Gardens at Hammock Beach
Community Development District

Proposed Budget
FY2026

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 Proposed Budget
General Fund

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

Revenues						
Developer Contributions	$	106,047	$	1,486	$	-	$	1,486	$	44,594	
Assessments - Area 1	$	198,340	$	128,321	$	70,019	$	198,340	$	198,340	
Assessments - Area 2	$	17,563	$	13,172	$	4,391	$	17,563	$	116,560	
Total Revenues	$	321,950	$	142,979	$	74,410	$	217,389	$	359,494	

Expenditures						
Administrative						
Supervisor Fees	$	7,200	$	-	$	1,800	$	1,800	$	7,200	
FICA Expense	$	551	$	-	$	138	$	138	$	551	
Engineering	$	5,000	$	2,023	$	2,500	$	4,523	$	5,000	
Attorney	$	5,000	$	7,504	$	2,400	$	9,904	$	10,000	
Dissemination	$	3,500	$	1,850	$	1,752	$	3,602	$	3,605	
Arbitrage	$	450	$	-	$	450	$	450	$	450	
Trustee Fees	$	4,500	$	-	$	2,250	$	2,250	$	4,500	
Annual Audit	$	5,000	$	-	$	5,000	$	5,000	$	5,000	
Management Fees	$	40,000	$	20,000	$	20,000	$	40,000	$	41,200	
Information Technology	$	1,800	$	900	$	900	$	1,800	$	1,854	
Website Maintenance	$	1,200	$	600	$	600	$	1,200	$	1,236	
Telephone	$	100	$	-	$	50	$	50	$	100	
Postage	$	750	$	88	$	250	$	338	$	750	
Insurance	$	6,119	$	6,016	$	-	$	6,016	$	7,268	
Printing & Binding	$	500	$	11	$	250	$	261	$	500	
Legal Advertising	$	5,000	$	83	$	2,500	$	2,583	$	5,000	
Other Current Charges	$	610	$	285	$	240	$	525	$	610	
Office Supplies	$	125	$	-	$	75	$	75	$	125	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative	$	87,580	$	39,535	$	41,155	$	80,690	$	95,124	

Field - Assessment Area 1						
Field Management	$	15,000	$	-	$	-	$	-	$	15,000	
Electric - Streetlights	$	21,270	$	7,341	$	8,850	$	16,191	$	45,270	
Electric - Irrigation/Signs	$	4,100	$	994	$	1,020	$	2,014	$	4,100	
Water & Sewer	$	30,000	$	-	$	-	$	-	$	30,000	
Landscape Maintenance	$	130,000	$	19,446	$	20,424	$	39,870	$	130,000	
Landscape Contingency	$	2,000	$	-	$	1,000	$	1,000	$	2,000	
Property Insurance	$	6,000	$	-	$	-	$	-	$	6,000	
Lake Maintenance	$	9,000	$	8,220	$	1,950	$	10,170	$	15,000	
Stormwater Repairs & Maintenance	$	5,000	$	-	$	-	$	-	$	5,000	
General Repairs & Maintenance	$	1,000	$	-	$	-	$	-	$	1,000	
Irrigation Repairs	$	5,000	$	75	$	1,000	$	1,075	$	5,000	
Sidewalk/Asphalt Repairs	$	5,000	$	-	$	-	$	-	$	5,000	
Contingency	$	1,000	$	-	$	-	$	-	$	1,000	

Total Field	$	234,370	$	36,076	$	34,244	$	70,320	$	264,370	
	
Total Expenditures	$	321,950	$	75,611	$	75,399	$	151,010	$	359,494	

Excess Revenues/(Expenditures)

$	-	$

67,368  $

(989)  $

66,379  $	-

Land Use	Units	Net Per Unit	Net Annual	Gross Per Unit	Gross Annual	
1 - Assesment Area 1	211	$	940.00	$  198,340.00	$	1,000.00	$	211,000	
2 - Assessment Area 2	124	$	940.00	$  116,560.00	$	1,000.00	$	124,000	
Net Annual Assessment			$  314,900.00		$	335,000	

Gross Annual Assessments

Less: Disounts & Collections (6%)	$
$

(20,100)
314,900

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

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

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

REVENUES:							

Special Assessments	
$	347,083	
$	224,554	
$	122,529	
$	347,083	
$	345,438	
Special Assessments - Prepayments	$	-	$	23,555	$	-	$	23,555	$	-	
Interest Earnings	$	-	$	9,797	$	4,898	$	14,695	$	7,500	
Carry Forward Surplus	$	99,248	$	100,275	$	-	$	100,275	$	159,219	
TOTAL REVENUES	$  446,331	$	358,181	$  127,428	$	485,608	$	512,157	

EXPENDITURES:						
Interest - 11/1	$	99,248	$	99,248	$	-	$	99,248	$	135,182	
Special Call - 2/1	$	-	$	20,000	$	-	$	20,000	$	-	
Interest - 2/1	$	-	$	279	$	-	$	279	$	-	
Interest - 5/1	$	137,420	$	-	$	136,862	$	136,862	$	135,182	
Principal - 5/1	$	70,000	$	-	$	70,000	$	70,000	$	75,000	
TOTAL EXPENDITURES	$  306,668	$	119,527	$  206,862	$	326,389	$	345,364	

Other Sources/(Uses)						

Bond Proceeds	
$	-	
$	
-	
$	
-	
$	
-	
$	
-	
TOTAL OTHER SOURCES/(USES)	$	-	$	-	$	-	$	-	$	-	
						
TOTAL EXPENDITURES	$  306,668	$	119,527	$  206,862	$	326,389	$	345,364	
						
EXCESS REVENUES (EXPENDITURES)	$  139,663	$	238,654	$	(79,434)	$	159,219	$	166,794	
						
Units	Gross Per Unit	Gross Annual		Interest Due 11/1/26	$133,382	
						
210	$1,750	$367,487			$133,382	

Total Gross Assessment		
$	367,487				
Less: Discounts & Collection (6%)		$	(22,049)				
Net Annual Assessment		$	345,438				

(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	

05/01/25	
5,020,000	
4.800%	
70,000	
136,862		
11/01/25	4,950,000	4.800%		135,182	342,043.76	
05/01/26	4,950,000	4.800%	75,000	135,182		
11/01/26	4,875,000	4.800%		133,382	343,563.76	
05/01/27	4,875,000	4.800%	80,000	133,382		
11/01/27	4,795,000	4.800%		131,462	344,843.76	
05/01/28	4,795,000	4.800%	80,000	131,462		
11/01/28	4,715,000	4.800%		129,542	341,003.76	
05/01/29	4,715,000	4.800%	85,000	129,542		
11/01/29	4,630,000	4.800%		127,502	342,043.76	
05/01/30	4,630,000	4.800%	90,000	127,502		
11/01/30	4,540,000	4.800%		125,342	342,843.76	
05/01/31	4,540,000	4.800%	95,000	125,342		
11/01/31	4,445,000	4.800%		123,062	343,403.76	
05/01/32	4,445,000	5.375%	100,000	123,062		
11/01/32	4,345,000	5.375%		120,374	343,436.26	
05/01/33	4,345,000	5.375%	105,000	120,374		
11/01/33	4,240,000	5.375%		117,553	342,926.88	
05/01/34	4,240,000	5.375%	110,000	117,553		
11/01/34	4,130,000	5.375%		114,596	342,148.75	
05/01/35	4,130,000	5.375%	115,000	114,596		
11/01/35	4,015,000	5.375%		111,506	341,101.88	
05/01/36	4,015,000	5.375%	125,000	111,506		
11/01/36	3,890,000	5.375%		108,146	344,651.88	
05/01/37	3,890,000	5.375%	130,000	108,146		
11/01/37	3,760,000	5.375%		104,653	342,798.75	
05/01/38	3,760,000	5.375%	140,000	104,653		
11/01/38	3,620,000	5.375%		100,890	345,542.50	
05/01/39	3,620,000	5.375%	145,000	100,890		
11/01/39	3,475,000	5.375%		96,993	342,883.13	
05/01/40	3,475,000	5.375%	155,000	96,993		
11/01/40	3,320,000	5.375%		92,828	344,820.63	
05/01/41	3,320,000	5.375%	160,000	92,828		
11/01/41	3,160,000	5.375%		88,528	341,355.00	
05/01/42	3,160,000	5.375%	170,000	88,528		
11/01/42	2,990,000	5.375%		83,959	342,486.25	
05/01/43	2,990,000	5.375%	180,000	83,959		
11/01/43	2,810,000	5.375%		79,121	343,080.00	
05/01/44	2,810,000	5.375%	190,000	79,121		
11/01/44	2,620,000	5.375%		74,015	343,136.25	
05/01/45	2,620,000	5.650%	200,000	74,015		
11/01/45	2,420,000	5.650%		68,365	342,380.00	
05/01/46	2,420,000	5.650%	210,000	68,365		
11/01/46	2,210,000	5.650%		62,433	340,797.50	
05/01/47	2,210,000	5.650%	225,000	62,433		
11/01/47	1,985,000	5.650%		56,076	343,508.75	
05/01/48	1,985,000	5.650%	240,000	56,076		
11/01/48	1,745,000	5.650%		49,296	345,372.50	
05/01/49	1,745,000	5.650%	250,000	49,296		
11/01/49	1,495,000	5.650%		42,234	341,530.00	
05/01/50	1,495,000	5.650%	265,000	42,234		
11/01/50	1,230,000	5.650%		34,748	341,981.25	
05/01/51	1,230,000	5.650%	280,000	34,748		
11/01/51	950,000	5.650%		26,838	341,585.00	
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				$	5,020,000	$	5,269,759	$  10,289,759	

$	-	

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

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

REVENUES:							

Special Assessments	
$	-	
$	-	
$	-	
$	-	
$	618,857	
Interest Earnings	$	-	$	26,927	$	13,464	$	40,391	$	20,000	
Carry Forward Surplus	$	681,694	$	688,753	$	-	$	688,753	$	297,868	
TOTAL REVENUES	$	681,694	$	715,680	$	13,464	$	729,144	$	936,725	

EXPENDITURES:						
Interest - 11/1	$	180,858	$	180,858	$	-	$	180,858	$	250,418	
Interest - 5/1	$	250,418	$	-	$	250,418	$	250,418	$	250,418	
Principal - 5/1	$	-	$	-	$	-	$	-	$	120,000	
TOTAL EXPENDITURES	$	431,276	$	180,858	$	250,418	$	431,276	$	620,836	

Other Sources/(Uses)						

Bond Proceeds	
$	
-	
$	
-	
$	
-	
$	
-	
$	
-	
TOTAL OTHER SOURCES/(USES)	$	-	$	-	$	-	$	-	$	-	
						
TOTAL EXPENDITURES	$	431,276	$	180,858	$	250,418	$	431,276	$	620,836	
						
EXCESS REVENUES (EXPENDITURES)	$	250,418	$	534,822	$  (236,954)	$	297,868	$	315,888	
						
Units	Gross Per Unit	Gross Annual		Interest Due 11/1/26	$247,418	
						
124	$5,309	$658,358			$247,418	

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 - Assessment Area 1	
211	
$	1,000	
$	1,750	$	-	
$	2,750	
2	SF - Assessment Area 2	124	$	1,000	$	-	$	5,309	$	6,309	

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