Adopted Budget
Fiscal Year 2021

Academical Village Community Development District

August 5, 2020

Academical Village
Community Development District

General Fund

Adopted Budget
 	FY 2020	

Actual thru
     6/30/2020	

Projected Next
 	3 Months	

Total Projected at
     9/30/2020	

Adopted Budget
 	FY 2021	

 Description	

Revenues

Assessments - Direct Billed

$86,881

$89,761

$0

$89,761

$97,066

Total Revenues

 	$86,881 

 	$89,761 

 	$0 

 	$89,761 

 	$97,066 

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
$15,000
$0
$0
$20,000
$0
$0
$35,000
$500
$100
$500
$6,325
$500
$1,500
$648
$1,000
$250
$175

$2,400
$184
$4,853
$0
$0
$15,010
$0
$0
$26,250
$375
$25
$846
$5,894
$921
$4,617
$12
$750
$82
$175

$600
$46
$1,500
$0
$0
$10,721
$2,800
$0
$8,750
$125
$0
$282
$0
$307
$1,200
$100
$250
$115
$0

$3,000
$230
$6,353
$0
$0
$25,731
$2,800
$0
$35,000
$500
$25
$1,128
$5,894
$1,228
$5,817
$112
$1,000
$197
$175

$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

Total Expenditures

 	$86,881 

 	$62,394 

 	$26,796 

 	$89,190 

 	$97,066 

Assigned Fund Balance

 	$0 

 	$27,367 

 	($26,796)

 	$571 

 	$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 will contract with an independent auditing firm 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 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.

Page 2

Academical Village
Community Development District

General Fund

Administrative: (continued)

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.

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.

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.

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 & Subscriptions

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.

Page 3

Academical Village
Community Development District

Debt Service Fund
Series 2020 Special Assessment Bond

Adopted Budget
 	FY 2020	

Actual thru
     6/30/2020	

Projected Next
 	3 Months	

Total Projected at
     9/30/2020	

Adopted Budget
 	FY 2021	

 Description	

Revenues

Interest Income
Carry Forward Surplus (1)

$1,500
$0

$1,342
$0

$1,350
$0

$2,692
$0

$500
$2,109,792

Total Revenues

 	$1,500 

 	$1,342 

 	$1,350 

 	$2,692 

 	$2,110,292 

Expenditures

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

$0
$0
$0

$0
$197,230
$0

$0
$0
$0

$0
$197,230
$0

$554,709
$554,709
$0

Total Expenditures

 	$0 

 	$197,230 

 	$0 

 	$197,230 

 	$1,109,419 

Other Financing Sources/(Uses)

Bond Proceeds Interfund Transfer Out

$3,148,130
($73)

$3,148,130
($360)

$0 ($435)

$3,148,130
($795)

$0
$0

Total Other Financing Sources/(Us 	$3,148,057 

 	$3,147,770 

 	($435)

 	$3,147,335 

 	$0 

(2)

EXCESS REVENUES

 	$3,149,557 

$2,951,882

$1,785

$2,952,797

$1,000,873

(1) Carry forward is net of Reserve Fund requirement.
(2) Cap Interest is funded through 3/25/22

11/1/21 Interest

$

554,709

Page 4

Academical Village
Community Development District

Series 2020 Special Assessment Bond
Amortization  Schedule

PRINCIPAL BALANCE
$30,000,000

DATE 1-May-20

RATE 2.875%

INTEREST
197,230

PRINCIPAL
$0

TOTAL
$197,230.00

1-Nov-20
1-May-21
1-Nov-21
1-May-22
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

$30,000,000
$30,000,000
$30,000,000
$30,000,000
$29,415,000
$29,415,000
$28,815,000
$28,815,000
$28,200,000
$28,200,000
$27,565,000
$27,565,000
$26,910,000
$26,910,000
$26,235,000
$26,235,000
$25,535,000
$25,535,000
$24,815,000
$24,815,000
$24,070,000
$24,070,000
$23,300,000
$23,300,000
$22,505,000
$22,505,000
$21,680,000
$21,680,000
$20,825,000
$20,825,000
$19,935,000
$19,935,000
$19,015,000
$19,015,000
$18,060,000
$18,060,000
$17,070,000
$17,070,000
$16,045,000
$16,045,000
$14,980,000
$14,980,000
$13,875,000
$13,875,000
$12,725,000
$12,725,000
$11,525,000
$11,525,000
$10,280,000
$10,280,000
$8,980,000
$8,980,000
$7,630,000
$7,630,000
$6,225,000
$6,225,000
$4,760,000
$4,760,000
$3,235,000
$3,235,000
$1,650,000
$1,650,000

2.875%
2.875%
2.875%
2.875%
2.875%
2.875%
2.875%
2.875%
2.875%
2.875%
3.250%
3.250%
3.250%
3.250%
3.250%
3.250%
3.250%
3.250%
3.250%
3.250%
3.250%
3.250%
3.625%
3.625%
3.625%
3.625%
3.625%
3.625%
3.625%
3.625%
3.625%
3.625%
3.625%
3.625%
3.625%
3.625%
3.625%
3.625%
3.625%
3.625%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%
4.000%

554,709
554,709
554,709
554,709
546,300
546,300
537,675
537,675
528,834
528,834
519,706
519,706
509,063
509,063
498,094
498,094
486,719
486,719
475,019
475,019
462,913
462,913
450,400
450,400
435,991
435,991
421,038
421,038
405,541
405,541
389,409
389,409
372,734
372,734
355,425
355,425
337,481
337,481
318,903
318,903
299,600
299,600
277,500
277,500
254,500
254,500
230,500
230,500
205,600
205,600
179,600
179,600
152,600
152,600
124,500
124,500
95,200
95,200
64,700
64,700
33,000
 	33,000 
     $22,353,155	

$0
$0
$0
$585,000
$0
$600,000
$0
$615,000
$0
$635,000
$0
$655,000
$0
$675,000
$0
$700,000
$0
$720,000
$0
$745,000
$0
$770,000
$0
$795,000
$0
$825,000
$0
$855,000
$0
$890,000
$0
$920,000
$0
$955,000
$0
$990,000
$0
$1,025,000
$0
$1,065,000
$0
$1,105,000
$0
$1,150,000
$0
$1,200,000
$0
$1,245,000
$0
$1,300,000
$0
$1,350,000
$0
$1,405,000
$0
$1,465,000
$0
$1,525,000
$0
$1,585,000
$0
 	$1,650,000 
 	$30,000,000 

$0
$1,109,419
$0
$1,694,419
$0
$1,692,600
$0
$1,690,350
$0
$1,692,669
$0
$1,694,413
$0
$1,693,125
$0
$1,696,188
$0
$1,693,438
$0
$1,695,038
$0
$1,695,825
$0
$1,695,800
$0
$1,696,981
$0
$1,697,075
$0
$1,701,081
$0
$1,698,819
$0
$1,700,469
$0
$1,700,850
$0
$1,699,963
$0
$1,702,806
$0
$1,704,200
$0
$1,705,000
$0
$1,709,000
$0
$1,706,000
$0
$1,711,200
$0
$1,709,200
$0
$1,710,200
$0
$1,714,000
$0
$1,715,400
$0
$1,714,400
$0
 	$1,716,000 
 	$52,353,155 

Page 5