Adopted Budget	
Fiscal Year 2024	

Verano #1	
Community Development District	

August 17, 2023

Verano #1	
Community Development District	

TABLE OF CONTENTS

General Fund	
Budget	
Budget Narrative	

Page 1	
Page 2	

Debt Service Fund - Series 2015	
Budget	
Amortization Schedule	

Page 3-4	
Page 5	

Debt Service Fund - Series 2017	
Budget	
Amortization Schedule	

Page 6-7	
Page 7-8	

Verano #1	
Community Development District	

General Fund

Adopted	
Budget	
FY 2023	

Actual	
Thru	
7/31/2023	

Projected	
Next	
2 Months	

Total	
Projected	
9/30/2023	

Adopted	
Budget	
FY 2024	

Description

Revenues

Developer Assessment	$0	$0	$0	$0	$0

TOTAL REVENUES	$0	$0	$0	$0	$0

Expenditures

Administrative	
Supervisor Fees	
FICA Expense	
Consultant Service	
Annual Audit	
Arbitrage Rebate	
Trustee Fees	
Dissemination Agent	
Management Fees	
General Liability Insurance	
Other Current Charges	
Dues, Licenses & Subscriptions	
Website Compliance	

$4,000	
$306	
$2,000	
$3,400	
$1,100	
$9,000	
$5,000	
$16,800	
$6,113	
$800	
$175	
$750	

$2,600	
$199	
$2,000	
$3,400	
$550	
$8,081	
$4,517	
$14,000	
$5,842	
$189	
$175	
$625	

$1,000	
$77	
$0	
$0	
$550	
$0	
$834	
$2,800	
$0	
$1,881	
$0	
$125	

$3,600	
$276	
$2,000	
$3,400	
$1,100	
$8,081	
$5,351	
$16,800	
$5,842	
$2,070	
$175	
$750	

$4,000	
$306	
$2,000	
$3,500	
$1,100	
$9,000	
$5,000	
$0	
$6,134	
$800	
$175	
$750	

TOTAL ADMINISTRATIVE	$49,444		$42,178		$7,266		$49,444		$32,765	
										
TOTAL EXPENDITURES	$49,444		$42,178		$7,266		$49,444		$32,765	

Other Financing Sources/(Uses)

Intergovernmental Transfer (1)	

$49,444		

$49,444		

$0		

$49,444		

$32,765	
Total Other Financing Sources/(Uses)	$49,444		$49,444		$0		$49,444		$32,765	
										
NET CHANGE IN FUND BALANCE	$0		$7,266		($7,266)		$0		$0	

(1) Transfers from Verano #5										

Page 1

Verano # 1
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 assessment will be invoiced and collected directly.

EXPENDITURES:

Administrative:

Supervisor Fees
The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon all five supervisors attending the estimated 4 annual meetings.

FICA Expense
Represents the Employer's share of Social Security and Medicare taxes withheld from Board of Supervisors checks.

Consultant Service
The District’ has contracted with Robert L. Fromm & Associates for meeting attendance and budget review and preparation.

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 #1 District's Series 2015 and 2017A Special Assessment Bonds. The Verano #1 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 2015 and 2017A Community Infrastructure 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 #1 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. FY2024 Management fees were moved to Verano # 5.

Insurance
The District will bind General Liability & Public Officials Liability Insurance with Florida Insurance Alliance, an agency that specializes in providing insurance coverage to governmental agencies.

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.

Page 2

Verano #1	Debt Service Fund
Community Development District	Series 2015 Special Assessment Bonds

	Adopted
Budget		Actual
Thru		Projected
Next		Total
Projected		Adopted
Budget	
Description		FY 2023		7/31/2023		2 Months		9/30/2023		FY 2024	

Revenues											
Carryforward Surplus (1)		$365,293		$363,343		$0		$363,343		$390,676	
Special Assessments - A Bonds (On roll)		$532,187		$533,200		$0		$533,200		$531,106	
Interest Income		$0		$21,567		$1,500		$23,067		$2,000	
TOTAL REVENUES		$897,480		$918,110		$1,500		$919,610		$923,782	

Expenditures											
Series 2015 Interest - 11/01		

$188,813		

$188,813		

$0		

$188,813		

$185,122	
Principal - 11/01		$150,000		$150,000		$0		$150,000		$160,000	
Special Call - 11/01		$0		$5,000		$0		$5,000		$0	
Interest - 05/01		$185,250		$185,122		$0		$185,122		$181,322	
TOTAL EXPENDITURES		$524,063		$528,934		$0		$528,934		$526,444	
											
EXCESS REVENUES/EXPENDITURES		$373,418		$389,176		$1,500		$390,676		$397,338	

Principal 11/01/2024	$165,000.00	
Interest 11/01/2024	$181,321.88	
	$	346,321.88	

(1) Carryforward surplus is net of the reserve requirement

Assessments Table
Verano #1 Series 2015

Description	Tax Roll
On Roll Units	per unit*	Total
On Roll	

40's
50's
60's
 Manor/Duplex	 Total Residential	
163	$1,175.00
81	$1,355.00
60	$1,564.00
173	$1,053.00
 	
477	Gross Assessments Less: Discount & Collections 8%
Net Assessments	
$191,525.00	
		$109,755.00	
		$93,840.00	
		$182,169.00	
		$577,289.00	
		($46,183.12)	
		$531,105.88	

Verano #1	
Community Development District	

Series 2015 Special Assessment Bonds	
Amortization Schedule	

DATE	BALANCE	COUPON	PRINCIPAL	INTEREST	TOTAL	

11/01/23	$7,155,000.00	4.750%	$160,000.00	$185,121.88	$530,243.76	
05/01/24	$6,995,000.00	4.750%		$181,321.88	$0.00	
11/01/24	$6,995,000.00	4.750%	$165,000.00	$181,321.88	$527,643.75	
05/01/25	$6,830,000.00	4.750%		$177,403.13	$0.00	
11/01/25	$6,830,000.00	4.750%	$175,000.00	$177,403.13	$529,806.25	
05/01/26	$6,655,000.00	5.125%		$173,246.88	$0.00	
11/01/26	$6,655,000.00	5.125%	$185,000.00	$173,246.88	$531,493.75	
05/01/27	$6,470,000.00	5.125%		$168,506.25	$0.00	
11/01/27	$6,470,000.00	5.125%	$195,000.00	$168,506.25	$532,012.50	
05/01/28	$6,275,000.00	5.125%		$163,509.38	$0.00	
11/01/28	$6,275,000.00	5.125%	$200,000.00	$163,509.38	$527,018.75	
05/01/29	$6,075,000.00	5.125%		$158,384.38	$0.00	
11/01/29	$6,075,000.00	5.125%	$210,000.00	$158,384.38	$526,768.75	
05/01/30	$5,865,000.00	5.125%		$153,003.13	$0.00	
11/01/30	$5,865,000.00	5.125%	$225,000.00	$153,003.13	$531,006.25	
05/01/31	$5,640,000.00	5.125%		$147,237.50	$0.00	
11/01/31	$5,640,000.00	5.125%	$235,000.00	$147,237.50	$529,475.00	
05/01/32	$5,405,000.00	5.125%		$141,215.63	$0.00	
11/01/32	$5,405,000.00	5.125%	$245,000.00	$141,215.63	$527,431.25	
05/01/33	$5,160,000.00	5.125%		$134,937.50	$0.00	
11/01/33	$5,160,000.00	5.125%	$260,000.00	$134,937.50	$529,875.00	
05/01/34	$4,900,000.00	5.125%		$128,275.00	$0.00	
11/01/34	$4,900,000.00	5.125%	$275,000.00	$128,275.00	$531,550.00	
05/01/35	$4,625,000.00	5.125%		$121,228.13	$0.00	
11/01/35	$4,625,000.00	5.125%	$285,000.00	$121,228.13	$527,456.25	
05/01/36	$4,340,000.00	5.250%		$113,925.00	$0.00	
11/01/36	$4,340,000.00	5.250%	$300,000.00	$113,925.00	$527,850.00	
05/01/37	$4,040,000.00	5.250%		$106,050.00	$0.00	
11/01/37	$4,040,000.00	5.250%	$315,000.00	$106,050.00	$527,100.00	
05/01/38	$3,725,000.00	5.250%		$97,781.25	$0.00	
11/01/38	$3,725,000.00	5.250%	$335,000.00	$97,781.25	$530,562.50	
05/01/39	$3,390,000.00	5.250%		$88,987.50	$0.00	
11/01/39	$3,390,000.00	5.250%	$350,000.00	$88,987.50	$527,975.00	
05/01/40	$3,040,000.00	5.250%		$79,800.00	$0.00	
11/01/40	$3,040,000.00	5.250%	$370,000.00	$79,800.00	$529,600.00	
05/01/41	$2,670,000.00	5.250%		$70,087.50	$0.00	
11/01/41	$2,670,000.00	5.250%	$390,000.00	$70,087.50	$530,175.00	
05/01/42	$2,280,000.00	5.250%		$59,850.00	$0.00	
11/01/42	$2,280,000.00	5.250%	$410,000.00	$59,850.00	$529,700.00	
05/01/43	$1,870,000.00	5.250%		$49,087.50	$0.00	
11/01/43	$1,870,000.00	5.250%	$430,000.00	$49,087.50	$528,175.00	
05/01/44	$1,440,000.00	5.250%		$37,800.00	$0.00	
11/01/44	$1,440,000.00	5.250%	$455,000.00	$37,800.00	$530,600.00	
05/01/45	$985,000.00	5.250%		$25,856.25	$0.00	
11/01/45	$985,000.00	5.250%	$480,000.00	$25,856.25	$531,712.50	
05/01/46	$505,000.00	5.250%		$13,256.25	$0.00	
11/01/46	$505,000.00	5.250%	$505,000.00	$13,256.25	$531,512.50	

TOTAL	$7,155,000.00	$5,366,621.88	$12,706,743.76	

Verano #1	
Community Development District	

 	
Debt Service Fund	
Series 2017 Special Assessment Refunding Bonds	

Adopted	
Budget	
FY 2023	

Actual	
Thru	
7/31/2023	

Projected	
Next	
2 Months	

Total	Adopted	
Projected	Budget	
9/30/2023	FY 2024	

Description

Revenues	
Carryforward Surplus (1)	
Special Assessments - A Bonds (On roll)	
Special Assessments - A Bonds (Direct)	
Interest Income	

$209,625	$231,888	
$610,195	$610,126	
$24,108	$18,983	
$0	$22,651	

$0	
$0	
$5,125	
$1,300	

$231,888	
$610,126	
$24,108	
$23,951	

$222,844	
$631,012	
$0	
$2,000	

TOTAL REVENUES	$855,857

$843,928		$883,648	

$6,425		$890,073	

Expenditures

Series 2017A-1	
Interest A1 - 11/01	
Principal A1 - 05/01	
Interest A1 - 05/01	

$127,818	
$335,000	
$127,818	

$127,818	
$335,000	
$127,818	

$0	
$0	
$0	

$127,818	
$335,000	
$127,818	

$122,625	
$345,000	
$122,625	

Series 2017A-2	
Interest A2 - 11/01	
Special Call - 11/01	
Principal A2 - 05/01	
Interest A2 - 05/01	

$11,231	
$0	
$20,000	
$11,231	

$11,231	
$35,000	
$20,000	
$10,363	

$0	$11,231	
$0	$35,000	
$0	$20,000	
$0	$10,363	

$9,888	
$0	
$20,000	
$9,888	

TOTAL EXPENDITURES		$633,098		$667,229		$0		$667,229		$630,025	
											
EXCESS REVENUES/EXPENDITURES		$210,830		$216,419		$6,425		$222,844		$225,832	

Interest A1 - 11/01/2024	
Interest A2 - 11/01/2024	

$117,018.75	
$9,412.50	
$	126,431.25	

(1) Carryforward surplus is net of the reserve requirement

Verano #1	
Community Development District	

 	
Debt Service Fund	
Series 2017 Special Assessment Refunding Bonds	

		

		

		

	

	

	

Assessments Table

Verano #1 Series 2017	

Description	On Roll	Tax Roll *
Units	per unit	Total
On Roll	

40's
50's
60's
Manor/Duplex

Clubhouse Commercial
 Commercial (Future)	 Total Residential	
45	$1,033.32
250	$1,192.15
113	$1,375.56
	126		$917.04
534
19,665	$0.82
35,000	$0.80
	30,000			$0.87 
Gross Assessments Less: Discount & Collections 8%
Net Assessments	
$46,499.40	
		$298,037.50	
		$155,438.28	
		$115,547.04	
		$16,031.25	
		$28,125.71	
			$26,203.96 	
		$685,883.14	
		  ($54,870.65)	
		$631,012.49	

Verano #1	
Community Development District	

Series 2017A-1 Senior Special Assessment Refunding Bonds	
Amortization Schedule	

DATE	BALANCE	COUPON	PRINCIPAL	INTEREST	TOTAL	

11/01/23	$6,275,000.00	3.25%		$122,625.00	$585,442.50	
05/01/24	$6,275,000.00	3.25%	$345,000.00	$122,625.00		
11/01/24	$5,930,000.00	3.50%		$117,018.75	$584,643.75	
05/01/25	$5,930,000.00	3.50%	$355,000.00	$117,018.75		
11/01/25	$5,575,000.00	3.625%		$110,806.25	$582,825.00	
05/01/26	$5,575,000.00	3.625%	$370,000.00	$110,806.25		
11/01/26	$5,205,000.00	3.25%		$104,100.00	$584,906.25	
05/01/27	$5,205,000.00	4.00%	$385,000.00	$104,100.00		
11/01/27	$4,820,000.00	4.00%		$96,400.00	$585,500.00	
05/01/28	$4,820,000.00	4.00%	$400,000.00	$96,400.00		
11/01/28	$4,420,000.00	4.00%		$88,400.00	$584,800.00	
05/01/29	$4,420,000.00	4.00%	$415,000.00	$88,400.00		
11/01/29	$4,005,000.00	4.00%		$80,100.00	$583,500.00	
05/01/30	$4,005,000.00	4.00%	$430,000.00	$80,100.00		
11/01/30	$3,575,000.00	4.00%		$71,500.00	$581,600.00	
05/01/31	$3,575,000.00	4.00%	$450,000.00	$71,500.00		
11/01/31	$3,125,000.00	4.00%		$62,500.00	$584,000.00	
05/01/32	$3,125,000.00	4.00%	$470,000.00	$62,500.00		
11/01/32	$2,655,000.00	4.00%		$53,100.00	$585,600.00	
05/01/33	$2,655,000.00	4.00%	$490,000.00	$53,100.00		
11/01/33	$2,165,000.00	4.00%		$43,300.00	$586,400.00	
05/01/34	$2,165,000.00	4.00%	$510,000.00	$43,300.00		
11/01/34	$1,655,000.00	4.00%		$33,100.00	$586,400.00	
05/01/35	$1,655,000.00	4.00%	$530,000.00	$33,100.00		
11/01/35	$1,125,000.00	4.00%		$22,500.00	$585,600.00	
05/01/36	$1,125,000.00	4.00%	$550,000.00	$22,500.00		
11/01/36	$575,000.00	4.00%		$11,500.00	$584,000.00	
05/01/37	$575,000.00	4.00%	$575,000.00	$11,500.00	$586,500.00	

TOTAL	$6,275,000.00	$2,033,900.00	$8,771,717.50	

Verano #1	
Community Development District	

Series 2017A-2 Subordinate Special Assessment Refunding Bonds	
Amortization Schedule	

DATE	BALANCE	COUPON	PRINCIPAL	INTEREST	TOTAL	

11/01/23	$400,000.00	4.75%		$9,887.50	$40,250.00	
05/01/24	$400,000.00	4.75%	$20,000.00	$9,887.50		
11/01/24	$380,000.00	4.75%		$9,412.50	$39,300.00	
05/01/25	$380,000.00	4.75%	$20,000.00	$9,412.50		
11/01/25	$360,000.00	4.75%		$8,937.50	$38,350.00	
05/01/26	$360,000.00	4.75%	$25,000.00	$8,937.50		
11/01/26	$335,000.00	4.75%		$8,343.75	$42,281.25	
05/01/27	$335,000.00	4.75%	$25,000.00	$8,343.75		
11/01/27	$310,000.00	5.00%		$7,750.00	$41,093.75	
05/01/28	$310,000.00	5.00%	$25,000.00	$7,750.00		
11/01/28	$285,000.00	5.00%		$7,125.00	$39,875.00	
05/01/29	$285,000.00	5.00%	$25,000.00	$7,125.00		
11/01/29	$260,000.00	5.00%		$6,500.00	$38,625.00	
05/01/30	$260,000.00	5.00%	$25,000.00	$6,500.00		
11/01/30	$235,000.00	5.00%		$5,875.00	$37,375.00	
05/01/31	$235,000.00	5.00%	$30,000.00	$5,875.00		
11/01/31	$205,000.00	5.00%		$5,125.00	$41,000.00	
05/01/32	$205,000.00	5.00%	$30,000.00	$5,125.00		
11/01/32	$175,000.00	5.00%		$4,375.00	$39,500.00	
05/01/33	$175,000.00	5.00%	$30,000.00	$4,375.00		
11/01/33	$145,000.00	5.00%		$3,625.00	$38,000.00	
05/01/34	$145,000.00	5.00%	$35,000.00	$3,625.00		
11/01/34	$110,000.00	5.00%		$2,750.00	$41,375.00	
05/01/35	$110,000.00	5.00%	$35,000.00	$2,750.00		
11/01/35	$75,000.00	5.00%		$1,875.00	$39,625.00	
05/01/36	$75,000.00	5.00%	$35,000.00	$1,875.00		
11/01/36	$40,000.00	5.00%		$1,000.00	$37,875.00	
05/01/37	$40,000.00	5.00%	$40,000.00	$1,000.00	$41,000.00	

TOTAL	$400,000.00	$165,162.50	$595,525.00