Lakes by the Bay South
Community Development District

Unaudited Financial Reporting
May31,2025

Table of Contents

1		Balance Sheet	

2-3	
	General Fund	

4	
	Debt Service Fund Series 2022	

5	
	Debt Service Fund Series 2024	

6-8	
	Month to Month	

9	
	Long Term Debt Report	

10	
	Assessment Receipt Schedule	

	Balance Sheet May 31, 2025		
	General Fund	Debt Service Fund	Totals Governmental Funds	

Assets:
Cash:
Operating Account	

$	79,650	

$	-	

$	79,650	
Petty Cash	654	-	654	
Due from General Fund	-	95,450	95,450	
Investments:
State Board of Administration - Surplus	

815,071	

-	

815,071	
State Board of Administration - Field Reserves	222,719	-	222,719	
State Board of Administration - Clubhouse Reserves	185,667	-	185,667	
BankUnited Money Market	1,232,325	-	1,232,325	
Series 2022
Interest	

-	

41	

41	
Revenue	-	414,672	414,672	
Sinking	-	82	82	
Series 2024
Interest	

-	

46	

46	
Revenue	-	239,192	239,192	
Deposits-Electric	6,000	-	6,000	
Total Assets	$	2,542,086	$	749,562	$	3,291,647	

Liabilities:				
Accounts Payable	$	7,018	$	-	$	7,018	
Due to Debt Service	95,450	-	95,450	
Total Liabilities	$	102,468	$	-	$	102,468	

Fund Balance:
Nonspendable:
Deposits	$	6,000
Restricted for:
Debt Service	-	

$	-

749,562	

$	6,000

749,562	
Unassigned	2,433,617	-	2,433,617	
Total Fund Balances	$	2,439,617	$	749,562	$	3,189,179	
				
Total Liabilities & Fund Balance	$	2,542,086	$	749,562	$	3,291,647	

	Adopted	Prorated Budget	Actual		
	Budget	Through 05/31/25	Through 05/31/25	Variance	

Revenues:					
Special Assessments - Tax Roll	$	1,794,376	$	1,794,376	$	1,761,472	$	(32,904)	
Interest Income	50,000	33,333	66,784	33,450	
Clubhouse Income	20,000	13,333	30,767	17,434	
Other Income	-	-	4,045	4,045	
Total Revenues	$	1,864,376	$	1,841,043	$	1,863,067	$	22,025	

Expenditures:					
General and Administrative:					
Supervisor Fees	$	12,000	$	8,000	$	5,800	$	2,200	
FICA Taxes	918	-	612	444	168	
Engineering	5,000	3,333	9,263	(5,929)	
Attorney	35,000	23,333	27,063	(3,729)	
Annual Audit	4,200	4,200	4,200	-	
Assessment Roll Administration	2,000	2,000	2,000	-	
Arbitrage Calculation	1,200	800	-	800	
Dissemination Agent	5,500	3,667	3,667	0	
Trustee Fees	7,500	5,000	2,000	3,000	
Management Fees	67,749	45,166	45,166	-	
Website Maintenance	3,600	2,400	2,400	-	
Postage and Delivery	1,700	1,133	984	149	
Insurance General Liability	14,594	14,594	14,594	-	
Printing and Binding	1,200	800	229	571	
Legal Advertising	1,500	1,000	497	503	
Other Current Charges	1,000	667	482	185	
Dues, Licenses and Subscriptions	175	175	175	-	
Total General and Administrative	$	164,836	$	116,880	$	118,963	$	(2,083)	

Operations and Maintenance					
Field Expenditures
Field Management	

$	30,616	

$	20,411	

$	20,411	

$	0	
Security	14,700	9,800	9,800	-	
General Maintenance	28,572	19,048	9,335	9,713	
Landscape Maintenance	186,001	124,001	124,001	(0)	
Landscape - Extra to Contract	50,000	50,000	69,890	(19,890)	
Mulch	23,000	15,333	16,989	(1,656)	
Tree Trimming	60,000	36,875	36,875	-	
Lake Maintenance	9,600	6,400	6,400	-	
Contingency	30,000	30,000	49,443	(19,443)	
Pressure Washing	20,000	15,250	15,250	-	
Culvert Cleaning/Inspection	20,000	13,333	-	13,333	
Holiday Decorations	38,276	38,276	38,276	-	
Cleaning Reserve Area	48,280	32,187	-	32,187	
Subtotal Field Expenditures	$	559,045	$	410,914	$	396,669	$	14,245	

	Adopted	Prorated Budget	Actual		
	Budget	Through 05/31/25	Through 05/31/25	Variance	

Security Gate Service Expenditures					
Security (DML)	$	138,000	$	92,000	$	92,000	$	-	
Security-Roving Guard	10,000	6,667	-	6,667	
Enhanced Security	15,000	10,000	-	10,000	
Transponders	8,500	5,667	-	5,667	
Management Fees	24,000	16,000	16,000	-	
Gate Repairs and Maintenance	40,000	26,667	32,647	(5,980)	
Building Repairs and Maintenance	5,000	3,333	-	3,333	
Electric	5,000	3,333	1,950	1,383	
Water	1,000	667	1,634	(967)	
Phone and Internet Service	4,500	3,000	3,086	(86)	
Janitorial Services	600	400	400	-	
Subtotal Security Gate Service Expenditures	$	251,600	$	167,733	$	147,717	$	20,017	

Clubhouse Expenditures					
Alarm Monitoring	$	1,500	$	1,000	$	935	$	65	
Club Exterior Camera Monitoring	8,640	5,760	5,040	720	
Pool Monitoring	11,940	7,960	7,960	-	
Security - Roving Guard	10,000	6,667	2,640	4,027	
Air Conditioning Maint Contract and Repairs	12,000	8,000	5,909	2,091	
Fitness Equipment Maintenance and Repairs	8,000	5,333	2,988	2,345	
Electric	44,000	29,333	21,673	7,660	
Property Insurance	49,970	49,970	49,970	-	
Flood Insurance	18,161	18,161	18,161	-	
Janitorial Maintenance	57,000	38,000	38,000	-	
Janitorial Supplies	6,000	4,000	3,864	136	
Landscape Maintenance	32,508	21,672	21,672	-	
Landscape Replacement	10,000	10,000	16,762	(6,762)	
Office Equipment Maintenance	2,000	1,333	1,138	196	
Management Fees	289,752	193,168	193,168	-	
Office Supplies/Clubhouse Supplies	7,500	5,000	4,149	851	
Pest Control	1,000	667	520	147	
Pool and Spa Maintenance	39,000	26,000	23,900	2,100	
Pool Repairs	20,000	13,333	20,339	(7,006)	
Repairs and Maintenance	63,000	42,000	32,192	9,808	
Special Events	60,000	40,000	52,905	(12,905)	
Cable/Internet	6,000	4,000	4,174	(174)	
Trash Collection	1,200	800	1,430	(630)	
Water and Sewer	21,000	14,000	108,144	(94,144)	
Window Cleaning/Pressure Cleaning	3,500	2,333	1,539	794	
Holiday Decorations	31,724	31,724	32,799	(1,075)	
Contingency	13,500	13,500	14,800	(1,300)	
Capital Reserve	60,000	51,112	51,112	-	
Subtotal Clubhouse Expenditures	$	888,895	$	644,827	$	737,884	$	(93,056)	
					
Total Operations and Maintenance	$	1,699,540	$	1,223,475	$	1,282,269	$	(58,795)	
					
Total Expenditures	$	1,864,376	$	1,340,355	$	1,401,233	$	(60,878)	
					
Excess (Deficiency) of Revenues over Expenditures	$	(0)	$	500,688	$	461,835	$	(38,853)	
					
Fund Balance - Beginning			$	1,977,782		
					
Fund Balance - Ending			$	2,439,617		

Revenues:

Special Assessments - Tax Roll

$	1,382,295

$	1,382,295

$	1,356,947	$

(25,348)

Interest Income	-	-	25,868	25,868

Total Revenues

$

1,382,295

$	1,382,295

$	1,382,815

$

520

Expenditures:

Interest - 11/1

$	345,018	$

345,018	$

345,018	$	-

Interest - 5/1	345,018	345,018	345,018	-
Principal - 5/1	705,000	705,000	705,000	-

Total Expenditures

$

1,395,036

$	1,395,036

$	1,395,036

$

-

Excess (Deficiency) of Revenues over Expenditures

$

(12,741)	$

(12,741)	$

(12,221)	$

520

Net Change in Fund Balance

$

(12,741)	$

(12,741)	$

(12,221)	$

520

Fund Balance - Beginning

$

480,230

Fund Balance - Ending

$

468,009

Revenues:

Special Assessments - Tax Roll

$	1,097,122

$	1,097,122

$	1,077,003	$

(20,119)

Interest Income	1,000	667	18,912	18,246

Total Revenues

$

1,098,122

$	1,097,789

$	1,095,916

$

(1,873)

Expenditures:

Interest - 11/1

$	182,431	$

182,431	$

182,431	$	-

Interest - 5/1	214,625	214,625	214,625	-
Principal - 5/1	685,000	685,000	685,000	-

Total Expenditures

$

1,082,056

$	1,082,056

$	1,082,056

$

-

Excess (Deficiency) of Revenues over Expenditures

$

16,066

$

15,733

$

13,860

$

(1,873)

Net Change in Fund Balance

$

16,066

$

15,733

$

13,875

$

(1,857)

Fund Balance - Beginning

$

267,677

Fund Balance - Ending

$

281,553

	Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total	

Revenues:														
Special Assessments - Tax Roll	$	-	$ 207,702	$ 1,391,818  $	38,657  $	26,680  $	27,536  $	58,452  $	10,626	$	-	$	-	$	-	$	-	$ 1,761,472	
Interest Income	7,187	5,981	6,269	10,118	9,132	10,106	8,959	9,031	-	-	-	-	66,784	
Clubhouse Income	5,771	3,724	3,723	-	4,800	4,086	5,087	3,575	-	-	-	-	30,767	
Other Income	350	-	200	-	350	1,150	1,495	500	-	-	-	-	4,045	
Total Revenues	$  13,308	$ 217,407	$ 1,402,011  $  48,774  $  40,962  $  42,879  $  73,993  $  23,732	$	-	$	-	$	-	$	-	$ 1,863,067	

Expenditures:						
General and Administrative:						
Supervisor Fees	$	1,000	$	-	$	1,000  $	-	$	1,000  $	800  $	1,000  $	1,000	$	-	$	-	$	-	$	-	$	5,800	
FICA Taxes	77	-	77	-	77	61	77	77	-	-	-	-	444	
Engineering	1,578	2,945	135	771	-	651	3,183	-	-	-	-	-	9,263	
Attorney	5,390	4,428	1,898	4,973	3,218	3,830	3,328	-	-	-	-	-	27,063	
Annual Audit	-	-	-	1,500	-	2,700	-	-	-	-	-	-	4,200	
Assessment Roll Administration	2,000	-	-	-	-	-	-	-	-	-	-	-	2,000	
Arbitrage Calculation	-	-	-	-	-	-	-	-	-	-	-	-	-	
Dissemination Agent	458	458	458	458	458	458	458	458	-	-	-	-	3,667	
Trustee Fees	-	-	-	-	-	-	2,000	-	-	-	-	-	2,000	
Management Fees	5,646	5,646	5,646	5,646	5,646	5,646	5,646	5,646	-	-	-	-	45,166	
Website Maintenance	300	300	300	300	300	300	300	300	-	-	-	-	2,400	
Postage and Delivery	133	119	157	87	83	166	151	88	-	-	-	-	984	
Insurance General Liability	14,594	-	-	-	-	-	-	-	-	-	-	-	14,594	
Printing and Binding	18	24	22	3	54	35	57	17	-	-	-	-	229	
Legal Advertising	-	-	-	-	-	-	-	497	-	-	-	-	497	
Other Current Charges	64	55	51	51	51	51	111	51	-	-	-	-	482	
Dues, Licenses and Subscriptions	175	-	-	-	-	-	-	-	-	-	-	-	175	
Total General & Administrative	$  31,432	$  13,973	$	9,743  $  13,788  $  10,886  $  14,698  $  16,309  $	8,134	$	-  $	-  $	-  $	-	$ 118,963	

	Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total	

Operations & Maintenance														
Field Expenditures
Field Management	

$	2,551	

$	2,551	

$	2,551	

$	2,551	

$	2,551	

$	2,551	

$	2,551	

$	2,551	

$	-	

$	-	

$	-	

$	-	

$  20,411	
Security	1,225	1,225	1,225	1,225	1,225	1,225	1,225	1,225	-	-	-	-	9,800	
General Maintenance	145	1,656	2,944	1,652	813	-	776	1,350	-	-	-	-	9,335	
Landscape Maintenance	15,500	15,500	15,500	15,500	15,500	15,500	15,500	15,500	-	-	-	-	124,001	
Landscape - Extra to Contract	-	46,890	-	-	1,600	15,850	-	5,550	-	-	-	-	69,890	
Mulch	-	16,989	-	-	-	-	-	-	-	-	-	-	16,989	
Tree Trimming	36,875	-	-	-	-	-	-	-	-	-	-	-	36,875	
Lake Maintenance	800	800	800	800	800	800	800	800	-	-	-	-	6,400	
Contingency	-	-	2,150	2,150	-	28,643	-	16,500	-	-	-	-	49,443	
Pressure Washing	4,575	10,675	-	-	-	-	-	-	-	-	-	-	15,250	
Culvert Cleaning/Inspection	-	-	-	-	-	-	-	-	-	-	-	-	-	
Reserves	-	-	-	-	-	-	-	-	-	-	-	-	-	
Holiday Decorations	19,138	-	19,138	-	-	-	-	-	-	-	-	-	38,276	
Cleaning Reserve Area	-	-	-	-	-	-	-	-	-	-	-	-	-	
Subtotal Field Expenditures	$  80,810	$  96,286	$  44,308	$  23,879	$  22,489	$  64,569	$  20,852	$  43,476	$	-  $	-  $	-  $	-  $	396,669	

Security Gate Service Expenditures											
Security (DML)	$  11,500	$  11,500	$  11,500	$  11,500	$  11,500	$  11,500	$  11,500	$  11,500	$	-	$	-	$	-	$	-	$  92,000	
Transponders	-	-	-	-	-	-	-	-	-	-	-	-	-	
Management Fees	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	-	-	-	-	16,000	
Gate Repairs and Maintenance	3,449	7,819	4,194	1,988	1,818	2,583	3,439	7,358	-	-	-	-	32,647	
Building Repairs and Maintenance	-	-	-	-	-	-	-	-	-	-	-	-	-	
Electric	287	279	344	280	236	259	265	-	-	-	-	-	1,950	
Water	115	-	-	296	-	-	34	1,190	-	-	-	-	1,634	
Phone and Internet Service	361	361	361	398	403	403	400	398	-	-	-	-	3,086	
Janitorial Services	50	50	50	50	50	50	50	50	-	-	-	-	400	
Subtotal Security Gate Service Expenditures	$	17,762	$	22,009	$	18,449	$	16,511	$	16,006	$	16,796	$	17,688	$	22,495	$	-	$	-	$	-	$	-	$	147,717	

	Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total	

Clubhouse Expenditures														
Alarm Monitoring	$	270	$	100	$	-	$	270	$	-	$	-	$	295	$	-	$	-	$	-	$	-	$	-	$	935	
Club Exterior Camera Monitoring	720	720	720	720	720	720	720	-	-	-	-	-	5,040	
Pool Monitoring	995	995	995	995	995	995	995	995	-	-	-	-	7,960	
Security - Roving Guard	-	173	405	765	-	248	570	480	-	-	-	-	2,640	
Air Conditioning Maint Contract and Repairs	490	490	1,476	771	490	490	776	926	-	-	-	-	5,909	
Fitness Equipment Maintenance and Repairs	400	190	190	190	769	600	460	190	-	-	-	-	2,988	
Electric	3,257	3,291	3,142	3,491	2,996	3,032	2,464	-	-	-	-	-	21,673	
Property Insurance	49,970	-	-	-	-	-	-	-	-	-	-	-	49,970	
Flood Insurance	18,161	-	-	-	-	-	-	-	-	-	-	-	18,161	
Janitorial Maintenance	4,750	4,750	4,750	4,750	4,750	4,750	4,750	4,750	-	-	-	-	38,000	
Janitorial Supplies	592	241	683	413	628	314	354	639	-	-	-	-	3,864	
Landscape Maintenance	2,709	2,709	2,709	2,709	2,709	2,709	2,709	2,709	-	-	-	-	21,672	
Landscape Replacement	-	16,762	-	-	-	-	-	-	-	-	-	-	16,762	
Office Equipment Maintenance	137	151	301	137	137	137	137	-	-	-	-	-	1,138	
Management Fees	24,146	24,146	24,146	24,146	24,146	24,146	24,146	24,146	-	-	-	-	193,168	
Office Supplies/Clubhouse Supplies	535	269	106	685	1,284	454	259	558	-	-	-	-	4,149	
Pest Control	65	65	65	65	65	65	65	65	-	-	-	-	520	
Pool and Spa Maintenance	3,250	2,950	2,950	2,950	2,950	2,950	2,950	2,950	-	-	-	-	23,900	
Pool Repairs	380	2,500	1,490	1,494	440	1,197	12,838	-	-	-	-	-	20,339	
Repairs and Maintenance	5,120	3,060	5,052	2,748	4,668	1,995	3,740	5,808	-	-	-	-	32,192	
Special Events	14,028	6,075	11,277	4,790	1,605	1,475	11,370	2,285	-	-	-	-	52,905	
Cable/Internet	517	517	520	527	525	525	522	522	-	-	-	-	4,174	
Trash Collection	1,430	-	-	-	-	-	-	-	-	-	-	-	1,430	
Water and Sewer	22,267	-	-	26,813	-	5,663	5,663	47,738	-	-	-	-	108,144	
Window Cleaning/Pressure Cleaning	-	-	-	-	1,539	-	-	-	-	-	-	-	1,539	
Holiday Decorations	16,718	219	15,862	-	-	-	-	-	-	-	-	-	32,799	
Contingency	-	-	-	1,150	-	10,000	-	3,650	-	-	-	-	14,800	
Capital Reserve	-		20,246		30,866		-		-		-		-		-		-		-			-			-			51,112	
Subtotal Clubhouse Expenditures	$ 170,907	$	90,619	$	107,705	$	80,580	$	51,416	$	62,464	$	75,782	$	98,410	$	-	$		-	$		-	$		-	$	737,884	

Total Operations & Maintenance	$ 269,478	$ 208,914	$ 170,462	$ 120,970  $  89,912  $ 143,829  $ 114,323  $ 164,382  $	-  $	-  $	-  $	-  $ 1,282,269	
					
Total Expenditures	$ 300,910	$ 222,888	$ 180,204	$ 134,758  $ 100,797  $ 158,527  $ 130,631  $ 172,516  $	-  $	-  $	-  $	-  $ 1,401,232	

Excess (Deficiency) of Revenues over Expenditures	$ (287,602)	$  (5,480)	$ 1,221,806	$ (85,984)	$ (59,835)	$ (115,648)	$ (56,638)	$ (148,784)	$	-  $	-  $	-  $	-	$ 461,835	
											
Net Change in Fund Balance	$ (287,602)	$  (5,480)	$ 1,221,806	$ (85,984)	$ (59,835)	$ (115,648)	$ (56,638)	$ (148,784)	$	-  $	-  $	-  $	-	$ 461,835	

Lakes by the Bay South
Community Development District Long Term Debt Report

Original Amount:

Interest Rate: Maturity Date:

Bonds Outstanding - 9/30/24 Less:	Series 2022, Special Assessment Refunding Bonds

$19,254,000

3.85%
5/1/2042

May 1, 2025 (Mandatory)	

$17,923,000 (705,000)	
Current Bonds Outstanding	$17,218,000	

Original Amount:

Interest Rate: Maturity Date:

Bonds Outstanding - 9/30/24 Less:	Series 2024, Special Assessment Refunding Bonds

$8,585,000

5.00%
5/1/2034

May 1, 2025 (Mandatory)	

$8,585,000 (685,000)	
Current Bonds Outstanding	$7,900,000	

Total Current Bonds Outstanding	$17,218,000

Lakes by the Bay South
COMMUNITY DEVELOPMENT DISTRICT

	Gross Assessments	$	1,888,817.16	$  1,455,047.67	$  1,154,865.39	$	4,498,730.22	
	Net Assessments	$	1,794,376.30	$  1,382,295.29	$  1,097,122.12	$	4,273,793.71	
ON ROLL ASSESSMENTS	
Allocation in %	
41.99%	
32.34%	
25.67%	
100.00%	

Special Assessment Receipts - Miami-Dade County

Date	Distribution	Gross Amount	Discount/ Penalty	Commission	Interest	Net Receipts	O&M Portion	2022 Debt Service	2024 Debt Service	Total	

11/07/24	
10/1/24-10/31/24	
$	37.17	
$	-	
$	0.37	
$	13.04	
$	49.84	
$	20.93	
$	16.12	
$	12.79	
$	49.84	
11/25/24	11/1/24-11/11/24	300,584.06	12,006.64	2,885.77	-	285,691.65	119,949.24	92,402.73	73,339.67	285,691.64	
11/26/24	11/12/24-11/18/24	219,861.80	8,794.46	2,110.68	-	208,956.66	87,731.63	67,583.94	53,641.09	208,956.66	
12/04/24	6/1/24-11/1/24	32,334.92	1,573.04	307.62	-	30,454.26	12,786.39	9,849.98	7,817.89	30,454.26	
12/09/24	11/19/24-11/30/24	3,336,086.25	133,443.79	32,026.42	-	3,170,616.04	1,331,200.96	1,025,488.81	813,926.27	3,170,616.04	
12/13/24	INTEREST	-	-	-	0.30	0.30	0.13	0.10	0.08	0.31	
12/19/24	12/1/24-12/13/24	119,292.49	4,232.84	1,150.60	13.46	113,922.51	47,831.01	36,846.55	29,244.96	113,922.52	
01/10/25	12/14/24-12/31/24	95,826.94	2,839.85	929.86	13.84	92,071.07	38,656.56	29,779.02	23,635.49	92,071.07	
02/07/25	INTEREST	-	-	-	1,972.66	1,972.66	828.23	638.03	506.40	1,972.66	
02/12/25	1/1/25-1/31/25	63,492.02	1,311.09	621.78	14.25	61,573.40	25,851.94	19,915.00	15,806.46	61,573.40	
03/06/25	2/1/25-2/28/25	64,135.49	720.61	634.14	14.62	62,795.36	26,364.98	20,310.23	16,120.15	62,795.36	
03/21/25	INTEREST	-	-	-	2,789.99	2,789.99	1,171.39	902.38	716.22	2,789.99	
04/07/25	3/1/25-3/31/25	140,302.79	36.65	1,402.69	356.15	139,219.60	58,452.13	45,028.52	35,738.95	139,219.60	
05/13/25	4/1/25-4/30/25	24,530.90	-	245.30	373.03	24,658.63	10,353.06	7,975.47	6,330.10	24,658.63	
05/21/25	INTEREST	-	-	-	650.02	650.02	272.91	210.24	166.87	650.02	
	TOTAL	$	4,396,484.83	$	164,958.97	$	42,315.23	$	6,211.36	$	4,195,421.99	$	1,761,471.49	$  1,356,947.12	$  1,077,003.39	$	4,195,422.00	

$

97.73%
102,245.39

Percent Collected Balance Remaining to Collect