Academical Village	
Community Development District	

Adopted Budget	
FY 2025	

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	FY2024	6/30/24	3 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments - Direct Bill	$	200,685	$	200,686	$	-	$	200,686	$	200,686	
Interest income	-	5,452	1,000	6,452	6,000	
TOTAL REVENUES	$200,685	$206,138	$1,000	$207,138	$206,686	

EXPENDITURES:

Administrative						
Supervisor Fees	$	5,000	$	1,200	1,200	$	2,400	$	5,000	
FICA Taxes	383	92	92	184	383	
Engineering	5,000	4,491	509	5,000	5,000	
Attorney	17,500	13,605	3,895	17,500	17,500	
Annual Audit	4,700	4,700	-	4,700	4,700	
Arbitrage Rebate	550	550	-	550	750	
Dissemination Agent	4,120	3,090	1,030	4,120	4,326	
Trustee Fees	4,100	4,041	-	4,041	4,100	
Management Fees	37,853	28,390	9,463	37,853	39,746	
Information Technology	515	386	129	515	541	
Website Maintenance	1,030	772	258	1,030	1,082	
Telephone	50	-	25	25	50	
Postage & Delivery	500	159	150	309	500	
Insurance General Liability	7,575	7,161	-	7,161	7,877	
Printing & Binding	750	44	500	544	750	
Legal Advertising	1,500	315	1,185	1,500	1,500	
Other Current Charges	500	-	125	125	500	
Office Supplies	250	-	63	63	250	
Dues, Licenses & Subscriptions	175	175	-	175	175	

TOTAL ADMINISTRATIVE	$92,050.27	$69,171	$18,623	$87,794	$94,730	

Academical Village	
Community Development District	
Adopted Budget	
General Fund	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Adopted Budget	
Description	FY2024	6/30/24	3 Months	9/30/24	FY 2025	

Operations & Maintenance

Field Expenditures

Field Management	$	6,180	$	4,635	$	1,545	$	6,180	$	7,500	
Landscape Maintenance	50,000	34,563	15,437	50,000	52,500	
Irrigation Maintenance	10,000	4,550	5,450	10,000	10,000	
Rust/Stain Prevention	9,000	4,950	4,050	9,000	9,000	
Electric - Street Lights & Irr Pump	12,000	3,176	8,824	12,000	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	-	1,600	1,600	1,600	
Pump R&R	465	-	465	465	465	
Contingencies	6,590	-	4,000	4,000	2,311	
Reserves (Signage/Markings)	2,400	-	1,200	1,200	2,400	
Canal Water Maintenance	-	-	-	-	3,780	

TOTAL FIELD EXPENDITURES	$108,635	$51,874	$52,971	$104,845	$111,956	

TOTAL EXPENDITURES	$200,685	$121,045	$71,594	$192,639	$206,686	

EXCESS REVENUES (EXPENDITURES)	$-	$85,093	$(70,594)	$14,499	$-	

Academical Village	
Community Development District	
Budget Narrative	
Fiscal Year 2025	

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.	
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 2025	

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.	
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.	
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	FY2024	6/30/24	3 Months	9/30/24	FY 2025	

REVENUES:

Special Assessments-Direct	$1,686,009	$1,686,009	$-	$1,686,009	$1,688,233	
Interest Earnings	-	67,038	10,000	77,038	20,000	
Carry Forward Surplus (1)	547,667	554,493	-	554,493	588,807	

TOTAL REVENUES	$2,233,676	$2,307,541	$10,000	$2,317,541	$2,297,040	

EXPENDITURES:

Interest - 11/01	$537,675	$537,675	$-	$537,675	$528,834	
Interest - 05/01	537,675	537,675	-	537,675	528,834	
Principal - 05/01	615,000	615,000	-	615,000	635,000	

TOTAL EXPENDITURES	$1,690,350	$1,690,350	$-	$1,690,350	$1,692,669	

Other Sources/(Uses)

Interfund transfer In/(Out)	$-	$(33,384)	$(5,000)	$(38,384)	$(20,000)	

TOTAL OTHER SOURCES/(USES)	$-	$(33,384)	$(5,000)	$(38,384)	$(20,000)	

TOTAL EXPENDITURES	$1,690,350	$1,723,734	$5,000	$1,728,734	$1,712,669	

EXCESS REVENUES (EXPENDITURES)	$543,326	$583,807	$5,000	$588,807	$584,371	

Interest Due 11/1/25	$519,706.25	
	$519,706.25	

(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	
2024-2025	

Neighborhood	
O&M Units	Bonds
Units	2020	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	Increase/ (decrease)	
FY 2025	
FY2024	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	
Residentail-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	
Residentail-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	
Midical 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										

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