Gardens at Hammock Beach
Community Development District

Adopted Budget
FY2025

Table of Contents

1	General Fund

2-5	General Fund Narrative

6-7	Assessment Area 1 - Special Assessment Bond Series AA1

8-9	Assessment Area 2 - Special Assessment Bond Series AA2

10	Assessment Chart

Gardens at Hammock Beach
Community Development District Adopted Budget
General Fund

	Adopted Budget	Actuals Thru	Projected Next	Total Thru	Adopted Budget	
Description	FY2024	6/30/24	3 Months	9/30/24	FY2025	

Revenues						
Developer Contributions	$	80,430	$	40,891	$	20,265	$	61,156	$	106,047	
Assessments - Area 1	$	-	$	-	$	-	$	-	$	198,340	
Assessments - Area 2	$	-	$	-	$	-	$	-	$	17,563	
Total Revenues	$	80,430	$	40,891	$	20,265	$	61,156	$	321,950	

Expenditures						
Administrative						
Supervisor Fees	$	7,200	$	1,200	$	1,200	$	2,400	$	7,200	
FICA Expense	$	551	$	92	$	92	$	184	$	551	
Engineering	$	5,000	$	-	$	2,500	$	2,500	$	5,000	
Attorney	$	5,000	$	3,122	$	1,878	$	5,000	$	5,000	
Dissemination	$	3,500	$	-	$	-	$	-	$	3,500	
Arbitrage	$	450	$	-	$	-	$	-	$	450	
Trustee Fees	$	4,050	$	-	$	-	$	-	$	4,500	
Annual Audit	$	3,300	$	3,400	$	-	$	3,400	$	5,000	
Management Fees	$	36,750	$	21,438	$	15,313	$	36,751	$	40,000	
Information Technology	$	750	$	438	$	313	$	751	$	1,800	
Website Maintenance	$	500	$	292	$	208	$	500	$	1,200	
Telephone	$	100	$	-	$	50	$	50	$	100	
Postage	$	750	$	9	$	250	$	259	$	750	
Insurance	$	6,119	$	5,785	$	-	$	5,785	$	6,119	
Printing & Binding	$	500	$	33	$	250	$	283	$	500	
Legal Advertising	$	5,000	$	31	$	2,500	$	2,531	$	5,000	
Other Current Charges	$	610	$	353	$	160	$	513	$	610	
Office Supplies	$	125	$	-	$	75	$	75	$	125	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative	$	80,430	$	36,368	$	24,788	$	61,156	$	87,580	

Field - Assessment Area 1						
Field Management	$	-	$	-	$	-	$	-	$	15,000	
Electric - Streetlights	$	-	$	-	$	-	$	-	$	21,270	
Electric - Irrigation/Signs	$	-	$	-	$	-	$	-	$	4,100	
Water & Sewer	$	-	$	-	$	-	$	-	$	30,000	
Landscape Maintenance	$	-	$	-	$	-	$	-	$	130,000	
Landscape Contingency	$	-	$	-	$	-	$	-	$	2,000	
Property Insurance	$	-	$	-	$	-	$	-	$	6,000	
Lake Maintenance	$	-	$	-	$	-	$	-	$	9,000	
Stormwater Repairs & Maintenance	$	-	$	-	$	-	$	-	$	5,000	
General Repairs & Maintenance	$	-	$	-	$	-	$	-	$	1,000	
Irrigation Repairs	$	-	$	-	$	-	$	-	$	5,000	
Sidewalk/Asphalt Repairs	$	-	$	-	$	-	$	-	$	5,000	
Contingency	$	-	$	-	$	-	$	-	$	1,000	

Total Field	$	-	$	-	$	-	$	-	$	234,370	
	
Total Expenditures	$	80,430	$	36,368	$	24,788	$	61,156	$	321,950	

Excess Revenues/(Expenditures)

$	0  $

4,523  $

(4,523)  $	-	$	-

Land Use	Units	Net Per Unit	Net Annual	Gross Per Unit	Gross Annual	
1 - Platted	211	$	940.00	$  198,340.00	$	1,000.00	$	211,000	
2 - Unplatted	124	$	141.64	$	17,562.78  $	150.68	$	18,684	
Net Annual Assessment			
$  215,902.78		$	229,684	

Gross Annual Assessments

Less: Disounts & Collections (6%)	$
$

(13,781)
215,903

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:

Supervisors 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 3 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 provides general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices, etc. The District has contracted with Parker, Mynchenberg & Associates, Inc. for this service.

Attorney

The District's legal counsel provides general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager. The District has contract with Chiumento, Dwyer, Hertel, Grant, P.L. 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. Governmental Management Services – Central Florida, LLC provides these services.

Arbitrage

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

Trustee Fees

The District will pay annual trustee fees for any future bond issuance that are deposited with a Trustee at US Bank, N.A.

Annual Audit

The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. Grau & Associates will provide this services.
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 reporting, 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. Governmental Management Services – Central Florida, LLC provides these services.

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. Governmental Management Services – Central Florida, LLC provides these services.

Telephone

Telephone and fax machine.

Postage

The District incurs charges for mailing of Board meeting 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 Board meetings, public hearings, etc in a newspaper of general circulation.

Other Current Charges

Bank charges and any other miscellaneous expenses incurred during the fiscal 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. Governmental Management Services – Central Florida, LLC provides these services.
Dues, Licenses & Subscriptions

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

Field – Assessment Area 1:

Field Management

The District will contract to provide onsite field management of contracts for District Services such as landscape maintenance. Services to include weekly site inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Electric – Streetlights

The District will incur cost for electric for streetlights.

Electric – Irrigation/Signs

The District will incur cost for electric for irrigation timers.

Water & Sewer

The District incurs cost for water. The District will contract with a utility company to provide this service.

Landscape Maintenance

The District will incur landscape maintenance expenses, which include mowing, edging, string-trimming, annual flower replacements, shrub and palm pruning, weeding, fertilization, pine straw, pest control and irrigation inspections during the fiscal year.

Landscape Contingency

To record the cost of landscape enhancements as well as any miscellaneous landscape items currently not budgeted or covered in landscape contract.

Property Insurance

The District's Property Insurance policy will contract with Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies. The amount budgeted represents the estimated premium for property insurance related to the District.

Lake Maintenance

The District will contract to provide for the few Stormwater management facilities that the CDD will own and maintain.

Stormwater Repairs & Maintenance

Cost of repairs and maintenance to the stormwater systems of the District.

General Repairs and Maintenance

Cost of repairs and maintenance throughout the common area of the District.

Irrigation Repairs

To record the cost of repairs to the irrigation system and preventative maintenance on the irrigation pump station.

Sidewalk/Asphalt Repairs

To record the cost of repairs to the sidewalks and asphalt.

Contingency
To record the cost of any maintenance expenses not properly classified in any of the other accounts.

Gardens at Hammock Beach
Community Development District
Adopted Budget

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

REVENUES:				

Special Assessments	
$	-	$	-	$	-	$	
-	$	347,083	
Interest Earnings	-	-	-	-	-	
Carry Forward Surplus	$	-	-	99,248	
TOTAL REVENUES	$	-	$	-	$	-	$	-	$	446,331	

EXPENDITURES:			
Interest - 11/1	$	-	$	-	$	-	$	-	$	99,248	
Interest - 5/1	-	-	-	-	137,420	
Principal - 5/1	-	-	-	-	70,000	
TOTAL EXPENDITURES	$	-	$	-	$	-	$	-	$	306,668	

Other Sources/(Uses)			

Bond Proceeds	
$	446,332	
$	446,332	
$	-	$	446,332	
$	
-	
TOTAL OTHER SOURCES/(USES)	$  446,332	$	446,332	$	-	$	446,332	$	-	
						
TOTAL EXPENDITURES	$ (446,332)	$  (446,332)	$	-	$	(446,332)	$	306,668	
						
EXCESS REVENUES (EXPENDITURES)	$  446,332	$	446,332	$	-	$	446,332	$	139,663	
						
Units	Gross Per Unit	Gross Annual	Interest Due 11/1/25		$135,740	
						
211	$1,750	$369,237			$135,740	

Total Gross Assessment		
$	369,237				
Less: Discounts & Collection (6%)		$	(22,154)				
Net Annual Assessment		$	347,083				

Debt Service Fund Budget - Special Assessment Bonds, Series 2024-1 (AA1)

Budget

(1) Carry Forward is Net of Reserve Requirement

Gardens at Hammock Beach
Community Development District
AMORTIZATION SCHEDULE

Period	Outstanding Balance	Coupons	Principal	Interest		Annual Debt Service	
							
11/01/24	5,040,000	4.800%		99,248		99,247.78	
05/01/25	5,040,000	4.800%	70,000	137,420			
11/01/25	4,970,000	4.800%		135,740		343,160.00	
05/01/26	4,970,000	4.800%	75,000	135,740			
11/01/26	4,895,000	4.800%		133,940		344,680.00	
05/01/27	4,895,000	4.800%	80,000	133,940			
11/01/27	4,815,000	4.800%		132,020		345,960.00	
05/01/28	4,815,000	4.800%	80,000	132,020			
11/01/28	4,735,000	4.800%		130,100		342,120.00	
05/01/29	4,735,000	4.800%	85,000	130,100			
11/01/29	4,650,000	4.800%		128,060		343,160.00	
05/01/30	4,650,000	4.800%	90,000	128,060			
11/01/30	4,560,000	4.800%		125,900		343,960.00	
05/01/31	4,560,000	4.800%	95,000	125,900			
11/01/31	4,465,000	4.800%		123,620		344,520.00	
05/01/32	4,465,000	5.375%	100,000	123,620			
11/01/32	4,365,000	5.375%		120,933		344,552.50	
05/01/33	4,365,000	5.375%	105,000	120,933			
11/01/33	4,260,000	5.375%		118,111		344,043.13	
05/01/34	4,260,000	5.375%	110,000	118,111			
11/01/34	4,150,000	5.375%		115,154		343,265.01	
05/01/35	4,150,000	5.375%	120,000	115,154			
11/01/35	4,030,000	5.375%		111,929		347,083.76	
05/01/36	4,030,000	5.375%	125,000	111,929			
11/01/36	3,905,000	5.375%		108,570		345,499.38	
05/01/37	3,905,000	5.375%	130,000	108,570			
11/01/37	3,775,000	5.375%		105,076		343,646.25	
05/01/38	3,775,000	5.375%	140,000	105,076			
11/01/38	3,635,000	5.375%		101,314		346,390.00	
05/01/39	3,635,000	5.375%	145,000	101,314			
11/01/39	3,490,000	5.375%		97,417		343,730.63	
05/01/40	3,490,000	5.375%	155,000	97,417			
11/01/40	3,335,000	5.375%		93,251		345,668.13	
05/01/41	3,335,000	5.375%	160,000	93,251			
11/01/41	3,175,000	5.375%		88,951		342,202.50	
05/01/42	3,175,000	5.375%	170,000	88,951			
11/01/42	3,005,000	5.375%		84,383		343,333.75	
05/01/43	3,005,000	5.375%	180,000	84,383			
11/01/43	2,825,000	5.375%		79,545		343,927.50	
05/01/44	2,825,000	5.375%	190,000	79,545			
11/01/44	2,635,000	5.375%		74,439		343,983.75	
05/01/45	2,635,000	5.650%	200,000	74,439			
11/01/45	2,435,000	5.650%		68,789		343,227.50	
05/01/46	2,435,000	5.650%	215,000	68,789			
11/01/46	2,220,000	5.650%		62,715		346,503.75	
05/01/47	2,220,000	5.650%	225,000	62,715			
11/01/47	1,995,000	5.650%		56,359		344,073.75	
05/01/48	1,995,000	5.650%	240,000	56,359			
11/01/48	1,755,000	5.650%		49,579		345,937.50	
05/01/49	1,755,000	5.650%	255,000	49,579			
11/01/49	1,500,000	5.650%		42,375		346,953.75	
05/01/50	1,500,000	5.650%	265,000	42,375			
11/01/50	1,235,000	5.650%		34,889		342,263.75	
05/01/51	1,235,000	5.650%	285,000	34,889			
11/01/51	950,000	5.650%		26,838		346,726.25	
05/01/52	950,000	5.650%	300,000	26,838			
11/01/52	650,000	5.650%		18,363		345,200.00	
05/01/53	650,000	5.650%	315,000	18,363			
11/01/53	335,000	5.650%		9,464		342,826.25	
05/01/54	335,000	5.650%	335,000	9,464		344,463.75	
Total				$	5,040,000	$	5,392,310	$  10,432,310	

$	

-	

Gardens at Hammock Beach
Community Development District
Adopted Budget
Debt Service Fund Budget - Special Assessment Bonds, Series 2024-2 (AA2)

Proposed Budget	Actuals Thru	Projected Next

Description

FY2024

Projected Thru
6/30/24		3 Months		9/30/24

Adopted Budget
FY 2025

REVENUES:

Special Assessments
Interest Earnings	$	-	$	-	$	-	$
-	-	-	-	$	-
-	-	
Carry Forward Surplus	$	-	-	681,694	
TOTAL REVENUES	$	-	$	-	$	-	$	-	$	681,694	

EXPENDITURES:				
Interest - 11/1	$	-	$	-	$	-	$	-	$	180,858	
Interest - 5/1 Principal - 5/1		-	-	-
-	-	-	-	250,418
-	-	
TOTAL EXPENDITURES	$	-	$	-	$	-	$	-	$	431,276	

Other Sources/(Uses)				

Bond Proceeds	
$	1,300,550	
$	1,300,550	
$	-	$	1,300,550	
$	
-	
TOTAL OTHER SOURCES/(USES)	$	1,300,550	$ 1,300,550	$	-	$	1,300,550	$	-	
						
TOTAL EXPENDITURES	$  (1,300,550)	$ (1,300,550)	$	-	$	(1,300,550)	$	431,276	
						
EXCESS REVENUES (EXPENDITURES)	$	1,300,550	$ 1,300,550	$	-	$	1,300,550	$	250,418	
						
Units	Gross Per Unit	Gross Annual	Interest Due 11/1/25		$250,418	
						
124	$5,309	$658,358			$250,418	

Total Gross Assessment		
$	658,358				
Less: Discounts & Collection (6%)		$	(39,501)				
Net Annual Assessment		$	618,857				

(1) Carry Forward is Net of Reserve Requirement

Gardens at Hammock Beach
Community Development District
AMORTIZATION SCHEDULE

Period	Outstanding Balance	Coupons	Principal	Interest		Annual Debt Service	
							
11/01/24	8,785,000	5.000%		180,858		180,857.53	
05/01/25	8,785,000	5.000%		250,418			
11/01/25	8,785,000	5.000%		250,418		500,836.26	
05/01/26	8,785,000	5.000%	120,000	250,418			
11/01/26	8,665,000	5.000%		247,418		617,836.26	
05/01/27	8,665,000	5.000%	125,000	247,418			
11/01/27	8,540,000	5.000%		244,293		616,711.26	
05/01/28	8,540,000	5.000%	130,000	244,293			
11/01/28	8,410,000	5.000%		241,043		615,336.26	
05/01/29	8,410,000	5.000%	140,000	241,043			
11/01/29	8,270,000	5.000%		237,543		618,586.26	
05/01/30	8,270,000	5.000%	145,000	237,543			
11/01/30	8,125,000	5.000%		233,918		616,461.26	
05/01/31	8,125,000	5.000%	150,000	233,918			
11/01/31	7,975,000	5.000%		230,168		614,086.26	
05/01/32	7,975,000	5.600%	160,000	230,168			
11/01/32	7,815,000	5.600%		225,688		615,856.26	
05/01/33	7,815,000	5.600%	170,000	225,688			
11/01/33	7,645,000	5.600%		220,928		616,616.26	
05/01/34	7,645,000	5.600%	180,000	220,928			
11/01/34	7,465,000	5.600%		215,888		616,816.26	
05/01/35	7,465,000	5.600%	190,000	215,888			
11/01/35	7,275,000	5.600%		210,568		616,456.26	
05/01/36	7,275,000	5.600%	200,000	210,568			
11/01/36	7,075,000	5.600%		204,968		615,536.26	
05/01/37	7,075,000	5.600%	210,000	204,968			
11/01/37	6,865,000	5.600%		199,088		614,056.26	
05/01/38	6,865,000	5.600%	225,000	199,088			
11/01/38	6,640,000	5.600%		192,788		616,876.26	
05/01/39	6,640,000	5.600%	240,000	192,788			
11/01/39	6,400,000	5.600%		186,068		618,856.26	
05/01/40	6,400,000	5.600%	250,000	186,068			
11/01/40	6,150,000	5.600%		179,068		615,136.26	
05/01/41	6,150,000	5.600%	265,000	179,068			
11/01/41	5,885,000	5.600%		171,648		615,716.26	
05/01/42	5,885,000	5.600%	280,000	171,648			
11/01/42	5,605,000	5.600%		163,808		615,456.26	
05/01/43	5,605,000	5.600%	295,000	163,808			
11/01/43	5,310,000	5.600%		155,548		614,356.26	
05/01/44	5,310,000	5.600%	315,000	155,548			
11/01/44	4,995,000	5.600%		146,728		617,276.26	
05/01/45	4,995,000	5.875%	335,000	146,728			
11/01/45	4,660,000	5.875%		136,888		618,615.63	
05/01/46	4,660,000	5.875%	355,000	136,888			
11/01/46	4,305,000	5.875%		126,459		618,346.88	
05/01/47	4,305,000	5.875%	375,000	126,459			
11/01/47	3,930,000	5.875%		115,444		616,903.13	
05/01/48	3,930,000	5.875%	395,000	115,444			
11/01/48	3,535,000	5.875%		103,841		614,284.38	
05/01/49	3,535,000	5.875%	420,000	103,841			
11/01/49	3,115,000	5.875%		91,503		615,343.76	
05/01/50	3,115,000	5.875%	445,000	91,503			
11/01/50	2,670,000	5.875%		78,431		614,934.38	
05/01/51	2,670,000	5.875%	475,000	78,431			
11/01/51	2,195,000	5.875%		64,478		617,909.38	
05/01/52	2,195,000	5.875%	500,000	64,478			
11/01/52	1,695,000	5.875%		49,791		614,268.76	
05/01/53	1,695,000	5.875%	530,000	49,791			
11/01/53	1,165,000	5.875%		34,222		614,012.51	
05/01/54	1,165,000	5.875%	565,000	34,222			
11/01/54	600,000	5.875%		17,625		616,846.88	
05/01/55	600,000	5.875%	600,000	17,625			
11/01/55						617,625.00	
Total				$	8,785,000	$	10,383,813	$  19,168,813	

$	

-	

Gardens at Hammock Beach CDD Summary Assessment Chart

Assessment	Product			Debt	Debt	
Area	Type	Units	O&M	Series 2004-1	Series 2004-2	Total	

1	
SF - Platted	
211	
$	
1,000	
$	
1,750	$	
-	$	
2,750	

2	
SF - Unplatted	
124	
$	
151	
$	
-	
$	
5,309	$	
5,460	

(1) Per unit amounts include 4% for early payment discount and 2% for tax collector