Pine Air Lakes

Community Development District

Adopted Budget
Fiscal Year 2026

Presented by:

Table of Contents

1-2		General Fund	

3	
	Allocation of Reserves	

4-5	
	Budget Narrative	

6-7	
	Debt Service Fund Series 2012	

8-9	
	Debt Service Fund Series 2022	

10	
	Non-Ad Valorem Assessments Comparison	

Pine Air Lakes
Community Development District
Adopted Budget General Fund

		Adopted Budget	Actuals Through	
Projected Next	Projected Through	Adopted Budget	
	Description	Fiscal Year 2025	7/31/25	2 Months
 		9/30/25	Fiscal Year 2026	

REVENUES:							

Special Assessments - Tax Roll	
$  346,280	
$  352,149	
$	-	
$	352,149	
$	346,280	
Interest Income	15,000	14,150	2,122	16,272	13,800	
TOTAL REVENUES	$ 361,280	$ 366,299	$	2,122	$ 368,421	$ 360,080	

EXPENDITURES:						
General and Administrative						
Supervisors Fees	$	6,000	$	2,600	$	2,000	$	4,600	$	6,000	
FICA Taxes	459	199	153	352	459	
Engineering	10,000	3,001	2,500	5,501	8,000	
Arbitrage Calculation	600	600	-	600	600	
Assessment Roll	300	300	-	300	300	
Attorney	10,000	1,641	4,167	5,808	8,000	
Disclosure Report	2,000	1,667	333	2,000	2,000	
Annual Audit	3,600	3,600	-	3,600	3,700	
Trustee Fees	7,845	7,845	-	7,845	8,345	
Management Fees	43,262	36,052	7,210	43,262	45,425	
Website Maintenance	1,500	1,250	250	1,500	1,500	
Postage and Delivery	500	207	125	332	500	
Printing and Binding	750	36	188	223	750	
Insurance General Liability	9,852	7,826	-	7,826	10,777	
Legal Advertising	1,500	-	1,000	1,000	1,500	
Other Current Charges	1,000	545	250	795	1,000	
Office Supplies	200	0	33	33	200	
Dues, Licenses and Subscriptions	175	175	-	175	175	
TOTAL GENERAL AND ADMINISTRATIVE	$ 99,543	$ 67,543	$	18,209	$	85,752	$	99,230	

Pine Air Lakes
Community Development District
Adopted Budget General Fund

Adopted Budget	Actuals Through	
Projected Next	Projected Through	Adopted Budget	
Description	Fiscal Year 2025	7/31/25	2 Months
 		9/30/25	Fiscal Year 2026	

Operations and Maintenance						
Landscape Maintenance	$	56,500	$	47,083	$	9,417	$	56,500	$	72,000	
Preserve Maintenance	5,000	4,800	500	5,300	5,000	
Tree Pruning and Replacement	9,500	5,358	4,142	9,500	9,500	
Irrigation Repairs and Maintenance	20,000	9,764	2,929	12,693	15,000	
Annual Plantings	17,500	19,930	-	19,930	20,000	
Electricity	3,000	2,218	444	2,662	3,000	
Lake Maintenance	8,000	6,723	1,350	8,072	8,341	
Field Management	25,437	21,198	4,240	25,437	26,709	
Reporting-SFWMD	4,800	4,000	800	4,800	4,800	
SFWMD Water Permit Renewal	-	-	-	-	7,500	
Reserves	112,000	112,000	-	112,000	89,000	
TOTAL OPERATIONS AND MAINTENANCE	$ 261,737	$ 233,074	$	23,821	$ 256,894	$ 260,850	
						
TOTAL EXPENDITURES	$ 361,280	$ 300,617	$	42,029	$ 342,646	$ 360,080	
						
EXCESS REVENUES (EXPENDITURES)	$	0	$  65,682	$	(39,907)	$	25,775	$	(0)	

Exhibit "A" Allocation of Reserves

DESCRIPTION

Beginning Fund Balance - 10/1/24	$	269,702	
Net change in Fund Balance - Fiscal Year 2025	137,775	
Total Funds Available (Estimated) - 9/30/25	407,477	

ALLOCATION OF AVAILABLE FUNDS		
Funding for First Quarter Operating Expenses: (1)	(90,020)	
Reserved for Field Capital Projects / Renewal and Replacement:	(241,753)	
Total Allocation of Available Funds	(331,773)	
		
Total Unassigned Cash	$	75,704	

Notes		
(1) Represents approximately 3 months of operating expenditures		
RESERVED FOR CAPITAL RESERVES / RENEWAL AND REPLACEMENT		
Beginning Balance (Estimated) - 10/1/25	$	241,753	
Increase of Reserves During Fiscal Year 2026	89,000	
Total Funds Available (Estimated) - 9/30/26	$	330,753	

REVENUES

Special Assessments - Tax Roll
The District will levy a maintenance assessment on all assessable property within the district.
Interest Income
The District earns interest on the monthly average collected balance for each of its investment accounts.

Expenditures - General and Administrative

Supervisors Fees
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting in which they attend. The budgeted amount for the fiscal year is based on all supervisors attending 6 meetings.
FICA Taxes
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.
Engineering
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.
Arbitrage Calculation
The District is required to have an independent certified public accounting firm annually conduct an arbitrage rebate calculation on the Special Assessment Refunding Bonds, Series 2012. The annual fee is based on historical cost for this service.
Assessment Roll
GMS SF, LLC provides assessment services for closing lot sales, assessment roll services with the local tax collector and financial advisory services.
Attorney
The District’s attorney will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.
Disclosure Report
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.
Annual Audit
The District is required by Florida Statute to arrange for an annual audit of its financial records by an independent certified public accounting firm.
Trustee Fees
The District issued Series 2022 bonds that are deposited with a trustee at Regions Bank as well as Series 2012 bonds that are deposited with a trustee at US Bank. The annual trustee fee is based on prior year’s cost.
Management Fees
The District receives management, accounting and administrative services as part of a management agreement with Governmental Management Services-South Florida, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the management agreement.
Website Maintenance
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the CDD as well as links to useful websites regarding compliance issues. This website will be maintained by GMS-SF, LLC and updated monthly.
Postage and Delivery
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.

Printing and Binding
This category includes expenses relating to the printing and binding of agenda packages for board meetings, accounts payable checks, stationary, envelopes, photocopies, etc.

Expenditures - General and Administrative (Continued)

Insurance General Liability
The District's general liability and public officials liability insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar community development districts.
Legal Advertising
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.
Other Current Charges
This includes monthly bank charges and any other miscellaneous expenses that incur during the fiscal year.
Office Supplies
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.
Due, Licenses and Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity Community Affairs for $175.
Contingency
Unanticipated expenses that may occur during the fiscal year.

Expenditures – Operations and Maintenance

Landscaping Maintenance
The District has a contract with Stahlman-England to maintain the landscape within the district for a monthly fee of $4,708, $56,500 for the year.
Preserve Maintenance
The District has contracts with Woods & Wetlands and Stahlman-England to maintain the preserve area within the district.

Tree Pruning and Replacement
The pruning and replacement of trees, plants, shrubs, etc. will be provided on an as needed basis.
Irrigation Repairs and Maintenance
The District has a contract with Stahlman-England to maintain the irrigation system.

Annual Plantings
The annual plantings will be provided throughout the District on an as needed basis, as approved by the Board.
Electricity
The District incurs electrical costs billed by Florida Power and Light.

Lake Maintenance
The District has contracted with Solitude Lake Management to provide lake maintenance services to all the lakes within the District.

Field Management
The includes the supervision and on-site management of the District. The responsibilities will include reviewing contracts and other maintenance related items.

Reporting-SFWMD
RMA GeoLogic Consultants provides quarterly compliance reports of the withdrawals from wells and surface water pumps to the South Florida Water Management District. The monthly amount is $400, annual amount is $4,800.

Contingency
Unanticipated repairs or maintenance that may need to be done during the fiscal year.

Reserves
Funds set aside for a future use for repairs and improvements.

Adopted Budget
Debt Service Series 2012 Special Assessment Refunding Bonds

	Adopted		Actuals				Projected		Adopted	
	Budget		Through	Projected Next		Through		Budget	
Description		Fiscal Year 2025		7/31/25		2 Months		9/30/25		Fiscal Year 2026	

REVENUES:											
Special Assessments - Tax Roll	$	446,600	$	452,945	$	-	$	452,945	$	-	
Interest Income		1,000		19,472		1,400		20,872		1,000	
Carry Forward Surplus (1)		200,195		-		457,357		457,357		480,224	
TOTAL REVENUES	$	647,795	$	472,417	$	458,757	$	931,174	$	481,224	

EXPENDITURES:											
Interest - 11/1	$	12,975	$	12,975	$	-	$	12,975	$	6,600	
Interest - 5/1		12,975		12,975		-		12,975		6,600	
Principal - 5/1		425,000		425,000		-		425,000		440,000	
TOTAL EXPENDITURES	$	450,950	$	450,950	$	-	$	450,950	$	453,200	

EXCESS REVENUES (EXPENDITURES)	$	196,845	$	21,467	$	458,757	$	480,224	$	28,024	

(1) Carry Forward includes the Reserve Account Balance									

Period

Outstanding Balance

Coupons

Principal

Interest

Annual Debt Service

05/01/25	$	865,000	3.000%	$	425,000	$	12,975	$	-	
11/01/25	440,000	3.000%	-	6,600	444,575	
05/01/26	440,000	3.000%	440,000	6,600		

Total

$

865,000  $

26,175  $

444,575

	Adopted		Actuals				Projected		Adopted	
	Budget		Through	Projected Next		Through		Budget	
Description		Fiscal Year 2025		7/31/25		2 Months		9/30/25		Fiscal Year 2026	

REVENUES:											
Special Assessments - Tax Roll	$	216,298	$	219,371	$	-	$	219,371	$	216,298	
Interest Income		-		5,779		600		6,379		-	
Carry Forward Surplus (1)		92,532		-		95,452		95,452		106,400	
TOTAL REVENUES	$	308,830	$	225,150	$	96,052	$	321,202	$	322,698	

EXPENDITURES:											
Interest - 11/1	$	52,401	$	52,401	$	(0)	$	52,401	$	50,132	
Interest - 5/1		52,401		52,401		(0)		52,401		50,132	
Principal - 5/1		110,000		110,000		-		110,000		115,000	
TOTAL EXPENDITURES	$	214,801	$	214,801	$	(0)	$	214,801	$	215,264	

EXCESS REVENUES (EXPENDITURES)	$	94,029	$	10,348	$	96,052	$	106,400	$	107,435	

(1) Carry Forward is Net of Reserve Requirement						
Interest Due 11/1/26		
$47,760	
										$47,760	

Period	Outstanding Balance	Principal	Interest	Total	

05/01/25	
$	
2,315,000	
$	
110,000  $	
52,401	
$	
-	
11/01/25	2,205,000		-	50,132	212,533	
05/01/26	2,205,000	115,000	50,132		
11/01/26	2,090,000		-	47,760	212,892	
05/01/27	2,090,000	120,000	47,760		
11/01/27	1,970,000		-	45,285	213,045	
05/01/28	1,970,000	125,000	45,285		
11/01/28	1,845,000		-	42,473	212,758	
05/01/29	1,845,000	130,000	42,473		
11/01/29	1,715,000		-	39,548	212,020	
05/01/30	1,715,000	140,000	39,548		
11/01/30	1,575,000		-	36,398	215,945	
05/01/31	1,575,000	145,000	36,398		
11/01/31	1,430,000		-	33,135	214,533	
05/01/32	1,430,000	150,000	33,135		
11/01/32	1,280,000		-	29,760	212,895	
05/01/33	1,280,000	160,000	29,760		
11/01/33	1,120,000		-	26,040	215,800	
05/01/34	1,120,000	165,000	26,040		
11/01/34	955,000		-	22,204	213,244	
05/01/35	955,000	175,000	22,204		
11/01/35	780,000		-	18,135	215,339	
05/01/36	780,000	180,000	18,135		
11/01/36	600,000		-	13,950	212,085	
05/01/37	600,000	190,000	13,950		
11/01/37	410,000		-	9,533	213,483	
05/01/38	410,000	200,000	9,533		
11/01/38	210,000		-	4,883	214,415	
05/01/39	210,000	210,000	4,883		
Total		$	2,315,000  $	890,867	$ 2,990,984	

Pine Air Lakes
Community Development District
Non-Ad Valorem Assessments Comparison

	Fiscal Year 2026 Maintenance Assessment*
(per sq. ft.)	Fiscal Year 2026 Debt Assessment*
(per sq. ft.)	Fiscal Year 2026 Debt Assessment*
(per sq. ft.)	
Retail per square foot
Office per square foot	$0.36	$1.30	$1.66	
	$0.12	$0.44	$0.56	

* Includes 7.5% for early payment discount and collection fees	

	Fiscal Year 2025 Maintenance Assessment*
(per sq. ft.)	Fiscal Year 2025 Debt Assessment*
(per sq. ft.)	Fiscal Year 2025 Debt Assessment*
(per sq. ft.)	
Retail per square foot
Office per square foot	$0.36	$1.30	$1.66	
	$0.12	$0.44	$0.56	

* Includes 7.5% for early payment discount and collection fees