Hillcrest
Community Development District

Final Budget For Fiscal Year 2019/2020
October 1, 2019 - September 30, 2020

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
HILLCREST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2019/2020
BUDGET	
O&M Assessments	87,521	
Developer Contribution	0	
Debt Assessments	662,543	
Interest Income	0	
		
TOTAL REVENUES	$	750,064	
		
EXPENDITURES		
Supervisor Fees	0	
Engineering/Inspections	2,500	
Management	34,320	
Legal	20,000	
Assessment Roll	5,000	
Audit Fees	3,500	
Arbitrage Rebate Fee	650	
Insurance	7,250	
Legal Advertisements	1,750	
Miscellaneous	1,300	
Postage	300	
Office Supplies	725	
Dues & Subscriptions	175	
Trustee Fees	3,800	
Continuing Disclosure Fee	1,000	
		
TOTAL EXPENDITURES	$	82,270	
		
REVENUES LESS EXPENDITURES	$	667,794	
		
Bond Payments	(622,790)	
		
BALANCE	$	45,004	
		
County Appraiser & Tax Collector Fee	(15,001)	
Discounts For Early Payments	(30,003)	
		
EXCESS/ (SHORTFALL)	$	-	

8/1/2019  7:31 AM	I

DETAILED FINAL BUDGET
HILLCREST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	
FISCAL YEAR 2017/2018 ACTUAL	
FISCAL YEAR 2018/2019 BUDGET	
FISCAL YEAR 2019/2020 BUDGET	

COMMENTS	
O&M Assessments	0	87,615	87,521	Expenditures/.94	
Developer Contribution	83,991	0	0		
Debt Assessments	0	662,543	662,543	Bond Payments/.94	
Interest Income	5	0	0		
					
TOTAL REVENUES	$	83,996	$	750,158	$	750,064		
					
EXPENDITURES					
Supervisor Fees	0	0	0		
Engineering/Inspections	12,681	2,500	2,500	No Change From 2018/2019 Budget	
Management	33,000	33,684	34,320	CPI Adjustment	
Legal	7,933	20,000	20,000	Fiscal Year 2018/2019 Expenditure Thorough January 2019 Was $7,082	
Assessment Roll	5,000	5,000	5,000	As Per Contract	
Audit Fees	0	4,000	3,500	$500 Decrease From 2018/2019 Budget	
Arbitrage Rebate Fee	0	650	650	No Change From 2018/2019 Budget	
Insurance	6,719	7,500	7,250	Fiscal Year 2018/2019 Expenditure Was $6,655	
Legal Advertisements	3,346	2,000	1,750	Costs Were Higher In 2017/2018 Due To Bond Issue	
Miscellaneous	1,666	1,000	1,300	$300 Increase From 2018/2019 Budget	
Postage	375	300	300	No Change From 2018/2019 Budget	
Office Supplies	1,729	750	725	Costs Were Higher In 2017/2018 Due To Bond Issue	
Dues & Subscriptions	175	175	175	No Change From 2018/2019 Budget	
Trustee Fees	0	3,800	3,800	No Change From 2018/2019 Budget	
Continuing Disclosure Fee	1,000	1,000	1,000	No Change From 2018/2019 Budget	
					
TOTAL EXPENDITURES	$	73,624	$	82,359	$	82,270		
					
REVENUES LESS EXPENDITURES	$	10,372	$	667,799	$	667,794		
					
Bond Payments	0	(622,790)	(622,790)	2020 P & I Payments Less Earned Interest	
					
BALANCE	$	10,372	$	45,009	$	45,004		
					
County Appraiser & Tax Collector Fee	0	(15,003)	(15,001)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	0	(30,006)	(30,003)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	10,372	$	-	$	-		

8/1/2019 7:31 AM	II

DETAILED FINAL DEBT SERVICE FUND BUDGET
HILLCREST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2019/2020
OCTOBER 1, 2019 - SEPTEMBER 30, 2020

REVENUES	

FISCAL YEAR

2017/2018

ACTUAL	

FISCAL YEAR

2018/2019

BUDGET	

FISCAL YEAR

2019/2020

BUDGET	

COMMENTS	

Interest Income	
937	
0	
50	
Projected Interest For 2019/2020	

Capitalized Interest	
139,293	
0	
0	

Capitalized Interest Set-Up Through Nov 2018	

NAV Tax Collection	
0	
622,790	
622,790	
Maximum Debt Service Collection	

Total Revenues	
$	140,230	
$	622,790	
$	622,840		

EXPENDITURES					

Principal Payments	
0	
170,000	
175,000	
Principal Payment Due In 2020	

Interest Payments	
139,293	
451,763	
445,600	
Interest Payments Due In 2020	

Bond Redemption	
0	
1,027	
2,240	
Estimated Excess Debt Collections	

Total Expenditures	
$	139,293	
$	622,790	
$	622,840		

Excess/ (Shortfall)	

$	937	

$	-	

$	-		

Series 2018 Bond Information

Original Par Amount =	$9,805,000	Annual Principal Payments Due =	November 1st	
Interest Rate = Issue Date = Maturity Date =	3.625% - 5.000%
January 2018
November 2048	Annual Interest Payments Due =	May 1st & November 1st	

Par Amount As Of 1/1/19 =	
$9,805,000			

8/1/2019 7:31 AM	III

HILLCREST COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
Projected	2016/2017	2017/2018	2018/2019	2019/2020
    Assessment* 	Assessment*	 	Assessment*	 	Assessment*	 Projected Assessment* 

O & M For Single Familys

$	-	$	-	$

-	$	135.85	$

135.70

Debt For Single Familys

$	1,146.80

$	-	$	- 

$	1,146.80

$	1,146.80

Total For Single Family

$	1,146.80	$	-	$

-	$	1,282.65	$

1,282.50

O & M For Townhomes

$	-	$	-	$

-	$	135.85	$

135.70

Debt For Townhomes

$	938.29

$	-	$	- 

$	938.29

$	938.29

Total For Townhomes

$	938.29	$	-	$

-	$	1,074.14	$

1,073.99

* Assessments Include the Following: 4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee

Community Information:
Single Familys:	275 Units Townhomes:	370 Units
Total:	645 Units

8/1/2019 7:31 AM	IV