Hickory Tree
Community Development District

Proposed Budget
FY2026

6M3

Table of Contents

1

2-4

5

General Fund

General Fund Narrative

Debt Service Fund - Series 2024

6-7	Amortization Schedule - Series 2024

Hickory Tree
Community Development District Proposed Budget
General Fund

Adopted Budget	Actuals Thru	Projected Next	Total Projected	Proposed Budget	
Description	FY2025	3/31/25	6 Months	9/30/25	FY2026	

Revenues						
Developer Contributions	$	391,537	$	20,000	$	203,551	$	223,551	$	647,999	
Total Revenues	$	391,537	$	20,000	$	203,551	$	223,551	$	647,999	

Expenditures						
General & Administrative						
Supervisor Fees	$	12,000	$	800	$	3,400	$	4,200	$	12,000	
FICA Expense	$	-	$	-	$	260	$	321	$	918	
Engineering	$	15,000	$	2,105	$	7,500	$	9,605	$	15,000	
Attorney	$	25,000	$	3,169	$	12,500	$	15,669	$	25,000	
Annual Audit	$	4,000	$	-	$	3,750	$	3,750	$	4,000	
Assessment Administration	$	5,000	$	-	$	-	$	-	$	5,000	
Arbitrage	$	450	$	-	$	-	$	-	$	450	
Disclosure Software	$	-	$	-	$	-	$	-	$	2,500	
Dissemination	$	5,000	$	2,500	$	2,500	$	5,000	$	5,150	
Trustee Fees	$	4,042	$	-	$	-	$	-	$	4,446	
Management Fees	$	39,375	$	19,688	$	19,688	$	39,375	$	40,556	
Information Technology	$	1,890	$	945	$	945	$	1,890	$	1,947	
Website Maintenance	$	1,260	$	630	$	630	$	1,260	$	1,298	
Postage & Delivery	$	1,000	$	158	$	158	$	317	$	1,000	
Insurance	$	5,720	$	5,408	$	-	$	5,408	$	6,934	
Copies	$	1,000	$	-	$	500	$	500	$	1,000	
Legal Advertising	$	15,000	$	369	$	7,500	$	7,869	$	15,000	
Other Current Charges	$	5,000	$	397	$	2,500	$	2,897	$	5,000	
Office Supplies	$	625	$	3	$	313	$	315	$	625	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total General & Administrative:	$	141,537	$	36,346	$	62,143	$	98,551	$	147,999	

Operations & Maintenance						
Field Contingency	$	250,000	$	-	$	125,000	$	125,000	$	500,000	
Total Operations & Maintenance:	$	250,000	$	-	$	125,000	$	125,000	$	500,000	
						
Total Expenditures	$	391,537	$	36,346	$	187,143	$	223,551	$	647,999	
						
Excess Revenues/(Expenditures)	$	-	$	(16,346)	$	16,407	$	-	$	-	

Revenues:

Developer Contributions

The District will enter into a funding agreement with the Developer to fund the General Fund expenditures for the Fiscal Year.

Expenditures:

General & 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.

FICA Expense

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

Engineering

The District's engineer will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices and various projects as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel will be providing general legal services to the District, e.g. attendance and preparation for meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Assessment Administration

The District will contract to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on an anticipated bond issuance.

Disclosure Software

The District has contracted with DTS to provide software platform for filing various reports required in accordance with the Continuing Disclosure Agreements for the various bond issue(s).

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. This cost is based upon an anticipated bond issuance.

Trustee Fees

The District will incur trustee related costs with the issuance of its’ issued bonds.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-Central Florida, LLC. The services include but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reports, annual audits, etc.

Information Technology

Represents various cost of information technology for the District such as video conferencing, cloud storage and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc.

Website Maintenance

Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc.

Postage & Delivery

The District incurs charges for mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability and public official’s liability insurance coverages.

Copies

Printing items 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

Any supplies that may need to be purchased during the fiscal year, e.g., paper, minute books, file folders, labels, paper clips, etc.

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 Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any field category.

Hickory Tree
Community Development District

Proposed Budget Debt Service Fund Series 2024

		Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
	Description	FY2025	3/31/25	6 Months	9/30/25	FY2026	

Revenues							

Assessments	
$	-	$	-	
$	551,429	
$	551,429	
$	1,406,446	
Interest Income	$	-	$	45,758	$	45,758	$	91,517	$	45,758	
Carry Forward Surplus	$	-	$	749,036	$	-	$	749,036	$	611,867	
Total Revenues	$	-	$	794,794	$	597,187	$	1,391,981	$	2,064,072	
Expenses
Interest- 11/01	

$	-	$	196,064	

$	-	

$	196,064	

$	551,429	
Principal - 05/01	$	-	$	-	$	-	$	-	$	310,000	
Interest - 05/01	$	-	$	-	$	551,429	$	551,429	$	551,429	
Total Expenditures	$	-	$	196,064	$	551,429	$	747,492	$	1,412,858	

Other Financing Sources/(Uses)

Transfer In/(Out)

$	-	$

(32,622)  $

-	$	(32,622)  $	-

Excess Revenues/(Expenditures)	$	-	$	566,109	$	45,758	$	611,867	$	651,214

Total Other Financing Sources/(Uses)	$	-	$	(32,622)  $	-	$	(32,622)  $	-

*Carry forward less amount in Reserve funds.

Series 2024
Interest - 11/01/26	$544,454

Product Types	Assessable Units	Net Assessment	Net Per Unit	Gross Per Unit	
Townhome	92	$212,818	$2,313.24	$2,460.89	
Single Family 40'	44	$140,929	$3,202.94	$3,407.38	
Single Family 50'	279	$992,911	$3,558.82	$3,785.98	
Single Family 60'	9	$38,435	$4,270.58	$4,543.17	
Single Family 75'	4	$21,353	$5,338.23	$5,678.97	
Totals	428	$1,406,446			

11/01/24	$	21,000,000.00	$	-	$	196,063.56	$	196,063.56	
05/01/25	$	21,000,000.00	$	-	$	551,428.75		
11/01/25	$	21,000,000.00	$	-	$	551,428.75	$	1,102,857.50	
05/01/26	$	21,000,000.00	$	310,000.00	$	551,428.75		
11/01/26	$	20,690,000.00	$	-	$	544,453.75	$	1,405,882.50	
05/01/27	$	20,690,000.00	$	320,000.00	$	544,453.75		
11/01/27	$	20,370,000.00	$	-	$	537,253.75	$	1,401,707.50	
05/01/28	$	20,370,000.00	$	335,000.00	$	537,253.75		
11/01/28	$	20,035,000.00	$	-	$	529,716.25	$	1,401,970.00	
05/01/29	$	20,035,000.00	$	355,000.00	$	529,716.25		
11/01/29	$	19,680,000.00	$	-	$	521,728.75	$	1,406,445.00	
05/01/30	$	19,680,000.00	$	370,000.00	$	521,728.75		
11/01/30	$	19,310,000.00	$	-	$	513,403.75	$	1,405,132.50	
05/01/31	$	19,310,000.00	$	385,000.00	$	513,403.75		
11/01/31	$	18,925,000.00	$	-	$	504,741.25	$	1,403,145.00	
05/01/32	$	18,925,000.00	$	405,000.00	$	504,741.25		
11/01/32	$	18,520,000.00	$	-	$	494,312.50	$	1,404,053.75	
05/01/33	$	18,520,000.00	$	425,000.00	$	494,312.50		
11/01/33	$	18,095,000.00	$	-	$	483,368.75	$	1,402,681.25	
05/01/34	$	18,095,000.00	$	450,000.00	$	483,368.75		
11/01/34	$	17,645,000.00	$	-	$	471,781.25	$	1,405,150.00	
05/01/35	$	17,645,000.00	$	475,000.00	$	471,781.25		
11/01/35	$	17,170,000.00	$	-	$	459,550.00	$	1,406,331.25	
05/01/36	$	17,170,000.00	$	500,000.00	$	459,550.00		
11/01/36	$	16,670,000.00	$	-	$	446,675.00	$	1,406,225.00	
05/01/37	$	16,670,000.00	$	525,000.00	$	446,675.00		
11/01/37	$	16,145,000.00	$	-	$	433,156.25	$	1,404,831.25	
05/01/38	$	16,145,000.00	$	550,000.00	$	433,156.25		
11/01/38	$	15,595,000.00	$	-	$	418,993.75	$	1,402,150.00	
05/01/39	$	15,595,000.00	$	580,000.00	$	418,993.75		
11/01/39	$	15,015,000.00	$	-	$	404,058.75	$	1,403,052.50	
05/01/40	$	15,015,000.00	$	610,000.00	$	404,058.75		
11/01/40	$	14,405,000.00	$	-	$	388,351.25	$	1,402,410.00	
05/01/41	$	14,405,000.00	$	645,000.00	$	388,351.25		
11/01/41	$	13,080,000.00	$	-	$	371,742.50	$	1,405,093.75	
05/01/42	$	11,615,000.00	$	680,000.00	$	371,742.50		
11/01/42	$	11,615,000.00	$	-	$	354,232.50	$	1,405,975.00	
05/01/43	$	11,615,000.00	$	715,000.00	$	354,232.50		
11/01/43	$	11,615,000.00	$	-	$	335,821.25	$	1,405,053.75	
05/01/44	$	11,615,000.00	$	750,000.00	$	335,821.25		
11/01/44	$	11,615,000.00	$	-	$	316,508.75	$	1,402,330.00	
05/01/45	$	11,615,000.00	$	790,000.00	$	316,508.75		
11/01/45	$	10,825,000.00	$	-	$	294,981.25	$	1,401,490.00	
05/01/46	$	10,825,000.00	$	835,000.00	$	294,981.25		
11/01/46	$	9,990,000.00	$	-	$	272,227.50	$	1,402,208.75	

05/01/47	$	9,990,000.00	$	885,000.00	$	272,227.50		
11/01/47	$	9,105,000.00	$	-	$	248,111.25	$	1,405,338.75	
05/01/48	$	9,105,000.00	$	935,000.00	$	248,111.25		
11/01/48	$	8,170,000.00	$	-	$	222,632.50	$	1,405,743.75	
05/01/49	$	8,170,000.00	$	985,000.00	$	222,632.50		
11/01/49	$	7,185,000.00	$	-	$	195,791.25	$	1,403,423.75	
05/01/50	$	7,185,000.00	$	1,040,000.00	$	195,791.25		
11/01/50	$	6,145,000.00	$	-	$	167,451.25	$	1,403,242.50	
05/01/51	$	6,145,000.00	$	1,100,000.00	$	167,451.25		
11/01/51	$	5,045,000.00	$	-	$	137,476.25	$	1,404,927.50	
05/01/52	$	5,045,000.00	$	1,160,000.00	$	137,476.25		
11/01/52	$	3,885,000.00	$	-	$	105,866.25	$	1,403,342.50	
05/01/53	$	3,885,000.00	$	1,225,000.00	$	105,866.25	$	-	
11/01/53	$	2,660,000.00	$	-	$	72,485.00	$	1,403,351.25	
05/01/54	$	2,660,000.00	$	1,295,000.00	$	72,485.00	$	-	
11/01/54	$	1,365,000.00	$	-	$	37,196.25	$	1,404,681.25	
05/01/55	$	1,365,000.00	$	1,365,000.00	$	37,196.25	$	1,402,196.25	
			$	21,000,000.00	$	22,418,487.31	$	43,418,487.31