Lake Ashton II Community Development District
Budget Workshop Agenda March 30, 2021

-.   ·-	- ---=- -	-

March 23, 2021

Lake Ashton II
Community Development District
219 E. Livingston St., Orlando, Florida 32801 Phone: 407-841-5524 - Fax: 407-839-1526

Board of Supervisors Lake Ashton II
Community Development District

Dear Board Members:

The budget workshop, and meeting of the Board of Supervisors (if necessary), of the Lake Ashton II Community Development District will be held Tuesday, March 30, 2021 at 6052 Pebble Beach Blvd., Winter Haven, FL 33884. The Budget workshop will begin at 1:00 PM and will be followed by a meeting of the Board of Supervisors, if necessary. Masks will be required for all in attendance. For the safety of all in attendance, social distancing measures will be in place, including limiting capacity at the meeting location to 100 people, on a first come, first served basis. All others will need to participate using the remote participation options specified below, which allow for full public participation and comment.

Members of the public may attend and participate in the meeting utilizing the following options from your computer, tablet or smartphone. To participate using video, please go to the link address below. To participate by telephone, please use the call-in number below and enter the Meeting ID when prompted. Members of the public are further encouraged to submit comments or questions in advance of the meeting by email to jburns@gmscfl.com up until 2:00 PM on Monday, March 29, 2021.

Zoom Video Link: https://zoom.us/j/91095803577

Zoom Call-In Information: 1-646-876-9923
Meeting ID: 910 9580 3577

Following is the advance agenda for the meeting:

Budget Workshop

Roll Call and Pledge of Allegiance
Public Comments
Review of Current Year Financial Statements
Fiscal Year 2021 Adopted Budget
District Financials through February
Golf Financials through February

Discussion Regarding Capital Projects for Current Year and Which May be Deferred to Next Fiscal Year
Discussion of Fiscal Year 2021/2022 Budget to Identify Possible Line Items that Need to be Increased/Decreased and Discussion of Funding for Potential Projects
Ashton Drive Landscaping Project (Including West Entrance Gate)
Discussion Regarding Lake Hart Maintenance
Potential Remediation of Guard House Utility Issue
Potential Capital Projects for Fiscal Year 2021/2022
Discussion Regarding Proposal for Updated Reserve Study

SECTION III

SECTION A

Adopted Budget
Fiscal Year 2021

Lake Ashton II Community Development District

August 21, 2020

Lake Ashton II
Community Development District

TABLE OF CONTENTS

General Fund
Budget	Page 1-2
Narrative-Administrative	Page 3
Narrative-Field	Page 4

Capital Projects Fund
Budget	Page 5

Debt Service Fund
Budget - Series 2005A	Page 6
Amortization Schedule - 2005A	Page 7

Budget - Series 2006A	Page 8
Amortization Schedule - 2006A	Page 9

Lake Ashton II
Community Development District										
General Fund	
		Adopted		Actual		Projected		Total		Adopted	
		Budget		Thru		Next		Projected		Budget	
 Description			 	FY 2020			 	7/31/20			 	2 Months			 	9/30/20			 	FY 2021		
REVENUES:											
Special Assessments - Tax Collector		$1,218,686		$1,197,403		$0		$1,197,403		$1,445,344	
Special Assessments - Direct		$0		$26,303		$0		$26,303		$0	
Interest Earned		$1,500		$1,508		$150		$1,658		$1,500	
Rental Fees		$5,200		$750		$0		$750		$5,200	
Security Guard Revenue		$0		$1,000		$0		$1,000		$0	
Table Rentals		$0		$160		$0		$160		$0	
Off Duty Officer Revenue		$0		$544		$0		$544		$0	
Contributions		$0		$2,641		$0		$2,641		$0	
Miscellaneous Revenues		$0		$122,075		$0		$122,075		$0	
Carry Forward Surplus		$202,533		$136,419		$0		$136,419		$170,344	
 TOTAL  REVENUES			 	$1,427,919 		 	$1,488,803 		 	$150 		 	$1,488,953 		 	$1,622,388 	
EXPENDITURES:											
ADMINISTRATIVE											
Arbitrage Consultant		$1,200		$1,200		$0		$1,200		$1,200	
Annual Audit		$6,000		$4,800		$0		$4,800		$4,900	
Computer Time		$1,000		$833		$167		$1,000		$1,000	
Dissemination Agent		$6,200		$6,000		$1,000		$7,000		$6,500	
Dues, Licenses & Subscriptions		$175		$175		$0		$175		$175	
Insurance		$33,036		$31,393		$0		$31,393		$11,182	
Legal Advertising		$500		$1,598		$1,141		$2,739		$1,500	
Management Fees		$46,350		$38,625		$7,725		$46,350		$60,000	
Office Supplies		$300		$114		$23		$137		$250	
Other Current Charges		$2,700		$4,969		$282		$5,250		$2,700	
Golf Course Due Diligence		$0		$218,380		$0		$218,380		$0	
Postage		$1,500		$1,552		$310		$1,862		$2,000	
Copies		$1,500		$872		$174		$1,047		$1,000	
Telephone		$50		$23		$5		$27		$50	
Trustee Fees		$6,500		$0		$0		$0		$13,963	
 TOTAL ADMINISTRATIVE EXPENDITURES			 	$107,011 		 	$310,533 		 	$10,826 		 	$321,360 		 	$106,420 	

Page 1

Lake Ashton II
Community Development District										

General Fund	
		Adopted		Actual		Projected		Total		Adopted	
		Budget		Thru		Next		Projected		Budget	
 Description			 	FY 2020			 	7/31/20			 	2 Months			 	9/30/20			 	FY 2021		
FIELD EXPENDITURES											
Attorney		$40,000		$45,301		$15,100		$60,402		$40,000	
Building Contract Services		$53,160		$34,341		$6,868		$41,210		$43,920	
Building/Grounds Maintenance Supplies		$31,350		$27,113		$5,423		$32,535		$40,000	
Contingency		$30,000		$20,854		$4,171		$25,025		$0	
Engineering		$8,000		$15,084		$3,017		$18,101		$15,000	
HFC Special Events		$3,000		$534		$0		$534		$5,000	
Landscape Contract Services		$175,222		$160,145		$29,936		$190,080		$179,604	
Irrigation Maintenance		$0		$0		$0		$0		$2,000	
Lake Maintenance		$0		$0		$0		$0		$35,560	
Office Supplies/Printing/Binding		$7,000		$8,809		$1,762		$10,571		$13,000	
Permits/Inspections		$1,500		$1,698		$0		$1,698		$1,500	
Personnel Expenses		$228,336		$196,014		$27,362		$223,376		$245,950	
Property Insurance		$0		$0		$0		$0		$21,854	
Security Contract Services		$252,079		$205,119		$30,862		$235,981		$200,170	
Utilities		$209,331		$153,945		$30,789		$184,734		$215,000	
 TOTAL FIELD EXPENDITURES			 	$1,038,978 		 	$868,959 		 	$155,290 		 	$1,024,248 		 	$1,058,558 	
First Quarter Operating Reserves		$202,533		$0		$0		$0		$265,271	
 TOTAL RESERVE EXPENDITURES			 	$202,533 		 	$0 		 	$0 		 	$0 		 	$265,271 	
OTHER SOURCES/(USES)											
Interfund Transfers In/(Out)		($79,398)		$27,000		$0		$27,000		($192,139)	
 TOTAL  EXPENDITURES			 	$1,427,919 		 	$1,152,492 		 	$166,116 		 	$1,318,608 		 	$1,622,388 	
 Assigned Fund Balance			$0		$336,311		($165,966)		$170,344		$0	
		FY 2017		FY 2018		FY 2019		FY 2020		FY 2021	
NET ASSESSMENTS		$1,259,017		$1,218,686		$1,218,686		$1,218,686		$1,445,344	
PLUS COLLECTION FEES (7%)		$94,765		$91,729		$91,729		$91,729		$108,789	
GROSS ASSESSMENTS		$1,353,782		$1,310,416		$1,310,416		$1,310,416		$1,554,133	
NO. OF TOTAL PLANNED UNITS		703		680		680		680		680	
GOLF COURSE		15		15		15		15		0	
GROSS PER UNIT ASSESSMENT		$1,885		$1,885		$1,885		$1,885		$2,285	

Page 2

LAKE ASHTON II COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND BUDGET
FISCAL YEAR 2021

REVENUES:
Special Assessments - Tax Collector:
The District will levy a non ad-valorem special assessment on the platted property within	#36300 $1,445,344
the District and certify to the Polk County Tax Collector for collection to fund operating expenditures of the District.

Interest Earned

The District will have all excess funds invested with the State Board of Administration. The amount	#36100	$1,500
is based upon the estimated average balance of funds available during the fiscal year.

Rental Fees
Represents miscellaneous income received for activities held at the HCF.	#36200	$5,200

EXPENDITURES:
Arbitrage

The District is required to annually have an arbitrage rebate calculation on the District's Series 2005A&B	#31200	$1,200
and Series 2006A&B Capital Improvement Revenue Bonds.

Annual Audit

The District is required annually to conduct an audit of its financial records by an Independent Certified	#32200	$4,900
Public Accounting Firm.

Computer Time

The District processes all of its financial activities, i.e., accounts payable, financial statements, etc.	#35100	$1,000
on a mainframe computer leased by Governmental Management Services.

Dissemination Agent
The District is required by the Security and Exchange Commission to comply with Rule 15(c) (2)-12(b) (5),	#31300	$6,500
which relates to additional reporting requirements for un-rated bond issues.

Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity for $175.	#54000	$175
This is the only expense under this category for the District.

Insurance

The District's General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance.	#45000	$11,182
Florida Insurance Alliance specializes in providing insurance coverage to governmental agencies.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings, public hearings, etc.	#48000	$1,500
in a newspaper of general circulation.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management	#34000	$60,000
Agreement with Governmental Management Services. These services are further outlined in Exhibit "A" of the Management Agreement.

Office Supplies
Miscellaneous office supplies.	#51000	$250

Other Current Charges
Bank charges and any other miscellaneous expenses that are incurred during the year.	#49000	$2,700

Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.	#42000	$2,000

Printing & Binding
Printing and Binding agenda packages for board meetings, printing of computerized checks,	#42500	$1,000
stationary, envelopes etc.

Telephone
Telephone and fax machine.	#41000	$50

Trustee Fees

The District issued Series 2005A&B and Series 2006A&B Capital Improvement Revenue Bonds	#32300	$13,963
which are held with a Trustee at US Bank. The amount of the trustee fees is based on the agreement between US Bank and the District.

Page 3

LAKE ASHTON II
COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND BUDGET FISCAL YEAR 2021

Attorney

General  legal services, i.e., preparation for and attendance at meetings,	#31500	$40,000 review operating and maintenance contracts. etc.

Building Contract Services
Hartline Alarm /Fire Systems	#34510	$7,200	
Cleaning - JanKing	#46010	$28,320	
Pool & Spa - Pool Sure	#46400	$8,400	

Building/Grounds Maintenance Supplies
Building - Paper goods, small repairs, chemicals/ cleaning supplies,
Small plant replacement, pool-sauna-spa parts/repairs	#46020	$30,363	
Grounds - HFC grounds, Dog Parks, Blvd, Courts	#46030	$7,897	
Florida Pest	#34800	$1,340	
Mileage	#46050	$400	

Engineering
General engineering  services, i.e. attendance at and preparation for, board meetings.	#31100	$15,000

HFC Special Events

Pond and Lake Maintenance - Applied Aquatics	#46500	$35,560	
Mowing, irrigation management - Yellowstone	#46200	$179,604	
Irrigation Repairs	#46210	$2,000	
Office Supplies/Printing/Binding
Skedda, Google Suite, Amazon Prime, Sam's Club	
#51000	
$1,204	
DEX - copier lease and printing costs.	#51000	$5,976	

The District will have shows , dances and other events  throughout the year.	#49400	$5,000 Landscape/Lake Maintenance Contracts

Permits/Inspections
The District is required to renew permits and other inspections on an annual basis with	#49300	$1,500 the City of Winter Haven, Polk County and The State of Florida to comply with regulations.

Personnel Expenses
1099/Contract Employees	#34100	$19,340	
FICA - Employers share of Social Security and Medicare w/h from employee wages.	#21000	$15,972	
Health Insurance - Reimbursement to employees.	#23000	$10,622	
The Districts Workers Comp insurance is with SUMMIT.	#45000	$4,000	
Salaries & Wages - The District employees personnel to manage and supervise the HFC.	#12000	$196,016	

Property Insurance
The District's property insurance is with Florida Insurance Alliance (FIA). FIA specializes	#45001	$21,854 in providing insurance coverage to governmental agencies.

Security Contract Services
Gate Attendants and Roving Patrols - Securitas	#34500	$196,170	
Security Extras - carts, paper copies, etc.	#34530	$4,000	

Utilities
Electricity - TECO	#43000	$140,730	
Propane - Amerigas	#43100	$30,958	
Refuse - Florida Refuse	#34900	$2,228	
Telephone/Internet - Spectrum	#41000	$11,928	
Water - City of Winter Haven	#43200	$23,487	

Page 4

	Lake Ashton II
Community Development District								
Capital Projects	
		Adopted		Actual		Projected		Total	Adopted	
		Budget		Thru		Next		Projected	Budget	
	 Description		 	FY 2020			 	7/31/20			 	2 Months			 	9/30/20		 	FY 2021		
	Revenues									
(1)	Capital Reserve - Transfer In	$79,398		$0		$0		$0	$192,139	
	Interest Income	$1,000		$4,089		$246		$4,335	$1,000	
	Carry Forward Surplus	$465,342		$461,220		$0		$461,220	$350,165	
	    TOTAL  REVENUES		 	$545,740 		 	$465,309 		 	$246 		 	$465,555 	 	$543,304 	
	Expenditures									
	Capital Projects - FY20									
	Athletic Equipment	$10,000		$1,304		$0		$1,304	$18,500	
	Fitness Floor	$0		$0		$0		$0	$15,000	
	Ice Machine	$0		$0		$0		$0	$10,000	
	Landscape Replacement	$15,000		$0		$0		$0	$15,000	
	Pool Plaster	$40,000		$41,479		$0		$41,479	$0	
	Pool/Spa Repairs	$0		$3,754		$0		$3,754	$5,000	
	Public Works-Bridges/Pathways (Roadways)	$25,000		$22,354		$0		$22,354	$32,000	
	Racquetball Floor	$0		$0		$0		$0	$14,500	
	Sidewalk to New Parking Lot	$0		$11,671		$0		$11,671	$0	
	Signs	$0		$0		$0		$0	$0	
	Split System (Air Handler)	$25,000		$0		$0		$0	$120,000	
	Sports Floor	$0		$0		$0		$0	$14,500	
	Water Heater	$0		$0		$0		$0	$2,000	
	Workshop	$10,000		$0		$0		$0	$0	
	Other Capital Project Expenses	$10,000		$7,245		$0		$7,245	$30,000	
	Promissory Note Payment	$0		$0		$0		$0	$147,877	
	Other Current Charges - Bank Charges	$0		$486		$97		$584	$600	
	    TOTAL  EXPENDITURES		 	$135,000 		 	$88,293 		 	$97 		 	$88,390 	 	$424,977 	
	Other Sources/(Uses)									
	Interfund Transfers In/(Out)	$0		($27,000)		$0		($27,000)	$0	
	Intergovernmental Transfer from LA1	$0		$0		$0		$0	$115,000	
	    TOTAL OTHER		 	$0 		 	($27,000) 		 	$0 		 	($27,000) 	 	$115,000 	
	    EXCESS REVENUES		$410,740		$350,016		$149		$350,165	$233,327	

Revenues		CAPITAL PR
Fiscal Year 2021	OJE	CT FUTURE PROJE
Fiscal Year 2022	CTIONS
Fiscal Year 2023		
Fiscal Year 2024		
Fiscal Year 2025	
Capital Reserves - Transfer In		$192,139		$192,139		$212,644		$212,644		$212,644	
Intergovernmental Transfer from LA1		$115,000		$0		$0		$0			
Interest Income		$1,000		$5,395		$5,748		$6,106			
Carry Forward Surplus		$350,165		$265,927		$155,094		$0			
Total		 	$658,304 		 	$463,461 		 	$373,487 		 	$218,750 			
Annual Projected Expenses:											
Roadways		$32,000		$32,000		$32,000		$32,000			
Public Works-Bridges/Pathways		$0		$102,570		$198,820		$0			
Landscape Replacement		$15,000		$15,000		$15,000		$15,000			
Athletic Equipment		$18,500		$10,000		$10,000		$10,000			
Other Capital Projects		$30,000		$10,000		$10,000		$10,000			
Golf Course Payment		$147,877		$142,997		$139,167		$135,336			
Specific Projects:											
Fitness Floor		$15,000		$0		$0		$0			
Split System (Air Handler)		$120,000		$0		$0		$0			
Kitcehn Equipment		$10,000		$27,800		$500		$15,000			
Pool/Spa Repairs		$5,000		$0		$0		$0			
Racquetball Floor		$14,500		$0		$0		$0			
Sports Floor		$14,500		$0		$0		$0			
Water Heater		$2,000		$0		$0		$0			
Total Expenditures		 	$392,377 		 	$308,367 		 	$373,487 		 	$185,336 			
Excess Revenues		 	$265,927 		$155,094		$0		$33,414			

$0
$6,467
$33,414	
$252,525	

$32,000
$0
$15,000
$10,000
$10,000
$131,517

$0
$0
$7,500
$0
$0
$0
$0	
$174,017	
$78,508	

Page 5

Lake Ashton II
Community Development District	Debt Service Fund
Series 2005A

	Adopted
Budget		Actual
Thru		Projected
Next	Total
Projected		Adopted
Budget	
 Description		 	FY 2020			 	7/31/20			 	2 Months		 	9/30/20			 	FY 2021		
Revenues									
(1)	Assessments - On Roll (A)	$394,800		$394,064		$0	$394,064		$394,800	
Assessments - Off Roll	$31,497		$5,363		$0	$5,363		$0	
Prepayments	$0		$454,315		$0	$454,315		$0	
Interest Income	$1,000		$5,363		$10	$5,373		$6,000	
(2)	Carry Forward Surplus	$176,224		$187,632		$0	$187,632		$159,026	
    TOTAL  REVENUES		 	$603,521 		 	$1,046,736 		 	$10 	 	$1,046,746 		 	$559,826 	
Expenditures
Series 2005A									
Interest - 11/1	$126,581		$126,313		$0	$126,313		$109,381	
Special Call - 11/1	$10,000		$55,000		$0	$55,000		$35,000	
Interest - 5/1	$126,581		$124,834		$0	$124,834		$109,381	
Principal - 5/1	$175,000		$170,000		$0	$170,000		$165,000	
Special Call - 5/1	$0		$405,000		$0	$405,000		$0	
    TOTAL  EXPENDITURES		 	$438,163 		 	$881,147 		 	$0 	 	$881,147 		 	$418,763 	
Other Sources/(Uses)									
Interfund Transfers In/(Out)	$0		($6,573)		$0	($6,573)		$0	
    TOTAL OTHER		 	$0 		 	($6,573) 		 	$0 	 	($6,573) 		 	$0 	
    EXCESS REVENUES		$165,358		$159,016		$10	$159,026		$141,064	
									
(1)	Maximum Annual Debt Service						11/1/2021 Interest		 	$104,947 	
(2)	Carry forward surplus is net of the reserve	requirement and Deferred Costs					2005 A			
			FY 2018		FY 2019	FY 2020		FY 2021	
	NET ASSESSMENTS		$436,871.99		$436,871.99	$426,296.73		$394,799.73	
	PLUS COLLECTION FEES (7%)		$32,882.84		$32,882.84	$29,716.11		$29,716.11	
	GROSS ASSESSMENTS		$469,754.83		$469,754.83	$424,515.84		$424,515.84	
	NO. OF UNITS		345		345	336		336	
	GOLF COURSE		$33,868		$33,868	$31,497		$0	
	GROSS PER UNIT ASSESSMENT		$1,263.44		$1,263.44	$1,263.44		$1,263.44	

Page 6

Lake Ashton II	Amortization Schedule
Community Development District	Series 2005A,  Capital Improvement Revenue Bonds

DATE	BALANCE	RATE	PRINCIPAL	INTEREST	TOTAL	

11/01/05	
$	7,705,000.00	
5.38%	
$	-	
$	103,535.94	
$	103,535.94	
05/01/06	$	7,705,000.00	5.38%	$	-	$	207,071.88	$	-	
11/01/06	$	7,705,000.00	5.38%	$	-	$	207,071.88	$	414,143.75	
05/01/07	$	7,705,000.00	5.38%	$	105,000.00	$	207,071.88	$	-	
11/01/07	$	7,600,000.00	5.38%	$	50,000.00	$	204,250.00	$	566,321.88	
(1)5/1/2008	$	7,550,000.00	5.38%	$	130,000.00	$	202,906.25	$	-	
11/01/08	$	7,420,000.00	5.38%	$	165,000.00	$	199,412.50	$	697,318.75	
05/01/09	$	7,255,000.00	5.38%	$	115,000.00	$	194,978.13	$	-	
11/01/09	$	7,140,000.00	5.38%	$	70,000.00	$	191,887.50	$	571,865.63	
05/01/10	$	7,070,000.00	5.38%	$	140,000.00	$	190,006.25	$	-	
11/01/10	$	6,930,000.00	5.38%	$	115,000.00	$	186,243.75	$	631,250.00	
05/01/11	$	6,815,000.00	5.38%	$	125,000.00	$	183,153.13	$	-	
11/01/11	$	6,690,000.00	5.38%	$	-	$	179,793.75	$	487,946.88	
05/01/12	$	6,690,000.00	5.38%	$	-	$	179,793.75	$	-	
11/01/12	$	6,690,000.00	5.38%	$	-	$	179,793.75	$	359,587.50	
05/01/13	$	6,690,000.00	5.38%	$	-	$	179,793.75	$	-	
11/01/13	$	6,690,000.00	5.38%	$	705,000.00	$	179,793.75	$	1,064,587.50	
05/01/14	$	5,985,000.00	5.38%	$	145,000.00	$	160,846.88	$	-	
11/01/14	$	5,840,000.00	5.38%	$	75,000.00	$	156,950.00	$	537,796.88	
05/01/15	$	5,765,000.00	5.38%	$	175,000.00	$	154,934.38	$	-	
11/01/15	$	5,590,000.00	5.38%	$	60,000.00	$	150,231.25	$	210,231.25	
05/01/16	$	5,530,000.00	5.38%	$	145,000.00	$	148,618.75	$	-	
11/01/16	$	5,385,000.00	5.38%	$	45,000.00	$	144,721.88	$	483,340.63	
05/01/17	$	5,340,000.00	5.38%	$	155,000.00	$	143,512.50	$	-	
11/01/17	$	5,185,000.00	5.38%	$	80,000.00	$	139,346.88	$	219,346.88	
05/01/18	$	5,105,000.00	5.38%	$	205,000.00	$	137,196.88	$	-	
11/01/18	$	4,900,000.00	5.38%	$	25,000.00	$	131,687.50	$	498,884.38	
05/01/19	$	4,875,000.00	5.38%	$	175,000.00	$	131,015.63	$	-	
11/01/19	$	4,700,000.00	5.38%	$	55,000.00	$	126,312.50	$	487,328.13	
05/01/20	$	4,645,000.00	5.38%	$	575,000.00	$	124,834.38	$	-	
11/01/20	$	4,070,000.00	5.38%	$	-	$	109,381.25	$	809,215.63	
05/01/21	$	4,070,000.00	5.38%	$	165,000.00	$	109,381.25	$	-	
11/01/21	$	3,905,000.00	5.38%	$	-	$	104,946.88	$	379,328.13	
05/01/22	$	3,905,000.00	5.38%	$	175,000.00	$	104,946.88	$	-	
11/01/22	$	3,730,000.00	5.38%	$	-	$	100,243.75	$	380,190.63	
05/01/23	$	3,730,000.00	5.38%	$	185,000.00	$	100,243.75	$	-	
11/01/23	$	3,545,000.00	5.38%	$	-	$	95,271.88	$	380,515.63	
05/01/24	$	3,545,000.00	5.38%	$	195,000.00	$	95,271.88	$	-	
11/01/24	$	3,350,000.00	5.38%	$	-	$	90,031.25	$	380,303.13	
05/01/25	$	3,350,000.00	5.38%	$	205,000.00	$	90,031.25	$	-	
11/01/25	$	3,145,000.00	5.38%	$	-	$	84,521.88	$	379,553.13	
05/01/26	$	3,145,000.00	5.38%	$	215,000.00	$	84,521.88	$	-	
11/01/26	$	2,930,000.00	5.38%	$	-	$	78,743.75	$	378,265.63	
05/01/27	$	2,930,000.00	5.38%	$	230,000.00	$	78,743.75	$	-	
11/01/27	$	2,700,000.00	5.38%	$	-	$	72,562.50	$	381,306.25	
05/01/28	$	2,700,000.00	5.38%	$	240,000.00	$	72,562.50	$	-	
11/01/28	$	2,460,000.00	5.38%	$	-	$	66,112.50	$	378,675.00	
05/01/29	$	2,460,000.00	5.38%	$	255,000.00	$	66,112.50	$	-	
11/01/29	$	2,205,000.00	5.38%	$	-	$	59,259.38	$	380,371.88	
05/01/30	$	2,205,000.00	5.38%	$	265,000.00	$	59,259.38	$	-	
11/01/30	$	1,940,000.00	5.38%	$	-	$	52,137.50	$	376,396.88	
05/01/31	$	1,940,000.00	5.38%	$	280,000.00	$	52,137.50	$	-	
11/01/31	$	1,660,000.00	5.38%	$	-	$	44,612.50	$	376,750.00	
05/01/32	$	1,660,000.00	5.38%	$	295,000.00	$	44,612.50	$	-	
11/01/32	$	1,365,000.00	5.38%	$	-	$	36,684.38	$	376,296.88	
05/01/33	$	1,365,000.00	5.38%	$	315,000.00	$	36,684.38	$	-	
11/01/33	$	1,050,000.00	5.38%	$	-	$	28,218.75	$	379,903.13	
05/01/34	$	1,050,000.00	5.38%	$	330,000.00	$	28,218.75	$	-	
11/01/34	$	720,000.00	5.38%	$	-	$	19,350.00	$	377,568.75	
05/01/35	$	720,000.00	5.38%	$	350,000.00	$	19,350.00	$	-	
11/01/35	$	370,000.00	5.38%	$	-	$	9,943.75	$	379,293.75	
05/01/36	$	370,000.00	5.38%	$	370,000.00	$	9,943.75	$	379,943.75	

 	TOTAL	

  $	4,645,000.00 

  $	2,228,878.13 

  $	6,873,878.13 

Page 7

Lake Ashton II
Community Development District	Debt Service Fund
Series 2006A

	Adopted
Budget		Actual
Thru		Projected
Next	Total
Projected		Adopted
Budget	
 Description			 	FY 2020			 	7/31/20			 	2 Months		 	9/30/20			 	FY 2021		
Revenues
Prepayments		
$0		
$0		
$0	
$0		
$0	
Special Assessments		$310,388		$311,429		$0	$311,429		$310,388	
Interest Earned		$0		$1,712		$10	$1,722		$0	
Carry Forward Surplus		$137,677		$136,973		$0	$136,973		$104,687	
    TOTAL REVENUES			 	$448,065 		 	$450,114 		 	$10 	 	$450,124 		 	$415,074 	
Expenditures										
Interest - 11/1		$98,183		$98,183		$0	$98,183		$94,208	
Interest - 5/1		$98,183		$97,255		$0	$97,255		$94,208	
Principal - 5/1		$115,000		$115,000		$0	$115,000		$120,000	
Special Call - 11/1		$15,000		$35,000		$0	$35,000		$0	
    TOTAL  EXPENDITURES			 	$326,365 		 	$345,438 		 	$0 	 	$345,438 		 	$308,415 	
Other Sources/(Uses)										
Interfund Transfer In/(Out)		$0		($7,390)		$0	($7,390)		$0	
    TOTAL OTHER			 	$0 		 	($7,390) 		 	$0 	 	($7,390) 		 	$0 	
    EXCESS REVENUES			$121,700		$104,677		$10	$104,687		$106,659	
							11/1/2021 Interest		$	91,027.50	
									
FY 2020	
NET ASSESSMENTS	$310,387.50	
PLUS COLLECTION FEES (7%)	$23,362.50	
GROSS ASSESSMENTS	$333,750.00	
NO. OF UNITS	267	
GROSS PER UNIT ASSESSMENT	$1,250.00	

Page 8

Lake Ashton II	Amortization Schedule
Community Development District			Series 2006A, Capital Improvement Revenue Bonds DATE	BALANCE	RATE	PRINCIPAL		INTEREST	TOTAL

06/15/17
11/01/17
05/01/18
11/01/18
05/01/19
11/01/19
05/01/20
11/01/20
05/01/21
11/01/21
05/01/22
11/01/22
05/01/23
11/01/23
05/01/24
11/01/24
05/01/25
11/01/25
05/01/26
11/01/26
05/01/27
11/01/27
05/01/28
11/01/28
05/01/29
11/01/29
05/01/30
11/01/30
05/01/31
11/01/31

$	3,970,000.00
$	3,970,000.00
$	3,970,000.00
$	3,855,000.00
$	3,830,000.00
$	3,705,000.00
$	3,670,000.00
$	3,555,000.00
$	3,555,000.00
$	3,435,000.00
$	3,435,000.00
$	3,305,000.00
$	3,305,000.00
$	3,170,000.00
$	3,170,000.00
$	3,030,000.00
$	3,030,000.00
$	2,880,000.00
$	2,880,000.00
$	2,720,000.00
$	2,720,000.00
$	2,555,000.00
$	2,555,000.00
$	2,380,000.00
$	2,380,000.00
$	2,195,000.00
$	2,195,000.00
$	2,000,000.00
$	2,000,000.00
$	1,795,000.00

5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%
5.30%

$	-	$
$	-	$
$	115,000.00	$
$	25,000.00	$
$	125,000.00	$
$	35,000.00	$
$	115,000.00	$
$	-	$
$	120,000.00	$
$	-	$
$	130,000.00	$
$	-	$
$	135,000.00	$
$	-	$
$	140,000.00	$
$	-	$
$	150,000.00	$
$	-	$
$	160,000.00	$
$	-	$
$	165,000.00	$
$	-	$
$	175,000.00	$
$	-	$
$	185,000.00	$
$	-	$
$	195,000.00	$
$	-	$
$	205,000.00	$
$	-	$

-
79,288.00	$
105,205.00
102,157.50	$
101,495.00
98,182.50	$
97,255.00
94,207.50	$
94,207.50
91,027.50	$
91,027.50
87,582.50	$
87,582.50
84,005.00	$
84,005.00
80,295.00	$
80,295.00
76,320.00	$
76,320.00
72,080.00	$
72,080.00
67,707.50	$
67,707.50
63,070.00	$
63,070.00
58,167.50	$
58,167.50
53,000.00	$
53,000.00
47,567.50	$

79,288.00

322,362.50

324,677.50

306,462.50

305,235.00

308,610.00

306,587.50

304,300.00

306,615.00

308,400.00

304,787.50

305,777.50

306,237.50

306,167.50

305,567.50

05/01/32	$	1,795,000.00	5.30%	$	215,000.00	$	47,567.50		
11/01/32	$	1,580,000.00	5.30%	$	-	$	41,870.00	$	304,437.50	
05/01/33	$	1,580,000.00	5.30%	$	230,000.00	$	41,870.00		
11/01/33	$	1,350,000.00	5.30%	$	-	$	35,775.00	$	307,645.00	
05/01/34	$	1,350,000.00	5.30%	$	240,000.00	$	35,775.00		
11/01/34	$	1,110,000.00	5.30%	$	-	$	29,415.00	$	305,190.00	
05/01/35	$	1,110,000.00	5.30%	$	255,000.00	$	29,415.00		
11/01/35	$	855,000.00	5.30%	$	-	$	22,657.50	$	307,072.50	
05/01/36	$	855,000.00	5.30%	$	270,000.00	$	22,657.50		
11/01/36	$	585,000.00	5.30%	$	-	$	15,502.50	$	308,160.00	
05/01/37	$	585,000.00	5.30%	$	285,000.00	$	15,502.50		
11/01/37	$	300,000.00	5.30%	$	-	$	7,950.00	$	308,452.50	
05/01/38	$	300,000.00	5.30%	$	300,000.00	$	7,950.00	$	307,950.00	

 	TOTAL	

  $	3,670,000.00 

  $	2,153,655.00 

  $	5,823,655.00 

Page 9

CLUB SUMMARY

YEAR		
ROUNDS OF GOLF	3,962	3,877	4,260	4,303	3,238	3,451	3,025	3,067	2,513	3,365	4,345	3,195	42,600	
		1	2	3	4	5	6	7	8	9	10	11	12		
		Oct-2020	Nov-2020	Dec-2020	Jan-2021	Feb-2021	Mar-2021	Apr-2021	May-2021	Jun-2021	Jul-2021	Aug-2021	Sep-2021	TOTAL	
REVENUES
Greens Fees		
$	3,911	
$	5,049	
$	3,713	
$	4,604	
$	4,505	
$	4,950	
$	5,000	
$	3,762	
$	4,010	
$	3,515	
$	3,564	
$	2,921	
$	49,500	
Pro Shop Sales		$	10,365	$	13,383	$	9,841	$	12,202	$	11,940	$	13,121	$	13,252	$	9,972	$	10,628	$	9,316	$	9,447	$	7,741	$	131,208	
Food & N/A Beverage		$	12,479	$	16,112	$	11,847	$	12,005	$	12,795	$	11,215	$	11,373	$	9,320	$	12,795	$	11,215	$	11,373	$	9,320	$	141,849	
Beverage - Alcohol		$	10,904	$	14,078	$	10,352	$	10,490	$	11,180	$	9,800	$	9,938	$	8,143	$	11,180	$	9,800	$	9,938	$	8,143	$	123,946	
Dues Income - Monthly Dues		$	120,358	$	120,358	$	120,358	$	120,358	$	120,358	$	120,358	$	120,358	$	120,358	$	120,358	$	120,358	$	120,358	$	120,358	$	1,444,300	
Miscellaneous Income		$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
TOTAL REVENUE	$	158,017	$	168,981	$	156,110	$	159,659	$	160,778	$	159,444	$	159,921	$	151,555	$	158,970	$	154,204	$	154,680	$	148,483	$	1,890,802	
COST OF SALES
COGS - Pro Shop Merch.	$	8,292	
$	10,707	
$	7,872	
$	9,762	
$	9,552	
$	10,497	
$	10,602	
$	7,977	
$	8,502	
$	7,453	
$	7,558	
$	6,193	
$	104,966	
COGS - Food	$	5,616	$	7,250	$	5,331	$	5,402	$	5,758	$	5,047	$	5,118	$	4,194	$	5,758	$	5,047	$	5,118	$	4,194	$	63,832	
COGS - Alcohol	$	3,816	$	4,927	$	3,623	$	3,671	$	3,913	$	3,430	$	3,478	$	2,850	$	3,913	$	3,430	$	3,478	$	2,850	$	43,381	
TOTAL COST OF SALES	$	17,724	$	22,884	$	16,827	$	18,836	$	19,223	$	18,973	$	19,198	$	15,022	$	18,173	$	15,929	$	16,154	$	13,237	$	212,179	

GROSS INCOME

$	140,293 $

146,097 $

139,284 $

140,823 $

141,555 $

140,471 $

140,723 $

136,534 $

140,798 $

138,274 $

138,526 $

135,246 $

1,678,623

LABOR
Golf Operations Labor	
$	6,604	
$	9,609	
$	9,929	
$	9,929	
$	8,968	
$	9,929	
$	8,371	
$	6,391	
$	6,391	
$	6,604	
$	6,604	
$	6,391	
$	95,720	
General and Administrative Labor	$	6,667	$	6,667	$	6,667	$	6,667	$	6,667	$	6,667	$	6,667	$	6,667	$	6,667	$	6,667	$	6,667	$	6,667	$	80,000	
Golf Course Maintenance Labor	$	35,526	$	34,243	$	35,526	$	35,457	$	32,293	$	35,457	$	34,448	$	35,526	$	34,380	$	35,526	$	34,431	$	32,328	$	415,139	
Food and Beverage Labor	$	8,817	$	8,667	$	8,817	$	8,817	$	8,367	$	8,817	$	8,667	$	8,817	$	8,667	$	8,817	$	8,817	$	8,667	$	104,750	
Sales and Marketing Labor	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Total Direct Labor	$	57,613	$	59,185	$	60,938	$	60,869	$	56,294	$	60,869	$	58,152	$	57,400	$	56,104	$	57,613	$	56,519	$	54,052	$	695,609	
Total Payroll Taxes	$	5,625	$	5,674	$	7,432	$	5,974	$	5,396	$	5,974	$	5,652	$	5,625	$	5,444	$	5,625	$	5,625	$	5,444	$	69,491	
Total Medical/Health Benefits	$	5,734	$	5,734	$	5,734	$	5,734	$	5,734	$	5,734	$	5,734	$	5,734	$	5,734	$	5,734	$	5,734	$	5,734	$	68,808	
Insurance - Workers Comp	$	1,446	$	1,454	$	1,876	$	1,529	$	1,381	$	1,529	$	1,448	$	1,446	$	1,399	$	1,446	$	1,446	$	1,399	$	17,796	
Total Labor Burden	$	12,805	$	12,862	$	15,041	$	13,237	$	12,511	$	13,237	$	12,834	$	12,805	$	12,577	$	12,805	$	12,805	$	12,577	$	156,095	
TOTAL LABOR EXPENSE	$	70,418	$	72,046	$	75,979	$	74,106	$	68,805	$	74,106	$	70,986	$	70,205	$	68,681	$	70,418	$	69,324	$	66,629	$	851,704	
45%	43%	49%	46%	43%	46%	44%	46%	43%	46%	45%	45%	45%	
OTHER OPERATIONAL EXPENSES
Golf Operations Expense	$	1,214	
$	1,279	
$	1,214	
$	3,374	
$	4,208	
$	1,332	
$	4,048	
$	1,265	
$	1,209	
$	2,265	
$	1,192	
$	3,257	
$	25,856	
General & Administrative Expense	$	19,383	$	18,886	$	21,375	$	20,166	$	18,400	$	21,361	$	19,914	$	21,482	$	21,832	$	19,127	$	19,713	$	20,034	$	241,674	
Golf Course Maintenance Expense	$	42,128	$	16,718	$	14,128	$	20,538	$	19,698	$	50,598	$	20,878	$	84,894	$	24,654	$	32,944	$	25,154	$	29,084	$	381,416	
Food and Beverage Expense	$	2,835	$	2,885	$	2,835	$	2,885	$	2,835	$	2,885	$	2,835	$	2,885	$	2,835	$	3,258	$	3,435	$	2,885	$	35,293	
Sales and Marketing Expense	$	2,060	$	560	$	560	$	2,300	$	560	$	560	$	2,060	$	460	$	460	$	1,960	$	460	$	560	$	12,560	
Taxes - Real Estate	$	5,583	$	5,583	$	5,583	$	5,583	$	5,583	$	5,583	$	5,583	$	5,583	$	5,583	$	5,583	$	5,583	$	5,583	$	67,000	
Taxes - Personal Property	$	500	$	500	$	500	$	500	$	500	$	500	$	500	$	500	$	500	$	500	$	500	$	500	$	6,000	
Insurance P&C	$	4,000	$	4,000	$	-	$	13,000	$	4,000	$	4,000	$	4,000	$	4,000	$	4,000	$	4,000	$	4,000	$	4,000	$	53,000	
TOTAL OTHER OPERATIONAL EXPENSES	$	77,703	$	50,412	$	46,196	$	68,346	$	55,784	$	86,819	$	59,818	$	121,070	$	61,073	$	69,637	$	60,037	$	65,903	$	822,798	
	-------------	-------------	-------------	-------------	-------------	-------------	-------------	-------------	-------------	-------------	-------------	-------------	--------------	
TOTAL EXPENSES	$	148,121	$	122,458	$	122,175	$	142,452	$	124,589	$	160,926	$	130,805	$	191,275	$	129,754	$	140,055	$	129,361	$	132,532	$	1,674,502	

EBITDAR / OPERATING INCOME $

(7,828) $

23,639 $

17,109 $

(1,629) $

16,966 $

(20,455) $

9,918 $

(54,741) $

11,044 $

(1,781) $

9,165 $

2,714 $

4,121

SECTION B

LAKE ASHTON II
COMMUNITY DEVELOPMENT DISTRICT BALANCE SHEET
February 28, 2021

ASSETS:	 	MAJOR FUNDS	
DEBT	CAPITAL
 	GENERAL	 	SERVICE	 	PROJECTS		TOTAL GOVERNMENTAL
 	FUNDS		
CASH	$100,304	---	$13,310	$113,614	
PETTY CASH	$654	---	---	$654	
DUE FROM GENERAL FUND	---	$25,434	$2,000	$27,434	
DUE FROM CAPITAL RESERVE	$2,004	---	---	$2,004	
INVESTMENT - STATE BOARD - SURPLUS FUNDS	$781,488	---	$490,535	$1,272,023	
SERIES 2005A			
RESERVE A	---	$264,269	---	$264,269	
PREPAYMENT A	---	$11,952	---	$11,952	
REVENUE A	---	$345,718	---	$345,718	
DEFERRED COST A/B	---	$33,508	---	$33,508	

SERIES 2006A			
RESERVE A	---	$77,153	---	$77,153	
REVENUE A	---	$290,063	---	$290,063	
PREPAYMENT A	---	$28,357	---	$28,357	
DEFERRED COST A/B	---	$3,447	---	$3,447	
COST OF ISSUANCE	---	---	$29	$29	
DEPOSITS	$23,590	---	---	$23,590	
PREPAID EXPENDITURES	$4,939	---	---	$4,939	
TOTAL ASSETS	 	$912,978	$1,079,901	$505,874	$2,498,753

LIABILITIES:		
ACCOUNTS PAYABLE	$66,400	---	---	$66,400	
DUE TO GENERAL FUND	---	---	$2,004	$2,004	
DUE TO DEBT SERVICE - SERIES 2005A	$13,925	---	---	$13,925	
DUE TO DEBT SERVICE - SERIES 2006	$11,510	---	---	$11,510	
DUE TO CAPITAL RESERVE FUND	$2,000	---	---	$2,000	

TOTAL LIABILITIES	 	$93,834 	$0 	$2,004 	$95,838 

FUND BALANCES:

PREPAID EXPENSES	$4,939	---	---	$4,939	
DEPOSITS - TECO	$23,590	---	---	$23,590	
DS-SERIES 2005A	---	$669,372	---	$669,372	
DS-SERIES 2006A	---	$410,528	---	$410,528	
CAPITAL PROJECTS	---	---	$503,870	$503,870	
ASSIGNED FOR GENERAL FUND	$170,344			$170,344	
UNASSIGNED FOR GENERAL FUND	$620,271	---	---	$620,271	

NONSPENDABLES:

RESTRICTED FOR:

TOTAL FUND BALANCES	 	$819,145 	$1,079,901 	$503,870 	$2,402,916 
TOTAL LIABILITIES & FUND BALANCES	 	$912,978	$1,079,901	$505,874	$2,498,753

Page 1

LAKE ASHTON II
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FOR THE PERIOD ENDED FEBRUARY 28, 2021

 DESCRIPTION	

REVENUES:		ADOPTED
    BUDGET 		PRORATED BUDGET
     THRU 02/28/21			ACTUAL
 THRU 02/28/21 		  VARIANCE 	
SPECIAL ASSESSMENTS - TAX COLLECTOR		$1,445,344		$1,411,374		$1,411,374		$0	
INTEREST EARNED		$1,500		$625		$235		($390)	
RENTAL FEES		$5,200		$2,167		$384		($1,783)	
MISCELLANEOUS INCOME		$0		$0		$217		$217	
TOTAL REVENUES		  $1,452,044 		 	$1,414,166 		 	$1,412,210 		 	($1,956) 	
EXPENDITURES:									
ADMINISTRATIVE:									
ARBITRAGE		$1,200		$500		$600		($100)	
ANNUAL AUDIT		$4,900		$2,042		$0		$2,042	
COMPUTER TIME		$1,000		$417		$417		$0	
DISSEMINATION		$6,500		$2,708		$3,100		($392)	
DUES, LICENSES, SUBSCRIPTIONS		$175		$73		$175		($102)	
INSURANCE		$11,182		$11,182		$12,730		($1,548)	
LEGAL ADVERTISING		$1,500		$625		$560		$65	
MANAGEMENT		$60,000		$25,000		$25,000		$0	
OFFICE SUPPLIES		$250		$104		$81		$23	
OTHER CURRENT CHARGES		$2,700		$1,125		$1,095		$30	
GOLF COURSE STUDY		$0		$0		$0		$0	
POSTAGE		$2,000		$833		$769		$64	
PRINTING & BINDING		$1,000		$417		$347		$69	
TELEPHONE		$50		$21		$0		$21	
TRUSTEE FEES		$13,963		$5,818		$0		$5,818	
TOTAL ADMINISTRATIVE		     $106,420 		 	$50,865 		 	$44,874 		 	$5,991 	

Page 2

LAKE ASHTON II
COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FOR THE PERIOD ENDED FEBRUARY 28, 2021

 DESCRIPTION	

FIELD:		ADOPTED
    BUDGET 		PRORATED BUDGET
     THRU 02/28/21			ACTUAL
 THRU 02/28/21 		  VARIANCE 	
ATTORNEY		$40,000		$16,667		$25,701		($9,034)	
BUILDING CONTRACT SERVICES		$43,920		$18,300		$14,955		$3,345	
BUILDING GROUNDS MAINTENANCE & SUPPLIES		$40,000		$16,667		$11,654		$5,013	
CONTINGENCY		$0		$0		$729		($729)	
ENGINEERRING		$15,000		$6,250		$40,368		($34,118)	
HFC SPECIAL EVENTS		$5,000		$2,083		$1,210		$873	
LANDSCAPE CONTRACT SERVICES		$179,604		$74,835		$73,061		$1,774	
IRRIGATION MAINTENANCE		$2,000		$833		$0		$833	
LAKE MAINTENANCE		$35,560		$14,817		$14,350		$467	
OFFICE SUPPLIES/PRINTING/BINDING		$13,000		$5,417		$7,793		($2,376)	
PERMITS/INSPECTIONS		$1,500		$625		$275		$350	
PERSONNEL EXPENSES		$245,950		$102,479		$104,611		($2,132)	
PROPERTY INSURANCE		$21,854		$21,854		$24,443		($2,589)	
SECURITY CONTRACT SERVICES		$200,170		$83,404		$81,635		$1,769	
UTILITIES		$215,000		$89,583		$80,352		$9,231	
TOTAL FIELD		  $1,058,558 		 	$453,814 		 	$481,137 		    ($27,323) 	
TOTAL PROJECT:									
FIRST QUARTER OPERATING RESERVES		$265,271		$110,530		$0		$110,530	
TOTAL PROJECT	 $265,271 		 	$110,530 		 	$0 		   $110,530 	
TOTAL EXPENDITURES	 $1,430,249 		 	$615,208 		 	$526,010 		     $89,198 	
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES	 	$21,795 		
 	$798,958 		
 	$886,200 		
     $87,242 	
OTHER FINANCIANG SOURCES/(USES):								
INTERFUND TRANSFER IN/(OUT)-CAPITAL RESERVE	($192,139)		($192,139)		($192,139)		$0	
TOTAL OTHER FINANCING SOURCES/(USES)	   ($192,139) 		 	($192,139) 		 	($192,139) 		 	$0 	
NET CHANGE IN FUND BALANCE	($170,344)		$606,819		$694,061		$87,242	
FUND BALANCE - Beginning	$170,344				$125,084			
FUND BALANCE - Ending	 	$0 				$819,145			

Page 3

LAKE ASHTON II COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND - FY 2021

	ADOPTED BUDGET	OCT	NOV	DEC	JAN	FEB	MAR		APR		MAY		JUN		JUL		AUG		SEPT		TOTAL	
REVENUES:																							
SPECIAL ASSESSMENTS	.300.363.10000	$1,445,344	$0	$161,217	$1,155,673	$48,322	$46,162		$0		$0		$0		$0		$0		$0		$0	$1,411,374	
INTEREST EARNED	.300.361.10000	$1,500	$11	$0	$11	$123	$90		$0		$0		$0		$0		$0		$0		$0	$235	
RENTAL FEES	.300.362.10000	$5,200	$384	$0	$0	$0	$0		$0		$0		$0		$0		$0		$0		$0	$384	
MISCELLANEOUS INCOME	.300.369.10000	$0	$7	$149	$0	($40)	$101		$0		$0		$0		$0		$0		$0		$0	$217	
CARRY FORWARD SURPLUS	.300.271.10000	$170,344	$0	$0	$0	$0	$0		$0		$0		$0		$0		$0		$0		$0	$0	
TOTAL REVENUES		$1,622,388	$402	$161,366	$1,155,684	$48,406	$46,352		$0		$0		$0		$0		$0		$0		$0	$1,412,210	

EXPENDITURES:																							
ADMINISTRATIVE
ARBITRAGE	
310.513.31200	
$1,200	
$0	
$0	
$0	
$600	
$0		
$0		
$0		
$0		
$0		
$0		
$0		
$0	
$600	
ANNUAL AUDIT	310.513.32200	$4,900	$0	$0	$0	$0	$0		$0		$0		$0		$0		$0		$0		$0	$0	
COMPUTER TIME	310.513.31500	$1,000	$83	$83	$83	$83	$83		$0		$0		$0		$0		$0		$0		$0	$417	
DISSEMINATION	310.513.31300	$6,500	$500	$600	$1,000	$500	$500		$0		$0		$0		$0		$0		$0		$0	$3,100	
DUES, LICENSES AND SUBSCRIPTIONS	310.513.54000	$175	$175	$0	$0	$0	$0		$0		$0		$0		$0		$0		$0		$0	$175	
INSURANCE	310.513.45000	$11,182	$12,730	$0	$0	$0	$0		$0		$0		$0		$0		$0		$0		$0	$12,730	
LEGAL ADVERTISING	310.513.48000	$1,500	$0	$140	$140	$140	$140		$0		$0		$0		$0		$0		$0		$0	$560	
MANAGEMENT FEES	310.513.34000	$60,000	$5,000	$5,000	$5,000	$5,000	$5,000		$0		$0		$0		$0		$0		$0		$0	$25,000	
OFFICE SUPPLIES	310.513.51000	$250	$0	$21	$20	$20	$20		$0		$0		$0		$0		$0		$0		$0	$81	
OTHER CURRENT CHARGES	310.513.49000	$2,700	$233	$211	$247	$166	$238		$0		$0		$0		$0		$0		$0		$0	$1,095	
POSTAGE	310.513.42000	$2,000	$468	$73	$127	$57	$45		$0		$0		$0		$0		$0		$0		$0	$769	
PRINTING AND BINDING	310.513.42500	$1,000	$269	$3	$55	$14	$7		$0		$0		$0		$0		$0		$0		$0	$347	
TELEPHONE	310.513.41000	$50	$0	$0	$0	$0	$0		$0		$0		$0		$0		$0		$0		$0	$0	
TRUSTEE FEES	310.513.32300	$13,963	$0	$0	$0	$0	$0		$0		$0		$0		$0		$0		$0		$0	$0	
TOTAL ADM. EXPENDITURES		$106,420	$19,458	$6,130	$6,673	$6,580	$6,033		$0		$0		$0		$0		$0		$0		$0	$44,874	

FIELD:																							

ATTORNEY	310.513.31500	$40,000	$8,881	$6,651	$4,938	$5,232	$0	$0	$0	$0	$0	$0	$0	$0	$25,701	
BUILDING CONTRACT SERVICES	$43,920
SECURITY SERVICES	320.572.34510				$364		$0		$929		$635	$0	$0	$0	$0	$0	$0	$0	$0 CLEANING SERVICES	320.572.46010			$2,360	$2,360	$2,053	$2,360	$0	$0	$0	$0	$0	$0	$0	$0 POOL MAINTENANCE	320.572.46400	 				$0	$1,497		$661                         $567                      $1,167                             $0                             $0                             $0                             $0                             $0                             $0                              $0
TOTAL BUILDING CONTRACT SERVICES	$43,920	$2,724	$3,857	$3,644	$3,562	$1,167	$0	$0	$0	$0	$0	$0	$0	
$1,928
$9,133
$3,893	
	$14,955	
BUILDING /GROUNDS MAINTENANCE & SUPPLIES
BUILDING MAINTENANCE/SUPPLIES	320.572.46020
GROUNDS MAINTENANCE/SUPPLIES	320.572.46030
PEST CONTROL	320.572.34800
TOTAL BUILDING /GROUNDS MAINTENANCE & SUPPLIES	$40,000
$1,055	$2,578	$925	$4,015	$142	$0	$0	$0	$0	$0	$0	$0	$8,715
$1,496	$73	$255	$193	$508	$0	$0	$0	$0	$0	$0	$0	$2,525
$207	$128	$0	$79	$0	$0	$0	$0	$0	$0	$0	$0	$414	
	$40,000	$2,758	$2,779	$1,180	$4,287	$649	$0	$0	$0	$0	$0	$0	$0	$11,654	
CONTINGENCY	320.572.49000	$0	$395	$108	$45	$181	$0	$0	$0	$0	$0	$0	$0	$0	$729	
ENGINEERING	310.513.31100	$15,000	$9,840	$5,839	$8,243	$6,604	$9,842	$0	$0	$0	$0	$0	$0	$0	$40,368	
HFC SPECIAL EVENTS	320.572.49400	$5,000	$776	$227	$107	$0	$101	$0	$0	$0	$0	$0	$0	$0	$1,210	

Page 4

LAKE ASHTON II COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND - FY 2021

ADOPTED BUDGET	OCT	NOV	DEC	JAN	FEB	MAR		APR		MAY		JUN		JUL		AUG		SEPT		TOTAL	
LANDSCAPE CONTRACT SERVICES	320.572.46200	$179,604	$14,968	$21,247	$8,745	$14,051	$14,051	$0	$0	$0	$0	$0	$0	$0	$73,061	
IRRIGATION MAINTENANCE	320.572.46210	$2,000	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	
LAKE MAINTENANCE	320.572.46500	$35,560	$2,730	$2,730	$3,430	$2,730	$2,730	$0	$0	$0	$0	$0	$0	$0	$14,350	
OFFICE SUPPLIES/PRINTING/BINDING	320.572.51000	$13,000	$1,375	$632	$1,554	$1,824	$2,407	$0	$0	$0	$0	$0	$0	$0	$7,793	
PERMITS/INSPECTIONS	320.572.49300	$1,500	$0	$275	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$275	
PERSONNEL EXPENSES
EXERCISE INSTRUCTORS FICA EXPENSE
HEALTH INSURANCE SALARIES
PERSONNEL EXPENSES	
320.572.34100
320.572.21000
320.572.23000
320.572.12000	$245,950

$245,950	
$3,948
$1,132
$471
$14,793
$20,343	
$2,992
$1,122
$500
$14,670
$19,284	
$2,045
$1,727
$500
$22,579
$26,850	
$1,375
$1,154
$673
$15,085
$18,287	
$1,549
$1,253
$673
$16,373
$19,847	
$0
$0
$0
$0
$0	
$0
$0
$0
$0
$0	
$0
$0
$0
$0
$0	
$0
$0
$0
$0
$0	
$0
$0
$0
$0
$0	
$0
$0
$0
$0
$0	
$0
$0
$0
$0
$0	
$11,908
$6,388
$2,817
$83,499
$104,611	
PROPERTY INSURANCE	320.572.45000	$21,854	$24,443	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$24,443	
SECURITY CONTRACT SERVICES		$200,170														
GATE ATTENDANTS	320.572.34500		$15,106	$19,151	$15,831	$15,427	$15,099	$0	$0	$0	$0	$0	$0	$0	$80,613	
OFF DUTY SECURITY-EVENTS	320.572.34501		$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	
VIDEO SECURITY-ADT	320.572.34520		$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	
SECURITY EXTRAS	320.572.34530		$290	$183	$183	$183	$183	$0	$0	$0	$0	$0	$0	$0	$1,022	
TOTAL SECURITY CONTRACT SERVICES	$200,170	$15,396	$19,334	$16,014	$15,610	$15,282	$0	$0	$0	$0	$0	$0	$0	$81,635	
UTILITIES		$215,000														
ELECTRIC	320.572.43000		$10,441	$10,395	$10,417	$10,335	$10,666	$0	$0	$0	$0	$0	$0	$0	$52,254.49	
REFUSE	320.572.34900		$195	$195	$195	$196	$0	$0	$0	$0	$0	$0	$0	$0	$781.23	
WATER	320.572.43200		$1,786	$1,600	$1,534	$2,215	$0	$0	$0	$0	$0	$0	$0	$0	$7,133.66	
TELEPHONE	320.572.41000		$277	$1,679	$960	$962	$1,122	$0	$0	$0	$0	$0	$0	$0	$5,000.10	
GAS/PROPANE	320.572.43100		$3,565	$2,135	$1,949	$3,808	$3,725	$0	$0	$0	$0	$0	$0	$0	$15,182.37	
MAINTENANCE	320.572.46000		$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0.00	
TOTAL UTILITIES		$215,000	$16,264	$16,003	$15,055	$17,517	$15,513	$0	$0	$0	$0	$0	$0	$0	$80,352	

TOTAL FIELD EXPENDITURES		$878,954	$120,893	$98,966	$89,803	$89,884	$81,590	$0	$0	$0	$0	$0	$0	$0	$481,137	

FIRST QUARTER OPERATING RESERVES

OTHER SOURCES/(USES)

INTERFUND TRANSFER IN/(OUT)	

300.581.10000	
$265,271

($192,139)	
$0

$0	
$0

$0	
$0

$0	
$0

($192,139)	
$0

$0	
$0

$0	
$0

$0	
$0

$0	
$0

$0	
$0

$0	
$0

$0	
$0

$0	
$0

($192,139)	
TOTAL OTHER SOURCES/(USES)		($192,139)	$0	$0	$0	($192,139)	$0	$0	$0	$0	$0	$0	$0	$0	($192,139)	

TOTAL EXPENDITURES		
$1,442,784	
$140,351	
$105,096	
$96,476	
$288,604	
$87,623	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$718,149	
EXCESS/REVENUES(EXPENDITURES		$179,604	($139,949)	$56,269	$1,059,208	($240,197)	($41,271)	$0	$0	$0	$0	$0	$0	$0	$694,061	

Page 5

LAKE ASHTON II
COMMUNITY DEVELOPMENT DISTRICT
CAPITAL PROJECTS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE PERIOD ENDED FEBRUARY 28, 2021

 DESCRIPTION	

REVENUES:		ADOPTED
 	BUDGET			PRORATED BUDGET
 	THRU 02/28/21			ACTUAL
 	THRU 02/28/21			 	VARIANCE		
CAPITAL RESERVE - TRANSFER IN		$192,139		$192,139		$192,139		$0	
MISCELLANEOUS INCOME		$0		$0		$2,000		$2,000	
INTEREST EARNED		$1,000		$417		$287		($130)	
TOTAL REVENUES		 	$193,139 		 	$192,556 		 	$194,426 		 	$1,870 	
EXPENDITURES:									
BANK CHARGES	$600	$250	$221	$29	

CAPITAL PROJECTS - FY19
ANNUAL EXPENSES:									
PUBLIC WORKS-BRIDGES/PATHWAYS (ROADWAYS) (1)	$32,000	$13,333	$3,314	$10,019	
EQUIPMENT-ATHLETIC	$18,500	$7,708	$3,832	$3,876	
LANDSCAPE REPLACEMENT	$15,000	$6,250	$0	$6,250	
OTHER CAPITAL PROJECT EXPENSES	$30,000	$12,500	$824	$11,676	
SPECIFIC PROJECTS:					
FITNESS FLOOR	$15,000	$6,250	$0	$6,250	
ICE MACHINE	$10,000	$4,167	$0	$4,167	
POOL/SPA REPAIRS	$5,000	$5,000	$2,649	$2,351	
RACQUETBALL FLOOR	$14,500	$6,042	$0	$6,042	
SPLIT SYSTEM (AIR HANDLER)	$120,000	$50,000	$0	$50,000	
SPORTS FLOOR	$14,500	$6,042	$0	$6,042	
WATER HEATER	$2,000	$833	$0	$833	
PROMISSORY NOTE PAYMENT	$147,877	$147,877	$147,877	$0	
TOTAL EXPENDITURES	 	$424,977 		 	$266,252 		 	$158,717 		 	$107,535 	
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES	 	($231,838) 		
 	($73,696) 		
 	$35,709 		
 	$109,406 	
OTHER FINANCIANG SOURCES/(USES):								
INTERGOVERNMENTAL TRANSFER FROM LA1	$115,000		$115,000		$115,000		$0	
TOTAL OTHER FINANCIANG SOURCES/(USES)	 	$115,000 		 	$115,000 		 	$115,000 		 	$0 	
NET CHANGE IN FUND BALANCE	($116,838)		$41,304		$150,709		$109,406	
FUND BALANCE - Beginning	$350,165				$353,132			
FUND BALANCE - Ending	 	$233,327 				$503,841			

(1) Road repairs not used during the current fiscal year will be set aside in an investment account to use for future road repairs.

Page 6

LAKE ASHTON II
COMMUNITY DEVELOPMENT DISTRICT DEBT SERVICE FUND - SERIES 2005A
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FOR THE PERIOD ENDED FEBRUARY 28, 2021

 DESCRIPTION	

REVENUES:		ADOPTED
   BUDGET 		PRORATED BUDGET
 	THRU 02/28/21			ACTUAL
 THRU 02/28/21 		  VARIANCE 	
SPECIAL ASSESSMENTS - ON ROLL		$394,800		$364,888		$364,888		$0	
SPECIAL ASSESSMENTS - OFF ROLL		$0		$0		$0		$0	
SPECIAL ASSESSMENTS - PREPAYMENTS		$0		$0		$11,950		$11,950	
INTEREST EARNED		$6,000		$2,500		$20		($2,480)	
TOTAL REVENUES		  $400,800 		 	$367,388 		 	$376,858 		 	$9,470 	
EXPENDITURES:									
SERIES 2005A:
INTEREST - 11/1		
$109,381		
$109,381		
$109,381		
$0	
INTEREST - 5/1		$109,381		$0		$0		$0	
PRINCIPAL - 5/1		$165,000		$0		$0		$0	
SPECIAL CALL - 11/1		$35,000		$35,000		$155,000		($120,000)	
TOTAL EXPENDITURES	 $418,763 		 	$144,381 		 	$264,381 		  ($120,000) 	
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES	 ($17,963) 		
 	$223,006 		
 	$112,477 		
  ($110,530) 	
NET CHANGE IN FUND BALANCE	($17,963)		$223,006		$112,477		($110,530)	
								
FUND BALANCE - Beginning	$159,026				$556,895			
FUND BALANCE - Ending	  $141,064 				 	$669,372 			

Page 7

LAKE ASHTON II
COMMUNITY DEVELOPMENT DISTRICT
DEBT SERVICE FUND - SERIES 2006A
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE PERIOD ENDED FEBRUARY 28, 2021

 DESCRIPTION	

REVENUES:		ADOPTED
   BUDGET 		PRORATED BUDGET
 	THRU 02/28/21			ACTUAL
 THRU 02/28/21 		 VARIANCE 	
ASSESSMENTS - ON ROLL		$310,388		$301,600		$301,600		$0	
ASSESSMENTS - PPMTS		$0		$0		$25,800		$25,800	
INTEREST INCOME		$0		$0		$4		$4	
TOTAL REVENUES		  $310,388 		 	$301,600 		 	$327,404 		    $25,804 	
EXPENDITURES:									
SERIES 2006A:
INTEREST - 11/1		
$94,208		
$94,208		
$94,208		
$0	
INTEREST - 5/1		$94,208		$0		$0		$0	
PRINCIPAL - 5/1		$120,000		$0		$0		$0	
SPECIAL CALL - 11/1		$0		$0		$25,000		($25,000)	
TOTAL EXPENDITURES	 $308,415 		 	$94,208 		 	$119,208 		   ($25,000) 	
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES	 	$1,973 		
 	$207,393 		
 	$208,197 		
 	$804 	
NET CHANGE IN FUND BALANCE	$1,973		$207,393		$208,197		$804	
								
FUND BALANCE - Beginning	$104,687				$202,331			
FUND BALANCE - Ending	  $106,659 				 	$410,528 			
Maximum Annual Debt Service								

Page 8

LAKE ASHTON II
COMMUNITY DEVELOPMENT DISTRICT
Long Term Debt Report FY 2021

Series 2005A, Capital Improvement Revenue Bonds	
Interest Rate:	5.375%		
Maturity Date:	5/1/36	$4,070,000.00	
Bonds outstanding - 9/30/2020		$4,070,000.00	
	November 1, 2020 (Special Call)	($155,000.00)	
	May 1, 2021 (Mandatory)	$0.00	
Current Bonds Outstanding		$3,915,000.00	

Series 2006A, Capital Improvement Revenue Bonds	

Interest Rate:	
5.300%		
Maturity Date:	5/1/38	$3,555,000.00	
Bonds outstanding - 9/30/2020		$3,555,000.00	
	November 1, 2020 (Special Call)	($25,000.00)	
	May 1, 2021 (Mandatory)	$0.00	
Current Bonds Outstanding		$3,530,000.00	

Total Current Bonds Outstanding	$7,445,000.00	

Page 9

LAKE ASHTON II
COMMUNITY DEVELOPMENT DISTRICT CAPITAL PROJECTS - SERIES 2006
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FOR THE PERIOD ENDED FEBRUARY 28, 2021

 DESCRIPTION	

REVENUES:

INTEREST EARNED		ADOPTED
  BUDGET 

$0		PRORATED BUDGET
 	THRU 02/28/21	

$0		ACTUAL
 THRU 02/28/21 

$0		 VARIANCE 

$0	
TOTAL REVENUES		 	$0 		 	$0 		 	$0 		 	$0 	
EXPENDITURES:									
CAPITAL OUTLAY		$0		$0		$0		$0	
TOTAL EXPENDITURES	 	$0 		 	$0 		 	$0 		 	$0 	
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES	 	$0 		
 	$0 		
 	$0 		
 	$0 	
NET CHANGE IN FUND BALANCE	$0		$0		$0		$0	
								
FUND BALANCE - Beginning	$0				$29			
FUND BALANCE - Ending	 	$0 				 	$29 			

Page 10

	LAKE ASHTON II
COMMUNITY DEVELOPMENT DISTRICT		
	Check Run Summary GF		

Date	02/19/21-03/16/21

Check Numbers	

Amount	
2/19/21	3345-3352	$15,607.02	
2/22/21	3353-3356	$10,466.10	
3/2/21	3357-3359	$1,548.75	
3/3/21	3360-3372	$20,101.04	
3/9/21	3373	$1,084.00	
3/16/21	3374-3390	$79,055.32	

Total	 	$127,862.23 

Lake Ashton II CDD
Special Assessment Receipts
Fiscal Year Ending September 30, 2021

						$1,544,991.24		$399,247.04	$330,000.00	$729,247.04	
	O&M	Debt				.36300.10000		.36300.10000	.36300.10200		
Date	Collection	O&M	Debt Svc	Debt Svc	Discounts/	Discounts/	Commissions	Net Amount		General Fund		05A Debt Svc Fund	06A Debt Svc Fund	Debt Total	
Received	Period	Receipts	Receipts	Interest	Penalties	Penalties	Paid	Received		100.00%		54.748%	45.252%	100%	

11/16/20	
10/01/20-10/31/20	
$	2,285.49	
$	-	
$	-	
$	91.42	
$	-	
$	43.88	
$	2,150.19		
$	2,150.19		
$	-	
$	-	
$	-	
11/19/20	06/01/20-10/15/20	$	15,959.44	$ 6,476.38	$	-	$	837.87	$	340.01	$	425.16	$	20,832.78	$	14,832.74	$	3,284.89	$	2,715.15	$	6,000.04	
11/23/20	11/01/20-11/08/20	$ 153,127.83	$ 59,153.20	$	-	$ 6,125.14	$ 2,366.20	$ 4,075.79	$ 199,713.90	$	144,233.82	$	30,374.15	$	25,105.93	$ 55,480.07	
12/1/20	11/09/20-11/15/20	$ 146,271.36	$ 70,510.72	$	-	$ 5,850.88	$ 2,820.52	$ 4,162.21	$ 203,948.47	$	137,592.90	$	36,328.24	$	30,027.32	$ 66,355.56	
12/11/20	11/16/20-11/25/20	$ 638,868.18	$ 304,355.20	$	-	$ 25,524.43	$ 12,157.61	$ 18,110.83	$ 887,430.51	$	601,040.26	$	156,792.49	$	129,597.76	$ 286,390.25	
12/18/20	11/26/20-11/30/20	$ 443,385.06	$ 216,666.56	$	-	$ 17,735.48	$ 8,666.96	$ 12,672.98	$ 620,976.20	$	417,040.26	$	111,650.53	$	92,285.41	$ 203,935.94	
1/15/21	12/01/20-12/31/20	$	50,834.85	$ 24,080.13	$	-	$ 1,525.11	$	722.37	$ 1,453.35	$	71,214.15	$	48,322.41	$	12,532.73	$	10,359.00	$ 22,891.74	
1/29/21	INTEREST	$	-	$	-	$ 44.46	$	-	$	-	$	-	$	138.59	$	94.13	$	24.34	$	20.12	$	44.46	
2/16/21	01/01/21-01/31/21	$	47,995.29     $  26,397.84    $	-	$	937.05    $	540.47     $    1,458.31    $	71,457.30	$	46,067.54	$	13,900.34	$	11,489.41	$ 25,389.75	
$ 1,498,727.50	$ 707,640.03	$ 44.46	$ 58,627.38	$ 27,614.14	$ 42,402.52	$ 2,077,862.08	$	1,411,374.26	$	364,887.72	$	301,600.10	$ 666,487.82	
BALANCE REMAINING	$46,263.74	$21,607.01										

97.02%
$67,870.75

Gross Percent Collected Balance Due

SECTION C

February Financials

The weather the last ten days of February was significantly better for golf than normal and the team took advantage and posted some solid revenue numbers.

Rounds – We hosted 5,096 rounds in February. The breakdown is 4,521 in member rounds and 575 in public rounds. Member rounds continue to be well above budget while Guest/Resident rounds are trailing budget, although we were within 74 of obtaining budget.

Green Fees – down almost $5,132 for the month – same trends as the last few months where the Associate members are not playing as much as planned and Covid-19 virus is impacting guest visiting and playing. The data shows us that Associate members are opting for 9 holes at a higher percentage than originally projected.

Pro Shop Sales – We generated $15,872 of income for the month, which is $3,935 greater than budget. The Pro Shop is $5,954 above revenue budget for the year. Cost of Goods was 89.4% for the month, 9.4% higher than budget. We expected this to happen as last month COGS% was abnormally low, we found out that we missed an invoice.  The Pro Shop is currently more profitable than projected as we are operating at 73.9% COGS for the year, which is 6.1% lower than forecasted.

Food and Beverage had a very solid month. We still missed budgeted revenues, but we were closer than prior months. Total revenues were $17,613 on a budget of $23,517 or 74.90% of budget. This is a common trend as we are observing F&B sales being off around 30% to 40% nationally, this is because of lack of banquets and tournaments utilizing the food service. COGS% was 48.4% for the month which was slightly higher than the budget of 40.2%. While we did not achieve budgeted F&B Net contribution we are in the black and are slightly profitable for the year.

Total Revenues were $163,912 for the month below budget by $3,849.

Gross income is below budget by $7,511. The increase in Pro Shop Sales has a higher Cost of Goods Sold associated with the merchandise and affects the Gross income line.

Total Labor – The team was $3,986 under budget for the month. Direct labor savings was $2,671 and the labor burden accounted for the remaining savings. Yearly labor totals are $20,100 under budget with $14,923 coming in burden savings as many of our employees have chosen not to participate in the benefit program or have chosen less expensive options.

Expenses – were $6,032 below budget for the month

Golf Ops – was under by $2,726, the major saving categories were:
$1,800 Scorecards and Pencils - we currently have enough in stock and did not need to purchase this expense may need to be utilized in the future
$1,000 Handicaps – this is a timing issues as Florida State Golf Association (FSGA) has billed us in March
FYI – this category was significantly under budgeted as all members are assigned a handicap which the FSGA bills the club at $16 each
The invoice was $9300 in March

General & Admin – was under by $3,552, the major saving categories were:
Education $2500 – The Indigo National Convention was postponed because of the pandemic. Currently in discussions to host small regional events.
Utilities were $878 less than budget
Overall, this category is currently under budget by $3547 for the year.

Insurance was $3,957 below budget for the month, this was a bad budget number as this is a consistent monthly savings

Maintenance – was over by $5,682, this department is currently $23,155 under budget for the year. The major variances are:
Utilities had a savings of $2,181

Irrigation repairs were $1,942 over budget for the month
We incurred $2,800 for palm tree clean-up that was not budgeted
Fertilizer and Chemical was over budget by $8,441
Pre-Emergents accounted for $4,947 as the warm weather required this product to be put our earlier than anticipated

Food & Budget – was under by $1,218, the major saving categories were:
Supplies $710 – Supplies are directly tied to sales
Repair & Maintenance $500
Uniforms $150
Overall, this category is currently under budget by $4,332 for the year. All other categories / departments were very close to budget
EBITDA was $23,997 for the month which is $2,507 above budget

We did incur $736 in below the line expenses; this invoice was associated with legal fees. This lowered the Net Income to $23,248 for the month still $1,757 ahead of budget. Year to date we are $35,765 ahead of budgeted Net Income.

March Forecast – Play is still going very strong for the first 16 days of March. We are currently trending to achieve Public/Resident Green fees for the month. Pro Shop Sales have already surpassed their budget, thanks to the member-guest.
Food & Beverage sales are at 67% of their budget, this is also assisted by the member-guest. We are incurring a few larger expenses as we have treated all the greens for Nematodes. The handicap fee is also much higher than the budget.
Overall, the forecast for March is positive.

Please let Ron or I know if you have any questions or concerns Thanks
Brian

Lake Ashton Golf Club
For the Month Ending February 28th, 2021

 	February		 	YTD	
Budget	Last Year	Budget	Last Year
 	Actual	Budget	Variance	Last Year	Variance		 	Actual	Budget	Variance	Last Year	Variance	

	Rounds		
4,521	3,154	1,367	0	4,521	Rounds ‐ Member	23,152	19,132	4,021	0	23,152	
0	0	0	0	0	Rounds ‐ Outing	0	0	0	0	0	
575	649	(74)	0	575	Rounds ‐ Public	2,605	3,225	(620)	0	2,605	
================== =======================================================================		================== ================== ================== ================== ================== 5,096	3,803	1,293	0	5,096	Total Rounds	25,757	22,357	3,400	0	25,757

17,593	22,725	(5,132)	0	17,593 Green Fees	73,201	112,882	(39,681)	0	73,201	
30	0	30	0	30 Cart Fees	90	0	90	0	90	
440	0	440	0	440 Driving Range	2,041	0	2,041	0	2,041	
15,872	11,940	3,932	0	15,872 Pro Shop Sales	63,686	57,732	5,954	0	63,686	
8,944	12,337	(3,393)	0	8,944 Food (Food & Soft Drinks)	45,870	62,948	(17,078)	0	45,870	
8,604	11,180	(2,576)	0	8,604 Beverages (Alcohol)	43,401	57,004	(13,603)	0	43,401	
66	0	66	0	66 Other Food & Beverage Revenue	346	0	346	0	346	
0	0	0	0	0 Other Golf Revenues (Club Rent, Han	145	0	145	0	145	
12,258	109,579	2,679	0	112,258   Dues Income ‐ Monthly Dues	530,940	506,249	24,691	0	530,940	
106	0	106	0	106 Miscellaneous Income and Discounts	206	0	206	0	206	

Revenue

1

================= ================= ================== ================= ==================	================== ================== ================== ================== ==================
163,912	167,761	(3,849)	0	163,912 Total Revenue	759,926	796,814	(36,888)	0	759,926

Cost of Sales
14,188	9,552	(4,636)	0	(14,188) COGS ‐ Pro Shop	47,091	46,185	(906)	0	(47,091)	
5,013	5,552	539	0	(5,013) COGS ‐ Food	19,195	28,327	9,131	0	(19,195)	
799	0	(799)	0	(799) COGS ‐ Non‐Alcoholic Beverages	1,849	0	(1,849)	0	(1,849)	
2,679	3,913	1,234	0	(2,679) COGS ‐ Alcohol	18,222	19,951	1,729	0	(18,222)	
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
22,678	19,017	(3,662)	0	(22,678) Total Cost of Sales	86,357	94,463	8,106	0	(86,357)
================= ================= ================== ================= ==================	==================    ==================    ================== ==================  ==================
141,233	148,744	(7,511)	0	141,233  GROSS INCOME	673,569	702,351	(28,782)	0	673,569

Labor
16,499	17,435	936	0	(16,499) Golf Operation Labor	90,536	87,320	(3,216)	0	(90,536)	
34,799	35,773	974	0	(34,799) Maintenance and Landscaping	173,845	182,781	8,936	0	(173,845)	
6,720	7,481	761	0	(6,720) F&B	38,298	37,755	(543)	0	(38,298)	
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
58,018	60,689	2,671	0	(58,018) Total Direct Labor	302,679	307,856	5,177	0	(302,679)	
7,430	6,190	(1,239)	0	(7,430) Total Payroll Taxes	30,350	31,401	1,051	0	(30,350)	
4,011	6,069	2,058	0	(4,011) Total Medical/Health Benefits	19,195	30,786	11,591	0	(19,195)	
883	1,381	497	0	(883) Total Workmans Comp	5,403	7,684	2,281	0	(5,403)	
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
12,324	13,640	1,315	0	(12,324) Total Payroll Burden	54,948	69,871	14,923	0	(54,948)
================= ================= ================== ================= ==================	==================    ==================    ================== ==================  ==================
70,342	74,329	3,986	0	(70,342) Total Labor	357,627	377,727	20,100	0	(357,627)

Other Operational Expenses
1,177	3,903	2,726	0	(1,177) Golf Ops	9,123	11,764	2,641	0	(9,123)	
15,577	19,129	3,552	0	(15,577) G&A	87,828	91,375	3,547	0	(87,828)	
27,380	21,698	(5,682)	0	(27,380) Maintenance	100,055	123,210	23,155	0	(100,055)	
1,617	2,835	1,218	0	(1,617) F&B	9,943	14,275	4,332	0	(9,943)	
300	560	260	0	(300) Sales and Marketing	6,350	6,040	(310)	0	(6,350)	
843	4,800	3,957	0	(843) Insurance ‐ P&C	4,215	24,000	19,785	0	(4,215)	
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
46,893	52,925	6,032	0	(46,893) Total Other Operational Expenses	217,514	270,664	53,150	0	(217,514)
================= ================= ================== ================= ==================	==================    ==================    ================== ==================  ==================
117,236	127,254	10,018	0	(117,236) Total Expenses	575,141	648,391	73,250	0	(575,141)
================= ================= ================== ================= ==================	================== ================== ================== ================== ==================

23,997	21,491	2,507	0	23,997 EBITDAR	98,428	53,960	44,468	0	98,428
================= ================= ================== ================= ==================	================== ================== ================== ================== ==================
23,997	21,491	2,507	0	23,997 EBITDA	98,428	53,960	44,468	0	98,428

Interest Expense/Dep&Amt
14	0	(14)	0	(14) Income Tax	14	0	(14)	0	(14)
736	0	(736)	0	(736) Other Expense	8,689	0	(8,689)	0	(8,689)
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐	‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
750	0	(750)	0	(750) Total Interest Expense	8,703	0	(8,703)	0	(8,703)
================= ================= ================== ================= ==================	==================    ==================    ================== ==================  ==================
23,248	21,491	1,757	0	23,248 Net Income	89,725	53,960	35,765	0	89,725

Lake Ashton Golf Club
For the Month Ending February 28th, 2021

GL Code	Actual	Budget	Variance	Last Year		Variance	
Rounds		YTD	YTD Budget	Variance	YTD Last Year	Variance	
0003‐50‐***	4,521	3,154	1,367	0		4,521		Rounds ‐ Member	23,152	19,132	4,021	0	23,152	
0002‐50‐***	0	0	0	0		0		Rounds ‐ Outing	0	0	0	0	0	
0001‐50‐***	575	649	(74)	0		575		Rounds ‐ Public	2,605	3,225	(620)	0	2,605	
	5,096	3,803	1,293	0		5,096	Total Rounds		25,757	22,357	3,400	0	25,757	
							Revenue
Green Fees							
2001‐50‐***	1,405	5,505	(4,100)		0	1,405		Green Fees‐GS	2,247	26,782	(24,536)	0	2,247	
2003‐50‐***	16,188	17,220	(1,032)		0	16,188		Green Fees‐Members‐GS	70,954	86,100	(15,146)	0	70,954	
17,593	22,725	(5,132)	0	17,593   Total Green Fees	73,201	112,882	(39,681)	0	73,201
Cart Fees	
2006‐50‐***	30	0	30	0	30		Cart Fees‐Members‐GS	90	0	90	0	90	
	30	0	30	0	30	Total Cart Fees		90	0	90	0	90	
Driving Range	
2007‐50‐***	0	0	0	0	0	Range‐GS	39	0	39	0	39	
2009‐50‐***	440	0	440	0	440	Range‐Members‐GS	2,002	0	2,002	0	2,002	
	440	0	440	0	440	Total Driving Range	2,041	0	2,041	0	2,041	
						Pro Shop Sales						
2200‐50‐***	2,453	11,940	(9,487)	0	2,453	PS‐Merchandise General‐GS	9,335	57,732	(48,397)	0	9,335	
2201‐50‐***	6,575	0	6,575	0	6,575	PS‐Clubs‐GS	15,527	0	15,527	0	15,527	
2202‐50‐***	1,415	0	1,415	0	1,415	PS‐Balls‐GS	5,481	0	5,481	0	5,481	
2203‐50‐***	215	0	215	0	215	PS‐Gloves‐GS	2,201	0	2,201	0	2,201	
2204‐50‐***	514	0	514	0	514	PS‐Footwear‐GS	3,266	0	3,266	0	3,266	
2205‐50‐***	911	0	911	0	911	PS‐Menswear‐GS	8,652	0	8,652	0	8,652	
2206‐50‐***	1,895	0	1,895	0	1,895	PS‐Ladieswear‐GS	10,224	0	10,224	0	10,224	
2209‐50‐***	654	0	654	0	654	PS‐Headwear‐GS	2,955	0	2,955	0	2,955	
2219‐50‐***	1,241	0	1,241	0	1,241	PS‐Bags‐GS	6,047	0	6,047	0	6,047	
	15,872	11,940	3,932	0	15,872	Total Pro Shop Sales	63,686	57,732	5,954	0	63,686	
Food (Food & Soft Drinks)	
3004‐80‐***	7,982	12,337	(4,355)	0	7,982	Food Sales‐Clubhouse‐F&B	41,286	62,948	(21,662)	0	41,286	
3104‐80‐***	962	0	962	0	962	Non‐Alcoholic‐Clubhouse‐F&B	4,584	0	4,584	0	4,584	
	8,944	12,337	(3,393)	0	8,944	Total Food (Food & Soft Drinks)	45,870	62,948	(17,078)	0	45,870	
Beverages (Alcohol)	
3204‐80‐***	3,911	11,180	(7,268)	0	3,911	Alc Sales (Beer)‐Clubhouse‐F&B	20,334	57,004	(36,670)	0	20,334	
3209‐80‐***	733	0	733	0	733	Alc Sales (Wine)‐Clubhouse‐F&B	3,633	0	3,633	0	3,633	
3214‐80‐***	3,960	0	3,960	0	3,960	Alc Sales (Liquor)‐Clubhouse‐F&B	19,435	0	19,435	0	19,435	
	8,604	11,180	(2,576)	0	8,604	Total Beverages (Alcohol)	43,401	57,004	(13,603)	0	43,401	
						Other F&B Revenue						
3302‐80‐***	66	0	66	0	66	Gratuity‐Outings‐F&B	346	0	346	0	346	
	66	0	66	0	66	Total Other F&B Revenue	346	0	346	0	346	
						Other Golf Revenue						
2215‐50‐***	0	0	0	0	0	PS‐Other Income‐GS	10	0	10	0	10	
2217‐50‐***	0	0	0	0	0	Handicap Fees‐GS	135	0	135	0	135	
	0	0	0	0	0	Total Other Golf Revenue	145	0	145	0	145	
Dues Income ‐ Monthly Dues	
2019‐50‐***	112,258	109,579	2,679	0	112,258	Membership‐Monthly Dues‐GS	530,940	506,249	24,691	0	530,940	
	112,258	109,579	2,679	0	112,258 Total Dues Income ‐ Monthly Dues	530,940	506,249	24,691	0	530,940	
Miscellaneous Income and Discounts	
2901‐50‐***	106	0	106	0	106	Miscellaneous Income‐GS	206	0	206	0	206	
	106	0	106	0	106 Total Miscellaneous Income and Discounts	206	0	206	0	206	
	163,912	167,761	(3,849)	0	163,912 Total Revenue	759,926	796,814	(36,888)	0	759,926	

COGS ‐ Pro Shop	
4500‐50‐***	32	9,552	9,520	0	(32)	COGS‐Inventory‐General	405	46,185	45,780	0	(405)	
4501‐50‐***	6,146	0	(6,146)	0	(6,146)	COGS‐Inventory‐Clubs	12,436	0	(12,436)	0	(12,436)	
4502‐50‐***	1,205	0	(1,205)	0	(1,205)	COGS‐Inventory‐Balls	3,647	0	(3,647)	0	(3,647)	

4503‐50‐***	141	0	(141)	0	(141)	COGS‐Inventory‐Gloves	1,436	0	(1,436)	0	(1,436)	
4504‐50‐***	372	0	(372)	0	(372)	COGS‐Inventory‐Footwear	2,492	0	(2,492)	0	(2,492)	
4505‐50‐***	3,460	0	(3,460)	0	(3,460)	COGS‐Inventory‐Menswear	14,568	0	(14,568)	0	(14,568)	
4508‐50‐***	578	0	(578)	0	(578)	COGS‐Inventory‐Outerwear	1,383	0	(1,383)	0	(1,383)	
4509‐50‐***	417	0	(417)	0	(417)	COGS‐Inventory‐Headwear	1,212	0	(1,212)	0	(1,212)	
4510‐50‐***	1,009	0	(1,009)	0	(1,009)	COGS‐Inventory‐Misc.	5,583	0	(5,583)	0	(5,583)	
4519‐50‐***	827	0	(827)	0	(827)	COGS‐Bags	3,928	0	(3,928)	0	(3,928)	
14,188	9,552	(4,636)	0	(14,188) Total COGS ‐ Pro Shop	47,091	46,185	(906)	0	(47,091)
COGS ‐ Food	
4601‐80‐***	5,013	5,552	539	0	(5,013)	COGS‐Food	19,195	28,327	9,131	0	(19,195)	
	5,013	5,552	539	0	(5,013) Total COGS ‐ Food		19,195	28,327	9,131	0	(19,195)	
COGS ‐ Non‐Alcoholic Beverages	
4602‐80‐***	799	0	(799)	0	(799)	COGS‐(Non‐Alcoholic)	1,849	0	(1,849)	0	(1,849)	
	799	0	(799)	0	(799) Total COGS ‐ Non‐Alcoholic Beverages	1,849	0	(1,849)	0	(1,849)	
						COGS ‐ Alcohol							
4603‐80‐***	1,758	3,913	2,155	0	(1,758)	COGS‐(Beer)	10,853	19,951	9,098	0	(10,853)	
4604‐80‐***	712	0	(712)	0	(712)	COGS‐(Wine)	1,840	0	(1,840)	0	(1,840)	
4605‐80‐***	210	0	(210)	0	(210)	COGS‐(Liquor)	5,529	0	(5,529)	0	(5,529)	
	2,679	3,913	1,234	0	(2,679) Total COGS ‐ Alcohol		18,222	19,951	1,729	0	(18,222)	
 	22,678	19,017	(3,662)	0	(22,678) Total Cost of Sales	 	86,357	94,463	8,106	0	(86,357)
141,233	148,744	(7,511)	0	141,233 GROSS INCOME	673,569	702,351	(28,782)	0	673,569

Labor
Golf Operation Labor
5001‐50‐***	6,154	6,667	513	0	(6,154)	General Manager	33,187	33,333	147	0	(33,187)	
5101‐50‐***	3,615	0	(3,615)	0	(3,615)	Salary Staff‐Head Professional‐GS	8,725	0	(8,725)	0	(8,725)	
5208‐50‐***	2,465	3,701	1,236	0	(2,465)	Hourly Staff‐Assistant Pro‐GS	25,654	18,503	(7,151)	0	(25,654)	
5209‐50‐***	4,266	2,600	(1,666)	0	(4,266)	Hourly Staff‐GS Attendant‐GS	22,970	13,000	(9,970)	0	(22,970)	
5213‐50‐***	0	1,267	1,267	0	0	Hourly Staff‐Range Attendant‐GS	0	6,061	6,061	0	0	
5214‐50‐***	0	2,046	2,046	0	0	Hourly Staff‐Starter‐GS	0	10,098	10,098	0	0	
5215‐50‐***	0	1,155	1,155	0	0	Hourly Staff‐Course Advisor‐GS	0	6,325	6,325	0	0	
16,499	17,435	936	0	(16,499) Total Golf Operations Labor	90,536	87,320	(3,216)	0	(90,536)
Maintenance and Landscaping	
5007‐60‐***	6,231	6,137	(94)	0	(6,231)	Manager‐Superintendant‐AGRO	33,602	33,096	(506)	0	(33,602)	
5104‐60‐***	3,308	3,836	528	0	(3,308)	Salary Staff‐Asst. Superintend‐AGRO	17,838	20,685	2,847	0	(17,838)	
5221‐60‐***	3,520	3,750	230	0	(3,520)	Hourly Staff‐Mechanic‐AGRO	7,040	18,750	11,710	0	(7,040)	
5222‐60‐***	0	2,083	2,083	0	0	Hourly Staff‐Asst Mechanic	0	10,417	10,417	0	0	
5223‐60‐***	2,840	2,917	77	0	(2,840)	Hourly Staff‐Irrigation Techni‐AGRO	13,714	14,583	870	0	(13,714)	
5225‐60‐***	1,892	0	(1,892)	0	(1,892)	Hourly Staff‐Chemical Op 1‐AGRO	9,035	0	(9,035)	0	(9,035)	
5227‐60‐***	2,480	2,500	20	0	(2,480)	Hourly Staff‐Foreman‐AGRO	13,260	12,500	(760)	0	(13,260)	
5228‐60‐***	14,529	6,250	(8,279)	0	(14,529)	Hourly Staff‐Groundskeeper I‐AGRO	79,357	31,250	(48,107)	0	(79,357)	
5229‐60‐***	0	8,300	8,300	0	0	Hourly Staff‐Groundskeeper II‐AGRO	0	41,500	41,500	0	0	
34,799	35,773	974	0	(34,799) Total Maintenance and Landscaping	173,845	182,781	8,936	0	(173,845)
F&B	
5008‐80‐***	3,256	3,631	375	0	(3,256)	Manager‐F&B‐F&B	19,038	18,155	(883)	0	(19,038)	
5243‐80‐***	0	3,850	3,850	0	0	Hourly Staff‐Snack Bar Attenda‐F&B	0	19,600	19,600	0	0	
5244‐80‐***	3,463	0	(3,463)	0	(3,463)	Hourly Staff‐Bartender‐F&B	19,260	0	(19,260)	0	(19,260)	
	6,720	7,481	761	0	(6,720) Total F&B		38,298	37,755	(543)	0	(38,298)	
58,018	60,689	2,671	0	(58,018) Total Direct Labor	302,679	307,856	5,177	0	(302,679)

Total Payroll Taxes
5502‐50‐***	1,434	1,778	345	0	(1,434)	Other‐Payroll Tax‐GS	5,973	8,907	2,934	0	(5,973)	
5502‐60‐***	3,380	3,649	269	0	(3,380)	Other‐Payroll Tax‐AGRO	15,246	18,644	3,398	0	(15,246)	
5502‐70‐***	1,557	0	(1,557)	0	(1,557)	Other‐Payroll Tax‐G&A	3,278	0	(3,278)	0	(3,278)	
5502‐80‐***	1,059	763	(296)	0	(1,059)	Other‐Payroll Tax‐F&B	5,853	3,851	(2,002)	0	(5,853)	
7,430	6,190	(1,239)	0	(7,430) Total Payroll Taxes	30,350	31,401	1,051	0	(30,350)
Total Medical/Health Benefits	
5503‐70‐***	4,011	6,069	2,058	0	(4,011)	Other‐Benefits‐G&A	19,195	30,786	11,591	0	(19,195)	
	4,011	6,069	2,058	0	(4,011) Total Medical/Health Benefits	19,195	30,786	11,591	0	(19,195)	
						Total Workmans Comp						

7402‐70‐***	883	1,381	497	0	(883)	Insurance‐Workmans Comp‐G&A	5,403	7,684	2,281	0	(5,403)	
	883	1,381	497	0	(883) Total Workmans Comp	5,403	7,684	2,281	0	(5,403)	
 	12,324	13,640	1,315	0	(12,324) Total Payroll Burden	 	54,948	69,871	14,923	0	(54,948)
70,342	74,329	3,986	0	(70,342) Total Labor	357,627	377,727	20,100	0	(357,627)

Other Operational Expenses Golf Ops
6001‐50‐***	66	445	379	0	(66)	Utilities‐Electric‐GS	347	2,225	1,878	0	(347)	
6003‐50‐***	249	192	(57)	0	(249)	Utilities‐Water/Sewer‐GS	508	779	270	0	(508)	
6101‐50‐***	288	0	(288)	0	(288)	Supplies‐GS	546	1,000	454	0	(546)	
6103‐50‐***	0	0	0	0	0	Supplies‐Office‐GS	369	130	(239)	0	(369)	
6113‐50‐***	0	1,800	1,800	0	0	Supplies‐Scorecards and Pencil‐GS	0	1,800	1,800	0	0	
6204‐50‐***	0	0	0	0	0	Cart Repairs‐GS	3,708	0	(3,708)	0	(3,708)	
6406‐50‐***	0	66	66	0	0	Pest Control‐GS	0	330	330	0	0	
6607‐50‐***	0	0	0	0	0	Uniforms‐GS	0	500	500	0	0	
6608‐50‐***	116	0	(116)	0	(116)	Vehicle Mileage Expense‐GS	116	0	(116)	0	(116)	
8012‐50‐***	150	150	0	0	(150)	Chamber / Organization Dues	150	150	0	0	(150)	
8013‐50‐***	0	0	0	0	0	Special Promotions / Events	29	0	(29)	0	(29)	
9001‐50‐***	0	0	0	0	0	Driving Range Supplies (Balls,‐GS	2,561	2,600	39	0	(2,561)	
9002‐50‐***	0	1,000	1,000	0	0	Handicap‐GS	330	1,000	670	0	(330)	
9006‐50‐***	307	250	(57)	0	(307)	Tournaments and Events‐GS	457	1,250	793	0	(457)	
1,177	3,903	2,726	0	(1,177) Total Golf Ops	9,123	11,764	2,641	0	(9,123)
G&A	
6001‐70‐***	889	1,500	611	0	(889)	Utilities‐Electric‐G&A	4,849	7,500	2,651	0	(4,849)	
6003‐70‐***	0	267	267	0	0	Utilities‐Water/Sewer‐G&A	702	1,532	830	0	(702)	
6004‐70‐***	100	100	0	0	(100)	Phone‐Cell‐G&A	500	500	0	0	(500)	
6005‐70‐***	0	450	450	0	0	Phone ‐ Telco‐G&A	0	2,250	2,250	0	0	
6101‐70‐***	437	150	(287)	0	(437)	Supplies‐G&A	918	750	(168)	0	(918)	
6102‐70‐***	0	0	0	0	0	Supplies‐Cleaning‐G&A	0	100	100	0	0	
6103‐70‐***	0	350	350	0	0	Supplies‐Office‐G&A	0	1,400	1,400	0	0	
6201‐70‐***	0	300	300	0	0	Building Maint and Repair‐G&A	223	1,500	1,277	0	(223)	
6202‐70‐***	0	0	0	0	0	Equip Maint/Repair‐Fix‐G&A	(432)	0	432	0	432	
6301‐70‐***	0	0	0	0	0	Licenses, Fees, and Permits‐G&A	0	120	120	0	0	
6303‐70‐***	279	180	(99)	0	(279)	Bank Fees‐G&A	1,287	900	(387)	0	(1,287)	
6305‐70‐***	2,383	2,250	(133)	0	(2,383)	Credit Card Fees‐G&A	11,241	11,250	9	0	(11,241)	
6306‐70‐***	(30)	20	50	0	30	Use Tax Expense	6,575	100	(6,475)	0	(6,575)	
6313‐70‐***	8,000	8,000	0	0	(8,000)	BCG Management‐G&A	40,000	40,000	0	0	(40,000)	
6314‐70‐***	824	920	96	0	(824)	Payroll Processing‐G&A	4,283	4,600	317	0	(4,283)	
6402‐70‐***	0	0	0	0	0	Outside Services‐G&A	427	0	(427)	0	(427)	
6404‐70‐***	0	500	500	0	0	Clubhouse Cleaning Service‐G&A	803	2,500	1,698	0	(803)	
6405‐70‐***	467	450	(17)	0	(467)	Garbage Removal‐G&A	2,292	2,250	(42)	0	(2,292)	
6406‐70‐***	80	150	70	0	(80)	Pest Control‐G&A	321	750	429	0	(321)	
6407‐70‐***	0	250	250	0	0	Security‐G&A	0	1,250	1,250	0	0	
6501‐70‐***	350	250	(100)	0	(350)	IT Support‐G&A	2,116	1,250	(866)	0	(2,116)	
6502‐70‐***	334	0	(334)	0	(334)	Computer Supplies/Equipment‐G&A	1,132	2,000	868	0	(1,132)	
6503‐70‐***	550	0	(550)	0	(550)	Software‐G&A	4,189	113	(4,075)	0	(4,189)	
6504‐70‐***	355	0	(355)	0	(355)	Internet Access/VPN‐G&A	1,639	0	(1,639)	0	(1,639)	
6505‐70‐***	0	167	167	0	0	TV/Cable or Dish‐G&A	0	835	835	0	0	
6601‐70‐***	0	2,400	2,400	0	0	Education‐G&A	0	2,400	2,400	0	0	
6602‐70‐***	68	0	(68)	0	(68)	Employee Meals‐G&A	271	0	(271)	0	(271)	
6603‐70‐***	0	0	0	0	0	Employee Testing‐Hiring‐G&A	243	150	(93)	0	(243)	
6605‐70‐***	0	50	50	0	0	Training/Staff Development‐G&A	428	250	(178)	0	(428)	
6608‐70‐***	0	0	0	0	0	Vehicle Mileage Expense‐G&A	595	0	(595)	0	(595)	
6609‐70‐***	0	0	0	0	0	Help Wanted Ads‐G&A	150	0	(150)	0	(150)	
6610‐70‐***	133	250	117	0	(133)	Management Travel‐Corp Staff‐G&A	961	1,250	289	0	(961)	
6611‐70‐***	0	50	50	0	0	Management Travel‐Onsite Staff‐G&A	0	250	250	0	0	
6801‐70‐***	0	0	0	0	0	Equipment Rental‐G&A	332	0	(332)	0	(332)	
8012‐70‐***	0	0	0	0	0	Chamber / Organization Dues	545	0	(545)	0	(545)	
9008‐70‐***	234	0	(234)	0	(234)	Copier Fax/Lease‐G&A	690	0	(690)	0	(690)	
9009‐70‐***	98	25	(73)	0	(98)	Postage‐G&A	425	125	(300)	0	(425)	
9010‐70‐***	0	100	100	0	0	Promotional Accounts‐G&A	100	500	400	0	(100)	

9017‐70‐***	25	0	(25)	0	(25)	Fed‐Ex/Courier	25	0	(25)	0	(25)	
9505‐70‐***	0	0	0	0	0	Bad Debt Write‐GandA‐Dflt	0	3,000	3,000	0	0	
	15,577	19,129	3,552	0	(15,577) Total G&A		87,828	91,375	3,547	0	(87,828)	
Maintenance	
6001‐60‐***	1,893	2,000	107	0	(1,893)	Utilities‐Electric‐AGRO	6,895	10,000	3,105	0	(6,895)	
6003‐60‐***	206	600	394	0	(206)	Utilities‐Water/Sewer‐AGRO	2,744	3,000	256	0	(2,744)	
6004‐60‐***	100	180	80	0	(100)	Phone‐Cell‐AGRO	600	900	300	0	(600)	
6007‐60‐***	0	800	800	0	0	Utilities‐Electric‐Irrigation‐AGRO	0	5,200	5,200	0	0	
6008‐60‐***	0	800	800	0	0	Water‐Irrigaton‐AGRO	0	4,990	4,990	0	0	
6101‐60‐***	370	250	(120)	0	(370)	Supplies‐AGRO	1,532	1,250	(282)	0	(1,532)	
6102‐60‐***	0	0	0	0	0	Supplies‐Cleaning‐AGRO	220	0	(220)	0	(220)	
6106‐60‐***	2,458	0	(2,458)	0	(2,458)	Supplies‐Landscape‐AGRO	3,867	0	(3,867)	0	(3,867)	
6107‐60‐***	0	3,910	3,910	0	0	Supplies‐Course ‐AGRO	222	9,930	9,708	0	(222)	
6201‐60‐***	0	0	0	0	0	Building Maint and Repair‐AGRO	1,006	0	(1,006)	0	(1,006)	
6202‐60‐***	2,677	3,000	323	0	(2,677)	Equip Maint/Repair‐Fix‐AGRO	13,308	15,000	1,692	0	(13,308)	
6205‐60‐***	2,692	750	(1,942)	0	(2,692)	Irrigation Repairs‐Agro	8,541	3,750	(4,791)	0	(8,541)	
6206‐60‐***	0	850	850	0	0	Pump Repair	0	4,250	4,250	0	0	
6301‐60‐***	0	0	0	0	0	Licenses, Fees, and Permits‐AGRO	115	0	(115)	0	(115)	
6402‐60‐***	2,800	0	(2,800)	0	(2,800)	Outside Services‐AGRO	11,340	0	(11,340)	0	(11,340)	
6403‐60‐***	0	0	0	0	0	Waste Removal‐Green Waste‐AGRO	0	1,400	1,400	0	0	
6405‐60‐***	438	0	(438)	0	(438)	Garbage Removal	4,325	0	(4,325)	0	(4,325)	
6504‐60‐***	72	278	206	0	(72)	Internet Access/VPN‐AGRO	511	1,390	879	0	(511)	
6602‐60‐***	0	100	100	0	0	Employee Meals‐AGRO	0	500	500	0	0	
6605‐60‐***	0	50	50	0	0	Training/Staff Development‐AGRO	0	250	250	0	0	
6607‐60‐***	0	70	70	0	0	Uniforms‐AGRO	0	350	350	0	0	
6608‐60‐***	0	0	0	0	0	Vehicle Mileage Expense‐AGRO	164	0	(164)	0	(164)	
6609‐60‐***	0	100	100	0	0	Help Wanted Ads‐AGRO	0	200	200	0	0	
7001‐60‐***	688	500	(188)	0	(688)	Chemicals‐Fungicides‐AGRO	2,338	2,500	163	0	(2,338)	
7002‐60‐***	572	0	(572)	0	(572)	Chemicals‐Herbicides‐AGRO	3,608	1,000	(2,608)	0	(3,608)	
7003‐60‐***	0	0	0	0	0	Chemicals‐Insecticides‐AGRO	2,527	0	(2,527)	0	(2,527)	
7004‐60‐***	0	0	0	0	0	Chemicals‐Growth Regulators‐AGRO	0	290	290	0	0	
7005‐60‐***	395	0	(395)	0	(395)	Chemicals‐Wetting Agents‐AGRO	1,095	0	(1,095)	0	(1,095)	
7006‐60‐***	0	0	0	0	0	Chemicals‐Lakes‐AGRO	840	0	(840)	0	(840)	
7008‐60‐***	0	0	0	0	0	Fertilizers‐Fairways / Roughs‐AGRO	0	16,000	16,000	0	0	
7009‐60‐***	4,939	2,000	(2,939)	0	(4,939)	Fertilizers‐Greens‐AGRO	14,254	10,000	(4,254)	0	(14,254)	
7010‐60‐***	0	600	600	0	0	Fertilizers‐Tees‐AGRO	0	3,400	3,400	0	0	
7012‐60‐***	4,947	0	(4,947)	0	(4,947)	Pre‐Emergents‐AGRO	4,947	8,200	3,253	0	(4,947)	
7102‐60‐***	0	1,000	1,000	0	0	Sand‐Top Dressing greens/tees‐AGRO	4,178	3,000	(1,178)	0	(4,178)	
7107‐60‐***	0	0	0	0	0	Drainage Materials‐AGRO	670	0	(670)	0	(670)	
7201‐60‐***	0	600	600	0	0	Oil/Lube‐AGRO	0	1,200	1,200	0	0	
7202‐60‐***	0	0	0	0	0	Safety Equipment‐AGRO	0	200	200	0	0	
7205‐60‐***	2,134	2,100	(34)	0	(2,134)	Gas Diesel‐AGRO	8,930	13,400	4,470	0	(8,930)	
8012‐60‐***	0	1,160	1,160	0	0	Chamber / Organization Dues	0	1,160	1,160	0	0	
9007‐60‐***	0	0	0	0	0	Small Equipment/Hand Tools‐AGRO	1,278	500	(778)	0	(1,278)	
27,380	21,698	(5,682)	0	(27,380) Total Maintenance	100,055	123,210	23,155	0	(100,055)
F&B	
6002‐80‐***	0	160	160	0	0	Utilities‐Gas/Propane‐F&B	0	800	800	0	0	
6101‐80‐***	1,290	1,000	(290)	0	(1,290)	Supplies‐F&B	6,725	5,000	(1,725)	0	(6,725)	
6102‐80‐***	0	0	0	0	0	Supplies‐Cleaning‐F&B	29	100	71	0	(29)	
6109‐80‐***	0	500	500	0	0	Supplies‐Paper and Plastic‐F&B	0	2,500	2,500	0	0	
6111‐80‐***	0	500	500	0	0	Supplies‐Bar‐F&B	0	2,500	2,500	0	0	
6201‐80‐***	150	0	(150)	0	(150)	Building Maint and Repair‐F&B	506	0	(506)	0	(506)	
6202‐80‐***	0	500	500	0	0	Equip Maint/Repair‐Fix‐F&B	975	2,500	1,525	0	(975)	
6301‐80‐***	0	0	0	0	0	Licenses, Fees, and Permits‐F&B	294	0	(294)	0	(294)	
6406‐80‐***	0	0	0	0	0	Pest Control‐F&B	80	0	(80)	0	(80)	
6603‐80‐***	0	0	0	0	0	Employee Testing‐Hiring‐F&B	20	0	(20)	0	(20)	
6607‐80‐***	0	150	150	0	0	Uniforms‐F&B	261	750	489	0	(261)	
6609‐80‐***	0	0	0	0	0	Help Wanted Ads‐F&B	20	0	(20)	0	(20)	
6801‐80‐***	176	0	(176)	0	(176)	Equipment Rental‐F&B	883	0	(883)	0	(883)	
9013‐80‐***	0	0	0	0	0	Entertainment‐Outside‐F&B	150	0	(150)	0	(150)	
9016‐80‐***	0	25	25	0	0	Propane‐F&B	0	125	125	0	0	

 	
1,617	2,835	1,218	0	(1,617) Total F&B	9,943	14,275	4,332	0	(9,943)
Sales and Marketing
8004‐75‐***	0	100	100	0	0	Advertising (Display)‐MRKT	0	500	500	0	0	
8007‐75‐***	0	0	0	0	0	Web Site‐MRKT	4,850	3,000	(1,850)	0	(4,850)	
8008‐75‐***	300	300	0	0	(300)	Graphic Design‐MRKT	1,500	1,500	0	0	(1,500)	
8009‐75‐***	0	100	100	0	0	Collateral Materials‐MRKT	0	500	500	0	0	
8015‐75‐***	0	60	60	0	0	Sales Management	0	540	540	0	0	
300	560	260	0	(300) Total Sales and Marketing	6,350	6,040	(310)	0	(6,350)
Leases, Taxes and Insurance	
7401‐70‐***	843	4,800	3,957	0	(843)	Insurance‐P&C‐G&A	4,215	24,000	19,785	0	(4,215)	
	843	4,800	3,957	0	(843) Total Leases, Taxes and Insurance	4,215	24,000	19,785	0	(4,215)	
	46,893	52,925	6,032	0	(46,893) Total Other Operational Expenses	217,514	270,664	53,150	0	(217,514)	
 	117,236	127,254	10,018	0	(117,236) Total Expenses	 	575,141	648,391	73,250	0	(575,141)
 	23,997	21,491	2,507	0	23,997 EBITDAR	 	98,428	53,960	44,468	0	98,428 
23,997	21,491	2,507	0	23,997 EBITDA	98,428	53,960	44,468	0	98,428

Interest Expense/Dep&Amt
7406‐70‐***	14	0	(14)	0	(14)	Income Tax‐G&A	14	0	(14)	0	(14)	
	14	0	(14)	0	(14) Total Interest Expense/Dep&Amt	14	0	(14)	0	(14)	
					Other Expense						
9515‐90‐***	736	0	(736)	0	(736)	Other Below Line Expense	8,689	0	(8,689)	0	(8,689)	
	736	0	(736)	0	(736) Total Other Expense	8,689	0	(8,689)	0	(8,689)	
 	750	0	(750)	0	(750) Total Interest Expense	 	8,703	0	(8,703)	0	(8,703)
23,248	21,491	1,757	0	23,248 Net Income	89,725	53,960	35,765	0	89,725

SECTION VI

201 E. Kennedy Boulevard, Suite 1150
Tampa, FL 33602

Confirmation of Services for Lake Ashton II Community Development District

 	 Reserve Study Update with Site-Visit for an investment of $8,500 (includes all expenses)	
 		Report (See our report overview)
Electronic PDF Report with 30-year Reserve Expenditure and Funding Plan tables for printing in 8 ½” x 11” panoramic multi-page format on any printer
Excel® spreadsheet of Reserve Expenditures and Funding Plans (2) with formulas for “what-if” alternative scenarios	
 		Support
We listen and respond to your questions and suggestions to create a custom report
Meeting with our engineer on the day of our visual property inspection
Unlimited video/teleconference support with our engineer during and after report delivery	
 		ForeSite™ Basic – Access your reserve study and Excel spreadsheets online, store photos and project documents, record comments and project costs. Also receive a free 60-day trial to ForeSite Plus.	

One (1) Bound Report hard copy (no charge); Additional copies at $75 ea. – indicate quantity:
 	
ForeSite™ Plus 3-year subscription empowers multiple users to create, share and collaborate with unlimited models and scenarios for $850 per year

Insurance Appraisal by a credentialed member of the American Society of Appraisers for $2,000

Include Flood Values for an additional $200

Sign and Send to Get Started: Email: Nick@reserveadvisors.com or Fax: (813) 254-5474	Mail $4,250 retainer to: Reserve Advisors, LLC
735 N. Water Street, Suite 175
Milwaukee, WI 53202	

By:	
Signature:		
Nick Brenneman	(Print Name):		
Southeast Regional Account Manager	Title:		
on March 5, 2021	Date:		
For: Reserve Advisors, LLC
Ref. 090095	For:	Lake Ashton II Community
Development District	

You will receive your electronic report approximately four (4) weeks after our inspection, based on timely receipt of all necessary information from you. Authorization to inspection time varies depending on demand for our services. This proposal is valid for 45 days.

Payment Terms: Retainer payment is due upon authorization and prior to inspection. The balance is due net 30 days from the report shipment date. Following receipt of balance due, you may request one set of complimentary changes within six months of the report shipment. Optional services authorized will be billed in full upon contract execution. Any outstanding balance after 30 days is subject

to an interest charge of 1.5% per month. This agreement is subject to our Professional Services Conditions.

Page 10

(800) 980-9881

Fax: (813) 254-5474

201 E. Kennedy Boulevard, Suite 1150
Tampa, FL 33602

PROFESSIONAL SERVICE CONDITIONS
Our Services - Reserve Advisors, LLC (RA) performs its services as an independent contractor in accordance with our professional practice standards and its compensation is not contingent upon our conclusions. The purpose of our reserve study is to provide a budget planning tool that identifies the current status of the reserve fund, and an opinion recommending an annual funding plan to create reserves for anticipated future replacement expenditures of the property.
Our inspection and analysis of the subject property is limited to visual observations, is noninvasive and is not meant to nor does it include investigation into statutory, regulatory or code compliance. RA inspects sloped roofs from the ground and inspects flat roofs where safe access (stairs or ladder permanently attached to the structure) is available. The report is based upon a “snapshot in time” at the moment of inspection. RA may note visible physical defects in our report. The inspection is made by employees generally familiar with real estate and building construction but in the absence of invasive testing RA cannot opine on, nor is RA responsible for, the structural integrity of the property including its conformity to specific governmental code requirements for fire, building, earthquake, and occupancy, or any physical defects that were not readily apparent during the inspection.
RA is not responsible for conditions that have changed between the time of inspection and the issuance of the report. RA does not investigate, nor assume any responsibility for any existence or impact of any hazardous materials, such as asbestos, urea- formaldehyde foam insulation, other chemicals, toxic wastes, environmental mold or other potentially hazardous materials or structural defects that are latent or hidden defects which may or may not be present on or within the property. RA does not make any soil analysis or geological study as part of its services; nor does RA investigate water, oil, gas, coal, or other subsurface mineral and use rights or such hidden conditions. RA assumes no responsibility for any such conditions. The Report contains opinions of estimated costs and remaining useful lives which are neither a guarantee of the actual costs of replacement nor a guarantee of remaining useful lives of any property element.
RA assumes, without independent verification, the accuracy of all data provided to it. You agree to indemnify and hold RA harmless against and from any and all losses, claims, actions, damages, expenses or liabilities, including reasonable attorneys' fees, to which we may become subject in connection with this engagement, because of any false, misleading or incomplete information which we have relied upon supplied by you or others under your direction, or which may result from any improper use or reliance on the Report by you or third parties under your control or direction. Your obligation for indemnification and reimbursement shall extend to any director, officer, employee, affiliate, or agent of RA. Liability of RA and its employees, affiliates, and agents for errors and omissions, if any, in this work is limited to the amount of its compensation for the work performed in this engagement.
Report - RA completes the services in accordance with the Proposal. The Report represents a valid opinion of RA’s findings and recommendations and is deemed complete. RA, however, considers any additional information made available to us within 6 months of issuing the Report if a timely request for a revised Report is made. RA retains the right to withhold a revised Report if  payment for services was not tendered in a timely manner. All information received by RA and all files, work papers or documents developed by RA during the course of the engagement shall remain the property of RA and may be used for whatever purpose it sees fit.
Your Obligations - You agree to provide us access to the subject property for an on-site visual inspection. You agree to provide RA all available, historical and budgetary information, the governing documents, and other information that we request and deem necessary to complete the Report. You agree to pay actual attorneys’ fees and any other costs incurred to collect on any unpaid balance for RA’s services.
Use of Our Report - Use of our Report is limited to only the purpose stated herein. You hereby acknowledge that any use or reliance by you on the Report for any unauthorized purpose is at your own risk and you shall hold RA harmless from any consequences of such use. Use by any unauthorized third party is unlawful. The Report in whole or in part is not and cannot be used as a design specification for design engineering purposes or as an appraisal. You may show our Report in its entirety to the following third parties: members of your organization, your accountant, attorney, financial institution and property manager who need to review the information contained herein. Without the written consent of RA, you shall not disclose the Report to any other third party. The Report contains intellectual property developed by RA and shall not be reproduced or distributed to any party that conducts reserve studies without the written consent of RA.
RA will include your name in our client lists. RA reserves the right to use property information to obtain estimates of replacement costs, useful life of property elements or otherwise as RA, in its sole discretion, deems appropriate.
Payment Terms, Due Dates, and Interest Charges - Retainer payment is due upon authorization and prior to inspection. The balance is due net 30 days from the report shipment date. Any balance remaining 30 days after delivery of the Report shall accrue an interest charge of 1.5% per month. Any litigation necessary to collect an unpaid balance shall be venued in Milwaukee County Circuit Court for the State of Wisconsin.

Page 11

(800) 980-9881

Fax: (813) 254-5474

201 E. Kennedy Boulevard, Suite 1150
Tampa, FL 33602

March 5, 2021

RETAINER INVOICE # 2182692R
Amount Due Now:
$4,250

Lake Ashton II Community Development District c/o 9145 Narcoossee Rd, Suite A-206
Orlando, FL 32827

PROPERTY:
Lake Ashton II Community Development District Lake Wales, Florida
Contract Number:	090095
RETAINER DUE:	$4,250
Terms:	Retainer Due Upon Receipt of Authorized Contract and Prior to Inspection

Mail retainer to:
Reserve Advisors, LLC
735 N. Water Street, Suite 175
Milwaukee, WI 53202

OR		CONTACT US FOR CREDIT CARD PAYMENT

Payment Terms: Retainer payment is due upon authorization and prior to inspection. The balance is due net 30 days from the report shipment date. Following receipt of balance due, you may request one set of complimentary changes within six months of the report shipment. Optional services authorized will be billed in full upon contract execution. Any outstanding balance after 30 days is subject

to an interest charge of 1.5% per month. This agreement is subject to our Professional Services Conditions.

Page 12

(800) 980-9881

Fax: (813) 254-5474