Hillcrest
Community Development District

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

CONTENTS

FINAL BUDGET

DETAILED FINAL BUDGET

DETAILED FINAL DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

FINAL 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)	$	-	

I

DETAILED FINAL 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	$	-	$	-		

II

DETAILED FINAL 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		

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

IV