Hillcrest
Community Development District

Final Budget For Fiscal Year 2020/2021
October 1, 2020 - September 30, 2021

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET IV	ASSESSMENT COMPARISON

FINAL BUDGET
HILLCREST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2020/2021
BUDGET	
O&M Assessments	86,601	
Developer Contribution	0	
Debt Assessments	662,543	
Interest Income	120	
		
TOTAL REVENUES	$	749,264	
		
EXPENDITURES		
Supervisor Fees	0	
Engineering/Inspections	3,000	
Management	35,100	
Legal	18,500	
Assessment Roll	5,000	
Audit Fees	3,600	
Arbitrage Rebate Fee	650	
Insurance	7,000	
Legal Advertisements	1,500	
Miscellaneous	1,200	
Postage	300	
Office Supplies	700	
Dues & Subscriptions	175	
Trustee Fees	3,800	
Continuing Disclosure Fee	1,000	
		
TOTAL EXPENDITURES	$	81,525	
		
REVENUES LESS EXPENDITURES	$	667,739	
		
Bond Payments	(622,790)	
		
BALANCE	$	44,949	
		
County Appraiser & Tax Collector Fee	(14,983)	
Discounts For Early Payments	(29,966)	
		
EXCESS/ (SHORTFALL)	$	-	

8/10/2020  8:31 AM	I

DETAILED FINAL BUDGET
HILLCREST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	
FISCAL YEAR 2018/2019 ACTUAL	
FISCAL YEAR 2019/2020 BUDGET	
FISCAL YEAR 2020/2021 BUDGET	

COMMENTS	
O&M Assessments	88,525	87,521	86,601	Expenditures/.94	
Developer Contribution	0	0	0		
Debt Assessments	662,543	662,543	662,543	Bond Payments/.94	
Interest Income	131	0	120	Interest Projected At $10 Per Month	
					
TOTAL REVENUES	$	751,199	$	750,064	$	749,264		
					
EXPENDITURES					
Supervisor Fees	0	0	0		
Engineering/Inspections	3,140	2,500	3,000	$500 Increase From 2019/2020 Budget	
Management	33,684	34,320	35,100	CPI Adjustment	
Legal	8,595	20,000	18,500	$1,500 Decrease From 2019/2020 Budget	
Assessment Roll	5,000	5,000	5,000	As Per Contract	
Audit Fees	3,400	3,500	3,600	Accepted Amount For 2019/2020	
Arbitrage Rebate Fee	650	650	650	No Change From 2019/2020 Budget	
Insurance	6,655	7,250	7,000	Insurance Estimate	
Legal Advertisements	755	1,750	1,500	$250 Decrease From 2019/2020 Budget	
Miscellaneous	139	1,300	1,200	$100 Decrease From 2019/2020 Budget	
Postage	169	300	300	No Change From 2019/2020 Budget	
Office Supplies	233	725	700	$25 Decrease From 2019/2020 Budget	
Dues & Subscriptions	175	175	175	No Change From 2019/2020 Budget	
Trustee Fees	3,709	3,800	3,800	No Change From 2019/2020 Budget	
Continuing Disclosure Fee	1,000	1,000	1,000	No Change From 2019/2020 Budget	
					
TOTAL EXPENDITURES	$	67,304	$	82,270	$	81,525		
					
REVENUES LESS EXPENDITURES	$	683,895	$	667,794	$	667,739		
					
Bond Payments	(624,543)	(622,790)	(622,790)	2021 P & I Payments Less Earned Interest	
					
BALANCE	$	59,352	$	45,004	$	44,949		
					
County Appraiser & Tax Collector Fee	(3,073)	(15,001)	(14,983)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(29,321)	(30,003)	(29,966)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	26,958	$	-	$	-		

8/10/2020 8:31 AM	II

DETAILED FINAL DEBT SERVICE FUND BUDGET
HILLCREST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2020/2021
OCTOBER 1, 2020 - SEPTEMBER 30, 2021

REVENUES	

FISCAL YEAR

2018/2019

ACTUAL	

FISCAL YEAR

2019/2020

BUDGET	

FISCAL YEAR

2020/2021

BUDGET	

COMMENTS	

Interest Income	
1,917	
50	
50	
Projected Interest For 2020/2021	

NAV Tax Collection	
624,543	
622,790	
622,790	
Maximum Debt Service Collection	

Total Revenues	
$	626,460	
$	622,840	
$	622,840		

EXPENDITURES					

Principal Payments	
0	
175,000	
180,000	
Principal Payment Due In 2021	

Interest Payments	
451,763	
445,600	
439,256	
Interest Payments Due In 2021	

Bond Redemption	
0	
2,240	
3,584	
Estimated Excess Debt Collections	

Total Expenditures	
$	451,763	
$	622,840	
$	622,840		

Excess/ (Shortfall)	

$	174,697	

$	-	

$	-		

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 1/1/20 =	
$9,635,000			

8/10/2020 8:31 AM	III

HILLCREST COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
Projected	2017/2018	2018/2019	2019/2020	2020/2021
    Assessment* 	Assessment*	 	Assessment*	 	Assessment*	 Projected Assessment* 

O & M For Single Familys

$	-	$

-	$	135.85	$

135.70	$

134.27

Debt For Single Familys

$	1,146.80

$	-	$	1,146.80

$	1,146.80

$	1,146.80

Total For Single Family

$	1,146.80	$

-	$	1,282.65	$

1,282.50	$

1,281.07

O & M For Townhomes

$	-	$

-	$	135.85	$

135.70	$

134.27

Debt For Townhomes

$	938.29

$	-	$	938.29

$	938.29

$	938.29

Total For Townhomes

$	938.29	$

-	$	1,074.14	$

1,073.99	$

1,072.56

* 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

8/10/2020 8:31 AM	IV