Pine Air Lakes

Community Development District

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	3/31/26	6 Months
 		9/30/26	Fiscal Year 2027	

REVENUES:						
Special Assessments - Tax Roll Interest Income	$  346,280
13,800	$  347,299
10,377	$	-
8,647	$	347,299
19,024	$	346,280
13,800	
TOTAL REVENUES	$ 360,080	$ 357,676	$	8,647	$ 366,323	$ 360,080	

EXPENDITURES:						
General and Administrative						
Supervisors Fees	$	6,000	$	800	$	4,000	$	4,800	$	6,000	
FICA Taxes	459	61	306	367	459	
Engineering	8,000	-	4,000	4,000	8,000	
Arbitrage Calculation	600	600	-	600	600	
Assessment Roll	300	300	-	300	300	
Attorney	8,000	1,284	4,667	5,950	8,000	
Disclosure Report	2,000	1,000	1,000	2,000	2,000	
Annual Audit	3,700	-	3,700	3,700	3,800	
Trustee Fees	8,345	2,813	938	3,751	4,251	
Management Fees	45,425	22,713	22,712	45,425	48,150	
Website Maintenance	1,500	750	750	1,500	1,500	
Postage and Delivery	500	108	119	227	500	
Printing and Binding	750	0	0	0	-	
Insurance General Liability	10,777	8,295	-	8,295	9,125	
Legal Advertising	1,500	626	875	1,501	1,500	
Other Current Charges	1,000	534	500	1,034	1,000	
Office Supplies	200	0	-	0	-	
Dues, Licenses and Subscriptions	175	175	-	175	175	
TOTAL GENERAL AND ADMINISTRATIVE	$  99,230	$  40,058	$	43,566	$	83,625	$	95,360	

Adopted Budget	Actuals Through	
Projected Next	Projected Through	Proposed Budget	
Description	Fiscal Year 2026	3/31/26	6 Months
 		9/30/26	Fiscal Year 2027	

Operations and Maintenance		
Landscape Maintenance	$	72,000	$	28,250	$	43,750	$	72,000	$	72,000	
Preserve Maintenance	5,000	3,100	3,700	6,800	6,800	
Tree Pruning and Replacement	9,500	1,890	7,610	9,500	9,500	
Irrigation Repairs and Maintenance	15,000	7,282	10,100	17,382	18,000	
Annual Plantings	20,000	9,990	10,010	20,000	20,000	
Electricity	3,000	1,255	1,750	3,005	3,000	
Lake Maintenance	8,341	4,184	4,211	8,395	8,759	
Field Management	26,709	13,355	13,354	26,709	28,311	
Reporting-SFWMD	4,800	2,400	2,400	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	81,050	
TOTAL OPERATIONS AND MAINTENANCE	$ 260,850	$  73,256	$	193,385	$ 266,641	$ 264,720	
						
TOTAL EXPENDITURES	$ 360,080	$ 113,314	$	236,952	$ 350,266	$ 360,080	

Other Sources/(Uses)						
Interlocal Transfer In/(Out)	$	-	$	35,706	$	-	$	35,706	$	-	
TOTAL OTHER SOURCES/(USES)	$	-	$  35,706	$	-	$	35,706		
						
EXCESS REVENUES (EXPENDITURES)	$	(0)	$ 280,067	$ (228,304)	$	51,763	$	(0)	

Exhibit "A" Allocation of Reserves

DESCRIPTION

Beginning Fund Balance - 10/1/25	$	417,291	
Net change in Fund Balance - Fiscal Year 2026	140,763	
Total Funds Available (Estimated) - 9/30/26	558,054	

ALLOCATION OF AVAILABLE FUNDS		
Funding for First Quarter Operating Expenses: (1)	(90,020)	
Reserved for Field Capital Projects / Renewal and Replacement:	(337,435)	
Total Allocation of Available Funds	(427,455)	
		
Total Unassigned Cash (Estimated) - 9/30/26	$	130,599	

Notes		
(1) Represents approximately 3 months of operating expenditures		
RESERVED FOR CAPITAL RESERVES / RENEWAL AND REPLACEMENT		
Beginning Balance - 4/1/26	$	248,435	
Increase of Reserves During Fiscal Year 2026	89,000	
Total Funds Available (Estimated) - 9/30/26	$	337,435	

RESERVED FOR CAPITAL RESERVES / RENEWAL AND REPLACEMENT		
Beginning Balance (Estimated) - 10/1/26	$	337,435	
Increase of Reserves During Fiscal Year 2027	81,050	
Total Funds Available (Estimated) - 9/30/27	$	418,485	

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		3/31/26		6 Months		9/30/26		Fiscal Year 2027	

REVENUES:											
Special Assessments - Tax Roll	$	216,298	$	216,350	$	-	$	216,350	$	216,298	
Interest Income		-		3,344		600		3,944		-	
Carry Forward Surplus (1)		106,400		-		108,977		108,977		114,007	
TOTAL REVENUES	$	322,698	$	219,694	$	109,577	$	329,271	$	330,305	

EXPENDITURES:											
Interest - 11/1	$	50,132	$	50,132	$	-	$	50,132	$	47,760	
Interest - 5/1		50,132		-		50,132		50,132		47,760	
Principal - 5/1		115,000		-		115,000		115,000		120,000	
TOTAL EXPENDITURES	$	215,264	$	50,132	$	165,132	$	215,264	$	215,520	

EXCESS REVENUES (EXPENDITURES)	$	107,434	$	169,562	$	(55,555)	$	114,007	$	114,785	

(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