Two Lakes Community Development District

Final Budget For Fiscal Year 2025/2026
October 1, 2025 - September 30, 2026

CONTENTS

TABLE OF CONTENTS

Budget Summary

Final Budget	I
Detailed Final Budget	II
Clubhouse Operating Budget	III
Debt Service
Final Series 2017 Debt Service Fund Budget (Original Units)	IV
Final Series 2019 Debt Service Fund Budget (Expansion Units)	V
Final Series 2024 Debt Service Fund Budget (Clubhouse)	VI
Assessment Comparison
Assessment Comparison	VII

FINAL BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2025/2026
OCTOBER 1, 2025 - SEPTEMBER 30, 2026

REVENUES	
FISCAL YEAR 2025/2026 BUDGET	
Administrative Assessments	125,833	
Maintenance Assessments	135,620	
Clubhouse Maintenance Assessments	1,431,277	
Debt Assessments - Series 2017	1,482,926	
Debt Assessments - Series 2019	1,153,711	
Debt Assessments - Series 2024	2,349,335	
Other Revenue	0	
Interest Income - Stormwater Account	0	
Interest Income	1,440	
		
TOTAL REVENUES	$	6,680,142	
		
EXPENDITURES		
Administrative Expenditures		
Supervisor Fees	2,400	
Management	42,648	
Legal	20,000	
Assessment Roll	9,400	
Audit Fees	7,900	
Arbitrage Rebate Fee	1,950	
Insurance	7,100	
Legal Advertisements	8,000	
Miscellaneous	1,200	
Postage	500	
Office Supplies	700	
Dues & Subscriptions	175	
Trustee Fees	9,750	
Continuing Disclosure Fee	3,000	
Administrative Contingency	5,000	
Total Administrative Expenditures	$	119,723	
		
Maintenance Expenditures		
Annual Engineer's Report & Inspections	5,000	
Field Operations Management	1,500	
Roadway/Street Drainage System	35,000	
Lake Tract(s) Maintenance	14,000	
Aquatic Maintenance	16,000	
Lake Fountain Maintenance	6,000	
Storm Drainage/Class V Permit	3,500	
Capital Improvements Fund	46,483	
Total Maintenance Expenditures	$	127,483	
		
Total Clubhouse Expenditures	$	1,345,400	
		
TOTAL EXPENDITURES	$	1,592,606	
		
REVENUES LESS EXPENDITURES	$	5,087,536	
		
Bond Payments - Series 2017	(1,393,950)	
Bond Payments - Series 2019	(1,084,488)	
Bond Payments - Series 2024	(2,208,375)	
		
BALANCE	$	400,723	
		
County Appraiser & Tax Collector Fee	(133,575)	
Discounts For Early Payments	(267,148)	
		
EXCESS/ (SHORTFALL)	$	0	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	0	

DETAILED FINAL BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2025/2026
OCTOBER 1, 2025 - SEPTEMBER 30, 2026

REVENUES	
FISCAL YEAR 2023/2024 ACTUAL	
FISCAL YEAR 2024/2025 BUDGET	
FISCAL YEAR 2025/2026 BUDGET	

COMMENTS	
Administrative Assessments	108,561	99,094	125,833	Expenditures Less Interest/.94	
Maintenance Assessments	163,124	163,124	135,620	Expenditures/.94	
Clubhouse Maintenance Assessments	0	0	1,431,277	Expenditures/.94	
Debt Assessments - Series 2017	1,482,926	1,482,926	1,482,926	Bond Payments/.94	
Debt Assessments - Series 2019	1,153,711	1,153,711	1,153,711	Bond Payments/.94	
Debt Assessments - Series 2024	0	0	2,349,335	Bond Payments/.94	
Other Revenue	0	0	0		
Interest Income - Stormwater Account	3,241	0	0		
Interest Income	54,481	720	1,440	Projected At $120 Per Month	
					
TOTAL REVENUES	$	2,966,044	$	2,899,575	$	6,680,142		
					
EXPENDITURES					
Administrative Expenditures					
Supervisor Fees	2,400	0	2,400	$2,400 Increase From 2024/2025 Budget	
Management	40,248	41,448	42,648	CPI Adjustment - Includes Website Management	
Legal	23,476	12,800	20,000	$7,200 Increase From 2024/2025 Budget	
Assessment Roll	9,400	9,400	9,400	No Change From 2024/2025 Budget	
Audit Fees	5,800	5,900	7,900	$2,000 Increase Due to Clubhouse Addition	
Arbitrage Rebate Fee	1,300	1,300	1,950	$650 Increase From 2024/2025 Budget	
Insurance	6,594	7,100	7,100	Fiscal Year 2023/2024 Expenditure Was $6,594	
Legal Advertisements	12,932	2,500	8,000	$5,500 Increase From 2024/2025 Budget	
Miscellaneous	1,255	1,200	1,200	No Change From 2024/2025 Budget	
Postage	1,563	500	500	No Change From 2024/2025 Budget	
Office Supplies	2,004	700	700	No Change From 2024/2025 Budget	
Dues & Subscriptions	175	175	175	Annual Dues Payment To Dept Of Economic Opportunity	
Trustee Fees	6,500	6,500	9,750	$3,250 Increase From 2024/2025 Budget	
Continuing Disclosure Fee	1,000	2,000	3,000	$1000 Increase From 2024/2025 Budget	
Administrative Contingency	7,684	2,346	5,000	Administrative Contingency	
Total Administrative Expenditures	$	122,331	$	93,869	$	119,723		
					
Maintenance Expenditures					
Annual Engineer's Report & Inspections	3,355	2,400	5,000	$2,600 Increase From 2024/2025 Budget	
Field Operations Management	1,500	1,500	1,500	No Change From 2024/2025 Budget	
Roadway/Street Drainage System	16,267	35,000	35,000	No Change From 2024/2025 Budget	
Lake Tract(s) Maintenance	13,008	12,000	14,000	$2,000 Increase From 2024/2025 Budget	
Aquatic Maintenance	14,880	15,000	16,000	$1,000 Increase From 2024/2025 Budget	
Lake Fountain Maintenance	0	0	6,000	New Addition to Budget	
Storm Drainage/Class V Permit	0	0	3,500	New Addition to Budget	
Capital Improvements Fund	0	87,437	46,483	Capital Improvements Fund	
Total Maintenance Expenditures	$	49,010	$	153,337	$	127,483		
					
Total Clubhouse Expenditures	$	-	$	-	$	1,345,400		
					
TOTAL EXPENDITURES	$	171,340	$	247,206	$	1,592,606		
					
REVENUES LESS EXPENDITURES	$	2,794,704	$	2,652,369	$	5,087,536		
					
Bond Payments - Series 2017	0	(1,393,950)	(1,393,950)	2026 Principal & Interest Payments	
Bond Payments - Series 2019	0	(1,084,488)	(1,084,488)	2026 Principal & Interest Payments	
Bond Payments - Series 2024	0	0	(2,208,375)	2026 Principal & Interest Payments	
					
BALANCE	$	2,794,704	$	173,931	$	400,723		
					
County Appraiser & Tax Collector Fee	0	(57,977)	(133,575)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	0	(115,954)	(267,148)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	2,794,704	$	-	$	0		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	2,794,704	$	-	$	0		

DETAILED FINAL BUDGET (CLUBHOUSE)
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2025/2026
OCTOBER 1, 2025 - SEPTEMBER 30, 2026

CLUBHOUSE OPERATIONS & MAINTENANCE EXPENDITURES	
FISCAL YEAR 2023/2024 ACTUAL	
FISCAL YEAR 2024/2025 BUDGET	
FISCAL YEAR 2025/2026 BUDGET	

COMMENTS	
Access Control Repairs & Maintenance	0	8,400	12,000	Repairs & maintenance of the access control system of the Club Property.	
Air Conditioning Maintenance & Repairs	0	3,696	4,500	AC maintenance contract and associated repairs.	
Capital Improvements	0	0	85,000	Combination of MMI Management Fees & Payroll for staff	
Clubhouse Coffee Machine	0	0	9,000	Combination of MMI Management Fees & Payroll for staff	
Clubhouse MMI Management Fees	0	480,312	460,000	Combination of MMI Management Fees & Payroll for staff	
Clubhouse SDS Management	0	0	24,000	SDS Clubhouse Management Fee	
Electricity	0	96,900	80,000	Electricity (irrigation, pool equipment, outdoor lights, etc.)	
Fitness Equipment Maintenance & Improvements	0	15,000	30,000	Fitness equipment maintenance contract & repairs.	
Holiday Decor	0	0	20,000	Property, Liability & other insurance coverages for Club Property.	
Insurance-Property & Liability	0	29,400	44,000	Property, Liability & other insurance coverages for Club Property.	
Irrigation Repairs & Maintenance	0	5,700	5,700	Irrigation repairs & maintenance at Club Property.	
Janitorial Supplies	0	30,000	30,000	Janitorial supplies required for Club Property.	
Landscape Maintenance	0	50,100	60,000	32 cuts/edging per year, monthly shrub trimming & bed work, quarterly pest & fertilization	
Landscape Replacement (Includes Mulching)	0	25,200	25,200	Landscape replacement and yearly mulching of Club Property.	
Office Supplies/Club House Supplies	0	10,140	6,000	Supplies and equipment required for onsite office.	
Pest Control	0	4,800	15,500	Pest control at Club Property	
Pool Maintenance	0	72,000	58,000	Routine pool maintenance and additional cleanings when required.	
Pool Repairs	0	48,000	44,000	Repairs of the pools.	
Property Taxes	0	12,000	12,000	Property taxes for the Club Property	
General Repairs/Maintenance & Supplies	0	48,000	55,000	General repairs and maintenance of the Club Property.	
Special Events	0	40,200	15,000	Events and activities hosted by the Club.	
Security Services	0	250,200	175,000	Security services for Club Property as needed.	
Telephone, Cable, Internet	0	18,600	14,500	Expenses for services	
Trash Collection/Recycling	0	22,080	15,000	Trash collection expenses for Club Property.	
Water & Sewer	0	40,800	37,000	Water & sewer for Club Property	
Window Cleaning & Pressure Cleaning	0	10,020	9,000	Yearly window cleaning and pressure washing of Club Property.	

TOTAL CLUBHOUSE OPERATIONS & MAINTENANCE EXPENDITURES	$	-	$	1,321,548	$	1,345,400		
					
Carryover From Prior Year	0	0	0	Carryover From Prior Year	
					
TOTAL CLUB OPERATIONS & MAINTENANCE EXPENDITURES					
Operating Expenditures	-	1,321,548	1,345,400	$806.20 Per Year * 1669 Units = $1,345,548	
				Assessment Including Discounts & Fees ($806.20/.94 =	
				$857.66 Per Year * 1669 Units = $1,431,434.54)	

DETAILED FINAL DEBT SERVICE (SERIES 2017) FUND BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2025/2026
OCTOBER 1, 2025 - SEPTEMBER 30, 2026

REVENUES	FISCAL YEAR 2023/2024 ACTUAL	FISCAL YEAR 2024/2025 BUDGET	FISCAL YEAR 2025/2026 BUDGET	

COMMENTS	

Interest Income	
100,217	
500	
500	
Projected Interest For 2025/2026	

NAV Tax Collection	
1,411,973	
1,393,950	
1,393,950	
Maximum Debt Service Collection	

Total Revenues	
$1,512,190	
$1,394,450	
$1,394,450		

EXPENDITURES					

Principal Payments	
435,000	
470,000	
490,000	
Principal Payment Due In 2026	

Interest Payments	
947,650	
920,750	
901,950	
Interest Payments Due In 2026	

Bond Redemption	
0	
3,700	
2,500	
Estimated Excess Debt Collections	

Total Expenditures	
$1,382,650	
$1,394,450	
$1,394,450		

Excess/ (Shortfall)	
$129,540	
$0	
$0		

Series 2017 Bond Information

Original Par Amount =	$21,685,000	Annual Principal Payments Due:	
Interest Rate =	3.25% - 5.0%	December 15th	
Issue Date =	June 2017	Annual Interest Payments Due:	
Maturity Date =

Par Amount As Of 1/1/25 =	November 2047

$18,815,000	June 15th & December 15th	

DETAILED FINAL DEBT SERVICE (SERIES 2019) FUND BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2025/2026
OCTOBER 1, 2025 - SEPTEMBER 30, 2026

REVENUES	FISCAL YEAR 2023/2024 ACTUAL	FISCAL YEAR 2024/2025 BUDGET	FISCAL YEAR 2025/2026 BUDGET	

COMMENTS	

Interest Income	
73,842	
500	
500	
Projected Interest For 2025/2026	

NAV Tax Collection	
1,098,606	
1,084,488	
1,084,488	
Maximum Debt Service Collection	

Total Revenues	
$1,172,448	
$1,084,988	
$1,084,988		

EXPENDITURES					

Principal Payments	
400,000	
430,000	
445,000	
Principal Payment Due In 2026	

Interest Payments	
669,963	
651,513	
637,000	
Interest Payments Due In 2026	

Bond Redemption	
0	
3,475	
2,988	
Estimated Excess Debt Collections	

Total Expenditures	
$1,069,963	
$1,084,988	
$1,084,988		

Excess/ (Shortfall)	
$102,485	
$0	
$0		

Series 2019 Bond Information

Original Par Amount =	$19,050,000	Annual Principal Payments Due:	
Interest Rate =	3.0% - 4.0%	December 15th	
Issue Date =	September 2019	Annual Interest Payments Due:	
Maturity Date =

Par Amount As Of 1/1/25 =	December 2049

$17,070,000	June 15th & December 15th	

DETAILED FINAL DEBT SERVICE (SERIES 2024) CLUBHOUSE FUND BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2025/2026
OCTOBER 1, 2025 - SEPTEMBER 30, 2026

REVENUES	FISCAL YEAR 2023/2024 ACTUAL	FISCAL YEAR 2024/2025 BUDGET	FISCAL YEAR 2025/2026 BUDGET	

COMMENTS	

Interest Income	
0	
0	
500	
Projected Interest For 2025/2026	

NAV Tax Collection	
0	
0	
2,208,375	
Maximum Debt Service Collection	

Total Revenues	
$0	
$0	
$2,208,875		

EXPENDITURES					

Principal Payments	
0	
0	
505,000	
Principal Payment Due In 2026	

Interest Payments	
0	
0	
1,700,875	
Interest Payments Due In 2026	

Bond Redemption	
0	
0	
3,000	
Estimated Excess Debt Collections	

Total Expenditures	
$0	
$0	
$2,208,875		

Excess/ (Shortfall)	
$0	
$0	
$0		

Series 2024 Bond Information

Original Par Amount =	$34,270,000	Annual Principal Payments Due:	
Interest Rate =	5.00%	May 1st	
Issue Date =	October 2024	Annual Interest Payments Due:	
Maturity Date =

Par Amount As Of 1/1/25 =	November 2055

$34,270,000	May 1st & November 1st	

Two Lakes Community Development District Assessment Comparison

	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
	2021/2022	2022/2023	2023/2024	2024/2025	2025/2026	
	Assessment	Assessment	Assessment	Assessment	Projected Assessment	
	 Before Discount* 	 Before Discount*	  Before Discount* 	 Before Discount*		Before Discount*		
Original Units						
Administrative For Villa Units	$59.39	$59.38	$59.38	$59.38	$75.39	
Maintenance For Villa Units	$97.94	$97.94	$97.94	$97.94	$81.26	
Clubhouse Maintenance For Villa Units	$0.00	$0.00	$0.00	$0.00	$857.57	
Clubhouse Debt For Villa Units	$0.00	$0.00	$0.00	$0.00	$1,407.63	
Debt For Villa Units	$1,472.00	$1,472.00	$1,472.00	$1,472.00	$1,472.00	
Total For Villa Units	
$1,629.33	
$1,629.32	
$1,629.32	
$1,629.32	
$3,893.85	
Administrative For Townhome Units	$59.38	$59.38	$59.38	$59.38	$75.39	
Maintenance For Townhome Units	$97.94	$97.94	$97.94	$97.94	$81.26	
Clubhouse Maintenance For Villa Units	$0.00	$0.00	$0.00	$0.00	$857.57	
Clubhouse Debt For Villa Units	$0.00	$0.00	$0.00	$0.00	$1,407.63	
Debt For Townhome Units	$1,524.50	$1,524.50	$1,524.50	$1,524.50	$1,524.50	
Total For Townhome Units	
$1,681.82	
$1,681.82	
$1,681.82	
$1,681.82	
$3,946.35	
Administrative For Single Family Units	$59.38	$59.38	$59.38	$59.38	$75.39	
Maintenance For Single Family Units	$97.94	$97.94	$97.94	$97.94	$81.26	
Clubhouse Maintenance For Villa Units	$0.00	$0.00	$0.00	$0.00	$857.57	
Clubhouse Debt For Villa Units	$0.00	$0.00	$0.00	$0.00	$1,407.63	
Debt For Single Family Units	$1,577.00	$1,577.00	$1,577.00	$1,577.00	$1,577.00	
Total For Single Family Units	
$1,734.32	
$1,734.32	
$1,734.32	
$1,734.32	
$3,998.85	
Expansion Units						
Administrative For Villa Units	$59.38	$59.38	$59.38	$59.38	$75.39	
Maintenance For Villa Units	$97.94	$97.94	$97.94	$97.94	$81.26	
Clubhouse Maintenance For Villa Units	$0.00	$0.00	$0.00	$0.00	$857.57	
Clubhouse Debt For Villa Units	$0.00	$0.00	$0.00	$0.00	$1,407.63	
Debt For Villa Units	$1,555.00	$1,555.00	$1,555.00	$1,555.00	$1,555.00	
Total For Villa Units	
$1,712.32	
$1,712.32	
$1,712.32	
$1,712.32	
$3,976.85	
Administrative For Townhome Units	$59.38	$59.38	$59.38	$59.38	$75.39	
Maintenance For Townhome Units	$97.94	$97.94	$97.94	$97.94	$81.26	
Clubhouse Maintenance For Villa Units	$0.00	$0.00	$0.00	$0.00	$857.57	
Clubhouse Debt For Villa Units	$0.00	$0.00	$0.00	$0.00	$1,407.63	
Debt For Townhome Units	$1,658.00	$1,658.00	$1,658.00	$1,658.00	$1,658.00	
Total For Townhome Units	
$1,815.32	
$1,815.32	
$1,815.32	
$1,815.32	
$4,079.85	
Administrative For Single Family Units	$59.38	$59.38	$59.38	$59.38	$75.39	
Maintenance For Single Family Units	$97.94	$97.94	$97.94	$97.94	$81.26	
Clubhouse Maintenance For Villa Units	$0.00	$0.00	$0.00	$0.00	$857.57	
Clubhouse Debt For Villa Units	$0.00	$0.00	$0.00	$0.00	$1,407.63	
Debt For Single Family Units	$1,866.00	$1,866.00	$1,866.00	$1,866.00	$1,866.00	
Total For Single Family Units	
$2,023.32	
$2,023.32	
$2,023.32	
$2,023.32	
$4,287.85	

* Assessments Include the Following :	Note: Covenant Amount (After Discounts & Fees)
4% Discount for Early Payments	For Original Units = $248.00
1% County Tax Collector Fee	$248.00/.94 = $263.82
1% County Property Appraiser Fee
Covenant Amount (After Discounts & Fees) For Expansion Units = $262.00
 Community Information - Original Units (Original):	$262.00/.94    =     $278.72 Villa Units	347
Townhome Units	420		Total Units	
Single Family Units	209	Original Units:	982
Total Area One Units	976	Expansion Units:	687
Total Units:	1,669
 Community Information - Original Units (Current):		 Community Information - Expansion Units: Villa Units	407		 Villa Units	246
Townhome Units	372	Townhome Units	248
Single Family Units	203	Single Family Units	193
Total Area One Units	982	Total Expansion Units	687