 Special Assessments Bonds

 	DATE	

 	BALANCE	

COUPON

 	PRINCIPAL	

 	INTEREST	

 	TOTAL	

11/01/22
05/01/23
11/01/23
05/01/24
11/01/24
05/01/25
11/01/25
05/01/26
11/01/26
05/01/27
11/01/27
05/01/28
11/01/28
05/01/29
11/01/29
05/01/30
11/01/30
05/01/31
11/01/31
05/01/32
11/01/32
05/01/33
11/01/33
05/01/34
11/01/34
05/01/35
11/01/35
05/01/36
11/01/36
05/01/37
11/01/37
05/01/38
11/01/38
05/01/39
11/01/39
05/01/40
11/01/40
05/01/41
11/01/41
05/01/42
11/01/42
05/01/43
11/01/43
05/01/44
11/01/44
05/01/45
11/01/45
05/01/46
11/01/46
05/01/47

$9,510,000.00
$9,510,000.00
$9,305,000.00
$9,305,000.00
$9,095,000.00
$9,095,000.00
$8,880,000.00
$8,880,000.00
$8,660,000.00
$8,660,000.00
$8,435,000.00
$8,435,000.00
$8,205,000.00
$8,205,000.00
$7,965,000.00
$7,965,000.00
$7,720,000.00
$7,720,000.00
$7,470,000.00
$7,470,000.00
$7,210,000.00
$7,210,000.00
$6,940,000.00
$6,940,000.00
$6,660,000.00
$6,660,000.00
$6,370,000.00
$6,370,000.00
$6,070,000.00
$6,070,000.00
$5,760,000.00
$5,760,000.00
$5,440,000.00
$5,440,000.00
$5,110,000.00
$5,110,000.00
$4,770,000.00
$4,770,000.00
$4,415,000.00
$4,415,000.00
$4,050,000.00
$4,050,000.00
$3,670,000.00
$3,670,000.00
$3,275,000.00
$3,275,000.00
$2,860,000.00
$2,860,000.00
$2,430,000.00
$2,430,000.00

2.375%
2.375%
2.375%
2.375%
2.375%
2.375%
2.375%
2.375%
2.375%
3.000%
3.000%
3.000%
3.000%
3.000%
3.000%
3.000%
3.000%
3.000%
3.000%
3.375%
3.375%
3.375%
3.375%
3.375%
3.375%
3.375%
3.375%
3.375%
3.375%
3.375%
3.375%
3.375%
3.375%
3.375%
3.375%
3.375%
3.375%
3.375%
3.375%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%

$0.00
$205,000.00
$0.00
$210,000.00
$0.00
$215,000.00
$0.00
$220,000.00
$0.00
$225,000.00
$0.00
$230,000.00
$0.00
$240,000.00
$0.00
$245,000.00
$0.00
$250,000.00
$0.00
$260,000.00
$0.00
$270,000.00
$0.00
$280,000.00
$0.00
$290,000.00
$0.00
$300,000.00
$0.00
$310,000.00
$0.00
$320,000.00
$0.00
$330,000.00
$0.00
$340,000.00
$0.00
$355,000.00
$0.00
$365,000.00
$0.00
$380,000.00
$0.00
$395,000.00
$0.00
$415,000.00
$0.00
$430,000.00
$0.00
$450,000.00

$167,796.88
$167,796.88
$165,362.50
$165,362.50
$162,868.75
$162,868.75
$160,315.63
$160,315.63
$157,703.13
$157,703.13
$154,328.13
$154,328.13
$150,878.13
$150,878.13
$147,278.13
$147,278.13
$143,603.13
$143,603.13
$139,853.13
$139,853.13
$135,465.63
$135,465.63
$130,909.38
$130,909.38
$126,184.38
$126,184.38
$121,290.63
$121,290.63
$116,228.13
$116,228.13
$110,996.88
$110,996.88
$105,596.88
$105,596.88
$100,028.13
$100,028.13
$94,290.63
$94,290.63
$88,300.00
$88,300.00
$81,000.00
$81,000.00
$73,400.00
$73,400.00
$65,500.00
$65,500.00
$57,200.00
$57,200.00
$48,600.00
$48,600.00

$537,968.75

$538,159.38

$538,231.25

$538,184.38

$538,018.75

$537,031.25

$535,206.25

$538,156.25

$535,881.25

$533,456.25

$535,318.75

$536,375.00

$537,093.75

$537,475.00

$537,518.75

$537,225.00

$536,593.75

$535,625.00

$534,318.75

$537,590.63

$534,300.00

$534,400.00

$533,900.00

$537,700.00

$535,800.00

Page 5

11/01/21	$9,710,000.00	2.375%	$0.00	$165,444.88	$165,444.88
05/01/22	$9,710,000.00	2.375%	$200,000.00	$170,171.88

Verano #3
Community Development District

Amortization Schedule
Series 2021 Special Assessments Bonds

 	DATE	

 	BALANCE	

COUPON

 	PRINCIPAL	

 	INTEREST	

 	TOTAL	

Continued 11/01/47
05/01/48
11/01/48
05/01/49
11/01/49
05/01/50
11/01/50
05/01/51

$1,980,000.00
$1,980,000.00
$1,515,000.00
$1,515,000.00
$1,030,000.00
$1,030,000.00
$525,000.00
$525,000.00

4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%

$0.00
$465,000.00
$0.00
$485,000.00
$0.00
$505,000.00
$0.00
$525,000.00

$39,600.00
$39,600.00
$30,300.00
$30,300.00
$20,600.00
$20,600.00
$10,500.00
$10,500.00

$538,200.00

$534,900.00

$535,900.00

$536,100.00
$535,500.00

Page 6

Total	$9,710,000.00	$6,547,573.01	$16,257,573.01