Old Hickory Community Development District

Adopted Budget
FY 2023

Table of Contents

1-2

3-7

8

9

	General Fund

	General Fund Narrative

	Debt Service Fund Series 2020

	Amortization Schedule Series 2020

Community Development District

Fiscal Year 2023 General Fund

	Adopted
Budget	Actual
Thru	Projected
Next 3	Total
Thru	Adopted
Budget	
	FY2022	6/30/22	Months	9/30/22	FY2023	

Revenues						
Special Assessments	$387,798	$389,488	$0	$389,488	$427,829	
Developer Contribution	$0	$6,522	$0	$6,522	$0	
Total Revenues	$387,798	$396,010	$0	$396,010	$427,829	

Expenditures						
Administrative						
Supervisor Fees	$12,000	$2,000	$2,000	$4,000	$12,000	
FICA Expense	$918	$153	$153	$306	$918	
Engineering	$12,000	$2,588	$12,412	$15,000	$12,000	
Attorney	$25,000	$3,838	$3,662	$7,500	$25,000	
Arbitrage	$0	$450	$0	$450	$450	
Dissemination	$3,500	$2,625	$875	$3,500	$3,500	
Annual Audit	$4,400	$4,400	$0	$4,400	$4,500	
Trustee Fees	$0	$4,041	$0	$4,041	$4,100	
Assessment Administration	$0	$0	$0	$0	$5,000	
Management Fees	$35,000	$26,250	$8,750	$35,000	$36,750	
Information Technology	$1,050	$788	$263	$1,050	$1,300	
Website Maintenance	$600	$450	$150	$600	$800	
Telephone	$300	$0	$25	$25	$300	
Postage	$1,000	$109	$91	$200	$1,000	
Insurance	$5,500	$5,251	$0	$5,251	$6,325	
Printing & Binding	$1,000	$117	$103	$220	$1,000	
Legal Advertising	$2,500	$0	$2,500	$2,500	$2,500	
Other Current Charges	$1,000	$369	$116	$486	$1,000	
Office Supplies	$625	$3	$47	$50	$625	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
Total Administrative	$106,568	$53,607	$31,147	$84,754	$119,243	

Community Development District

Fiscal Year 2023 General Fund

	Adopted
Budget	Actual
Thru	Projected
Next 3	Total
Thru	Adopted
Budget	
	FY2022	6/30/22	Months	9/30/22	FY2023	

Operations & Maintenance						
Field Services	$15,000	$11,250	$3,750	$15,000	$15,750	
Property Insurance	$5,000	$1,271	$0	$1,271	$1,525	
Electric	$1,500	$259	$105	$364	$1,500	
Streetlights	$90,000	$0	$14,250	$14,250	$93,025	
Water & Sewer	$20,000	$4,030	$630	$4,660	$20,000	
Landscape Maintenance	$119,724	$75,649	$26,408	$102,056	$143,280	
Landscape Contingency	$1,500	$6,227	$0	$6,227	$2,500	
Irrigation Repairs	$2,500	$7,263	$737	$8,000	$5,000	
Lake Maintenance	$16,006	$11,655	$3,885	$15,540	$16,006	
Repairs & Maintenance	$2,500	$0	$625	$625	$2,500	
Walls, Entry & Monuments	$2,500	$0	$625	$625	$2,500	
Contingency	$5,000	$4,625	$375	$5,000	$5,000	
Total Operations & Maintenance	$281,230	$122,229	$51,390	$173,618	$308,586	
						
Total Expenditures	$387,798	$175,836	$82,537	$258,372	$427,829	
						
Excess Revenues/(Expenditures)	$0	$220,175	($82,537)	$137,638	$0	

Net Assessments	

$427,829	
Collection Cost (6%)		$27,308 	
Gross Assessments	$455,137	
			Property Type	Units	Gross Per Unit	Total Gross	
			50' Lots	273	$1,009.17	$275,504.36	
			60' Lots	178	$1,009.17	$179,632.88	
			Total	451		$455,137.23	
							
		Fiscal Year 2022		Increase	Fiscal Year 2023	Fiscal Year 2023	
Property Type	Units	Gross Per Unit	% Increase	Gross Per Unit	Gross Per Unit	Total Gross	
50' Lots	273	$914.75	10%	$94	$1,009.17	$275,504.36	
60' Lots	178	$914.75	10%	$94	$1,009.17	$179,632.88	
Total	451				Gross Assessment	$455,137.23	

REVENUES:

Special Assessments

The District will levy a non-ad valorem special assessment on all the assessment property within the District in order to pay for the operating expenditures during the fiscal year.

EXPENDITURES:

Administrative:

Supervisor Fees

Chapter 190, Florida Statutes, allows for each Board member to receive $200 per meeting, not to exceed $4,800 per year paid to each Supervisor for the time devoted to District business and meetings. The amount is based on 5 supervisors attending 12 meetings during the fiscal year.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisor checks.

Engineering

The District's engineer, Hamilton Engineering & Surveying, Inc., will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices, preparation and review of contract specifications and bid documents and various projects assigned as directed by the Board of Supervisors and the District Manager.

Attorney

The District’s legal counsel, Latham, Lune, Eden & Beaudine, LLP, will be providing general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements, resolutions and other research as directed by the Board of Supervisors and the District Manager.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2020 Special Assessment Bonds (2020 Project). The District has contracted with AMTEC Corporation for this service.

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2- 12(b)(5) which relates to additional reporting requirements for unrated bond issues. The District has contracted with Governmental Management Services-Central Florida, LLC for this service on the Series 2020 Special Assessment Bonds (2020 Project).

Annual Audit

The district is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis. The District has contracted with Grau & Associates for this service.

Trustee Fees

The District will pay annual trustee fees for the Series 2020 Special Assessment Bodns (2020 Project) that are located with a Trustee at USBank.

Assessment Administration

The District has contracted with Governmental Management Services-Central Florida, LLC to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Management Fees

The District has contracted with Governmental Management Services-Central Florida, LLC to provide Management, Accounting and Recording Secretary Services for the District. The services include, but not limited to, recording and transcription of board meetings, budget preparation, all financial reporting, annual audit, etc.

Information Technology

The District has contracted with Governmental Management Services-Central Florida, LLC for costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, security, accounting software, etc.

Website Maintenance

The District has contracted with Governmental Management Services-Central Florida, LLC for the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statues. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc.

Telephone

Telephone and fax machine.

Postage

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

Insurance

The District’s general liability and public officials liability insurance coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

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 incurred during the year.

Office Supplies

Miscellaneous office supplies.

Dues, Licenses & Subscriptions

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

Operations & Maintenance:

Field Services

Provide onsite field management of contracts for the District such as landscape and lake maintenance. Services to include onsite inspections, meetings with contractors, attend Board meetings and receive and respond to property owner phone calls and emails.

Property Insurance

Represents estimated costs for the annual coverage of property insurance. Coverage will be provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Electric

Represents estimated cost of electric services for irrigation meter. District will have one account with Orlando Utilities Commissions.

Streetlights

Represents estimated cost for streetlight services that will be maintained by the District. The District will have three accounts with Orlando Utilities Commissions.

Account #	Description	Monthly	Annual	
TBD	Ph 1 & 2 - Qty.140 - 13' Victorian II Lights	$4,750	$57,000	
TBD	Ph 3 - Qty.51 - 13' Victorian II Lights	$1,735	$20,820	
TBD	Ph 4 - Qty. 23 - 13' Victorian II Lights	$900	$10,800	
	Contingency			$4,405 	
Total			$93,025	

Water & Sewer

Represents costs for water services for areas within the District. The District currently has two accounts with St. Cloud Utilities (City of St. Cloud).

Landscape Maintenance

The District will maintain the landscaping within the common areas of the District after installation of landscape material has been completed. The District has contracted with Floralawn 2, LLC for this service.

Description	Monthly	Annual	
Landscape Maintenance Phases 1 - 3	$9,103	$109,236	
Landscape Maintenance Phases 4 (Future Phase)	$2,837		$34,044 	
Total		$143,280	

Landscape Contingency

Represents estimated costs for any additional landscape expenses not covered under the monthly landscape maintenance contract.

Irrigation Repairs

Represents estimated costs for any repairs to the irrigation system.

Lake Maintenance

Represents cost for maintenance to 8 ponds located within the District. Services include shoreline grass and brush control, floating and submersed vegetation control, additional treatments as required, and a monthly report of all waterways treated. The District has contracted with Applied Aquatic Management, Inc. for these services.

Description	Monthly	Annual	
Lake Maintenance - 8 Ponds			
Tract A	$180	$2,160	
Tract I	$270	$3,240	
Tract H	$90	$1,080	
Tract K	$120	$1,440	
Tract P	$135	$1,620	
Tract DD	$135	$1,620	
Tract EE	$270	$3,240	
Tract Q	$95	$1,140	
Contingency			$466 	
Total		$16,006	

Repairs & Maintenance

Represents general repairs and maintenance costs that are not budgeted under any other budget line item for area such as playground and dog park.

Walls, Entry & Monuments

Represents estimated costs for repairs and maintenance to the walls, entry and monuments maintained by the District.

Contingency

Represents any additional field expense that may not have been provided for in the budget.

Old Hickory
Community Development District

Fiscal Year 2023 Debt Service Fund Series 2020

	Adopted
Budget	Actual
Thru	Projected
Next 3	Total
Thru	Adopted
Budget	
	FY2022	6/30/22	Months	9/30/22	FY2023	

Revenues						
Assessments	$356,100	$357,652	$0	$357,652	$356,100	
Interest	$0	$92	$18	$110	$75	
Carry Forward Surplus	$119,688	$119,684	$0	$119,684	$122,564	
Total Revenues	$475,788	$477,428	$18	$477,446	$478,739	

Expenditures						
Interest - 12/15	$114,925	$114,925	$0	$114,925	$113,363	
Principal - 6/15	$125,000	$125,000	$0	$125,000	$130,000	
Interest - 6/15	$114,925	$114,925	$0	$114,925	$113,363	
Transfer Out	$0	$32	$0	$32	$0	
Total Expenditures	$354,850	$354,882	$0	$354,882	$356,725	
						
Excess Revenues/(Expenditures)	$120,938	$122,546	$18	$122,564	$122,014	

Interest - 12/15/23  $	111,738 
 $	111,738 

Net Assessments	$356,101	
Collection Cost (6%)		$22,730 	
Gross Assessments		$378,831 	

Property Type	Units	Gross Per Unit	Total Gross	
50' Lots	273	$839.98	$229,314.54	
60' Lots	178	$839.98	$149,516.44	

Total	451	$378,830.98

Old Hickory
Series 2020, Special Assessment Bonds (2020 Project) (Term Bonds Combined)

Amortization Schedule

Date	Balance	Principal	Interest	Annual

6/15/50

$	345,000

$

12/15/22	$ 6,000,000	$	
6/15/23	$ 6,000,000	$	
12/15/23	$ 5,870,000	$	
6/15/24	$ 5,870,000	$	
12/15/24	$ 5,740,000	$	
6/15/25	$ 5,740,000	$	
12/15/25	$ 5,605,000	$	
6/15/26	$ 5,605,000	$	
12/15/26	$ 5,465,000	$	
6/15/27	$ 5,465,000	$	
12/15/27	$ 5,320,000	$	
6/15/28	$ 5,320,000	$	
12/15/28	$ 5,175,000	$	
6/15/29	$ 5,175,000	$	
12/15/29	$ 5,025,000	$	
6/15/30	$ 5,025,000	$	
12/15/30	$ 4,870,000	$	
6/15/31	$ 4,870,000	$	
12/15/31	$ 4,710,000	$	
6/15/32	$ 4,710,000	$	
12/15/32	$ 4,540,000	$	
6/15/33	$ 4,540,000	$	
12/15/33	$ 4,365,000	$	
6/15/34	$ 4,365,000	$	
12/15/34	$ 4,180,000	$	
6/15/35	$ 4,180,000	$	
12/15/35	$ 3,990,000	$	
6/15/36	$ 3,990,000	$	
12/15/36	$ 3,790,000	$	
6/15/37	$ 3,790,000	$	
12/15/37	$ 3,585,000	$	
6/15/38	$ 3,585,000	$	
12/15/38	$ 3,370,000	$	
6/15/39	$ 3,370,000	$	
12/15/39	$ 3,145,000	$	
6/15/40	$ 3,145,000	$	
12/15/40	$ 2,910,000	$	
6/15/41	$ 2,910,000	$	
12/15/41	$ 2,670,000	$	
6/15/42	$ 2,670,000	$	
12/15/42	$ 2,420,000	$	
6/15/43	$ 2,420,000	$	
12/15/43	$ 2,160,000	$	
6/15/44	$ 2,160,000	$	
12/15/44	$ 1,885,000	$	
6/15/45	$ 1,885,000	$	
12/15/45	$ 1,600,000	$	
6/15/46	$ 1,600,000	$	
12/15/46	$ 1,305,000	$	
6/15/47	$ 1,305,000	$	
12/15/47	$ 1,000,000	$	
6/15/48	$ 1,000,000	$	
12/15/48	$	680,000	$	
6/15/49	$	680,000	$	
12/15/49	$	345,000	$	

130,000  $
$
130,000  $
$
135,000  $
$
140,000  $
$
145,000  $
$
145,000  $
$
150,000  $
$
155,000  $
$
160,000  $
$
170,000  $
$
175,000  $
$
185,000  $
$
190,000  $
$
200,000  $
$
205,000  $
$
215,000  $
$
225,000  $
$
235,000  $
$
240,000  $
$
250,000  $
$
260,000  $
$
275,000  $
$
285,000  $
$
295,000  $
$
305,000  $
$
320,000  $
$
335,000  $
$
$	345,000  $

113,362.50  $
113,362.50  $
111,737.50  $
111,737.50  $
110,112.50  $
110,112.50  $
108,425.00  $
108,425.00  $
106,325.00  $
106,325.00  $
104,150.00  $
104,150.00  $
101,975.00  $
101,975.00  $
99,725.00  $
99,725.00  $
97,400.00  $
97,400.00  $
94,200.00  $
94,200.00  $
90,800.00  $
90,800.00  $
87,300.00  $
87,300.00  $
83,600.00  $
83,600.00  $
79,800.00  $
79,800.00  $
75,800.00  $
75,800.00  $
71,700.00  $
71,700.00  $
67,400.00  $
67,400.00  $
62,900.00  $
62,900.00  $
58,200.00  $
58,200.00  $
53,400.00  $
53,400.00  $
48,400.00  $
48,400.00  $
43,200.00  $
43,200.00  $
37,700.00  $
37,700.00  $
32,000.00  $
32,000.00  $
26,100.00  $
26,100.00  $
20,000.00  $
20,000.00  $
13,600.00  $
13,600.00  $
6,900.00  $
6,900.00  $

113,362.50
- 355,100.00
- 351,850.00
- 353,537.50
- 354,750.00
- 355,475.00
- 351,125.00
- 351,700.00
- 352,125.00
- 351,600.00
- 355,000.00
- 353,100.00
- 355,900.00
- 353,400.00
- 355,600.00
- 352,500.00
- 354,100.00
- 355,300.00
- 356,100.00
- 351,600.00
- 351,800.00
- 351,600.00
- 355,900.00
- 354,700.00
- 353,100.00
- 351,100.00
- 353,600.00
- 355,500.00
351,900.00

Totals	$	6,000,000  $  4,012,425.00  $ 10,012,425.00