Charles Cove CDD
April 2026 Financial Report

April 30, 2026

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

Charles Cove CDD
Statement of Financial Position As of 4/30/2026

General Fund	Debt Service Fund

Long Term Debt	Total

	Assets		
Current Assets			
General Checking Account	$	402,851.28					$	402,851.28	
Pond Reserve	122,307.64					122,307.64	
Prepaid Expenses	709.35					709.35	
Deposits	12,535.09					12,535.09	
Due From Other Funds			$	6,974.36			6,974.36	
Debt Service Reserve - Series 2020			187,247.68			187,247.68	
Debt Service Reserve - Series 2021			131,000.00			131,000.00	
Revenue - Series 2020			458,684.96			458,684.96	
Revenue - Series 2021			301,683.81			301,683.81	
Prepayment - Series 2020			3,756.42			3,756.42	
Prepayment - Series 2021			3,416.87			3,416.87	
Total Current Assets	$	538,403.36		$ 1,092,764.10		$	-	$  1,631,167.46	

Investments

Amount Available in Debt Service Funds	$  1,085,789.74		$  1,085,789.74	
Amount To Be Provided	8,989,210.26		8,989,210.26	
Total Investments	$	-	$	-	$ 10,075,000.00		$ 10,075,000.00	

Total Assets	$	538,403.36	$ 1,092,764.10	$ 10,075,000.00	$ 11,706,167.46

	Liabilities and Net Assets		
Current Liabilities
Accounts Payable	
$	1,815.03		
$	1,815.03	
Due To Other Funds	6,974.36	
	6,974.36	
Total Current Liabilities	$	8,789.39	$	-	$	-	$	8,789.39	

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	$	8,789.39		$	-		$ 10,075,000.00		$ 10,083,789.39	

Net Assets
Net Assets, Unrestricted	

$	6,267.66						

$	6,267.66	
Net Assets - General Government	111,043.72						111,043.72	
Current Year Net Assets - General Government	412,302.59						412,302.59	
Net Assets, Unrestricted			$	647,807.05				647,807.05	
Current Year Net Assets, Unrestricted			444,957.05				444,957.05	
Total Net Assets	$	529,613.97		$ 1,092,764.10		$	-		$  1,622,378.07	
								
Total Liabilities and Net Assets	$	538,403.36		$ 1,092,764.10		$ 10,075,000.00		$ 11,706,167.46	

Statement of Activities As of 4/30/2026

General Fund

Debt Service	Long Term Fund		Debt

Total

Charles Cove CDD

Revenues

On-Roll Assessments	$	871,462.38						$  871,462.38	
Other Income & Other Financing Sources	310.00						310.00	
On-Roll Assessments			$  630,546.89				630,546.89	
Total Revenues	$	871,772.38		$  630,546.89		$	-		$ 1,502,319.27	

Expenses

Supervisor Fees	$	1,600.00				$	1,600.00	
Public Officials' Liability Insurance	2,939.00				2,939.00	
Trustee Services	7,268.64				7,268.64	
Management	23,333.31				23,333.31	
Field Management	8,750.00				8,750.00	
Engineering	7,914.23				7,914.23	
Disclosure	2,000.00				2,000.00	
Property Appraiser	16,085.61				16,085.61	
District Counsel	15,500.30				15,500.30	
Assessment Administration	15,000.00				15,000.00	
Audit	4,200.00				4,200.00	
Tax Preparation	33.60				33.60	
Travel and Per Diem	176.64				176.64	
Postage & Shipping	360.38				360.38	
Legal Advertising	220.64				220.64	
Meeting Room	314.00				314.00	
Web Site Maintenance	1,615.00				1,615.00	
Dues, Licenses, and Fees	175.00				175.00	
Security	16,218.00				16,218.00	
Electric	72,821.43				72,821.43	
Water-Sewer	34,012.76				34,012.76	
Amenity - Irrigation Repairs	11,168.50				11,168.50	
Amenity - Pool Maintenance	22,330.00				22,330.00	
Amenity - Access Control	5,822.88				5,822.88	
Amenity - Janitorial	20,782.00				20,782.00	
Amenity - Pest Control	210.00				210.00	
Amenity - Security Cameras (WiFi)	1,085.09				1,085.09	
Amenity - Pool Furniture	15,229.00				15,229.00	
General Liability Insurance	3,591.00				3,591.00	
Property & Casualty Insurance	32,508.00				32,508.00	
Other Insurance	500.00				500.00	
Fountains	1,350.00				1,350.00	
Lake Maintenance	21,840.00				21,840.00	
Landscaping Maintenance & Material	67,263.77				67,263.77	
Landscape Improvements	8,867.00				8,867.00	
Contingency	750.00				750.00	
Backflow Certification and Repairs	3,412.05				3,412.05	
Equipment Repair & Maintenance	14,413.38				14,413.38	
Signage & Amenities Repair	6,763.94				6,763.94	
Road Repair	1,400.00				1,400.00	
Interest Payments (Series 2020)			$  120,578.13		120,578.13	
Interest Payments (Series 2021)			79,097.50		79,097.50	
Total Expenses	$	469,825.15		$  199,675.63		 
$	-	$  669,500.78	

Other Revenues (Expenses) & Gains (Losses)

Interest Income	$	10,355.36				$	10,355.36	
Interest Income			$	14,085.79		14,085.79	
Total Other Revenues (Expenses) & Gains (Losses)	$	10,355.36		$	14,085.79		 
$	-	$	24,441.15	
Change In Net Assets	$	412,302.59		$  444,957.05		$	-	$  857,259.64	
Net Assets At Beginning Of Year	$	117,311.38		$  647,807.05		$	-	$  765,118.43	

Net Assets At End Of Year	
$	529,613.97		
$ 1,092,764.10		 

$	-	$ 1,622,378.07	

Charles Cove CDD
Budget to Actual
For the Month Ending 04/30/2026

YTD Actual	YTD Budget	YTD Variance	FY 2026
Adopted Budget

Percentage Spent

Revenues		
On-Roll Assessments	$	871,462.38	$	432,653.29	$	438,809.09	$	865,306.58	100.71%	
Other Income & Other Financing Sources	310.00	-	310.00	-	0.00%	
Net Revenues	$	871,772.38	$	432,653.29	$	439,119.09	$	865,306.58	100.75%	
 Expenditures						
Administrative Expenses										
Supervisor Fees	$	1,600.00		$	4,000.00		$	(2,400.00)		$	8,000.00		20.00%	
Trustee Services	7,268.64		4,256.13		3,012.51		8,512.26		85.39%	
Management	23,333.31		17,500.00		5,833.31		35,000.00		66.67%	
Field Management	8,750.00		-		8,750.00		-		0.00%	
Engineering	7,914.23		5,000.00		2,914.23		10,000.00		79.14%	
Disclosure	2,000.00		4,000.00		(2,000.00)		8,000.00		25.00%	
Property Appraiser	16,085.61		7,500.00		8,585.61		15,000.00		107.24%	
District Counsel	15,500.30		9,000.00		6,500.30		18,000.00		86.11%	
Assessment Administration	15,000.00		7,500.00		7,500.00		15,000.00		100.00%	
Reamortization Schedules	-		250.00		(250.00)		500.00		0.00%	
Audit	4,200.00		3,500.00		700.00		7,000.00		60.00%	
Arbitrage Calculation	-		250.00		(250.00)		500.00		0.00%	
Tax Preparation	33.60		-		33.60		-		0.00%	
Travel and Per Diem	176.64		500.00		(323.36)		1,000.00		17.66%	
Postage & Shipping	360.38		350.00		10.38		700.00		51.48%	
Legal Advertising	220.64		1,000.00		(779.36)		2,000.00		11.03%	
Contingency	750.00		5,000.00		(4,250.00)		10,000.00		7.50%	
Meeting Room	314.00		500.00		(186.00)		1,000.00		31.40%	
Web Site Maintenance	1,615.00		1,500.00		115.00		3,000.00		53.83%	
Dues, Licenses, and Fees	175.00		87.50		87.50		175.00		100.00%	
Total Administrative Expenses	$	105,297.35		$	71,693.63		$	33,603.72		$	143,387.26		73.44%	
Security Expenses										
Security Guard	$	16,218.00		$	58,050.00		$	(41,832.00)		$	116,100.00		13.97%	
Amenity - Security Cameras (WiFi)	1,085.09		-		1,085.09		-		0.00%	
Amenity - Access Control	5,822.88		10,000.00		(4,177.12)		20,000.00		29.11%	
Total Security Expenses	$	23,125.97		$	68,050.00		$	(44,924.03)		$	136,100.00		16.99%	

Utility Expenses										
Electric	$	72,821.43		$	30,000.00		$	42,821.43		$	60,000.00		121.37%	
Water/Sewer	34,012.76		25,000.00		9,012.76		50,000.00		68.03%	
Total Utility Expenses	$	106,834.19		$	55,000.00		$	51,834.19		$	110,000.00		97.12%	

Amenity Expenses										
Amenity - Pool Maintenance	$	22,330.00		$	22,500.00		$	(170.00)		$	45,000.00		49.62%	
Amenity - Janitorial	20,782.00		20,000.00		782.00		40,000.00		51.96%	
Amenity - Pest Control	210.00		1,000.00		(790.00)		2,000.00		10.50%	
Amenity - Pool Furniture	15,229.00		15,000.00		229.00		30,000.00		50.76%	
Amenity - Miscelleanous	-		-		-		-		0.00%	
Total Amenity Expenses	$	58,551.00		$	58,500.00		$	51.00		$	117,000.00		50.04%	

Insurance Expenses										
General Liability Insurance	$	3,591.00		$	1,750.00		$	1,841.00		$	3,500.00		102.60%	
Property & Casualty Insurance	32,508.00		17,000.00		15,508.00		34,000.00		95.61%	
Public Officials' Liability Insurance	2,939.00		1,680.00		1,259.00		3,360.00		87.47%	
Other Insurance	500.00		-		500.00		-		0.00%	
Total Insurance Expenses	$	39,538.00		$	20,430.00		$	19,108.00		$	40,860.00		96.76%	

Charles Cove CDD
Budget to Actual
For the Month Ending 04/30/2026	

Ground Maintenance	
YTD Actual	YTD Budget	
YTD	
Variance	
FY 2026
Adopted Budget	
Percentage Spent	
Fountains Irrigation Irrigation Repairs
Backflow Certification & Repairs Lake Maintenance
Landscaping Maintenance & Material Landscape Improvements
Total Ground Maintenance	$	1,350.00	$	12,000.00
-	45,000.00
11,168.50	7,500.00
3,412.05	-
21,840.00	6,300.00
67,263.77	57,679.66
8,867.00	15,000.00
 
 $	113,901.32   $	143,479.66 	$

 $		(10,650.00)
(45,000.00)
3,668.50
3,412.05
15,540.00
9,584.11
(6,133.00)
(29,578.34)	$	24,000.00
90,000.00
15,000.00
- 12,600.00
115,359.32
30,000.00

 $	286,959.32 	5.63%
0.00%
74.46%
0.00%
173.33%
58.31%
29.56%
	39.69%	
General Expenses
General Repair & Maintenance Equipment Repair & Maintenance Road Repair
Signage & Amenities Repair Hurricane Cleanup
Road Reserve
Total General Expenses	
$	-	$	-
14,413.38	-
1,400.00	-
6,763.94	500.00
-	5,000.00
-	10,000.00
 
 $	22,577.32   $	15,500.00 	
$

 $		
- 14,413.38
1,400.00
6,263.94
(5,000.00)
(10,000.00)
7,077.32 	
$	-
-
- 1,000.00
10,000.00
20,000.00

 $	31,000.00 	
0.00%
0.00%
0.00%
676.39%
0.00%
0.00%
	72.83%	
Total	Expenditures	$	469,825.15	$	432,653.29	$	37,171.86	$	865,306.58	54.30%	
Income (Loss) from Operations	$	401,947.23	$	-	$	401,947.23	$	-		
Other Income (Expense)
Interest Income
Total Other Income (Expense)

Net Income (Loss)	

$
$

$	

10,355.36
10,355.36

412,302.59	

$
$

$	

$
$

$	

10,355.36
10,355.36

412,302.59	

$	-

$	-

$	-