Two Lakes Community Development District

Final Budget For Fiscal Year 2026/2027
October 1, 2026 - September 30, 2027

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 2026/2027
OCTOBER 1, 2026 - SEPTEMBER 30, 2027

I

REVENUES

FISCAL YEAR 2026/2027 BUDGET

Administrative Assessments

139,644

Maintenance Assessments

121,809

Clubhouse Maintenance Assessments

1,431,277

Debt Assessments - Series 2017

1,482,926

Debt Assessments - Series 2019

1,153,711

Debt Assessments - Series 2024

2,347,925

Other Revenue - Clubhouse

17,500

Interest Income - Stormwater Account

0

Interest Income

1,800

TOTAL REVENUES

$	6,696,592

EXPENDITURES

Administrative Expenditures

Supervisor Fees

6,000

Payroll Taxes

480

Management

43,788

Legal

35,000

Assessment Roll

9,400

Audit Fees

8,500

Arbitrage Rebate Fee

1,950

Insurance

7,700

Legal Advertisements

8,000

Miscellaneous

1,200

Postage

500

Office Supplies

700

Dues & Subscriptions

175

Trustee Fees

9,750

Continuing Disclosure Fee

2,000

Administrative Contingency

5,000

Total Administrative Expenditures

$	140,143

Maintenance Expenditures

Annual Engineer's Report & Inspections

5,000

Field Operations Management

1,500

Roadway/Street Drainage System

25,000

Lake Tract(s) Maintenance

12,000

Aquatic Maintenance

16,000

Lake Fountain Maintenance

6,000

Storm Drainage/Class V Permit

0

Miscellaneous Maintenance

10,000

Capital Improvements Fund

39,000

Total Maintenance Expenditures

$	114,500

Total Clubhouse Expenditures

$	1,390,700

TOTAL EXPENDITURES

$	1,645,343

REVENUES LESS EXPENDITURES

$	5,051,249

Bond Payments - Series 2017

(1,393,950)

Bond Payments - Series 2019

(1,084,488)

Bond Payments - Series 2024

(2,207,050)

BALANCE

$	365,761

County Appraiser & Tax Collector Fee

(133,546)

Discounts For Early Payments

(267,092)

EXCESS/ (SHORTFALL)

$	(34,877)

Carryover From Prior Year (Operating)

7,077

Carryover From Prior Year (Clubhouse)

27,800

NET EXCESS/ (SHORTFALL)

$	-

DETAILED FINAL BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2026/2027
OCTOBER 1, 2026 - SEPTEMBER 30, 2027

II

REVENUES

FISCAL YEAR 2024/2025
ACTUAL

FISCAL YEAR 2025/2026
BUDGET

FISCAL YEAR 2026/2027
BUDGET

COMMENTS

Administrative Assessments

104,761

125,833

139,644

Expenditures Less Interest & Carryover/.94

Maintenance Assessments

163,461

135,620

121,809

Expenditures/.94

Clubhouse Maintenance Assessments

0

1,431,277

1,431,277

Expenditures/.94

Debt Assessments - Series 2017

1,486,349

1,482,926

1,482,926

Bond Payments/.94

Debt Assessments - Series 2019

1,153,852

1,153,711

1,153,711

Bond Payments/.94

Debt Assessments - Series 2024

0

2,349,335

2,347,925

Bond Payments/.94

Other Revenue - Clubhouse

1,410,065

0

17,500

HOA Clubhouse Access Control System Contribution

Interest Income - Stormwater Account

2,576

0

0

Interest Income

68,856

1,440

1,800

Projected At $150 Per Month

TOTAL REVENUES

$	4,389,920

$	6,680,142

$	6,696,592

EXPENDITURES

Administrative Expenditures

Supervisor Fees

3,000

2,400

6,000

$3,600 Increase From 2025/2026 Budget

Payroll Taxes

230

0

480

Projected At 8% Of Supervisor Fees

Management

41,448

42,648

43,788

CPI Adjustment - Includes Website Management

Legal

59,647

20,000

35,000

15,000 Increase From 2025/2026 Budget

Assessment Roll

9,400

9,400

9,400

No Change From 2025/2026 Budget

Audit Fees

5,900

7,900

8,500

Increased Due to Clubhouse Addition

Arbitrage Rebate Fee

1,300

1,950

1,950

$650 Increase From 2025/2026 Budget

Insurance

6,858

7,100

7,700

Fiscal Year 2025/2026 Expenditure Was $7,269

Legal Advertisements

6,592

8,000

8,000

No Change From 2025/2026 Budget

Miscellaneous

2,323

1,200

1,200

No Change From 2025/2026 Budget

Postage

2,694

500

500

No Change From 2025/2026 Budget

Office Supplies

2,184

700

700

No Change From 2025/2026 Budget

Dues & Subscriptions

175

175

175

Annual Dues Payment To Dept Of Economic Opportunity

Trustee Fees

6,500

9,750

9,750

No Change From 2025/2026 Budget

Continuing Disclosure Fee

700

3,000

2,000

$1,000 Decrease From 2025/2026 Budget

Administrative Contingency

0

5,000

5,000

Administrative Contingency

Total Administrative Expenditures

$	148,951

$	119,723

$	140,143

Maintenance Expenditures

Annual Engineer's Report & Inspections

9,517

5,000

5,000

No Change From 2025/2026 Budget

Field Operations Management

1,500

1,500

1,500

No Change From 2025/2026 Budget

Roadway/Street Drainage System

0

35,000

25,000

$10,000 Decrease From 2025/2026 Budget

Lake Tract(s) Maintenance

8,138

14,000

12,000

$2,000 Decrease From 2025/2026 Budget

Aquatic Maintenance

0

16,000

16,000

No Change From 2025/2026 Budget

Lake Fountain Maintenance

0

6,000

6,000

No Change From 2025/2026 Budget

Storm Drainage/Class V Permit

0

3,500

0

Line Item Eliminated

Miscellaneous Maintenance

19,056

0

10,000

Miscellaneous Maintenance

Capital Improvements Fund

81,208

46,483

39,000

$7,483 Decrease From 2025/2026 Budget

Total Maintenance Expenditures

$	119,419

$	127,483

$	114,500

Total Clubhouse Expenditures

$	1,392,081

$	1,345,400

$	1,390,700

TOTAL EXPENDITURES

$	1,660,451

$	1,592,606

$	1,645,343

REVENUES LESS EXPENDITURES

$	2,729,469

$	5,087,536

$	5,051,249

Bond Payments - Series 2017

(1,415,507)

(1,393,950)

(1,393,950)

2027 Principal & Interest Payments

Bond Payments - Series 2019

(1,098,858)

(1,084,488)

(1,084,488)

2027 Principal & Interest Payments

Bond Payments - Series 2024

0

(2,208,375)

(2,207,050)

2027 Principal & Interest Payments

BALANCE

$	215,104

$	400,723

$	365,761

County Appraiser & Tax Collector Fee

(27,945)

(133,575)

(133,546)

Two Percent Of Total Assessment Roll

Discounts For Early Payments

(110,427)

(267,148)

(267,092)

Four Percent Of Total Assessment Roll

EXCESS/ (SHORTFALL)

$	76,732

$	0

$	(34,877)

Carryover From Prior Year (Operating)

0

0

7,077

Carryover From Prior Year (Operating)

Carryover From Prior Year (Clubhouse)

0

0

27,800

Carryover From Prior Year (Clubhouse)

NET EXCESS/ (SHORTFALL)

$	76,732

$	0

$	-

DETAILED FINAL BUDGET (CLUBHOUSE)
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2026/2027
OCTOBER 1, 2026 - SEPTEMBER 30, 2027

III

CLUBHOUSE OPERATIONS & MAINTENANCE EXPENDITURES

FISCAL YEAR 2024/2025
ACTUAL

FISCAL YEAR 2025/2026
BUDGET

FISCAL YEAR 2026/2027
BUDGET

COMMENTS

Access Control Repairs & Maintenance

43,983

12,000

43,000

Agreement entered with ButterflyMX - HOA to contribute $17,500

Air Conditioning Maintenance & Repairs

5,423

4,500

5,500

$1,000 Increase From 2025/2026 Budget

Capital Improvements

0

85,000

30,000

Combination of MMI Management Fees & Payroll for staff

Clubhouse Coffee Machine

6,750

9,000

9,000

Coffee Lease - $750 Par Month

Clubhouse MMI Management Fees

381,712

460,000

460,000

Combination of MMI Management Fees & Payroll for staff

Clubhouse SDS Management

20,000

24,000

24,000

SDS Clubhouse Management Fee

Clubhouse Monthly Maintenance

30,657

0

32,000

JB Renovation

Electricity

36,694

80,000

80,000

Electricity (irrigation, pool equipment, outdoor lights, etc.)

Fitness Equipment Maintenance & Improvements

5,973

30,000

20,000

$10,000 Decrease From 2025/2026 Budget

Holiday Decor

7,050

20,000

20,000

Property, Liability & other insurance coverages for Club Property.

Insurance-Property & Liability

43,894

44,000

44,000

Property, Liability & other insurance coverages for Club Property.

Irrigation Repairs & Maintenance

21,135

5,700

5,700

Irrigation repairs & maintenance at Club Property.

Janitorial Supplies

571

30,000

20,000

$10,000 Decrease From 2025/2026 Budget

Landscape Maintenance

100,201

60,000

60,000

32 cuts/edging per year, monthly shrub trimming & bed work, quarterly pest & fertilization

Landscape Replacement (Includes Mulching)

0

25,200

30,000

$5,000 Increase From 2025/2026 Budget

Miscellaneous Maintenance

59,681

0

80,000

Line Item Combined With General Repairs/Maintenance & Supplies

Office Supplies/Club House Supplies

16,082

6,000

6,000

Supplies and equipment required for onsite office.

Pest Control

5,717

15,500

10,000

$5,500 Decrease From 2025/2026 Budget

Pool Maintenance

113,516

58,000

58,000

Routine pool maintenance and additional cleanings when required.

Pool Repairs

10,860

44,000

38,000

$6,000 Decrease From 2025/2026 Budget

Property Taxes

0

12,000

12,000

Property taxes for the Club Property

General Repairs/Maintenance & Supplies

175,958

55,000

0

Line Item Merged With Miscellaneous Maintenance

Special Events

25,470

15,000

20,000

$5,000 Increase From 2025/2026 Budget

Security Services

213,261

175,000

210,000

$35,000 Increase From 2025/2026 Budget

Telephone, Cable, Internet

11,943

14,500

14,500

Expenses for services

Trash Collection/Recycling

17,396

15,000

15,000

Trash collection expenses for Club Property.

Water & Sewer

32,454

37,000

37,000

Water & sewer for Club Property

Window Cleaning & Pressure Cleaning

5,700

9,000

7,000

Yearly window cleaning and pressure washing of Club Property.

TOTAL CLUBHOUSE OPERATIONS & MAINTENANCE EXPENDITURES

$	1,392,081

$	1,345,400

$	1,390,700

HOA Contribution For Access Control System

$	(17,500)

$1,380,700 less $17,500 HOA Contribution = $1,363,200

Carryover From Prior Year

0

0

27,800

Carryover From Prior Year

TOTAL CLUBHOUSE OPERATIONS & MAINTENANCE EXPENDITURES

Operating Expenditures

1,392,081

1,345,400

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 2026/2027
OCTOBER 1, 2026 - SEPTEMBER 30, 2027

Series 2017 Bond Information

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

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

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

Par Amount As Of 1/1/26 =

$18,815,000

IV

REVENUES

FISCAL YEAR 2024/2025 ACTUAL

FISCAL YEAR 2025/2026 BUDGET

FISCAL YEAR 2026/2027 BUDGET

COMMENTS

Interest Income

88,823

500

2,000

Projected Interest For 2026/2027

NAV Tax Collection

1,415,507

1,393,950

1,393,950

Maximum Debt Service Collection

Prepaid Bond Collection

18,888

0

0

Total Revenues

$1,523,218

$1,394,450

$1,395,950

EXPENDITURES

Principal Payments

455,000

490,000

510,000

Principal Payment Due In 2027

Interest Payments

929,850

901,950

882,350

Interest Payments Due In 2027

Bond Redemption

0

2,500

3,600

Estimated Excess Debt Collections

Total Expenditures

$1,384,850

$1,394,450

$1,395,950

Excess/ (Shortfall)

$138,368

$0

$0

DETAILED FINAL DEBT SERVICE (SERIES 2019) FUND BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2026/2027
OCTOBER 1, 2026 - SEPTEMBER 30, 2027

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 1/1/26 =

$16,640,000

V

REVENUES

FISCAL YEAR 2024/2025 ACTUAL

FISCAL YEAR 2025/2026 BUDGET

FISCAL YEAR 2026/2027 BUDGET

COMMENTS

Interest Income

65,737

500

2,000

Projected Interest For 2026/2027

NAV Tax Collection

1,098,858

1,084,488

1,084,488

Maximum Debt Service Collection

Total Revenues

$1,164,595

$1,084,988

$1,086,488

EXPENDITURES

Principal Payments

415,000

445,000

460,000

Principal Payment Due In 2027

Interest Payments

657,738

637,000

621,982

Interest Payments Due In 2027

Bond Redemption

0

2,988

4,506

Estimated Excess Debt Collections

Total Expenditures

$1,072,738

$1,084,988

$1,086,488

Excess/ (Shortfall)

$91,857

$0

$0

DETAILED FINAL DEBT SERVICE (SERIES 2024) CLUBHOUSE FUND BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2026/2027
OCTOBER 1, 2026 - SEPTEMBER 30, 2027

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:
May 1st & November 1st

Par Amount As Of 1/1/26 =

$34,250,000

VI

REVENUES

FISCAL YEAR 2024/2025 ACTUAL

FISCAL YEAR 2025/2026 BUDGET

FISCAL YEAR 2026/2027 BUDGET

COMMENTS

Interest Income

77,518

500

2,000

Projected Interest For 2026/2027

Prepaid Bond Collection

20,533

0

0

Bond Proceeds

2,760,571

0

0

NAV Tax Collection

0

2,208,375

2,207,050

Maximum Debt Service Collection

Total Revenues

$2,858,622

$2,208,875

$2,209,050

EXPENDITURES

Principal Payments

0

505,000

530,000

Principal Payment Due In 2027

Interest Payments

799,633

1,700,875

1,674,000

Interest Payments Due In 2027

Bond Redemption

0

3,000

5,050

Estimated Excess Debt Collections

Total Expenditures

$799,633

$2,208,875

$2,209,050

Excess/ (Shortfall)

$2,058,989

$0

$0

Two Lakes Community Development District Assessment Comparison

Fiscal Year 2022/2023
Assessment
 Before Discount* 

Fiscal Year 2023/2024
Assessment
 Before Discount* 

Fiscal Year 2024/2025
Assessment
  Before Discount* 

Fiscal Year 2025/2026
Assessment
 Before Discount* 

Fiscal Year 2026/2027
Projected Assessment
	Before Discount*	

Original Units Administrative For Villa Units Maintenance For Villa Units
Clubhouse Maintenance For Villa Units
Clubhouse Debt For Villa Units Debt For Villa Units

$59.38
$97.94
$0.00
$0.00
$1,472.00

$59.38
$97.94
$0.00
$0.00
$1,472.00

$59.38
$97.94
$0.00
$0.00
$1,472.00

$75.39
$81.26
$857.57
$1,407.63
$1,472.00

$83.67
$72.98
$857.57
$1,407.63
$1,472.00

Total For Villa Units

$1,629.32

$1,629.32

$1,629.32

$3,893.85

$3,893.85

Administrative For Townhome Units Maintenance For Townhome Units Clubhouse Maintenance For Villa Units
Clubhouse Debt For Villa Units
Debt For Townhome Units

$59.38
$97.94
$0.00
$0.00
$1,524.50

$59.38
$97.94
$0.00
$0.00
$1,524.50

$59.38
$97.94
$0.00
$0.00
$1,524.50

$75.39
$81.26
$857.57
$1,407.63
$1,524.50

$83.67
$72.98
$857.57
$1,407.63
$1,524.50

Total For Townhome Units

$1,681.82

$1,681.82

$1,681.82

$3,946.35

$3,946.35

Administrative For Single Family Units Maintenance For Single Family Units Clubhouse Maintenance For Villa Units
Clubhouse Debt For Villa Units
Debt For Single Family Units

$59.38
$97.94
$0.00
$0.00
$1,577.00

$59.38
$97.94
$0.00
$0.00
$1,577.00

$59.38
$97.94
$0.00
$0.00
$1,577.00

$75.39
$81.26
$857.57
$1,407.63
$1,577.00

$83.67
$72.98
$857.57
$1,407.63
$1,577.00

Total For Single Family Units

$1,734.32

$1,734.32

$1,734.32

$3,998.85

$3,998.85

Expansion Units Administrative For Villa Units Maintenance For Villa Units
Clubhouse Maintenance For Villa Units
Clubhouse Debt For Villa Units Debt For Villa Units

$59.38
$97.94
$0.00
$0.00
$1,555.00

$59.38
$97.94
$0.00
$0.00
$1,555.00

$59.38
$97.94
$0.00
$0.00
$1,555.00

$75.39
$81.26
$857.57
$1,407.63
$1,555.00

$83.67
$72.98
$857.57
$1,407.63
$1,555.00

Total For Villa Units

$1,712.32

$1,712.32

$1,712.32

$3,976.85

$3,976.85

Administrative For Townhome Units Maintenance For Townhome Units Clubhouse Maintenance For Villa Units
Clubhouse Debt For Villa Units
Debt For Townhome Units

$59.38
$97.94
$0.00
$0.00
$1,658.00

$59.38
$97.94
$0.00
$0.00
$1,658.00

$59.38
$97.94
$0.00
$0.00
$1,658.00

$75.39
$81.26
$857.57
$1,407.63
$1,658.00

$83.67
$72.98
$857.57
$1,407.63
$1,658.00

Total For Townhome Units

$1,815.32

$1,815.32

$1,815.32

$4,079.85

$4,079.85

Administrative For Single Family Units Maintenance For Single Family Units Clubhouse Maintenance For Villa Units
Clubhouse Debt For Villa Units
Debt For Single Family Units

$59.38
$97.94
$0.00
$0.00
$1,866.00

$59.38
$97.94
$0.00
$0.00
$1,866.00

$59.38
$97.94
$0.00
$0.00
$1,866.00

$75.39
$81.26
$857.57
$1,407.63
$1,866.00

$83.67
$72.98
$857.57
$1,407.63
$1,866.00

Total For Single Family Units

$2,023.32

$2,023.32

$2,023.32

$4,287.85

$4,287.85

* Assessments Include the Following : 4% Discount for Early Payments
1% County Tax Collector Fee
1% County Property Appraiser Fee

Note: Covenant Amount (After Discounts & Fees) For Original Units = $248.00
$248.00/.94 = $263.82

Covenant Amount (After Discounts & Fees) For Expansion Units = $262.00
$262.00/.94 = $278.72

 Community Information - Original Units (Original):	

Villa Units Townhome Units Single Family Units Total Area One Units

347
420
209
976

	Total Units	

	Prepayments	
1 Clubhouse
(1,668 Billed For CH Debt)

Original Units: Expansion Units: Total Units:

982
687
1,669

1 Original Unit Townhome
(371 Billed For Debt)

 Community Information - Original Units (Current):	

 Community Information - Expansion Units: 

Villa Units Townhome Units Single Family Units Total Area One Units

407
372
203
982

Villa Units Townhome Units Single Family Units
Total Expansion Units

246
248
193
687

VII