Lakes by the Bay South
Community Development District

Unaudited Financial Reporting
February 28, 2025

Table of Contents

1		Balance Sheet	

2-3	
	General Fund	

4	
	Debt Service Fund Series 2022	

5	
	Debt Service Fund Series 2024	

6-8	
	Month to Month	

9	
	Long Term Debt Report	

10	
	Assessment Receipt Schedule	

Balance Sheet February 28, 2025

	General Fund	Debt Service Fund	Totals Governmental Funds	

Assets:
Cash:
Operating Account	

$	156,889	

$	-	

$	156,889	
Petty Cash	654	-	654	
Due from General Fund	-	156,372	156,372	
Investments:
State Board of Administration - Surplus	

1,153,902	

-	

1,153,902	
State Board of Administration - Field Reserves	220,217	-	220,217	
State Board of Administration - Clubhouse Reserves	183,581	-	183,581	
BankUnited Money Market	1,220,137	-	1,220,137	
Series 2022
Interest	

-	

250	

250	
Revenue	-	1,341,950	1,341,950	
Sinking	-	100	100	
Series 2024
Interest	

-	

6,400	

6,400	
Revenue	-	1,035,601	1,035,601	
Deposits-Electric	6,000	-	6,000	
Total Assets	$	2,941,381	$	2,540,673	$	5,482,054	

Liabilities:				
Accounts Payable	$	15,624	$	-	$	15,624	
Due to Debt Service	156,372	-	156,372	
Total Liabilities	$	171,996	$	-	$	171,996	

Fund Balance:
Nonspendable:
Deposits	$	6,000	

$	-	$	6,000	
Restricted for: Debt Service	
-	
2,540,673	
2,540,673	
Unassigned	2,763,385	-	2,763,385	
Total Fund Balances	$	2,769,385	$	2,540,673	$	5,310,057	
				
Total Liabilities & Fund Balance	$	2,941,381	$	2,540,673	$	5,482,054	

	Adopted	Prorated Budget	Actual		
	Budget	Through 02/28/25	Through 02/28/25	Variance	

Revenues:					
Special Assessments - Tax Roll	$	1,794,376	$	1,435,501	$	1,664,857	$	229,356	
Interest Income	50,000	20,833	38,687	17,854	
Clubhouse Income	20,000	8,333	18,018	9,685	
Other Income	-	-	900	900	
Total Revenues	$	1,864,376	$	1,464,667	$	1,722,463	$	257,795	

Expenditures:					
General and Administrative:					
Supervisor Fees	$	12,000	$	5,000	$	3,000	$	2,000	
FICA Taxes	918	-	383	230	153	
Engineering	5,000	2,083	5,429	(3,346)	
Attorney	35,000	14,583	16,688	(2,104)	
Annual Audit	4,200	1,750	1,500	250	
Assessment Roll Administration	2,000	2,000	2,000	-	
Arbitrage Calculation	1,200	500	-	500	
Dissemination Agent	5,500	2,292	2,292	0	
Trustee Fees	7,500	3,125	-	3,125	
Management Fees	67,749	28,229	28,229	-	
Website Maintenance	3,600	1,500	1,500	-	
Postage and Delivery	1,700	708	555	153	
Insurance General Liability	14,594	14,594	14,594	-	
Printing and Binding	1,200	500	120	380	
Legal Advertising	1,500	625	-	625	
Other Current Charges	1,000	417	270	147	
Dues, Licenses and Subscriptions	175	175	175	-	
Total General and Administrative	$	164,836	$	78,464	$	76,581	$	1,883	

Operations and Maintenance					
Field Expenditures
Field Management	

$	30,616	

$	12,757	

$	12,757	

$	0	
Security	14,700	6,125	6,125	-	
General Maintenance	28,572	11,905	6,709	5,196	
Landscape Maintenance	186,001	77,500	77,501	(0)	
Landscape - Extra to Contract	50,000	20,833	48,490	(27,657)	
Mulch	23,000	9,583	16,989	(7,406)	
Tree Trimming	60,000	36,875	36,875	-	
Lake Maintenance	9,600	4,000	4,000	-	
Contingency	30,000	12,500	4,300	8,200	
Pressure Washing	20,000	15,250	15,250	-	
Culvert Cleaning/Inspection	20,000	8,333	-	8,333	
Holiday Decorations	38,276	38,276	38,276	-	
Cleaning Reserve Area	48,280	20,117	-	20,117	
Subtotal Field Expenditures	$	559,045	$	274,055	$	267,271	$	6,784	

	Adopted	Prorated Budget	Actual		
	Budget	Through 02/28/25	Through 02/28/25	Variance	

Security Gate Service Expenditures					
Security (DML)	$	138,000	$	57,500	$	57,500	$	-	
Security-Roving Guard	10,000	4,167	-	4,167	
Enhanced Security	15,000	6,250	-	6,250	
Transponders	8,500	3,542	-	3,542	
Management Fees	24,000	10,000	10,000	-	
Gate Repairs and Maintenance	40,000	16,667	19,266	(2,600)	
Building Repairs and Maintenance	5,000	2,083	-	2,083	
Electric	5,000	2,083	1,190	893	
Water	1,000	417	411	6	
Phone and Internet Service	4,500	1,875	1,885	(10)	
Janitorial Services	600	250	250	-	
Subtotal Security Gate Service Expenditures	$	251,600	$	104,833	$	90,502	$	14,332	

Clubhouse Expenditures					
Alarm Monitoring	$	1,500	$	625	$	640	$	(15)	
Club Exterior Camera Monitoring	8,640	3,600	3,600	-	
Pool Monitoring	11,940	4,975	4,975	-	
Security - Roving Guard	10,000	4,167	1,343	2,824	
Air Conditioning Maint Contract and Repairs	12,000	5,000	3,717	1,283	
Fitness Equipment Maintenance and Repairs	8,000	3,333	1,739	1,595	
Electric	44,000	18,333	13,181	5,152	
Property Insurance	49,970	49,970	49,970	-	
Flood Insurance	18,161	18,161	18,161	-	
Janitorial Maintenance	57,000	23,750	23,750	-	
Janitorial Supplies	6,000	2,500	2,557	(57)	
Landscape Maintenance	32,508	13,545	13,545	-	
Landscape Replacement	10,000	4,167	16,762	(12,595)	
Office Equipment Maintenance	2,000	833	726	107	
Management Fees	289,752	120,730	120,730	-	
Office Supplies/Clubhouse Supplies	7,500	3,125	2,878	247	
Pest Control	1,000	417	325	92	
Pool and Spa Maintenance	39,000	16,250	15,050	1,200	
Pool Repairs	20,000	8,333	4,754	3,579	
Repairs and Maintenance	63,000	26,250	20,212	6,038	
Special Events	60,000	25,000	37,775	(12,775)	
Cable/Internet	6,000	2,500	2,605	(105)	
Trash Collection	1,200	500	1,430	(930)	
Water and Sewer	21,000	8,750	49,080	(40,330)	
Window Cleaning/Pressure Cleaning	3,500	1,458	1,539	(81)	
Holiday Decorations	31,724	31,724	32,799	(1,075)	
Contingency	13,500	5,625	1,150	4,475	
Capital Reserve	60,000	25,000	51,112	(26,112)	
Subtotal Clubhouse Expenditures	$	888,895	$	428,622	$	496,107	$	(67,485)	
					
Total Operations and Maintenance	$	1,699,540	$	807,510	$	853,880	$	(46,370)	
					
Total Expenditures	$	1,864,376	$	885,973	$	930,461	$	(44,487)	
					
Excess (Deficiency) of Revenues over Expenditures	$	(0)	$	578,694	$	792,002	$	213,308	
					
Fund Balance - Beginning			$	1,977,382		
					
Fund Balance - Ending			$	2,769,385		

Revenues:					
Special Assessments - Tax Roll	$	1,382,295	$	1,105,836	$	1,282,520	$	176,684	
Interest Income	-	-	11,746	11,746	
Total Revenues	$	1,382,295	$	1,105,836	$	1,294,266	$	188,430	

Expenditures:					
Interest - 11/1	$	345,018	$	345,018	$	345,018	$	-	
Interest - 5/1	345,018	-	-	-	
Principal - 5/1	705,000	-	-	-	
Total Expenditures	$	1,395,036	$	345,018	$	345,018	$	-	
					
Excess (Deficiency) of Revenues over Expenditures	$	(12,741)	$	760,818	$	949,249	$	188,430	
					
Net Change in Fund Balance	$	(12,741)	$	760,818	$	949,249	$	188,430	
					
Fund Balance - Beginning			$	480,230		
					
Fund Balance - Ending			$	1,429,479		

Revenues:					
Special Assessments - Tax Roll	$	1,097,122	$	877,698	$	1,017,931	$	140,233	
Interest Income	1,000	417	8,001	7,585	
Total Revenues	$	1,098,122	$	878,114	$	1,025,932	$	147,818	

Expenditures:					
Interest - 11/1	$	182,431	$	182,431	$	182,431	$	-	
Interest - 5/1	214,625	-	-	-	
Principal - 5/1	685,000	-	-	-	
Total Expenditures	$	1,082,056	$	182,431	$	182,431	$	-	
					
Excess (Deficiency) of Revenues over Expenditures	$	16,066	$	695,683	$	843,501	$	147,818	
					
Net Change in Fund Balance	$	16,066	$	695,683	$	843,501	$	147,818	
					
Fund Balance - Beginning			$	267,677		
					
Fund Balance - Ending			$	1,111,178		

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

Revenues:															
Special Assessments - Tax Roll	$	-	$ 207,702	$ 1,391,818	$	38,657  $	26,680	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$ 1,664,857	
Interest Income	7,187	5,981	6,269	10,118	9,132	-	-	-	-	-	-	-	38,687	
Clubhouse Income	5,771	3,724	3,723	-	4,800	-	-	-	-	-	-	-	18,018	
Other Income	350	-	200	-	350	-	-	-	-	-	-	-	900	
Total Revenues	$  13,308	$ 217,407	$ 1,402,011	$  48,774	$  40,962	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$ 1,722,463	

Expenditures:								
General and Administrative:								

Supervisor Fees	
$	
1,000	
$	
-	
$	
1,000  $	
-	$	
1,000	
$	
-	
$	
-	
$	
-	
$	-	
$	
-	
$	
-	
$	-	
$	
3,000	
FICA Taxes	77	-	77	-	77	-	-	-	-	-	-	-	230	
Engineering	1,578	2,945	135	771	-	-	-	-	-	-	-	-	5,429	
Attorney	5,390	4,428	1,898	4,973	-	-	-	-	-	-	-	-	16,688	
Annual Audit	-	-	-	1,500	-	-	-	-	-	-	-	-	1,500	
Assessment Roll Administration	2,000	-	-	-	-	-	-	-	-	-	-	-	2,000	
Arbitrage Calculation	-	-	-	-	-	-	-	-	-	-	-	-	-	
Dissemination Agent	458	458	458	458	458	-	-	-	-	-	-	-	2,292	
Trustee Fees	-	-	-	-	-	-	-	-	-	-	-	-	-	
Management Fees	5,646	5,646	5,646	5,646	5,646	-	-	-	-	-	-	-	28,229	
Website Maintenance	300	300	300	300	300	-	-	-	-	-	-	-	1,500	
Postage and Delivery	133	119	131	93	80	-	-	-	-	-	-	-	555	
Insurance General Liability	14,594	-	-	-	-	-	-	-	-	-	-	-	14,594	
Printing and Binding	18	24	22	3	54	-	-	-	-	-	-	-	120	
Legal Advertising	-	-	-	-	-	-	-	-	-	-	-	-	-	
Other Current Charges	64	55	51	51	51	-	-	-	-	-	-	-	270	
Dues, Licenses and Subscriptions	175	-	-	-	-	-	-	-	-	-	-	-	175	
Total General & Administrative	$	31,432	$	13,973	$	9,716  $	13,795  $	7,665	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	76,581	

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

Operations & Maintenance														
Field Expenditures
Field Management	

$	2,551	

$	2,551	

$	2,551	

$	2,551	

$	2,551	

$	-	

$	-	

$	-	

$	-	

$	-	

$	-	

$	-	

$  12,757	
Security	1,225	1,225	1,225	1,225	1,225	-	-	-	-	-	-	-	6,125	
General Maintenance	145	1,656	2,694	1,252	963	-	-	-	-	-	-	-	6,709	
Landscape Maintenance	15,500	15,500	15,500	15,500	15,500	-	-	-	-	-	-	-	77,501	
Landscape - Extra to Contract	-	46,890	-	-	1,600	-	-	-	-	-	-	-	48,490	
Mulch	-	16,989	-	-	-	-	-	-	-	-	-	-	16,989	
Tree Trimming	36,875	-	-	-	-	-	-	-	-	-	-	-	36,875	
Lake Maintenance	800	800	800	800	800	-	-	-	-	-	-	-	4,000	
Contingency	-	-	2,150	2,150	-	-	-	-	-	-	-	-	4,300	
Pressure Washing	4,575	10,675	-	-	-	-	-	-	-	-	-	-	15,250	
Culvert Cleaning/Inspection	-	-	-	-	-	-	-	-	-	-	-	-	-	
Reserves	-	-	-	-	-	-	-	-	-	-	-	-	-	
Holiday Decorations	19,138	-	19,138	-	-	-	-	-	-	-	-	-	38,276	
Cleaning Reserve Area	-	-	-	-	-	-	-	-	-	-	-	-	-	
Subtotal Field Expenditures	$  80,810	$  96,286	$  44,058	$  23,479	$  22,639	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	267,271	

Security Gate Service Expenditures								
Security (DML)	$  11,500	$  11,500	$  11,500	$  11,500	$  11,500	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  57,500	
Transponders	-	-	-	-	-	-	-	-	-	-	-	-	-	
Management Fees	2,000	2,000	2,000	2,000	2,000	-	-	-	-	-	-	-	10,000	
Gate Repairs and Maintenance	3,449	7,819	4,194	1,988	1,818	-	-	-	-	-	-	-	19,266	
Building Repairs and Maintenance	-	-	-	-	-	-	-	-	-	-	-	-	-	
Electric	287	279	344	280	-	-	-	-	-	-	-	-	1,190	
Water	115	-	-	296	-	-	-	-	-	-	-	-	411	
Phone and Internet Service	361	361	361	398	403	-	-	-	-	-	-	-	1,885	
Janitorial Services	50	50	50	50	50	-	-	-	-	-	-	-	250	

Subtotal Security Gate Service Expenditures	$  17,762  $  22,009  $  18,449  $  16,511  $  15,770  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $  90,502

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

Clubhouse Expenditures														
Alarm Monitoring	$	270	$	100	$	-	$	270	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	640	
Club Exterior Camera Monitoring	720	720	720	720	720	-	-	-	-	-	-	-	3,600	
Pool Monitoring	995	995	995	995	995	-	-	-	-	-	-	-	4,975	
Security - Roving Guard	-	173	405	765	-	-	-	-	-	-	-	-	1,343	
Air Conditioning Maint Contract and Repairs	490	1,966	771	490	-	-	-	-	-	-	-	-	3,717	
Fitness Equipment Maintenance and Repairs	400	190	190	190	769	-	-	-	-	-	-	-	1,739	
Electric	3,257	3,291	3,142	3,491	-	-	-	-	-	-	-	-	13,181	
Property Insurance	49,970	-	-	-	-	-	-	-	-	-	-	-	49,970	
Flood Insurance	18,161	-	-	-	-	-	-	-	-	-	-	-	18,161	
Janitorial Maintenance	4,750	4,750	4,750	4,750	4,750	-	-	-	-	-	-	-	23,750	
Janitorial Supplies	592	241	683	413	628	-	-	-	-	-	-	-	2,557	
Landscape Maintenance	2,709	2,709	2,709	2,709	2,709	-	-	-	-	-	-	-	13,545	
Landscape Replacement	-	16,762	-	-	-	-	-	-	-	-	-	-	16,762	
Office Equipment Maintenance	137	151	301	137	-	-	-	-	-	-	-	-	726	
Management Fees	24,146	24,146	24,146	24,146	24,146	-	-	-	-	-	-	-	120,730	
Office Supplies/Clubhouse Supplies	535	269	106	685	1,284	-	-	-	-	-	-	-	2,878	
Pest Control	65	65	65	65	65	-	-	-	-	-	-	-	325	
Pool and Spa Maintenance	3,250	2,950	2,950	2,950	2,950	-	-	-	-	-	-	-	15,050	
Pool Repairs	380	950	1,490	1,494	440	-	-	-	-	-	-	-	4,754	
Repairs and Maintenance	5,469	3,060	5,052	1,165	5,466	-	-	-	-	-	-	-	20,212	
Special Events	14,028	6,075	11,277	4,790	1,605	-	-	-	-	-	-	-	37,775	
Cable/Internet	517	517	520	527	525	-	-	-	-	-	-	-	2,605	
Trash Collection	1,430	-	-	-	-	-	-	-	-	-	-	-	1,430	
Water and Sewer	22,267	-	-	26,813	-	-	-	-	-	-	-	-	49,080	
Window Cleaning/Pressure Cleaning	-	-	-	-	1,539	-	-	-	-	-	-	-	1,539	
Holiday Decorations	16,718	219	15,862	-	-	-	-	-	-	-	-	-	32,799	
Contingency	-	-	-	1,150	-	-	-	-	-	-	-	-	1,150	
Capital Reserve	-	20,246	30,866	-	-	-	-	-	-	-	-	-	51,112	
Subtotal Clubhouse Expenditures	$ 171,256	$  90,545	$ 107,000	$  78,716	$  48,591	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	496,107	
								
Total Operations & Maintenance	$ 269,827	$ 208,840	$ 169,508	$ 118,705	$  87,000	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	853,880	
								
Total Expenditures	$ 301,259	$ 222,813	$ 179,224	$ 132,500	$  94,664	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	930,460	
								
Excess (Deficiency) of Revenues over Expenditures	$ (287,951)	$  (5,406)	$ 1,222,787	$ (83,725)	$ (53,702)	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	792,002	
								
Net Change in Fund Balance	$ (287,951)	$  (5,406)	$ 1,222,787	$ (83,725)	$ (53,702)	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	792,002	

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

Original Amount:

Interest Rate: Maturity Date:

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

$19,254,000

3.85%
5/1/2042

May 1, 2025 (Mandatory)	

$17,923,000
-	
Current Bonds Outstanding	$17,923,000	

Original Amount:

Interest Rate: Maturity Date:

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

$8,585,000

5.00%
5/1/2042

May 1, 2025 (Mandatory)	

$8,585,000
-	
Current Bonds Outstanding	$8,585,000	

Total Current Bonds Outstanding	$17,923,000

Lakes by the Bay South
COMMUNITY DEVELOPMENT DISTRICT

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

Special Assessment Receipts - Miami-Dade County

ON ROLL ASSESSMENTS

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

11/07/24	
10/1/24-10/31/24	
$	37.17	
$	-	
$	0.37	
$	13.04	
$	49.84	
$	20.93	
$	16.12	
$	12.79	
$	49.84	
11/25/24	11/1/24-11/11/24	300,584.06	12,006.64	2,885.77	-	285,691.65	119,949.24	92,402.73	73,339.67	285,691.64	
11/26/24	11/12/24-11/18/24	219,861.80	8,794.46	2,110.68	-	208,956.66	87,731.63	67,583.94	53,641.09	208,956.66	
12/04/24	6/1/24-11/1/24	32,334.92	1,573.04	307.62	-	30,454.26	12,786.39	9,849.98	7,817.89	30,454.26	
12/09/24	11/19/24-11/30/24	3,336,086.25	133,443.79	32,026.42	-	3,170,616.04	1,331,200.96	1,025,488.81	813,926.27	3,170,616.04	
12/13/24	INTEREST	-	-	-	0.30	0.30	0.13	0.10	0.08	0.31	
12/19/24	12/1/24-12/13/24	119,292.49	4,232.84	1,150.60	13.46	113,922.51	47,831.01	36,846.55	29,244.96	113,922.52	
01/10/25	12/14/24-12/31/24	95,826.94	2,839.85	929.86	13.84	92,071.07	38,656.56	29,779.02	23,635.49	92,071.07	
02/07/25	INTEREST	-	-	-	1,972.66	1,972.66	828.23	638.03	506.40	1,972.66	
02/12/25	1/1/25-1/31/25	63,492.02	1,311.09	621.78	14.25	61,573.40	25,851.94	19,915.00	15,806.46	61,573.40	

$

92.64%
331,214.57

Percent Collected Balance Remaining to Collect

TOTAL	$	4,167,515.65  $	164,201.71  $	40,033.10  $	2,027.55  $	3,965,308.39  $	1,664,857.02  $  1,282,520.28  $  1,017,931.10  $	3,965,308.40

Lakes by the Bay South
COMMUNITY DEVELOPMENT DISTRICT

Check Register

Date	Check Numbers	Amount		

2/19/25	

5594-5604		

$162,940.36	
2/26/25	5605-5612		$11,201.25	
3/4/25	5613-5622		$55,213.24	
	TOTAL		$229,354.85