Charles Cove CDD
August 2025 Financial Report

August 31, 2025

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

Charles Cove CDD
Statement of Financial Position As of 8/31/2025

General Fund

Debt Service	Capital Projects Fund		Fund

Long Term Debt	Total

	Assets		
Current Assets
General Checking Account	
$	199,417.73				
$	199,417.73	
Pond Reserve	5,491.76				5,491.76	
Prepaid Expenses	16,777.00				16,777.00	
Deposits	12,535.09				12,535.09	
Debt Service Reserve - Series 2020		$	187,939.70			187,939.70	
Debt Service Reserve - Series 2021		131,000.00			131,000.00	
Revenue - Series 2020		203,658.85			203,658.85	
Revenue - Series 2021		114,016.65			114,016.65	
Prepayment - Series 2020		3,756.42			3,756.42	
Prepayment - Series 2021	
	3,416.87		
	3,416.87	
Total Current Assets	$	234,221.58	$	643,788.49		$	-	$	-	$	878,010.07	

Investments
Amount Available in Debt Service Funds		$	643,788.49		$	643,788.49	
Amount To Be Provided		9,431,211.51		9,431,211.51	
Total Investments	$	-	$	-	$	-	$ 10,075,000.00		$  10,075,000.00	

Total Assets	$	234,221.58	$	643,788.49	$	-	$ 10,075,000.00	$  10,953,010.07

Liabilities and Net Assets
Current Liabilities
Accounts Payable	$	13,246.61	$	13,246.61

Total Current Liabilities	$	13,246.61	$	-	$	-	$	-	$	13,246.61

Long Term Liabilities
Revenue Bonds Payable - Long-Term			$ 10,075,000.00		$  10,075,000.00	
Total Long Term Liabilities	$	-		$	-	$	-	$ 10,075,000.00		$  10,075,000.00	
Total Liabilities	$	13,246.61		$	-	$	-	$ 10,075,000.00		$  10,088,246.61	

Net Assets
Net Assets, Unrestricted	

$	6,267.66						

$	6,267.66	
Net Assets - General Government	177,817.64				177,817.64	
Current Year Net Assets - General Government	36,889.67				36,889.67	
Net Assets, Unrestricted			$	606,865.97		606,865.97	
Current Year Net Assets, Unrestricted			36,922.52		36,922.52	
Total Net Assets	$	220,974.97		$	643,788.49		$	-		$	-		$	864,763.46	
															
Total Liabilities and Net Assets	$	234,221.58		$	643,788.49		$	-		$	10,075,000.00		$	10,953,010.07	

Debt Service	Capital	Long Term	
Fund	Projects Fund	Debt	

Charles Cove CDD Statement of Activities As of 8/31/2025

Revenues

General Fund

Total

On-Roll Assessments	$	628,923.99						$	628,923.99	
Other Income & Other Financing Sources	2,520.00						2,520.00	
On-Roll Assessments			$  641,799.92				641,799.92	
Inter-Fund Group Transfers In			25,628.83				25,628.83	
Inter-Fund Transfers In					$	(25,628.83)		(25,628.83)	
Total Revenues	$	631,443.99		$  667,428.75		$	(25,628.83)		 
$	-	$ 1,273,243.91	

Expenses

Supervisor Fees	$	4,000.00				$	4,000.00	
Public Officials' Liability Insurance	2,773.00				2,773.00	
Trustee Services	7,178.86				7,178.86	
Management	33,333.30				33,333.30	
Engineering	6,957.50				6,957.50	
Disclosure	2,000.00				2,000.00	
Property Appraiser	13,519.98				13,519.98	
District Counsel	28,342.30				28,342.30	
Assessment Administration	15,000.00				15,000.00	
Audit	6,700.00				6,700.00	
Arbitrage Calculation	1,750.00				1,750.00	
Travel and Per Diem	568.51				568.51	
Postage & Shipping	1,570.40				1,570.40	
Legal Advertising	2,992.66				2,992.66	
Meeting Room	364.00				364.00	
Web Site Maintenance	2,385.00				2,385.00	
Dues, Licenses, and Fees	175.00				175.00	
Security	5,962.37				5,962.37	
Electric	47,656.51				47,656.51	
Amenity - Pool Maintenance	29,680.00				29,680.00	
Amenity - Access Control	9,690.86				9,690.86	
Amenity - Janitorial	31,125.00				31,125.00	
Amenity - Pest Control	480.00				480.00	
Amenity - Security Cameras (WiFi)	1,664.88				1,664.88	
Amenity - Miscellaneous	1,724.00				1,724.00	
General Liability Insurance	31,714.00				31,714.00	
Property & Casualty Insurance	3,388.00				3,388.00	
Fountains	25,021.97				25,021.97	
Irrigation	92,385.21				92,385.21	
Lake Maintenance	10,900.00				10,900.00	
Landscaping Maintenance & Material	80,329.29				80,329.29	
Landscape Improvements	48,808.58				48,808.58	
Contingency	765.00				765.00	
Signage & Amenities Repair	427.00				427.00	
Hurricane Cleanup	1,540.00				1,540.00	
Streetlights	54,263.50				54,263.50	
Miscellaneous	2,265.46				2,265.46	
Principal Payments (Series 2020)			$  145,000.00		145,000.00	
Principal Payments (Series 2021)			105,000.00		105,000.00	
Interest Payments (Series 2020)			245,850.02		245,850.02	
Interest Payments (Series 2021)			160,745.00		160,745.00	
Total Expenses	$	609,402.14		$  656,595.02		  
$	-	$	-	$ 1,265,997.16	

Other Revenues (Expenses) & Gains (Losses)

Interest Income	$	14,847.82						$	14,847.82	
Interest			$	418.78				418.78	
Interest Income			25,670.01				25,670.01	
Interest Income					$	111.95		111.95	
Total Other Revenues (Expenses) & Gains (Losses)	$	14,847.82		$	26,088.79		$	111.95		 
$	-	$	41,048.56	
Change In Net Assets	$	36,889.67		$	36,922.52		$	(25,516.88)		$	-	$	48,295.31	

Net Assets At Beginning Of Year	
$	184,085.30		
$  606,865.97		
$	25,516.88		
$	-	$	816,468.15	

Net Assets At End Of Year	

$	220,974.97		

$  643,788.49		

$	-		 

$	-	$	864,763.46	

Budget to Actual
For the Month Ending 8/31/2025

YTD Actual	YTD Budget	YTD Variance

FY 2025	Percentage Adopted Budget		Spent

Revenues

On-Roll Assessments	$	628,923.99		$	569,047.93		$	59,876.06		$	620,779.60		101.31%	
Other Income & Other Financing Sources	2,520.00		-		2,520.00		-		0.00%	
Net Revenues	$	631,443.99		$	569,047.93		$	62,396.06		$	620,779.60		101.72%	

General & Administrative Expenses										
Supervisor Fees	$	4,000.00		$	2,200.00		$	1,800.00		$	2,400.00		166.67%	
Public Officials' Liability Insurance	2,773.00		3,080.44		(307.44)		3,360.50		82.52%	
Trustee Services	7,178.86		6,600.00		578.86		7,200.00		99.71%	
Management	33,333.30		32,083.37		1,249.93		35,000.00		95.24%	
Field Management	-		916.63		(916.63)		1,000.00		0.00%	
Engineering	6,957.50		6,866.53		90.97		7,490.70		92.88%	
Disclosure	2,000.00		9,166.63		(7,166.63)		10,000.00		20.00%	
Property Appraiser	13,519.98		13,750.00		(230.02)		15,000.00		90.13%	
District Counsel	28,342.30		13,750.00		14,592.30		15,000.00		188.95%	
Assessment Administration	15,000.00		13,750.00		1,250.00		15,000.00		100.00%	
Reamortization Schedules	-		458.37		(458.37)		500.00		0.00%	
Audit	6,700.00		6,141.63		558.37		6,700.00		100.00%	
Arbitrage Calculation	1,750.00		-		1,750.00		-		0.00%	
Travel and Per Diem	568.51		550.00		18.51		600.00		94.75%	
Telephone	-		9.13		(9.13)		10.00		0.00%	
Postage & Shipping	1,570.40		641.63		928.77		700.00		224.34%	
Copies	-		45.87		(45.87)		50.00		0.00%	
Legal Advertising	2,992.66		3,666.63		(673.97)		4,000.00		74.82%	
Contingency	-		2,383.37		(2,383.37)		2,600.00		0.00%	
Meeting Room	364.00		550.00		(186.00)		600.00		60.67%	
Web Site Maintenance	2,385.00		2,585.00		(200.00)		2,820.00		84.57%	
Dues, Licenses, and Fees	175.00		160.38		14.62		175.00		100.00%	
General Liability Insurance	31,714.00		3,192.75		28,521.25		33,325.00		95.17%	
Total General & Administrative Expenses	$	161,324.51		$	122,548.36		$	38,776.15		$	163,531.20		98.65%	
Field Expenses										
Security	$	5,962.37		$	20,166.63		$	(14,204.26)		$	22,000.00		27.10%	
Electric	47,656.51		41,250.00		6,406.51		45,000.00		105.90%	
Road Reserve	-		4,583.37		(4,583.37)		5,000.00		0.00%	
Amenity - Pool Maintenance	29,680.00		36,666.63		(6,986.63)		40,000.00		74.20%	
Amenity - Access Control	9,690.86		5,500.00		4,190.86		6,000.00		161.51%	
Amenity - Janitorial	31,125.00		36,666.63		(5,541.63)		40,000.00		77.81%	
Amenity - Pest Control	480.00		605.00		(125.00)		660.00		72.73%	
Amenity - Security Cameras (WiFi)	1,664.88		-		1,664.88		-		0.00%	
Amenity - Miscellaneous	1,724.00		-		1,724.00		-		0.00%	
Property & Casualty Insurance	3,388.00		30,547.88		(27,159.88)		3,483.00		97.27%	
Fountains	25,021.97		18,333.37		6,688.60		20,000.00		125.11%	
Irrigation	92,385.21		77,916.63		14,468.58		85,000.00		108.69%	
Lake Maintenance	10,900.00		9,166.63		1,733.37		10,000.00		109.00%	
Landscaping Maintenance & Material	80,329.29		91,666.63		(11,337.34)		100,000.00		80.33%	
Landscape Improvements	48,808.58		27,500.00		21,308.58		30,000.00		162.70%	
Contingency	765.00		-		765.00		-		0.00%	
Signage & Amenities Repair	427.00		916.63		(489.63)		1,000.00		42.70%	
Hurricane Cleanup	1,540.00		9,166.63		(7,626.63)		10,000.00		15.40%	
Streetlights	54,263.50		34,929.95		19,333.55		38,105.40		142.40%	
Miscellaneous	2,265.46		916.96		1,348.50		1,000.00		226.55%	
Total Field Expenses	$	448,077.63		$	446,499.57		$	1,578.06		$	457,248.40		97.99%	
Total Expenses	 $	609,402.14 		 $	569,047.93 		 $	40,354.21 		 $	620,779.60 			98.17% 	
Income (Loss) from Operations	$	22,041.85		$	-		$	22,041.85		$	-			

Other Income (Expense)										
Interest Income	$	14,847.82		$	-	$	14,847.82		$	-		
Total Other Income (Expense)	$	14,847.82		 
$	-	$	14,847.82		$	-		
Net Income (Loss)	$	36,889.67		 
$	-	$	36,889.67		$	-