Adopted Budget
Fiscal Year 2022

Academical Village Community Development District

July 7, 2021

Academical Village
Community Development District

General Fund

Adopted Budget
 	FY 2021	

Actual thru
     5/31/2021	

Projected Next
     4 Months	

Total Projected at
     9/30/2021	

Adopted Budget
 	FY 2022	

 Description	

Revenues

Special Assessments - Direct Billed

$97,066

$109,698

$19,992

$129,690

$175,686

Total Revenues

 	$97,066 

 	$109,698 

 	$19,992 

 	$129,690 

 	$175,686 

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
$4,000
$5,675
$35,000
$500
$50
$1,000
$6,483
$1,000
$1,500
$500
$1,000
$250
$175

$1,000
$77
$2,868
$2,667
$550
$6,937
$0
$4,041
$23,333
$333
$0
$328
$6,188
$73
$455
$110
$667
$15
$175

$1,800
$138
$2,049
$1,333
$0
$4,955
$2,900
$0
$11,667
$167
$25
$250
$0
$500
$637
$55
$333
$21
$0

$2,800
$214
$4,917
$4,000
$550
$11,892
$2,900
$4,041
$35,000
$500
$25
$578
$6,188
$573
$1,092
$165
$1,000
$36
$175

$5,000
$383
$5,000
$4,000
$550
$25,000
$4,000
$5,675
$35,000
$500
$50
$1,000
$6,807
$1,000
$1,500
$500
$1,000
$250
$175

Total Administrative

 	$97,066 

 	$49,816 

 	$26,829 

 	$76,645 

 	$97,390 

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)

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0

$0
$1,945
$0
$0
$1,076
$0
$0
$0
$0
$0
$0
$0

$2,500
$9,725
$2,500
$3,500
$5,000
$500
$5,000
$417
$667
$208
$5,000
$1,500

$2,500
$11,670
$2,500
$3,500
$6,076
$500
$5,000
$417
$667
$208
$5,000
$1,500

$6,000
$23,340
$4,800
$9,000
$12,000
$1,000
$8,400
$1,000
$1,600
$500
$8,256
$2,400

Total Field

 	$0 

 	$3,021 

 	$36,517 

 	$39,538 

 	$78,296 

Total Expenses

 	$97,066 

 	$52,837 

 	$63,346 

 	$116,183 

 	$175,686 

Assigned Fund Balance

 	$0 

 	$56,861 

 	($43,354)

 	$13,507 

 	$0 

Page 1

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.

Page 2

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.

Page 3

Academical Village
Community Development District

Debt Service Fund
Series 2020 Special Assessment Bond

Adopted Budget
 	FY 2021	

Actual thru
     5/31/2021	

Projected Next
     4 Months	

Total Projected at
     9/30/2021	

Adopted Budget
 	FY 2022	

 Description	

Revenues

Interest Income Special Assessments
Carry Forward Surplus (1)

$1,500
$0
$2,109,792

$84
$0
$2,109,293

$30
$0
$0

$114
$0
$2,109,293

$0
$1,240,788
$999,931

Total Revenues

 	$2,111,292 

 	$2,109,377 

 	$30 

 	$2,109,407 

 	$2,240,719 

Expenditures

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

$554,709
$554,709
$0

$554,709
$554,709
$0

$0
$0
$0

$554,709
$554,709
$0

$554,709
$554,709
$585,000

Total Expenditures

 	$1,109,419 

 	$1,109,418 

 	$0 

 	$1,109,418 

 	$1,694,419 

Other Financing Sources/(Uses)

Interfund Transfer Out

$0

($28)

($30)

($58)

$0

Total Other Financing Sources/(Use 	$0 

 	($28)

 	($30)

 	($58)

 	$0 

EXCESS REVENUES (2)

 	$1,001,873 

 	$999,931 

 	$60 

 	$999,931 

 	$546,300 

(1) Carry forward is net of Reserve Fund requirement.
(2) Capital Interest is funded through 3/25/2022

11/1/22 Interest

$

546,300

Page 4

Academical Village
Community Development District

Series 2020 Special Assessment Bond
Amortization Schedule

PRINCIPAL
 	BALANCE	

 	DATE	

 	INTEREST	

 	PRINCIPAL	

 	TOTAL	

1-May-20
1-Nov-20
1-May-21

$30,000,000.00
$30,000,000.00
$30,000,000.00

$197,230.00
$554,709.38
$554,709.38

$0.00
$0.00
$0.00

$197,230.00

$1,109,418.76

1-Nov-22
1-May-23
1-Nov-23
1-May-24
1-Nov-24
1-May-25
1-Nov-25
1-May-26
1-Nov-26
1-May-27
1-Nov-27
1-May-28
1-Nov-28
1-May-29
1-Nov-29
1-May-30
1-Nov-30
1-May-31
1-Nov-31
1-May-32
1-Nov-32
1-May-33
1-Nov-33
1-May-34
1-Nov-34
1-May-35
1-Nov-35
1-May-36
1-Nov-36
1-May-37
1-Nov-37
1-May-38
1-Nov-38
1-May-39
1-Nov-39
1-May-40
1-Nov-40
1-May-41
1-Nov-41
1-May-42
1-Nov-42
1-May-43
1-Nov-43
1-May-44
1-Nov-44
1-May-45
1-Nov-45
1-May-46
1-Nov-46
1-May-47
1-Nov-47
1-May-48
1-Nov-48
1-May-49
1-Nov-49
1-May-50
1-Nov-50
1-May-51

$29,415,000.00
$29,415,000.00
$28,815,000.00
$28,815,000.00
$28,200,000.00
$28,200,000.00
$27,565,000.00
$27,565,000.00
$26,910,000.00
$26,910,000.00
$26,235,000.00
$26,235,000.00
$25,535,000.00
$25,535,000.00
$24,815,000.00
$24,815,000.00
$24,070,000.00
$24,070,000.00
$23,300,000.00
$23,300,000.00
$22,505,000.00
$22,505,000.00
$21,680,000.00
$21,680,000.00
$20,825,000.00
$20,825,000.00
$19,935,000.00
$19,935,000.00
$19,015,000.00
$19,015,000.00
$18,060,000.00
$18,060,000.00
$17,070,000.00
$17,070,000.00
$16,045,000.00
$16,045,000.00
$14,980,000.00
$14,980,000.00
$13,875,000.00
$13,875,000.00
$12,725,000.00
$12,725,000.00
$11,525,000.00
$11,525,000.00
$10,280,000.00
$10,280,000.00
$8,980,000.00
$8,980,000.00
$7,630,000.00
$7,630,000.00
$6,225,000.00
$6,225,000.00
$4,760,000.00
$4,760,000.00
$3,235,000.00
$3,235,000.00
$1,650,000.00
$1,650,000.00

$546,300.00
$546,300.00
$537,675.00
$537,675.00
$528,834.38
$528,834.38
$519,706.25
$519,706.25
$509,062.50
$509,062.50
$498,093.75
$498,093.75
$486,718.75
$486,718.75
$475,018.75
$475,018.75
$462,912.50
$462,912.50
$450,400.00
$450,400.00
$435,990.63
$435,990.63
$421,037.50
$421,037.50
$405,540.63
$405,540.63
$389,409.38
$389,409.38
$372,734.38
$372,734.38
$355,425.00
$355,425.00
$337,481.25
$337,481.25
$318,903.13
$318,903.13
$299,600.00
$299,600.00
$277,500.00
$277,500.00
$254,500.00
$254,500.00
$230,500.00
$230,500.00
$205,600.00
$205,600.00
$179,600.00
$179,600.00
$152,600.00
$152,600.00
$124,500.00
$124,500.00
$95,200.00
$95,200.00
$64,700.00
$64,700.00
$33,000.00
$33,000.00

$0.00
$600,000.00
$0.00
$615,000.00
$0.00
$635,000.00
$0.00
$655,000.00
$0.00
$675,000.00
$0.00
$700,000.00
$0.00
$720,000.00
$0.00
$745,000.00
$0.00
$770,000.00
$0.00
$795,000.00
$0.00
$825,000.00
$0.00
$855,000.00
$0.00
$890,000.00
$0.00
$920,000.00
$0.00
$955,000.00
$0.00
$990,000.00
$0.00
$1,025,000.00
$0.00
$1,065,000.00
$0.00
$1,105,000.00
$0.00
$1,150,000.00
$0.00
$1,200,000.00
$0.00
$1,245,000.00
$0.00
$1,300,000.00
$0.00
$1,350,000.00
$0.00
$1,405,000.00
$0.00
$1,465,000.00
$0.00
$1,525,000.00
$0.00
$1,585,000.00
$0.00
$1,650,000.00

$1,692,600.00

$1,690,350.00

$1,692,668.76

$1,694,412.50

$1,693,125.00

$1,696,187.50

$1,693,437.50

$1,695,037.50

$1,695,825.00

$1,695,800.00

$1,696,981.26

$1,697,075.00

$1,701,081.26

$1,698,818.76

$1,700,468.76

$1,700,850.00

$1,699,962.50

$1,702,806.26

$1,704,200.00

$1,705,000.00

$1,709,000.00

$1,706,000.00

$1,711,200.00

$1,709,200.00

$1,710,200.00

$1,714,000.00

$1,715,400.00

$1,714,400.00

$1,716,000.00

 	$22,353,155.08
Page 5

 	$30,000,000.00

 	$52,353,155.08

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