Preston Cove Community Development District

Meeting Agenda April 24, 2025

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Preston Cove
Community Development District

April 17, 2025

219 East Livingston Street, Orlando, Florida 32801 Phone: 407-841-5524 – Fax: 407-839-1526

Board of Supervisors Preston Cove Community Development District
Dear Board Members:
The regular meeting of the Board of Supervisors of Preston Cove Community Development District will be held Thursday, April 24, 2025 at 9:00 AM at 8 Broadway, Suite 104, Kissimmee, Florida 34741. Following is the advance agenda for the meeting:

Roll Call
Public Comment Period
Organizational Matters
Appointment of Individual to Fulfill Board Vacancy in Seat #3 with a Term Ending November 2027
Administration of Oath of Office to Newly Appointed Board Member
Consideration of Resolution 2025-04 Electing Assistant Secretary
Approval of Minutes of the February 27, 2025 Board of Supervisors Meeting
Consideration of Resolution 2025-06 Approving the Proposed Fiscal Year 2026 Budget and Setting a Public Hearing
Consideration of Amenity Maintenance Agreements
Clean Star Services of Central Florida, Inc.
Five Star Pro Services LLC
Resort Pool Services
Review and Acceptance of Fiscal Year 2024 Audit Report – ADDED
Staff Reports
Attorney
Engineer
District Manager’s Report
Check Register
Balance Sheet and Income Statement
Field Manager’s Report
Other Business
Supervisors Requests
Adjournment

The balance of the agenda will be discussed at the meeting. In the meantime, if you should have any questions, please do not hesitate to contact me.
Sincerely,
Jeremy LeBrun
Jeremy LeBrun District Manager

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RESOLUTION 2025-04
A RESOLUTION OF THE PRESTON COVE COMMUNITY DEVELOPMENT DISTRICT ELECTING AN ASSISTANT SECRETARY OF THE BOARD OF SUPERVISORS

WHEREAS, the Board of Supervisors of the Preston Cove Community District desires to elect 	as an Assistant Secretary.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE PRESTON COVE COMMUNITY DEVELOPMENT DISTRICT:
1.		is elected Assistant Secretary of the Board of Supervisors.

Passed and adopted this 24th day of April, 2025.

Secretary/Assistant Secretary	Chairman/Vice Chairman

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MINUTES OF MEETING PRESTON COVE
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Preston Cove Community Development District was held Thursday, February 27, 2025, at 9:06 a.m. at 8 Broadway, Suite 104, Kissimmee, Florida.

Present and constituting a quorum:

Shaman Foradi	Chairperson
Maria Rust	Assistant Secretary
Maria “MJ” Sanchez	Assistant Secretary Also present were:
Jeremy LeBrun	District Manager, GMS
Jay Lazarovich	District Counsel, Latham Luna
Jarett Wright	Field Manager, GMS

FIRST ORDER OF BUSINESS	Roll Call
Mr. LeBrun called the meeting to order at 9:06 a.m. Three Supervisors were present constituting a quorum. Mr. LeBrun stated that Ms. Maria “MJ” Sanchez had been sworn in before the meeting.

SECOND ORDER OF BUSINESS	Public Comment Period
There were no members of the public present, just Board and staff.

THIRD ORDER OF BUSINESS	Organizational Matters
A. Acceptance of Resignation of Jeff Garno in Seat #3
Mr. LeBrun presented the resignation of Mr. Jeff Garno from Seat #3. Mr. Garner had sent an email to their office announcing his resignation. Mr. LeBrun stated that the Board just needed to accept his resignation.

On MOTION by Mr. Foradi, seconded by Ms. Rust, with all in favor, Accepting the Resignation of Jeff Garno from Seat #3, was approved 3-0.

B. Appointment of Individual to Fulfill Board Vacancy with a Term Ending November 2027
Mr. LeBrun stated that the Board could appoint someone to Seat #3 or defer to a later meeting. Board consensus was to defer filling the vacancy to the next meeting.

C. Administration of Oath of Office to Newly Appointed Board Member
Mr. LeBrun noted this would be deferred until the next meeting.

D. Consideration of Resolution 2025-04 Electing Assistant Secretary
Mr. LeBrun noted this would be deferred until the next meeting.

FOURTH ORDER OF BUSINESS	Approval of Minutes of the November 24,
2024, Board of Supervisors Meeting
Mr. LeBrun presented the minutes from the November 24, 2024, Board of Supervisors meeting and asked for any comments, corrections, or changes. The Board had no changes to the minutes.

On MOTION by Mr. Foradi, seconded by Ms. Rust, with all in favor, the Minutes from the November 24, 2024 Board of Supervisors Meeting, were approved 3-0.

FIFTH ORDER OF BUSINESS	Public Hearing
Mr. LeBrun stated that the public hearing was for the rules and rates and amenity facility policies and rates. Mr. LeBrun said that it was advertised per the statutes for public hearings. Mr. LeBrun asked for a motion to open the public hearing.

On MOTION by Ms. Rust, seconded by Mr. Foradi, with all in favor, Opening the Public Hearing, was approved 3-0.

Mr. LeBrun stated it was a public hearing to review amenity policies and rates. Whenever the Board created or changed the policies or rates there is a requirement to have a public hearing. Mr. LeBrun noted that these policies were sent to the Board and detailed the amenity rules and rates. Mr. LeBrun added that similar communities adopted them. He stated that counsel and GMS staff reviewed everything, added language, and updated things that would apply to their community. Mr. LeBrun stated that was the updated version they were looking at. He noted that the Board could make changes, but that they had to advertise on their public hearing in case something needed to be added or changed.

A. Consideration of Resolution 2025-03 Adopting Amenity Facility Policies and Rates for the District
Mr. Lazarovich stated that he had nothing specific unless someone had questions. He added that they had standard precautions and indemnification for the District insurance requirements. He noted that they had detailed plans for the CDD, and if anyone had any issues they could revise those at that time. Mr. LeBrun requested a motion to adopt Resolution 2025-03, Adopting Amenity Facility Policies and Rates for the District.

On MOTION by Mr. Foradi, seconded by Ms. Rust, with all in favor, Resolution 2025-03 Adopting Amenity Facility Policies and Rates for the District, was approved 3-0.

Mr. LeBrun asked to get a motion to close the public hearing.

On MOTION by Mr. Foradi, seconded by Ms. Rust, with all in favor, Closing the Public Hearing, was approved 3-0.

SIXTH ORDER OF BUSINESS	Consideration	of	Resolution	2025-05
Opening a State Board of Administration Investment Account – ADDED
Mr. LeBrun noted that this item was added to the agenda. He stated that being partially through the fiscal year, some funds within the District would be in excess of what would be needed. Mr. LeBrun proposed moving unneeded funds to the State Board of Administration Account. He added that at that moment, the funds were in a low interest earning checking account. They would now be moved to the above-listed account designed for public entities, cities, CDDs, and

government entities that produces a higher interest rate of up to 4%, and there can be transfers back and forth. He noted it was a good way to generate interest.

On MOTION by Mr. Foradi, seconded by Ms. Rust, with all in favor, Resolution 2025-05 Opening a Stated Board of Administration Investment Account, was approved.

SEVENTH ORDER OF BUSINESS	Consideration	of	Security	Services
Agreement with Envera Systems
Mr. Lazarovich stated that this was a Security Services Agreement. He noted this was for complete security around the amenity center. He added that there was a term of 36 months with automatic one-year renewals. He noted that their agreement would control any conflict in the proposal. He asked the Board to approve the agreement as their standard insurance language indemnification, public records, and all other requirements they would require from the contractor. He added they would look for an affidavit of anti-human trafficking, which was a new requirement under Florida Law. Another item in the proposal was that they were requiring indemnification of the CDD, something they typically strike through, but they would propose that to them. He noted that the pricing included sales tax.
Mr. Lazarovich noted that within the agreement's text, the contractor agreed that the CDD should not pay the sales tax. Mr. Lazarovich said if there weren’t any questions, they were looking for a motion to approve the agreement.

On MOTION by Ms. Rust, seconded by Mr. Foradi, with all in favor, the Security Services Agreement with Envera Systems, was approved 3-0.

EIGHTH ORDER OF BUSINESS	Ratification of Data Sharing and Usage
Agreement with Osceola County Property Appraiser
Mr. LeBrun noted that this agreement directs the CDD not to release any confidential information that might come to them and they have agreed to follow security protocols. He indicated they were looking for a motion to ratify the agreement.

On MOTION by Mr. Foradi, seconded by Ms. Rust, with all in favor, the Data Sharing and Usage Agreement with Osceola County Property Appraiser, was ratified 3-0.

NINTH ORDER OF BUSINESS	Staff Reports
A. Attorney
Mr. Lazarovich stated that he had no updates for the Board this month.

B. Engineer
The District engineer was not in attendance.

C. District Manager’s Report
Check Register
Mr. LeBrun presented the check register for January 2025, from the General Fund checks 134-137 which totaled $352,881.30. There being no questions, Mr. LeBrun asked for a motion to approve the check register.

On MOTION by Mr. Foradi, seconded by Ms. Rust, with all in favor, the Check Register for January 2025, was approved 3-0.

Balance Sheet and Income Statement
Mr. LeBrun presented the unaudited financials through January 31, 2025. The Board required no action.

D. Field Manager’s Report
Mr. Wright stated they were getting ready for fertilization treatments to begin in March. He noted they needed to reawaken the ground. Planting will begin in March. He added they were getting necessary maintenance contracts for the amenity center. He stated the landscaping and aquatics contracts were already covered. Mr. Wright noted that they were working with the pool vendor on the pool installation and had pricing from the pool vendor and janitorial services. He noted that the playgrounds are in good shape and ready to go pending permit inspections. He noted that they were getting their contracts in place and would need to get occupancy and pass the pool inspection.

TENTH ORDER OF BUSINESS	Other Business
There being no comments, the next item followed.

ELEVENTH ORDER OF BUSINESS	Supervisors Requests
There being no comments, the next item followed.

TWELFTH ORDER OF BUSINESS	Adjournment
Mr. LeBrun adjourned the meeting.

On MOTION by Mr. Foradi, seconded by Ms. Rust, with all in favor, the meeting was adjourned.

Secretary/Assistant Secretary	Chairman/Vice Chairman

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RESOLUTION 2025-06

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE PRESTON COVE COMMUNITY DEVELOPMENT DISTRICT APPROVING PROPOSED BUDGET(S) FOR FISCAL YEAR 2025/2026 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW; ADDRESSING TRANSMITTAL, POSTING AND PUBLICATION REQUIREMENTS; ADDRESSING SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the District Manager has heretofore prepared and submitted to the Board of Supervisors (“Board”) of the Preston Cove Community Development District (“District”) prior to June 15, 2025, proposed budget(s) (“Proposed Budget”) for the fiscal year beginning October 1, 2025, and ending September 30, 2026 (“Fiscal Year 2025/2026”); and

WHEREAS, the Board has considered the Proposed Budget and desires to set the required public hearing thereon.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE PRESTON COVE COMMUNITY DEVELOPMENT DISTRICT:
PROPOSED BUDGET APPROVED. The Proposed Budget prepared by the District Manager for Fiscal Year 2025/2026 attached hereto as Exhibit A is hereby approved as the basis for conducting a public hearing to adopt said Proposed Budget.
SETTING A PUBLIC HEARING. A public hearing on said approved Proposed Budget is hereby declared and set for the following date, hour and location:

DATE:	July 24, 2025
HOUR:	9:00 a.m.
LOCATION:	Offices of Hanson, Walter & Associates, Inc.
8 Broadway, Suite 104
Kissimmee, FL 34741
TRANSMITTAL  OF  PROPOSED  BUDGET  TO  LOCAL  GENERAL
PURPOSE GOVERNMENT(S). The District Manager is hereby directed to submit a copy of the Proposed Budget to the local general-purpose governments at least 60 days prior to the hearing set above.
POSTING OF PROPOSED BUDGET. In accordance with Section 189.016, Florida Statutes, the District’s Secretary is further directed to post the approved Proposed Budget on the District’s website at least two days before the budget hearing date as set forth in Section 2 and shall remain on the website for at least 45 days.

PUBLICATION OF NOTICE. Notice of this public hearing shall be published in the manner prescribed in Florida law.

SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof.

EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED THIS 24th DAY OF APRIL, 2025.

ATTEST:	PRESTON COVE COMMUNITY DEVELOPMENT DISTRICT

Secretary / Assistant Secretary	Chair/Vice Chair, Board of Supervisors

Exhibit A:	FY 2025/2026 Proposed Budget

Exhibit A
FY 2025/2026 Proposed Budget

[See attached]

Preston Cove
Community Development District

Proposed Budget
FY2026

6MS

Table of Contents

1-2

3-7

8

General Fund

General Fund Narrative

Debt Service Fund - Series 2022

9-10	Amortization Schedule - Series 2022

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description	FY2025	3/31/25	6 Months	9/30/25	FY2026	

Revenues						
Assessments-On Roll	$	388,556	$	391,430	$	-	$	391,430	$	388,556	
Assessments-Direct	$	52,741	$	39,555	$	13,186	$	52,741	$	53,495	
Developer Contributions	$	244,692	$	-	$	-	$	-	$	243,938	
Total Revenues	$	685,989	$	430,985	$	13,186	$	444,171	$	685,989	

Expenditures						
General & Administrative
Supervisor Fees	
$	12,000	
$	-	
$	6,000	
$	6,000	
$	12,000	
FICA Expense	$	918	$	-	$	459	$	459	$	918	
Engineering Fees	$	15,000	$	-	$	2,355	$	2,355	$	15,000	
Attorney Fees	$	25,000	$	6,201	$	6,500	$	12,701	$	25,000	
Annual Audit	$	4,100	$	-	$	4,100	$	4,100	$	4,100	
Assessment Administration	$	5,565	$	5,565	$	-	$	5,565	$	5,732	
Arbitrage	$	450	$	450	$	-	$	450	$	450	
Dissemination Fees	$	5,250	$	2,625	$	2,628	$	5,253	$	5,408	
Trustee Fees	$	4,500	$	4,041	$	-	$	4,041	$	4,500	
Management Fees	$	40,000	$	20,000	$	20,000	$	40,000	$	41,200	
Information Technology	$	1,890	$	945	$	948	$	1,893	$	1,947	
Website Maintenance	$	1,260	$	630	$	630	$	1,260	$	1,298	
Telephone	$	300	$	-	$	50	$	50	$	300	
Postage & Delivery	$	800	$	128	$	128	$	256	$	800	
Insurance	$	6,149	$	5,814	$	-	$	5,814	$	6,456	
Printing & Binding	$	700	$	-	$	50	$	50	$	700	
Legal Advertising	$	8,000	$	959	$	1,500	$	2,459	$	8,000	
Other Current Charges	$	2,200	$	429	$	288	$	717	$	2,200	
Office Supplies	$	500	$	-	$	50	$	50	$	500	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total General & Administrative	$	134,757	$	47,962	$	45,686	$	93,648	$	136,683	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description	FY2025	3/31/25	6 Months	9/30/25	FY2026	

Operations & Maintenance						
Field Expenditures						
Field Management	$	15,750	$	7,875	$	7,875	$	15,750	$	16,223	
Landscape Maintenance	$	150,000	$	72,341	$	66,000	$	138,341	$	140,000	
Landscape Contingency	$	5,000	$	2,915	$	3,000	$	5,915	$	16,590	
Lake Maintenance	$	15,062	$	5,950	$	5,700	$	11,650	$	13,000	
Streetlights	$	103,400	$	734	$	1,200	$	1,934	$	93,900	
Electric	$	5,000	$	-	$	2,500	$	2,500	$	5,000	
Water & Sewer	$	2,400	$	1,106	$	1,500	$	2,606	$	3,000	
Sidewalk & Asphault Maintenance	$	-	$	-	$	-	$	-	$	-	
Irrigation Repairs	$	3,000	$	4,213	$	1,000	$	5,213	$	6,000	
Irrigation - Usage	$	30,000	$	13,961	$	13,961	$	27,922	$	30,000	
General Repairs & Maintenance	$	20,000	$	-	$	10,000	$	10,000	$	20,000	
Contingency	$	10,000	$	-	$	5,000	$	5,000	$	6,473	
Subtotal Field Expenditures	$	359,612	$	109,095	$	117,736	$	226,831	$	350,186	

Amenity Expenditures						
Staffing	$	75,000	$	-	$	-	$	-	$	75,000	
Property Insurance	$	20,000	$	-	$	-	$	-	$	20,000	
Amenity - Electric	$	15,000	$	-	$	-	$	-	$	15,000	
Amenity - Water	$	6,000	$	-	$	-	$	-	$	6,000	
Dues, License, Permits	$	500	$	-	$	-	$	-	$	500	
Internet	$	2,400	$	-	$	-	$	-	$	2,400	
Pest Control	$	720	$	-	$	-	$	-	$	720	
Janitorial Services	$	12,000	$	-	$	-	$	-	$	12,000	
Security Services	$	5,000	$	-	$	-	$	-	$	5,000	
Pool Mainteance	$	15,000	$	-	$	-	$	-	$	15,000	
Amenity Repairs & Maintenance	$	15,000	$	-	$	-	$	-	$	15,000	
Special Events	$	7,500	$	-	$	-	$	-	$	7,500	
Holiday Decorations	$	2,500	$	-	$	-	$	-	$	10,000	
Contingency	$	15,000	$	-	$	-	$	-	$	15,000	
Subtotal Amenity Expenditures	$	191,620	$	-	$	-	$	-	$	199,120	

Total Operations & Maintenance	$	551,232	$	109,095	$	117,736	$	226,831	$	549,306	
						
Total Expenditures	$	685,989	$	157,057	$	163,422	$	320,479	$	685,989	
						
Excess Revenues/(Expenditures)	$	-	$	273,928	$	(150,236)	$	123,692	$	-	

	Net Assessments	$	685,989	
	Add: Discounts & Collections 6%	$	43,787	
	Gross Assessments	$	729,775	

Product	
Assessable Units	

ERU	

Total ERU's	

Net Assessment	

Net Per Unit (6%)	

Gross Per Unit	
	Townhouse	218	0.75	163.50	$	203,293	$	932.54	$	992.06	
	Single Family	149	1.00	149.00	$	185,263	$	1,243.38	$	1,322.74	
	Unplatted	236	0.18	43.02	$	53,495	$	226.67	$	241.14	
Total		603		355.52	$	442,051			

Revenues:

Assessments

The District will levy a non-ad valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the fiscal year.

Developer Contributions

The District will enter into a Deficit Funding Agreement with the Developer to fund any General Fund expenditures remaining once all assessment funds have been utilized.

Expenditures:

General & Administrative:

Supervisor Fees

Chapter 190, Florida Statutes, allows for each Board member to receive $200 per meeting, not to exceed $4,800 per year paid to each Supervisor for the time devoted to District business and meetings.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from the Board of Supervisor checks.

Engineering Fees

The District's engineer provides general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices and various projects as directed by the Board of Supervisors and the District Manager.

Attorney Fees

The District's legal counsel provides general legal services to the District, e.g. attendance and preparation for meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Assessment Administration

The District will contract to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on Series 2022 bond issuance.

Dissemination Fees

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5) which relates to additional reporting requirements for unrated bond issues. This cost is based on the Series 2022 bond issuance.

Trustee Fees

The District will incur trustee related costs with the issuance of its’ issued bonds.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-Central Florida, LLC. The services include but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reports, annual audits, etc.

Information Technology

Represents costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc.

Website Maintenance

Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc.

Telephone

Telephone and fax machine.

Postage & Delivery

The District incurs charges for mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability and public official’s liability insurance coverages.

Printing & Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes, etc.

Legal Advertising

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

Other Current Charges

Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies

Any supplies that may need to be purchased during the fiscal year, e.g., paper, minute books, file folders, labels, paper clips, etc.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Economic Opportunity for $175.

Operations & Maintenance:

Field Expenses

Field Management

Represents the estimated costs of contracting services that provide onsite field management of contracts for the District such as landscape and lake maintenance. Services can include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Landscape Maintenance

Represents the estimated maintenance of the landscaping within the common areas of the District after the installation of landscape material has been completed.

Landscape Contingency

Represents the estimated cost of replacing landscaping within the common areas of the District.

Lake Maintenance

Represents the estimated maintenance of the lake within the common areas of the District.

Streetlights

Represents the cost to maintain street lights within the District Boundaries that are expected to be in place throughout the fiscal year.

Electric

Represents current and estimated electric charges of common areas throughout the District.

Water & Sewer

Represents current and estimated costs for water and refuse services provided for common areas throughout the District.

Irrigation Repairs

Represents the cost of maintaining and repairing the irrigation system. This includes the sprinklers, and irrigation wells.

Irrigation - Usage

Represents the estimated costs for water irrigation system. This includes the sprinklers, and irrigation wells.

General Repairs & Maintenance

Represents estimated costs for general repairs and maintenance of the District’s common areas.

Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any field category.
Amenity Expenses

Staffing

Represents compensation for the Amenity Center staff which provides funds for employee benefits.

Property Insurance

The District’s property and casualty insurance coverages.

Amenity - Electric

Represents estimated electric charges for the District’s amenity facilities.

Amenity – Water

Represents estimated water charges for the District’s amenity facilities.

Dues, License, Permits

Any cost incurred for Permits and Licenses.

Internet

Internet service will be added for use at the Amenity Center.

Pest Control

The District will incur costs for pest control treatments to its amenity facilities. Janitorial Services
Represents costs to provide janitorial services and supplies for the District’s amenity facilities. Security Services
Represents the cost of contracting a monthly security service for the District’s amenity facilities.
Pool Maintenance

Represents the costs of regular cleaning and treatments of the District’s pool.

Amenity Repairs & Maintenance

Represents estimated costs for repairs and maintenance of the District’s amenity facilities.

Special Events

The Facilities Manager will coordinate and provide various activities throughout the year. The amount represents the cost of supplies, notice of events, etc.

Holiday Decorations

The District will incur costs to related to the decoration of common areas during the Holidays.

Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any amenity category.

Proposed Budget
Debt Service Fund Series 2022

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description	FY2025	3/31/25	6 Months	9/30/25	FY2026	

Revenues						
Assessments - On Roll	$	381,859	$	377,499	$	2,570	$	380,069	$	670,238	
Assessments - Direct	$	288,379	$	202,085	$	86,294	$	288,379	$	-	
Interest	$	-	$	18,290	$	9,145	$	27,435	$	-	
Carry Forward Surplus (1)	$	241,260	$	252,416	$	-	$	252,416	$	261,439	
Total Revenues	$	911,498	$	850,290	$	98,009	$	948,299	$	931,676	

Expenditures						
Interest - 11/1	$	221,556	$	221,556	$	-	$	221,556	$	217,819	
Principal - 5/1	$	230,000		$	230,000	$	230,000	$	235,000	
Interest - 5/1	$	221,556		$	221,556	$	221,556	$	217,819	
Total Expenditures	$	673,113	$	221,556	$	451,556	$	673,112	$	670,638	
Other Sources/(Uses)						
Transfer In/(Out)	$	-	$	(13,748)	$	-	$	(13,748)	$	-	
Total Other Sources/(Uses)	$	-	$	(13,748)	$	-	$	(13,748)	$	-	
						
Excess Revenues/(Expenditures)	$	238,386	$	614,986	$	(353,547)	$	261,439	$	261,039	

(1) Carryforward Surplus is net of Debt Service Reserve Funds

Interest - 11/1  $

214,000

Product	
Assessable Units	Maximum Annual Debt Service	
Net Per Unit	
Gross Per Unit	
Townhouse	218	$	199,788	$	916.46	$	974.96	
Single Family - 50'	334	$	408,130	$	1,221.95	$	1,299.94	
Single Family - 70'	51	$	62,319	$	1,221.95	$	1,299.94	
Total	603	$	670,238			

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL

11/01/23	$	11,395,000.00	$	-	$	225,131.25	$	668,756.25	
05/01/24	$	11,395,000.00	$	220,000.00	$	225,131.25	$	-	
11/01/24	$	11,175,000.00	$	-	$	221,556.25	$	666,687.50	
05/01/25	$	11,175,000.00	$	230,000.00	$	221,556.25	$	-	
11/01/25	$	10,465,000.00	$	-	$	217,818.75	$	669,375.00	
05/01/26	$	10,465,000.00	$	235,000.00	$	217,818.75	$	-	
11/01/26	$	10,465,000.00	$	-	$	214,000.00	$	666,818.75	
05/01/27	$	10,465,000.00	$	245,000.00	$	214,000.00	$	-	
11/01/27	$	10,465,000.00	$	-	$	210,018.75	$	669,018.75	
05/01/28	$	10,465,000.00	$	250,000.00	$	210,018.75	$	-	
11/01/28	$	10,215,000.00	$	-	$	205,518.75	$	665,537.50	
05/01/29	$	10,215,000.00	$	260,000.00	$	205,518.75	$	-	
11/01/29	$	9,955,000.00	$	-	$	200,838.75	$	666,357.50	
05/01/30	$	9,955,000.00	$	270,000.00	$	200,838.75	$	-	
11/01/30	$	9,115,000.00	$	-	$	195,978.75	$	666,817.50	
05/01/31	$	9,115,000.00	$	280,000.00	$	195,978.75	$	-	
11/01/31	$	9,115,000.00	$	-	$	190,938.75	$	666,917.50	
05/01/32	$	9,115,000.00	$	290,000.00	$	190,938.75	$	-	
11/01/32	$	9,115,000.00	$	-	$	185,718.75	$	666,657.50	
05/01/33	$	9,115,000.00	$	300,000.00	$	185,718.75	$	-	
11/01/33	$	8,815,000.00	$	-	$	179,718.75	$	665,437.50	
05/01/34	$	8,815,000.00	$	315,000.00	$	179,718.75	$	-	
11/01/34	$	8,500,000.00	$	-	$	173,418.75	$	668,137.50	
05/01/35	$	8,500,000.00	$	330,000.00	$	173,418.75	$	-	
11/01/35	$	8,170,000.00	$	-	$	166,818.75	$	670,237.50	
05/01/36	$	8,170,000.00	$	340,000.00	$	166,818.75	$	-	
11/01/36	$	7,830,000.00	$	-	$	160,018.75	$	666,837.50	
05/01/37	$	7,830,000.00	$	355,000.00	$	160,018.75	$	-	
11/01/37	$	7,475,000.00	$	-	$	152,918.75	$	667,937.50	
05/01/38	$	7,475,000.00	$	370,000.00	$	152,918.75	$	-	
11/01/38	$	7,105,000.00	$	-	$	145,518.75	$	668,437.50	
05/01/39	$	7,105,000.00	$	385,000.00	$	145,518.75	$	-	
11/01/39	$	6,720,000.00	$	-	$	137,818.75	$	668,337.50	
05/01/40	$	6,720,000.00	$	400,000.00	$	137,818.75	$	-	

DATE		BALANCE	PRINCIPAL	INTEREST	TOTAL	

11/01/40	
$	
5,470,000.00	
$	-	
$	129,818.75	
$	667,637.50	
05/01/41	$	5,470,000.00	$	415,000.00	$	129,818.75	$	-	
11/01/41	$	5,470,000.00	$	-	$	121,518.75	$	666,337.50	
05/01/42	$	5,470,000.00	$	435,000.00	$	121,518.75	$	-	
11/01/42	$	5,470,000.00	$	-	$	112,818.75	$	669,337.50	
05/01/43	$	5,470,000.00	$	450,000.00	$	112,818.75	$	-	
11/01/43	$	5,020,000.00	$	-	$	103,537.50	$	666,356.25	
05/01/44	$	5,020,000.00	$	470,000.00	$	103,537.50	$	-	
11/01/44	$	4,550,000.00	$	-	$	93,843.75	$	667,381.25	
05/01/45	$	4,550,000.00	$	490,000.00	$	93,843.75	$	-	
11/01/45	$	4,060,000.00	$	-	$	83,737.50	$	667,581.25	
05/01/46	$	4,060,000.00	$	510,000.00	$	83,737.50	$	-	
11/01/46	$	3,550,000.00	$	-	$	73,218.75	$	666,956.25	
05/01/47	$	3,550,000.00	$	530,000.00	$	73,218.75	$	-	
11/01/47	$	3,020,000.00	$	-	$	62,287.50	$	665,506.25	
05/01/48	$	3,020,000.00	$	555,000.00	$	62,287.50	$	-	
11/01/48	$	2,465,000.00	$	-	$	50,840.63	$	668,128.13	
05/01/49	$	2,465,000.00	$	580,000.00	$	50,840.63	$	-	
11/01/49	$	1,885,000.00	$	-	$	38,878.13	$	669,718.75	
05/01/50	$	1,885,000.00	$	600,000.00	$	38,878.13	$	-	
11/01/50	$	1,285,000.00	$	-	$	26,503.13	$	665,381.25	
05/01/51	$	1,285,000.00	$	630,000.00	$	26,503.13	$	-	
11/01/51	$	655,000.00	$	-	$	13,509.38	$	670,012.50	
05/01/52	$	655,000.00	$	655,000.00	$	13,509.38	$	668,509.38	
			$	11,395,000.00	$	8,188,525.00	$	20,027,150.00	

!!"#$%& 6

!!"#$%& "

April 18, 2025

Preston Cove CDD GMS Central Florida Jarett Wright
Assistant Field Manager St. Cloud Florida

Thank you for giving CSS Clean Star Services of Central Florida, Inc. the opportunity to present a proposal for the cleaning services. CSS has completed a thorough inspection of the facilities, and after careful consideration of your cleaning service requirements we are pleased to submit our recommendations and pricing.

CSS is a locally owned full Service Janitorial Maintenance Company. We are in our 28th year of operation and we are servicing many accounts throughout Central Florida every day. We specialize in “Class A” cleaning for commercial office buildings, hotels, club houses, stores, restaurants, medical facilities, warehouse spaces, construction sites, and much more.

We use the finest chemicals, and high technology equipment to service janitorial accounts. Our staff is well trained and experienced in their particular line of work. We have at our disposal floor techs 24/7 to accomplish quality services for our customers as needed. We also have our own technician that maintains and repair all our equipment to assure that work is done when required to be done.

Our company’s purpose is to create a clean and healthy environment for the people that work in or visit our buildings. Our policy of scheduled quality control inspections by our supervisory staff, combined with immediate response to our customer’s needs, provides our clients worry-free service.

OUR MISSION

At CSS, we are committed to exceed our customer’s expectations delivering a consistent high-quality service, striving to improve our procedures thru continued feedback with our customers and well-trained staff.

We are convinced that excellence and professionalism is what our customers want from the janitorial vendors, and at CSS we attempt to provide this level of service. By doing so, we will obtain and maintain a high recognition in the Janitorial Industry.

GOAL

100 % Satisfaction

We have attempted to make this proposal as complete as possible; however, if you have any comments or questions, please do not hesitate to contact us.

Thank you again and we look forward to continue developing a relationship with your company.

Sincerely yours,

Tracy Chacon	Sandro Di Lollo
President CSS	Vice-President CSS
tchacon@starcss.com	sdilollo@starcss.com
407-456-9174	407-668-1338

SPECIFICATIONS

GREAT ROOM AND KITCHEN AREA

Clean all entrance glass doors on both sides and spot clean any interior glass panels.
Damp wipe all high and low shelves surfaces and corners. Dust all picture frames.
All fabric type furniture vacuumed. Wipe down plastic and leather furniture.
Dust & Clean all fixtures, tables, chairs, credenzas, counter tops, display units & windows edges, spot clean walls, light switches, doors, door frames, AC vents, doors kick plates, properly position furniture and lights as needed.
Dust/ mop all floors.
Sweep and mop all hard surface floors with treated dust and damp mop.
All sinks and all stainless-steel surfaces will be polish.
Microwaves will be cleaned inside and out
All tables and surfaces will be wipe down and cleaned.
Refrigerators should be clean on the outside only.
Report any malfunctions to the building manager.

RESTROOMS

Remove all collected trash to designated area.
Clean and sanitize all restroom fixtures, wipe all counters, partitions and doors, empty trash and damp mop floors with germicidal detergent.
Clean and disinfect all washbasins, toilet bowls, urinals, etc.
Polish all metal and clean mirrors.
Restock toilet tissue and soap provided by CSS Clean Star Services.
Dust and clean all return air vents on an as needed basis.
Clean and polish all drinking fountains.
Report any malfunctions to the building manager.

CABANA/LENAI/COVERD PATIO AREA

Remove all cobwebs in cabana area.
Wipe tables and organize chairs and furniture.
Spot sweep.
Spot mop for any spills.
Report any malfunctions to the building manager.

FLOORS MAINTENANCE, CARPET, AND TILE.

Vacuum all carpets and entrance mats.
Sweep and mop all hard surface floors with treated dust and damp mop.

DRINKING FOUNTAINS AND GLASS SURFACES

Clean and polish all drinking fountains.
Clean all glass doors and mirrors that are inside the building.

PRICING FOR SERVICES:

Janitorial Services Three (3) times a week	 $	850.00/mo
Dog stations and trash collection, twice a week  $ 50.00/mo per container
Mail trash removal, 3 times a week	 $ 100.00/mo per container
Doggie bags, 200 units, when needed		$ 10.00/paq

Supplies, chemicals, and equipment will be provided by CSS Clean Star Services.
Products used to Disinfect for the Covid19, are CDC certified and approved.

CLEANING CONTRACT AGREEMENT:

The undersigned hereby accepts the proposal of CSS Clean Star Services of Central Florida, Inc. upon the following terms:

CSS Clean Star Services of Central Florida, Inc. service charge will be the amount mentioned on the pricing page plus tax per month. Payment should be payable to “CSS Clean Star Services of Central Florida, Inc.” and mailed to 11121 Camden Park Drive, Windermere, Florida 34786
A finance fee of 1.5% will apply if payments are received after the due date shown on the monthly invoice
CSS Clean Star Services of Central Florida, Inc. will provide all services and supplies specified in the attached work schedule.
In the event that the Customer needs to be in contact with CSS Clean Star Services of Central Florida, Inc. These are the different ways of contact phones: 877-CSS-2350 Email: sdilollo@starcss.com mail: 11121 Camden Park Dr. Windermere, Florida 34786
If the customer wants to cancel or amend the contract the costumer shall give 30 day notification, in writing to CSS Clean Star Services of Central Florida, Inc. to change or terminate services. (Failure to this clause will have a charge for the full month price even if the service it’s not performed).
Other services performed upon request:
Start Date:

IN WITNESS WHEREOF, the parts have duly executed and sealed this agreement as of the day and year first above written

Printed Name	Printed Name
REPRESENTATIVE OF OWNER	CONTRACTOR
Preston Cove CDD	CSS Clean Star Services of Central Florida Inc.

By: 		By: 	

Date: 		Date: 	

!!"#$%& "

FIVE STAR PRO SERVICES LLC

Preston Cove CDD Community Pool
Saint Cloud, Fl.	3/19/2024

RE: CPO Preventative, Cleaning. Attn; Mgmt.
We have visited the swimming pool on your property and inspected the pools environment and mechanical systems in order to provide you with an accurate proposal to perform CPO services
i.e. Pool Cleaning. On your property Mission Sonoma.

Our proposed service interval is for 3 days per week, weekly services up to and including all Certified Pool Operators procedures as outlined in the NSPF curriculum for weekly Commercial pool service.

Cost for 3 days/wk. CPO Preventative and Cleaning Services Pool 850./Mo.
SCOPE- -CPO Cleaning- services include 3 day service per week. -Debris Removal -Chemistry testing and balancing -Chemical inventory and ordering -Filter maintenance -Record Keeping
DEPTH- -CPO Preventative- (designed to save our clients thousands in capital and decreased liability risks) -Higher than industry standard CPO practices -Preventative Consultation -Health Inspector Coordination (representing You, our client)
This proposal does not include chemicals. Because if we included chemicals in our service price it can introduce a conflict of interest against the client. Creating a situation where the less chemicals used in the pool, the more profit the company (our side) is making. It is a poison pill for contracting. And we are constantly replacing companies doing this to their clients in the commercial service field.

We can provide chemical supplies monthly through on an as needed and monthly billed option. This option gives you high quality sanitation results, reliable and accurate delivery by practice along with competitive pricing.

Small repairs are FREE. Consultation all year is FREE. Representation to local Inspectors is done FREE by our owner.

Please contact us with any questions once you have had an opportunity to review this letter. Thank you for your opportunity, we look forward to working with you.
Best Regards,

David Purser Owner
Five Star Pro Services LLC 407-970-9299

CM signature of approval 	Date: 	

!!"#$%& "

POOL SERVICE PROPOSAL FOR PRESTON COVE

3 x days a week pool service including chemicals	$1350 per month.

Please take into consideration when reviewing other quotes: Included in this price will be the supply and installation of a computer on your pool to add chemicals. The advantage of this is that the pool is being constantly monitored and any change in the chlorine level is corrected instantly by the computer, giving you and your residents safer water. Currently you just have a continuous feed of chlorine to the main pool and if lots of people are in the pool the chlorine pumps cannot maintain a steady level of
chemicals, only once everybody is out of the pool will the chemicals slowly return to the level, they have set the pumps at. The computer removes guesswork from what level to set the chemical pumps at, as you will not know how busy the pool will be from one day to the next by having the computer installed
this problem isn’t an issue any longer.
POOL CLEANING DUTIES
Test pool water on each visit and adjust Chlorine and PH levels if required.
Vacuum or net pool on each visit. Brush walls and floor as required.
Backwash filters to maintain flow required by the Florida Health Department
Report any faults in pool equipment to the engineering and once approved carry out repairs.
Clean tile as required.
Maintain computers.
Blow off pool deck.
Pick up trash within the pool area.

Thank you,

Simon McDonnell
Operations Manager

!!"#$%& 7

PRESTON COVE COMMUNITY DEVELOPMENT DISTRICT
OSCEOLA COUNTY, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024

PRESTON COVE COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA

TABLE OF CONTENTS

	  Page		
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-6	
BASIC FINANCIAL STATEMENTS		
Government-Wide Financial Statements:		
Statement of Net Position	7	
Statement of Activities	8	
Fund Financial Statements:		
Balance Sheet – Governmental Funds	9	
Reconciliation of the Balance Sheet – Governmental Funds		
to the Statement of Net Position	10	
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds	
11	
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities	
12	
Notes to Financial Statements	13-21	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balance –
Budget and Actual – General Fund	
22	
Notes to Required Supplementary Information	23	
OTHER INFORMATION		
Data Elements Required by Florida Statute 218.39(3)(c)	24	
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	

25-26	
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	

27	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
28-29	

INDEPENDENT AUDITOR’S REPORT
To the Board of Supervisors
Preston Cove Community Development District Osceola County, Florida

1001 W. Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities and each major fund of Preston Cove Community Development District, Osceola County, Florida (“District”) as of and for the fiscal year ended to September 30, 2024, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, and each major fund of the District as of September 30, 2024, and the respective changes in financial position, thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
The District’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information Included in the Financial Report
Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with FL Statute 218.39 (3) (c), but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated April 21, 2025, on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

April 21, 2025

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Preston Cove Community Development District, Osceola County, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2024. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

FINANCIAL HIGHLIGHTS

The assets of the District exceeded its liabilities at the close of the most recent fiscal year resulting in a net position balance of $87,838.

The change in the District’s total net position in comparison with the prior fiscal year was
$510,342, an increase. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2024, the District’s governmental funds reported combined ending fund balance of $1,192,358, an increase of $272,481 in comparison with the prior fiscal year. The total fund balance is restricted for debt service and capital projects, non-spendable for prepaids, and the remainder is unassigned fund balance which is available for spending at the District’s discretion.
OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as the introduction to the District’s financial statements. The District’s basic financial statements are comprised of three components: 1) government- wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.

The statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.

The government-wide financial statements include all governmental activities that are principally supported by assessments. The District does not have any business-type activities. The governmental activities of the District include the general government (management) and maintenance functions.
Fund Financial Statements

A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental funds.

OVERVIEW OF FINANCIAL STATEMENTS (Continued)

Governmental Funds
Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains three governmental funds for external reporting. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, debt service fund and capital projects fund, all of which are considered major funds.

The District adopts an annual appropriated budget for its general fund. A budgetary comparison schedule has been provided for the general fund to demonstrate compliance with the budget.

Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, assets exceeded liabilities at the close of the most recent fiscal year.

Key components of the District’s net position are reflected in the following table:
NET POSITION SEPTEMBER 30,

	2024	2023	
Current and other assets	$	1,234,123	$	927,954	
Capital assets, net of depreciation	10,253,988	10,239,066	
Total assets	11,488,111	11,167,020	
Current liabilities	226,395	195,686	
Long-term liabilities	11,173,878	11,393,838	
Total liabilities	11,400,273	11,589,524	
Net position
Net investment in capital assets	
(894,742)	
(1,147,328)	
Restricted	738,024	713,227	
Unrestricted	244,556	11,597	
Total net position	$	87,838	$	(422,504)	
The District’s net position reflects its investment in capital assets (e.g. land, land improvements, and infrastructure) less any related debt used to acquire those assets that is still outstanding. These assets are used to provide services to residents; consequently, these assets are not available for future spending. Although the District’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)

The restricted portion of the District’s net position represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the District’s other obligations.

The District’s net position increased during the most recent fiscal year. The majority of the increase represents the extent to which ongoing program revenues exceeded the cost of operations.

Key elements of the change in net position are reflected in the following table:
CHANGES IN NET POSITION
FOR THE PERIOD ENDED SEPTEMBER 30,

	2024	2023	
Revenues: Program revenues
Charges for services	

$	1,092,678	

$	668,756	
Operating grants and contributions	41,533	121,426	
Capital grants and contributions	680	8,219	
Total revenues	1,134,891	798,401	
Expenses:
General government	
120,270	
89,507	
Maintenance and operations	56,970	-	
Interest	447,309	454,378	
Total expenses	624,549	543,885	
Change in net position	510,342	254,516	
Net position - beginning	(422,504)	(677,020)	
Net position - ending	$	87,838	$	(422,504)	

As noted above and in the statement of activities, the cost of all governmental activities during the period ended September 30, 2024 was $624,549. The costs of the District’s activities were funded by program revenues which were comprised of assessments, interest income and Developer contributions. In total, expenses increased mainly as a result of more areas of the District being built out.

GENERAL BUDGETING HIGHLIGHTS
An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2024.

CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital Assets
At September 30, 2024, the District had $10,253,988 invested in capital assets for its governmental activities. In the government-wide financial statements no depreciation has been taken, which resulted in a net book value of $10,253,988. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt
At September 30, 2024, the District had $11,175,000 Bonds outstanding for its governmental activities. More detailed information about the District’s capital debt is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS

The District expects an increase in general operations in the subsequent year as the District is built out. CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, land owners, customers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the Preston Cove Community Development District’s Finance Department at 219 E. Livingston Street, Orlando, FL 32801.

PRESTON COVE COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2024

	Governmental
	Activities		
ASSETS		
Cash and cash equivalents	$	254,320	
Prepaid items	7,498	
Restricted assets:		
Investments	972,305	
Capital assets:		
Nondepreciable		10,253,988 	
Total assets		11,488,111 	
LIABILITIES		
Accounts payable	17,083	
Due to Developer	24,682	
Accrued interest payable	184,630	
Non-current liabilities:		
Due within one year	230,000	
Due in more than one year		10,943,878 	
Total liabilities		11,400,273 	
NET POSITION		
Net investment in capital assets	(894,742)	
Restricted for debt service	738,024	
Unrestricted		244,556 	
Total net position	 $	87,838 	

See notes to the financial statements

STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024

Charges for
Functions/Programs	Expenses	Services Primary government:
Governmental activities:

Program Revenues Operating Grants
and Contributions

Capital Grants and Contributions

Net (Expense) Revenue and Changes in Net Position

Governmental Activities

General government	$	120,270	$	-	$	3,601	$	-	$	(116,669)	
Maintenance and operations	56,970	406,598	-	680	350,308	
Interest on long-term debt	447,309	686,080	37,932	-	276,703	
Total governmental activities	624,549	1,092,678	41,533	680	$	510,342	

Change in net position	
510,342	
Net position - beginning		(422,504) 	
Net position - ending	 $	87,838 	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2024

	Major Funds		Total

Debt
General	Service

Capital Projects

Governmental Funds

ASSETS		
Cash and cash equivalents	$	254,320	$	-	$	-	$	254,320	
Investments	-	947,157	25,148	972,305	
Due from other funds	24,503	-	-	24,503	
Prepaid items	7,498	-	-	7,498	
Total assets	$	286,321	$	947,157	$	25,148	$	1,258,626	
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	17,083	$	-	$	-	$	17,083	
Due to other funds	-	24,503	-	24,503	
Due to Developer	24,682	-	-	24,682	
Total liabilities	41,765	24,503	-	66,268	

Fund balances:
Nonspendable:
Prepaid items		7,498		-		-		7,498	
Restricted for:									
Debt service		-		922,654		-		922,654	
Capital projects		-		-		25,148		25,148	
Unassigned		237,058		-		-		237,058	
Total fund balances		244,556		922,654		25,148		1,192,358	

Total liabilities and fund balances	
$	
286,321	
$	
947,157	
$	
25,148	
$	
1,258,626	

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2024
Fund balance - governmental funds	$ 1,192,358 Amounts reported for governmental activities in the statement of
net position are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in the governmental funds. The statement of net position includes those capital assets, net of any accumulated depreciation, in the net position of the government as a whole.
Cost of capital assets	10,253,988
Accumulated depreciation		-	10,253,988 

Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund statements. All liabilities, both current and long-term, are reported in the government-wide financial statements.
Accrued interest payable	(184,630)	
Bonds payable	  (11,173,878)	(11,358,508) 	
Net position of governmental activities	$	87,838	

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024

	Major Funds		Total

Debt
General	Service

Capital Projects

Governmental Funds

REVENUES		
Special assessments	$	406,598	$	686,080	$	-	$  1,092,678	
Developer contributions	3,601	-	-	3,601	
Interest earnings	-	37,932	680	38,612	
Total revenues	410,199	724,012	680	1,134,891	

EXPENDITURES
Current:
General government	120,270	-	-	120,270	
Maintenance and operations	56,970	-	-	56,970	
Debt service:
Principal	
-	
220,000	
-	
220,000	
Interest	-	450,248	-	450,248	
Capital outlay	-	-	14,922	14,922	
Total expenditures	177,240	670,248	14,922	862,410	

Excess (deficiency) of revenues over (under) expenditures	

232,959	

53,764	

(14,242)	

272,481	

OTHER FINANCING SOURCES (USES)
Transfers in (out)	

-	

(31,946)	

31,946	

-	
Total other financing sources (uses)	-	(31,946)	31,946	-	

Net change in fund balances	
232,959	
21,818	
17,704	
272,481	
Fund balances - beginning	11,597	900,836	7,444	919,877	

Fund balances - ending	
$	244,556	
$	922,654	
$	25,148	
$  1,192,358	

See notes to the financial statements

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024

Net change in fund balances - total governmental funds	$	272,481	
Amounts reported for governmental activities in the statement of activities are different because:		
Governmental funds report capital outlays as expenditures; however, the cost of those assets is eliminated in the statement of activities and capitalized in the statement of net position.	

14,922	
Repayment of long-term liabilities are reported as expenditures in the governmental fund statements, but such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities.	

220,000	
The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities but not in the governmental fund financial statements.	

	2,939 	
Change in net position of governmental activities	$	510,342	

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 - NATURE OF ORGANIZATION AND REPORTING ENTITY

Preston Cove Community Development District (the "District") was established by the Board of Commissioners of Osceola County’s approval of Ordinance No. 2021-54 effective on August 19, 2021 pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.

The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.

The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected on an at large basis by the owners of the property within the District. The Board exercises all powers granted to the District pursuant to Chapter 190, Florida Statutes. As of September 30, 2024, three out of five of the Board members are affiliated with Elevation Development, LLC (“Developer”).

The Board has the responsibility for:
Allocating and levying assessments.
Approving budgets.
Exercising control over facilities and properties.
Controlling the use of funds generated by the District.
Approving the hiring and firing of key personnel.
Financing improvements.

The financial statements were prepared in accordance with Governmental Accounting Standards Board (“GASB”) Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District is considered to be financially accountable and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include: 1) charges to customers who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment; operating- type special assessments for maintenance and debt service are treated as charges for services and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.

Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and similar items are to be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.
Assessments
Assessments are non-ad valorem assessments on benefited property within the District. Operating and maintenance assessments are based upon the adopted budget and levied annually at a public hearing of the District. Debt service assessments are levied when Bonds are issued and assessed and collected on an annual basis. The District may collect assessments directly or utilize the uniform method of collection under Florida Statutes. Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed by the County Tax Collector on November 1 and due on or before March 31 of each year. Property owners may prepay a portion or all of the debt service assessments on their property subject to various provisions in the Bond documents.

Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

The District reports the following major governmental funds:

General Fund
The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.
Debt Service Fund
The debt service fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt.

Capital Projects Fund
This fund accounts for the financial resources to be used for the acquisition or construction of major infrastructure within the District.

As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements.
When both restricted and unrestricted resources are available for use, it is the government’s policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.

Assets, Liabilities and Net Position or Equity

Restricted Assets
These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions.

Deposits and Investments
The District’s cash and cash equivalents are considered to be cash on hand and demand deposits (interest and non-interest bearing).

The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:
The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.

Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due.
The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.

Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.
Capital Assets
Capital assets which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the government activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.
No depreciation has been taken in the current fiscal year as the District’s infrastructure and other capital assets are under construction.
Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned.

Long-Term Obligations
In the government-wide financial statements long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond issuance costs are expensed when incurred.

In the fund financial statements, governmental fund types recognize premiums and discounts, as well as issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.

In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.
Fund Equity/Net Position
In the fund financial statements, governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.
The District can establish limitations on the use of fund balance as follows:

Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.

Assigned fund balance – Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.

The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.
Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.

Other Disclosures
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

The District is required to establish a budgetary system and an approved Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year-end.

The District follows these procedures in establishing the budgetary data reflected in the financial statements.
Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
Public hearings are conducted to obtain comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriations for annually budgeted funds lapse at the end of the year.
NOTE 4 – DEPOSITS AND INVESTMENTS

Deposits
The District’s cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.
Investments
The District’s investments were held as follows at September 30, 2024:
 Amortized Cost	Credit Risk	Maturities	

First American Government Obligation  $

972,305

S&P AAAm

Weighted average of the fund

Fd Cl D		
 $	972,305 

portfolio: 31 days

Credit risk – For investments, credit risk is generally the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments.

Concentration risk – The District places no limit on the amount the District may invest in any one issuer.

Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates.
However, the Bond Indenture limits the type of investments held using unspent proceeds.

Investments (Continued)
Fair Value Measurement – When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with GASB Statements. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques.
These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
Level 1:	Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
Level 3: Investments whose inputs are unobservable.
The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.
Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. Accordingly, the District’s investments have been reported at amortized cost above.
NOTE 5 – INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS

Interfund transfers for the fiscal year ended September 30, 2024 were as follows:
 Fund	Transfer in	Transfer out	
Debt service	$	-	$	31,946	
Capital projects		31,946	-		
Total	 $	31,946	$	31,946 	

Transfers are used to move revenues from the fund where collection occurs to the fund where funds have been reallocated for use. In the case of the District, transfers from the debt service fund to the capital projects fund were made in accordance with the Bond Indentures

Interfund receivables and payables at September 30, 2024 were as follows:

 Fund	Receivable	Payable	
General	$	24,503	$	-
Debt service		-	24,503 
Total	 $	24,503	$	24,503 

The outstanding balances between funds result primarily from the time lag between the dates that transactions are recorded in the accounting system and payments between funds are made. In the case of the District, the balances between the general fund and the debt service fund relate to assessments collected in the debt service fund that have not yet been transferred to the general fund.

Capital asset activity for the fiscal year ended September 30, 2024 was as follows:

Governmental activities
Capital assets, not being depreciated

Beginning Balance

Additions	Reductions

Ending Balance

Infrastructure under construction	$	10,239,066	$	14,922	$	-	$	10,253,988	
Total capital assets, not being depreciated	10,239,066	14,922	-	10,253,988	

Governmental activities capital assets, net	
$	10,239,066	
$	14,922	
$	-	$	10,253,988	
The infrastructure intended to serve the District has been estimated at a total cost of approximately
$22,920,075. The infrastructure will include roadways, potable water and wastewater systems, stormwater management systems, landscape, irrigation and recreational facilities. A portion of the project costs was expected to be financed with the proceeds from the issuance of Bonds with the remainder to be funded by the Developer and conveyed to the District. In addition, upon completion, certain improvements are to be conveyed to other governmental entities for ownership and maintenance responsibilities.

NOTE 7 - LONG-TERM LIABILITIES

On February 28, ,2022, the District issued $11,610,000 of Special Assessment Revenue Bonds, Series 2022, consisting of $1,145,000 Term Bonds due on May 1, 2027, $1,350,000 Term Bonds due on May 1, 2032, $3,645,000 Term Bonds due on May 1, 2042, and $5,470,000 Term Bonds due on May 1, 2052 with fixed interest rates ranging from 3.25% to 4.125%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Bonds is to be paid serially commencing May 1, 2023 through May 1, 2052.
The Series 2022 Bonds are subject to redemption at the option of the District prior to their maturity. The Series 2022 Bonds are subject to optional redemption. The Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture.

The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District was in compliance with the requirements at September 30, 2024.

Changes in long-term liability activity for the fiscal year ended September 30, 2024 were as follows:

	Beginning
Balance	
Additions	
Reductions	Ending
Balance	Due Within
One Year	
Governmental activities
Series 2022	
$	11,395,000	
$	-	$	
220,000	
$	11,175,000	
$	230,000	
Less: original issue discount	1,162	-	40	1,122	-	
Total	$	11,393,838	$	-	$	219,960	$	11,173,878	$	230,000	

At September 30, 2024, the scheduled debt service requirements on the long-term debt were as follows:

Year ending

	Governmental Activities	

  September 30:	Principal	Interest	Total	
2025	$	230,000	$	443,113	$	673,113	
2026	235,000	435,638	670,638	
2027	245,000	428,000	673,000	
2028	250,000	420,038	670,038	
2029	260,000	411,038	671,038	
2030-2034	1,455,000	1,906,388	3,361,388	
2035-2039	1,780,000	1,597,388	3,377,388	
2040-2044	2,170,000	1,211,025	3,381,025	
2045-2049	2,665,000	727,856	3,392,856	
2050-2052		1,885,000	157,781	2,042,781 	
	 $	11,175,000	$	7,738,265	$	18,913,265 	

NOTE 8 - DEVELOPER TRANSACTIONS

The Developer has agreed to fund the general operations of the District. In connection with that agreement, Developer contributions to the general fund were $3,601 as of September 30, 2024. The majority of the current fiscal year assessments were collected from Developer.

NOTE 9 - CONCENTRATION

The District’s activity is dependent upon the continued involvement of the Developer and major landowners, the loss of which could have a material adverse effect on the District’s operations.
NOTE 10 - MANAGEMENT COMPANY

The District has contracted with a management company to perform services which include financial and accounting advisory services. Certain employees of the management company also serve as officers of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, computer and other administrative costs.

NOTE 11 – RISK MANAGEMENT

The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There were no settled claims since the inception of the District.

NOTE 12 – OTHER EVENTS

Payments by the Developer and a home builder to the Osceola County Tax Collector were not transferred to the District on a timely basis. To meet the May 1, 2024 debt service payment, the District used funds from the debt service reserve account and subsequently replenished the funds on May 14, 2024.

Unpaid Balances by Developer
The District received notice from third-party contractors (the “Contractors”) including, but not limited to, Fortline, Inc., of potential lien rights and/or claims against property owned by the District, due to allegations of unpaid services/materials. In response, the District, Developer and manager of the Developer, in his individual capacity (the “Owner”), entered into an “Estoppel Agreement,” dated September 6, 2024, wherein the Developer and Owner agreed to satisfy all claims, liens and demands from the Contractors and obtain a release of lien, as applicable, from the Contractors within ten days of September 6, 2024. The Estoppel Agreement also requires that the Developer and Owner indemnify, save harmless and defend the District from and against any and all liabilities, claims, costs and expenses, etc., to the extent such arise out of a breach of the Estoppel Agreement. The District will pursue its rights under the Estoppel Agreement from the Developer and/or Owner, as applicable, in the event the District incurs any damages as a result of any future actions by the Contractors.
Jon Hall Litigation
On February 22, 2022, a claim of lien was recorded by Jon M. Hall Company (“JHC”) regarding labor, services and materials furnished to the Developer on property located within the boundary of the District. JHC filed a complaint against the Developer alleging that the District failed to tender payment in full to JHC. JHC and the Developer reached a settlement, and the case was dismissed with prejudice in accordance with the settlement.

SFWMD Enforcement Notice
A Notice of Violation was sent to the District by the South Florida Water Management District (“SFWMD”) alleging unauthorized works, dewatering and water quality violation from SFWMD. The issue has since been resolved as the Developer has paid all applicable finds to the SFWMD.

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024

	

Budgeted Original & Final	

Actual Amounts	Variance with Final Budget - Positive
(Negative)	

REVENUES
Assessments	

$	388,556	

$	406,598	

$	18,042	
Developer Contributions	292,882	3,601	(289,281)	
Total revenues	681,438	410,199	(271,239)	

EXPENDITURES
Current:
General government	

130,956	

120,270	

10,686	
Maintenance and operations	550,482	56,970	493,512	
Total expenditures	681,438	177,240	504,198	

Excess (deficiency) of revenues				
over (under) expenditures	 $	-		232,959	 $	232,959 	
Fund balance - beginning			11,597 		
Fund balance - ending		 $	244,556 		

See notes to required supplementary information

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
The District is required to establish a budgetary system and an approved Annual Budget for the general fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles).

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2024.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3)(C)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024 UNAUDITED

Element	Comments
Number of District employees compensated in the last pay period of the District’s
fiscal year being reported.	0	
Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being
reported.	
4	
Employee compensation	$	-	
Independent contractor compensation	$	20,922.42	
Construction projects to begin on or after October 1; ($65K)	Not applicable	

Budget variance report	See the Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual - General Fund	
Ad Valorem taxes;	Not applicable	
Non ad valorem special assessments;		
Special assessment rate	Operations and maintenance - $231.04 - $1,322.74
Debt service - $974.96 - $1,299.94	
Special assessments collected	$1,092,678	
Outstanding Bonds:	see Note 7 for details.	

1001 W. Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors
Preston Cove Community Development District Osceola County, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of Preston Cove Community Development District, Osceola County, Florida (“District”) as of and for the fiscal year ended September 30, 2024, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated April 21, 2025.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

April 21, 2025

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
To the Board of Supervisors
Preston Cove Community Development District Osceola County, Florida
We have examined Preston Cove Community Development District, Osceola County, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2024. Management is responsible for District’s compliance with those requirements. Our responsibility is to express an opinion on District’s compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the District’s compliance with specified requirements.
We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.
In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2024.
This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Supervisors of Preston Cove Community Development District, Osceola County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

April 21, 2025

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Preston Cove Community Development District Osceola County, Florida
Report on the Financial Statements

We have audited the accompanying basic financial statements of Preston Cove Community Development District, Osceola County, Florida ("District") as of and for the fiscal year ended September 30, 2024, and have issued our report thereon dated April 21, 2025.
Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated April 21, 2025, should be considered in conjunction with this management letter.
Purpose of this Letter

The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General for the State of Florida. Accordingly, in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following:
Current year findings and recommendations.
Status of prior year findings and recommendations.
Compliance with the Provisions of the Auditor General of the State of Florida.

Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, as applicable, management, and the Board of Supervisors of Preston Cove Community Development District, Osceola County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Preston Cove Community Development District, Osceola County, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us.

April 21, 2025

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS
None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None

COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following:

A statement as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report.
There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2023.
Any recommendations to improve the local governmental entity's financial management.
There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2024.
Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance.
There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2024.
The name or official title and legal authority of the District are disclosed in the notes to the financial statements.
The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.
We applied financial condition assessment procedures and no deteriorating financial conditions were noted. It is management’s responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.

Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 24.

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!!"#$%& I

Preston Cove
Community Development District
Check Register Summary

March 1, 2025 to March 31, 2025

Bank	Date	Check No.'s	Amount

General Fund	3/6/25	147	$	64,152.04	
	3/26/25	148-150	$	7,560.38	

$	71,712.42

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	4/17/25	PAGE	1
*** CHECK DATES 03/01/2025 - 03/31/2025 ***	PRESTON COVE-GENERAL FUND
BANK A GENERAL FUND
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
3/06/25 00018	2/01/25 02012025 202503 300-20700-10000	*	64,152.04
11.1 & 2.1 DIR ASSES
PRESTON COVE CDD C/O US BANK	64,152.04 000147
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/26/25 00016	3/25/25 7367-03- 202503 310-51300-31200	*	450.00
SPECIAL ASSESS BONDS S22
AMTEC	450.00 000148
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/26/25 00022	2/28/25 19205	202502 320-53800-47000	*	950.00
FEB LAKE MAINTENANCE
AQUATIC WEED MANAGEMENT, INC.	950.00 000149
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/26/25 00006	3/01/25 58	202503 310-51300-34000	*	3,333.33
MAR MANAGEMENT FEES
3/01/25 58	202503 310-51300-35200	*	105.00
MAR WEBSITE ADMIN
3/01/25 58	202503 310-51300-35100	*	157.50
MAR INFO TECH
3/01/25 58	202503 310-51300-31300	*	437.50
MAR DISSEM AGENT SERVICES
3/01/25 58	202503 310-51300-51000	*	.09
OFFICE SUPPLIES
3/01/25 58	202503 310-51300-42000	*	64.35
POSTAGE
3/01/25 59	202503 320-53800-34100	*	1,312.50
MAR FIELD MANAGEMENT
3/01/25 59	202503 310-51300-48000	*	238.18
ORLANDO SENTINEL 2/2/25
3/01/25 59	202503 310-51300-48000	*	511.93
ORLANDO SENTINEL 2/2/25
GOVERNMENTAL MANAGEMENT SERVICES	6,160.38 000150
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	71,712.42
TOTAL FOR REGISTER	71,712.42

PRCO PRESTON COVE	AMOSSING

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Preston Cove
Community Development District

Unaudited Financial Reporting
March 31, 2025

Table of Contents

	Balance Sheet

	General Fund

	Debt Service Fund - Series 2022

	Capital Projects Fund - Series 2022

	Month to Month

	Assessment Receipt Schedule

	Long Term Debt Schedule

	Assessment Receipt Schedule

Combined Balance Sheet March 31, 2025

	General Fund	Debt Service Fund	Capital Projects Fund	Totals Governmental Funds	
Assets:					
Operating Account	$	538,769	$	-	$	-	$	538,769	
Due from Developer	$	-	$	-	$	-	$	-	
Due from Debt Service	$	-	$	-	$	-	$	-	
Assessment Receivable	$	-	$	-	$	-	$	-	
Due from General Fund	$	-	$	5,045	$	-	$	5,045	
Prepaid Expense	$	1,684	$	-	$	-	$	1,684	
Investments: Series
Reserve	$	-	$	670,238	$	-	$	670,238	
Revenue	$	-	$	609,926	$	-	$	609,926	
Capitalized Interest	$	-	$	15	$	-	$	15	
Sinking Fund	$	-	$	-	$	-	$	-	
Construction	$	-	$	-	$	39,530	$	39,530	
Cost of Issuance	$	-	$	-	$	-	$	-	
Total Assets	$	540,452	$	1,285,223	$	39,530	$	1,865,206	
Liabilities:				
Accounts Payable	$	16,923	$	-	$	-	$	16,923	
Due to Debt Service	$	5,045	$	-	$	-	$	5,045	
Due to Developer	$	-	$	-	$	-	$	-	
Due to Capital Projects	$	-	$	-	$	-	$	-	
Due to General Fund	$	-	$	-		$	-	
Developer Advance	$	-	$	-	$
$	-	$	-
-	
Total Liabilites	$	21,968	$	-	$	-	$	21,968	

Fund Balance:				
Assigned For:				
Debt Service - Series 2022	$	-	$	1,285,223	$	-	$	1,285,223	
Restricted For:					
Capital Projects - Series 2022	$	-	$	-	$	39,530	$	39,530	
Unassigned	$	518,484	$	-	$	-	$	518,484	
Total Fund Balances	$	518,484	$	1,285,223	$	39,530	$	1,843,238	
					
Total Liabilities & Fund Balance	$	540,452	$	1,285,223	$	39,530	$	1,865,206	

Adopted	Prorated Budget	Actual	
Budget	Thru 03/31/25	Thru 03/31/25	Variance	

Revenues:		
Assessments - On Roll	$	388,556	$	388,556	$	391,430	$	2,874	
Assessments - Direct	$	52,741	$	39,555	$	39,555	$	-	
Developer Contributions	$	244,692	$	-	$	-	$	-	
Total Revenues	$	685,989	$	428,111	$	430,985	$	2,874	

Expenditures:					
General & Administrative:					
Supervisor Fees	$	12,000	$	6,000	$	-	$	6,000	
FICA Expense	$	918	$	459	$	-	$	459	
Engineering	$	15,000	$	7,500	$	-	$	7,500	
Attorney	$	25,000	$	12,500	$	6,201	$	6,299	
Annual Audit	$	4,100	$	2,050	$	-	$	2,050	
Assessment Administration	$	5,565	$	5,565	$	5,565	$	-	
Arbitrage	$	450	$	450	$	450	$	-	
Dissemination	$	5,250	$	2,625	$	2,625	$	-	
Trustee Fees	$	4,500	$	4,500	$	4,041	$	459	
Management Fees	$	40,000	$	20,000	$	20,000	$	0	
Information Technology	$	1,890	$	945	$	945	$	-	
Website Maintenance	$	1,260	$	630	$	630	$	-	
Telephone	$	300	$	150	$	-	$	150	
Postage & Delivery	$	800	$	400	$	128	$	272	
Insurance	$	6,149	$	6,149	$	5,814	$	335	
Printing & Binding	$	700	$	350	$	-	$	350	
Legal Advertising	$	8,000	$	4,000	$	959	$	3,041	
Other Current Charges	$	2,200	$	1,100	$	429	$	671	
Office Supplies	$	500	$	250	$	0	$	250	
Dues, Licenses & Subscriptions	$	175	$	175	$	175	$	-	
Total General & Administrative:	$	134,757	$	75,798	$	47,961	$	27,837	

Adopted	Prorated Budget	Actual	
Budget	Thru 03/31/25	Thru 03/31/25	Variance	

Operation and Maintenance		
Field Expenses		
Field Management		$	15,750	$	7,875	$	7,875	$	-	
Landscape Maintenance		$	150,000	$	75,000	$	72,341	$	2,660	
Landscape Contingency		$	5,000	$	2,500	$	2,915	$	(415)	
Lake Maintenance		$	15,062	$	7,531	$	5,950	$	1,581	
Streetlights		$	103,400	$	51,700	$	734	$	50,966	
Electric		$	5,000	$	2,500	$	-	$	2,500	
Water & Sewer		$	2,400	$	1,200	$	1,106	$	94	
Sidewalk & Asphalt Maintenance		$	-	$	-	$	-	$	-	
Irrigation Repairs		$	3,000	$	1,500	$	4,213	$	(2,713)	
Irrigation - Usage		$	30,000	$	15,000	$	13,961	$	1,039	
General Repairs & Maintenance		$	20,000	$	10,000	$	-	$	10,000	
Contingency		$	10,000	$	5,000	$	-	$	5,000	
	Subtotal	$	359,612	$	179,806	$	109,094	$	70,712	

Amenity Expenses						
Staffing		$	75,000	$	37,500	$	-	$	37,500	
Property Insurance		$	20,000	$	20,000	$	-	$	20,000	
Amenity-Electric		$	15,000	$	7,500	$	-	$	7,500	
Amenity-Water		$	6,000	$	3,000	$	-	$	3,000	
Dues, License, Permits		$	500	$	250	$	-	$	250	
Cable/Internet		$	2,400	$	1,200	$	-	$	1,200	
Pest Control		$	720	$	360	$	-	$	360	
Janitorial Services		$	12,000	$	6,000	$	-	$	6,000	
Security Services		$	5,000	$	2,500	$	-	$	2,500	
Pool Maintenance		$	15,000	$	7,500	$	-	$	7,500	
Amenity Repairs & Maintenance		$	15,000	$	7,500	$	-	$	7,500	
Special Events		$	7,500	$	3,750	$	-	$	3,750	
Holiday Decorations		$	2,500	$	1,250	$	-	$	1,250	
Amenity Contingency		$	15,000	$	7,500	$	-	$	7,500	
	Subtotal	$	191,620	$	105,810	$	-	$	105,810	
						
Total O&M Expenses:		$	551,232	$	285,616	$	109,094	$	176,522	
						
Total Expenditures		$	685,989	$	361,414	$	157,056	$	204,358	
						
Excess Revenues (Expenditures)		$	-		$	273,929		
						
Fund Balance - Beginning		$	-		$	244,555		
						
Fund Balance - Ending		$	-		$	518,484		

Debt Service Fund - Series 2022
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending March 31, 2025

Adopted	Prorated Budget	Actual	
Budget	Thru 03/31/25	Thru 03/31/25	Variance	

Revenues:		
Assessments - On Roll	$	381,859	$	377,499	$	377,499	$	-	
Assessments - Direct	$	288,379	$	202,085	$	202,085	$	-	
Interest	$	20,000	$	10,000	$	18,290	$	8,290	
Total Revenues	$	690,238	$	589,584	$597,873	$	8,290	

Expenditures:					
Interest Expense 11/1	$	221,556	$	221,556	$	221,556	$	-	
Principal Expense 5/1	$	230,000	$	-	$	-	$	-	
Interest Expense 5/1	$	221,556	$	-	$	-	$	-	
Total Expenditures	$	673,113	$	221,556	$	221,556	$	-	

Other Financing Sources:					
Transfer In/(Out)	$	-	$	-	$	(13,748)	$	(13,748)	
Total Other Financing Sources (Uses)	$	-	$	-	$	(13,748)	$	(13,748)	
					
Excess Revenues (Expenditures)	$	17,125		$	362,569		
					
Fund Balance - Beginning	$	266,799		$	922,654		
					
Fund Balance - Ending	$	283,924		$	1,285,223		

Capital Projects Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending March 31, 2025

Adopted	Prorated Budget	Actual	
Budget	Thru 03/31/25	Thru 03/31/25	Variance	

Revenues:

Interest	

$	

-	$	

-	$	634	

$	634	
Total Revenues	$	-	$	-	$	634	$	634	

Expenditures:

Capital Outlay - Construction	

$	

-	$	

-	$	-	

$	-	
Total Expenditures	$	-	$	-	$	-	$	-	

Other Financing Sources:					
Transfer In/(Out)	$	-	$	-	$	13,748	$	13,748	
Total Other Financing Sources (Uses)	$	-	$	-	$	13,748	$	13,748	
					
Excess Revenues (Expenditures)	$	-	$	14,382		
					
Fund Balance - Beginning	$	-	$	25,148		
					
Fund Balance - Ending	$	-	$	39,530		

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

Revenues:		
Assessments-On Roll		$	6,703	$	10,889	$	222,469	$	107,172	$	39,064	$	5,133	$	-  $	-  $	-  $	-  $	-  $	-  $  391,430	
Assessments-Direct		$	-	$	-	$	-	$	-	$	36,414	$	3,141	$	-  $	-  $	-  $	-  $	-  $	-  $	39,555	
Developer Contributions		$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
Total Revenues		$	6,703	$	10,889	$	222,469	$	107,172	$	75,478	$	8,274	$	-  $	-  $	-  $	-  $	-  $	-  $  430,985	

Expenditures:									
General & Administrative:									
Supervisor Fees		$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
FICA Expense		$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
Engineering		$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
Attorney		$	3,157	$	1,484	$	583	$	977	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	6,201	
Annual Audit		$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
Assessment Administration		$	5,565	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	5,565	
Arbitrage		$	-	$	-	$	-	$	-	$	-	$	450	$	-  $	-  $	-  $	-  $	-  $	-  $	450	
Dissemination		$	438	$	438	$	438	$	438	$	438	$	438	$	-  $	-  $	-  $	-  $	-  $	-  $	2,625	
Trustee Fees		$	1,684	$	-	$	-	$	-	$	-	$	2,357	$	-  $	-  $	-  $	-  $	-  $	-  $	4,041	
Management Fees		$	3,333	$	3,333	$	3,333	$	3,333	$	3,333	$	3,333	$	-  $	-  $	-  $	-  $	-  $	-  $	20,000	
Information Technology		$	158	$	158	$	158	$	158	$	158	$	158	$	-  $	-  $	-  $	-  $	-  $	-  $	945	
Website Maintenance		$	105	$	105	$	105	$	105	$	105	$	105	$	-  $	-  $	-  $	-  $	-  $	-  $	630	
Telephone		$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
Postage & Delivery		$	10	$	1	$	31	$	22	$	-	$	64	$	-  $	-  $	-  $	-  $	-  $	-  $	128	
Insurance		$	5,814	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	5,814	
Printing & Binding		$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
Legal Advertising		$	209	$	-	$	-	$	-	$	-	$	750	$	-  $	-  $	-  $	-  $	-  $	-  $	959	
Other Current Charges		$	48	$	40	$	40	$	189	$	48	$	63	$	-  $	-  $	-  $	-  $	-  $	-  $	429	
Office Supplies		$	0	$	0	$	0	$	-	$	-	$	0	$	-  $	-  $	-  $	-  $	-  $	-  $	0	
Dues, Licenses & Subscriptions		$	175	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	175	
Total General & Administrative:		$	20,695	$	5,558	$	4,687	$	5,221	$	4,082	$	7,718	$	-  $	-  $	-  $	-  $	-  $	-  $	47,961	

Operation and Maintenance									
Field Expenses
Field Management		

$	1,313	

$	1,313	

$	1,313	

$	1,313	

$	1,313	

$	1,313	

$	-  $	-  $	-  $	-  $	-  $	-  $	7,875	
Landscape Maintenance		$	12,541	$	15,800	$	11,000	$	11,000	$	11,000	$	11,000	$	-  $	-  $	-  $	-  $	-  $	-  $	72,341	
Landscape Contingency		$	600	$	-	$	-	$	2,315	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	2,915	
Lake Maintenance		$	1,200	$	950	$	950	$	950	$	950	$	950	$	-  $	-  $	-  $	-  $	-  $	-  $	5,950	
Streetlights		$	-	$	-	$	288	$	128	$	145	$	173	$	-  $	-  $	-  $	-  $	-  $	-  $	734	
Electric		$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
Water & Sewer		$	-	$	320	$	188	$	192	$	220	$	188	$	-  $	-  $	-  $	-  $	-  $	-  $	1,106	
Sidewalk & Asphalt Maintenance		$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
Irrigation Repairs		$	-	$	-	$	1,158	$	1,500	$	622	$	933	$	-  $	-  $	-  $	-  $	-  $	-  $	4,213	
Irrigation - Usage		$	824	$	2,153	$	1,674	$	5,651	$	1,967	$	1,692	$	-  $	-  $	-  $	-  $	-  $	-  $	13,961	
General Repairs & Maintenance		$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
Contingency		$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
	Subtotal	$	16,477	$	20,535	$	16,570	$	23,048	$	16,216	$	16,248	$	-  $	-  $	-  $	-  $	-  $	-  $  109,094	

	Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total		
Amenity Expenses																	
Staffing		$		-  $	-  $	-  $	-  $	-  $	-  $	-  $		-  $	-  $		-  $	-  $	-  $		-	
Property Insurance		$		-  $	-  $	-  $	-  $	-  $	-  $	-  $		-  $	-  $		-  $	-  $	-  $		-	
Amenity-Electric		$		-  $	-  $	-  $	-  $	-  $	-  $	-  $		-  $	-  $		-  $	-  $	-  $		-	
Amenity-Water		$		-  $	-  $	-  $	-  $	-  $	-  $	-  $		-  $	-  $		-  $	-  $	-  $		-	
Dues, License, Permits		$		-  $	-  $	-  $	-  $	-  $	-  $	-  $		-  $	-  $		-  $	-  $	-  $		-	
Cable/Internet		$		-  $	-  $	-  $	-  $	-  $	-  $	-  $		-  $	-  $		-  $	-  $	-  $		-	
Pest Control		$		-  $	-  $	-  $	-  $	-  $	-  $	-  $		-  $	-  $		-  $	-  $	-  $		-	
Janitorial Services		$		-  $	-  $	-  $	-  $	-  $	-  $	-  $		-  $	-  $		-  $	-  $	-  $		-	
Security		$		-  $	-  $	-  $	-  $	-  $	-  $	-  $		-  $	-  $		-  $	-  $	-  $		-	
Pool Maintenance		$		-  $	-  $	-  $	-  $	-  $	-  $	-  $		-  $	-  $		-  $	-  $	-  $		-	
Amenity Repairs & Maintenance		$		-  $	-  $	-  $	-  $	-  $	-  $	-  $		-  $	-  $		-  $	-  $	-  $		-	
Special Events		$		-  $	-  $	-  $	-  $	-  $	-  $	-  $		-  $	-  $		-  $	-  $	-  $		-	
Holiday Decorations		$		-  $	-  $	-  $	-  $	-  $	-  $	-  $		-  $	-  $		-  $	-  $	-  $		-	
Contingency		$		-  $	-  $	-  $	-  $	-  $	-  $	-  $		-  $	-  $		-  $	-  $	-  $		-	
	Subtotal	$		-  $	-  $	-  $	-  $	-  $	-  $	-  $		-  $	-  $		-  $	-  $	-  $		-	

Total O&M Expenses:		$	16,477  $	20,535  $	16,570	$	23,048	$	16,216	$	16,248  $	-  $	-  $	-  $	-  $	-	$	-  $  109,094	
										
Total Expenditures		$	37,172  $	26,094  $	21,257	$	28,269	$	20,298	$	23,966  $	-  $	-  $	-  $	-  $	-	$	-  $  157,056	
										
Excess Revenues (Expenditures)		$	(30,469)  $	(15,205)  $	201,213	$	78,903	$	55,180	$	(15,692)  $	-  $	-  $	-  $	-  $	-	$	-  $  273,929	

Preston Cove
Community Development District Long Term Debt Report

Series 2022, Special Assessment Bonds	
Interest Rates:	3.250%, 3.600%, 4.000%, 4.125%	
Maturity Date:	5/1/2052	
Reserve Fund Definition	50% of Maximum Annual Debt Service	
Reserve Fund Requirement	$670,238	
Reserve Fund Balance	$670,238	
Bonds Outstanding - 02/28/22	$11,610,000	
Principal Payment - 5/1/23	($215,000)	
Principal Payment - 5/1/24	($220,000)	
Current Bonds Outstanding	$11,175,000	

Preston Cove
Community Development District Special Assessment Receipts Fiscal Year 2025

ON ROLL ASSESSMENTS

Gross Assessmen Net Assessments

$ 413,357.34  $
$ 388,555.90  $

406,232.34
381,858.40

$ 819,589.68
$ 770,414.30

50%	50%	100%
Date	Distribution	Gross Amount	Discount/Penalty	Commision	Interest	Net Receipts	General Fund	Debt Service	Total	

10/31/24	
ACH		
$	6,267.62	
$	-	
$	-	
$	435.19	
$	6,702.81	
$  6,702.81	
$	-	
$  6,702.81	
11/22/24	ACH		$	22,489.54	$	(899.60)	$	-	$	-	$	21,589.94	$ 10,888.81	$	10,701.13	$ 21,589.94	
12/11/24	ACH		$  447,220.99	$	(17,888.59)	$	-	$	-	$  429,332.40	$ 216,532.37	$	212,800.03	$ 429,332.40	
12/20/24	ACH		$	12,208.57	$	(436.92)	$	-	$	-	$	11,771.65	$  5,936.99	$	5,834.66	$ 11,771.65	
1/9/25	ACH		$  217,826.80	$	(6,534.44)	$	-	$	-	$  211,292.36	$ 106,564.60	$	104,727.76	$ 211,292.36	
1/28/25	ACH		$	607.14	$	-	$	-	$	-	$	607.14	$	607.14	$	-	$	607.14	
2/10/25	ACH		$	77,453.88	$	-	$	-	$	-	$	77,453.88	$ 39,063.61	$	38,390.27	$ 77,453.88	
3/11/25	ACH		$	10,385.80	$	(207.71)	$	-	$	-	$	10,178.09	$  5,133.29	$	5,044.80	$ 10,178.09	
							$	-	$	-	$	-	$	-	
		Total	$  794,460.34	$  (25,967.26)	$	-	$	435.19	$  762,225.46	$ 391,429.62	$	377,498.65	$ 768,928.27	

99%	Net Percentage Collected
$  8,188.84	Balance Remaining To Collect

DIRECT BILL ASSESSMENTS

Starlight Homes
2025-02		
Net Assessments	
$  101,179.34	
$ 15,643.29	
$	85,536.05	
Date Received	Due Date	Check Number	Net Assessed	Amount Received	General Fund	2022 Debt Service	
2/28/25	11/1/24	57897	$	50,589.67	$	50,589.67	$  7,821.65	$	42,768.03	
2/28/25	2/1/25	57897	$	25,294.84	$	25,294.84	$  3,910.82	$	21,384.01	
	5/1/25		$	25,294.84	$	-	$	-	$	-	
			$	101,179.35	$	75,884.51	$ 11,732.47	$	64,152.04	

DIRECT BILL ASSESSMENTS

Elevation Preston Cove, LLC
2025-01		
Net Assessments	
$  239,939.59	
$ 37,096.96	
$	202,842.64	
Date Received	Due Date	Check Number	Net Assessed	Amount Received	General Fund	2022 Debt Service	
2/28/25	11/1/24	ACH	$	18,548.48	$	18,548.48	$ 18,548.48	$	-	
2/28/25	2/1/25	ACH	$	9,274.24	$	9,274.24	$  9,274.24	$	-	
3/4/25	3/1/25	ACH	$	137,933.00	$  137,933.00	$	-	$	137,933.00	
	5/1/25		$	9,274.24	$	-	$	-	$	-	
	9/1/25		$	64,909.64	$	-	$	-	$	-	
			$	239,939.60	$  165,755.72	$ 27,822.72	$	137,933.00	

!!"#$%& "

Preston Cove CDD
Field Management Report

April 24th, 2025 Jarett Wright Field Manager GMS

1

Preston Cove CDD Field Management Report | GMS 2025

Site Items

Amenity Completion Update
The amenity center continues to make progress towards completion.
Sourcing all necessary maintenance quotes so that the district is prepared for conveyance turnover.

2

Preston Cove CDD Field Management Report | GMS 2025

Site Items

Amenity Completion Update

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Preston Cove CDD Field Management Report | GMS 2025

Conclusion

For any questions or comments regarding the above information, please contact me by phone at 407-750-3599, or by email at JWright@gmscfl.com. Thank you.

Respectfully, Jarett Wright

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Preston Cove CDD Field Management Report | GMS 2025