Pine Air Lakes Community Development District
July 23, 2026

Seat 3: Thomas Conroy III – (C.)		
Seat 1: David Stevens – (V.C.)		
Seat 2: Doug Nelson – (A.S.)		
Seat 5: Wayne Griest – (A.S.)		
Seat 4: Michael Durant – (A.S.)		

Pine Air Lakes
Community Development District
Agenda

Thursday	Coleman, Yovanovich & Koester, P.A., Northern Trust Bank Building July 23, 2026		4001 Tamiami Trail North, Suite 300, Naples, Florida 34103 2:00 p.m.			Join the meeting now
Meeting ID: 225 173 227 277 52 and Passcode: NV6et34f
1 872-240-4685 and Phone Conference ID: 413 279 210#

Oath of Office for Mr. David Stevens – Page 4
Roll Call

Approval of the Minutes of the April 23, 2026 Meeting – Page 5

Public Hearing to Adopt the Fiscal Year 2027 Budget
Motion to Open the Public Hearing

Public Comment and Discussion

Consideration of Resolution #2026-04 Annual Appropriation Resolution – Page 15

Consideration of Resolution #2026-05 Levy of Non Ad Valorem Assessments – Page 27

Motion to Close the Public Hearing

Acceptance of Audit for Fiscal Year Ending in September 30, 2025 – Page 41

Staff Reports
Attorney

Engineer

Field Report – Monthly Report – Page 76

Manager
Consideration of Proposed Fiscal Year 2027 Meeting Schedule – Page 84

Form 1 Financial Disclosure Due July 1, 2026 – Page 85

Reminder to Complete Annual Ethics Training by December 31, 2026

Final Approval of the FY2025 – FY2026 Report Performance Measures and Standards
– Page 86

Consideration of FY2026 – FY2027 Performance Measures and Standards as Required by Florida Statute 189.0694 – Page 90

Number of Registered Voters in the District – 0	– Page 95

Financial Reports
Approval of Check Register – Page 96

Approval of Unaudited Financials – Page 102

Supervisors Requests and Audience Comments

Adjournment

Meetings are open to the public and may be continued to a time, date and place certain. For more information regarding this CDD please visit the website: http://www.pineairlakescdd.com

Oath of Office
I, 	 a resident of the State of Florida and citizen of the United States of America, and being a Supervisor of the Pine Air Lakes Community Development District and a recipient of public funds on behalf of the District, do hereby solemnly swear or affirm that I will support the Constitution of the United States and of the State of Florida, and will faithfully, honestly and impartially discharge the duties devolving upon me in the office of Supervisor of the Pine Air Lakes Community Development District, 	, Florida.
Signature 	 Mailing Address 	

County of Residence: 	 Telephone #: 	 E-mail: 	 Date: 	

Sworn	to	(or	affirmed)	before	me	this			day	of		,	by
	 whose signature appears hereinabove.

Notary Public State of Florida

Print Name
My Commission expires Personally known 	 or produced identification 	
Type of identification	

MINUTES OF MEETING PINE AIR LAKES
COMMUNITY DEVELOPMENT DISTRICT
The regular meeting of the Board of Supervisors of the Pine Air Lakes Community
Development District was held on Thursday, April 23, 2026, at 2:00 p.m. at 4001 Tamiami Trail N., Suite 300, Naples, Florida.

Present and constituting a quorum were:

Tom Conroy	Chairman
David Stevens	Vice Chairman
Doug Nelson	Assistant Secretary
Wayne Griest	Assistant Secretary
Michael Durant	Assistant Secretary

Also present were:

Andrew Gill	District Manager
Julio Padilla	Governmental Management Services
Greg Urbancic	District Counsel

FIRST ORDER OF BUSINESS	Oath of Office for Newly Elected
Supervisors Elected at the Landowners Meeting – Seat #1, Seat #3 and Seat #4
Mr. Gill: Prior to the meeting I had administered the oath of office for the Supervisors that were elected at the landowners meeting on November 20, 2025, so we can move to the next item.

SECOND ORDER OF BUSINESS	Roll Call
Mr. Gill called the meeting to order and called the roll.

THIRD ORDER OF BUSINESS	Approval of the Minutes of the
November 20, 2025 Meeting
Mr. Gill: Next are the approval of the minutes of the November 20, 2025 meeting and those minutes are included in your packet for your review. Are there any additions, deletions, or corrections? Hearing none, I’ll ask for a motion to approve those.

On MOTION by Mr. Griest seconded by Mr. Nelson with all in favor, the Minutes of the November 20, 2025 Meeting were approved.

FOURTH ORDER OF BUSINESS     Consideration   of   Resolution
#2026-03 Approving the Proposed Fiscal Year 2027 Budget and Setting the Public Hearing
Mr. Gill: Next up is consideration of resolution #2026-03 and this is a resolution to approve the proposed budget for fiscal year 2027. I’ve included in your packet the budget but, I also printed out paper copies for you of that budget. This budget is pretty straight forward and you all are sitting on a nice reserve as well. I believe last year we gave you three options to sort of increase the reserve, leave it the same, or reduce it a bit, this year I’ve provided just a reserve amount to keep the budget balanced. I’ll go back to the various line items which are pretty straight forward but, if you jump down to page 3 of the budget that lays out the reserve allocation which I think is probably the most important part of this budget meeting, so I can walk you through that to see how we arrived at the final estimate of roughly about $418,000 at the end of next fiscal year if you go with this budget within the reserve, and again, this is for no increase for any of the property owners here, it remains flat. Starting off with, if you jump down to, and it’s the middle of the page, it says total unassigned cash estimated, so at the end of this current fiscal year which would be September 30, 2026, you all will have this $130,000 as cash reserves. If you jump down below you can see the beginning balance we have at the beginning of this month which is
$248,000, plus the reserves that were allocated for this fiscal year of $89,000 which brings us up to the $337,000 that we have in the unassigned cash. So taking that amount and then adding the reserve that the accountant has allocated for next fiscal year which is
$81,000 brings you up to $418,000. She had asked, as she was working on this budget and I had worked with her, if there were projects that you all had in mind that you wanted to use the reserves for, or if it was just sort of a rainy day fund, or if something were to come up.
Mr. Conroy: So, the $130,000 is an amount net of what we specifically reserve, the
$337,435 for future capital projects, so that’s just total unassigned cash.
Mr. Gill: Correct.

Mr. Conroy: Ok.
Mr. Griest:  So, we’re down if you compare it to 9/30/26 to 9/30/27 we’re down
$140,000 in cash.
Mr. Gill: In the reserve. Again, that’s keeping the assessments flat here, so I think last year we did a slight increase to buffer up the reserves a bit.
Mr. Conroy: So, just to clarify, I’m going to make sure that Wayne and I are on the same page as to what he’s saying. So, the net changed the fund balance $140,000, I’m on the second line, $140,763, and what does that represents? Did we spend $140,000 in our reserves this past year?
Mr. Gill: We did not, no, let me just figure out what that $140,000 is.
Mr. Conroy: And I guess overall, we started with $417,000, we’re getting another
$89,000 in our budget, and we’re ending with $418,000.
Mr. Gill: Correct.
Mr. Conroy: So we have to have spent some monies, $88,000.
Mr. Gill: When I spoke to the accountant she said you guys were operating at a surplus, just consistently, and so we weren’t touching the reserves this last fiscal year, fiscal year 2026.
Mr. Conroy: I’m not making myself clear and I apologize for that, that’s my fault but, maybe it’s because the beginning fund balance in 2025, and then at the end of 2027, it took 2 years worth of, so maybe this year we didn’t but, maybe last year we spent money, we had to have spent some money because we’re collecting more reserves and we have the same amount of money 2 years later.
Mr. Gill: So, I’ll go back to the budget for fiscal year 2025, and that’s where there was a very large thing, this current fiscal year doesn’t have any expenditures.
Mr. Conroy: Ok, so that’s probably what it was, it was probably the $144,000 or whatever it was, so we’ve had 2 years of collecting $89,000 and we have the same amount of money for 2 years, so we must have spent about $180,000, so it must have probably been in the first year, in 2025. So, I don’t think you have to go back, I think I’m ok now. So, basically at the end of 2027 we’re going to have $418,000 again, so we’re back to neutral where we were 2 years ago.
Mr. Gill: Yes, $418,000.
Mr. Conroy: So, what do you want to do with the budget, just a motion for this?

Mr. Gill: So, if this looks good, and you all aren’t asking to increase assessments, we can lock this in at this maximum and then set the date to come back to adopt the budget, and at that meeting you all can change various line items if you’d like or reduce things, but you can’t increase it.
Mr. Conroy: I’m good with it. Mr. Griest: Yes.
Mr. Gill: Ok, so for dates, we need a 60 day buffer between today’s date which is April 23rd and the next date for the meeting. We have July 23rd or August 27th, the August date is a little bit difficult for me but, would July work for the Board?
Mr. Nelson: Right now it does.
Mr. Gill: We just need three of you to attend in person. Mr. Conroy: So, July what?
Mr. Gill: 23rd.
Mr. Conroy: I’ll be here.
Mr. Urbancic: Can I just make one comment on the budget, and it’s something I was going to give in my report but, it is germane to the budget. There is a bill that’s pending that was passed like the full house and is waiting the Governor’s signature to increase the, we have enjoyed the limited way of our sovereign immunity of $200,000 for individual, and $300,000 per occurrence, and a bill has passed to make it $350,500, so as of October 1st if the Governor signs, I have no reason to thing the Governor is not going to sign it, our liability insurance might go up a little bit staring in the next fiscal year, maybe it won’t be material but, there will probably be some effect in our liability.
Mr. Conroy: Ok.
Mr. Padilla: And if I may, I also may have that road budget but, we don’t know how much it’s going to be to make those repairs, on the service road, we have those potholes that we may need to repair and fix and we don’t know how much that’s going to be.
Mr. Gill: It shouldn’t be more than, we have allotted $81,000 in the reserves that you all, without you going into the $418,000.
Mr. Conroy: Alright.
Mr. Gill: Alright, so if July 23, 2026, and let me just confirm that there’s 60 days between those two dates.
Mr. Padilla: Yes, you have more than 60 days.

Mr. Gill: Yes from today, ok. So, we have resolution #2026-03 approving the proposed fiscal year 2027 budget and setting the public hearing for July 23, 2026 at 2:00
p.m. here in the offices of Coleman, Yovanovich & Koester, the Northern Trust Bank Building, 4001 Tamiami Trail North, Suite 300, Naples, Florida, 34103.

On MOTION by Mr. Conroy seconded by Mr. Nelson with all in favor, Resolution #2026-03 approving the proposed Fiscal Year 2027 Budget and setting the Public Hearing on July 23, 2026 at 2:00 p.m. at 4001 Tamiami Trail North, Suite 300, Naples, Florida was approved.

FIFTH ORDER OF BUSINESS	Staff Reports
Mr. Gill: Moving on to staff reports, anything else for the Board?

Attorney
Mr. Urbancic: No, that was the primary report that I had was regarding that bill, so I didn’t have anything else unless you have questions for me.
Mr. Conroy: No questions.
Mr. Gill: Just to piggyback on that, I’ll send out the ethics training links that’s due at the end of calendar year, it’s the same U-Tube videos and links that I sent before, you don’t need to pay for it unless you want to pay but, it’s not required that you pay, the links I send are free, so I’ll forward those over to the Board but, again, it’s not due until the end of this calendar year. Also you may have received your Form 1 updates, I think.
Mr. Urbancic: At some point they will, I don’t know if they’ve gone out yet but, they’ll get an email right?
Mr. Gill: Yes, so if you have any questions, I’ve helped a number of Board members with those, I can work with you on them.
Engineer
Mr. Gill: Moving to District engineer, nothing for the Board but, if there’s anything you’d like to report to the District engineer, I can convey it to him, otherwise we can move to the next item.

Field Report – Monthly Report
Mr. Gill: Moving on to field report, Julio.

Mr. Padilla: Ok, I only have pretty much three updates regarding the landscape maintenance, the first one, seasonal spring flowers, I wanted to give you an update that’s not completed, the vendor did tell me it was completed, so I jumped the gun and put it in the report. The next day I went out there after the agenda was completed, that they I noticed that they had not installed the new flowers as of yet but, they’re going to be planting those in the 2 weeks, the ones that we have now, they’re holding up. There was an accident on the main road where he wiped the front flower median, and those have been removed so within the next 2 weeks we’ll get new ones, so we don’t need to spend additional money to replace them at this time.
Mr. Nelson: Isn’t that supposed to be handled by the insurance company of the one that created that damage?
Mr. Padilla: Well, that’s what the contractor assumed, that it was an accident but we don’t have any information on it. It looks like a car just ran over them.
Mr. Conroy: And we don’t know who did it. Mr. Padilla: No, we don’t know.
Mr. Nelson: How many dollars worth of plants?
Mr. Padilla: Probably less than $500 which is usually the deductible, if it was more than $500 it would be worth looking into but normally the deductible is $500. Then lake maintenance, Solitude Management, they have really gone down in service, and I’m concerned, but finally they have improved but, if the Board wishes I can look into other companies and see what they can offer and I can bring that back.
Mr. Conroy: Ok.
Mr. Griest: When is their contract up?
Mr. Padilla: It renews annually but, there’s always a clause in the contract if the Board wants to terminate.
Mr. Gill: This is the vendor that came to speak to the Board?
Mr. Padilla: No, this is one that’s been doing the service for the lake.
Mr. Nelson:	This is our second lake company, I remember going through this a couple of years ago.
Mr. Padilla: Ever since I came on board, they have been the same lake company, Solitude Lake Management.
Mr. Nelson: So, maybe just find another quote and they’ll wake up.

Mr. Padilla: We can look into that, and they have lost a lot of contracts in other CDDs that I work with, and that I’m aware of that co-workers work with also.
Mr. Gill: Yes, we switched them out a few times for Southeast Land and Water Management, it’s another lake maintenance vendor that’s been pretty good in my other Disricts but, some things did change with Solitude, and if it’s noticeable so I have at least one other vendor I know we can get proposals from.
Mr. Nelson: Have you talked to them?
Mr. Padilla: Yes, I’ve been tracking it with them, we haven’t been able to connect, I’ve been down here, and they say, oh I forgot I had a meeting today, and I tried meeting with their supervisor, they sent their field person onsite instead. They have improved with some of the lakes but in some other ones they are grasses that they need to kill and there’s hydrilla growing in the one behind the grocery store, the one that’s near the movie theater, the small one, Gordan’s Foods I think it’s called. The other update is regarding the caved in road area, and there’s a company that’s waiting to come out and give us a proposal, they’re in Broward but they’re willing to also work all over the state, I can also see if they can give us a proposal.
Mr. Nelson: I took a guy, we had the first proposal from the asphalt guy that I talked to do the whole thing, and he shot too high, he was going to spend $12,000 to put a camera in it, which is crazy talk. I took two engineers out there and the suggestion was that we hire an engineering firm to do a boring, a couple of borings and that would give us all the information we need, and then we can make a plan. I would recommend that course of action because the original plan was to just dig it up, see what you got, the problem is, you dig it up to see what you got and if you have a pipe you need to order, because they’re a special pipe, you can’t just get it, if it was aluminum or HDP or something else, you could just go grab it an put it in and you’re done but, when it’s concrete stuff it requires sometimes a couple of weeks order type. So, if we soil bore it, we’ll know exactly what’s crushing at what level and then we can tear it up and look at it and I was supposed to send you the name of the engineering firm to do the boring, and I haven’t done that but, that would be monumentally less expensive than hiring somebody to go out there and experiment because the other part is just digging up and doing it, and that’s not that expensive, you rip it up, you dig it, you fix it and you’re done for $12,000.
Mr. Padilla: Right.

Mr. Nelson: But on the concern that we’re going to have somebody like that Onyx guys like, oh it’s going to be $10,000 to look at it, and then $20,000 to fix it, and it’s a
$5,000 problem but, if we get the soil boring we’ll know that.
Mr. Padilla: Ok, thank you.
Mr. Nelson: And unless we need to authorize you to spend a couple of bucks to do that we can give you an authorization up to “X” number of dollars to do a soil boring if you want to do it that way and then we can move forward quicker.
Mr. Conroy: Sounds good.
Mr. Nelson: And this isn’t something, and correct me if I’m wrong, I don’t see an urgency whatsoever for this, it’s a convenience more so, we have some money in the budget that we can fix it, it’s probably something we should do but, there’s no timetable on it that I can see, it’s not falling, I don’t see a life safety issue with it.
Mr. Durant: Where is this?
Mr. Nelson: Right opposite the entrance to the Dodge dealer, so you come in the road, you take a right to the Dodge dealer, if you take a left which there isn’t a left, you’ll see some depression on the asphalt, it just looks like little bumps in the asphalt.
Mr. Gill: But what’s a ballpark figure for soil boring?
Mr. Nelson: I’d authorize $3,000 and you can probably get it done for less than that, about $2,00 or $3,000.
Mr. Gill: Ok, so it would be $3,000 per boring? Mr. Nelson: No that would be the total.
Mr. Gill: Ok, got it. So, just looking for a motion from the Board authorizing management to work with an engineering firm provided by Doug Nelson to perform soil boring not to exceed $3,000.

On MOTION by Mr. Durant seconded by Mr. Nelson with all in favor, authorizing staff to work with the engineering firm provided by Doug Nelson to perform a soil boring located near the Dodge dealership for possible road repairs not to exceed
$3,000 was approved.

Mr. Padilla: Thank you, I don’t have any other updates unless the Board has any questions.

Mr. Durant: Well, I guess the only question I have is, I’m little concerned about what you saw out there.
Mr. Griest: Minus the landscaping issues.
Mr. Durant: But still that’s what you’re handling, right? Mr. Padilla: Yes.
Mr. Durant: That’s the empty lot. Mr. Padilla: Yes.
Mr. Conroy: What’s the problem there? Mr. Durant: The grass is like 3’ high.
Mr. Griest: Right, it’s the grass, it has 3’ or 4’ weeds. Mr. Nelson: That’s actually not our property.
Mr. Padilla: No it’s not.
Mr. Nelson: But we have sent a notice before to get them to jump on it, it’s near a
well.
Mr. Padilla: Yes.
Mr. Conroy: Well, we can send another notice if we have to, we’ve got the right to
make sure that’s maintained.
Mr. Urbancic: Well, we don’t really have jurisdiction over that, I mean it’s his private property, but code enforcement should come out and red tag him.
Mr. Padilla: I’ll take care of that.
Mr. Urbancic: That’s probably the most effective.
Mr. Gill: Anything else for Julio? Not hearing any, we can move on.

Manager – Clarification Regarding Current Seat Numbers and Seat Numbers from November 20,2025 Landowners Election
Mr. Gill: Under the District manager, so a couple of things from me, I gave you the ethics update. I want to clarify on the record for the November meeting, the seats numbers that were mention were incorrect, I think I had mentioned seats #1, #3 and #5 is should have been #1, #3 and #4, so that would include Michael Durant, Tom Conroy and David Stevens.
Mr. Durant: Does this mean we’re signing up again? Mr. Gill: No, you’re on the Board for 4 more years.

Mr. Durant: So, we’re all signed up again?
Mr. Gill: You are all signed up. I don’t have anything else.

SIXTH ORDER OF BUSINESS	Financial Reports
Approval of Check Register
Approval of Unaudited Financials
Mr. Gill: Moving on to financial reports, you’ll see the check register there, along with the unaudited financials through March 31, 2026 for your approval.

On MOTION by Mr. Conroy seconded by Mr. Nelson with all in favor, the Check Register and the unaudited financials were approved.

SEVENTH ORDER OF BUSINESS	Supervisors	Requests	and
Audience Comments
Mr. Gill:	Next is audience comments and Supervisor’s requests.	There are no members of the public present in person or on the phone.

EIGHTH ORDER OF BUSINESS	Adjournment
Mr. Gill: So, I if there are no Supervisor’s requests, I’m just looking for a motion to adjourn.

On MOTION by Mr. Griest seconded by Mr. Durant with all in favor, the Meeting was adjourned.

Secretary /Assistant Secretary	Chairman / Vice Chairman

Although the minutes accurately reflect the discussions, certain comments may not be attributed to the correct speaker. If necessary, a recording is available to confirm speakers.

RESOLUTION 2026-04
[FY 2027 APPROPRIATION RESOLUTION]

THE ANNUAL APPROPRIATION RESOLUTION OF THE PINE AIR LAKES COMMUNITY DEVELOPMENT DISTRICT (“DISTRICT”) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET(S) FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2026, AND ENDING SEPTEMBER 30, 2027; AUTHORIZING BUDGET AMENDMENTS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, for the fiscal year beginning October 1, 2026, and ending September 30, 2027 (“FY 2027”), the District Manager prepared and submitted to the Board of Supervisors (“Board”) of the Pine Air Lakes Community Development District (“District”) prior to June 15, 2026, proposed budget(s) (“Proposed Budget”) along with an explanatory and complete financial plan for each fund of the District, pursuant to the provisions of Section 190.008(2)(a), Florida Statutes; and

WHEREAS, at least sixty (60) days prior to the adoption of the Proposed Budget, the District filed a copy of the Proposed Budget with the local general-purpose government(s) having jurisdiction over the area included in the District pursuant to the provisions of Section 190.008(2)(b), Florida Statutes; and
WHEREAS, the Board set a public hearing on the Proposed Budget and caused notice of such public hearing to be given by publication pursuant to Section 190.008(2)(a), Florida Statutes; and

WHEREAS, the District Manager posted the Proposed Budget on the District’s website in accordance with Section 189.016, Florida Statutes; and

WHEREAS, Section 190.008(2)(a), Florida Statutes, requires that, prior to October 1st of each year, the Board, by passage of the Annual Appropriation Resolution, shall adopt a budget for the ensuing fiscal year and appropriate such sums of money as the Board deems necessary to defray all expenditures of the District during the ensuing fiscal year.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE PINE AIR LAKES COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1. RECITALS

The foregoing recitals are hereby incorporated as findings of fact of the Board.

SECTION 2.  BUDGET

The Proposed Budget, attached hereto as Exhibit A, as amended by the Board, is hereby adopted in accordance with the provisions of Section 190.008(2)(a), Florida Statutes (“Adopted Budget”), and incorporated herein by reference; provided, however, that the comparative figures contained in the Adopted Budget may be subsequently revised as deemed necessary by the District Manager to reflect actual revenues and expenditures.
The Adopted Budget, as amended, shall be maintained in the office of the District Manager and at the District’s Local Records Office and identified as “The Budget for the Pine Air Lakes Community Development District for the Fiscal Year Ending September 30, 2027.”

The Adopted Budget shall be posted by the District Manager on the District’s official website in accordance with Section 189.016, Florida Statutes and shall remain on the website for at least two (2) years.
SECTION 3.  APPROPRIATIONS

There is hereby appropriated out of the revenues of the District, for FY 2027, the sum(s) set forth in Exhibit A to be raised by the levy of assessments and/or otherwise, which sum is deemed by the Board to be necessary to defray all expenditures of the District during said budget year, to be divided and appropriated as set forth in Exhibit A.
SECTION 4.  BUDGET AMENDMENTS
Pursuant to Section 189.016, Florida Statutes, the District at any time within FY 2027 or within 60 days following the end of the FY 2027 may amend its Adopted Budget for that fiscal year as follows:

A line-item appropriation for expenditures within a fund may be decreased or increased by motion of the Board recorded in the minutes, and approving the expenditure, if the total appropriations of the fund do not increase.

The District Manager or Treasurer may approve an expenditure that would increase or decrease a line-item appropriation for expenditures within a fund if the total appropriations of the fund do not increase and if either (i) the aggregate change in the original appropriation item does not exceed the greater of $15,000 or 15% of the original appropriation, or (ii) such expenditure is authorized by separate disbursement or spending resolution.

Any other budget amendments shall be adopted by resolution and consistent with Florida law. The District Manager or Treasurer must ensure that any amendments to the budget under this paragraph c. are posted on the District’s website in accordance with Section 189.016, Florida Statutes, and remain on the website for at least two (2) years.
SECTION 5. EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED THIS 23rd DAY OF July, 2026.
ATTEST:	PINE AIR LAKES COMMUNITY DEVELOPMENT DISTRICT

Secretary / Assistant Secretary	Chair / Vice Chair

Exhibit A:	FY 2027 Budget

Pine Air Lakes

Proposed Budget
Fiscal Year 2027

Presented by:

Table of Contents

1-2

3

4-5

6-7

	General Fund

	Allocation of Reserves

	Budget Narrative

	Debt Service Fund Series 2022

	Adopted Budget	Actuals Through	
Projected Next	Projected Through	Proposed Budget	
Description	Fiscal Year 2026	6/30/26	3 Months
 		9/30/26	Fiscal Year 2027	

REVENUES:						
Special Assessments - Tax Roll Interest Income	$  346,280
13,800	$  347,313
16,585	$	-
3,686	$	347,313
20,271	$	346,280
14,000	
TOTAL REVENUES	$ 360,080	$ 363,898	$	3,686	$ 367,584	$ 360,280	

EXPENDITURES:						
General and Administrative						
Supervisors Fees	$	6,000	$	1,600	$	2,000	$	3,600	$	6,000	
FICA Taxes	459	122	153	275	459	
Engineering	8,000	-	3,500	3,500	8,000	
Arbitrage Calculation	600	600	-	600	600	
Assessment Roll	300	300	-	300	300	
Attorney	8,000	1,758	3,333	5,091	8,000	
Disclosure Report	2,000	1,500	500	2,000	2,000	
Annual Audit	3,700	3,700	-	3,700	3,800	
Trustee Fees	8,345	3,750	-	3,750	4,250	
Management Fees	45,425	34,069	11,356	45,425	48,150	
Website Maintenance	1,500	1,125	375	1,500	1,500	
Postage and Delivery	500	152	67	219	500	
Printing and Binding	750	4	1	5	-	
Insurance General Liability	10,777	8,295	-	8,295	9,125	
Legal Advertising	1,500	626	750	1,376	1,500	
Other Current Charges	1,000	877	292	1,170	1,200	
Office Supplies	200	0	-	0	-	
Dues, Licenses and Subscriptions	175	175	-	175	175	
TOTAL GENERAL AND ADMINISTRATIVE	$  99,230	$  58,653	$	22,328	$	80,981	$	95,559	

Adopted Budget	Actuals Through	
Projected Next	Projected Through	Proposed Budget	
Description	Fiscal Year 2026	6/30/26	3 Months
 		9/30/26	Fiscal Year 2027	

Operations and Maintenance		
Landscape Maintenance	$	72,000	$	38,958	$	24,000	$	62,958	$	72,000	
Preserve Maintenance	5,000	3,650	2,800	6,450	6,800	
Tree Pruning and Replacement	9,500	3,303	6,197	9,500	9,500	
Irrigation Repairs and Maintenance	15,000	10,577	3,526	14,103	15,000	
Annual Plantings	20,000	19,890	-	19,890	20,000	
Electricity	3,000	2,041	1,021	3,062	3,000	
Lake Maintenance	8,341	6,290	2,106	8,395	8,759	
Field Management	26,709	20,032	6,677	26,709	28,311	
Reporting-SFWMD	4,800	3,600	1,200	4,800	4,800	
SFWMD Water Permit Renewal	7,500	-	7,500	7,500	7,500	
Contingency	-	1,550	-	1,550	5,000	
Reserves	89,000	-	89,000	89,000	84,050	
TOTAL OPERATIONS AND MAINTENANCE	$ 260,850	$ 109,891	$	144,026	$ 253,917	$ 264,720	
						
TOTAL EXPENDITURES	$ 360,080	$ 168,544	$	166,354	$ 334,898	$ 360,280	

Other Sources/(Uses)						
Interlocal Transfer In/(Out)	$	-	$	35,706	$	-	$	35,706	$	-	
TOTAL OTHER SOURCES/(USES)	$	-	$  35,706	$	-	$	35,706		
						
EXCESS REVENUES (EXPENDITURES)	$	(0)	$ 231,060	$ (162,668)	$	68,391	$	0	

Exhibit "A" Allocation of Reserves

DESCRIPTION

Beginning Fund Balance - 10/1/25	$	417,291	
Net change in Fund Balance - Fiscal Year 2026	157,391	
Total Funds Available (Estimated) - 9/30/26	574,682	

ALLOCATION OF AVAILABLE FUNDS		
Funding for First Quarter Operating Expenses: (1)	(90,070)	
Reserved for Field Capital Projects / Renewal and Replacement:	(339,812)	
Total Allocation of Available Funds	(429,882)	
		
Total Unassigned Cash (Estimated) - 9/30/26	$	144,800	

Notes		
(1) Represents approximately 3 months of operating expenditures		
RESERVED FOR CAPITAL RESERVES / RENEWAL AND REPLACEMENT		
Beginning Balance - 6/1/26	$	250,812	
Increase of Reserves During Fiscal Year 2026	89,000	
Total Funds Available (Estimated) - 9/30/26	$	339,812	

RESERVED FOR CAPITAL RESERVES / RENEWAL AND REPLACEMENT		
Beginning Balance (Estimated) - 10/1/26	$	339,812	
Increase of Reserves During Fiscal Year 2027	84,050	
Total Funds Available (Estimated) - 9/30/27	$	423,862	

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.

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.

SFWMD Water Permit Renewal
Costs associated with water permit renewal for South Florida Water Management District.
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.

Proposed Budget
Debt Service Series 2022 Special Assessment Refunding Bonds

	Adopted		Actuals				Projected		Proposed	
	Budget		Through	Projected Next		Through		Budget	
Description		Fiscal Year 2026		6/30/26		3 Months		9/30/26		Fiscal Year 2027	

REVENUES:											
Special Assessments - Tax Roll	$	216,298	$	216,359	$	-	$	216,359	$	216,298	
Interest Income		-		5,487		600		6,087		-	
Carry Forward Surplus (1)		106,400		-		109,183		109,183		116,364	
TOTAL REVENUES	$	322,698	$	221,845	$	109,783	$	331,628	$	332,662	

EXPENDITURES:											
Interest - 11/1	$	50,132	$	50,132	$	(0)	$	50,132	$	47,760	
Interest - 5/1		50,132		50,132		(0)		50,132		47,760	
Principal - 5/1		115,000		115,000		-		115,000		120,000	
TOTAL EXPENDITURES	$	215,264	$	215,264	$	(0)	$	215,264	$	215,520	

EXCESS REVENUES (EXPENDITURES)	$	107,434	$	6,581	$	109,783	$	116,364	$	117,142	

(1) Carry Forward is Net of Reserve Requirement						
Interest Due 11/1/27		
$45,285	
										$45,285	

Amortization Schedule
Debt Service Series 2022 Special Assessment Refunding Bonds

Period	Outstanding Balance	Principal	Interest	Total	

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		$	2,205,000  $	788,334	$ 2,778,452	

RESOLUTION 2026-05
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE PINE AIR LAKES COMMUNITY DEVELOPMENT DISTRICT MAKING A DETERMINATION OF BENEFIT AND IMPOSING NON-AD VALOREM SPECIAL ASSESSMENTS FOR FISCAL YEAR 2027; PROVIDING FOR THE COLLECTION AND ENFORCEMENT OF SPECIAL ASSESSMENTS; CERTIFYING AN ASSESSMENT ROLL; PROVIDING FOR AMENDMENTS TO THE ASSESSMENT ROLL; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Pine Air Lakes Community Development District (the “District”) is a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, for the purpose of providing, operating, and maintaining infrastructure improvements, facilities, and services to the lands within the District; and
WHEREAS, the District is located in Collier County, Florida (the “County”); and
WHEREAS, the District has constructed or acquired various infrastructure improvements and provides certain services in accordance with the District’s adopted capital improvement plan and Chapter 190, Florida Statutes; and
WHEREAS, the Board of Supervisors (the “Board”) of the District hereby determines to undertake various operations and maintenance and other activities described in the District’s budget (“Adopted Budget”) for the ﬁscal year beginning October 1, 2026, and ending September 30, 2027 (“Fiscal Year 2027”), attached hereto as Exhibit A and incorporated by reference herein; and
WHEREAS, the District must obtain suﬃcient funds to provide for the operation and maintenance of the services and facilities provided by the District as described in the Adopted Budget; and
WHEREAS, the provision of such services, facilities, and operations is a special and peculiar beneﬁt to lands within the District; and
WHEREAS, Chapter 190, Florida Statutes, provides that the District may impose non-ad valorem special assessments (the “Assessments”) on beneﬁtted lands within the District; and

WHEREAS, it is in the best interests of the District to proceed with the imposition of the Assessments for operations and maintenance in the amount set forth in the Adopted Budget; and
WHEREAS, the District has previously levied an assessment for debt service, which the District desires to collect for Fiscal Year 2027; and
WHEREAS, Chapter 197, Florida Statutes, provides a mechanism pursuant to which such Assessments may be placed on the tax roll and collected by the local tax collector (“Uniform Method”), and the District has previously authorized the use of the Uniform Method by, among other things, entering into agreements with the Property Appraiser and Tax Collector of the County for that purpose; and
WHEREAS, it is in the best interests of the District to adopt the Assessment Roll of the Pine Air Lakes Community Development District (“Assessment Roll”) attached to this Resolution as Exhibit B and incorporated as a material part of this Resolution by this reference, and to certify the Assessment Roll to the County Tax Collector pursuant to the Uniform Method; and
WHEREAS, it is in the best interests of the District to permit the District Manager to amend the Assessment Roll, certiﬁed to the County Tax Collector by this Resolution, as the Property Appraiser updates the property roll for the County, for such time as authorized by Florida law.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE PINE AIR LAKES COMMUNITY DEVELOPMENT DISTRICT:
SECTION 1. RECITALS. The foregoing recitals are hereby incorporated as ﬁndings of
fact of the Board.
SECTION 2. BENEFIT & ALLOCATION FINDINGS. The Board hereby ﬁnds and determines that the provision of the services, facilities, and operations as described in Exhibit A confers a special and peculiar beneﬁt to the lands within the District, which beneﬁt exceeds or equals the cost of the Assessments. The allocation of the Assessments to the specially beneﬁtted lands, as shown in Exhibits A and B, is hereby found to be fair and reasonable.
SECTION 3. ASSESSMENT IMPOSITION. Pursuant to Chapters 190 and 197, Florida Statutes, and using the procedures authorized by Florida law for the levy and collection

of non-ad valorem special assessments, an Assessment for operation and maintenance is hereby imposed and levied on beneﬁtted lands within the District, and in accordance with Exhibits A and B. The lien of the special assessments for operations and maintenance imposed and levied by this Resolution shall be eﬀective upon passage of this Resolution. Moreover, pursuant to Section 197.3632(4), Florida Statutes, the lien amount shall serve as the “maximum rate” authorized by law for operation and maintenance Assessments.
SECTION 4. COLLECTION. The collection of the operation and maintenance special Assessments and previously levied debt service assessments shall be at the same time and in the same manner as County taxes in accordance with the Uniform Method, as indicated on Exhibits A and B. The decision to collect non-ad valorem special assessments by any particular method – e.g., on the tax roll or by direct bill – does not mean that such method will be used to collect such special assessments in future years, and the District reserves the right in its sole discretion to select collection methods in any given year, regardless of past practices.
SECTION 5. ASSESSMENT ROLL. The Assessment Roll, attached to this Resolution as Exhibit B, is hereby certiﬁed to the County Tax Collector and shall be collected by the County Tax Collector in the same manner and time as County taxes. The proceeds therefrom shall be paid to the District.
SECTION 6. ASSESSMENT ROLL AMENDMENT. The District Manager shall keep apprised of all updates made to the County property roll by the Property Appraiser after the date of this Resolution and shall amend the Assessment Roll in accordance with any such updates, for such time as authorized by Florida law, to the County property roll. After any amendment of the Assessment Roll, the District Manager shall ﬁle the updates in the District records.
SECTION 7. SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not aﬀect the validity or enforceability of the remaining portions of this Resolution, or any part thereof.
SECTION 8. EFFECTIVE DATE. This Resolution shall take eﬀect upon the passage and
adoption of this Resolution by the Board.
PASSED AND ADOPTED this 23rd day of July 2026.

ATTEST:	PINE	AIR	LAKES	COMMUNITY DEVELOPMENT DISTRICT

By:	
Secretary/Assistant Secretary	Chair / Vice Chair

Exhibit A:	Adopted Budget for Fiscal Year 2027
Exhibit B:	Assessment Roll

Pine Air Lakes

Proposed Budget
Fiscal Year 2027

Presented by:

Table of Contents

1-2

3

4-5

6-7

	General Fund

	Allocation of Reserves

	Budget Narrative

	Debt Service Fund Series 2022

	Adopted Budget	Actuals Through	
Projected Next	Projected Through	Proposed Budget	
Description	Fiscal Year 2026	6/30/26	3 Months
 		9/30/26	Fiscal Year 2027	

REVENUES:						
Special Assessments - Tax Roll Interest Income	$  346,280
13,800	$  347,313
16,585	$	-
3,686	$	347,313
20,271	$	346,280
14,000	
TOTAL REVENUES	$ 360,080	$ 363,898	$	3,686	$ 367,584	$ 360,280	

EXPENDITURES:						
General and Administrative						
Supervisors Fees	$	6,000	$	1,600	$	2,000	$	3,600	$	6,000	
FICA Taxes	459	122	153	275	459	
Engineering	8,000	-	3,500	3,500	8,000	
Arbitrage Calculation	600	600	-	600	600	
Assessment Roll	300	300	-	300	300	
Attorney	8,000	1,758	3,333	5,091	8,000	
Disclosure Report	2,000	1,500	500	2,000	2,000	
Annual Audit	3,700	3,700	-	3,700	3,800	
Trustee Fees	8,345	3,750	-	3,750	4,250	
Management Fees	45,425	34,069	11,356	45,425	48,150	
Website Maintenance	1,500	1,125	375	1,500	1,500	
Postage and Delivery	500	152	67	219	500	
Printing and Binding	750	4	1	5	-	
Insurance General Liability	10,777	8,295	-	8,295	9,125	
Legal Advertising	1,500	626	750	1,376	1,500	
Other Current Charges	1,000	877	292	1,170	1,200	
Office Supplies	200	0	-	0	-	
Dues, Licenses and Subscriptions	175	175	-	175	175	
TOTAL GENERAL AND ADMINISTRATIVE	$  99,230	$  58,653	$	22,328	$	80,981	$	95,559	

Adopted Budget	Actuals Through	
Projected Next	Projected Through	Proposed Budget	
Description	Fiscal Year 2026	6/30/26	3 Months
 		9/30/26	Fiscal Year 2027	

Operations and Maintenance		
Landscape Maintenance	$	72,000	$	38,958	$	24,000	$	62,958	$	72,000	
Preserve Maintenance	5,000	3,650	2,800	6,450	6,800	
Tree Pruning and Replacement	9,500	3,303	6,197	9,500	9,500	
Irrigation Repairs and Maintenance	15,000	10,577	3,526	14,103	15,000	
Annual Plantings	20,000	19,890	-	19,890	20,000	
Electricity	3,000	2,041	1,021	3,062	3,000	
Lake Maintenance	8,341	6,290	2,106	8,395	8,759	
Field Management	26,709	20,032	6,677	26,709	28,311	
Reporting-SFWMD	4,800	3,600	1,200	4,800	4,800	
SFWMD Water Permit Renewal	7,500	-	7,500	7,500	7,500	
Contingency	-	1,550	-	1,550	5,000	
Reserves	89,000	-	89,000	89,000	84,050	
TOTAL OPERATIONS AND MAINTENANCE	$ 260,850	$ 109,891	$	144,026	$ 253,917	$ 264,720	
						
TOTAL EXPENDITURES	$ 360,080	$ 168,544	$	166,354	$ 334,898	$ 360,280	

Other Sources/(Uses)						
Interlocal Transfer In/(Out)	$	-	$	35,706	$	-	$	35,706	$	-	
TOTAL OTHER SOURCES/(USES)	$	-	$  35,706	$	-	$	35,706		
						
EXCESS REVENUES (EXPENDITURES)	$	(0)	$ 231,060	$ (162,668)	$	68,391	$	0	

Exhibit "A" Allocation of Reserves

DESCRIPTION

Beginning Fund Balance - 10/1/25	$	417,291	
Net change in Fund Balance - Fiscal Year 2026	157,391	
Total Funds Available (Estimated) - 9/30/26	574,682	

ALLOCATION OF AVAILABLE FUNDS		
Funding for First Quarter Operating Expenses: (1)	(90,070)	
Reserved for Field Capital Projects / Renewal and Replacement:	(339,812)	
Total Allocation of Available Funds	(429,882)	
		
Total Unassigned Cash (Estimated) - 9/30/26	$	144,800	

Notes		
(1) Represents approximately 3 months of operating expenditures		
RESERVED FOR CAPITAL RESERVES / RENEWAL AND REPLACEMENT		
Beginning Balance - 6/1/26	$	250,812	
Increase of Reserves During Fiscal Year 2026	89,000	
Total Funds Available (Estimated) - 9/30/26	$	339,812	

RESERVED FOR CAPITAL RESERVES / RENEWAL AND REPLACEMENT		
Beginning Balance (Estimated) - 10/1/26	$	339,812	
Increase of Reserves During Fiscal Year 2027	84,050	
Total Funds Available (Estimated) - 9/30/27	$	423,862	

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.

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.

SFWMD Water Permit Renewal
Costs associated with water permit renewal for South Florida Water Management District.
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.

Proposed Budget
Debt Service Series 2022 Special Assessment Refunding Bonds

	Adopted		Actuals				Projected		Proposed	
	Budget		Through	Projected Next		Through		Budget	
Description		Fiscal Year 2026		6/30/26		3 Months		9/30/26		Fiscal Year 2027	

REVENUES:											
Special Assessments - Tax Roll	$	216,298	$	216,359	$	-	$	216,359	$	216,298	
Interest Income		-		5,487		600		6,087		-	
Carry Forward Surplus (1)		106,400		-		109,183		109,183		116,364	
TOTAL REVENUES	$	322,698	$	221,845	$	109,783	$	331,628	$	332,662	

EXPENDITURES:											
Interest - 11/1	$	50,132	$	50,132	$	(0)	$	50,132	$	47,760	
Interest - 5/1		50,132		50,132		(0)		50,132		47,760	
Principal - 5/1		115,000		115,000		-		115,000		120,000	
TOTAL EXPENDITURES	$	215,264	$	215,264	$	(0)	$	215,264	$	215,520	

EXCESS REVENUES (EXPENDITURES)	$	107,434	$	6,581	$	109,783	$	116,364	$	117,142	

(1) Carry Forward is Net of Reserve Requirement						
Interest Due 11/1/27		
$45,285	
										$45,285	

Amortization Schedule
Debt Service Series 2022 Special Assessment Refunding Bonds

Period	Outstanding Balance	Principal	Interest	Total	

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		$	2,205,000  $	788,334	$ 2,778,452	

Exhibit B	

Folio	

Description		
Annual Maintenance Assessment*	

Series 2022 Annual Debt Service
Assessment *	
2026 Tax Year Total Annual Assessment*	
60680980014	COLLIER CNTY		$0.00		$0.00	
60680980043	TT OF LAKE SHORE INC	Motor Condos at Naples Blvd Lot 2 B	$3,108.29		$3,108.29	
61540000020	HAROLD B BOND REV TRUST	Naples Blvd Motor Condos UNIT 101	$1,919.56		$1,919.56	
61540000046	BRINKER STORAGE CONDO LLC	Naples Blvd Motor Condos UNIT 102	$630.35		$630.35	
61540000062	PADDOCK AUTOS OF NAPLES LLC	Naples Blvd Motor Condos UNIT 103	$630.35		$630.35	
61540000088	CLIFFORD LAW OFFICES PC	Naples Blvd Motor Condos UNIT 104	$630.35		$630.35	
61540000101	ROBERT W MCDONALD TRUST	Naples Blvd Motor Condos UNIT 105	$630.35		$630.35	
61540000127	ANFIELD SPORTS LLC	Naples Blvd Motor Condos UNIT 106	$630.35		$630.35	
61540000143	CASH L MASTERS REV TRUST	Naples Blvd Motor Condos UNIT 107	$630.35		$630.35	
61540000169	2024 NBMC #108 COMMUNITY	Naples Blvd Motor Condos UNIT 108	$630.35		$630.35	
61540000185	BSW PROPERTIES LLC	Naples Blvd Motor Condos UNIT 109	$568.23		$568.23	
61540000208	TENSOR PROPERTIES LLC	Naples Blvd Motor Condos UNIT 201	$806.12		$806.12	
61540000224	DIANE E BRUERE 2020 IRRV TRUST	Naples Blvd Motor CondosUNIT 202	$630.35		$630.35	
61540000240	BOS GROUP HOLDINGS LLC	Naples Blvd Motor Condos UNIT 203	$630.35		$630.35	
61540000266	ANN M FAGAN REVOCABLE TRUST	Naples Blvd Motor CondosUNIT 204	$630.35		$630.35	
61540000282	MERLOT JR, VINCENT J & LORI A	Naples Blvd Motor CondosUNIT 205	$630.35		$630.35	
61540000305	BENTLEY, BARRY J	Naples Blvd Motor CondosUNIT 206	$630.35		$630.35	
61540000321	BENTLEY, BARRY J	Naples Blvd Motor CondosUNIT 207	$630.35		$630.35	
61540000347	BENTLEY, BARRY J	Naples Blvd Motor CondosUNIT 208	$630.35		$630.35	
61540000363	BENTLEY, BARRY J	Naples Blvd Motor Condos UNIT 209	$630.35		$630.35	
61560000026	STROHL INVESTMENTS II LLC		$0.00		$0.00	
61560000042	NAPLES DSG LLC	Naples Center Village Tr 1	$31,791.31	$88,965.37	$120,756.68	
61560000068	STROHL INVESTMENTS II LLC	Naples Center Village Tr 2	$2,852.45	$7,982.42	$10,834.87	
61560000084	CAMELOT OF NAPLES LLC	Naples Center Village Tr 3	$8,189.38	$22,917.27	$31,106.65	
62014000021	TT OF LAKE SHORE INC	Naples Infinity-Volvo Lot 1	$17,022.87		$17,022.87	
62014000047	TT OF BONITA SPRINGS INC	Naples Infinity-Volvo Lot 2	$10,970.29		$10,970.29	
66760000012	COLLIER CNTY				$0.00	
66760000025	NAPLES ASSOC LTD PARTNERSHIP				$0.00	
66760000478	REALTY INCOME CORPORATION	unit 1, parcel 1A	$23,387.02		$23,387.02	
66760001752	LOWES HOME CENTERS INC	unit 1	$43,903.06		$43,903.06	
66760001820	B-1 PROPERTY MANAGEMENT LLLP	unit 1, parcel 4	$4,936.49		$4,936.49	
66760002065	PINE AIR LAKES COMMUNITY				$0.00	
66760002104	SHELBOURNE TOWERS LP	unit 2, parcel 5	$3,882.61		$3,882.61	
66760002120	SHELBOURNE TOWERS LP	unit 2, parcel 6	$3,882.61		$3,882.61	
66760002162	COSTCO WHOLESALE CORP	unit 2, parcel 8	$50,634.37		$50,634.37	
66760010015	PINE AIR LAKES COMMUNITY				$0.00	
66760010028	PINE AIR LAKES COMMUNITY				$0.00	
66760010044	KOHL'S DEPARTMENT STORES INC	Unit 3	$35,178.47	$97,520.31	$132,698.78	
66760010060	6329 FAMILY LIM/PARTNERSHIP	unit 3, portion lot 1	$10,779.96		$10,779.96	
66760010141	BEST BUY STORES LP	unit , lot 2	$16,505.76		$16,505.76	
66760010248	JTC HOLDINGS/STAPLES LLC	unit 3, lot 3	$7,695.06		$7,695.06	
66760010280	JTC/JLM GALAXY PLAZA LLC	unit 3, lot 4	$6,577.60	$15,255.91	$21,833.51	
66760010303	NEAPOLITAN CAR WASH PROPERTY LLC	unit 3, lot 5	$3,288.80		$3,288.80	
66760011027	PINE AIR LAKES CMNTY DEV DIST				$0.00	
66760011221	SEG REAL ESTATE HOLDINGS LLC	unit 4, lot 2	$1,906.03		$1,906.03	
66760011289	PINE AIR LAKES CMNTY DEV DIST				$0.00	
66760011302	PINE AIR LAKES CMNTY DEV DIST				$0.00	
66760012026	GLL SELECTION II FLORIDA LP	unit 5, tract A	$54,240.72		$54,240.72	
66760012521	GLL SELECTION II FLORIDA LP	unit 5, lot 1	$0.00		$0.00	
66760012628	GLL SELECTION II FLORIDA LP	unit 5, lot 2	$1,614.44		$1,614.44	
66760012725	GLL SELECTION II FLORIDA LP	unit 5, lot 3	$1,562.91		$1,562.91	
66760012822	GLL SELECTION II FLORIDA LP	unit 5, lot 4	$1,545.37		$1,545.37	
66760012929	MJB REAL SWEET DREAMS LLC	unit 5, lot 5	$1,534.77	$564.25	$2,099.02	
66760013025	SUTTON PLACE INVESTORS LLC	unit 6, lot 1	$8,735.78		$8,735.78	
66760013038	BOULEVARD SHOPPES II LLC		$5,881.11		$5,881.11	
			374,356.76	233,205.53	607,562.29	
* Assessment are grossed up tp cover early payment discount and Collier County collection fees, currently 7.5%	

April 30, 2026

To the Board of Supervisors
Pine Air Lakes Community Development District Collier County, Florida

1001 Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

We have audited the financial statements of Pine Air Lakes Community Development District (“District”) as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated April 30, 2026. Professional standards require that we advise you of the following matters relating to our audit.
We have also examined the District’s compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2025 which was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.

Our Responsibility in Relation to the Financial Statement Audit

Our responsibility, as described by professional standards, is to form and express an opinion(s) about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your respective responsibilities.

Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, as part of our audit, we considered the internal control of the District solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control.
We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process.

However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.
Any findings regarding significant deficiencies or material weaknesses in internal control over financial reporting, material noncompliance, or other matters noted during our audit, if any, are communicated in separate reports included in the District’s financial report—titled Independent Auditor’s Report on Internal Control Over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida.

Planned Scope and Timing of the Audit

We conducted our audit consistent with the planned scope and timing we previously communicated to you.
Compliance with All Ethics Requirements Regarding Independence

The engagement team, others in our firm, as appropriate, and our firm, have complied with all relevant ethical requirements regarding independence.

With respect to financial statement preparation, the following safeguards are in place:
Management made all decisions and performed all management functions;
A competent individual was assigned to oversee the services;
Management evaluated the adequacy of the services performed;
Management evaluated and accepted responsibility for the result of the service performed; and
Management established and maintained internal controls, including monitoring ongoing activities.

Qualitative Aspects of the Entity’s Significant Accounting Practices

Significant Accounting Policies
Management is responsible for selecting and applying appropriate accounting policies. A summary of the significant accounting policies adopted by the District is included in Note 2 to the financial statements. There were no new accounting policies adopted and no changes in existing significant accounting policies or their application during the fiscal year, other than those described in Note 2, if any. No matters came to our attention that, under professional standards, we are required to inform you about concerning (1) the methods used to account for significant unusual transactions or (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.

Significant Accounting Estimates

Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s current judgments. Those judgments normally reflect management’s knowledge and experience about past and current events and assumptions about future events.

Certain accounting estimates, if present, may be particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them could differ markedly from management’s current judgments.

In connection with our audit, we considered the reasonableness of the accounting estimates used by management. The most sensitive accounting estimate(s) affecting the financial statements included, as applicable:

Management’s estimate of the useful lives of capital assets.
Management’s estimate of the liability for employee compensated absences.
Management’s estimate of the Net Other Post-Employment Benefits (OPEB) liability.
Management’s estimate of the Net Pension Liability.

If none of the above estimates or other sensitive estimates were applicable in the current year, this section should be read to indicate that no such significant accounting estimates were identified.

We evaluated the key factors and assumptions used by management to develop the estimate(s) and determined that they were reasonable in relation to the financial statements taken as a whole.

Financial Statement Disclosures

Certain financial statement disclosures involve significant judgment and are particularly sensitive because of their significance to financial statement users. The most sensitive disclosures affecting the District’s financial statements included, as applicable:

Long-term liabilities related to bonds payable and debt service requirements.
Litigation, claims, and assessments related to pending legal matters; and
Pension and Other Post-Employment Benefit (OPEB) plan disclosures.
If no such disclosures were identified for the current year, this section should be read to indicate that we did not note any financial statement disclosures involving significant judgment or sensitivity.

Circumstances Affecting the Auditor’s Report

Professional standards require us to communicate any circumstances that affect the form or content of our auditor’s report. If applicable, such circumstances—such as a modification of opinion, an emphasis-of-matter or other-matter paragraph, or a reference to substantial doubt about the District’s ability to continue as a going concern—are described in our auditor’s report included in the District’s financial report. If no such circumstances existed, this section should be read to indicate that our report was unmodified.

Significant Difficulties Encountered during the Audit
We encountered no significant difficulties in dealing with management relating to the performance of the audit.

Corrected Misstatements
Professional standards require us to communicate all material misstatements identified and corrected during the audit. Management has corrected all misstatements that were identified as a result of our audit procedures. Any such audit adjustments, if applicable, are summarized in the accompanying schedule of journal entries. If none were identified, this section should be read to indicate that we did not note any misstatements that were material, individually or in the aggregate, to the financial statements taken as a whole.

Disagreements with Management

For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the Districts’s financial statements or the auditor’s report. No such disagreements arose during the course of the audit.

Representations Requested from Management
Professional standards require that we obtain certain written representations from management as part of our audit. We have received such representations in a letter. A copy of this letter is available for your review upon request.

Management’s Consultations with Other Accountants

In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters.
Other Significant Matters, Findings, or Issues

In the normal course of our professional association with the District, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, significant events or transactions that occurred during the year, operating and regulatory conditions affecting the entity, and operational plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the District’s auditors.

As noted previously in this letter, any current-year findings identified during our audit are communicated in our separate reports titled Independent Auditor’s Report on Internal Control Over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida. If no findings were identified, this section should be read to indicate that we did not note any additional significant matters or findings requiring communication to those charged with governance.

This report is intended solely for the information and use of the Board of Supervisors and management of the District and is not intended to be and should not be used by anyone other than these specified parties.

Grau & Associates

PINE AIR LAKES COMMUNITY DEVELOPMENT DISTRICT
COLLIER COUNTY, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

PINE AIR LAKES COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA

TABLE OF CONTENTS

	  Page		
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-6	
BASIC FINANCIAL STATEMENTS		
Government-Wide Financial Statements:		
Statement of Net Position	7	
Statement of Activities	8	
Fund Financial Statements:		
Balance Sheet – Governmental Funds	9	
Reconciliation of the Balance Sheet – Governmental Funds		
to the Statement of Net Position	10	
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds	
11	
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities	
12	
Notes to the Financial Statements	13-21	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balances –
Budget and Actual – General Fund	
22	
Notes to Required Supplementary Information	23	
OTHER INFORMATION		
Data Elements Required by Florida Statute 218.39(3)(c)	24	
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	

25-26	
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	

27	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
28-29	

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors
Pine Air Lakes Community Development District Collier County, Florida

1001 W. Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities and each major fund of Pine Air Lakes Community Development District, Collier County, Florida (“District”) as of and for the fiscal year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2025, and the respective changes in financial position thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
The District’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information Included in the Financial Report
Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with FL Statute 218.39 (3) (c) but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated April 30, 2026, on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

April 30, 2026

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Pine Air Lakes Community Development District, Collier County, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2025. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

FINANCIAL HIGHLIGHTS

The assets plus deferred outflows of resources of the District exceeded its liabilities at the close of the most recent fiscal year resulting in a net position balance of $8,184,509.

The change in the District’s total net position in comparison with the prior fiscal year was $718,939, an increase. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2025, the District’s governmental funds reported combined ending fund balances of
$588,498, a decrease of ($255,917) in comparison with the prior fiscal year. A portion of fund balance is non-spendable for prepaid items and deposits, restricted for debt service, assigned to maintenance reserves, and the remainder is unassigned fund balance which is available for spending at the District’s discretion.
OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as the introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Government-Wide Financial Statements

The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.
The statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.
The government-wide financial statements include all governmental activities that are principally supported by special assessment revenues. The District does not have any business-type activities. The governmental activities of the District include the general government (management) and maintenance functions.

Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental funds.

OVERVIEW OF FINANCIAL STATEMENTS (Continued)
Governmental Funds

Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains two governmental funds for external reporting. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund and debt service fund which are considered major funds.
The District adopts an annual appropriated budget for its general fund. A budgetary comparison schedule has been provided for the general fund to demonstrate compliance with the budget.
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, assets plus deferred outflows of resources exceeded liabilities at the close of the most recent fiscal year.

Key components of the District’s net position are reflected in the following table:

NET POSITION SEPTEMBER 30,
	2025	2024	

Current and other assets

$	594,426  $

852,952

Capital assets, net of depreciation				9,841,109		9,843,918  Total assets			10,435,535	10,696,870  Deferred outflows of resources					1,679			11,718 
Current liabilities	47,705	63,018
Long-term liabilities		2,205,000	3,180,000 
Total liabilities		2,252,705	3,243,018  Net position
Net investment in capital assets	7,637,788	6,675,636
Restricted	129,430	520,232
Unrestricted		417,291	269,702 
Total net position	 $	8,184,509  $  7,465,570 

The District’s net position reflects its investment in capital assets (e.g. land, land improvements, and infrastructure); less any related debt used to acquire those assets that is still outstanding. These assets are used to provide services to residents; consequently, these assets are not available for future spending. Although the District’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

The restricted portion of the District’s net position represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the District’s other obligations.

The District’s net position increased during the most recent fiscal year. The majority of the increase represents the extent to which ongoing program revenues exceeded the cost of operations and depreciation expense.

Key elements of the change in net position are reflected in the following table:

CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
2025	2024

Revenues:
Program revenues
Charges for services	$	1,035,998	$	916,909	
Operating grants and contributions	27,627	32,127	
General revenues	
Unrestricted investment earnings	17,117	17,677	
Total revenues	1,080,742	966,713	
Expenses:	
General government	78,277	86,889	
Maintenance and operations	150,173	275,814	
Interest on long-term debt	132,853	150,494	
Bond issue costs	500	-	
Total expenses	361,803	513,197	
Change in net position	718,939	453,516	
Net position - beginning	7,465,570	7,012,054	
Net position - ending	$	8,184,509	$  7,465,570	
As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2025, was $361,803. The costs of the district’s activities were funded primarily by program revenues. As in the prior fiscal year, program revenues are comprised primarily of assessments and interest earnings. In total, expenses decreased from the prior year mainly because of a decrease in repairs and maintenance expenses in the current year.
GENERAL BUDGETING HIGHLIGHTS

An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

Capital Assets

At September 30, 2025, the District had $10,466,905 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $625,796 has been taken, which resulted in a net book value of $9,841,109. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt

At September 30, 2025, the District had $2,205,000 in Bonds outstanding for its governmental activities. More detailed information about the District’s capital debt is presented in the notes of the financial statements.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS

The District does not anticipate any major projects or significant changes to its infrastructure maintenance program for the subsequent fiscal year. In addition, it is anticipated that the general operations of the District will remain fairly constant.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT

This financial report is designed to provide our citizens, landowners, customers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the Pine Air Lakes Community Development District’s Finance Department at 5385 N. Nob Hill Road, Sunrise, Florida 33351.

PINE AIR LAKES COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2025

	Governmental
	Activities		
ASSETS		
Cash	$	126,549	
Investments	280,573	
Assessments receivable	11,534	
Prepaid items and deposits	12,132	
Restricted assets:		
Investments	163,638	
Capital assets:		
Nondepreciable	9,822,938	
Depreciable, net		18,171 	
Total assets		10,435,535 	

DEFERRED OUTFLOWS OF RESOURCES
Deferred charge on refunding (debit)		1,679 
Total deferred outflows of resources		1,679 

LIABILITIES		
Accounts payable	5,928	
Accrued interest payable	41,777	
Non-current liabilities:		
Due within one year	115,000	
Due in more than one year		2,090,000 	
Total liabilities		2,252,705 	

NET POSITION		
Net investment in capital assets	7,637,788	
Restricted for debt service	129,430	
Unrestricted		417,291 	
Total net position	 $	8,184,509 	

See notes to the financial statements

PINE AIR LAKES COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Net (Expense) Revenue and Changes in Net
   Program Revenues	Position  Operating

Charges for

Grants and

Governmental

Functions/Programs		Expenses	Services	contributions	Activities	 Primary government:
Governmental activities:

General government

$	78,277	$

78,277	$	-	$	-

Maintenance and operations	150,173	277,836	-	127,663	
Interest on long-term debt	132,853	679,885	27,627	574,659	
Other costs			500		-		-		(500)  Total governmental activities		361,803	1,035,998	27,627	701,822 

General revenues:
Unrestricted investment earnings		17,117 	
Total general revenues		17,117 	
Change in net position		718,939 	
Net position - beginning		7,465,570 	
Net position - ending	 $	8,184,509 	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2025

	Major Funds	

Total Governmental

General

Debt Service

Funds

ASSETS		
Cash	$	126,549	$	-	$	126,549	
Investments	280,573	163,638	444,211	
Due from other funds	-	7,569	7,569	
Assessments receivable	11,534	-	11,534	
Prepaid items and deposits	12,132	-	12,132	
Total assets	$	430,788	$	171,207	$	601,995	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	5,928	$	-	$	5,928	
Due to other funds	7,569	-	7,569	
Total liabilities	13,497	-	13,497	

Fund balances:
Nonspendable:
Prepaid items and deposits	12,132	-	12,132	
Restricted for:				
Debt service	-	171,207	171,207	
Assigned to:	
Maintenance reserves	243,542	-	243,542	
Unassigned	161,617	-	161,617	
Total fund balances	417,291	171,207	588,498	

Total liabilities and fund balances	
$	430,788	
$	171,207	
$	601,995	

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET – GOVERNMENTAL FUNDS	
TO THE STATEMENT OF NET POSITION	
GOVERNMENTAL FUNDS SEPTEMBER 30, 2025

Fund balance - governmental funds
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in the governmental funds. The statement of net position includes those capital assets, net of accumulated depreciation, in the assets of the government as a whole.

$	588,498

Cost of capital assets	10,466,905		
Accumulated depreciation		(625,796) 	9,841,109	
Deferred charges on refunding of long-term debt are shown as deferred outflows of resources in the government-wide financial statements; however, this amount is expensed in the governmental fund financial statements.		

1,679	
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund statements. All liabilities, both current and long-term, are reported in the government-wide financial statements.
Accrued interest payable	

(41,777)		
Bonds payable		(2,205,000)	(2,246,777) 
Net position of governmental activities	 $	8,184,509 

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

	Major Funds	

Total Governmental

	General	Debt Service	Funds	
REVENUES
Assessments	
$	356,113	
$	679,885	
$	1,035,998	
Interest	17,117	27,627	44,744	
Total revenues	373,230	707,512	1,080,742	

EXPENDITURES
Current:
General government	78,277	-	78,277	
Maintenance and operations	147,364	-	147,364	
Debt service:
Principal	
-	
975,000	
975,000	
Interest	-	135,518	135,518	
Other costs	-	500	500	
Total expenditures	225,641	1,111,018	1,336,659	

Excess (deficiency) of revenues over (under) expenditures	

147,589	

(403,506)	

(255,917)	
Fund balances - beginning	269,702	574,713	844,415	

Fund balances - ending	
$	417,291	
$	171,207	
$	588,498	

See notes to the financial statements

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Net change in fund balances - total governmental funds
Amounts reported for governmental activities in the statement of activities are

$	(255,917)

different because:		
Depreciation on capital assets is not recognized in the governmental fund financial statements, but is reported as an expense in the statement of activities.	

(2,809)	
Repayment of long-term liabilities are reported as expenditures in the governmental fund financial statements, but such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities.	

975,000	
Amortization of the deferred charge on refunding is not recognized in the governmental fund financial statements, but is reported as an expense in the statement of activities.	

(10,039)	
The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities but not in the governmental fund financial statements.	

	12,704 	
Change in net position of governmental activities	 $	718,939 	

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

Pine Air Lakes Community Development District ("the District") was created on August 6, 2001 pursuant to Collier County Ordinance #01-44, under the "Uniform Community Development District Act of 1980", otherwise known as Chapter 190, Florida Statutes. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue Bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.

The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.
The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected by the owners of the property within the District. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes.
The Board has the final responsibility for:
Assessing and levying assessments.
Approving budgets.
Exercising control over facilities and properties.
Controlling the use of funds generated by the District.
Approving the hiring and firing of key personnel.
Financing improvements.

The financial statements were prepared in accordance with Governmental Accounting Standards Board (“GASB”) Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District is considered to be financially accountable and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment. (Operating-type special assessments for maintenance and debt service are treated as charges for services.); and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.

Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and similar items are to be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.

Assessments
Assessments are non-ad valorem assessments on benefitted property within the District. Operating and Maintenance Assessments are based upon adopted budget and levied annually at a public hearing of the District. Debt Service Assessments are levied when Bonds are issued and assessed and collected on an annual basis. The District may collect assessments directly or utilize the uniform method of collection (Chapter 197.3632, Florida Statutes). Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed by County Tax Collector on November 1 and due on or before March 31 of each year. Property owners may prepay a portion or all of the Debt Service Assessments on their property subject to various provisions in the Bond documents.

Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

The District reports the following major governmental funds:

General Fund
The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.
Debt Service Fund
The debt service funds are used to account for the accumulation of resources for the annual payment of principal and interest on debt.
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements.

When both restricted and unrestricted resources are available for use, it is the government’s policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.
Assets, Liabilities and Net Position or Equity

Restricted Assets
These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions.
Deposits and Investments
The District’s cash and cash equivalents are considered to be cash on hand and demand deposits (interest and non-interest bearing).

Deposits and Investments (Continued)
The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:

The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.
The State Board of Administration’s (“SBA”) Local Government Surplus Funds Trust Fund (“Florida PRIME”) is a “2a-7 like” pool. A “2a-7 like” pool is an external investment pool that is not registered with the Securities and Exchange Commission (“SEC”) as an investment company, but nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC’s Rule 2a-7 of the Investment Company Act of 1940, which comprises the rules governing money market funds. Thus, the pool operates essentially as a money market fund. The District has reported its investment in Florida PRIME at amortized cost for financial reporting purposes.

Securities listed in paragraphs c and d shall be invested to provide sufficient liquidity to pay obligations as they come due

The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.

Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.
Capital Assets
Capital assets which include property, plant and equipment, intangible assets and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the government activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets’ lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:
Assets	Years	
Infrastructure	20	
Improvements other than buildings	20	
Equipment	10	

Capital Assets (Continued)
In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.
Refundings of Debt
For current refundings and advance refundings resulting in the defeasance of debt, the difference between the reacquisition price and the net carrying amount of the old debt is reported as a deferred outflow of resources and recognized ratably as a component of interest expense over the remaining life of the old debt or the life of the new debt, whichever is shorter. In connection with the refunding, $10,039 was recognized as a component of interest expense in the current fiscal year.

Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned.

Long-Term Obligations
In the government-wide financial statements long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond issuance costs are expensed when incurred.

In the fund financial statements, governmental fund types recognize premiums and discounts, as well as issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.

In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.

Fund Equity/Net Position
In the fund financial statements, governmental funds report nonspendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.

Fund Equity/Net Position (Continued)
The District can establish limitations on the use of fund balance as follows:

Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.
Assigned fund balance – Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.

The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.
Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.

Other Disclosures
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

NOTE 3 – BUDGETARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year-end.

The District follows these procedures in establishing the budgetary data reflected in the financial statements.

Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
Public hearings are conducted to obtain comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriation for annually budgeted funds lapse at the end of the year.

The District’s cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.

Investments
The District’s investments were held as follows at September 30, 2025:

Investment in Local Government Surplus

  Amortized Cost	Credit Risk	Maturities	
Weighted Average Maturity:

Funds Trust Fund (Florida PRIME)
First American Government Obligation Fund	$	280,573	S&P AAAm	47 days
Weighted Average Maturity:	
Class Z	35,071	S&P AAAm	45 days	

Fidelity Government Portfolio	
	128,567 	
S&P AAAm	Weighted Average Maturity: 34 days	
	 $	444,211 			

Credit risk – For investments, credit risk is generally the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments.

Concentration risk – The District places no limit on the amount the District may invest in any one issuer.

Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates.
However, the Bond Indentures limit the type of investments held using unspent proceeds.

Fair Value Measurement – When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with GASB Statements. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques.

These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
Level 1: Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
Level 3: Investments whose inputs are unobservable.

The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.

NOTE 4 – DEPOSITS AND INVESTMENTS (Continued)

Investments (Continued)
Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. For external investment pools that qualify to be measured at amortized cost, the pool’s participants should also measure their investments in that external investment pool at amortized cost for financial reporting purposes. Accordingly, the District’s investments have been reported at amortized cost above.

External Investment Pool – With regard to redemption gates, Chapter 218.409(8)(a), Florida Statutes, states that “The principal, and any part thereof, of each account constituting the trust fund is subject to payment at any time from the moneys in the trust fund. However, the Executive Director may, in good faith, on the occurrence of an event that has a material impact on liquidity or operations of the trust fund, for 48 hours limit contributions to or withdrawals from the trust fund to ensure that the Board can invest moneys entrusted to it in exercising its fiduciary responsibility. Such action must be immediately disclosed to all participants, the Trustees, the Joint Legislative Auditing Committee, the Investment Advisory Council, and the Participant Local Government Advisory Council. The Trustees shall convene an emergency meeting as soon as practicable from the time the Executive Director has instituted such measures and review the necessity of those measures. If the Trustees are unable to convene an emergency meeting before the expiration of the 48-hour moratorium on contributions and withdrawals, the moratorium may be extended by the Executive Director until the Trustees are able to meet to review the necessity for the moratorium. If the Trustees agree with such measures, the Trustees shall vote to continue the measures for up to an additional 15 days. The Trustees must convene and vote to continue any such measures before the expiration of the time limit set, but in no case may the time limit set by the Trustees exceed 15 days.”

With regard to liquidity fees, Florida Statute 218.409(4) provides authority for the SBA to impose penalties for early withdrawal, subject to disclosure in the enrollment materials of the amount and purpose of such fees. At present, no such disclosure has been made.
As of September 30, 2025, there were no redemption fees or maximum transaction amounts, or any other requirements that serve to limit a participant’s daily access to 100% of their account value.

NOTE 5 – CAPITAL ASSETS

Capital assets activity for the fiscal year ended September 30, 2025, was as follows:
Beginning

Ending

Balance

Additions	Reductions

Balance

Governmental activities
Capital assets, not being depreciated		
Land and land improvements	$	9,174,988	$	-	$	-	$	9,174,988	
Intangible asset - drainage easement	647,950	-	-	647,950	
Total capital assets, not being depreciated	9,822,938	-	-	9,822,938	

Capital assets, being depreciated Improvements other than buildings	

600,928	

-	

-	

600,928	
Infrastructure - other	25,039	-	-	25,039	
Equipment	18,000	-	-	18,000	
Total capital assets, being depreciated	643,967	-	-	643,967	

Less accumulated depreciation for: Improvements other than buildings	

600,928	

-	

-	

600,928	
Infrastructure - other	21,009	1,009	-	22,018	
Equipment	1,050	1,800	-	2,850	
Total accumulated depreciation	622,987	2,809	-	625,796	

Total capital assets, being depreciated, net	
20,980	
(2,809)	
-	18,171	

Governmental activities capital assets, net	
$	9,843,918	
$	(2,809)	
$	-	$	9,841,109	
Depreciation expense was charged to the maintenance and operations function.

NOTE 6 – LONG-TERM LIABILITIES

Series 2012
On November 30, 2012, the District issued $5,825,000 of Special Assessment Refunding Bonds, Series 2012, due on May 1, 2026, with an interest rate of 3.9%. The Bonds were issued as part of a current refunding of the Series 2002 Special Assessment Revenue Bonds. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Bonds is to be paid serially commencing May 1, 2013, through May 1, 2026.

During a prior fiscal year, the Board approved the First Amendment to the Second Supplemental Trust Indenture which reduced the interest rate on the Series 2012 Bonds to 3% effective November 1, 2021. Additionally, the First Amendment to the Second Supplemental Trust Indenture authorized and directed the Trustee to use $235,000 from the Series 2012 Debt Service Reserve Account to prepay a portion of the Series 2012 Bond in a prior fiscal year.
The Series 2012 Bonds are subject to redemption at the option of the District as set forth in the First Amendment to the Second Supplemental Trust Indenture. The Series 2012 Bonds are subject to extraordinary mandatory redemption prior to maturity as outlined in the First Amendment to the Second Supplemental Trust Indenture. The District used available trust balances, including reserves, to prepay the Bonds. The Bonds were paid in full in fiscal year 2025.

Series 2022
On June 27, 2022, the District issued $2,525,000 of Special Assessment Refunding Bonds, Series 2022 consisting of $555,000 Term Bonds due on May 1, 2027, with a fixed interest rate of 4.125%; $690,000 Term Bonds due on May 1, 2032, with a fixed interest rate of 4.500%; and $1,280,000 Term Bonds due on May 1, 2039 with a fixed interest rate of 4.650%. The Bonds were issued to refund the District’s outstanding Special Assessment Bonds, Series 2008 (the “Refunded Bonds”). Interest is to be paid semiannually on each May 1 and November 1. Principal on the Bonds is to be paid serially commencing May 1, 2023, through May 1, 2039.

The Series 2022 Bonds are subject to redemption at the option of the District prior to maturity. The Series 2022 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture.

The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District was in compliance with the requirements at September 30, 2025.

Long-term Debt Activity
Changes in long-term liability activity for the fiscal year ended September 30, 2025, were as follows:

Beginning Balance	
Additions	
Reductions	Ending
Balance	Due Within
One Year	
Governmental activities Bonds payable:
Series 2012	

$	865,000	

$	-	

$	865,000	

$	-	$	

-	
Series 2022	2,315,000	-	110,000	2,205,000	115,000	
Total	$	3,180,000	$	-	$	975,000	$	2,205,000	$	115,000	

NOTE 6 – LONG-TERM LIABILITIES (Continued)

Long-term Debt Activity (Continued)
At September 30, 2025, the scheduled debt service requirements on the long-term debt were as follows:

Year ending

	Governmental Activities	

  September 30:	Principal	Interest	Total	
2026	$	115,000	$	100,264	$	215,264	
2027	120,000	95,520	215,520	
2028	125,000	90,570	215,570	
2029	130,000	84,945	214,945	
2030	140,000	79,095	219,095	
2031-2035	795,000	295,073	1,090,073	
2036-2039		780,000	93,000	873,000 	
Total	 $	2,205,000	$	838,467	$	3,043,467 	

NOTE 7 – MANAGEMENT COMPANY

The District has contracted with a management company to perform management advisory services, which include financial and accounting advisory services. Certain employees of the management company also serve as officers of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, computer and other administrative costs.
NOTE 8 – RISK MANAGEMENT

The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There were no settled claims during the past three years.

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

	
Budgeted
	Amounts	 Original & Final	

Actual Amounts	Variance with Final Budget - Positive
(Negative)	
REVENUES
Assessments	
$	346,280	
$	356,113	
$	9,833	
Interest	15,000	17,117	2,117	
Total revenues	361,280	373,230	11,950	

EXPENDITURES
Current:
General government	99,543	78,277	21,266	
Maintenance and operations	261,737	147,364	114,373	
Total expenditures	361,280	225,641	135,639	

Excess (deficiency) of revenues over (under) expenditures	

 $	-		

147,589	

 $	147,589 	
Fund balances - beginning			269,702 		
Fund balances - ending		 $	417,291 		

See notes to required supplementary information

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget for the general fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles).

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FLORIDA STATUTE 218.39(3)(C)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 UNAUDITED

Element	Comments
Number of District employees compensated in the last pay period of the
District’s fiscal year being reported.	5
Number of independent contractors compensated to whom nonemployee
compensation was paid in the last month of the District’s fiscal year being	2
reported.

Employee compensation	$3,400
Independent contractor compensation	$77,107
Construction projects to begin on or after October 1; ($65K)	Not applicable
See the Schedule of Revenues, Expenditures and

Budget variance report

Changes in Fund Balance - Budget and Actual - General Fund

Ad Valorem taxes	Not applicable

Non ad valorem special assessments;
Special assessment rate	Operations and maintenance - $568.23 - $54,240.72

Debt service - $564.25 - $153,989.35
Special assessments collected	$1,035,998
Outstanding Bonds:
Series 2022, due May 1, 2039	$2,205,000

1001 W. Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Board of Supervisors
Pine Air Lakes Community Development District Collier County, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of Pine Air Lakes Community Development District, Collier County, Florida (“District”) as of and for the fiscal year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated April 30, 2026.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

April 30, 2026

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
To the Board of Supervisors
Pine Air Lakes Community Development District Collier County, Florida
We have examined Pine Air Lakes Community Development District, Collier County, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2025. Management is responsible for the District’s compliance with those requirements. Our responsibility is to express an opinion on the District’s compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the District’s compliance with specified requirements.
We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2025.
This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Board of Supervisors of Pine Air Lakes Community Development District, Collier County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

April 30, 2026

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Pine Air Lakes Community Development District Collier County, Florida
Report on the Financial Statements

We have audited the accompanying basic financial statements of Pine Air Lakes Community Development District, Collier County, Florida ("District") as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated April 30, 2026.
Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated April 30, 2026, should be considered in conjunction with this management letter.

Purpose of this Letter
The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General for the State of Florida. Accordingly, in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following:

Current year findings and recommendations.
Status of prior year findings and recommendations.
Compliance with the Provisions of the Auditor General of the State of Florida.

Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, as applicable, management, and the Board of Supervisors of Pine Air Lakes Community Development District, Collier County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Pine Air Lakes Community Development District, Collier County, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us.

April 30, 2026

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS
None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None
COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA

Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following:

A statement as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report.

There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2024.
Any recommendations to improve the local governmental entity's financial management.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2025.
Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material, but which warrants the attention of those charged with governance.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2025.

The name or official title and legal authority of the District are disclosed in the notes to the financial statements.
The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.
We applied financial condition assessment procedures and no deteriorating financial conditions were noted as of September 30, 2025. It is management’s responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.

Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 24.

PINE AIR LAKES CDD
FIELD REPORT
July 23, 2026, Board Meeting

LANDSCAPE MAINTENANCE

Contracted Services – Stahlman-England Irrigation and Landscape
Monthly inspections with Mark – Completed.

LAKE MAINTENANCE
Contracted Services – Solitude Lake Management

Proposals to be provided (see attached map).

PRESERVE MAINTENANCE
Stahlman-England monthly preserve trash removal – Completed.

Southeast Land & Water Management bi-Annual Maintenance – Being scheduled.

MONUMENTS AND SIGNS

Airport Road/Costco – Repairs and vendor sign replacements needed (see attached pictures).

Costco entrance sign – Light not working (see attached pictures).

PALM & TREE FERTILIZATION & PEST CONTROL

Full inspection being scheduled (see attached pictures).
DICK’S SPORTING GOODS & KHOLES MEDIANS

Medians not being properly maintained (see attached pictures).

SERVICE ROAD

Caving road area – To be discussed at Board meeting (see attached picture).

LAKES LOCATION MARKED WITH X

MONUMENT SIGNS NEEDING MAINTENANCE & REPAIRS

MONUMENT SIGN NEEDING ELECTRICAL REPAIRS

DICK’S SPORTING GOODS MEDIAN

KHOLES MEDIAN

PINE AIR LAKES CDD
SERVICE ROAD AREA OF CONCERN

BOARD OF SUPERVISORS MEETING DATES
PINE AIR LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2026/2027
The Board of Supervisors of the Pine Air Lakes Community Development District will hold their regular meetings for the Fiscal Year 2026/2027 at the offices of Coleman, Yovanovich & Koester, P.A., Northern Trust Bank Building, 4001 Tamiami Trail North, Suite 300, Naples, Florida 34103 at 2:00 p.m. on the fourth Thursday of the following months:
October 22, 2026
November 19, 2026 Exception
December 17, 2026 Exception
January 28, 2027
February 25 2027
March 25, 2027
April 22, 2027
May 27, 2027
June 24, 2027
July 22, 2027
August 26, 2027
September 23, 2027
The meetings are open to the public and will be conducted in accordance with the provision of Florida Law for Community Development Districts. The meetings may be continued to a date, time, and place to be specified on the record at the meeting. A copy of the agenda for these meetings may be obtained from Governmental Management Services, LLC, 5385 North Nob Hill Road, Sunrise, Florida 33351, (954) 721-8681, or on the District’s website at http://www.pineairlakescdd.com
There may be occasions when one or more Supervisors or staff will participate by telephone. Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations at this meeting because of a disability or physical impairment should contact the District Office at (904) 940-5850 at least three (3) business days prior to the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY) / 1-800-955-8770 (Voice), for aid in contacting the District Office.
A person who decides to appeal any decision made at the meeting with respect to any matter considered at the meeting is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.
Andrew Gill Manager

Public Search Results
In the search results grid, organization names are linked to coordinator contact information. The O links display the relevant contact information. The coordinator is the person who is responsible for adding/removing individuals from the filer list.

When a form is logged, the status will contain the date received and the message "Form Available Soon". When the Form becomes available online, the Filing Requirement Fulfilled status will have a link to "View Form" for electronic forms and (not available online) for any paper forms.
Section 112.31445, Florida Statutes, requires that all forms filed in the Electronic Financial Disclosure Management System (EFDMS) be posted online. Before being posted online, any information required by law to be maintained as confidential must be redacted. This process is not automated and may take up to five business days.

Export to Excel O I  ]
Suborganization  v I Board of Supervisors	V

Sort by: PIO  Form Year  Filer Name v	Filing Requirement

PID	FORM
YEAR	NAME
A	ORGANIZATION{S)	FILING REQUIREMENT	FILING REQUIREMENT
FULFILLED	FILINGS	

238945	
2025	
J. Thomas
Conroy Ill	
Pine Air Lakes Community Development District - Board of Supervisors0	
Form 1 with COE0	
0	
Form 1 - 7/9/2026	
Yim
filin9li	

251384	
2025	
Michael A Durant	
Pine Air Lakes Community Development District - Board of Supervisors0	
Form 1 with COE0	
0	
Form 1 - 7/1/2026	
View Filingi	

280838	
2025	
Wayne Griest	
Pine Air Lakes Community Development District - Board of Supervisors 0	
Form 1 with COE0	0	
Form 1 Not Filed	
View
filingi;	

243954	
2025	
Douglas
Nelson	
Pine Air Lakes Community Development District - Board of Supervisors0	
Form 1 with COE0	
0	
Form 1 - 6/29/2026	
Yim
Filing�	

243955	
2025	
David
Stevens	
Pine Air Lakes Community Development District - Board of Supervisors0	
Form 1 with COE0	
0	
Form 1 - 6/29/2026	
�
filin9li	
1•5of5	Rows per page: 25�			«	0	»	

Memorandum
To:	Board of Supervisors
From: District Management
Date: October 1st, 2026
RE:	HB7013 – Special Districts Performance Measures and Standards

This ﬁnal report is submitted in compliance with recent legislative requirements established by the Florida Legislature during its 2024 session to enhance accountability and transparency for all special districts.
District Management had identiﬁed the following focus areas with statutorily compliant
goals for the Fiscal Year 2026:
Community Communication and Engagement
Infrastructure and Facilities Maintenance
Financial Transparency and Accountability
In addition, a standardized annual reporting form was created to serve both the goal-setting
and yearly reporting statutory requirements.
The goals, objectives, performance measures, and standards discussed herein represent the adopted framework by the Board of Supervisors to maintain compliance with House Bill 7013 and demonstrate the District’s ongoing commitment to transparency and public accountability.
This report details the accomplishments for the Fiscal Year 2026, conﬁrming that all goals and objectives were met, outlines the performance measures and standards employed and the District Engineer's yearly infrastructure condition assessment.
District Management recommends this report be accepted as the official and ﬁnal Annual Report required under Florida Statutes Section 189.0694 and related provisions.

PINE AIR LAKES COMMUNITY DEVELOPMENT DISTRICT
2025-2026 REPORT – PERFORMANCE MEASURES AND STANDARDS

Exhibit A:
Goals, Objectives, and Annual Reporting Form

Pine Air Lakes Community Development District Performance Measures & Standards – Annual Report Reporting Period: October 1, 2025 – September 30, 2026

Community Communication and Engagement

Goal 1.1: Public Meetings Compliance
The District satisﬁed statutory requirements by holding regular Board meetings as scheduled, despite some cancellations, with three or more meetings conducted during the Fiscal Year.
Meeting Dates:
November 21, 2025 - Held
April 20, 2026 - Held
July 23, 2026- Held
Result: Standard achieved.
Goal 1.2: Notice of Meetings Compliance
All meetings were properly noticed on the District’s website and via local newspaper, in compliance with Florida Statutes.
Result: Standard achieved.
Goal 1.3: Access to Records Compliance
Monthly website reviews were performed, and minutes and public records remain current and available.
Result: Standard achieved.

Infrastructure and Facilities Maintenance

Goal 2.1: Field/District Management Site Inspections
Management conducted site inspections per the District Management Services Agreement.
Result: Standard achieved.

Goal 2.2: District Engineer Inspections
The District Engineer completed an annual infrastructure inspection and submitted a report.
Result: Standard achieved.

Financial Transparency and Accountability

Goal 3.1: Annual Budget Preparation
The proposed FY2026 budget was approved before June 15, and the ﬁnal adopted before
September 30, with both posted online.
Result: Standard achieved.
Goal 3.2: Financial Reports
The District website includes the latest annual audit, current budget, and ﬁnancials as required.
Result: Standard achieved.

Goal 3.3: Annual Financial Audit
The annual independent audit done by Grau and Associates was completed, approved, published online, and sent to the State of Florida.
Result: Standard achieved.

Overall Determination
The Pine Air Lakes Community Development District met all Performance Measures and Standards for Fiscal Year 2025-2026. Required meetings, transparency efforts, infrastructure maintenance, and ﬁnancial protocols were fulﬁlled.

Chair/Vice Chair: 		Date: 	 Print Name: 	 
Pine Air Lakes Community Development District

District Manager: 		Date: 	 Print Name: 	 
Pine Air Lakes Community Development District

Memorandum To:	Pine Air Lakes Board of Supervisors
From: District Management
Date: July 20, 2026
RE:	HB7013 – Special Districts Performance Measures and Standards

To enhance accountability and transparency, new regulations were established for all special districts, by the Florida Legislature, during their 2026 legislative session. Starting on October 1, 2026, or by the end of the ﬁrst full ﬁscal year after its creation (whichever comes later), each special district must establish goals and objectives for each program and activity, as well as develop performance measures and standards to assess the achievement of these goals and objectives. Additionally, by December 1 each year (initial report due on December 1, 2027), each special district is required to publish an annual report on its website, detailing the goals and objectives achieved, the performance measures and standards used, and any goals or objectives that were not achieved.
District Management has identiﬁed the following key categories to focus on for Fiscal Year 2027 and develop statutorily compliant goals for each:
Community Communication and Engagement
Infrastructure and Facilities Maintenance
Financial Transparency and Accountability
Additionally, special districts must provide an annual reporting form to share with the public that reﬂects whether the goals & objectives were met for the year. District Management has streamlined these requirements into a single document that meets both the statutory requirements for goal/objective setting and annual reporting.
The proposed goals/objectives and the annual reporting form are attached as exhibit A to this memo. District Management recommends that the Board of Supervisors adopt these goals and objectives to maintain compliance with HB7013 and further enhance their commitment to the accountability and transparency of the District.

Exhibit A:
Goals, Objectives and Annual Reporting Form

Pine Air Lakes Community Development District Performance Measures/Standards &
Annual Reporting Form
October 1, 2026 – September 30, 2027
 Community Communication and Engagement
Goal 1.1: Public Meetings Compliance
Objective: Hold at least three regular Board of Supervisor meetings per year to conduct CDD related business and discuss community needs.
Measurement: Number of public board meetings held annually as evidenced by meeting minutes and legal advertisements.
Standard: A minimum of three board meetings were held during the Fiscal Year.
Achieved: Yes ☐ No ☐

Goal 1.2: Notice of Meetings Compliance
Objective: Provide public notice of meetings in accordance with Florida Statutes, using at least two communication methods.
Measurement: Timeliness and method of meeting notices as evidenced by posting to CDD website, publishing in local newspaper and via electronic communication.
Standard: 100% of meetings were advertised per Florida statute on at least two
mediums (i.e., newspaper, CDD website, electronic communications).
Achieved: Yes ☐ No ☐

Goal 1.3: Access to Records Compliance
Objective: Ensure that meeting minutes and other public records are readily available and easily accessible to the public by completing monthly CDD website checks.
Measurement: Monthly website reviews will be completed to ensure meeting minutes and other public records are up to date as evidenced by District Management’s records.
Standard: 100% of monthly website checks were completed by District Management.
Achieved: Yes ☐ No ☐

 Infrastructure and Facilities Maintenance
Goal 2.1: Field Management and/or District Management Site Inspections
Objective: Field manager and/or district manager will conduct inspections per District Management services agreement to ensure safety and proper functioning of the District’s infrastructure.
Measurement: Field manager and/or district manager visits were successfully completed per management agreement as evidenced by ﬁeld manager and/or district manager’s reports, notes or other record keeping method.
Standard: 100% of site visits were successfully completed as described within district management services agreement
Achieved: Yes ☐ No ☐

Goal 2.2: District Infrastructure and Facilities Inspections
Objective: District Engineer will conduct an annual inspection of the District’s infrastructure and related systems.
Measurement: A minimum of one inspection completed per year as evidenced by district engineer’s report related to district’s infrastructure and related systems.
Standard: Minimum of one inspection was completed in the Fiscal Year by the district’s engineer.
Achieved: Yes ☐ No ☐
 Financial Transparency and Accountability
Goal 3.1: Annual Budget Preparation
Objective: Prepare and approve the annual proposed budget by June 15 and ﬁnal
budget was adopted by September 30 each year.
Measurement: Proposed budget was approved by the Board before June 15 and ﬁnal budget was adopted by September 30 as evidenced by meeting minutes and budget documents listed on CDD website and/or within district records.
Standard: 100% of budget approval & adoption were completed by the statutory deadlines and posted to the CDD website.
Achieved: Yes ☐ No ☐
Goal 3.2: Financial Reports
Objective: Publish to the CDD website the most recent versions of the following documents: Annual audit, current ﬁscal year budget with any amendments, and most recent ﬁnancials within the latest agenda package.
Measurement: Annual audit, previous years’ budgets, and ﬁnancials are accessible
to the public as evidenced by corresponding documents on the CDD’s website. Standard: CDD website contains 100% of the following information: Most recent annual audit, most recent adopted/amended ﬁscal year budget, and most recent agenda package with updated ﬁnancials.
Achieved: Yes ☐ No ☐

Goal 3.3: Annual Financial Audit
Objective: Conduct an annual independent ﬁnancial audit per statutory requirements and publish the results to the CDD website for public inspection, and transmit to the State of Florida.
Measurement: Timeliness of audit completion and publication as evidenced by meeting minutes showing board approval and annual audit is available on the CDD’s website and transmitted to the State of Florida.
Standard: Audit was completed by an independent auditing ﬁrm per statutory requirements and results were posted to the CDD website and transmitted to the State of Florida.
Achieved: Yes ☐ No ☐

Chair/Vice Chair:		Date:	 Print Name:	 
Pine Air Lakes Community Development District

District Manager:		Date:	 Print Name:	 
Pine Air Lakes Community Development District

239-252-6216
Madelyn.Minton@colliervotes.gov

April 15, 2026
Ms. Jennifer McConnell Pine Air Lakes CDD
4001 Tamiami Trl N, Ste 300
Naples, FL 34103 Dear Ms. McConnell,
In compliance with Florida Statute 190.006, this letter is to inform you that the official
records of the Collier County Supervisor of Elections office indicate that 0 active registered voters reside in the Pine Air Lakes CDD as of April 15, 2026.
Should you have any questions regarding election services for this district, please feel free to contact our office.
Sincerely,
Madelyn Harper Minton
Administrative Services Manager

Pine Air Lakes
COMMUNITY DEVELOPMENT DISTRICT

Check Register

Date	Check Numbers	Amount	
	Checks		
4/14/26	2897-2900	$19,447.97	
4/22/26	2901-2903	$839.50	
5/6/26	2904-2906	$11,965.54	
5/26/26	2907-2909	$12,779.62	
6/17/26	2910-2915	$19,756.78	
7/14/26	2916-2918	$14,891.87	
	TOTAL	$79,681.28	
			
Date	Check Numbers	Amount	
	ACH		
4/16/26	800007	$396.98	
5/15/26	800008	$194.34	
6/17/26	800009	$194.75	
7/16/26	800010	$180.32	
	TOTAL	$966.39	

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	7/14/26	PAGE	1
*** CHECK NOS. 002897-002918	PINE AIR LAKES - GF
BANK A PINE AIR LAKES CDD
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#

4/14/26 00030	4/01/26	
	4/01/26	
	4/01/26	
	4/01/26	
	4/01/26	

*	2,225.75		
*	3,785.42			
*	166.67			
*	125.00			
*	6.18			

281	202604 320-54100-47600
FIELD SVCS 04/26
282	202604 310-51300-34000
MGMT FEE 04/26
282	202604 310-51300-31600
DISSEMINATION AGENT SVCS
282	202604 310-51300-35101
WEBSITE ADMIN 04/26
282	202604 310-51300-42000
POSTAGE&DELIVERY 04/26
GOVERNMENTAL MANAGEMENT SERVICES -	6,309.02 002897
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/14/26 00027	4/02/26 29118	202604 310-51300-32200	*	3,700.00
AUDIT FYE 09/30/25
GRAU & ASSOCIATES	3,700.00 002898
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/14/26 00080	4/14/26 04142026 202604 300-20300-20200	*	8,737.10
TRANSFER OF TAX RECEIPTS
PINE AIR LAKES CDD	8,737.10 002899
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/14/26 00076	4/02/26 PSI25891 202604 320-54100-46800	*	701.85
MAINT 04/26
SOLITUDE LAKE MANAGEMENT	701.85 002900
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/22/26 00004	4/13/26 214	202603 310-51300-31500	*	39.50
SVCS 03/26
COLEMAN YOVANOVICH & KOESTER P.A.	39.50 002901
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/22/26 00083	4/15/26 23-524-3 202604 320-54100-46803	*	400.00

RMA GEOLOGIC CONSULTANTS	INC	400.00	002902	
- - - - - - - -	- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - -	- -	-	-	-	-	-	- -	-	-	-	-	-	-	- - - -	-	- - - -	- - -	
4/22/26 00050	4/20/26	34009	202604 320-54100-35000	*	400.00	
MAINT	04/26	
STAHLMAN-ENGLAND	400.00	002903	
- - - - - - - -	- - - - - - - -	- - - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	-	- - - -	-	- - - -	- - -	
5/06/26 00030	5/01/26 283	202605 320-54100-47600	*	2,225.75	
FIELD	SVCS 05/26	
5/01/26 284	202605 310-51300-34000	*	3,785.42	
MGMT FEE 05/26	
5/01/26 284	202605 310-51300-31600	*	166.67	
DISSEMINATION AGENT SVCS	
5/01/26 284	202605 310-51300-35101	*	125.00	
WEBSITE ADMIN 05/26	
5/01/26 284	202605 310-51300-42000	*	2.22	

DATA COLLECT/REPORTS 4/26

		

		
		
POSTAGE&DELIVERY 05/26
PAL	PINE AIR LAKES JWASSERMAN

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	7/14/26	PAGE	2
*** CHECK NOS. 002897-002918	PINE AIR LAKES - GF
BANK A PINE AIR LAKES CDD
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
5/01/26 284	202605 310-51300-42500	*	.30
COPIES 05/26
GOVERNMENTAL MANAGEMENT SERVICES -	6,305.36 002904
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/06/26 00076	5/02/26 PSI26743 202605 320-54100-46800	*	701.85
MAINT 05/26
SOLITUDE LAKE MANAGEMENT	701.85 002905
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/06/26 00050	4/30/26 34221	202605 320-54100-46801	*	250.00
TRASH PICKING 05/26
4/30/26 34222	202605 320-54100-46200	*	4,708.33
LANDSCAPE MAINT 05/26
STAHLMAN-ENGLAND	4,958.33 002906
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/26/26 00004	5/20/26 215	202604 310-51300-31500	*	434.50
SVCS 04/26
COLEMAN YOVANOVICH & KOESTER P.A.	434.50 002907
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/26/26 00083	5/15/26 23-524-3 202605 320-54100-46803	*	400.00
DATA COLLECT/SVCS 05/26
RMA GEOLOGIC CONSULTANTS INC	400.00 002908
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/26/26 00050	4/30/26 34220	202604 320-54100-46202	*	9,900.00
ANNUAL PLANTING 04/26
4/30/26 34220	202604 320-54100-47200	*	1,413.00
TRIM BRANCHES 04/26
4/30/26 34264	202604 320-54100-35000	*	632.12
SVCS 04/26
STAHLMAN-ENGLAND	11,945.12 002909
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/17/26 00003	6/02/26 93210608 202605 310-51300-42000	*	23.38
DELIVERY THRU 05/26/26
FEDEX	23.38 002910
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/17/26 00030	6/01/26 285	202606 320-54100-47600	*	2,225.75
FIELD SVCS 06/26
6/01/26 286	202606 310-51300-34000	*	3,785.42
MGMT FEE 06/26
6/01/26 286	202606 310-51300-31600	*	166.67
DISSEMINATION AGENT SVCS
6/01/26 286	202606 310-51300-35101	*	125.00
WEB ADMIN	06/26
6/01/26 286	202606 310-51300-51000	*	.30
OFFICE SUPPLIES 06/26
6/01/26 286	202606 310-51300-42000	*	12.11
POSTAGE&DELIVERY 06/26
PAL	PINE AIR LAKES JWASSERMAN

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	7/14/26	PAGE	3
*** CHECK NOS. 002897-002918	PINE AIR LAKES - GF
BANK A PINE AIR LAKES CDD
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
6/01/26 286	202606 310-51300-42500	*	3.30
COPIES 06/26
GOVERNMENTAL MANAGEMENT SERVICES -	6,318.55 002911
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/17/26 00049	5/28/26 131345	202606 310-51300-32300	*	3,750.00
ANNUAL FEES 06/26
REGIONS BANK	3,750.00 002912
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/17/26 00083	6/15/26 23-524-3 202606 320-54100-46803	*	400.00
DATA COLLECT/SVCS 06/26
RMA GEOLOGIC CONSULTANTS INC	400.00 002913
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/17/26 00076	6/02/26 PSO27617 202606 320-54100-46800	*	701.85
MAINT 06/26
SOLITUDE LAKE MANAGEMENT	701.85 002914
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/17/26 00050	5/28/26 34289	202606 320-54100-35000	*	1,316.00
REPLACE VALVE 06/26
5/28/26 34640	202605 320-54100-35000	*	947.00
MAINT 05/26
5/28/26 34641	202605 320-54100-46200	*	6,000.00
LANDSCAPE MAINT 05/26
5/28/26 34642	202605 320-54100-46801	*	300.00
TRASH PICKING 05/26
STAHLMAN-ENGLAND	8,563.00 002915

7/14/26 00030	7/01/26	
	7/01/26	
	7/01/26	
	7/01/26	
	7/01/26	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
287	202607 320-54100-47600	*	2,225.75
FIELD SVCS 07/26
288	202607 310-51300-34000	*	3,785.42
MGMT FEE 07/26
288	202607 310-51300-31600	*	166.67
DISSEMINATION AGENT SVCS
288	202607 310-51300-35101	*	125.00
WEB ADMIN 07/26
288	202607 310-51300-42000	*	5.18
POSTAGE&DELIVERY 07/26
GOVERNMENTAL MANAGEMENT SERVICES -	6,308.02 002916
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
7/14/26 00076	7/02/26 PSI28517 202607 320-54100-46800	*	701.85

- - - - - - - -	- - - - - - - -	SOLITUDE LAKE MANAGEMENT
- - - - - - - - - - - - - - - - - - - - - - -	- - - -	-	-	-	- -	-	-	-	-	-	-	- - - -	701.85
- - - - -	002917
- - -	
7/14/26 00050	6/19/26 35012
PRO-C
6/29/26 35151	202606 320-54100-35000
202606 320-54100-35000					*
*							615.00
967.00			
	MAINT	06/26															

MAINT 07/26
5 STATION CONTROLLR
PAL	PINE AIR LAKES JWASSERMAN

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	7/14/26	PAGE	4
*** CHECK NOS. 002897-002918	PINE AIR LAKES - GF
BANK A PINE AIR LAKES CDD
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
6/29/26 35152	202606 320-54100-46801	*	300.00
TRASH PICKING 06/26
6/29/26 35153	202606 320-54100-46200	*	6,000.00
LANDSCAPE MAINT 06/26
STAHLMAN-ENGLAND	7,882.00 002918
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	79,681.28
TOTAL FOR REGISTER	79,681.28

PAL	PINE AIR LAKES JWASSERMAN

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER
BANK Z WELLS FARGO AUTOPAY		RUN	7/14/26		PAGE	1	
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS			AMOUNT		....CHECK..... AMOUNT	#	
4/16/26 00021	3/26/26 16577-03 202603 320-54100-48200	*
3/26/26 26063-03 202603 320-54100-48200	*			72.41
324.57			
SVCS 03/26
FLORIDA POWER & LIGHT (AUTOPAY)					396.98 800007	
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/15/26 00021	4/24/26 16577-04 202604 320-54100-48200	*
4/24/26 26063-04 202604 320-54100-48200	*	-	- -	- - - - -

121.81	-	- - - - - - -	
SVCS 04/26
FLORIDA POWER & LIGHT (AUTOPAY)					194.34 800008	
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/17/26 00021	5/27/26 16577-05 202605 320-54100-48200	*
5/27/26 26063-05 202605 320-54100-48200	*	-	- -	- - - - -

114.53	-	- - - - - - -	
SVCS 05/26
FLORIDA POWER & LIGHT (AUTOPAY)					194.75 800009	
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
7/16/26 00021	6/25/26 16577-06 202606 320-54100-48200	*
6/25/26 26063-06 202606 320-54100-48200	*	-	- -	- - - - -

108.30	-	- - - - - - -	
SVCS 06/26
FLORIDA POWER & LIGHT (AUTOPAY)					180.32 800010	
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	-	- -	- - - - -	-	- - - - - - -	
TOTAL FOR BANK Z			966.39			
TOTAL FOR REGISTER			966.39			

*** CHECK NOS. 800007-800010	PINE AIR LAKES - GF

SVCS 03/26

SVCS 04/26

72.53

SVCS 05/26

80.22

SVCS 06/26

72.02

PAL	PINE AIR LAKES JWASSERMAN

Pine Air Lakes
Community Development District

Unaudited Financial Reporting
June 30, 2026

Table of Contents

1		Balance Sheet	

2	
	General Fund	

3	
	Debt Service Fund Series 2012	

4	
	Debt Service Fund Series 2022	

5-6	
	Month to Month	

7	
	Long Term Debt Report	

8	
	Assessment Receipt Schedule	

	Balance Sheet June 30, 2026		
	General Fund	Debt Service Fund	Totals Governmental Funds	

Assets:
Cash:
Operating Account	

$	18,625	

$	-	

$	18,625	
Due from General Fund	-	5,100	5,100	
Investments:
State Board of Administration - Surplus	

263,366	

-	

263,366	
State Board of Administration - Reserves	250,812	-	250,812	
BankUnited Money Market	116,809	-	116,809	
Series 2022
Reserve	

-	

21,789	

21,789	
Revenue	-	115,764	115,764	
Interest	-	20	20	
Sinking	-	45	45	
Prepaid Expenses	2,813	-	2,813	
Deposits-Electric	1,024	-	1,024	
Total Assets	$	653,450	$	142,717	$	796,167	

Liabilities:				
Due to Debt Service	$	5,100	$	-	$	5,100	
Total Liabilities	$	5,100	$	-	$	5,100	

Fund Balance:
Nonspendable:
Deposits	$	1,024
Restricted for:
Debt Service	-	

$	-

142,717	

$	1,024

142,717	
Unassigned	644,513	-	644,513	
Total Fund Balances	$	648,350	$	142,717	$	791,067	
				
Total Liabilities & Fund Balance	$	653,450	$	142,717	$	796,167	

General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ended June 30, 2026

	Adopted	Prorated Budget	Actual		
	Budget	Through 06/30/26	Through 06/30/26	Variance	

Revenues:					
Special Assessments - Tax Roll	$	346,280	$	346,280	$	347,313	$	1,033	
Interest Income	13,800	10,350	16,585	6,235	
Total Revenues	$	360,080	$	356,630	$	363,898	$	7,268	

Expenditures:					
General and Administrative:					
Supervisors Fees	$	6,000	$	4,500	$	1,600	$	2,900	
FICA Taxes	459	344	122	222	
Engineering	8,000	6,000	-	6,000	
Arbitrage Calculation	600	600	600	-	
Assessment Roll	300	300	300	-	
Attorney	8,000	6,000	1,758	4,242	
Disclosure Report	2,000	1,500	1,500	(0)	
Annual Audit	3,700	3,700	3,700	-	
Trustee Fees	8,345	8,345	3,750	4,595	
Management Fees	45,425	34,069	34,069	(0)	
Website Maintenance	1,500	1,125	1,125	-	
Postage and Delivery	500	375	152	223	
Printing and Binding	750	563	4	559	
Insurance General Liability	10,777	10,777	8,295	2,482	
Legal Advertising	1,500	1,125	626	500	
Other Current Charges	1,000	750	877	(127)	
Office Supplies	200	150	0	150	
Dues, Licenses and Subscriptions	175	175	175	-	
Total General and Administrative	$	99,230	$	80,397	$	58,653	$	21,744	

Operations and Maintenance					
Landscape Maintenance	$	72,000	$	54,000	$	38,958	$	15,042	
Preserve Maintenance	5,000	3,750	3,650	100	
Tree Pruning and Replacement	9,500	7,125	3,303	3,822	
Irrigation Repairs and Maintenance	15,000	11,250	10,577	673	
Annual Plantings	20,000	20,000	19,890	110	
Electricity	3,000	2,250	2,041	209	
Lake Maintenance	8,341	6,256	6,290	(34)	
Field Management	26,709	20,032	20,032	(0)	
Reporting-SFWMD	4,800	3,600	3,600	-	
SFWMD Water Permit Renewal	7,500	5,625	-	5,625	
Contingency	-	-	1,550	(1,550)	
Reserves	89,000	66,750	-	66,750	
Total Operations & Maintenance	$	260,850	$	200,637	$	109,891	$	90,746	
					
Total Expenditures	$	360,080	$	281,034	$	168,544	$	112,490	
					
Excess (Deficiency) of Revenues over Expenditures	$	(0)	$	75,595	$	195,354	$	119,758	

Other Financing Sources/(Uses):					
Transfer In/(Out)	$	-	$	-	35,706	(35,706)	
Total Other Financing Sources/(Uses)	$	-	$	-	$	35,706	$	(35,706)	
					
Net Change in Fund Balance	$	(0)	$	75,595	$	231,060	$	84,053	
					
Fund Balance - Beginning			$	417,290		
					
Fund Balance - Ending			$	648,350		

	Adopted	Prorated Budget	Actual		
	Budget	Through 06/30/26	Through 06/30/26	Variance	

Revenues:					
Special Assessments - Tax Roll	$	-	$	-	$	-	$	-	
Interest Income	1,000	750	635	(115)	
Total Revenues	$	1,000	$	750	$	635	$	(115)	

Expenditures:					
Interest - 11/1	$	6,600	$	-	$	-	$	-	
Interest - 5/1	6,600	-	-	-	
Principal - 5/1	440,000	-	-	-	
Total Expenditures	$	453,200	$	-	$	-	$	-	
					
Excess (Deficiency) of Revenues over Expenditures	$	(452,200)	$	750	$	635	$	(115)	

Other Financing Sources/(Uses):					
Transfer In/(Out)	$	-	$	-	$	(35,706)	$	(35,706)	
Total Other Financing Sources/(Uses)	$	-	$	-	$	(35,706)	$	(35,706)	
					
Net Change in Fund Balance	$	(452,200)	$	750	$	(35,071)	$	(35,821)	
					
Fund Balance - Beginning	$	480,224		$	40,170		
					
Fund Balance - Ending	$	28,024		$	5,099		

	Adopted	Prorated Budget	Actual		
	Budget	Through 06/30/26	Through 06/30/26	Variance	

Revenues:					
Special Assessments - Tax Roll	$	216,298	$	216,298	$	216,359	$	61	
Interest Income	-	-	5,487	5,487	
Total Revenues	$	216,298	$	216,298	$	221,845	$	5,547	

Expenditures:					
Interest - 11/1	$	50,132	$	50,132	$	50,132	$	(0)	
Interest - 5/1	50,132	50,132	50,132	(0)	
Principal - 5/1	115,000	115,000	115,000	-	
Total Expenditures	$	215,264	$	215,264	$	215,264	$	(0)	
					
Excess (Deficiency) of Revenues over Expenditures	$	1,034	$	1,034	$	6,581	$	5,547	
					
Fund Balance - Beginning	$	106,400		$	131,036		
					
Fund Balance - Ending	$	107,434		$	137,617		

Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total

Revenues:

Special Assessments - Tax Roll Interest Income	$	-
1,329	$ 154,390
1,229	$ 178,972
1,488	$	6,953
2,191	$	-
1,964	$	6,984
2,176	$	14
2,118	$	-
2,102	$	-
1,989	$	-	$	-	$	-	$ 347,313
-	-	-	16,585	
Total Revenues	$	1,329	$ 155,619	$ 180,460	$	9,144	$	1,964	$	9,160	$	2,132	$	2,102	$	1,989	$	-	$	-	$	-	$ 363,898	

Expenditures:											
General and Administrative:											
Supervisors Fees	$	-	$	-	$	800	$	-	$	-	$	-	$	800	$	-	$	-	$	-	$	-	$	-	$	1,600	
FICA Taxes	-	-	61	-	-	-	61	-	-	-	-	-	122	
Engineering		-		-		-		-		-		-		-		-		-		-			-			-			-	
Arbitrage Calculation		600		-		-		-		-		-		-		-		-		-			-			-			600	
Assessment Roll		300		-		-		-		-		-		-		-		-		-			-			-			300	
Attorney		198		909		-		138		40		40		435		-		-		-			-			-			1,758	
Disclosure Report		167		167		167		167		167		167		167		167		167		-			-			-			1,500	
Annual Audit		-		-		-		-		-		-		3,700		-		-		-			-			-			3,700	
Trustee Fees		2,813		-		-		-		-		-		-		-		938		-			-			-			3,750	
Management Fees		3,785		3,785		3,785		3,785		3,785		3,785		3,785		3,785		3,785		-			-			-			34,069	
Website Maintenance		125		125		125		125		125		125		125		125		125		-			-			-			1,125	
Postage and Delivery		7		4		6		78		3		9		6		26		12		-			-			-			152	
Printing and Binding		-		-		-		0		-		-		-		0		3		-			-			-			4	
Insurance General Liability		8,295		-		-		-		-		-		-		-		-		-			-			-			8,295	
Legal Advertising		-		626		-		-		-		-		-		-		-		-			-			-			626	
Other Current Charges		117		120		56		50		92		100		110		109		124		-			-			-			877	
Office Supplies		0		-		-		-		-		-		-		-		0		-			-			-			0	
Dues, Licenses and Subscriptions		175		-		-		-		-		-		-		-		-		-			-			-			175	
Total General & Administrative	$	16,581	$	5,736	$	5,001	$	4,344	$	4,211	$	4,225	$	9,189	$	4,212	$	5,154	$		-	$		-	$		-	$	58,653	

Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total

Operations & Maintenance		
Field Expenditures
Landscape Maintenance	
$	4,708	
$	4,708	
$	4,708	
$	4,708	
$	4,708	
$	4,708	
$	4,708	
$	6,000	
$	-	
$	-	$	-	$	-	$  38,958	
Preserve Maintenance	250	250	250	250	1,850	250	250	300	-	-	-	-	3,650	
Tree Pruning and Replacement	-	-	1,890	-	-	-	1,413	-	-	-	-	-	3,303	
Irrigation Repairs and Maintenance	1,106	1,472	793	1,070	909	1,932	1,032	947	1,316	-	-	-	10,577	
Annual Plantings	-	-	9,990	-	-	-	9,900	-	-	-	-	-	19,890	
Electricity	253	237	230	284	251	397	194	195	-	-	-	-	2,041	
Lake Maintenance	675	702	702	702	702	702	702	702	702	-	-	-	6,290	
Field Management	2,226	2,226	2,226	2,226	2,226	2,226	2,226	2,226	2,226	-	-	-	20,032	
Reporting-SFWMD	400	400	400	400	400	400	400	400	400	-	-	-	3,600	
SFWMD Water Permit Renewal	-	-	-	-	-	-	-	-	-	-	-	-	-	
Contingency	-	-	1,550	-	-	-	-	-	-	-	-	-	1,550	
Total Operations & Maintenance	$	9,618	$	9,995	$  22,739	$	9,640	$  11,046	$  10,615	$  20,825	$  10,769	$	4,644	$	-  $	-  $	-  $ 109,891	
											
Total Expenditures	$  26,199	$  15,731	$  27,739	$  13,984	$  15,257	$  14,840	$  30,015	$  14,981	$	9,798	$	-  $	-  $	-  $ 168,544	
											
Excess (Deficiency) of Revenues over Expenditures	$ (24,870)	$ 139,889	$ 152,721	$  (4,840)	$ (13,293)	$  (5,680)	$ (27,883)	$ (12,880)	$  (7,809)	$	-  $	-  $	-  $ 195,354	

Other Financing Sources/Uses:											

Transfer In/(Out)	
$	-	$	-	$	-	$  35,706	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  35,706	
Total Other Financing Sources/Uses	$	-  $	-  $	-  $  35,706	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $  35,706	

Net Change in Fund Balance	$ (24,870) $ 139,889  $ 152,721  $  30,865  $ (13,293) $  (5,680) $ (27,883) $ (12,880) $  (7,809) $	-  $	-  $	-  $ 231,060

Pine Air Lakes
Community Development District Long Term Debt Report

Original Amount:

Interest Rate: Maturity Date:

Bonds Outstanding - 9/30/25 Less:	Series 2022, Special Assessment Refunding Bonds
$2,525,000 4.125% - 4.650%
5/1/27 - 5/1/39

May 1, 2026 (Mandatory)	

$2,205,000 (115,000)	
Current Bonds Outstanding	$2,090,000	

Total Current Bonds Outstanding	$2,090,000

Pine Air Lakes
COMMUNITY DEVELOPMENT DISTRICT

	Gross Assessments	$  374,356.79	$	233,205.54	$	607,562.33	
	Net Assessments	$  355,638.95	$	221,545.26	$	577,184.21	
ON ROLL ASSESSMENTS	
Allocation in %	
61.62%	
38.38%		
100.00%	

Special Assessment Receipts - Collier County

Date	Distribution	Gross Amount	Discount/ Penalty	Commission	Property Appraiser	Interest	Net Receipts	O&M Portion	2022 Debt Service	Total	
10/01/25	COLLIER COUNTY ADMIN FEES	$	-	$	-	$	-	$	9,082.51	$	-	$	(9,082.51)	$	(5,596.30)	$	(3,486.21)	$	(9,082.51)	
11/13/25	11/1/25-11/9/25	1,891.05	75.63	36.31	-	-	1,779	1,096.22	682.89	1,779.11	
11/20/25	11/10/25-11/17/25	258,520.99	10,340.85	4,963.60	-	-	243,217	149,860.78	93,355.76	243,216.54	
11/26/25	11/18/25-11/23/25	15,921.16	636.84	305.69	-	-	14,979	9,229.26	5,749.37	14,978.63	
12/05/25	11/24/25-11/30/25	138,585.28	5,543.40	2,660.84	-	-	130,381	80,335.84	50,045.20	130,381.04	
12/11/25	12/1/25-12/7/25	169,681.34	6,787.25	3,257.88	-	-	159,636	98,361.76	61,274.45	159,636.21	
12/23/25	UND COLLIER COUNTY ADMIN F	-	-	-	(446.10)	-	446	274.87	171.23	446.10	
01/08/26	12/15/25-12/31/25	11,614.21	348.42	225.31	-	-	11,040	6,802.72	4,237.76	11,040.48	
01/08/26	INTEREST	-	-	-	-	243.69	244	150.15	93.54	243.69	
03/10/26	2/1/26-2/28/26	11,348.19	113.48	224.70	-	-	11,010	6,783.95	4,226.06	11,010.01	
4/7/26	INTEREST	$0.00	$0.00	$0.00	$0.00	$22.17	22	13.66	8.51	22.17	
	TOTAL	$  607,562.22	$	23,845.87	$ 11,674.33		$ 265.86	$	563,671.47	$  347,312.91	$	216,358.56	$	563,671.47	

$

100.00%
0

Percent Collected Balance Remaining to Collect