Title: HC Proposed Budget 2024-2025.xlsx
Author: JWalker

Hillcrest
Community Development District

Proposed Budget For Fiscal Year 2024/2025
October 1, 2024 - September 30, 2025

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
HILLCREST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES | FISCAL YEAR 2024/2025 BUDGET
O&M Assessments | 133,730
Debt Assessments | 662,543
Interest Income | 600
TOTAL REVENUES | $	796,873
EXPENDITURES |
Supervisor Fees | 5,000
Payroll Taxes (Employer) | 400
Engineering/Inspections | 3,000
Management | 38,856
Legal | 14,000
Assessment Roll | 5,000
Audit Fees | 3,500
Arbitrage Rebate Fee | 650
Insurance | 7,700
Legal Advertisements | 2,500
Miscellaneous | 800
Postage | 300
Office Supplies | 525
Dues & Subscriptions | 175
Trustee Fees | 3,800
Continuing Disclosure Fee | 500
Stormwater System Maintenance | 15,000
Miscellaneous Lake Maintenance | 13,000
Perimeter Wall | 5,600
Stormwater 20-Year Analysis Report | 3,000
Maintenance Contingency | 3,000
| .
TOTAL EXPENDITURES | $	126,306
REVENUES LESS EXPENDITURES | $	670,567
Bond Payments | (622,790)
BALANCE | $	47,777
County Appraiser & Tax Collector Fee | (15,925)
Discounts For Early Payments | (31,852)
EXCESS/ (SHORTFALL) | $	-
Carryover From Prior Year | 0
NET EXCESS/ (SHORTFALL) | $	-

3/21/2024 11:07 AM	^I

DETAILED PROPOSED BUDGET
HILLCREST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES | FISCAL YEAR 2022/2023 ACTUAL | FISCAL YEAR 2023/2024 BUDGET | FISCAL YEAR 2024/2025 BUDGET | COMMENTS
O&M Assessments | 135,123 | 133,897 | 133,730 | Expenditures/.94
Debt Assessments | 662,546 | 662,543 | 662,543 | Bond Payments/.94
Interest Income | 6,984 | 240 | 600 | Interest Projected At $50 Per Month
TOTAL REVENUES | $	804,653 | $	796,680 | $	796,873 |
EXPENDITURES | | | |
Supervisor Fees | 0 | 0 | 5,000 | Supervisor Fees
Payroll Taxes (Employer) | 0 | 0 | 400 | Projected At 8% Of Supervisor Fees
Engineering/Inspections | 0 | 3,000 | 3,000 | No Change From 2023/2024 Budget
Management | 36,636 | 37,728 | 38,856 | CPI Adjustment (Capped At 3%)
Legal | 2,411 | 15,000 | 14,000 | $1,000 Decrease From 2023/2024 Budget
Assessment Roll | 5,000 | 5,000 | 5,000 | As Per Contract
Audit Fees | 3,800 | 3,900 | 3,500 | Accepted Amount For 2023/2024 Audit
Arbitrage Rebate Fee | 650 | 650 | 650 | No Change From 2023/2024 Budget
Insurance | 6,718 | 7,200 | 7,700 | Fiscal Year 2023/2024 Expenditure Was $7,222
Legal Advertisements | 634 | 1,400 | 2,500 | Will Increase Due To Closing Of Daily Business Review
Miscellaneous | 120 | 900 | 800 | $100 Decrease From 2023/2024 Budget
Postage | 138 | 300 | 300 | No Change From 2023/2024 Budget
Office Supplies | 241 | 550 | 525 | $25 Decrease From 2023/2024 Budget
Dues & Subscriptions | 175 | 175 | 175 | No Change From 2023/2024 Budget
Trustee Fees | 3,709 | 3,800 | 3,800 | No Change From 2023/2024 Budget
Continuing Disclosure Fee | 500 | 500 | 500 | No Change From 2023/2024 Budget
Stormwater System Maintenance | 0 | 16,000 | 15,000 | $1,000 Decrease From 2023/2024 Budget
Miscellaneous Lake Maintenance | 0 | 13,000 | 13,000 | No Change From 2023/2024 Budget
Perimeter Wall | 0 | 8,000 | 5,600 | $2,400 Decrease From 2023/2024 Budget
Stormwater 20-Year Analysis Report | 0 | 3,000 | 3,000 | Third Of Five Years - Total Cost = $15,000
Maintenance Contingency | 0 | 6,000 | 3,000 | Maintenance Contingency
| | . | . |
TOTAL EXPENDITURES | $	60,732 | $	126,103 | $	126,306 |
REVENUES LESS EXPENDITURES | $	743,921 | $	670,577 | $	670,567 |
Bond Payments | (635,444) | (622,790) | (622,790) | 2025 Principal & Interest Payments
BALANCE | $	108,477 | $	47,787 | $	47,777 |
County Appraiser & Tax Collector Fee | (2,133) | (15,929) | (15,925) | Two Percent Of Total Assessment Roll
Discounts For Early Payments | (30,454) | (31,858) | (31,852) | Four Percent Of Total Assessment Roll
EXCESS/ (SHORTFALL) | $	75,890 | $	- | $	- |
Carryover From Prior Year | 0 | 0 | 0 |
NET EXCESS/ (SHORTFALL) | $	75,890 | $	- | $	- |

3/21/2024 11:07 AM	^II

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
HILLCREST COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES

FISCAL YEAR

2022/2023

ACTUAL

FISCAL YEAR

2023/2024

BUDGET

FISCAL YEAR

2024/2025

BUDGET

COMMENTS

Interest Income | 25,110 | 100 | 400 | Projected Interest For 2024/2025
NAV Tax Collection | 635,444 | 622,790 | 622,790 | Maximum Debt Service Collection
Total Revenues | $	660,554 | $	622,890 | $	623,190 |
EXPENDITURES | | | |
Principal Payments | 190,000 | 200,000 | 210,000 | Principal Payment Due In 2025
Interest Payments | 429,288 | 418,775 | 406,575 | Interest Payments Due In 2025
Bond Redemption | 0 | 4,115 | 6,615 | Estimated Excess Debt Collections
Total Expenditures | $	619,288 | $	622,890 | $	623,190 |
Excess/ (Shortfall) | $	41,266 | $	- | $	- |

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 1/1/24 =

November 2048

$8,895,000

3/21/2024 11:07 AM	^III

HILLCREST COMMUNITY DEVELOPMENT DISTRICT ASSESSMENT COMPARISON

Fiscal Year 2021/2022
	Assessment*

Fiscal Year 2022/2023
	Assessment*

Fiscal Year 2023/2024
	Assessment*

Fiscal Year 2024/2025
  Projected Assessment*

O & M For Single Familys | $	133.70 | $	207.90 | $	207.60 | $	207.34
Debt For Single Familys | $	1,146.80 | $	1,146.80 | $	1,146.80 | $	1,146.80
Total For Single Family | $ | 1,280.50 | $ | 1,354.70 | $ | 1,354.40 | $ | 1,354.14
O & M For Townhomes | $ | 133.70 | $ | 207.90 | $ | 207.60 | $ | 207.34
Debt For Townhomes | $	938.29 | $	938.29 | $	938.29 | $	938.29
Total For Townhomes | $	1,071.99 | $	1,146.19 | $	1,145.89 | $	1,145.63

* 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

3/21/2024 11:07 AM	^IV