Two Lakes Community Development District

Amended Final Budget For Fiscal Year 2024/2025
October 1, 2024 - September 30, 2025

CONTENTS

I

AMENDED FINAL OPERATING FUND BUDGET

II

AMENDED FINAL CLUBHOUSE BUDGET

III

AMENDED FINAL DEBT SERVICE FUND BUDGET - SERIES 2017

IV

AMENDED FINAL DEBT SERVICE FUND BUDGET - SERIES 2019

V

AMENDED FINAL DEBT SERVICE FUND BUDGET - SERIES 2024

AMENDED FINAL BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT OPERATING FUND
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Note
Fund Balance Includes Stormwater Bank Account Balance Of $84,707.

I

$1,011,937

($186,334)

$825,603

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025 BUDGET
10/1/24 - 9/30/25

AMENDED FINAL BUDGET
10/1/24 - 9/30/25

YEAR TO DATE ACTUAL
10/1/24 - 9/29/25

Administrative Assessments

99,094

104,761

104,761

Maintenance Assessments

163,124

163,461

163,461

Debt Assessments (2017)

1,482,926

1,486,349

1,486,349

Debt Assessments (2019)

1,153,711

1,153,852

1,153,852

Other Revenue - Clubhouse

0

1,410,065

1,410,065

Interest Income - Stormwater

0

2,500

2,353

Interest Income - Operating

720

66,000

65,563

TOTAL REVENUES

$	2,899,575

$	4,386,988

$	4,386,404

EXPENDITURES

Supervisor Fees

0

3,000

3,000

Payroll Taxes

0

230

230

Management

41,448

41,448

41,448

Legal

12,800

64,000

57,937

Assessment Roll

9,400

9,400

9,400

Audit Fees

5,900

5,900

5,900

Arbitrage Rebate Fee

1,300

1,300

650

Insurance

7,100

6,858

6,858

Legal Advertisements

2,500

7,600

6,592

Miscellaneous

1,200

3,000

2,769

Postage

500

2,725

2,694

Office Supplies

700

2,275

2,184

Dues & Subscriptions

175

175

175

Trustee Fees

6,500

6,500

6,500

Continuing Disclosure Fee

2,000

700

700

Administrative Contingency

2,346

1,000

0

TOTAL ADMINISTRATIVE EXPENDITURES

$	93,869

$	156,111

$	147,037

MAINTENANCE EXPENDITURES

Annual Engineer's Report & Inspections

2,400

10,000

8,857

Field Operations Management

1,500

1,500

1,500

Roadway/Street Drainage System

35,000

5,000

0

Lake Tract(s) Maintenance

12,000

10,000

8,138

Aquatic Maintenance

15,000

5,000

0

Lawn Maintenance

0

3,500

3,500

Miscellaneous Maintenance

0

15,210

15,210

Capital Improvements Fund

87,437

87,437

81,207

TOTAL MAINTENANCE EXPENDITURES

$	153,337

$	137,647

$	118,412

TOTAL CLUBHOUSE EXPENDITURES

$	1,321,548

$	1,626,827

$	1,357,997

TOTAL EXPENDITURES

$	1,568,754

$	1,920,585

$	1,623,446

REVENUES LESS EXPENDITURES

$	1,330,821

$	2,466,403

$	2,762,958

Bond Payments (2017)

(1,393,950)

(1,415,507)

(1,415,507)

Bond Payments (2019)

(1,084,488)

(1,098,858)

(1,098,858)

BALANCE

$	(1,147,617)

$	(47,962)

$	248,593

County Appraiser & Tax Collector Fee

(57,977)

(27,945)

(27,945)

Discounts For Early Payments

(115,954)

(110,427)

(110,427)

EXCESS/ (SHORTFALL)

$	(1,321,548)

$	(186,334)

$	110,221

Carryover From Prior Year

0

0

0

NET EXCESS/ (SHORTFALL)

$	(1,321,548)

$	(186,334)

$	110,221

AMENDED FINAL BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT CLUBHOUSE
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025

II

$0

($216,762)

($216,762)

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

CLUBHOUSE REVENUES

FISCAL YEAR 2024/2025 BUDGET 10/1/24 - 9/30/25

AMENDED FINAL BUDGET
10/1/24 - 9/30/25

YEAR TO DATE ACTUAL
10/1/24 - 9/29/25

Clubhouse O&M Revenue - Extraordinary

1,321,548

1,400,000

1,400,000

Clubhouse - Rentals

0

900

900

Cluhouse - Key Fobs

0

1,665

1,665

Other Revenue - Clubhouse

0

7,500

7,500

Total Cluhouse Revenues

$	1,321,548

$	1,410,065

$	1,410,065

CLUBHOUSE OPERATIONS & MAINTENANCE EXPENDITURES

Access Control Repairs & Maintenance

8,400

45,000

43,983

Air Conditioning Maintenance & Repairs

3,696

6,500

4,696

Electricity

96,900

36,694

36,694

Fitness Equipment Maintenance

15,000

7,000

5,973

Insurance - Property & Liability

29,400

43,894

43,894

Irrigation Repairs & Maintenance

5,700

32,000

21,135

Janitorial Supplies

30,000

1,000

571

Landscape Maintenance

50,100

105,000

100,201

Landscape Replacement (Includes Mulching)

25,200

1,000

0

Management Fees (MMI)

456,312

390,000

381,712

Management Fees (SDS)

24,000

24,000

20,000

Office Supplies/Clubhouse Supplies

10,140

18,000

16,505

Pest Control

4,800

4,800

4,217

Pool Maintenance

72,000

110,000

107,066

Pool Repairs

48,000

10,860

10,860

Property Taxes

12,000

0

0

General Repairs/Maintenance & Supplies

48,000

160,000

141,585

Security Services

250,200

270,000

213,261

Resident Special Events

40,200

30,000

25,470

Telephone, Cable, Internet

18,600

11,772

11,772

Trash Collecting/Recycling

22,080

18,000

17,396

Water & Sewer

40,800

36,000

32,031

Window Cleaning & Pressure Cleaning

10,020

8,000

5,700

Monthly Maintenance (JB Renovation)

0

30,657

30,657

Access Control Systems & Software

0

49,650

24,825

Clubhouse Fee Reimbursement

0

125,000

0

Clubhouse Expenses - Other

0

52,000

47,820

TOTAL CLUBHOUSE OPERATIONS & MAINTENANCE EXPENDITURES

$	1,321,548

$	1,626,827

$	1,348,024

Clubhouse Revenues Less Expenditures

$	-

$	(216,762)

$	62,041

County Appraiser & Tax Collector Fee

0

0

0

Discounts For Early Payments

0

0

0

Excess/ (Shortfall)

$	-

$	(216,762)

$	62,041

Carryover From Prior Year

0

0

0

Net Excess/ (Shortfall)

$	-

$	(216,762)

$	62,041

AMENDED FINAL BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2017
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Notes
Reserve Fund Balance = $696,975*. Revenue Fund Balance = $1,425,907*. Prepayment Account Balance = $18,888*.
Revenue Fund Used To Fund 12/15/25 Principal & Interest Payment Of $930,375. (Principal: $470,000 + Interest: $460,375 = $930,375).
* Approximate Amounts

Series 2017 Bond Information

Original Par Amount = Interest Rate =
Issue Date =
Maturity Date =

$21,685,000 3.25% - 5.0%
June 2017
December 2047

Annual Principal Payments Due: December 15th
Annual Interest Payments Due:
June 15th & December 15th

Par Amount As Of 9/30/25 =

$18,815,000

III

$2,010,225

$131,545

$2,141,770

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025 BUDGET 10/1/24 - 9/30/25

AMENDED FINAL BUDGET
10/1/24 - 9/30/25

YEAR TO DATE ACTUAL
10/1/24 - 9/29/25

Interest Income

500

82,000

81,347

NAV Assessment Collection

1,393,950

1,415,507

1,415,507

Prepaid Bond Collection

0

18,888

18,888

Total Revenues

$	1,394,450

$	1,516,395

$	1,515,742

EXPENDITURES

Principal Payments

470,000

455,000

455,000

Interest Payments

920,750

929,850

929,850

Bond Redemption

3,700

0

0

Total Expenditures

$	1,394,450

$	1,384,850

$	1,384,850

Excess/ (Shortfall)

$	-

$	131,545

$	130,892

AMENDED FINAL BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2019
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Notes
Reserve Fund Balance = $542,244*. Revenue Fund Balance = $1,046,130* Revenue Fund Used To Fund 12/15/25 Principal & Interest Payment Of $755,756. (Principal: $430,000 + Interest: $325,756 = $755,756).
* Approximate Amounts

Series 2019 Bond Information

Original Par Amount = Interest Rate =
Issue Date =
Maturity Date =

$19,050,000 3.0% - 4.0%
September 2019
December 2049

Annual Principal Payments Due: December 15th
Annual Interest Payments Due:
June 15th & December 15th

Par Amount As Of 9/30/25 =

$17,070,000

IV

$1,502,054

$86,320

$1,588,374

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025 BUDGET 10/1/24 - 9/30/25

AMENDED FINAL BUDGET
10/1/24 - 9/30/25

YEAR TO DATE ACTUAL
10/1/24 - 9/29/25

Interest Income

500

60,200

60,154

NAV Assessment Collection

1,084,488

1,098,858

1,098,858

Total Revenues

$	1,084,988

$	1,159,058

$	1,159,012

EXPENDITURES

Principal Payments

430,000

415,000

415,000

Interest Payments

651,513

657,738

657,738

Bond Redemption

3,475

0

0

Total Expenditures

$	1,084,988

$	1,072,738

$	1,072,738

Excess/ (Shortfall)

$	-

$	86,320

$	86,274

AMENDED FINAL BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2024
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Notes
Reserve Fund Balance = $1,122,271*. Interest (Taxable) Account Balance = $67,960* Prepayment Fund Balance = $20,533*. Interest (Tax Exempt) Account Balance = $828,319* Interest Accounts To Be Used To Fund 11/1/25 Interest Payments Of $856,750.
Prepayment Fund To Be Used To Fund 11/1/25 Extraordinary Principal Payment Of $20,000. Capitalized Interest Was Set-Up Through November 2025.
Capital Projects Bond Proceeds = $31,509,429. Total Bond Proceeds = $34,270,000. FY 2024/2025 Cost Of Issuance = $793,400.
Fiscal Year 2024/2025 Capital Outlay = $31,819,061*.
* Approximate Amounts

Series 2024 Bond Information

Original Par Amount = Interest Rate =
Issue Date =
Maturity Date =

$34,270,000 5.00%
October 2024
November 2055

Annual Principal Payments Due: May 1st
Annual Interest Payments Due:
November 1st

Par Amount As Of 9/30/25 =

$34,270,000

V

$0

$2,039,083

$2,039,083

FUND BALANCE AS OF 9/30/24

FY 2024/2025 ACTIVITY

FUND BALANCE AS OF 9/30/25

REVENUES

FISCAL YEAR 2024/2025 BUDGET 10/1/24 - 9/30/25

AMENDED FINAL BUDGET
10/1/24 - 9/30/25

YEAR TO DATE ACTUAL
10/1/24 - 9/29/25

Interest Income

0

72,898

70,898

Bond Proceeds (2025)

0

2,760,571

2,760,571

NAV Assessment Collection

0

0

0

Prepaid Bond Collection

0

20,533

20,533

Total Revenues

$	-

$	2,854,002

$	2,852,002

EXPENDITURES

Principal Payments

0

0

0

Interest Payments

0

799,633

799,633

Transfer To Construction Account

0

15,286

13,286

Bond Redemption

0

0

0

Total Expenditures

$	-

$	814,919

$	812,919

Excess/ (Shortfall)

$	-

$	2,039,083

$	2,039,083