Lakeside Preserve CDD
February 2025 Financial Report

February 28, 2025

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

Debt Service	Capital	Long-Term Debt	
Fund	Projects Fund	Fund	

Statement of Financial Position As of 2/28/2025

	Assets		
Current Assets			
General Checking Account	$  312,084.99						$	312,084.99	
Checking Account - Reserve	15,454.00						15,454.00	
Assessments Receivable	62,987.00						62,987.00	
Due From Other Funds	19,017.22						19,017.22	
Prepaid Expenses	709.35						709.35	
Deposits	305.50						305.50	
Assessments Receivable		$	428,768.76					428,768.76	
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		233,280.17					233,280.17	
Series 2023 Revenue		691,525.75					691,525.75	
Series 2023 Interest		1,504.90					1,504.90	
Series 2019 Prepayment		17.00					17.00	
Series 2023 Prepayment		54,309.75					54,309.75	
Series 2019 General Fund		2.26					2.26	
Accounts Receivable - Due from Developer				$  152,328.83			152,328.83	
Series 2019 Acquisition/Construction				847.91			847.91	
Series 2023 Acquisition/Construction				94,754.55			94,754.55	
Total Current Assets	$  410,558.06	$ 2,360,280.47		$  247,931.29		$	-	$  3,018,769.82	

Investments

General Fund

Total

Amount Available in Debt Service Funds	$  1,931,511.71		$  1,931,511.71	
Amount To Be Provided	10,958,488.29		10,958,488.29	
Total Investments	   
$	-	$	-	$	-	$ 12,890,000.00		$ 12,890,000.00	

Total Assets

$  410,558.06

$ 2,360,280.47

$  247,931.29

$ 12,890,000.00

$ 15,908,769.82

Liabilities and Net Assets

Current Liabilities
Accounts Payable	$	4,183.13							$	4,183.13	
Deferred Revenue	62,987.00							62,987.00	
Due To Other Funds			$	2,933.02					2,933.02	
Deferred Revenue			428,768.76					428,768.76	
Accounts Payable					$  197,547.38			197,547.38	
Retainage Payable					608,170.25			608,170.25	
Due To Other Funds					16,084.20			16,084.20	
Deferred Revenue					152,328.83			152,328.83	
Total Current Liabilities	$	67,170.13		$	431,701.78		$  974,130.66		$	
-	$  1,473,002.57	

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	$	67,170.13		$	431,701.78		$  974,130.66		$ 12,890,000.00		$ 14,363,002.57	

Net Assets
Net Assets, Unrestricted	

$	(4,500.00)								

$	(4,500.00)	
Net Assets - General Government	153,692.48								153,692.48	
Current Year Net Assets - General Government	194,195.45								194,195.45	
Net Assets, Unrestricted			$ 1,748,736.87						1,748,736.87	
Current Year Net Assets, Unrestricted			179,841.82						179,841.82	
Net Assets, Unrestricted					$  (802,714.19)				(802,714.19)	
Current Year Net Assets, Unrestricted					76,514.82				76,514.82	
Total Net Assets	$  343,387.93		$ 1,928,578.69		$  (726,199.37)		$	-		$  1,545,767.25	
										
Total Liabilities and Net Assets	$  410,558.06		$ 2,360,280.47		$  247,931.29		$ 12,890,000.00		$ 15,908,769.82	

Debt Service	Capital	Long-Term	
Fund	Projects Fund	Debt Fund	

Statement of Activities As of 2/28/2025

Revenues

General Fund

Total

On-Roll Assessments	$ 110,740.44						$	110,740.44	
Off-Roll Assessments	182,434.57						182,434.57	
On-Roll Assessments			$	78,665.24				78,665.24	
Off-Roll Assessments			428,768.74				428,768.74	
Other Income & Other Financing Sources			54,309.75				54,309.75	
Inter-Fund Group Transfers In			(13,859.42)				(13,859.42)	
Developer Contributions					$ 2,384,123.46		2,384,123.46	
Inter-Fund Transfers In					13,859.42		13,859.42	
Total Revenues	$ 293,175.01		$	547,884.31		$ 2,397,982.88		$	-	$ 3,239,042.20	

Expenses

Supervisor Fees	$	1,400.00						$	1,400.00	
POL Insurance	2,983.00						2,983.00	
Trustee Services	6,029.52						6,029.52	
Management	10,000.00						10,000.00	
Field Management	500.00						500.00	
Engineering	3,637.50						3,637.50	
Disclosure	6,500.00						6,500.00	
District Counsel	1,542.00						1,542.00	
Assessment Administration	15,000.00						15,000.00	
Audit	2,000.00						2,000.00	
Postage & Shipping	30.91						30.91	
Legal Advertising	748.57						748.57	
Meeting Room	210.00						210.00	
Web Site Maintenance	975.00						975.00	
Dues, Licenses, and Fees	175.00						175.00	
Electric	186.42						186.42	
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	1,200.00						1,200.00	
Lake Maintenance	6,184.66						6,184.66	
Landscaping Maintenance & Material	38,000.00						38,000.00	
Interest Payments			$	388,615.63				388,615.63	
Capital Expenditures					$ 2,322,699.90		2,322,699.90	
Total Expenses	$ 104,328.58		$	388,615.63		$ 2,322,699.90		$	-	$ 2,815,644.11	

Other Revenues (Expenses) & Gains (Losses)

Interest Income	$	5,349.02						$	5,349.02	
Interest Income			$	20,573.14				20,573.14	
Interest Income					$	1,231.84		1,231.84	
Total Other Revenues (Expenses) & Gains (Losses)	$	5,349.02		$	20,573.14		$	1,231.84		$	-	$	27,154.00	
Change In Net Assets	$ 194,195.45		$	179,841.82		$	76,514.82		$	-	$	450,552.09	
Net Assets At Beginning Of Year	$ 149,192.48		$ 1,748,736.87		$	(802,714.19)		$	-	$ 1,095,215.16	

Net Assets At End Of Year	
$ 343,387.93		
$ 1,928,578.69		
$	(726,199.37)		 

$	-	$ 1,545,767.25	

Budget to Actual
For the Month Ending 2/28/2025

Year To Date

Actual	Budget	Variance

FY 2025
Adopted Budget

Percentage Spent

Revenues

On-Roll Assessments	$	110,740.44		$	46,645.20		$	64,095.24		$ 111,948.47		98.92%	
Off-Roll Assessments	182,434.57		101,755.65		80,678.92		244,213.53		74.70%	
Developer Contributions	-		17,500.00		(17,500.00)		42,000.00		0.00%	
Carry Forward Revenue	-		16,666.65		(16,666.65)		40,000.00		0.00%	
Net Revenues	$	293,175.01		$  182,567.50		$  110,607.51		$ 438,162.00		66.91%	

General & Administrative Expenses

Supervisor Fees	$	1,400.00		$	2,000.00		$	(600.00)		$	4,800.00		29.17%	
POL Insurance	2,983.00		1,277.90		1,705.10		3,067.00		97.26%	
Trustee Services	6,029.52		3,416.65		2,612.87		8,200.00		73.53%	
Management	10,000.00		12,500.00		(2,500.00)		30,000.00		33.33%	
Field Management	500.00		625.00		(125.00)		1,500.00		33.33%	
Engineering	3,637.50		4,166.65		(529.15)		10,000.00		36.38%	
Disclosure	6,500.00		4,166.65		2,333.35		10,000.00		65.00%	
Property Appraiser	-		4,166.65		(4,166.65)		10,000.00		0.00%	
District Counsel	1,542.00		6,666.65		(5,124.65)		16,000.00		9.64%	
Assessment Administration	15,000.00		6,250.00		8,750.00		15,000.00		100.00%	
Reamortization Schedules	-		416.65		(416.65)		1,000.00		0.00%	
Audit	2,000.00		2,708.35		(708.35)		6,500.00		30.77%	
Arbitrage Calculation	-		416.65		(416.65)		1,000.00		0.00%	
Travel and Per Diem	-		104.15		(104.15)		250.00		0.00%	
Postage & Shipping	30.91		125.00		(94.09)		300.00		10.30%	
Legal Advertising	748.57		1,250.00		(501.43)		3,000.00		24.95%	
Miscellaneous	-		1,041.65		(1,041.65)		2,500.00		0.00%	
Meeting Room	210.00		333.35		(123.35)		800.00		26.25%	
Web Site Maintenance	975.00		1,175.00		(200.00)		2,820.00		34.57%	
Dues, Licenses, and Fees	175.00		72.90		102.10		175.00		100.00%	
Electric	186.42		2,708.35		(2,521.93)		6,500.00		2.87%	
Lake Maintenance (Aquatic Contract)	6,184.66		14,583.35		(8,398.69)		35,000.00		17.67%	
Amenity - Pool Furniture Repair/Replace	-		2,083.35		(2,083.35)		5,000.00		0.00%	
Amenity - Pool Maintenance	-		7,500.00		(7,500.00)		18,000.00		0.00%	
Amenity - Access Control	-		2,083.35		(2,083.35)		5,000.00		0.00%	
Amenity - Janitorial	1,800.00		5,208.35		(3,408.35)		12,500.00		14.40%	
Amenity - Pest Control	-		625.00		(625.00)		1,500.00		0.00%	
General Insurance	3,648.00		1,562.50		2,085.50		3,750.00		97.28%	
Property & Casualty	1,578.00		6,250.00		(4,672.00)		15,000.00		10.52%	
Irrigation	1,200.00		5,833.35		(4,633.35)		14,000.00		8.57%	
Landscaping Maintenance & Material	38,000.00		54,166.65		(16,166.65)		130,000.00		29.23%	
Landscape Improvements	-		4,166.65		(4,166.65)		10,000.00		0.00%	
Contingency	-		20,833.40		(20,833.40)		50,000.00		0.00%	
Reserve Account	5,000.00		2,083.35		2,916.65		5,000.00		100.00%	
Total General & Administrative Expenses	$	109,328.58		$  182,567.50		$	(73,238.92)		$ 438,162.00		24.95%	
Total Expenses	 $	109,328.58 		 $  182,567.50 		 $	(73,238.92)		 $ 438,162.00 			24.95%	
Income (Loss) from Operations	$	183,846.43		$	-		$  183,846.43		$	-			

Other Income (Expense)

Interest Income	$	5,349.02		$	-	$	5,349.02		$	-	
Total Other Income (Expense)	$	5,349.02		 
$	-	$	5,349.02		$	-	
Net Income (Loss)	$	189,195.45		 
$	-	$  189,195.45		$	-