Approved Proposed Budget	
Fiscal Year 2024	

Verano #4	
Community Development District	

April 20, 2023

Verano #4	
Community Development District	

TABLE OF CONTENTS

General Fund	
Budget	
Budget Narrative	

Page 1	
Page 2	

Debt Service	
Budget	
Amortization Schedule	

Page 3	
Page 3	

Verano #4	
Community Development District	

General Fund

Adopted	
Budget	
FY 2023	

Actual	
Thru	
3/31/2023	

Projected	
Next	
6 Months	

Total	
Projected	
9/30/2023	

Proposed	
Budget	
FY 2024	

Description

Revenues

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

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

Expenditures

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

$0	
$0	
$0	
$0	
$2,575	
$0	
$800	
$175	
$750	

$0	
$0	
$0	
$0	
$1,287	
$0	
$0	
$279	
$175	

$0	
$0	
$0	
$0	
$1,288	
$0	
$175	
$521	
$575	

$0	
$0	
$0	
$0	
$2,575	
$0	
$175	
$800	
$750	

$4,400	
$500	
$6,000	
$2,500	
$0	
$6,500	
$800	
$175	
$750	

TOTAL ADMINISTRATIVE	$4,300		$1,742		$2,559		$4,300		$10,725	
										
TOTAL EXPENDITURES	$4,300		$1,742		$2,559		$4,300		$10,725	

Other Financing Sources and (Uses)

Intergovernmental Transfer (1)	

$4,300		

$4,300		

$0		

$4,300		

$10,725	
Total Other Financing Sources/(Uses)	$4,300		$4,300		$0		$4,300		$10,725	
										
NET CHANGE IN FUND BALANCE	$0		$2,558		($2,559)		($0)		$0	

(1) Transfers from Verano #5										

Page 1

Verano #4
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. FY2024 Management fees were moved to Verano # 5.

General Liability 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 # 4	
Community Development District	

 	
Debt Service	
Series 2023 Special Assessments Bonds	

Adopted	
Budget	
FY 2023	

Actual	
Thru	
3/31/2023	

Projected	
Next	
6 Months	

Total	
Projected	
9/30/2023	

Proposed	
Budget	
FY 2024	

Description

Revenues

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

$0	
$0	
$0	
$0	

$0	
$0	
$0	
$0	

$174,175	
$0	
$0	
$0	

$174,175	
$0	
$0	
$0	

$174,175	
$0	
$387,500	
$0	

TOTAL REVENUES	$0		$0		$174,175		$174,175		$561,675	

Expenditures										

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

$0	
$0	
$0	

$0	
$0	
$0	

$0	
$0	
$0	

$0	
$0	
$0	

$174,175	
$152,934	
$80,000	

TOTAL ADMINISTRATIVE	$0		$0		
$0	
$0	$407,110	

	

TOTAL EXPENDITURES	$0		$0		$0	$0	$407,110	

Other Financing Sources and (Uses)

Interfund Transfer In/(Out)	

$0		

$0		

$0	

$0	

$0	
Total Other Financing Sources/(Uses)	$0		$0		
$0	
$0	$0	

	

NET CHANGE IN FUND BALANCE	$0		$0		$174,175	$174,175	$154,565	
								
(1) Carry forward is net of Reserve Fund requirement.						interest 11/1/24	$151,084	

Product Type	
Units	Annual Assessments per Unit Gross	Total Annual
Assessments	
SF - 50's	53	$1,467.39	$77,772	
SF - 60's	93	$1,684.78	$156,685	
SF - 70's	64	$1,847.83	$118,261	
SF - 80's	35	$1,956.52	$68,478	
TOTAL	245		$421,196	
	
Gross Assessments		
$421,196	
	Less: Discount & Collections 8%		($33,696)	
	Net Assessments		$387,500	

	

Page 3

Verano # 4	
Community Development District	

 	
Amortization Schedule	
Series 2023 Special Assessments Bonds	

DATE	BALANCE	COUPON	PRINCIPAL	INTEREST	TOTAL

03/27/23	$5,645,000.00	4.625%	$0.00	$0.00	$0.00	
11/01/23	$5,645,000.00	4.625%	$0.00	$174,175.26	
05/01/24	$5,645,000.00	4.625%	$80,000.00	$152,934.38	$407,109.64	
11/01/24	$5,565,000.00	4.625%	$0.00	$151,084.38	
05/01/25	$5,565,000.00	4.625%	$85,000.00	$151,084.38	$387,168.75	
11/01/25	$5,480,000.00	4.625%	$0.00	$149,118.75	
05/01/26	$5,480,000.00	4.625%	$90,000.00	$149,118.75	$388,237.50	
11/01/26	$5,390,000.00	4.625%	$0.00	$147,037.50	
05/01/27	$5,390,000.00	4.625%	$95,000.00	$147,037.50	$389,075.00	
11/01/27	$5,295,000.00	4.625%	$0.00	$144,840.63	
05/01/28	$5,295,000.00	4.625%	$100,000.00	$144,840.63	$389,681.25	
11/01/28	$5,195,000.00	4.625%	$0.00	$142,528.13	
05/01/29	$5,195,000.00	4.625%	$100,000.00	$142,528.13	$385,056.25	
11/01/29	$5,095,000.00	4.625%	$0.00	$140,215.63	
05/01/30	$5,095,000.00	4.625%	$105,000.00	$140,215.63	$385,431.25	
11/01/30	$4,990,000.00	4.625%	$0.00	$137,787.50	
05/01/31	$4,990,000.00	5.375%	$110,000.00	$137,787.50	$385,575.00	
11/01/31	$4,880,000.00	5.375%	$0.00	$134,831.25	
05/01/32	$4,880,000.00	5.375%	$120,000.00	$134,831.25	$389,662.50	
11/01/32	$4,760,000.00	5.375%	$0.00	$131,606.25	
05/01/33	$4,760,000.00	5.375%	$125,000.00	$131,606.25	$388,212.50	
11/01/33	$4,635,000.00	5.375%	$0.00	$128,246.88	
05/01/34	$4,635,000.00	5.375%	$130,000.00	$128,246.88	$386,493.75	
11/01/34	$4,505,000.00	5.375%	$0.00	$124,753.13	
05/01/35	$4,505,000.00	5.375%	$140,000.00	$124,753.13	$389,506.25	
11/01/35	$4,365,000.00	5.375%	$0.00	$120,990.63	
05/01/36	$4,365,000.00	5.375%	$145,000.00	$120,990.63	$386,981.25	
11/01/36	$4,220,000.00	5.375%	$0.00	$117,093.75	
05/01/37	$4,220,000.00	5.375%	$155,000.00	$117,093.75	$389,187.50	
11/01/37	$4,065,000.00	5.375%	$0.00	$112,928.13	
05/01/38	$4,065,000.00	5.375%	$165,000.00	$112,928.13	$390,856.25	
11/01/38	$3,900,000.00	5.375%	$0.00	$108,493.75	
05/01/39	$3,900,000.00	5.375%	$170,000.00	$108,493.75	$386,987.50	
11/01/39	$3,730,000.00	5.375%	$0.00	$103,925.00	
05/01/40	$3,730,000.00	5.375%	$180,000.00	$103,925.00	$387,850.00	
11/01/40	$3,550,000.00	5.375%	$0.00	$99,087.50	
05/01/41	$3,550,000.00	5.375%	$190,000.00	$99,087.50	$388,175.00	
11/01/41	$3,360,000.00	5.375%	$0.00	$93,981.25	
05/01/42	$3,360,000.00	5.375%	$200,000.00	$93,981.25	$387,962.50	
11/01/42	$3,160,000.00	5.375%	$0.00	$88,606.25	
05/01/43	$3,160,000.00	5.375%	$215,000.00	$88,606.25	$392,212.50	
11/01/43	$2,945,000.00	5.375%	$0.00	$82,828.13	
05/01/44	$2,945,000.00	5.625%	$225,000.00	$82,828.13	$390,656.25	
11/01/44	$2,720,000.00	5.625%	$0.00	$76,500.00	
05/01/45	$2,720,000.00	5.625%	$240,000.00	$76,500.00	$393,000.00	
11/01/45	$2,480,000.00	5.625%	$0.00	$69,750.00	
05/01/46	$2,480,000.00	5.625%	$255,000.00	$69,750.00	$394,500.00	

Page 4

Verano # 4	
Community Development District	

 	
Amortization Schedule	
Series 2023 Special Assessments Bonds	

DATE	BALANCE	COUPON	PRINCIPAL	INTEREST	TOTAL

Continued

11/01/46	
05/01/47	
11/01/47	
05/01/48	
11/01/48	
05/01/49	
11/01/49	
05/01/50	
11/01/50	
05/01/51	
11/01/51	
05/01/52	
11/01/52	
05/01/53	

$2,225,000.00	
$2,225,000.00	
$1,960,000.00	
$1,960,000.00	
$1,680,000.00	
$1,680,000.00	
$1,380,000.00	
$1,380,000.00	
$1,065,000.00	
$1,065,000.00	
$730,000.00	
$730,000.00	
$375,000.00	
$375,000.00	

5.625%	
5.625%	
5.625%	
5.625%	
5.625%	
5.625%	
5.625%	
5.625%	
5.625%	
5.625%	
5.625%	
5.625%	
5.625%	
5.625%	

$0.00	
$265,000.00	
$0.00	
$280,000.00	
$0.00	
$300,000.00	
$0.00	
$315,000.00	
$0.00	
$335,000.00	
$0.00	
$355,000.00	
$0.00	
$375,000.00	

$62,578.13	
$62,578.13	
$55,125.00	
$55,125.00	
$47,250.00	
$47,250.00	
$38,812.50	
$38,812.50	
$29,953.13	
$29,953.13	
$20,531.25	
$20,531.25	
$10,546.88	
$10,546.88	

$390,156.25	
$390,250.00	
$394,500.00	
$392,625.00	
$394,906.25	
$396,062.50	
$396,093.75	

Total	$5,645,000.00	$6,069,172.14	$11,714,172.14

Page 5