Academical Village	
Community Development District	

Adopted Budget	
FY 2026	

Table of Contents

1-2		General Fund

3-4		Narratives

5-6		Debt Service Fund Series 2020

7		Assessment Schedule

Academical Village	
Community Development District	
Adopted Budget	
General Fund	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Adopted Budget	
Description	FY2025	6/30/25	3 Months	9/30/25	FY 2026	

REVENUES:

Special Assessments - Direct Bill	$	200,686	$	200,686	$	-	$	200,686	$	200,686	
Interest income	6,000	5,324	1,500	6,824	6,000	
TOTAL REVENUES	$206,686	$206,010	$1,500	$207,510	$206,686	

EXPENDITURES:

Administrative						
Supervisor Fees	$	5,000	$	2,000	3,000	$	5,000	$	5,000	
FICA Taxes	383	153	230	383	383	
Engineering	5,000	9,229	500	9,729	5,000	
Attorney	17,500	14,610	890	15,500	17,500	
Annual Audit	4,700	4,700	-	4,700	4,900	
Arbitrage Rebate	750	750	-	750	550	
Arbitrage - Yield Reduction	-	3,884	-	3,884	-	
Dissemination Agent	4,326	3,245	1,082	4,326	4,586	
Trustee Fees	4,100	4,041	-	4,041	4,434	
Management Fees	39,746	29,810	9,936	39,746	42,131	
Information Technology	541	406	135	541	573	
Website Maintenance	1,082	812	270	1,082	1,147	
Telephone	50	-	25	25	50	
Postage & Delivery	500	290	125	415	500	
Insurance General Liability	7,877	7,448	-	7,448	8,879	
Printing & Binding	750	81	188	269	750	
Legal Advertising	1,500	1,029	471	1,500	1,500	
Other Current Charges	500	-	125	125	500	
Office Supplies	250	0	63	63	250	
Property Taxes	-	223	-	223	-	
Dues, Licenses & Subscriptions	175	175	-	175	175	

TOTAL ADMINISTRATIVE	$94,730	$82,884	$17,040	$99,923	$98,808	

Academical Village	
Community Development District	
Adopted Budget	
General Fund	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Adopted Budget	
Description	FY2025	6/30/25	3 Months	9/30/25	FY 2026	

Operations & Maintenance

Field Expenditures

Field Management	$	7,500	$	5,625	$	1,875	$	7,500	$	7,950	
Landscape Maintenance	52,500	37,365	15,135	52,500	50,000	
Irrigation Maintenance	10,000	6,460	3,540	10,000	10,000	
Rust/Stain Prevention	9,000	5,049	3,951	9,000	9,000	
Electric - Street Lights & Irr Pump	12,000	1,534	5,239	6,773	12,000	
Drainage Basin Maintenance	1,000	-	1,000	1,000	1,000	
Street Sweeper Service	8,400	-	8,400	8,400	8,400	
Pressure Cleaning	1,000	-	1,000	1,000	1,000	
Pump Maintenance	1,600	2,098	-	2,098	1,600	
Pump R&R	465	-	465	465	465	
Contingencies	2,311	-	3,871	3,871	170	
Reserves (Signage/Markings)	2,400	-	1,200	1,200	2,400	
Canal Water Maintenance	3,780	900	2,880	3,780	3,893	

TOTAL FIELD EXPENDITURES	$111,956	$59,031	$48,556	$107,587	$107,878	

TOTAL EXPENDITURES	$206,686	$141,915	$65,595	$207,510	$206,686	

EXCESS REVENUES (EXPENDITURES)	$-	$64,096	$(64,095)	$-	$-	

Academical Village	
Community Development District	
Budget Narrative	
Fiscal Year 2026	

REVENUES	

Special Assessments-Direct Bill	
The District will bill the landowners directly to cover all operating expenses.	

Expenditures - Administrative	

Supervisors Fees	
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated
$200 per meeting in which they attend.  The budgeted amount for the fiscal year is based on all supervisors attending	
FICA Taxes	
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.	
Engineering	
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.	
Attorney	
The District’s Attorney, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.	
Annual Audit	
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.	
Arbitrage Rebate	
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.	
Arbitrage - Yield Reduction	
If the Districts Acquisition and Construction Fund continues to have an unspent invested balance, and the investment yield is earning above the materially higher bond yield of 3.8958%, then a Yield Reduction Payment will be calculated on the next fifth bond year, 2/26/2030, and a payment may be due to the IRS at that time.	
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.	
Trustee Fees	
The District bonds will be held and administered by a Trustee. This represents the trustee 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. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.	
Information Technology	
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.	
Website Maintenance	
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.	
Communication - Telephone	
New internet and Wi-Fi service for Office.	

Academical Village	
Community Development District	
Budget Narrative	
Fiscal Year 2026	

Expenditures - Administrative (continued)	
Postage and Delivery	
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.	
Insurance General Liability	
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 and Binding	
Copies used in the preparation of agenda packages, required mailings, and other special projects.	
Legal Advertising	
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.	
Other Current Charges	
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.	
Office Supplies	
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.	
Property Tax	
Represents Calandar year 2025 Property Taxes	
Due, Licenses & Subscriptions	
The District is required to pay an annual fee to the Florida Department of Commerce for $175.	

Expenditures – 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 & Irr Pump		
The cost of electric for streetlights and irrigation pumps. The District is currently has the following account with FPL :	
Account	Address	
75410-36401	3416 S. University Drive # Irrigation	
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.		
Contingencies		
Any unforeseen or unbudgeted expenditures.	
Reserves (Signage/Markings)		
Funds reserved for future signage and markings expenditures.	
Canal Water Maintenance		
The cost of maintaining the canal.		

Academical Village	
Community Development District	
Adopted Budget	
Debt Service Series 2020 Special Assessment Bonds	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Adopted Budget	
Description	FY2025	6/30/25	3 Months	9/30/25	FY 2026	

REVENUES:

Special Assessments-Direct	$1,688,233	$1,686,008	$-	$1,686,008	$1,686,009	
Interest Earnings	20,000	53,933	4,000	57,933	20,000	
Carry Forward Surplus (1)	588,807	591,541	-	591,541	609,843	

TOTAL REVENUES	$2,297,040	$2,331,482	$4,000	$2,335,482	$2,315,852	

EXPENDITURES:

Interest - 11/01	$528,834	$528,834	$-	$528,834	$519,706	
Interest - 05/01	528,834	528,834	-	528,834	519,706	
Principal - 05/01	635,000	635,000	-	635,000	655,000	

TOTAL EXPENDITURES	$1,692,669	$1,692,669	$-	$1,692,669	$1,694,413	

Other Sources/(Uses)

Interfund transfer In/(Out)	$(20,000)	$(27,970)	$(5,000)	$(32,970)	$(20,000)	

TOTAL OTHER SOURCES/(USES)	$(20,000)	$(27,970)	$(5,000)	$(32,970)	$(20,000)	

TOTAL EXPENDITURES	$1,712,669	$1,720,639	$5,000	$1,725,639	$1,714,413	

EXCESS REVENUES (EXPENDITURES)	$584,371	$610,844	$(1,000)	$609,843	$601,440	

Interest Due 11/1/26	$509,062.50	
	$509,062.50	

(1) Carry Forward is Net of Reserve Requirement

Academical Village	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2020 Special Assessment Bonds	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

11/01/24	$28,200,000	2.875%	$-	$528,834	$528,834	
05/01/25	28,200,000	2.875%	635,000	528,834		
11/01/25	27,565,000	3.250%	-	519,706	1,683,540.63	
05/01/26	27,565,000	3.250%	655,000	519,706		
11/01/26	26,910,000	3.250%	-	509,063	1,683,768.75	
05/01/27	26,910,000	3.250%	675,000	509,063		
11/01/27	26,235,000	3.250%	-	498,094	1,682,156.25	
05/01/28	26,235,000	3.250%	700,000	498,094		
11/01/28	25,535,000	3.250%	-	486,719	1,684,812.50	
05/01/29	25,535,000	3.250%	720,000	486,719		
11/01/29	24,815,000	3.250%	-	475,019	1,681,737.50	
05/01/30	24,815,000	3.250%	745,000	475,019		
11/01/30	24,070,000	3.250%	-	462,913	1,682,931.25	
05/01/31	24,070,000	3.250%	770,000	462,913		
11/01/31	23,300,000	3.625%	-	450,400	1,683,312.50	
05/01/32	23,300,000	3.625%	795,000	450,400		
11/01/32	22,505,000	3.625%	-	435,991	1,681,390.63	
05/01/33	22,505,000	3.625%	825,000	435,991		
11/01/33	21,680,000	3.625%	-	421,038	1,682,028.13	
05/01/34	21,680,000	3.625%	855,000	421,038		
11/01/34	20,825,000	3.625%	-	405,541	1,681,578.13	
05/01/35	20,825,000	3.625%	890,000	405,541		
11/01/35	19,935,000	3.625%	-	389,409	1,684,950.00	
05/01/36	19,935,000	3.625%	920,000	389,409		
11/01/36	19,015,000	3.625%	-	372,734	1,682,143.75	
05/01/37	19,015,000	3.625%	955,000	372,734		
11/01/37	18,060,000	3.625%	-	355,425	1,683,159.38	
05/01/38	18,060,000	3.625%	990,000	355,425		
11/01/38	17,070,000	3.625%	-	337,481	1,682,906.25	
05/01/39	17,070,000	3.625%	1,025,000	337,481		
11/01/39	16,045,000	3.625%	-	318,903	1,681,384.38	
05/01/40	16,045,000	3.625%	1,065,000	318,903		
11/01/40	14,980,000	3.625%	-	299,600	1,683,503.13	
05/01/41	14,980,000	4.000%	1,105,000	299,600		
11/01/41	13,875,000	4.000%	-	277,500	1,682,100.00	
05/01/42	13,875,000	4.000%	1,150,000	277,500		
11/01/42	12,725,000	4.000%	-	254,500	1,682,000.00	
05/01/43	12,725,000	4.000%	1,200,000	254,500		
11/01/43	11,525,000	4.000%	-	230,500	1,685,000.00	
05/01/44	11,525,000	4.000%	1,245,000	230,500		
11/01/44	10,280,000	4.000%	-	205,600	1,681,100.00	
05/01/45	10,280,000	4.000%	1,300,000	205,600		
11/01/45	8,980,000	4.000%	-	179,600	1,685,200.00	
05/01/46	8,980,000	4.000%	1,350,000	179,600		
11/01/46	7,630,000	4.000%	-	152,600	1,682,200.00	
05/01/47	7,630,000	4.000%	1,405,000	152,600		
11/01/47	6,225,000	4.000%	-	124,500	1,682,100.00	
05/01/48	6,225,000	4.000%	1,465,000	124,500		
11/01/48	4,760,000	4.000%	-	95,200	1,684,700.00	
05/01/49	4,760,000	4.000%	1,525,000	95,200		
11/01/49	3,235,000	4.000%	-	64,700	1,684,900.00	
05/01/50	3,235,000	4.000%	1,585,000	64,700		
11/01/50	1,650,000	4.000%	-	33,000	1,682,700.00	
05/01/51	1,650,000	4.000%	1,650,000	33,000	1,683,000.00	

Total	$28,200,000	$17,769,138	$45,969,138	

Academical Village	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2025-2026	

Neighborhood	
O&M Units	Bonds
Units	2020	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2026	
FY2025	Increase/ (decrease)	
FY 2026	
FY2025	Increase/ (decrease)	
FY 2026	
FY2025	Increase/ (decrease)	

A - Hotel & Conference												
Hotel-Rooms	250	250	$50.20	$50.20	$0.00	$421.77	$421.77	$0.00	$471.97	$471.97	$0.00	
Restaurant	10,000	10,000	$0.36	$0.36	$0.00	$3.01	$3.01	$0.00	$3.37	$3.37	$0.00	
B - Office												
General Office	200,000	200,000	$0.07	$0.07	$0.00	$0.57	$0.57	$0.00	$0.64	$0.64	$0.00	
C - Mills's Creek												
Retail Shopping	20,000	20,000	$0.19	$0.19	$0.00	$1.56	$1.56	$0.00	$1.75	$1.75	$0.00	
Residential-Apartments	800	800	$45.65	$45.65	$0.00	$383.53	$383.53	$0.00	$429.18	$429.18	$0.00	
UA unassigned												
Retail Shopping	60,000	60,000	$0.19	$0.19	$0.00	$1.56	$1.56	$0.00	$1.75	$1.75	$0.00	
Residential-Apartments	25	25	$45.65	$45.65	$0.00	$383.53	$383.53	$0.00	$429.18	$429.18	$0.00	
D- Hospital												
Hospital	975,000	975,000	$0.09	$0.09	$0.00	$0.74	$0.74	$0.00	$0.83	$0.83	$0.00	
Medical Office	150,000	150,000	$0.07	$0.07	$0.00	$0.57	$0.57	$0.00	$0.64	$0.64	$0.00	
E - Mixed Use												
Hotel-Rooms	225	225	$50.20	$50.20	$0.00	$421.77	$421.77	$0.00	$471.97	$471.97	$0.00	
General Office	50,000	50,000	$0.07	$0.07	$0.00	$0.57	$0.57	$0.00	$0.64	$0.64	$0.00	
Shopping Stores	17,000	17,000	$0.19	$0.19	$0.00	$1.56	$1.56	$0.00	$1.75	$1.75	$0.00	
Walk in Bank	8,000	8,000	$0.60	$0.60	$0.00	$5.07	$5.07	$0.00	$5.67	$5.67	$0.00	
Total	1,491,300	1,491,300										

Page 7