Laurel Road
Community Development District
December 2025 Financial Package

December 31, 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 12/31/2025

General Fund	Debt Service	Capital Projects		

Long-Term Debt			

Total	
			
Assets								
Current Assets											
General Checking Account	$	508,844.25								$	508,844.25	
On-Roll Assessments Receivable	72,187.85									72,187.85	
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			$	90,318.42							90,318.42	
Due From Other Funds			99,415.48							99,415.48	
Series 2021A1 Debt Service Reserve			326,871.88							326,871.88	
Series 2021A2 Debt Service Reserve			62,500.00							62,500.00	
Series 2021A Revenue			546,353.64							546,353.64	
Series 2021A2 Interest			1,102.10							1,102.10	
Series 2021A1 Prepayment			163.16							163.16	
Series 2021A2 Prepayment			177,058.26							177,058.26	
Accounts Receivable - Due from Developer					$	5,763.46					5,763.46	
Series 2021A Acquisition/Construction					4,632.41					4,632.41	
Deposits					50.00					50.00	
Total Current Assets	$	714,249.09		$ 1,303,782.94		$	10,445.87		$	-		$	2,028,477.90	

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

$	1,114,049.04		

$	

1,114,049.04	
									13,935,950.96			13,935,950.96	
	$	-		$	-		$	-		$ 15,050,000.00		$	15,050,000.00	
Total Assets	$	714,249.09		$ 1,303,782.94		$	10,445.87		$ 15,050,000.00		$	17,078,477.90	

Laurel Road CDD

Long-Term Debt			Total	

$	

110,169.93	
			72,187.85	
			128,796.41	
			90,318.42	
			9,275.96	
			91,992.19	
			5,763.46	
$	-		$	508,504.22	

$ 15,050,000.00		
$	
15,050,000.00	
$ 15,050,000.00		$	15,050,000.00	
$ 15,050,000.00		$	15,558,504.22	

$	

(16,545.33)	
			(8,195.92)	
			126,143.91	
			301,692.24	
			1,142,003.21	
			71,461.31	
			(99,574.77)	
			2,989.03	
$	-		$	1,519,973.68	
				
$ 15,050,000.00		$	17,078,477.90	

Statement of Financial Position As of 12/31/2025

General Fund

Debt Service	Capital Projects Fund		Fund

Liabilities and Net Assets

Current Liabilities

Accounts Payable	$	110,169.93				
Deferred Revenue - On-Roll	72,187.85				
Deferred Revenue - Off-Roll	128,796.41				
Deferred Revenue			$	90,318.42		
Accounts Payable					$	9,275.96	
Retainage Payable					91,992.19	
Deferred Revenue					5,763.46	
Total Current Liabilities	$	311,154.19		$	90,318.42		$	107,031.61	

Long Term Liabilities

Total Liabilities	$	311,154.19		$	90,318.42		$	107,031.61	

Net Assets
Net Assets, Unrestricted	

$	(16,545.33)					
Current Year Net Assets, Unrestricted	(8,195.92)					
Net Assets - General Government	126,143.91					
Current Year Net Assets - General Government	301,692.24					
Net Assets, Unrestricted			$ 1,142,003.21			

Revenue Bonds Payable - Long-Term Total Long Term Liabilities

71,461.31		
$	
(99,574.77)
2,989.03	
$	403,094.90		$	1,213,464.52		$	(96,585.74)	
							
$	714,249.09		$	1,303,782.94		$	10,445.87	

Current Year Net Assets, Unrestricted Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Total Net Assets

Total Liabilities and Net Assets

$	-	$	-	$	-

Laurel Road CDD Statement of Activities As of 12/31/2025	
	
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 Developer Contributions
Total Revenues	$ 449,480.70
128,796.41
1,056.15
$	562,371.45
206,503.25

$ 579,333.26	$	768,874.70	

$	19,792.75

$	19,792.75	

$	-	$

$	449,480.70
128,796.41
1,056.15
562,371.45
206,503.25
19,792.75
1,368,000.71	
Expenses
Supervisor Fees
Public Officials' Liability Insurance Trustee Services
Management Disclosure District Counsel
Assessment Administration 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 Wetlands Mitigation
Amenity - Telephone	

$	3,000.00
2,870.00
709.65
13,875.00
250.00
1,314.00
5,500.00
72.52
0.74
353.25
65.37
480.00
23,860.86
175.00
21,629.58
4,946.08
295.31
6,300.03
8,376.52
594.18
8,167.64
3,200.00
296.56			

$	

3,000.00
2,870.00
709.65
13,875.00
250.00
1,314.00
5,500.00
72.52
0.74
353.25
65.37
480.00
23,860.86
175.00
21,629.58
4,946.08
295.31
6,300.03
8,376.52
594.18
8,167.64
3,200.00
296.56	

	Laurel Road CDD				
	Statement of Activities				
	As of 12/31/2025				
	General Fund	Debt Service Fund	Capital Projects Fund	
Long-Term Debt	
Total	
Amenity - Cable TV / Internet / Wi-Fi	$	4,952.76		$	4,952.76	
Amenity - Landscape Maintenance	9,886.23			9,886.23	
Amenity - Irrigation Repairs	720.00			720.00	
Amenity - Pool Maintenance	4,835.98			4,835.98	
Amenity - Access Control	1,538.46			1,538.46	
Amenity - Janitorial	8,678.60			8,678.60	
Amenity - Pest Control	1,113.55			1,113.55	
Amenity - Fitness Equipment Leasing	7,395.51			7,395.51	
Amenity - Security	8,677.62			8,677.62	
Amenity - Office Equipment Leasing	1,031.24			1,031.24	
Amenity - Capital Outlay	163.72			163.72	
Amenity - Miscellaneous	1,091.30			1,091.30	
Amenity - AC Maintenance and Equipment	1,859.40			1,859.40	
Amenity - Gas	113.05			113.05	
Amenity - Operations	1,034.81			1,034.81	
Amenity - Fireplaces and Barbecue	16.65			16.65	
Gate Internet Service	3,321.22			3,321.22	
General Insurance	3,508.00			3,508.00	
Property & Casualty Insurance	36,328.00			36,328.00	
Other Insurance	500.00			500.00	
Irrigation	7,870.00			7,870.00	
Lake Maintenance	8,064.00			8,064.00	
Landscaping Maintenance & Material	37,819.01			37,819.01	
Landscape Improvements	2,880.44			2,880.44	
Fertilizer / Pesticides	4,320.00			4,320.00	
Contingency	532.00			532.00	
Lake Bank Mowing	5,958.00			5,958.00	
Gate - Repairs & Maintenance	225.00			225.00	
Dog Waste Stations	702.00			702.00	
Capital Expenditures	8,195.92			8,195.92	
Street Sweeping	1,900.00			1,900.00	
Streetlights	6,000.64			6,000.64	

Laurel Road CDD Statement of Activities As of 12/31/2025

General Fund

Debt Service	Capital Projects Fund		Fund

Long-Term Debt	Total

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	
Engineering					$	5,763.46		5,763.46	
Contingency					11,515.66		11,515.66	
Total Expenses	$ 287,565.40		$	703,018.13		$	17,279.12		$	-	$ 1,007,862.65	

Other Revenues (Expenses) & Gains (Losses)

Interest Income	$	1,728.46						$	1,728.46	
Dividend Income			$	5,604.74				5,604.74	
Dividend Income					$	475.40		475.40	
Total Other Revenues (Expenses) & Gains (Losses)	$	1,728.46		$	5,604.74		$	475.40		$	-	$	7,808.60	
Change In Net Assets	$ 293,496.32		$	71,461.31		$	2,989.03		$	-	$	367,946.66	
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	
$ 403,094.90		
$	1,213,464.52		
$	(96,585.74)			

$	-	$ 1,519,973.68	

Laurel Road CDD
Budget to Actual
For the Month Ending 12/31/2025

YTD Actual			YTD Budget	YTD Variance	Adopted Budget	Percentage	

$	449,480.70		

$		

130,417.14	

$  319,063.56	

$  521,668.55	

86.16%	
128,796.41				64,398.21	64,398.20	257,592.82	50.00%	
1,056.15				-	1,056.15	-		
21,812.50				21,812.50	-	87,250.00	25.00%	
$	601,145.76		$		216,627.85	$  384,517.91	$  866,511.37	69.38%	

$	3,000.00		
$		
3,000.00	
$	-	
$	12,000.00	
25.00%	
2,870.00				778.55	2,091.45	3,114.20	92.16%	
709.65				1,061.08	(351.43)	4,244.31	16.72%	
13,875.00				13,875.00	-	55,500.00	25.00%	
-				3,750.00	(3,750.00)	15,000.00	0.00%	
-				1,500.00	(1,500.00)	6,000.00	0.00%	
250.00				250.00	-	1,000.00	25.00%	
1,314.00				5,000.00	(3,686.00)	20,000.00	6.57%	
5,500.00				1,375.00	4,125.00	5,500.00	100.00%	
-				31.25	(31.25)	125.00	0.00%	
-				1,425.00	(1,425.00)	5,700.00	0.00%	
-				125.00	(125.00)	500.00	0.00%	
-				15.81	(15.81)	63.24	0.00%	
72.52				125.00	(52.48)	500.00	14.50%	
-				175.00	(175.00)	700.00	0.00%	
0.74				125.00	(124.26)	500.00	0.15%	
353.25				1,375.00	(1,021.75)	5,500.00	6.42%	
65.37				250.01	(184.64)	1,000.00	6.54%	
-				125.00	(125.00)	500.00	0.00%	
480.00				780.00	(300.00)	3,120.00	15.38%	
23,860.86				6,250.00	17,610.86	25,000.00	95.44%	
-				125.00	(125.00)	500.00	0.00%	
175.00				43.75	131.25	175.00	100.00%	
21,629.58				13,573.70	8,055.88	54,294.80	39.84%	
4,946.08				1,874.60	3,071.48	7,498.40	65.96%	
$	79,102.05		$		57,008.75	$	22,093.30	$  228,034.95	34.69%	

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

L	aurel Road CDD							
	Budget to Actual							
For the Month Ending 12/31/2025	

YTD Actual	

YTD Budget		

YTD Variance		
FY 2026
Adopted Budget		

Percentage	

Field Expenses (Inside the Gate; SF)								
Electric	$	221.48	$	1,875.00		$	(1,653.52)		$	7,500.00		2.95%	
Water Reclaimed	445.64	937.50		(491.87)		3,750.00		11.88%	
Stormwater Management	8,167.64	500.00		7,667.64		2,000.00		408.38%	
Wetland Mitigation	3,200.00	2,250.00		950.00		9,000.00		35.56%	
Equipment Rental	-	281.25		(281.25)		1,125.00		0.00%	
Gate Internet Service	3,321.22	500.00		2,821.22		2,000.00		166.06%	
General Insurance	2,631.00	713.50		1,917.50		2,854.00		92.19%	
Property & Casualty Insurance	27,246.00	3,798.94		23,447.06		15,195.75		179.30%	
Other Insurance	500.00	-		500.00		-			
Irrigation - Repair and Maintenance	5,902.50	4,680.00		1,222.50		18,720.00		31.53%	
Lake Maintenance	6,048.00	4,500.00		1,548.00		18,000.00		33.60%	
Landscaping Maintenance & Material	28,364.26	26,583.01		1,781.25		106,332.03		26.68%	
Landscape Improvements	2,160.33	3,750.00		(1,589.67)		15,000.00		14.40%	
Fertilizer / Pesticides	3,240.00	3,240.00		-		12,960.00		25.00%	
Contingency	532.00	4,350.00		(3,818.00)		17,400.00		3.06%	
Lake Bank Mowing	5,958.00	-		5,958.00		-			
Gate - Repairs & Maintenance	225.00	875.00		(650.00)		3,500.00		6.43%	
Mulch	-	1,250.00		(1,250.00)		5,000.00		0.00%	
Storm Cleanup	-	1,875.00		(1,875.00)		7,500.00		0.00%	
Storm Landscape Replacement	-	2,812.50		(2,812.50)		11,250.00		0.00%	
Security Monitoring	-	7,500.00		(7,500.00)		30,000.00		0.00%	
Dog Waste Stations	702.00	702.00		-		2,808.00		25.00%	
Mailbox Maintenance	-	50.00		(50.00)		200.00		0.00%	
Capital Expenditures	6,146.94	1,875.00		4,271.94		7,500.00		81.96%	
Street Sweeping	1,900.00	3,000.00		(1,100.00)		12,000.00		15.83%	
Lighting	-	187.50		(187.50)		750.00		0.00%	
Streetlights - Leasing	4,500.48	7,560.00		(3,059.52)		30,240.00		14.88%	
Bike Share Maintenance	-	625.00		(625.00)		2,500.00		0.00%	
Golf Cart Maintenance	-	281.25		(281.25)		1,125.00		0.00%	
Total Field Expenses (Inside the Gate; Only SF)	
$	111,412.49	
$	86,552.45		$	24,860.04		$  346,209.78		32.18%	

Field Expenses (Outside the Gate; MF)								
Electric	$	73.83	$	625.00		$	(551.17)		$	2,500.00		2.95%	
Water Reclaimed	148.55	312.50		(163.96)		1,250.00		11.88%	
Equipment Rental	-	93.75		(93.75)		375.00		0.00%	
General Insurance	877.00	237.83		639.17		951.34		92.19%	
Property & Casualty Insurance	9,082.00	1,266.31		7,815.69		5,065.25		179.30%	
Irrigation - Repair and Maintenance	1,967.50	1,560.00		407.50		6,240.00		31.53%	
Lake Maintenance	2,016.00	1,500.00		516.00		6,000.00		33.60%	
Landscaping Maintenance & Material	9,454.75	8,861.00		593.75		35,444.01		26.68%	
Landscape Improvements	720.11	1,250.00		(529.89)		5,000.00		14.40%	
Fertilizer / Pesticides	1,080.00	1,080.00		-		4,320.00		25.00%	
Storm Cleanup	-	625.00		(625.00)		2,500.00		0.00%	
Storm Landscape Replacement	-	937.50		(937.50)		3,750.00		0.00%	
Capital Expenditures	2,048.98	625.00		1,423.98		2,500.00		81.96%	
Lighting	-	62.50		(62.50)		250.00		0.00%	
Streetlights - Leasing	1,500.16	2,520.00		(1,019.84)		10,080.00		14.88%	
Golf Cart Maintenance	-	93.75		(93.75)		375.00		0.00%	
Total Field Expenses (Outside the Gate; MF)	
$	28,968.88	
$	21,650.14		$	7,318.74		$	86,600.59		33.45%	

Laurel Road CDD
Budget to Actual
For the Month Ending 12/31/2025

	YTD Actual	YTD Budget	YTD Variance	FY 2026
Adopted Budget	Percentage	

Vistera - Amenity Expenses						
Clubhouse Electric	$	6,300.03	$	2,500.00	$	3,800.03	$	10,000.00	63.00%	
Clubhouse Water	8,376.52	3,750.00	4,626.52	15,000.00	55.84%	
Amenity - Telephone	296.56	2,190.00	(1,893.44)	8,760.00	3.39%	
Amenity - Cable TV / Internet / Wi-Fi	4,952.76	3,250.00	1,702.76	13,000.00	38.10%	
Amenity - Landscape Maintenance	9,886.23	5,000.00	4,886.23	20,000.00	49.43%	
Amenity - Irrigation Repairs	720.00	2,500.00	(1,780.00)	10,000.00	7.20%	
Amenity - Pool Maintenance	4,835.98	4,656.00	179.98	18,624.00	25.97%	
Amenity - Access Control Maintenance	1,538.46	375.00	1,163.46	1,500.00	102.56%	
Amenity - Pool Equipment	-	250.00	(250.00)	1,000.00	0.00%	
Amenity - Cleaning	8,678.60	9,650.00	(971.40)	38,600.00	22.48%	
Amenity - Pest Control	1,113.55	1,500.00	(386.45)	6,000.00	18.56%	
Amenity - Fitness Equipment Leasing	7,395.51	7,545.51	(150.00)	30,182.04	24.50%	
Amenity - Security Monitoring	8,677.62	1,525.00	7,152.62	6,100.00	142.26%	
Amenity - Office Equipment Leasing	1,031.24	1,250.00	(218.76)	5,000.00	20.62%	
Amenity - Capital Outlay	163.72	1,875.00	(1,711.28)	7,500.00	2.18%	
Amenity - Miscellaneous	1,091.30	625.00	466.30	2,500.00	43.65%	
Amenity - A/C Maintenance and Equipment	1,859.40	375.00	1,484.40	1,500.00	123.96%	
Amenity - Gas	113.05	350.00	(236.95)	1,400.00	8.08%	
Amenity - Operations	1,034.81	2,000.00	(965.19)	8,000.00	12.94%	
Amenity - Fireplaces and Barbecue	16.65	250.00	(233.35)	1,000.00	1.67%	
Total Vistera - Amenity Expenses	$	68,081.99		$	51,416.51		$	16,665.48		$	205,666.04		33.10%	

Total Expenses	
 $	287,565.40 	
 $  216,627.85 	
 $	70,937.55 	
 $  866,511.36 	
	33.19%	
Other Revenues (Expenses) & Gains (Losses)						
Interest Income	$	1,728.46	$	-	$	1,728.46	$	-	
Total Other Revenues (Expenses) & Gains (Losses)	$	1,728.46		$	-		$	1,728.46		$	-		
Net Income (Loss)	$	315,308.82		$	-		$	315,308.82		$	-