Charles Cove CDD
October 2025 Financial Report

October 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 10/31/2025	

General Fund	
Debt Service Fund		

Long Term Debt			

Total	
	
Assets								
Current Assets								
General Checking Account	$	17,477.64					$	17,477.64	
Pond Reserve	12,126.77						12,126.77	
Assessments Receivable	865,306.58						865,306.58	
Deposits	12,535.09						12,535.09	
Assessments Receivable		$	630,653.76					630,653.76	
Debt Service Reserve - Series 2020		187,322.27					187,322.27	
Debt Service Reserve - Series 2021		131,000.00					131,000.00	
Revenue - Series 2020		206,744.11					206,744.11	
Revenue - Series 2021		115,567.38					115,567.38	
Prepayment - Series 2020		3,756.42					3,756.42	
Prepayment - Series 2021	
	3,416.87					3,416.87	
Total Current Assets	$	907,446.08	$ 1,278,460.81		$	-		$	2,185,906.89	

Investments
Amount Available in Debt Service Funds Amount To Be Provided
Total Investments					

$	647,807.05		

$	

647,807.05	
					9,427,192.95			9,427,192.95	
	$	-		$	-		$ 10,075,000.00		$	10,075,000.00	
Total Assets	$	907,446.08	$ 1,278,460.81		$ 10,075,000.00		$	12,260,906.89	

Liabilities and Net Assets	
Current Liabilities								
Accounts Payable	$	11,221.85					$	11,221.85	
Deferred Revenue	865,306.58						865,306.58	
Deferred Revenue	
	$	630,653.76					630,653.76	
Total Current Liabilities	$	876,528.43	$	630,653.76		$	-		$	1,507,182.19	

Long Term Liabilities
Revenue Bonds Payable - Long-Term Total Long Term Liabilities					

$ 10,075,000.00		

$	

10,075,000.00	
	$	-		$	-		$ 10,075,000.00		$	10,075,000.00	
Total Liabilities	$	876,528.43	$	630,653.76		$ 10,075,000.00		$	11,582,182.19	

Net Assets								
Net Assets - General Government	$	122,375.38					$	122,375.38	
Current Year Net Assets - General Government	(91,457.73)						(91,457.73)	
Net Assets, Unrestricted		$	647,807.05					647,807.05	
Current Year Net Assets, Unrestricted	
	-					-	
Total Net Assets	$	30,917.65	$	647,807.05		$	-		$	678,724.70	

						
Total Liabilities and Net Assets	$	907,446.08	$ 1,278,460.81		$ 10,075,000.00		$	12,260,906.89	

Charles Cove CDD Statement of Activities As of 10/31/2025

General Fund	Debt Service Fund

Long Term Debt	Total

Revenues

Other Income & Other Financing Sources	$	20.00		$	20.00	
Total Revenues	$	20.00		$	-	$	-	$	20.00	

Public Officials' Liability Insurance	$	2,939.00		$	2,939.00	
Trustee Services	3,721.86		3,721.86	
Engineering	5,064.00		5,064.00	
Property Appraiser	16,085.61		16,085.61	
Janitorial Service	2,875.00		2,875.00	
Travel and Per Diem	43.26		43.26	
Web Site Maintenance	145.00		145.00	
Dues, Licenses, and Fees	175.00		175.00	
Electric	6,231.70		6,231.70	
Amenity - Pool Maintenance	3,220.00		3,220.00	
Amenity - Pest Control	30.00		30.00	
Amenity - Security Cameras (WiFi)	150.00		150.00	
General Liability Insurance	3,591.00		3,591.00	
Property & Casualty Insurance	32,508.00		32,508.00	
Other Insurance	500.00		500.00	
General Repair & Maintenance	250.00		250.00	
Fountains	350.00		350.00	
Lake Maintenance	750.00		750.00	
Landscaping Maintenance & Material	9,609.11		9,609.11	
Equipment Repair & Maintenance	750.00		750.00	
Signage & Amenities Repair	2,729.47		2,729.47	
Total Expenses	$	91,718.01		$	-	$	-	$	91,718.01	

er Revenues (Expenses) & Gains (Losses)
Interest Income	

$	240.28				

$	240.28	
Total Other Revenues (Expenses) & Gains (Losses)	$	240.28		$	-		$	-	$	240.28	
Change In Net Assets	$	(91,457.73)		$	-		$	-	$  (91,457.73)	

Net Assets At Beginning Of Period	
$	122,375.38		
$	647,807.05		
$	-	$ 770,182.43	

Net Assets At End Of Period	
$	30,917.65		
$	647,807.05		
$	-	$ 678,724.70	

Expenses

Oth

Charles Cove CDD
Budget to Actual
For the Month Ending 10/31/2025

YTD Actual	YTD Budget	YTD Variance	FY 2025 Adopted
Budget

Percentage Spent

Revenues		
On-Roll Assessments	$	-	$	72,108.88	$	(72,108.88)	$	865,306.58	0.00%	
Other Income & Other Financing Sources	20.00	-	20.00	-	0.00%	
Net Revenues	$	20.00	$	72,108.88	$	(72,088.88)	$	865,306.58	0.00%	
 Expenditures						
Administrative Expenses										
Supervisor Fees	$	-		$	666.67		$	(666.67)		$	8,000.00		0.00%	
Trustee Services	3,721.86		709.36		3,012.50		8,512.26		43.72%	
Management	-		2,916.67		(2,916.67)		35,000.00		0.00%	
Engineering	5,064.00		833.33		4,230.67		10,000.00		50.64%	
Disclosure	-		666.67		(666.67)		8,000.00		0.00%	
Property Appraiser	16,085.61		1,250.00		14,835.61		15,000.00		107.24%	
District Counsel	-		1,500.00		(1,500.00)		18,000.00		0.00%	
Assessment Administration	-		1,250.00		(1,250.00)		15,000.00		0.00%	
Reamortization Schedules	-		41.67		(41.67)		500.00		0.00%	
Audit	-		583.33		(583.33)		7,000.00		0.00%	
Arbitrage Calculation	-		41.67		(41.67)		500.00		0.00%	
Travel and Per Diem	43.26		83.33		(40.07)		1,000.00		4.33%	
Postage & Shipping	-		58.33		(58.33)		700.00		0.00%	
Legal Advertising	-		166.67		(166.67)		2,000.00		0.00%	
Contingency	-		833.33		(833.33)		10,000.00		0.00%	
Meeting Room	-		83.33		(83.33)		1,000.00		0.00%	
Web Site Maintenance	145.00		250.00		(105.00)		3,000.00		4.83%	
Dues, Licenses, and Fees	175.00		14.58		160.42		175.00		100.00%	
Total Administrative Expenses	$	25,234.73		$	11,948.94		$	13,285.79		$	143,387.26		17.60%	
Security Expenses										
Security	$	-		$	9,675.00		$	(9,675.00)		$	116,100.00		0.00%	
Amenity - Security Cameras (WiFi)	150.00		-		150.00		-		0.00%	
Total Security Expenses	$	150.00		$	9,675.00		$	(9,525.00)		$	116,100.00		0.13%	

Utility Expenses										
Electric	$	6,231.70		$	5,000.00		$	1,231.70		$	60,000.00		10.39%	
Water/Sewer	-		4,166.67		(4,166.67)		50,000.00		0.00%	
Total Utility Expenses	$	6,231.70		$	9,166.67		$	(2,934.97)		$	110,000.00		5.67%	

Amenity Expenses										
Amenity - Pool Maintenance	$	3,220.00		$	3,750.00		$	(530.00)		$	45,000.00		7.16%	
Amenity - Access Control	-		1,666.67		(1,666.67)		20,000.00		0.00%	
Amenity - Janitorial	2,875.00		3,333.33		(458.33)		40,000.00		7.19%	
Amenity - Pest Control	30.00		166.67		(136.67)		2,000.00		1.50%	
Amenity - Pool Furniture	-		2,499.99		(2,499.99)		30,000.00		0.00%	
Total Amenity Expenses	$	6,125.00		$	11,416.66		$	(5,291.66)		$	137,000.00		4.47%	

Insurance Expenses										
General Liability Insurance	$	3,591.00		$	2,833.33		$	757.67		$	3,500.00		102.60%	
Property & Casualty Insurance	32,508.00		291.67		32,216.33		34,000.00		95.61%	
Public Officials' Liability Insurance	2,939.00		280.00		2,659.00		3,360.00		87.47%	
Other Insurance	500.00		-		500.00		-		0.00%	
Total Insurance Expenses	$	39,538.00		$	3,405.00		$	36,133.00		$	40,860.00		96.76%	

Charles Cove CDD	
Budget to Actual	
For the Month Ending 10/31/2025	

YTD Actual	

YTD Budget	

YTD Variance	
FY 2025 Adopted Budget	
Percentage Spent	
Ground Maintenance						
Fountains	$	350.00	$	2,000.00	$	(1,650.00)	$	24,000.00	1.46%	
Irrigation	-	7,500.00	(7,500.00)	90,000.00	0.00%	
Irrigation Repairs	-	1,250.00	(1,250.00)	15,000.00	0.00%	
Lake Maintenance	750.00	1,050.00	(300.00)	12,600.00	5.95%	
Landscaping Maintenance & Material	9,609.11	9,613.28	(4.17)	115,359.32	8.33%	
Landscape Improvements	-	2,500.00	(2,500.00)	30,000.00	0.00%	

Total Ground Maintenance

General Expenses	 $	10,709.11 		 $	23,913.28 		 $	(13,204.17)		 $	286,959.32 			3.73%	
General Repair & Maintenance	$	250.00		$	-		$	250.00		$	-		0.00%	
Equipment Repair & Maintenance	750.00		-		750.00		-		0.00%	
Signage & Amenities Repair	2,729.47		83.33		2,646.14		1,000.00		272.95%	
Hurricane Cleanup	-		833.33		(833.33)		10,000.00		0.00%	
Road Reserve	-		1,666.67		(1,666.67)		20,000.00		0.00%	
Total General Expenses	 $	3,729.47 		 $	2,583.33 		 $	1,146.14 		 $	31,000.00 			12.03%	
Total Expenditures	$	91,718.01		$	72,108.88		$	19,609.13		$	865,306.58		10.60%	
Income (Loss) from Operations	$	(91,698.01)		$	-		$	(91,698.01)		$	-			

Other Income (Expense)										
Interest Income	$	240.28		$	-	$	240.28		$	-		
Total Other Income (Expense)	$	240.28		
$	-	$	240.28		$	-		
Net Income (Loss)	$	(91,457.73)		
$	-	$	(91,457.73)		$	-