Grove Resort CDD
June 2025 Financial Package

June 30, 2025

PFM Group Consulting, LLC
3501 Quadrangle Blvd
Suite 270
Orlando, FL 32817
(407) 723-5900

Grove Resort CDD
Statement of Financial Position As of 6/30/2025

General Fund

Debt Service	Capital Projects Fund		Fund

General Long Term Debt

Total

	Assets		
Current Assets
General Checking Account	

$206,527.76								

$206,527.76	
Assessments Receivable	390,521.44								390,521.44	
Prepaid Expenses	1,728.49								1,728.49	
Assessment Receivable - Off Roll	514.88								514.88	
Assessments Receivable			$291,938.76						291,938.76	
Debt Service Reserve - Series 2017A			934,456.25						934,456.25	
Debt Service Reserve - Series 2022A			157,837.13						157,837.13	
Revenue - Series 2017A			563,710.93						563,710.93	
Interest - Series 2017A			36.95						36.95	
Interest - Series 2022A			5.41						5.41	
Prepayment A1 Bond			14,368.60						14,368.60	
Revenue - Series 2022A			58,202.02						58,202.02	
Acquisition/Construction - Series 2022A					$6,651.55				6,651.55	
Total Current Assets	$599,292.57		$2,020,556.05		$6,651.55		$0.00		$2,626,500.17	

Investments										
Amount Available in Debt Service Funds							$1,728,617.29		$1,728,617.29	
Amount To Be Provided							12,476,382.71		12,476,382.71	
Total Investments	$0.00		$0.00		$0.00		$14,205,000.00		$14,205,000.00	
Total Assets	$599,292.57		$2,020,556.05		$6,651.55		$14,205,000.00		$16,831,500.17	

Liabilities and Net Assets

Current Liabilities
Accounts Payable	$5,950.19								$5,950.19	
Deferred Revenue	390,521.44								390,521.44	
Deferred Revenue - Off Roll	514.88								514.88	
Deferred Revenue			$291,476.02						291,476.02	
Total Current Liabilities	$396,986.51		$291,476.02		$0.00		$0.00		$688,462.53	

Long Term Liabilities
Revenue Bonds Payable - Long-Term							$14,205,000.00		$14,205,000.00	
Total Long Term Liabilities	$0.00		$0.00		$0.00		$14,205,000.00		$14,205,000.00	

Total Liabilities

Net Assets

$396,986.51	$291,476.02	$0.00	$14,205,000.00	$14,893,462.53

Net Assets, Unrestricted	$10,082.02								$10,082.02	
Current Year Net Assets, Unrestricted	(208,136.98)								(208,136.98)	
Net Assets - General Government	196,478.22								196,478.22	
Current Year Net Assets - General Government	114,358.80								114,358.80	
Fund Balance Nonspendable Prepaid	89,524.00								89,524.00	
Net Assets, Unrestricted			$1,986,696.87						1,986,696.87	
Current Year Net Assets, Unrestricted			(257,616.84)						(257,616.84)	
Net Assets, Unrestricted					$1,728.62				1,728.62	
Current Year Net Assets, Unrestricted					4,922.93				4,922.93	
Total Net Assets	$202,306.06		$1,729,080.03		$6,651.55		$0.00		$1,938,037.64	
										
Total Liabilities and Net Assets	$599,292.57		$2,020,556.05		$6,651.55		$14,205,000.00		$16,831,500.17	

Grove Resort CDD Statement of Activities As of 6/30/2025

General Fund

Debt Service Fund

Capital Projects Fund

General Long Term Debt

Total

Revenues

On-Roll Assessments	$560,057.70								$560,057.70	
Off-Roll Assessments	328.91								328.91	
Other Revenue	54,116.97								54,116.97	
On-Roll Assessments			$790,227.79						790,227.79	
Inter-Fund Group Transfers In			(4,922.93)						(4,922.93)	
Inter-Fund Transfers In					$4,922.93				4,922.93	
Total Revenues	$614,503.58		$785,304.86		$4,922.93		$0.00		$1,404,731.37	

Expenses

Supervisor Fees	$2,000.00								$2,000.00	
Trustee Services	8,417.09								8,417.09	
Management	20,625.03								20,625.03	
Engineering	5,904.38								5,904.38	
Disclosure Agent	5,000.00								5,000.00	
District Counsel	26,436.17								26,436.17	
Assessment Administration	20,000.00								20,000.00	
Reamortization Schedules	125.00								125.00	
Travel and Per Diem	1,125.69								1,125.69	
Postage & Shipping	1.38								1.38	
Legal Advertising	398.79								398.79	
Miscellaneous	137.90								137.90	
Web Site Maintenance	1,890.00								1,890.00	
Dues, Licenses, and Fees	175.00								175.00	
General Liability Insurance	15,682.00								15,682.00	
Property & Casualty	355,806.00								355,806.00	
Cyber Liability	596.00								596.00	
3-Month Reserve	10,876.35								10,876.35	
Capex Reserve	262,253.95								262,253.95	
Principal Payments - Series 2017A			$280,000.00						280,000.00	
Principal Payments - Series 2022A			60,000.00						60,000.00	
Interest Payments - Series 2017A			728,611.89						728,611.89	
Interest Payments - Series 2022A			49,296.25						49,296.25	
Total Expenses	$737,450.73		$1,117,908.14		$0.00		$0.00		$1,855,358.87	

Other Revenues (Expenses) & Gains (Losses)

Interest Income	$29,168.97								$29,168.97	
Interest Income			$74,962.27						74,962.27	
Dividend Income			24.17						24.17	
Total Other Revenues (Expenses) & Gains (Losses)	$29,168.97		$74,986.44		$0.00		$0.00		$104,155.41	
Change In Net Assets	($93,778.18)		($257,616.84)		$4,922.93		$0.00		($346,472.09)	

Net Assets At Beginning Of Year	$296,084.24		$1,986,696.87		$1,728.62		$0.00		$2,284,509.73	

Net Assets At End Of Year	

$202,306.06		

$1,729,080.03		

$6,651.55		

$0.00		

$1,938,037.64	

		Grove Resort CDD				
		Budget to Actual				
For The Month Ending 6/30/2025	

Year To Date	
		Actual	Budget			FY 2025
Variance	Adopted	Percentage Budget	

Revenues						
On-Roll Assessments	$	560,057.70	$	712,935.45		$	(152,877.75)	$ 950,580.59	58.92%	
Off-Roll Assessments		328.91	246.69			82.22	328.91	100.00%	
Other Revenue		54,116.97	67,500.00			(13,383.03)	90,000.00	60.13%	
Net Revenues	$	
614,503.58	$	780,682.14		$	 
(166,178.56)	$1,040,909.50	59.04%	
General & Administrative Expenses						
Supervisor Fees	$	2,000.00	$	3,600.00		$	(1,600.00)	$	4,800.00	41.67%	
Trustee Services		8,417.09	7,499.97			917.12	10,000.00	84.17%	
Management		20,625.03	20,625.03			-	27,500.00	75.00%	
Engineering		5,904.38	7,499.97			(1,595.59)	10,000.00	59.04%	
Disclosure Agent		5,000.00	7,499.97			(2,499.97)	10,000.00	50.00%	
Property Appraiser		-	1,125.00			(1,125.00)	1,500.00	0.00%	
District Counsel		26,436.17	45,000.00			(18,563.83)	60,000.00	44.06%	
Assessment Administration		20,000.00	15,000.03			4,999.97	20,000.00	100.00%	
Reamortization Schedules		125.00	562.50			(437.50)	750.00	16.67%	
Audit		-	7,499.97			(7,499.97)	10,000.00	0.00%	
Arbitrage Calculation		-	749.97			(749.97)	1,000.00	0.00%	
Travel and Per Diem		1,125.69	600.03			525.66	800.00	140.71%	
Telephone		-	37.53			(37.53)	50.00	0.00%	
Postage & Shipping		1.38	749.97			(748.59)	1,000.00	0.14%	
Legal Advertising		398.79	1,874.97			(1,476.18)	2,500.00	15.95%	
Miscellaneous		137.90	2,250.00			(2,112.10)	3,000.00	4.60%	
Office Supplies		-	37.53			(37.53)	50.00	0.00%	
Property Taxes		-	112.50			(112.50)	150.00	0.00%	
Web Site Maintenance		1,890.00	2,115.00			(225.00)	2,820.00	67.02%	
Dues, Licenses, and Fees		175.00	131.22			43.78	175.00	100.00%	
General Liability Insurance		15,682.00	6,680.07			9,001.93	8,906.70	176.07%	
Property & Casualty		355,806.00	280,135.35			75,670.65	373,513.80	95.26%	
Cyber Liability		596.00	495.00			101.00	660.00	90.30%	
3-Month Reserve		10,876.35	86,249.97			(75,373.62)	115,000.00	9.46%	
Capex Reserve		262,253.95	282,550.59			(20,296.64)	376,734.00	69.61%	
Total General & Administrative Expenses	$	
737,450.73	$	780,682.14		$	 
(43,231.41)	$1,040,909.50	70.85%	
Total Expenses	 $		737,450.73	 $	780,682.14		 $		(43,231.41)  $1,040,909.50	
Income (Loss) from Operations	$	(122,947.15)	$	-		$	(122,947.15)	$	-	
Other Income (Expense)						
Interest Income	$	29,168.97	$	-		$	29,168.97	$	-	
Total Other Income (Expense)	$	
29,168.97	$	-		$	
29,168.97	$	-	
Net Income (Loss)	$	
(93,778.18)	$	-		$	
(93,778.18)	$	-