Palm Glades	
Community Development District	

Unaudited Financial Reporting	
as of	
February 28, 2023	

Meeting Date	
Tuesday, March 14, 2023	

Palm Glades	
COMMUNITY DEVELOPMENT DISTRICT	
COMBINED BALANCE SHEET	
February 28, 2023	

---	
---	
---	
---	

$33,923	
$16	
$62	
---	

$33,923	
$16	
$62	
$2,555	

	            Major Funds			Total	
	Debt	Capital	Governmental	
   General			Service			Projects			Funds		
$13,049	---	---	$13,049	
---	---	$6,868	$6,868	
---	$38,443	---	$38,443	
---	$15,118	---	$15,118	
---	$22,225	---	$22,225	
---	$1,060	---	$1,060	
---	$640	---	$640	

ASSETS:	
Cash	
Cash - Capital Reserve	
Due From General Fund - S2016	
Due From General Fund - S2017A	
Due From General Fund - S2018	
Due From General Fund - S2020	
Due From General Fund - S2021	
Investments:	
State Board	
State Board - Capital Reserves	
Series 2016	
Reserve	
Revenue	
Interest	
Principal	
Series 2017	
Reserve	
Revenue	
Interest	
Sinking	
Series 2018A1	
Reserve	
Interest	
Revenue	
Series 2018A2	
Reserve	
Interest	
Principal	
Acq. & Construction - Series 2018A1	
Series 2020	
Reserve	
Interest	
Revenue	
Series 2021	
Reserve	
Interest	
Revenue	
Acq. & Construction - Series 2021	
Electric Deposits	
TOTAL ASSETS	

$2,187,407	
---	

---	
$296,826	

$2,187,407	
$296,826	

---
---

---	
---	
---	
---	

$481,312	
$1,143,431	
$56	
$44	

$481,312	
$1,143,431	
$56	
$44	

---
---
---

---	
---	
---	
---	

$132,981	
$737,733	
$64	
$26	

---	
---	
---	

$132,981	
$737,733	
$64	
$26	

---	
---	
---	

$291,827	
$61	
$700,172	

---	
---	
---	
---	
---	
---	
---	
$2,555	

$291,827	
$61	
$700,172	

---	
---	
---	

$25,973	
$5	
$55,052	

---	
---	
---	

$25,973	
$5	
$55,052	

---	
---	
---	
---	
     $6,874 	
   $2,207,329 	

$3,133	
$2	
$31,311	
---	
        ---	
   $3,714,670 	

---	
---	
---	
$2	
       ---	
   $306,252 	

$3,133	
$2	
$31,311	
$2	
     $6,874 	
   $6,228,251 	

LIABILITIES:	
Accounts Payable	
Due to DS - Series 2016	
Due to DS - Series 2017A	
Due to DS - Series 2018	
Due to DS - Series 2020	
Due to DS - Series 2021	
Retainage Payable - Landscape	
TOTAL LIABILITIES	

$78,135	
$38,443	
$15,118	
$22,225	
$1,060	
$640	
       $0 	
    $155,622 	

---	
---	
---	
---	
---	

$32,994	
---	
---	
---	
---	

FUND BALANCES:	
Nonspendable	
Restricted for Debt Service	
Restricted for Capital Projects	
Restricted for Capital Reserves	
Unassigned	
TOTAL FUND BALANCES	

$6,874	
---	
---	
---	
   $2,044,834 	
   $2,051,707 	

---	
$3,714,670	
---	
---	
        ---		
   $3,714,670 	

---	
---	
$2,558	
$270,700	
---		
   $273,257 	

$6,874	
$3,714,670	
$2,558	
$270,700	
$2,044,834 	
   $6,039,635 	

$111,130	
$38,443	
$15,118	
$22,225	
$1,060	
$640	
$0 	
    $188,616 	

        ---		
       $0 	

---		
   $32,994 	

TOTAL LIABILITIES & FUND BALANCES		$2,207,329 		$3,714,670 		$306,252  	$6,228,251 

 		

ADOPTED	
BUDGET	

PRORATED BUDGET	ACTUAL	
THRU 02/28/23	THRU 02/28/23	

$2,585,061	
$1,000	
$0	
$0	
$0	
$0	
$0	
$0	
	$2,586,061 	

$2,479,266	
$1,000	
$0	
$0	
$0	
$0	
$0	
$0	
	$2,480,266 	

$2,479,266	
$24,192	
$520	
$200	
$5,305	
$6,748	
$140	
$10	
	$2,516,381 	

$0	
$23,192	
$520	
$200	
$5,305	
$6,748	
$140	
$10	
	$36,115 	

 DESCRIPTION		VARIANCE

REVENUES:	
Maintenance Assessments - On Roll	
Interest	
Access Cards	
Guess Passes	
Party Rental Fees	
Non-Residential Memberships	
Key Card/Replacements	
Resident Events	

TOTAL REVENUES

EXPENDITURES:

ADMINISTRATIVE:	
Supervisor Fees	
FICA Expense	
Engineering Fees	
Arbitrage Rebate	
Dissemination Agent	
Attorney Fees	
Annual Audit	
Trustee fees	
Assessment Roll	
Management Fees	
Website Fees	
Telephone	
Postage	
Printing & Binding	
Rentals & Leases	
Insurance General Liability	
Legal Advertising	
Other Current Charges	
Office Supplies	
Dues, Licenses, Subscriptions	
Capital Outlay	
TOTAL ADMINISTRATIVE	

$12,000	
$918	
$10,000	
$2,400	
$2,500	
$40,000	
$5,400	
$24,000	
$2,000	
$45,521	
$3,000	
$100	
$1,000	
$2,900	
$2,400	
$7,404	
$2,600	
$1,050	
$260	
$175	
      $250 	
    $165,878 	

$5,000	$3,400	$1,600	
$383	$260	$122	
$4,167	$0	$4,167	
$1,000	$0	$1,000	
$1,042	$1,042	$0	
$16,667	$16,528	$139	
$2,250	$6,900	($4,650)	
$7,500	$7,500	$0	
$2,000	$2,000	$0	
$18,967	$18,967	($0)	
$1,250	$1,250	$0	
$42	$0	$42	
$417	$237	$180	
$1,208	$1,068	$141	
$1,000	$1,000	$0	
$7,404	$9,801	($2,397)	
$1,083	$68	$1,015	
$438	$126	$311	
$108	$81	$28	
$175	$175	$0	
       $104 			$0 			$104 	
     $72,204 			$70,402 			$1,802 	

Field	
Landscape Maintenance	
Porter Service	
Mulch	
Tree Trimming & Palm Pruning	
Landscape Fertilization and Pest Control	
Annuals	
Plants Replacement	
Irrigation System	
Irrigation Repairs	
Electricity	
Refuse	
Entrance Maintenance & Repairs	
Janitorial Supplies	

$200,435	
$79,560	
$65,050	
$39,000	
$43,870	
$15,000	
$39,000	
$23,940	
$15,000	
$28,000	
$15,604	
$20,000	
$4,200	

$83,515	
$33,150	
$35,662	
$32,424	
$18,279	
$6,250	
$16,250	
$9,975	
$6,250	
$11,667	
$6,502	
$8,333	
$1,750	

$79,538	
$33,813	
$35,662	
$32,424	
$15,375	
$4,700	
$20,346	
$9,500	
$12,040	
$13,495	
$6,575	
$0	
$0	

$3,977	
($663)	
($0)	
$1	
$2,904	
$1,550	
($4,096)	
$475	
($5,790)	
($1,829)	
($74)	
$8,333	
$1,750	

Excess (deficiency) of revenues	
over (under) expenditures	

$1,300,990	
$750,717	
	$2,051,707 	

 	

ADOPTED	
BUDGET	

PRORATED BUDGET	ACTUAL	
THRU 02/28/23	THRU 02/28/23	

 DESCRIPTION		
EXPENDITURES: (continued)	
Field (continued)	
Lake Maintenance	
Lake Debris Removal	
Cleaning of Drainage System	
Pressure Cleaning - Sidewalk	
Field Management	
Security Services	
Holiday Decorations	
Sidewalk Repairs	
Contingency	
Capital Reserves	
TOTAL FIELD	

VARIANCE

$13,500	
$3,600	
$22,000	
$18,600	
$20,475	
$542,810	
$17,400	
$50,000	
$55,238	
    $275,000 	
   $1,607,282 	

$5,625	
$1,500	
$9,167	
$7,750	
$8,531	
$226,171	
$7,250	
$20,833	
$23,016	
     $275,000 	
     $854,849 	

$3,925	
$0	
$0	
$0	
$8,531	
$206,448	
$17,393	
$29,600	
$7,319	
    $275,000 	
    $811,684 	

$1,700	
$1,500	
$9,167	
$7,750	
$0	
$19,723	
($10,143)	
($8,767)	
$15,697	
        $0 	
     $43,165 	

Clubhouse	
Access Control (cards, systems, cameras maint.)	
Air Conditioning Maintenance	
Basketball Court Repairs and Maintenance	
Cable & Internet Service	
Circuit Training Equipment Maintenance	
Sauna Equipment Maintenance	
Electricity	
Fire Alarm & Building Alarm Monitoring	
Gazebo and Trellis Repairs and Maintenance	
Holiday Decorations	
Insurance	
Irrigation Repairs and Maintenance	
Janitorial	
Janitorial Supplies	
Landscape Maintenance	
Landscape Replacement (Includes Mulching)	
Management Fees	
Office Equipment Maintenance	
Office Supplies/Clubhouse Supplies	
Pest Control-Interior & Exterior	
Pool, Spa and Waterpark Maintenance	
Pool, Spa and Waterpark Repairs	
Printing & Postage	
Property Taxes	
Repairs/Maintenance & Supplies (General)	
Residential Social Expenses	
Security	
Telephone	
Trash Collection/Recycling	
Water & Sewer	
Window Cleaning/Pressure Cleaning	
Contingency	
TOTAL CLUBHOUSE	

$5,000	
$5,000	
$10,000	
$5,000	
$6,350	
$3,500	
$45,000	
$7,300	
$11,000	
$6,731	
$41,485	
$5,000	
$57,604	
$5,200	
$30,540	
$26,176	
$232,000	
$9,000	
$7,000	
$9,200	
$45,000	
$32,500	
$2,400	
$500	
$50,000	
$30,000	
$66,670	
$700	
$6,500	
$8,000	
$4,000	
     $38,545 	
    $812,901 	

$2,083	
$2,083	
$4,167	
$2,083	
$2,646	
$1,458	
$18,750	
$3,042	
$4,583	
$2,805	
$40,560	
$2,083	
$24,002	
$2,167	
$12,725	
$10,907	
$96,667	
$3,750	
$2,917	
$3,833	
$18,750	
$13,542	
$1,000	
$208	
$20,833	
$12,500	
$27,779	
$292	
$2,708	
$3,333	
$1,667	
     $16,060 	
     $361,983 	

$0	
$1,895	
$0	
$1,833	
$4,105	
$0	
$14,938	
$4,432	
$0	
$6,731	
$40,560	
$660	
$24,000	
$0	
$9,800	
$14,879	
$89,418	
$0	
$6,290	
$3,610	
$8,550	
$23,216	
$0	
$489	
$10,102	
$15,072	
$25,590	
$261	
$0	
$1,404	
$0	
     $25,470 	
    $333,305 	

$2,083	
$188	
$4,167	
$250	
($1,459)	
$1,458	
$3,812	
($1,390)	
$4,583	
($3,926)	
$0	
$1,423	
$2	
$2,167	
$2,925	
($3,972)	
$7,248	
$3,750	
($3,373)	
$224	
$10,200	
($9,674)	
$1,000	
($280)	
$10,731	
($2,572)	
$2,189	
$31	
$2,708	
$1,929	
$1,667	
     ($9,410)	
     $28,678 	

TOTAL EXPENDITURES		$2,586,061 			$1,289,036 			$1,215,391 			$73,645 	
	
$0		
$1,191,230		
$1,300,990		
$109,760	

Net change in fund balance	
$0		
$1,191,230				
$109,760	
FUND BALANCE - Beginning	$0							
FUND BALANCE - Ending		$0 							

Palm Glades	
COMMUNITY DEVELOPMENT DISTRICT	
CAPITAL RESERVE FUND	
Statement of Revenues & Expenditures	
For the Period Ended February 28, 2023	

 			

ADOPTED	
	BUDGET		

 DESCRIPTION		 THRU 02/28/23 	 THRU 02/28/23 		VARIANCE	

REVENUES:

Capital Reserve Contribution	
Interest Income	

$275,000	
$250	

$275,000	
$250	

$275,000	
$4,963	

$0	
$4,713	

TOTAL REVENUES		$275,250 		$275,250 		$279,963 		$4,713  EXPENDITURES:

Capital Outlay	
Bank Charges	

 	
$0	
$350	

	
$0	
$146	

	
$360,229	
$70	

	
($360,229)	
$76	

TOTAL EXPENDITURES		$350 		($360,153)

	$146 			$360,299 	

Excess (deficiency) of revenues	
over (under) expenditures	

	$274,900 		$275,104 		($80,336)		($355,440)

FUND BALANCE - Beginning	$0	$351,036

FUND BALANCE - Ending		$274,900 		$270,700 

Palm Glades	
COMMUNITY DEVELOPMENT DISTRICT	
DEBT SERVICE FUND	
Series 2016 Special Assessment Refunding Bonds	
Statement of Revenues & Expenditures	
For the Period Ended February 28, 2023	

 			

ADOPTED	
BUDGET	

 DESCRIPTION		THRU 02/28/23	THRU 02/28/23	VARIANCE

REVENUES:	
Special Assessments	
Interest Income	

$899,599	
$0	

$861,104	
$0	

$861,104	
$15,556	

$0	
$15,556	

TOTAL REVENUES		$899,599 		$861,104 		$876,660 		$15,556  EXPENDITURES:

Interest Expense - 11/1	
Principal Expense - 5/1	
Interest Expense - 5/1	

 	
$176,094	
$530,000	
$173,094	

	
$176,094	
$0	
$0	

	
$176,094	
$0	
$0	

	
$0	
$0	
$0	

TOTAL EXPENDITURES		$879,188 		$0 

	$176,094 			$176,094 	

Excess (deficiency) of revenues	
over (under) expenditures	

	$20,411 		$685,010 		$700,566 		$15,556 

FUND BALANCE - Beginning	$0	$962,720

FUND BALANCE - Ending		$20,411 		$1,663,286 

Palm Glades	
COMMUNITY DEVELOPMENT DISTRICT	
DEBT SERVICE FUND	
Series 2017 Special Assessment Refunding Bonds	
Statement of Revenues & Expenditures	
For the Period Ended February 28, 2023	

ADOPTED	
	BUDGET		

	$199,750 			$199,750 	

Excess (deficiency) of revenues	
over (under) expenditures	

REVENUES:	
Special Assessments	
Interest Income	

 	
$727,253	
$0	

	
$699,005	
$0	

	
$699,005	
$6,625	

	
$0	
$6,625	

TOTAL REVENUES		$727,253 		$699,005 		$705,630 		$6,625  EXPENDITURES:

Interest Expense - 11/1	
Interest Expense - 5/1	
Principal Expense - 5/1	

 	
$199,750	
$199,750	
$330,000	

	
$199,750	
$0	
$0	

	
$199,750	
$0	
$0	

	
$0	
$0	
$0	

TOTAL EXPENDITURES		$729,500 							$0 	
	
($2,247)		
$499,255		
$505,880		
$6,625	

FUND BALANCE - Beginning	
$2,247				
$380,041			
FUND BALANCE - Ending		$0					$885,922 			

Palm Glades	
COMMUNITY DEVELOPMENT DISTRICT	
DEBT SERVICE FUND	
Series 2018A1/A2 Special Assessment Bonds	
Statement of Revenues & Expenditures	
For the Period Ended February 28, 2023	

ADOPTED	
	BUDGET		

	$452,742 			$452,742 	

Excess (deficiency) of revenues	
over (under) expenditures	

REVENUES:	
Special Assessments - On Roll	
Interest Income	

 	
$682,112	
$0	

	
$654,355	
$0	

	
$654,355	
$10,263	

	
$0	
$10,263	

TOTAL REVENUES		$682,112 		$654,355 		$664,617 		$10,263  EXPENDITURES:

Series 2018A1	
Interest Expense - 11/1	
Principal Expense - 11/1	
Interest Expense - 5/1	

 	
$177,095	
$195,000	
$174,170	

	
$177,095	
$195,000	
$0	

	
$177,095	
$195,000	
$0	

	
$0	
$0	
$0	

Series 2018A2	
Interest Expense - 11/1	
Principal Expense - 11/1	
Interest Expense - 5/1	

$45,647	
$35,000	
$44,991	

$45,647	
$35,000	
$0	

$45,647	
$35,000	
$0	

$0	
$0	
$0	

TOTAL EXPENDITURES		$671,903 							$0 	
	
$10,210		
$201,613		
$211,875		
$10,263	

FUND BALANCE - Beginning	
$0				
$836,411			
FUND BALANCE - Ending		$10,210 					$1,048,286 			

Palm Glades	
COMMUNITY DEVELOPMENT DISTRICT	
DEBT SERVICE FUND	
Series 2020 Special Assessment Bonds	
Statement of Revenues & Expenditures	
For the Period Ended February 28, 2023	

ADOPTED	
	BUDGET		

	$16,188 			$16,188 	

REVENUES:	
Special Assessments	
Interest Income	

 	
$51,000	
$0	

	
$49,019	
$0	

	
$49,019	
$747	

	
$0	
$747	

TOTAL REVENUES		$51,000 		$49,019 		$49,766 		$747  EXPENDITURES:

Series 2020	
Interest Expense - 11/1	
Principal Expense - 5/1	
Interest Expense - 5/1	

 	
$16,188	
$15,000	
$16,188	

	
$16,188	
$0	
$0	

	
$16,188	
$0	
$0	

	
$0	
$0	
$0	

TOTAL EXPENDITURES		$47,375 							$0 	
Net change in fund balance	$3,625		$32,832		$33,579		$747	

FUND BALANCE - Beginning	
$0				
$48,512			
FUND BALANCE - Ending		$3,625 					$82,091 			

Palm Glades	
COMMUNITY DEVELOPMENT DISTRICT	
DEBT SERVICE FUND	
Series 2021 Special Assessment Bonds	
Statement of Revenues & Expenditures	
For the Period Ended February 28, 2023	

ADOPTED	
	BUDGET		

	$21,233 			$21,233 	

Excess (deficiency) of revenues	
over (under) expenditures	

REVENUES:	
Special Assessments	
Interest Income	

 	
$30,769	
$0	

	
$29,574	
$0	

	
$29,574	
$391	

	
$0	
$391	

TOTAL REVENUES		$30,769 		$29,574 		$29,964 		$391  EXPENDITURES:

Series 2021	
Interest Expense - 12/15	
Principal Expense - 12/15	
Interest Expense - 6/1	

 	
$9,232	
$12,000	
$9,100	

	
$9,233	
$12,000	
$0	

	
$9,233	
$12,000	
$0	

	
$0	
$0	
$0	

TOTAL EXPENDITURES		$30,333 							$0 	
	
	$437 		
	$8,341 		
	$8,732 		
	$391 	

Net change in fund balance	
$437		
$8,341		
$8,732		
$391	

FUND BALANCE - Beginning	
$0				
$26,354			
FUND BALANCE - Ending		$437 					$35,086 			

Palm Glades	
COMMUNITY DEVELOPMENT DISTRICT	
CAPITAL PROJECTS FUND	
Series 2018A1/A2 Special Assessment Bonds	
Statement of Revenues & Expenditures	
For the Period Ended February 28, 2023	

ADOPTED	
	BUDGET		

REVENUES:	
Interest Income	

$0	$0	$35	$35

TOTAL REVENUES		$0 		$0 		$35 		$35  EXPENDITURES:

	$0 			$0 	

Capital Outlay	$0	$0	$0	$0

TOTAL EXPENDITURES		$0 		$0 

Excess (deficiency) of revenues	
over (under) expenditures	

$0	$0	$35	$35

FUND BALANCE - Beginning	$0	$2,520

FUND BALANCE - Ending		$0 		$2,555 

Palm Glades	
COMMUNITY DEVELOPMENT DISTRICT	
CAPITAL PROJECTS FUND	
Series 2021 Special Assessment Bonds	
Statement of Revenues & Expenditures	
For the Period Ended February 28, 2023	

ADOPTED	
	BUDGET		

REVENUES:	
Interest Income	

$0	$0	$0	$0

TOTAL REVENUES		$0 		$0 		$0 		$0  EXPENDITURES:

Capital Outlay	
Cost of Issuance	

 	
$0	
$0	

	
$0	
$0	

	
$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	$2

FUND BALANCE - Ending		$0 		$2 

Palm Glades	
Community Development District	

Check Register Summary	
2/01/2023 - 2/28/2023	

Check Date	Check #'s	Total Amount	
General Fund 			
2/3/2023	3709-3719	$39,230.78	
2/10/2023	3720-3729	$61,704.59	
2/16/2023	3730-3735	$17,331.90	

Total	$118,267.27

Capital Projects 			
2/3/2023	10-12	$68,037.52	
2/10/2023	13	$21,250.00	
2/16/2023	14-15	$19,588.28	

Total	$108,875.80