Adopted Budget	
Fiscal Year 2024	

Academical Village	
Community Development District	

June 7, 2023

Academical Village	
Community Development District	

Adopted	
Budget	
	FY 2023		

Actual	
thru	
  4/30/2023 	

 Description	

General Fund

Projected	
Next	
  5 Months		

 	
Total	
Projected	
  9/30/2023		

	
Adopted	
Budget	
	FY 2024		

Revenues	
Assessments - Direct Billed	
Interest Income	

 	
$200,686	
$0	

	
$100,343	
$3,311	

	
$100,343	
$1,250	

	
$200,686	
$4,561	

	
$200,685	
$0	

Total Revenues		$200,686 		$103,654 		$101,593 		$205,247 		$200,685 

Expenditures

Administrative

Supervisors Fees	
FICA Taxes	
Engineering Fees	
Dissemination	
Arbitrage	
Attorney Fees	
Annual Audit	
Trustee	
Management Fees	
Computer Time	
Telephone	
Postage	
Insurance	
Printing & Binding	
Legal Advertising	
Other Current Charges	
Website Compliance	
Office Supplies	
Dues, Licenses	

$5,000	
$383	
$5,000	
$4,000	
$550	
$25,000	
$4,700	
$4,100	
$36,750	
$500	
$50	
$500	
$6,807	
$750	
$1,500	
$500	
$1,000	
$250	
$175	

$600	
$46	
$1,838	
$2,333	
$550	
$6,005	
$4,600	
$4,041	
$21,438	
$292	
$0	
$9	
$6,886	
$25	
$303	
$0	
$583	
$0	
$175	

$1,200	
$92	
$2,573	
$1,667	
$0	
$6,005	
$0	
$4,041	
$15,313	
$208	
$25	
$150	
$0	
$500	
$424	
$250	
$417	
$50	
$0	

$1,800	
$138	
$4,410	
$4,000	
$550	
$12,010	
$4,600	
$8,081	
$36,750	
$500	
$25	
$159	
$6,886	
$525	
$727	
$250	
$1,000	
$50	
$175	

$5,000	
$383	
$5,000	
$4,120	
$550	
$17,500	
$4,700	
$4,100	
$37,853	
$515	
$50	
$500	
$7,575	
$750	
$1,500	
$500	
$1,030	
$250	
$175	

Total Administrative		$97,515 		$49,722 		$32,913 		$82,635 		$92,050 

Field

Field Management	
Landscape Maintenance	
Irrigation Maintenance	
Rust/Stain Prevention	
Electric - Street Lights & Irr Pump	
Drainage Basin Maintenance	
Street Sweeper Service	
Pressure Cleaning	
Pump Maintenance	
Pump R&R	
Contingencies	
Reserves (Signage/Markings)	

$6,000	
$50,000	
$4,800	
$9,000	
$12,000	
$1,000	
$8,400	
$1,000	
$1,600	
$465	
$6,506	
$2,400	

$3,500	
$27,148	
$2,440	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$830	
$0	

$2,500	
$25,000	
$7,320	
$5,000	
$10,000	
$1,000	
$8,000	
$1,000	
$1,600	
$400	
$10,000	
$5,000	

$6,000	
$52,148	
$9,760	
$5,000	
$10,000	
$1,000	
$8,000	
$1,000	
$1,600	
$400	
$10,830	
$5,000	

$6,180	
$50,000	
$10,000	
$9,000	
$12,000	
$1,000	
$8,400	
$1,000	
$1,600	
$465	
$6,590	
$2,400	

Total Field		$103,171 			$33,918 			$76,820 			$110,738 			$108,635 	
Total Expenses		$200,686 			$83,640 			$109,733 			$193,373 			$200,685 	
Assigned Fund Balance		$0 			$20,014 

Page 1			($8,140)			$11,874 			$0 	

Academical Village
Community Development District	General Fund

REVENUES:

Assessments – Direct Billed
The District will bill the landowners directly to cover all operating expenses.

EXPENDITURES:

Administrative:

Supervisor Fees
The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon 3 supervisors attending the estimated 6 meetings.

FICA Taxes
Related payroll taxes of 7.65% for above.

Engineering Fees
The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc.

Dissemination Agent
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.

Arbitrage
The District is required to have an annual arbitrage rebate calculation on the District’s Bonds. The District has contracted with an LLS Tax Solutions to perform the calculations.

Attorney Fees
The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc.

Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

Trustee Fees
The Series 2020 Special Assessment bonds will be held and administered by a Trustee at US Bank. This represents the annual fee.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services – South Florida, LLC.

Computer Time
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.

Telephone
This item includes telephone and fax service.

Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.

Legal Advertising
The District is required to advertise various notices for monthly Board meetings, public hearings etc in a newspaper of general circulation.

Other Current Charges
Bank charges and any other miscellaneous expenses that incurred during the year.

Academical Village
Community Development District	General Fund

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.

Printing & Binding
Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Website Compliance
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated monthly.

Office Supplies
Miscellaneous office supplies.

Dues, Licenses
The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only expense under this category for the District.

Field:

Field Management
The supervision and reporting to the Board of Supervisors of the field maintenance services as provided by the different vendors.

Landscape Maintenance
The cost to maintain common areas of the Project.

Irrigation Maintenance
The cost to maintain the irrigation system of the Project.

Rust/Stain Prevention
Prevention of rust and stain costs.

Electric – Street Lights & Irrigation Pump
The cost of electric for streetlights and irrigation pumps.

Drainage Basin Maintenance
The cost of clearing and maintaining the drainage basins.

Street Sweeper Service
The cost of street cleaning/sweeping.

Pressure Cleaning
The cost of pressure cleaning sidewalks and signage.

Pump Maintenance
The cost of maintaining the pumps.

Pump R&R
The cost of repairing or replacing pumps.

Contingency
Any unforeseen or unbudgeted expenditures.

Reserves (Signage/Markings)
Funds reserved for future signage and markings expenditures.

Academical Village	
Community Development District	

 	
Debt Service Fund	
Series 2020 Special Assessment Bond	

Adopted	
Budget	
	FY 2023		

Actual	
thru	
  4/30/2023 	

Projected	
Next	
  5 Months		

Total	
Projected	
  9/30/2023		

Adopted	
Budget	
	FY 2024		

 Description	

Revenues	
Interest Income	
Assessments	
Carry Forward Surplus (1)	

$0	
$818,799	
$1,411,476	

$17,091	
$1,147,666	
$546,654	

$2,500	
$538,343	
$0	

$19,591	
$1,686,009	
$546,654	

$0	
$1,686,009	
$547,667	

Total Revenues	 $2,230,275 	 $1,711,411 		$540,843 	 $2,252,254 	 $2,233,676 

Series 2020	
Interest 11/01	
Interest 05/01	
Principal 05/01	
Total Expenditures	

Expenditures

$546,300	
$546,300	
$600,000	

$546,300	
$0	
$0	

$0	
$546,300	
$600,000	

$546,300	
$546,300	
$600,000	

$537,675	
$537,675	
$615,000	

  $1,692,600 		$546,300 	 $1,146,300 	 $1,692,600 	 $1,690,350 

Other Financing Sources/(Uses)

Interfund Transfer Out	$0	($10,487)	($1,500)	($11,987)	$0

Total Other Financing
Sources/(Uses)			$0 		($10,487)			($1,500)			($11,987)			$0  Excess Revenues		$537,675 	 $1,154,624 		($603,957)		$547,667 		$543,326 
(1) Carry forward is net of Reserve Fund requirement.	11/1/24 Interest	$	528,834

Academical Village	
Community Development District	

 	
Series 2020 Special Assessment Bond	
Amortization Schedule	

PRINCIPAL	
	BALANCE		

 	DATE		 	INTEREST		 	PRINCIPAL		 	TOTAL	

1-May-20	$30,000,000.00	$197,230.00	$0.00	$197,230.00	
1-Nov-20	$30,000,000.00	$554,709.38	$0.00	
1-May-21	$30,000,000.00	$554,709.38	$0.00	$1,109,418.76	
1-Nov-21	$30,000,000.00	$554,709.38	$0.00	
1-May-22	$30,000,000.00	$554,709.38	$585,000.00	$1,694,418.76	
1-Nov-22	$29,415,000.00	$546,300.00	$0.00	
1-May-23	$29,415,000.00	$546,300.00	$600,000.00	$1,692,600.00	
1-Nov-23	$28,815,000.00	$537,675.00	$0.00	
1-May-24	$28,815,000.00	$537,675.00	$615,000.00	$1,690,350.00	
1-Nov-24	$28,200,000.00	$528,834.38	$0.00	
1-May-25	$28,200,000.00	$528,834.38	$635,000.00	$1,692,668.76	
1-Nov-25	$27,565,000.00	$519,706.25	$0.00	
1-May-26	$27,565,000.00	$519,706.25	$655,000.00	$1,694,412.50	
1-Nov-26	$26,910,000.00	$509,062.50	$0.00	
1-May-27	$26,910,000.00	$509,062.50	$675,000.00	$1,693,125.00	
1-Nov-27	$26,235,000.00	$498,093.75	$0.00	
1-May-28	$26,235,000.00	$498,093.75	$700,000.00	$1,696,187.50	
1-Nov-28	$25,535,000.00	$486,718.75	$0.00	
1-May-29	$25,535,000.00	$486,718.75	$720,000.00	$1,693,437.50	
1-Nov-29	$24,815,000.00	$475,018.75	$0.00	
1-May-30	$24,815,000.00	$475,018.75	$745,000.00	$1,695,037.50	
1-Nov-30	$24,070,000.00	$462,912.50	$0.00	
1-May-31	$24,070,000.00	$462,912.50	$770,000.00	$1,695,825.00	
1-Nov-31	$23,300,000.00	$450,400.00	$0.00	
1-May-32	$23,300,000.00	$450,400.00	$795,000.00	$1,695,800.00	
1-Nov-32	$22,505,000.00	$435,990.63	$0.00	
1-May-33	$22,505,000.00	$435,990.63	$825,000.00	$1,696,981.26	
1-Nov-33	$21,680,000.00	$421,037.50	$0.00	
1-May-34	$21,680,000.00	$421,037.50	$855,000.00	$1,697,075.00	
1-Nov-34	$20,825,000.00	$405,540.63	$0.00	
1-May-35	$20,825,000.00	$405,540.63	$890,000.00	$1,701,081.26	
1-Nov-35	$19,935,000.00	$389,409.38	$0.00	
1-May-36	$19,935,000.00	$389,409.38	$920,000.00	$1,698,818.76	
1-Nov-36	$19,015,000.00	$372,734.38	$0.00	
1-May-37	$19,015,000.00	$372,734.38	$955,000.00	$1,700,468.76	
1-Nov-37	$18,060,000.00	$355,425.00	$0.00	
1-May-38	$18,060,000.00	$355,425.00	$990,000.00	$1,700,850.00	
1-Nov-38	$17,070,000.00	$337,481.25	$0.00	
1-May-39	$17,070,000.00	$337,481.25	$1,025,000.00	$1,699,962.50	
1-Nov-39	$16,045,000.00	$318,903.13	$0.00	
1-May-40	$16,045,000.00	$318,903.13	$1,065,000.00	$1,702,806.26	
1-Nov-40	$14,980,000.00	$299,600.00	$0.00	
1-May-41	$14,980,000.00	$299,600.00	$1,105,000.00	$1,704,200.00	
1-Nov-41	$13,875,000.00	$277,500.00	$0.00	
1-May-42	$13,875,000.00	$277,500.00	$1,150,000.00	$1,705,000.00	
1-Nov-42	$12,725,000.00	$254,500.00	$0.00	
1-May-43	$12,725,000.00	$254,500.00	$1,200,000.00	$1,709,000.00	
1-Nov-43	$11,525,000.00	$230,500.00	$0.00	
1-May-44	$11,525,000.00	$230,500.00	$1,245,000.00	$1,706,000.00	
1-Nov-44	$10,280,000.00	$205,600.00	$0.00	
1-May-45	$10,280,000.00	$205,600.00	$1,300,000.00	$1,711,200.00	
1-Nov-45	$8,980,000.00	$179,600.00	$0.00	
1-May-46	$8,980,000.00	$179,600.00	$1,350,000.00	$1,709,200.00	
1-Nov-46	$7,630,000.00	$152,600.00	$0.00	
1-May-47	$7,630,000.00	$152,600.00	$1,405,000.00	$1,710,200.00	
1-Nov-47	$6,225,000.00	$124,500.00	$0.00	
1-May-48	$6,225,000.00	$124,500.00	$1,465,000.00	$1,714,000.00	
1-Nov-48	$4,760,000.00	$95,200.00	$0.00	
1-May-49	$4,760,000.00	$95,200.00	$1,525,000.00	$1,715,400.00	
1-Nov-49	$3,235,000.00	$64,700.00	$0.00	
1-May-50	$3,235,000.00	$64,700.00	$1,585,000.00	$1,714,400.00	
1-Nov-50	$1,650,000.00	$33,000.00	$0.00	
1-May-51	$1,650,000.00	$33,000.00	$1,650,000.00	$1,716,000.00	

	$22,353,155.08		$30,000,000.00		$52,353,155.08