Adopted Budget
Fiscal Year 2022

Verano #1 Community Development District

August 19, 2021

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

$2,400
$184
$0
$3,700
$1,200
$9,000
$5,000
$16,000
$5,500
$600
$175
$750

$1,800
$138
$0
$3,200
$550
$8,081
$4,167
$13,333
$5,250
$302
$175
$625

$600
$46
$0
$0
$550
$0
$833
$2,667
$0
$100
$0
$125

$2,400
$184
$0
$3,200
$1,100
$8,081
$5,000
$16,000
$5,250
$402
$175
$750

$4,000
$306
$2,000
$3,800
$1,200
$9,000
$5,000
$16,000
$5,500
$800
$175
$750

TOTAL ADMINISTRATIVE

 	$44,509

 	$37,621 

 	$4,921 

 	$42,542

 	$48,531 

TOTAL EXPENDITURES

 	$44,509

 	$37,621 

 	$4,921 

 	$42,542

 	$48,531 

Other Financing Sources/(Uses)

Intergovernmental Transfer (1)

$44,509

$44,509

$0

$44,509

$48,531

Total Other Financing Sources/(Uses)

 	$44,509

 	$44,509 

 	$0 

 	$44,509

 	$48,531 

NET CHANGE IN FUND BALANCE

 	$0 

$6,888

($4,921)

$1,967

$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.

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
Community Development District

Debt Service Fund
Series 2015 Special Assessment 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

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

$359,617
$373,723
$159,432
$0
$0

$342,751
$375,394
$57,305
$13,048
$132

$0
$0
$102,139
$0
$20

$342,751
$375,394
$159,444
$13,048
$152

$361,652
$459,223
$72,964
$0
$0

TOTAL REVENUES

 	$892,773 

 	$788,630 

 	$102,159 

 	$890,790 

 	$893,839 

Expenditures

Series 2015 Interest - 11/01 Principal - 11/01 Interest - 05/01

$196,231
$140,000
$192,906

$196,231
$140,000
$192,906

$0
$0
$0

$196,231
$140,000
$192,906

$192,644
$145,000
$189,200

TOTAL EXPENDITURES

 	$529,138 

 	$529,138 

 	$0 

 	$529,138 

 	$526,844 

EXCESS REVENUES/EXPENDITURES

 	$363,636 

 	$259,493 

 	$102,159 

 	$361,652 

 	$366,995 

Principal 11/01/2022
Interest 11/01/2022

$150,000.00
     $189,200.00 
  $   339,200.00 

(1) Carryforward surplus is net of the reserve requirement

Assessments Table

Verano #1 Series 2015

Verano #1 Series 2015

Page 3

Direct Billed	Amount	Total
Description	Units	per unit*	Direct Billed

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

20	$1,175.00
0	$1,355.00
0	$1,564.00
 	53		 $1,053.00	
73	Gross Assessm. Less: Discount & Collections 8%
Net Assessments

$23,500.00
$0.00
$0.00
$55,809.00

Total Residential

$79,309.00 ($6,344.72)

$72,964.28

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

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

144	$1,175.00
81	$1,355.00
60	$1,564.00
 	120		 $1,053.00	
405	Gross Assessm. Less: Discount & Collections 8%
Net Assessments

$169,200.00
$109,755.00
$93,840.00
$126,360.00

Total Residential

$499,155.00 ($39,932.40)

$459,222.60

Verano #1
Community Development District

Series 2015 Special Assessment  Bonds
Amortization Schedule

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

$7,335,000.00
$7,185,000.00
$7,185,000.00
$7,025,000.00
$7,025,000.00
$6,860,000.00
$6,860,000.00
$6,685,000.00
$6,685,000.00
$6,500,000.00
$6,500,000.00
$6,305,000.00
$6,305,000.00
$6,100,000.00
$6,100,000.00
$5,885,000.00
$5,885,000.00
$5,660,000.00
$5,660,000.00
$5,425,000.00
$5,425,000.00
$5,175,000.00
$5,175,000.00
$4,915,000.00
$4,915,000.00
$4,640,000.00
$4,640,000.00
$4,355,000.00
$4,355,000.00
$4,055,000.00
$4,055,000.00
$3,735,000.00
$3,735,000.00
$3,400,000.00
$3,400,000.00
$3,050,000.00
$3,050,000.00
$2,680,000.00
$2,680,000.00
$2,290,000.00
$2,290,000.00
$1,880,000.00
$1,880,000.00
$1,450,000.00
$1,450,000.00
$995,000.00
$995,000.00
$515,000.00
$515,000.00

4.750%
4.750%
4.750%
4.750%
4.750%
4.750%
4.750%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.125%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%
5.250%

$150,000.00

$189,200.00
$185,637.50
$185,637.50
$181,837.50
$181,837.50
$177,918.75
$177,918.75
$173,762.50
$173,762.50
$169,021.88
$169,021.88
$164,025.00
$164,025.00
$158,771.88
$158,771.88
$153,262.50
$153,262.50
$147,496.88
$147,496.88
$141,475.00
$141,475.00
$135,068.75
$135,068.75
$128,406.25
$128,406.25
$121,359.38
$121,359.38
$114,056.25
$114,056.25
$106,181.25
$106,181.25
$97,781.25
$97,781.25
$88,987.50
$88,987.50
$79,800.00
$79,800.00
$70,087.50
$70,087.50
$59,850.00
$59,850.00
$49,087.50
$49,087.50
$37,800.00
$37,800.00
$25,856.25
$25,856.25
$13,256.25
$13,256.25

$528,400.00
$0.00
$531,275.00
$0.00
$528,675.00
$0.00
$530,837.50
$0.00
$532,525.00
$0.00
$533,043.75
$0.00
$533,050.00
$0.00
$532,543.75
$0.00
$531,525.00
$0.00
$529,993.75
$0.00
$532,950.00
$0.00
$530,137.50
$0.00
$531,812.50
$0.00
$527,718.75
$0.00
$528,112.50
$0.00
$532,362.50
$0.00
$530,562.50
$0.00
$527,975.00
$0.00
$529,600.00
$0.00
$530,175.00
$0.00
$529,700.00
$0.00
$528,175.00
$0.00
$530,600.00
$0.00
$531,712.50
$0.00
$531,512.50

$160,000.00

$165,000.00

$175,000.00

$185,000.00

$195,000.00

$205,000.00

$215,000.00

$225,000.00

$235,000.00

$250,000.00

$260,000.00

$275,000.00

$285,000.00

$300,000.00

$320,000.00

$335,000.00

$350,000.00

$370,000.00

$390,000.00

$410,000.00

$430,000.00

$455,000.00

$480,000.00

$505,000.00

Page 4

TOTAL	$7,470,000.00	$6,132,618.75	$13,795,262.50

11/01/21	$7,480,000.00	4.750%	$145,000.00	$192,643.75	$530,287.50
05/01/22	$7,335,000.00	4.750%	$189,200.00	$0.00

DATE	BALANCE	COUPON	PRINCIPAL	INTEREST	TOTAL

Verano #1
Community Development District

Debt Service Fund
Series 2017 Special Assessment Refunding Bonds

Adopted Budget
     FY 2021	

Actual Thru
   7/31/2021 

Projected Next
   2 Months 

Total Projected

Adopted Budget

 Description	

   9/30/2021	FY 2022	

Revenues

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

$188,523
$574,618
$59,606
$0

$200,885
$576,464
$0
$155

$0
$0
$60,522
$16

$200,885
$576,464
$60,522
$171

$194,745
$595,446
$38,856
$0

TOTAL REVENUES

 	$822,748 

 	$777,504 

 	$60,538

 	$838,042 

 	$829,048 

Expenditures

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

$137,211
$0
$315,000
$137,211

$137,211
$10,000
$315,000
$137,024

$0
$0
$0
$0

$137,211
$10,000
$315,000
$137,024

$132,693
$0
$325,000
$132,693

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

$12,031
$20,000
$12,031

$12,031
$20,000
$12,031

$0
$0
$0

$12,031
$20,000
$12,031

$11,631
$20,000
$11,631

TOTAL EXPENDITURES

 	$633,485 

 	$643,298 

 	$0 

 	$643,298 

 	$633,648 

EXCESS REVENUES/EXPENDITURES	$189,263 

 	$134,206 

 	$60,538

 	$194,745 

 	$195,400 

Interest A1 - 11/01/2022
Interest A2 - 11/01/2022

$127,817.50
 	$11,231.25 
  $   139,048.75 

(1) Carryforward surplus is net of the reserve requirement

Page 5

Verano #1
Community Development District

Debt Service Fund
Series 2017 Special Assessment Refunding Bonds

Assessments Table

Verano #1 Series 2017

Verano #1 Series 2017

Page 6

Direct Billed	Amount *	Total
Description	Units	per unit	Direct Billed

Commercial (Future) Clubhouse

30,000	$0.87
 	19,665		 	$0.82 
Gross Assessments Less: Discount & Collections 8%
Net Assessments

$26,203.96
$16,031.25

Total Residential

* gross amount

$42,235.21 ($3,378.82)

$38,856.39

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

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

Commercial

45	$1,033.32
253	$1,192.15
113	$1,375.56
 	126		$917.04
537

 	35,000		 	$0.80 
Gross Assessments Less: Discount & Collections 8%
Net Assessments

$46,499.40
$301,613.95
$155,438.28
$115,547.04

$28,125.71

Total Residential

$647,224.38 ($51,777.95)

$595,446.43

Verano #1
Community Development District

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

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

$6,620,000.00
$6,620,000.00
$6,285,000.00
$6,285,000.00
$5,940,000.00
$5,940,000.00
$5,585,000.00
$5,585,000.00
$5,215,000.00
$5,215,000.00
$4,830,000.00
$4,830,000.00
$4,430,000.00
$4,430,000.00
$4,015,000.00
$4,015,000.00
$3,585,000.00
$3,585,000.00
$3,135,000.00
$3,135,000.00
$2,665,000.00
$2,665,000.00
$2,175,000.00
$2,175,000.00
$1,665,000.00
$1,665,000.00
$1,135,000.00
$1,135,000.00
$585,000.00
$585,000.00

3.10%
3.10%
3.25%
3.25%
3.50%
3.50%
3.625%
3.625%
3.25%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%

$127,817.50
$127,817.50
$122,625.00
$122,625.00
$117,018.75
$117,018.75
$110,806.25
$110,806.25
$104,100.00
$104,100.00
$96,400.00
$96,400.00
$88,400.00
$88,400.00
$80,100.00
$80,100.00
$71,500.00
$71,500.00
$62,500.00
$62,500.00
$53,100.00
$53,100.00
$43,300.00
$43,300.00
$33,100.00
$33,100.00
$22,500.00
$22,500.00
$11,500.00
$11,500.00

$585,510.00

$335,000.00

$585,442.50

$345,000.00

$584,643.75

$355,000.00

$582,825.00

$370,000.00

$584,906.25

$385,000.00

$585,500.00

$400,000.00

$584,800.00

$415,000.00

$583,500.00

$430,000.00

$581,600.00

$450,000.00

$584,000.00

$470,000.00

$585,600.00

$490,000.00

$586,400.00

$510,000.00

$586,400.00

$530,000.00

$585,600.00

$550,000.00

$584,000.00
$586,500.00

$575,000.00

Page 7

TOTAL	$6,935,000.00	$2,554,920.00	$9,941,943.75

11/01/21	$6,945,000.00	3.00%	$132,692.50	$584,716.25
05/01/22	$6,945,000.00	3.00%	$325,000.00	$132,692.50

DATE	BALANCE	COUPON	PRINCIPAL	INTEREST	TOTAL

Verano #1
Community Development District

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

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

$455,000.00
$455,000.00
$435,000.00
$435,000.00
$415,000.00
$415,000.00
$390,000.00
$390,000.00
$365,000.00
$365,000.00
$340,000.00
$340,000.00
$315,000.00
$315,000.00
$285,000.00
$285,000.00
$255,000.00
$255,000.00
$225,000.00
$225,000.00
$190,000.00
$190,000.00
$155,000.00
$155,000.00
$120,000.00
$120,000.00
$80,000.00
$80,000.00
$40,000.00
$40,000.00

4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%

$11,231.25
$11,231.25
$10,756.25
$10,756.25
$10,281.25
$10,281.25
$9,687.50
$9,687.50
$9,093.75
$9,093.75
$8,500.00
$8,500.00
$7,875.00
$7,875.00
$7,125.00
$7,125.00
$6,375.00
$6,375.00
$5,625.00
$5,625.00
$4,750.00
$4,750.00
$3,875.00
$3,875.00
$3,000.00
$3,000.00
$2,000.00
$2,000.00
$1,000.00
$1,000.00

$42,862.50

$20,000.00

$41,987.50

$20,000.00

$41,037.50

$25,000.00

$44,968.75

$25,000.00

$43,781.25

$25,000.00

$42,593.75

$25,000.00

$41,375.00

$30,000.00

$45,000.00

$30,000.00

$43,500.00

$30,000.00

$42,000.00

$35,000.00

$45,375.00

$35,000.00

$43,625.00

$35,000.00

$41,875.00

$40,000.00

$45,000.00

$40,000.00

$43,000.00
$41,000.00

$40,000.00

Page 8

TOTAL	$475,000.00	$225,612.50	$732,643.75

11/01/21	$475,000.00	4.00%	$11,631.25	$43,662.50
05/01/22	$475,000.00	4.00%	$20,000.00	$11,631.25

DATE	BALANCE	COUPON	PRINCIPAL	INTEREST	TOTAL