Hillcrest
Community Development District

Proposed Budget For Fiscal Year 2021/2022
October 1, 2021 - September 30, 2022

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
HILLCREST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2021/2022
BUDGET	
O&M Assessments	86,234	
Debt Assessments	662,543	
Interest Income	120	
		
TOTAL REVENUES	$	748,897	
		
EXPENDITURES		
Supervisor Fees	0	
Engineering/Inspections	3,000	
Management	35,580	
Legal	18,000	
Assessment Roll	5,000	
Audit Fees	3,700	
Arbitrage Rebate Fee	650	
Insurance	6,700	
Legal Advertisements	1,500	
Miscellaneous	1,100	
Postage	300	
Office Supplies	675	
Dues & Subscriptions	175	
Trustee Fees	3,800	
Continuing Disclosure Fee	1,000	
		
TOTAL EXPENDITURES	$	81,180	
		
REVENUES LESS EXPENDITURES	$	667,717	
		
Bond Payments	(622,790)	
		
BALANCE	$	44,927	
		
County Appraiser & Tax Collector Fee	(14,976)	
Discounts For Early Payments	(29,951)	
		
EXCESS/ (SHORTFALL)	$	-	

2/9/2021 3:35 PM	I

DETAILED PROPOSED BUDGET
HILLCREST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	
FISCAL YEAR 2019/2020 ACTUAL	
FISCAL YEAR 2020/2021 BUDGET	
FISCAL YEAR 2021/2022 BUDGET	

COMMENTS	
O&M Assessments	88,252	86,601	86,234	Expenditures/.94	
Debt Assessments	662,543	662,543	662,543	Bond Payments/.94	
Interest Income	121	120	120	Interest Projected At $10 Per Month	
					
TOTAL REVENUES	$	750,916	$	749,264	$	748,897		
					
EXPENDITURES					
Supervisor Fees	0	0	0		
Engineering/Inspections	0	3,000	3,000	No Change From 2020/2021 Budget	
Management	34,320	35,100	35,580	CPI Adjustment	
Legal	13,000	18,500	18,000	$500 Decrease From 2020/2021 Budget	
Assessment Roll	5,000	5,000	5,000	As Per Contract	
Audit Fees	3,500	3,600	3,700	Accepted Amount For 2020/2021 Audit	
Arbitrage Rebate Fee	650	650	650	No Change From 2020/2021 Budget	
Insurance	5,750	7,000	6,700	Insurance Estimate	
Legal Advertisements	1,746	1,500	1,500	No Change From 2020/2021 Budget	
Miscellaneous	43	1,200	1,100	$100 Decrease From 2020/2021 Budget	
Postage	154	300	300	No Change From 2020/2021 Budget	
Office Supplies	213	700	675	$25 Decrease From 2020/2021 Budget	
Dues & Subscriptions	175	175	175	No Change From 2020/2021 Budget	
Trustee Fees	3,708	3,800	3,800	No Change From 2020/2021 Budget	
Continuing Disclosure Fee	1,000	1,000	1,000	No Change From 2020/2021 Budget	
					
TOTAL EXPENDITURES	$	69,259	$	81,525	$	81,180		
					
REVENUES LESS EXPENDITURES	$	681,657	$	667,739	$	667,717		
					
Bond Payments	(640,029)	(622,790)	(622,790)	2022 P & I Payments Less Earned Interest	
					
BALANCE	$	41,628	$	44,949	$	44,927		
					
County Appraiser & Tax Collector Fee	(2,090)	(14,983)	(14,976)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(23,399)	(29,966)	(29,951)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	16,139	$	-	$	-		

2/9/2021 3:35 PM	II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
HILLCREST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2021/2022
OCTOBER 1, 2021 - SEPTEMBER 30, 2022

REVENUES	

FISCAL YEAR

2019/2020

ACTUAL	

FISCAL YEAR

2020/2021

BUDGET	

FISCAL YEAR

2021/2022

BUDGET	

COMMENTS	

Interest Income	
443	
50	
25	
Projected Interest For 2021/2022	

NAV Tax Collection	
640,029	
622,790	
622,790	
Maximum Debt Service Collection	

Total Revenues	
$	640,472	
$	622,840	
$	622,815		

EXPENDITURES					

Principal Payments	
170,000	
180,000	
190,000	
Principal Payment Due In 2022	

Interest Payments	
448,681	
439,256	
432,731	
Interest Payments Due In 2022	

Bond Redemption	
0	
3,584	
84	
Estimated Excess Debt Collections	

Total Expenditures	
$	618,681	
$	622,840	
$	622,815		

Excess/ (Shortfall)	

$	21,791	

$	-	

$	-		

Series 2018 Bond Information

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

Par Amount As Of 1/1/21 =	November 2048

$9,460,000			

2/9/2021 3:35 PM	III

HILLCREST COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
Projected	2018/2019	2019/2020	2020/2021	2021/2022
    Assessment*	Assessment*	     	Assessment*	    	Assessment*	Projected Assessment* 

O & M For Single Familys

$	-	$

135.85	$

135.70	$

134.27	$

133.70

Debt For Single Familys

$	1,146.80

$	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	$

1,280.50

O & M For Townhomes

$	-	$

135.85	$

135.70	$

134.27	$

133.70

Debt For Townhomes

$	938.29

$	938.29

$	938.29

$	938.29

$	938.29

Total For Townhomes

$	938.29	$

1,074.14	$

1,073.99	$

1,072.56	$

1,071.99

* 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

2/9/2021 3:35 PM	IV