Adopted Budget	
Fiscal Year 2024	

Verano #4	
Community Development District	

July 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 4-5	

Verano #4	
Community Development District	

General Fund

Adopted	
Budget	
FY 2023	

Actual	
Thru	
6/30/2023	

Projected	
Next	
3 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	
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	
$1,931	
$0	
$625	
$175	
$563	

$0	
$0	
$0	
$0	
$644	
$0	
$175	
$0	
$188	

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

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

TOTAL ADMINISTRATIVE	$4,300		$3,293		$1,007		$4,300		$21,625	

Other Financing Sources and (Uses)

Intergovernmental Transfer (1)	

$4,300		

$4,300		

$0		

$4,300		

$21,625	
Total Other Financing Sources/(Uses)	$4,300		$4,300		$0		$4,300		$21,625	
										
EXCESS REVENUES/EXPENDITURES	$0		$1,007		($1,007)		$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	

Proposed	
Budget	
FY 2023	

Actual	
Thru	
6/30/2023	

Projected	
Next	
3 Months	

Total	
Projected	
9/30/2023	

Adopted	
Budget	
FY 2024	

Description

Revenues

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

$0	
$0	
$0	
$2,090	

$0	
$0	
$0	
$2,090	

$0	
$0	
$0	
$0	

$0	
$0	
$0	
$2,090	

$174,986	
$0	
$385,020	
$1,000	

TOTAL REVENUES	$2,090	$2,090	$0	$2,090	$561,006

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

Other Financing Sources and (Uses)

Interfund Transfer In/(Out)	
Bond Proceeds	

($1,099)	
$367,860	

($1,099)	
$367,860	

$0	
$0	

($1,099)	
$367,860	

$0	
$0	

Total Other Financing Sources/(Uses)	$366,760		$366,760		$0		$366,760		$0	
										
EXCESS REVENUES/EXPENDITURES	$368,850		$368,850		$0		$368,850		$153,896	

interest 11/1/24	$151,084

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

Product Type	Units	Amount per unit*	Direct Bill	
SF - 50's	53	$1,458.00	$77,274	
SF - 60's	93	$1,674.00	$155,682	
SF - 70's	64	$1,836.00	$117,504	
 SF - 80's		35	$1,944.00	$68,040	
Total Residential	245	
Gross Assessments	$418,500	
		Less: Discount & Collections 8%	($33,480)	
		Net Assessments	$385,020	

* These amounts are grossed up 8% to cover early payment discounts and County collection fees.

Page 3

Verano # 4	
Community Development District	

 	
Amortization Schedule	
Series 2023 Special Assessments Bonds	

DATE	BALANCE	COUPON	PRINCIPAL	INTEREST	TOTAL

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