Lakeside Preserve CDD
October 2024 Financial Report

October 31, 2024

PFM Group Consulting LLC
3501 Quadrangle Blvd., Suite 270
Orlando, Florida 32817
Tel: 407-723-5900

Debt Service	Capital Projects	Long-Term Debt	
Fund	Fund	Fund	

Statement of Financial Position As of 10/31/2024

	Assets		
Current Assets			
General Checking Account	$	96,750.47						$	96,750.47	
Checking Account - Reserve	10,291.70						10,291.70	
Assessments Receivable	356,162.00						356,162.00	
Deposits	305.50						305.50	
Assessments Receivable		$	85,887.50					85,887.50	
Series 2019 Debt Service Reserve		89,609.37					89,609.37	
Series 2023 Debt Service Reserve		861,262.51					861,262.51	
Series 2019 Revenue		147,903.05					147,903.05	
Series 2023 Revenue		256,624.51					256,624.51	
Series 2019 Interest		30,443.75					30,443.75	
Series 2023 Interest		359,676.78					359,676.78	
Series 2019 Prepayment		16.76					16.76	
Series 2019 General Fund		2.22					2.22	
Accounts Receivable - Due from Developer				$	362,354.54			362,354.54	
Series 2019 Acquisition/Construction				836.31			836.31	
Series 2023 Acquisition/Construction				8,572.52			8,572.52	
Total Current Assets	$	463,509.67	$ 1,831,426.45		$	371,763.37		$	-	$  2,666,699.49	

Investments

General Fund

Total

Amount Available in Debt Service Funds	$  1,745,538.95		$  1,745,538.95	
Amount To Be Provided	11,144,461.05		11,144,461.05	
Total Investments	$	-	$	-	$	-	$ 12,890,000.00		$ 12,890,000.00	

Total Assets

$	463,509.67

$ 1,831,426.45

$	371,763.37

$ 12,890,000.00

$ 15,556,699.49

Liabilities and Net Assets

Current Liabilities		
Accounts Payable	$	486.26							$	486.26	
Deferred Revenue	356,162.00							356,162.00	
Deferred Revenue			$	85,887.50					85,887.50	
Accounts Payable					$	365,906.82			365,906.82	
Retainage Payable					525,915.66			525,915.66	
Deferred Revenue					362,354.54			362,354.54	
Total Current Liabilities	$	356,648.26		$	85,887.50		$ 1,254,177.02		$	-	$  1,696,712.78	

Long Term Liabilities
Revenue Bonds Payable - Long-Term	$ 12,890,000.00		$ 12,890,000.00	
Total Long Term Liabilities	$	-	$	-	$	-	$ 12,890,000.00		$ 12,890,000.00	

Total Liabilities	$	356,648.26		$	85,887.50		$ 1,254,177.02		$ 12,890,000.00		$ 14,586,712.78	

Net Assets										
Net Assets - General Government	146,218.25								146,218.25	
Current Year Net Assets - General Government	(39,356.84)								(39,356.84)	
Net Assets, Unrestricted			$ 1,748,736.87						1,748,736.87	
Current Year Net Assets, Unrestricted			(3,197.92)						(3,197.92)	
Net Assets, Unrestricted					$  (779,514.48)				(779,514.48)	
Current Year Net Assets, Unrestricted					(102,899.17)				(102,899.17)	
Total Net Assets	$	106,861.41		$ 1,745,538.95		$  (882,413.65)		$	-		$	969,986.71	
										
Total Liabilities and Net Assets	$	463,509.67		$ 1,831,426.45		$	371,763.37		$ 12,890,000.00		$ 15,556,699.49	

Statement of Activities As At 10/31/2024

Debt Service	Capital	Long-Term	
Fund	Projects Fund	Debt Fund	

Revenues

General Fund

Total

Inter-Fund Group Transfers In	$	(3,197.92)				$	(3,197.92)	
Inter-Fund Transfers In	
			$	3,197.92		3,197.92	
Total Revenues	$	-	$	(3,197.92)		$	3,197.92		$	-	$	-	

Expenses

Supervisor Fees	$	800.00				$	800.00	
POL Insurance	2,983.00				2,983.00	
Trustee Services	2,482.74				2,482.74	
Management	2,500.00				2,500.00	
Field Management	125.00				125.00	
Assessment Administration	15,000.00				15,000.00	
Legal Advertising	236.26				236.26	
Meeting Room	70.00				70.00	
Web Site Maintenance	135.00				135.00	
Dues, Licenses, and Fees	175.00				175.00	
Amenity - Janitorial	1,800.00				1,800.00	
General Insurance	3,648.00				3,648.00	
Property & Casualty	1,578.00				1,578.00	
Irrigation	240.00				240.00	
Lake Maintenance	899.30				899.30	
Landscaping Maintenance & Material	7,195.00				7,195.00	
Capital Expenditures			$	106,097.09		106,097.09	
Total Expenses	$	39,867.30			
$	-	$	106,097.09			
$	-	$	145,964.39	

Other Revenues (Expenses) & Gains (Losses)

Interest Income	$	510.46		$	510.46	
Total Other Revenues (Expenses) & Gains (Losses)	$	510.46					
$	-	$	-	$	-	$	510.46	

Change In Net Assets	
$  (39,356.84)		
$	(3,197.92)		
$  (102,899.17)		
$	-	$	(145,453.93)	

Net Assets At Beginning Of Period	
$ 146,218.25		
$ 1,748,736.87		
$  (779,514.48)		
$	-	$ 1,115,440.64	

Net Assets At End Of Period	
$ 106,861.41		
$ 1,745,538.95		
$  (882,413.65)			

$	-	$	969,986.71	

Budget to Actual
For the Month Ending 10/31/2024

Year To Date

Actual	Budget	Variance	FY 2025
Adopted Budget

Percentage Used

Revenues

On-Roll Assessments	$	-		$  9,329.04		$  (9,329.04)		$	111,948.47		0.00%	
Off-Roll Assessments	-		20,351.13		(20,351.13)		244,213.53		0.00%	
Developer Contributions	-		3,500.00		(3,500.00)		42,000.00		0.00%	
Carry Forward Revenue	40,000.00		3,333.33		36,666.67		40,000.00		100.00%	
Net Revenues	$	40,000.00		$ 36,513.50		$	3,486.50		$	438,162.00		9.13%	

General & Administrative Expenses

Supervisor Fees	$	800.00		$	400.00		$	400.00		$	4,800.00		16.67%	
POL Insurance	2,983.00		255.58		2,727.42		3,067.00		97.26%	
Trustee Services	2,482.74		683.33		1,799.41		8,200.00		30.28%	
Management	2,500.00		2,500.00		-		30,000.00		8.33%	
Field Management	125.00		125.00		-		1,500.00		8.33%	
Engineering	-		833.33		(833.33)		10,000.00		0.00%	
Disclosure	-		833.33		(833.33)		10,000.00		0.00%	
Property Appraiser	-		833.33		(833.33)		10,000.00		0.00%	
District Counsel	-		1,333.33		(1,333.33)		16,000.00		0.00%	
Assessment Administration	15,000.00		1,250.00		13,750.00		15,000.00		100.00%	
Reamortization Schedules	-		83.33		(83.33)		1,000.00		0.00%	
Audit	-		541.67		(541.67)		6,500.00		0.00%	
Arbitrage Calculation	-		83.33		(83.33)		1,000.00		0.00%	
Travel and Per Diem	-		20.83		(20.83)		250.00		0.00%	
Postage & Shipping	-		25.00		(25.00)		300.00		0.00%	
Legal Advertising	236.26		250.00		(13.74)		3,000.00		7.88%	
Miscellaneous	-		208.33		(208.33)		2,500.00		0.00%	
Meeting Room	70.00		66.67		3.33		800.00		8.75%	
Web Site Maintenance	135.00		235.00		(100.00)		2,820.00		4.79%	
Dues, Licenses, and Fees	175.00		14.58		160.42		175.00		100.00%	
Electric	-		541.67		(541.67)		6,500.00		0.00%	
Amenity - Pool Furniture Repair/Replace	-		416.67		(416.67)		5,000.00		0.00%	
Amenity - Pool Maintenance	-		1,500.00		(1,500.00)		18,000.00		0.00%	
Amenity - Access Control	-		416.67		(416.67)		5,000.00		0.00%	
Amenity - Janitorial	1,800.00		1,041.67		758.33		12,500.00		14.40%	
Amenity - Pest Control	-		125.00		(125.00)		1,500.00		0.00%	
General Insurance	3,648.00		312.50		3,335.50		3,750.00		97.28%	
Property & Casualty	1,578.00		1,250.00		328.00		15,000.00		10.52%	
Irrigation	240.00		1,166.67		(926.67)		14,000.00		1.71%	
Lake Maintenance	899.30		2,916.67		(2,017.37)		35,000.00		2.57%	
Landscaping Maintenance & Material	7,195.00		10,833.33		(3,638.33)		130,000.00		5.53%	
Landscape Improvements	-		833.33		(833.33)		10,000.00		0.00%	
Contingency	-		4,166.67		(4,166.67)		50,000.00		0.00%	
Reserve Account	-		416.68		(416.68)		5,000.00		0.00%	
Total General & Administrative Expenses	$	39,867.30		$ 36,513.50		$	3,353.80		$	438,162.00		9.10%	
Total Expenses	 $	39,867.30 		 $ 36,513.50 		 $	3,353.80 		 $	438,162.00 			9.10%	
Income (Loss) from Operations	$	132.70		$	-		$	132.70		$	-			

Other Income (Expense)

Interest Income	$	510.46		$	-	$	510.46		$	-	
Total Other Income (Expense)	$	510.46		 
$	-	$	510.46		$	-	
Net Income (Loss)	$	643.16		 
$	-	$	643.16		$	-