Lakes by the Bay South
Community Development District

Unaudited Financial Reporting
December 31, 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 December 31, 2025

	General Fund	Debt Service Fund	Totals Governmental Funds	

Assets:
Cash:
Operating Account	

$	233,273	

$	-	

$	233,273	
Petty Cash	654	-	654	
Due from General Fund	-	123,513	123,513	
Investments:
State Board of Administration - Surplus	

1,225,750	

-	

1,225,750	
State Board of Administration - Field Reserves	228,411	-	228,411	
State Board of Administration - Clubhouse Reserves	190,412	-	190,412	
BankUnited Money Market	1,058,660	-	1,058,660	
Series 2022
Interest	

-	

108	

108	
Revenue	-	1,333,060	1,333,060	
Sinking	-	84	84	
Series 2024
Interest	

-	

110	

110	
Revenue	-	1,031,612	1,031,612	
Deposits-Electric	6,000	-	6,000	
Total Assets	$	2,943,161	$	2,488,568	$	5,431,729	

Liabilities:				
Accounts Payable	$	25,394	$	-	$	25,394	
Due to Debt Service	123,513	-	123,513	
Total Liabilities	$	148,907	$	-	$	148,907	

Fund Balance:
Nonspendable:
Deposits	$	6,000	

$	-	$	6,000	
Restricted for: Debt Service	
-	
2,488,568	
2,488,568	
Unassigned	2,788,254	-	2,788,254	
Total Fund Balances	$	2,794,254	$	2,488,568	$	5,282,822	
				
Total Liabilities & Fund Balance	$	2,943,161	$	2,488,568	$	5,431,729	

	Adopted	Prorated Budget	Actual		
	Budget	Through 12/31/25	Through 12/31/25	Variance	

Revenues:					
Special Assessments - Tax Roll	$	1,794,376	$	717,750	$	1,585,371	$	867,621	
Interest Income	75,000	18,750	16,262	(2,488)	
Clubhouse Income	30,000	7,500	14,690	7,190	
Other Income	-	-	1,800	1,800	
Total Revenues	$	1,899,376	$	744,000	$	1,618,123	$	874,122	

Expenditures:					
General and Administrative:					
Supervisor Fees	$	12,000	$	3,000	$	2,800	$	200	
FICA Taxes	918	-	230	214	15	
Engineering	16,000	4,000	2,124	1,876	
Attorney	47,000	11,750	6,305	5,445	
Annual Audit	4,300	1,075	-	1,075	
Assessment Roll Administration	2,000	2,000	2,000	-	
Arbitrage Calculation	1,200	1,200	550	650	
Dissemination Agent	5,500	1,375	1,375	0	
Trustee Fees	7,500	1,875	-	1,875	
Management Fees	72,491	18,123	18,123	0	
Website Maintenance	3,600	900	900	-	
Postage and Delivery	1,500	375	360	15	
Insurance General Liability	16,918	16,918	15,470	1,448	
Printing and Binding	750	188	4	183	
Legal Advertising	1,500	375	-	375	
Other Current Charges	1,000	250	297	(47)	
Dues, Licenses and Subscriptions	175	175	175	-	
Total General and Administrative	$	194,352	$	63,808	$	50,696	$	13,111	

Operations and Maintenance					
Field Expenditures
Field Management	

$	32,759	

$	8,190	

$	8,190	

$	0	
Security	14,700	3,675	3,675	-	
General Maintenance	23,084	5,771	954	4,817	
Landscape Maintenance	186,001	46,500	46,500	(0)	
Landscape - Extra to Contract	50,000	12,500	12,563	(63)	
Mulch	23,000	23,000	27,802	(4,802)	
Tree Trimming	60,000	60,000	140,152	(80,152)	
Lake Maintenance	9,600	2,400	2,554	(154)	
Contingency	20,000	5,000	-	5,000	
Pressure Washing	20,000	16,225	16,225	-	
Culvert Cleaning/Inspection	20,000	5,000	2,150	2,850	
Holiday Decorations	38,276	28,707	24,452	4,255	
Cleaning Reserve Area	48,280	48,280	76,561	(28,281)	
Subtotal Field Expenditures	$	545,700	$	265,248	$	361,778	$	(96,529)	

	Adopted	Prorated Budget	Actual		
	Budget	Through 12/31/25	Through 12/31/25	Variance	

Security Gate Service Expenditures					
Security (DML)	$	138,000	$	34,500	$	34,500	$	-	
Security-Roving Guard	10,000	2,500	-	2,500	
Enhanced Security	15,000	3,750	-	3,750	
Transponders	8,500	2,125	-	2,125	
Management Fees	24,000	6,000	6,000	-	
Gate Repairs and Maintenance	46,000	11,500	8,003	3,497	
Building Repairs and Maintenance	5,000	1,250	-	1,250	
Electric	4,000	1,000	543	457	
Water	1,500	375	69	306	
Phone and Internet Service	5,000	1,250	1,212	38	
Janitorial Services	600	150	150	-	
Subtotal Security Gate Service Expenditures	$	257,600	$	64,400	$	50,478	$	13,922	

Clubhouse Expenditures					
Alarm Monitoring	$	1,200	$	300	$	270	$	30	
Club Exterior Camera Monitoring	8,640	2,160	2,160	-	
Pool Monitoring	11,940	2,985	2,985	-	
Security - Roving Guard	8,000	2,000	705	1,295	
Air Conditioning Maint Contract and Repairs	10,000	2,500	2,236	264	
Fitness Equipment Maintenance and Repairs	8,000	2,000	1,608	392	
Electric	42,000	10,500	4,834	5,666	
Property Insurance	53,968	53,968	50,824	3,144	
Flood Insurance	19,039	19,039	18,760	279	
Janitorial Maintenance	60,600	15,150	15,150	-	
Janitorial Supplies	6,000	1,500	1,197	303	
Landscape Maintenance	32,508	8,127	8,127	-	
Landscape Replacement	10,000	2,500	-	2,500	
Office Equipment Maintenance	2,000	500	422	78	
Management Fees	302,304	75,576	75,576	-	
Office Supplies/Clubhouse Supplies	7,500	1,875	638	1,237	
Pest Control	1,000	250	195	55	
Pool and Spa Maintenance	39,000	9,750	10,500	(750)	
Pool Repairs	20,000	5,000	26,249	(21,249)	
Repairs and Maintenance	60,000	15,000	5,266	9,734	
Special Events	60,000	15,000	34,217	(19,217)	
Cable/Internet	6,300	1,575	1,445	130	
Trash Collection	1,500	1,500	1,442	58	
Water and Sewer	25,000	6,250	21,674	(15,424)	
Window Cleaning/Pressure Cleaning	3,500	875	1,076	(201)	
Holiday Decorations	31,724	23,793	21,376	2,417	
Contingency	10,000	10,000	31,800	(21,800)	
Capital Reserve	60,000	15,000	-	15,000	
Subtotal Clubhouse Expenditures	$	901,723	$	304,673	$	340,732	$	(36,059)	
					
Total Operations and Maintenance	$	1,705,023	$	634,321	$	752,987	$	(118,666)	
					
Total Expenditures	$	1,899,376	$	698,129	$	803,683	$	(105,554)	
					
Excess (Deficiency) of Revenues over Expenditures	$	0	$	45,871	$	814,439	$	768,568	
					
Fund Balance - Beginning			$	1,979,814		
					
Fund Balance - Ending			$	2,794,254		

Revenues:					
Special Assessments - Tax Roll	$	1,382,295	$	552,918	$	1,221,288	$	668,370	
Interest Income	-	-	4,010	4,010	
Total Revenues	$	1,382,295	$	552,918	$	1,225,298	$	672,380	

Expenditures:					
Interest - 11/1	$	331,447	$	331,447	$	331,447	$	-	
Interest - 5/1	331,447	-	-	-	
Principal - 5/1	731,000	-	-	-	
Total Expenditures	$	1,393,893	$	331,447	$	331,447	$	-	
					
Excess (Deficiency) of Revenues over Expenditures	$	(11,598)	$	221,472	$	893,852	$	672,380	
					
Net Change in Fund Balance	$	(11,598)	$	221,472	$	893,852	$	672,380	
					
Fund Balance - Beginning			$	508,260		
					
Fund Balance - Ending			$	1,402,112		

Revenues:					
Special Assessments - Tax Roll	$	1,097,122	$	438,849	$	969,332	$	530,483	
Interest Income	1,000	250	2,425	2,175	
Total Revenues	$	1,098,122	$	439,099	$	971,757	$	532,658	

Expenditures:					
Interest - 11/1	$	197,500	$	197,500	$	197,500	$	-	
Interest - 5/1	197,500	-	-	-	
Principal - 5/1	710,000	-	-	-	
Total Expenditures	$	1,105,000	$	197,500	$	197,500	$	-	
					
Excess (Deficiency) of Revenues over Expenditures	$	(6,878)	$	241,599	$	774,257	$	532,658	
					
Net Change in Fund Balance	$	(6,878)	$	241,599	$	774,257	$	532,658	
					
Fund Balance - Beginning			$	312,199		
					
Fund Balance - Ending			$	1,086,456		

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

Revenues:														
Special Assessments - Tax Roll	$	-	$ 243,763	$ 1,341,608	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$ 1,585,371	
Interest Income	5,897	4,722	5,643	-	-	-	-	-	-	-	-	-	16,262	
Clubhouse Income	-	14,690	-	-	-	-	-	-	-	-	-	-	14,690	
Other Income	1,200	600	-	-	-	-	-	-	-	-	-	-	1,800	
Total Revenues	$	7,097	$ 263,775	$ 1,347,250	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$ 1,618,123	

Expenditures:

General and Administrative:

Supervisor Fees	$	1,000	$	1,800	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	2,800	
FICA Taxes	77	138	-	-	-	-	-	-	-	-	-	-	214	
Engineering	2,124	-	-	-	-	-	-	-	-	-	-	-	2,124	
Attorney	3,665	2,640	-	-	-	-	-	-	-	-	-	-	6,305	
Annual Audit	-	-	-	-	-	-	-	-	-	-	-	-	-	
Assessment Roll Administration	2,000	-	-	-	-	-	-	-	-	-	-	-	2,000	
Arbitrage Calculation	550	-	-	-	-	-	-	-	-	-	-	-	550	
Dissemination Agent	458	458	458	-	-	-	-	-	-	-	-	-	1,375	
Trustee Fees	-	-	-	-	-	-	-	-	-	-	-	-	-	
Management Fees	6,041	6,041	6,041	-	-	-	-	-	-	-	-	-	18,123	
Website Maintenance	300	300	300	-	-	-	-	-	-	-	-	-	900	
Postage and Delivery	177	104	79	-	-	-	-	-	-	-	-	-	360	
Insurance General Liability	15,470	-	-	-	-	-	-	-	-	-	-	-	15,470	
Printing and Binding	4	-	-	-	-	-	-	-	-	-	-	-	4	
Legal Advertising	-	-	-	-	-	-	-	-	-	-	-	-	-	
Other Current Charges	100	142	55	-	-	-	-	-	-	-	-	-	297	
Dues, Licenses and Subscriptions	175	-	-	-	-	-	-	-	-	-	-	-	175	

Total General & Administrative	$  32,140  $  11,623  $	6,933  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $  50,696

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

Operations & Maintenance													
Field Expenditures
Field Management	

$	2,730	

$	2,730	

$	2,730	

$	-	

$	-	

$	-	

$	-	

$	-	

$	-	

$	-	

$	-	

$	-	$	8,190	
Security	1,225	1,225	1,225	-	-	-	-	-	-	-	-	-	3,675	
General Maintenance	954	-	-	-	-	-	-	-	-	-	-	-	954	
Landscape Maintenance		15,500	15,500		15,500		-			-			-			-			-			-			-			-			-			46,500	
Landscape - Extra to Contract		-	9,263		3,300		-			-			-			-			-			-			-			-			-			12,563	
Mulch		-	27,802		-		-			-			-			-			-			-			-			-			-			27,802	
Tree Trimming		58,075	-		82,077		-			-			-			-			-			-			-			-			-			140,152	
Lake Maintenance		800	800		954		-			-			-			-			-			-			-			-			-			2,554	
Contingency		-	-		-		-			-			-			-			-			-			-			-			-			-	
Pressure Washing		-	16,225		-		-			-			-			-			-			-			-			-			-			16,225	
Culvert Cleaning/Inspection		2,150	-		-		-			-			-			-			-			-			-			-			-			2,150	
Reserves		-	-		-		-			-			-			-			-			-			-			-			-			-	
Holiday Decorations		16,301	-		8,151		-			-			-			-			-			-			-			-			-			24,452	
Cleaning Reserve Area		954	75,606		-		-			-			-			-			-			-			-			-			-			76,561	
Subtotal Field Expenditures	$	98,690	$ 149,151	$	113,937	$		-	$		-	$		-	$		-	$		-	$		-	$		-	$		-	$		-	$	361,778	

Security Gate Service Expenditures		
Security (DML)	$  11,500	$  11,500	$  11,500	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  34,500	
Transponders	-	-	-	-	-	-	-	-	-	-	-	-	-	
Management Fees	2,000	2,000	2,000	-	-	-	-	-	-	-	-	-	6,000	
Gate Repairs and Maintenance	1,963	2,149	3,892	-	-	-	-	-	-	-	-	-	8,003	
Building Repairs and Maintenance	-	-	-	-	-	-	-	-	-	-	-	-	-	

Electric		266		277		-		-			-			-			-			-			-			-			-			-			543	
Water		34		35		-		-			-			-			-			-			-			-			-			-			69	
Phone and Internet Service		397		397		417		-			-			-			-			-			-			-			-			-			1,212	
Janitorial Services		50		50		50		-			-			-			-			-			-			-			-			-			150	
Subtotal Security Gate Service Expenditures	$	16,211	$	16,408	$	17,859	$		-	$		-	$		-	$		-	$		-	$		-	$		-	$		-	$		-	$	50,478	

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

Clubhouse Expenditures																						
Alarm Monitoring	$	270	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	270	
Club Exterior Camera Monitoring	720	720	720	-	-		-		-		-		-		-		-		-		2,160	
Pool Monitoring	995	995	995	-	-		-		-		-		-		-		-		-		2,985	
Security - Roving Guard	-	555	150	-	-		-		-		-		-		-		-		-		705	
Air Conditioning Maint Contract and Repairs	606	1,140	490	-	-		-		-		-		-		-		-		-		2,236	
Fitness Equipment Maintenance and Repairs	513	905	190	-	-		-		-		-		-		-		-		-		1,608	
Electric	2,784	2,050	-	-	-		-		-		-		-		-		-		-		4,834	
Property Insurance	50,824	-	-	-	-		-		-		-		-		-		-		-		50,824	
Flood Insurance	18,760	-	-	-	-		-		-		-		-		-		-		-		18,760	
Janitorial Maintenance	5,050	5,050	5,050	-	-		-		-		-		-		-		-		-		15,150	
Janitorial Supplies	758	334	106	-	-		-		-		-		-		-		-		-		1,197	
Landscape Maintenance	2,709	2,709	2,709	-	-		-		-		-		-		-		-		-		8,127	
Landscape Replacement	-	-	-	-	-		-		-		-		-		-		-		-		-	
Office Equipment Maintenance	137	148	137	-	-		-		-		-		-		-		-		-		422	
Management Fees	25,192	25,192	25,192	-	-		-		-		-		-		-		-		-		75,576	
Office Supplies/Clubhouse Supplies	138	135	365	-	-		-		-		-		-		-		-		-		638	
Pest Control	65	65	65	-	-		-		-		-		-		-		-		-		195	
Pool and Spa Maintenance	3,500	3,500	3,500	-	-		-		-		-		-		-		-		-		10,500	
Pool Repairs	16,048	6,625	3,576	-	-		-		-		-		-		-		-		-		26,249	
Repairs and Maintenance	2,204	851	2,211	-	-		-		-		-		-		-		-		-		5,266	
Special Events	14,141	11,161	8,915	-	-		-		-		-		-		-		-		-		34,217	
Cable/Internet	417	376	652	-	-		-		-		-		-		-		-		-		1,445	
Trash Collection	-	-	1,442	-	-		-		-		-		-		-		-		-		1,442	
Water and Sewer	21,674	-	-	-	-		-		-		-		-		-		-		-		21,674	
Window Cleaning/Pressure Cleaning	-	-	1,076	-	-		-		-		-		-		-		-		-		1,076	
Holiday Decorations	14,620	-	6,756	-	-		-		-		-		-		-		-		-		21,376	
Contingency	-	31,800	-	-	-		-		-		-		-		-		-		-		31,800	
Capital Reserve	-	-	-	-	-		-		-		-		-		-		-		-		-	
Subtotal Clubhouse Expenditures	$ 182,126	$	94,310	$	64,296  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	340,732	
																
Total Operations & Maintenance	$ 297,027	$ 259,869	$	196,091  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	752,987	
															
Total Expenditures	$ 329,167	$ 271,492	$	203,025  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	803,683	
															
Excess (Deficiency) of Revenues over Expenditures	$ (322,070)	$  (7,717)	$ 1,144,226  $	-  $		-  $		-  $		-  $		-  $		-  $		-  $		-  $		-  $	814,439	
																						
Net Change in Fund Balance	$ (322,070)	$  (7,717)	$ 1,144,226  $	-  $		-  $		-  $		-  $		-  $		-  $		-  $		-  $		-  $	814,439	

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

Original Amount:

Interest Rate: Maturity Date:

Bonds Outstanding - 9/30/25 Less:	Series 2022, Special Assessment Refunding Bonds

$19,254,000

3.85%
5/1/2042

May 1, 2026 (Mandatory)	

$17,218,000
-	
Current Bonds Outstanding	$17,218,000	

Original Amount:

Interest Rate: Maturity Date:

Bonds Outstanding - 9/30/25 Less:	Series 2024, Special Assessment Refunding Bonds

$8,585,000

5.00%
5/1/2034

May 1, 2026 (Mandatory)	

$7,900,000
-	
Current Bonds Outstanding	$7,900,000	

Total Current Bonds Outstanding	$25,118,000

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	

11/10/25	
10/1/25-10/31/25	
$	16,137.17	
$	640.24	
$	154.96	
$	104.35	
$	15,446.32	
$	6,485.22	
$	4,995.88	
$	3,965.21	
$	15,446.31	
11/17/25	11/1/25-11/10/25	254,383.66	10,175.32	2,442.09	-	241,766.25	101,506.92	78,195.71	62,063.62	241,766.25	
11/25/25	6/1/25-10/31/25	41,552.96	1,996.20	395.57	-	39,161.19	16,442.05	12,666.11	10,053.04	39,161.20	
11/28/25	11/11/25-11/20/25	299,046.96	11,961.83	2,870.85	-	284,214.28	119,328.96	91,924.90	72,960.42	284,214.28	
12/05/25	11/21/25-11/30/25	3,138,063.58	125,518.87	30,125.45	83.04	2,982,502.30	1,252,220.35	964,646.20	765,635.75	2,982,502.30	
12/24/25	12/1/25-12/15/25	223,360.55	8,309.51	2,150.50	-	212,900.54	89,387.49	68,859.53	54,653.53	212,900.55	
	TOTAL	$	3,972,544.88	$	158,601.97	$	38,139.42	$	187.39	$	3,775,990.88	$	1,585,370.99	$  1,221,288.33	$	969,331.57	$	3,775,990.89	

$

88.30%
526,185.34

Percent Collected Balance Remaining to Collect