Hillcrest
Community Development District

Final Budget For Fiscal Year 2022/2023
October 1, 2022 - September 30, 2023

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

FINAL BUDGET
HILLCREST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2022/2023
BUDGET	
O&M Assessments	134,086	
Debt Assessments	662,543	
Interest Income	120	
		
TOTAL REVENUES	$	796,749	
		
EXPENDITURES		
Supervisor Fees	0	
Engineering/Inspections	3,000	
Management	36,636	
Legal	17,000	
Assessment Roll	5,000	
Audit Fees	3,800	
Arbitrage Rebate Fee	650	
Insurance	6,700	
Legal Advertisements	1,500	
Miscellaneous	1,000	
Postage	300	
Office Supplies	600	
Dues & Subscriptions	175	
Trustee Fees	3,800	
Continuing Disclosure Fee	1,000	
Stormwater System Maintenance	16,000	
Miscellaneous Lake Maintenance	13,000	
Perimeter Wall	8,000	
Stormwater 20-Year Analysis Report	3,000	
Maintenance Contingency	5,000	
		
TOTAL EXPENDITURES	$	126,161	
		
REVENUES LESS EXPENDITURES	$	670,588	
		
Bond Payments	(622,790)	
		
BALANCE	$	47,798	
		
County Appraiser & Tax Collector Fee	(15,933)	
Discounts For Early Payments	(31,865)	
		
EXCESS/ (SHORTFALL)	$	-	

DETAILED FINAL BUDGET
HILLCREST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	
FISCAL YEAR 2020/2021 ACTUAL	
FISCAL YEAR 2021/2022 BUDGET	
FISCAL YEAR 2022/2023 BUDGET	

COMMENTS	
O&M Assessments	86,896	86,234	134,086	Expenditures/.94	
Debt Assessments	662,543	662,543	662,543	Bond Payments/.94	
Interest Income	160	120	120	Interest Projected At $10 Per Month	
					
TOTAL REVENUES	$	749,599	$	748,897	$	796,749		
					
EXPENDITURES					
Supervisor Fees	0	0	0		
Engineering/Inspections	0	3,000	3,000	No Change From 2021/2022 Budget	
Management	35,100	35,580	36,636	CPI Adjustment (Capped At 3%)	
Legal	2,858	18,000	17,000	$1,000 Decrease From 2021/2022 Budget	
Assessment Roll	5,000	5,000	5,000	As Per Contract	
Audit Fees	3,600	3,700	3,800	Accepted Amount For 2021/2022 Audit	
Arbitrage Rebate Fee	650	650	650	No Change From 2021/2022 Budget	
Insurance	6,038	6,700	6,700	Insurance Estimate	
Legal Advertisements	845	1,500	1,500	No Change From 2021/2022 Budget	
Miscellaneous	685	1,100	1,000	$100 Decrease From 2021/2022 Budget	
Postage	159	300	300	No Change From 2021/2022 Budget	
Office Supplies	132	675	600	$50 Decrease From 2021/2022 Budget	
Dues & Subscriptions	175	175	175	No Change From 2021/2022 Budget	
Trustee Fees	3,709	3,800	3,800	No Change From 2021/2022 Budget	
Continuing Disclosure Fee	1,000	1,000	1,000	No Change From 2021/2022 Budget	
Stormwater System Maintenance	0	0	16,000	Cleaning Of Half Of Stormwater System	
Miscellaneous Lake Maintenance	0	0	13,000	Miscellaneous Lake Maintenance	
Perimeter Wall	0	0	8,000	Perimeter Wall	
Stormwater 20-Year Analysis Report	0	0	3,000	First Of Five Years - Total Cost = $15,000	
Maintenance Contingency	0	0	5,000	Maintenance Contingency	
					
TOTAL EXPENDITURES	$	59,951	$	81,180	$	126,161		
					
REVENUES LESS EXPENDITURES	$	689,648	$	667,717	$	670,588		
					
Bond Payments	(636,954)	(622,790)	(622,790)	2023 P & I Payments Less Earned Interest	
					
BALANCE	$	52,694	$	44,927	$	47,798		
					
County Appraiser & Tax Collector Fee	(2,084)	(14,976)	(15,933)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(26,850)	(29,951)	(31,865)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	23,760	$	-	$	-		

DETAILED FINAL DEBT SERVICE FUND BUDGET
HILLCREST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022/2023
OCTOBER 1, 2022 - SEPTEMBER 30, 2023

REVENUES	

FISCAL YEAR

2020/2021

ACTUAL	

FISCAL YEAR

2021/2022

BUDGET	

FISCAL YEAR

2022/2023

BUDGET	

COMMENTS	

Interest Income	
34	
25	
25	
Projected Interest For 2022/2023	

NAV Tax Collection	
636,954	
622,790	
622,790	
Maximum Debt Service Collection	

Total Revenues	
$	636,987	
$	622,815	
$	622,815		

EXPENDITURES					

Principal Payments	
175,000	
190,000	
195,000	
Principal Payment Due In 2023	

Interest Payments	
442,428	
432,731	
425,844	
Interest Payments Due In 2023	

Bond Redemption	
0	
84	
1,971	
Estimated Excess Debt Collections	

Total Expenditures	
$	617,428	
$	622,815	
$	622,815		

Excess/ (Shortfall)	

$	19,559	

$	-	

$	-		

Series 2018 Bond Information

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

Par Amount As Of 1/1/22 =	November 2048

$9,280,000		

HILLCREST COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

Original	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
Projected	2019/2020	2020/2021	2021/2022	2022/2023
 Assessment*  	Assessment*	 	Assessment*	 	Assessment*	  Projected Assessment* 

O & M For Single Familys

$	-	$

135.70	$

134.27	$

133.70	$

207.90

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	$

1,282.50	$

1,281.07	$

1,280.50	$

1,354.70

O & M For Townhomes

$	-	$

135.70	$

134.27	$

133.70	$

207.90

Debt For Townhomes

$	938.29

$	938.29

$	938.29

$	938.29

$	938.29

Total For Townhomes

$	938.29	$

1,073.99	$

1,072.56	$

1,071.99	$

1,146.19

* 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

6/16/2022 1:09 PM	IV