Laurel Road
Community Development District
November 2025 Financial Package

November 30, 2025

PFM Group Consulting LLC
3501 Quadrangle Boulevard
Suite 270
Orlando, FL 32817-8329
(407) 723-5900

Laurel Road CDD
Statement of Financial Position As of 11/30/2025	
	
General Fund		
Debt Service Fund		
Capital Projects Fund		
Long-Term Debt			
Total	
				
Assets									
Current Assets											
General Checking Account	$	418,828.39								$	418,828.39	
Accounts Receivable	274.48									274.48	
On-Roll Assessments Receivable	405,787.14									405,787.14	
Off-Roll Assessments Receivable	128,796.41									128,796.41	
Prepaid Expenses	70.58									70.58	
Deposits	4,350.00									4,350.00	
On-Roll Assessments Receivable			$	507,703.91							507,703.91	
Due From Other Funds			139,389.99							139,389.99	
Series 2021A1 Debt Service Reserve			326,871.88							326,871.88	
Series 2021A2 Debt Service Reserve			93,203.12							93,203.12	
Series 2021A Revenue			87,387.98							87,387.98	
Series 2021A2 Interest			11.47							11.47	
Series 2021A1 Prepayment			162.66							162.66	
Series 2021A2 Prepayment			6,736.83							6,736.83	
Accounts Receivable - Due from Developer					$	19,792.75					19,792.75	
Series 2021A Acquisition/Construction					33,528.54					33,528.54	
Deposits					50.00					50.00	
Total Current Assets	$	958,107.00		$ 1,161,467.84		$	53,371.29		$	-		$	2,172,946.13	

Investments
Amount Available in Debt Service Funds Amount To Be Provided
Total Investments									

$	514,373.94		

$	

514,373.94	
									15,210,626.06			15,210,626.06	
	$			$			$	-		$ 15,725,000.00		$	15,725,000.00	
Total Assets	$	958,107.00		$ 1,161,467.84		$	53,371.29		$ 15,725,000.00		$	17,897,946.13	

-	-

	Laurel Road CDD	
	Statement of Financial Position	
	As of 11/30/2025	
	
General Fund	
Debt Service Fund	
Capital Projects Fund	
	Liabilities and Net Assets	
Current Liabilities		
Accounts Payable	$	253,175.21	
Deferred Revenue	534,843.55	
Deferred Revenue	$	507,703.91	
Accounts Payable	$	43,388.76	
Retainage Payable	91,992.19	
Deferred Revenue	19,792.75	
Total Current Liabilities	$	788,018.76	$	507,703.91	$	155,173.70	

Long Term Liabilities		
Revenue Bonds Payable - Long-Term		
Total Long Term Liabilities	$	-	$	-	$	-	
Total Liabilities	$	788,018.76	$	507,703.91	$	155,173.70	

Net Assets		
Net Assets, Unrestricted	$	(16,545.33)	
Net Assets - General Government	126,143.91	
Current Year Net Assets - General Government	60,489.66	
Net Assets, Unrestricted	$ 1,142,003.21	
Current Year Net Assets, Unrestricted	(488,239.28)	
Net Assets, Unrestricted	$	(99,574.77)	
Current Year Net Assets, Unrestricted	(2,227.64)	
Total Net Assets	$	170,088.24	$	653,763.93	$	(101,802.41)	
		
Total Liabilities and Net Assets	$	958,107.00	$ 1,161,467.84	$	53,371.29	

	
Long-Term Debt		Total	

$	

253,175.21	
			534,843.55	
			507,703.91	
			43,388.76	
			91,992.19	
			19,792.75	
$	-		$	1,450,896.37	

$ 15,725,000.00		
$	
15,725,000.00	
$ 15,725,000.00		$	15,725,000.00	
$ 15,725,000.00		$	17,175,896.37	

$	

(16,545.33)	
			126,143.91	
			60,489.66	
			1,142,003.21	
			(488,239.28)	
			(99,574.77)	
			(2,227.64)	
$	-		$	722,049.76	
				
$ 15,725,000.00		$	17,897,946.13	

Laurel Road CDD Statement of Activities As of 11/30/2025	
	
General Fund	Debt Service Fund	Capital Projects Fund	
Long-Term Debt		
Total	

Revenues

On-Roll Assessments Off-Roll Assessments
Other Income & Other Financing Sources On-Roll Assessments
Other Assessments
Total Revenues	

$ 115,881.41
128,796.41
788.17
$	144,985.96
65,904.77

$ 245,465.99	$	210,890.73	

$	-	

$	-	

$

$	

115,881.41
128,796.41
788.17
144,985.96
65,904.77
456,356.72	
Expenses

Supervisor Fees
Public Officials' Liability Insurance Trustee Services
Management
Travel and Per Diem Postage & Shipping Legal Advertising Miscellaneous
Web Site Maintenance Holiday Decorations Dues, Licenses, and Fees Lifestyle Staff
Resident Services Electric
Clubhouse Electric Clubhouse Water Water Reclaimed
Stormwater Management Amenity - Telephone
Amenity - Cable TV / Internet / Wi-Fi Amenity - Landscape Maintenance Amenity - Irrigation Repairs
Amenity - Pool Maintenance Amenity - Janitorial
Amenity - Pest Control
Amenity - Fitness Equipment Leasing Amenity - Security
Amenity - Office Equipment Leasing Amenity - Capital Outlay
Amenity - Miscellaneous Amenity - Gas
Amenity - Operations
Amenity - Fireplaces and Barbecue	

$	2,000.00
2,870.00
709.65
9,250.00
36.26
0.74
191.75
65.37
320.00
22,936.03
175.00
8,976.87
3,178.37
173.01
3,891.61
4,524.74
113.67
4,630.07
221.66
3,488.85
6,590.82
480.00
3,104.00
5,764.31
903.55
4,930.34
7,577.62
627.79
77.04
443.00
69.17
541.25
16.65			

$	

2,000.00
2,870.00
709.65
9,250.00
36.26
0.74
191.75
65.37
320.00
22,936.03
175.00
8,976.87
3,178.37
173.01
3,891.61
4,524.74
113.67
4,630.07
221.66
3,488.85
6,590.82
480.00
3,104.00
5,764.31
903.55
4,930.34
7,577.62
627.79
77.04
443.00
69.17
541.25
16.65	

Laurel Road CDD Statement of Activities As of 11/30/2025	
	
General Fund		Debt Service Fund		Capital Projects Fund		
Long-Term Debt			
Total	
Gate Internet Service	$	896.77								$	896.77	
General Insurance	3,508.00								3,508.00	
Property & Casualty Insurance	36,328.00								36,328.00	
Other Insurance	500.00								500.00	
Irrigation	4,817.00								4,817.00	
Lake Maintenance	3,776.00								3,776.00	
Landscaping Maintenance & Material	25,004.34								25,004.34	
Landscape Improvements	72.94								72.94	
Fertilizer / Pesticides	2,880.00								2,880.00	
Contingency	532.00								532.00	
Lake Bank Mowing	3,972.00								3,972.00	
Gate - Repairs & Maintenance	225.00								225.00	
Dog Waste Stations	468.00								468.00	
Street Sweeping	950.00								950.00	
Streetlights	2,754.39								2,754.39	
Series 2021 A2 Principal Payments			$	435,000.00						435,000.00	
Series 2021 A1 Interest Payments			198,721.25						198,721.25	
Series 2021 A2 Interest Payments			69,296.88						69,296.88	
Contingency					$	2,574.81				2,574.81	
Total Expenses	$ 185,563.63		$	703,018.13		$	2,574.81		$	-		$	891,156.57	
Other Revenues (Expenses) & Gains (Losses)															
Interest Income	$	587.30									$	587.30	
Dividend Income			$	3,888.12							3,888.12	
Dividend Income					$	347.17					347.17	
Total Other Revenues (Expenses) & Gains (Losses)	$	587.30		$	3,888.12		$	347.17		$	-		$	4,822.59	
Change In Net Assets	$	60,489.66		$	(488,239.28)		$	(2,227.64)		$	-		$	(429,977.26)	

Net Assets At Beginning Of Year	$ 109,598.58		$  1,142,003.21		$	(99,574.77)		$	-		$ 1,152,027.02	

Net Assets At End Of Year	

$ 170,088.24		

$	653,763.93		

$	

(101,802.41)		

$	-		

$	722,049.76	

YTD Actual			YTD Budget	YTD Variance	Adopted Budget	Percentage	

$	115,881.41		

$		

86,944.76	

$	28,936.65	

$  521,668.55	

22.21%	
128,796.41				42,932.14	85,864.27	257,592.82	50.00%	
788.17				-	788.17	-		
14,541.67				14,541.67	-	87,250.00	16.67%	
$	260,007.66		$		144,418.57	$  115,589.09	$  866,511.37	30.01%	

$	2,000.00		
$		
2,000.00	
$	-	
$	12,000.00	
16.67%	
2,870.00				519.03	2,350.97	3,114.20	92.16%	
709.65				707.39	2.26	4,244.31	16.72%	
9,250.00				9,250.00	-	55,500.00	16.67%	
-				2,500.00	(2,500.00)	15,000.00	0.00%	
-				1,000.00	(1,000.00)	6,000.00	0.00%	
-				166.67	(166.67)	1,000.00	0.00%	
-				3,333.33	(3,333.33)	20,000.00	0.00%	
-				916.67	(916.67)	5,500.00	0.00%	
-				20.83	(20.83)	125.00	0.00%	
-				950.00	(950.00)	5,700.00	0.00%	
-				83.33	(83.33)	500.00	0.00%	
-				10.54	(10.54)	63.24	0.00%	
36.26				83.33	(47.07)	500.00	7.25%	
-				116.67	(116.67)	700.00	0.00%	
0.74				83.33	(82.59)	500.00	0.15%	
191.75				916.67	(724.92)	5,500.00	3.49%	
65.37				166.66	(101.29)	1,000.00	6.54%	
-				83.33	(83.33)	500.00	0.00%	
320.00				520.00	(200.00)	3,120.00	10.26%	
22,936.03				4,166.67	18,769.36	25,000.00	91.74%	
-				83.33	(83.33)	500.00	0.00%	
175.00				29.17	145.83	175.00	100.00%	
8,976.87				9,049.13	(72.26)	54,294.80	16.53%	
3,178.37				1,249.73	1,928.64	7,498.40	42.39%	
$	50,710.04		$		38,005.81	$	12,704.23	$  228,034.95	22.24%	

Revenues
On-Roll Assessments Off-Roll Assessments
Other Income & Other Financing Sources Carryforward Cash
Net Revenues

General & Administrative Expenses
Supervisor Fees
Public Officials' Liability Insurance Trustee Services
Management  Field Management Engineering Disclosure
District Counsel Assessment Administration Reamortization Schedules Audit
Arbitrage Calculation Tax Preparation Travel and Per Diem Telephone
Postage & Shipping Legal Advertising Miscellaneous Office Supplies
Web Site Maintenance Holiday Decorations IT Services
Dues, Licenses, and Fees Lifestyle & Maintenance Staff Resident Services
Total General & Administrative Expenses

YTD Actual	YTD Budget	YTD Variance

FY 2026
Adopted Budget

Percentage

Field Expenses (Inside the Gate; SF)

Electric	$	129.76		$	1,250.00		$	(1,120.24)		$	7,500.00		1.73%	
Water Reclaimed	85.25		625.00		(539.75)		3,750.00		2.27%	
Stormwater Management	4,630.07		333.33		4,296.74		2,000.00		231.50%	
Wetland Mitigation	-		1,500.00		(1,500.00)		9,000.00		0.00%	
Equipment Rental	-		187.50		(187.50)		1,125.00		0.00%	
Gate Internet Service	896.77		333.33		563.44		2,000.00		44.84%	
General Insurance	2,631.00		475.67		2,155.33		2,854.00		92.19%	
Property & Casualty Insurance	27,246.00		2,532.63		24,713.37		15,195.75		179.30%	
Other Insurance	500.00		-		500.00		-			
Irrigation - Repair and Maintenance	3,612.75		3,120.00		492.75		18,720.00		19.30%	
Lake Maintenance	2,832.00		3,000.00		(168.00)		18,000.00		15.73%	
Landscaping Maintenance & Material	18,753.26		17,722.01		1,031.25		106,332.03		17.64%	
Landscape Improvements	54.71		2,500.00		(2,445.30)		15,000.00		0.36%	
Fertilizer / Pesticides	2,160.00		2,160.00		-		12,960.00		16.67%	
Contingency	532.00		2,900.00		(2,368.00)		17,400.00		3.06%	
Lake Bank Mowing	3,972.00		-		3,972.00		-			
Gate - Repairs & Maintenance	225.00		583.33		(358.33)		3,500.00		6.43%	
Mulch	-		833.33		(833.33)		5,000.00		0.00%	
Storm Cleanup	-		1,250.00		(1,250.00)		7,500.00		0.00%	
Storm Landscape Replacement	-		1,875.00		(1,875.00)		11,250.00		0.00%	
Security Monitoring	-		5,000.00		(5,000.00)		30,000.00		0.00%	
Dog Waste Stations	468.00		468.00		-		2,808.00		16.67%	
Mailbox Maintenance	-		33.33		(33.33)		200.00		0.00%	
Capital Expenditures	-		1,250.00		(1,250.00)		7,500.00		0.00%	
Street Sweeping	950.00		2,000.00		(1,050.00)		12,000.00		7.92%	
Lighting	-		125.00		(125.00)		750.00		0.00%	
Streetlights - Leasing	2,065.79		5,040.00		(2,974.21)		30,240.00		6.83%	
Bike Share Maintenance	-		416.67		(416.67)		2,500.00		0.00%	
Golf Cart Maintenance	-		187.50		(187.50)		1,125.00		0.00%	
Total Field Expenses (Inside the Gate; Only SF)	$	71,744.35		$	57,701.63		$	14,042.72		$  346,209.78		20.72%	

Field Expenses (Outside the Gate; MF)

Electric	$	43.25		$	416.67		$	(373.42)		$	2,500.00		1.73%	
Water Reclaimed	28.42		208.33		(179.91)		1,250.00		2.27%	
Equipment Rental	-		62.50		(62.50)		375.00		0.00%	
General Insurance	877.00		158.56		718.44		951.34		92.19%	
Property & Casualty Insurance	9,082.00		844.21		8,237.79		5,065.25		179.30%	
Irrigation - Repair and Maintenance	1,204.25		1,040.00		164.25		6,240.00		19.30%	
Lake Maintenance	944.00		1,000.00		(56.00)		6,000.00		15.73%	
Landscaping Maintenance & Material	6,251.09		5,907.34		343.75		35,444.01		17.64%	
Landscape Improvements	18.24		833.33		(815.10)		5,000.00		0.36%	
Fertilizer / Pesticides	720.00		720.00		-		4,320.00		16.67%	
Storm Cleanup	-		416.67		(416.67)		2,500.00		0.00%	
Storm Landscape Replacement	-		625.00		(625.00)		3,750.00		0.00%	
Capital Expenditures	-		416.67		(416.67)		2,500.00		0.00%	
Lighting	-		41.67		(41.67)		250.00		0.00%	
Streetlights - Leasing	688.60		1,680.00		(991.40)		10,080.00		6.83%	
Golf Cart Maintenance	-		62.50		(62.50)		375.00		0.00%	
Total Field Expenses (Outside the Gate; MF)	$	19,856.84		$	14,433.45		$	5,423.39		$	86,600.59		22.93%	

YTD Actual	YTD Budget	YTD Variance

FY 2026
Adopted Budget

Percentage

Vistera - Amenity Expenses

Clubhouse Electric	$	3,891.61		$	1,666.67		$	2,224.94		$	10,000.00		38.92%	
Clubhouse Water	4,524.74		2,500.00		2,024.74		15,000.00		30.16%	
Amenity - Telephone	221.66		1,460.00		(1,238.34)		8,760.00		2.53%	
Amenity - Cable TV / Internet / Wi-Fi	3,488.85		2,166.67		1,322.18		13,000.00		26.84%	
Amenity - Landscape Maintenance	6,590.82		3,333.33		3,257.49		20,000.00		32.95%	
Amenity - Irrigation Repairs	480.00		1,666.67		(1,186.67)		10,000.00		4.80%	
Amenity - Pool Maintenance	3,104.00		3,104.00		-		18,624.00		16.67%	
Amenity - Pool Equipment	-		166.67		(166.67)		1,000.00		0.00%	
Amenity - Cleaning	5,764.31		6,433.33		(669.02)		38,600.00		14.93%	
Amenity - Pest Control	903.55		1,000.00		(96.45)		6,000.00		15.06%	
Amenity - Fitness Equipment Leasing	4,930.34		5,030.34		(100.00)		30,182.04		16.34%	
Amenity - Security Monitoring	7,577.62		1,016.67		6,560.95		6,100.00		124.22%	
Amenity - Office Equipment Leasing	627.79		833.33		(205.54)		5,000.00		12.56%	
Amenity - Capital Outlay	77.04		1,250.00		(1,172.96)		7,500.00		1.03%	
Amenity - Miscellaneous	443.00		416.67		26.33		2,500.00		17.72%	
Amenity - A/C Maintenance and Equipment	-		250.00		(250.00)		1,500.00		0.00%	
Amenity - Gas	69.17		233.33		(164.16)		1,400.00		4.94%	
Amenity - Access Control Maintenance	-		250.00		(250.00)		1,500.00		0.00%	
Amenity - Operations	541.25		1,333.33		(792.08)		8,000.00		6.77%	
Amenity - Fireplaces and Barbecue	16.65		166.67		(150.02)		1,000.00		1.67%	
Total Vistera - Amenity Expenses	$	43,252.40		$	34,277.68		$	8,974.72		$  205,666.04		21.03%	

Total Expenses	
 $	185,563.63 		
 $  144,418.57 		
 $	41,145.06 		
 $  866,511.36 		
	21.42%	
Other Revenues (Expenses) & Gains (Losses)

Interest Income	

$	587.30		

$	-		

$	587.30		

$	-			
Total Other Revenues (Expenses) & Gains (Losses)	$	587.30		$	-		$	587.30		$	-			
Net Income (Loss)	$	75,031.33		$	-		$	75,031.33		$	-