Waterford Estates Community Development District
http://www.waterfordestatescdd.com

David Bailey, Chair Judith VanHaaren, Vice Chair
Linda Mazner, Assistant Secretary Karen Kimball, Assistant Secretary Mike Abair, Assistant Secretary

May 4, 2026

AGENDA

Seat 5: David Bailey - C		

Seat 1: Judith VanHaaren- VC		

Seat 3: Linda Mazner - AS		

Seat 2: Karen Kimball - AS		
Seat 4: Mike Abair - AS		

Waterford Estates Community Development District
Meeting Agenda

Monday	Waterford Estates Clubhouse
May 4, 2026	7200 Waterford Parkway
11:00 a.m.	Punta Gorda, FL  33950
Zoom  Link:  https://us06web.zoom.us/j/9564962978
Meeting ID: 956 496 2978 Passcode: 516708Gms Phone: 305-224-1968
Board of Supervisors Meeting
Roll Call

Pledge of Allegiance

Approval of Minutes of the March 2, 2026 Meeting

Staff Reports
District Counsel
District Engineer
Field Manager
Report

Consideration of Sewer Viewer, Inc. Proposal to Inspect the Stormwater Catch Basin Inlets
Bussiness Matters
Number of Registered Voters in the District – 874

Discussion of General Election Qualifying Period

Consideration of the Waterford Estates Community Association License & Maintenance Agreement
Acceptance of the Fiscal Year 2025 Audit Report from Grau & Associates
Discussion of July 1, 2026 Form 1 Filing Deadline

Financial Reports
Approval of Check Run Summary
Acceptance of Unaudited Financials

Supervisor Requests and Audience Comments

Adjournment

Meetings are open to the public and may be continued to a time, date and place certain. For more information regarding this CDD please visit the website: http://www.waterfordestatescdd.com

MINUTES

MINUTES OF MEETING WATERFORD ESTATES
COMMUNITY DEVELOPMENT DISTRICT
The regular meeting of the Board of Supervisors of the Waterford Estates Community Development District was held on Monday, March 2, 2026, at 11:00 a.m. at 7200 Waterford Parkway, Punta Gorda, Florida 33950

Present and constituting a quorum were:

David Bailey	Chairman
Judith VanHaaren	Vice Chairman
Linda Mazner	Assistant Secretary
Mike Abair	Assistant Secretary Also present were:
Jason Greenwood	District Manager, GMS
Patrick Burgess by Zoom	GMS
Michael Pawelczyk	District Counsel

FIRST ORDER OF BUSINESS	Roll Call
Mr. Greenwood called the meeting to order at 11:00 a.m. and called the roll. Four Supervisors were present in person constituting a quorum.

SECOND ORDER OF BUSINESS	Pledge of Allegiance
The Pledge of Allegiance was recited by all who attended the meeting.

THIRD ORDER OF BUSINESS	Approval	of	Minutes	of	the
January 5, 2026, Meeting
Mr. Greenwood presented the minutes from the January 5, 2026 meeting and asked for any comments, corrections, or changes. A Board member noted a change on page 3. A change from TF 13 to TC 13.

On MOTION by Ms. VanHaaren, seconded by Mr. Bailey, with all in favor, the Minutes of the January 5, 2026, Meeting were approved as amended.

FOURTH ORDER OF BUSINESS	Staff Reports
District Counsel
Consideration of Billing Cochran Adjustment to District Counsel Fee Structure
Mr. Pawelczyk reviewed the proposed adjustment to the District counsel fee structure from Billing Cochran. He explained that the firm had not raised its rates for several years and was proposing a modest increase, with partner rates moving from $275 to $300 per hour and associate rates from $225 to $250 per hour. He noted that the increase would not take effect until the start of the next fiscal year in October 2026 (FY 2027), so it would not impact the current budget. He also stated that the firm’s rates were still lower than many other District counsel rates in Florida and that associates often handled certain work to help keep costs down. After a brief discussion and clarification of the effective date, the Board approved the updated fee structure, and Mr. Pawelczyk noted that legal expenses would continue to depend on how often counsel services were needed.

On MOTION by Mr. Abair, seconded by Mr. Bailey, with all in favor, the Billing Cochran Adjustment to District to Counsel Fee Structure, was approved.

District Engineer
There being no comments, the next item followed.

Field Manager
Report
Mr. Burgess reviewed items from the agenda package. He showed photos of the mulch work recently completed along Waterford Parkway and said it looked great and helped freshen up the area. The Board agreed that the improvement looked good. He also reported that the broken in-ground FPL junction box lid across from the clubhouse, which had been an issue for over a year, was finally repaired after locating the right crew

while they were on site. The repair removed a safety hazard that had been temporarily covered with wood. He also mentioned that the streetlights had been replaced with LED lights and asked if anyone had any questions about the report.

Discussion of EcoTech Communication Regarding Recent Lake Concerns
Mr. Burgess stated that the Board had discussed Ecotech’s communication about foam and a few dead fish that were observed in one of the lakes, Lake 9. An environmental technician reviewed the situation and explained that it was likely caused by a natural lake turnover, in which the cold and warm water layers flip, temporarily affecting oxygen levels. This can sometimes lead to fish deaths. He noted that he had seen similar conditions earlier in January and February and provided a report explaining the phenomenon. The Board felt it would be helpful to share the report with residents since the situation might concern people who see it but don’t understand the cause. Mr. Burgess was directed to reach out to community management to see if they could send the report and explanation to residents as an informational email.

Discussion Regarding the Irrigation Repairs
Mr. Burgess stated that the Board had discussed irrigation repairs discovered near the FPL easement. He explained that a two-inch irrigation pipe running through the green buttonwood hedge had several breaks that appeared to have been caused by an excavator, possibly during tree work after Hurricane Ian. Because the pipe only carried water when that irrigation zone was running, the damage likely went unnoticed for a long time. A recent inspection prompted by concerns about high water usage, the team located the damaged pipe. After repairing the first break and restoring pressure to the line, additional breaks were discovered as water surfaced and sprinkler heads popped up in the surrounding vegetation. Mr. Burgess estimated that between 450,000 and 500,000 gallons of water may have been lost over time. The damaged sections were repaired, and the area was cleared so irrigation heads and lines could be inspected more easily going forward. It was confirmed that, although the line runs through an FPL easement, the land remains CDD property, making the irrigation system the District’s responsibility. It was also revealed that the irrigation layout has been difficult to track because the available drawings were to-be-built plans rather than true as-built drawings. He noted that they had

been working to map the irrigation system and identify which zones belong to the CDD, HOA sections, or WECA so repairs can be billed correctly. Board members noted that irrigation responsibilities had been unclear in the past, with earlier statements suggesting the CDD did not have irrigation. The review showed that some irrigation areas are maintained by the CDD. Mr. Burgess noted that budgets will include a specific irrigation maintenance line item to account for these costs.

Discussion of Management of the Vegetation
Mr. Greenwood stated that the Board decided to defer discussion of the vegetation report until input could be reported. They noted that several landscaping and vegetation cutback proposals had been received and agreed it would be better to review them alongside the budget and develop a prioritized plan to address the work over multiple years rather than all at once.

FIFTH ORDER OF BUSINESS	Business Matters
A. Consideration of Resolution 2026-04 Approving the Fiscal Year 2027 Proposed Budget & Setting a Public Hearing Date for Adoption
Mr. Greenwood reviewed Resolution 2026-04, setting the proposed budget and public hearing date with no assessment increase. The Board agreed to focus on maintenance needs for the upcoming year rather than funding reserves, acknowledging they needed a better understanding of true operating costs first. There was concern about not contributing to reserves, especially for long-term items like lake bank restoration. It was pointed out that $24,000 previously set aside had been used to cover other operational expenses, such as increased landscaping and mulch costs.
The Board discussed the risk of future large expenses, noting lake bank restoration could be very costly. It was indicated that the lakes were currently in compliance, and no immediate action was required. They agreed to request a proposal and scope from the engineer for a potential survey to better assess long-term needs. The consensus was to revisit reserves once more information was available, while keeping assessments flat for now.

On MOTION by Ms. VanHaaren, seconded by Ms. Mazner, with Mr. Bailey, Ms. VanHaaren, and Ms. Mazner in favor and Mr. Abair opposed, Resolution 2026-04 Approving the Fiscal Year 2027 Proposed Budget & Setting a Public Hearing Date for Adoption, was approved 3-1.

SIXTH ORDER OF BUSINESS	Financial Reports
A. Approval of Check Run Summary
B. Acceptance of Unaudited Financials
Mr. Greenwood reviewed the financial reports and asked for a motion to approve the check run summary and accepted the unaudited financials.

On MOTION by Ms. VanHaaren, seconded by Mr. Abair, with all in favor, Approving the Check Run Summary and Accepting the Unaudited Financials, was approved.

SEVENTH ORDER OF BUSINESS	Supervisor	Requests	and
Audience Comments
Mr. Greenwood asked for any audience comments. Mr. Adair asked about reserve study costs and noted a prior full-property study was inexpensive. The Board explained that typical studies cover amenities like pools and clubhouses, while ponds and stormwater systems require more specialized, engineering-focused evaluations, so a targeted study for the ponds made more sense.
Mr. Adair asked about removing oak trees due to potential sidewalk damage. The Board agreed that healthy trees would not be removed and any issues would be handled if they arise. They also noted there had been pressure to add more trees, so removal wasn’t a priority. A resident brought up a concern about a damaged fence pillar near the entrance, and they said they would look into it. There was also clarification about maintenance responsibilities along Airport Road, explaining that while the county owns the roadway side, the CDD maintains adjacent areas. They discussed recent tree trimming along Waterford Parkway, which a vendor completed at no cost to address low branches interfering with mowing. Another resident asked about replanting in areas that had been cleared. It was noted that a design is being worked on.

There were x comments about the mulch budget being too low, with suggestions like using pine straw in areas where mulch would wash out. A resident questioned the status of a previously mentioned dedicated reserve fund and asked that it be reviewed and reflected in the budget.

EIGHTH ORDER OF BUSINESS	Adjournment
Mr. Greenwood asked for a motion to adjourn the meeting.

On MOTION by Ms. VanHaaren, seconded by Mr. Abair, with all in favor, the meeting was adjourned at 12:27 p.m.

Secretary / Assistant Secretary	Chairman / Vice Chairman

SECTION IV

SECTION C

SECTION 2

SEWER VIEWER, INC.
2190 ANDREA LANE | FORT MYERS, FL 33912 OFFICE: 239-267-3344 | MOBILE: 239-313-0037

4/28/2026
Attn: Patrick Burgess (pburgess@gmssf.com)

Job Name: Waterford Estates

Job Address: 7200 Waterford Pkwy
Punta Gorda, FL 33950

Customer Name: Waterford Estates CDD
C/O GMS SF LLC
5385 N. Nob Hill Rd Sunrise, FL 33351

Thank you for giving us the opportunity to inspect the stormwater catch basin inlets. This is our most basic inspection that we suggest as a maintenance item. It involves probing the bottom of the basin for sediment. In most cases the pipes enter the catch basin about 6” off the floor (sometimes higher). This creates a sump in the bottom of the basin which collects sediment. When the sediment is the sump exceeds 6” it can enter the pipe. We suggest cleaning any basin that has 6” or more sediment. The inspection will include grate inlets and junction boxes. Our rate for the inspection is $4,200.00.

There will be a $150.00 NTO fee, which will be waived if the invoice is paid within 30 days. To approve this quote please sign below and return. If you have any questions, please give me a call.

Regards,

Brandon Brown
Brandon Brown - Estimator Sewer Viewer, Inc. brandon@sewerviewerinc.com

SIGNATURE OF AUTHORIZED REPRESENTATIVE	DATE

*Quote is valid for a period of 45 days from the date of issuance. If acceptance is received after this period has lapsed, the quote will be subject to a rate adjustment. A scheduled date for work to commence will be given upon receipt of signed quote*

SECTION V

SECTION A

3/2/26, 8:45 AM	Request 26-57 - NextRequest - Modern FOIA & Public Records Request Software
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Unpublished

Charlotte County Supervisor of Elections

Closed

February 27, 2026 via mail

Requesting the number of registered voters within the Waterford Estates Community Development District as of April 15, 2026. Full request attached.

Documents

Good morning,

There are 874 voters registered to the Waterford Estates District.
We have successfully fulfilled your public records request dated 3/02/2026.
Pursuant to Florida Statutes Chapter 119, the Florida Public Records Act, the requested records have been compiled and are available for your review. You may access these records online within
the request.

If you have any further inquiries or require assistance, please do not hesitate to contact us.

Nicole Viverito

nviverito@gms-tampa.com 813-344-4844

No departments available

records@soecharlottecountyfl.gov

3/2/26, 8:45 AM	Request 26-57 - NextRequest - Modern FOIA & Public Records Request Software

Sincerely,
Charlotte County Supervisor of Elections Public Records Department
March 2, 2026, 8:43am by Staff

Requester + Staff

This email serves to acknowledge receipt of your public records request. Pursuant to Florida Statutes Chapter 119, known as the Florida Public Records Act, we are reviewing your request and will provide a response within a reasonable time frame.
Records requests are worked based on the order in which they were received. We will provide either the records, or for
more extensive requests, an estimate of the cost to provide these records.
February 27, 2026, 3:40pm

Request received via mail
February 27, 2026, 3:40pm by Staff

	 

SECTION B

NOTICE OF QUALIFYING PERIOD FOR CANDIDATES FOR THE BOARD OF SUPERVISORS OF THE
WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT

Notice is hereby given that the qualifying period for candidates for the office of Supervisor of the Waterford Estates Community Development District (“District”) will commence at noon on June 8, 2026, and close at noon on June 12, 2026. Candidates must qualify for the office of Supervisor with the Charlotte County Supervisor of Elections located at the Charlotte County Historic Courthouse, 226 Taylor Street, Punta Gorda, FL 33950; PH: (941) 833-5400. All candidates shall qualify for individual seats in accordance with Section 99.061, Florida Statutes, and must also be a “qualified elector” of the District, as defined in Section 190.003, Florida Statutes. A “qualified elector” is any person at least 18 years of age who is a citizen of the United States, a legal resident of the State of Florida and of the District, and who is registered to vote with the Charlotte County Supervisor of Elections. Campaigns shall be conducted in accordance with Chapter 106, Florida Statutes.

The Waterford Estates Community Development District has two (2) seats up for election, specifically seats 2, and 4. Each seat carries a four-year term of office. Elections are nonpartisan and will be held at the same time as the general election on November 3, 2026, and in the manner prescribed by law for general elections.

For additional information, please contact the Charlotte County Supervisor of Elections.

4918-6766-6475 v.14938-5988-5875, v. 1

SECTION C

WATERFORD ESTATES
LICENSE AND MAINTENANCE AGREEMENT
This License and Maintenance Agreement (the “Agreement”) is made and entered into this
	day of 	, 2026 (the “Effective Date”), by and among:
WATERFORD ESTATES COMMUNITY ASSOCIATION, INC., a Florida
not-for-profit corporation, whose mailing address is 7200 Waterford Pkwy, Punta Gorda, FL 33950 (“WECA”); and
WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT, a
local unit of special purpose government established pursuant to Chapter 190, Florida Statutes, being situated in unincorporated Charlotte County, Florida, and whose address is 4530 Eagle Falls Place, Tampa, Florida 33619 (the “CDD”).

RECITALS
WHEREAS, the CDD is a local unit of special-purpose government established, organized, and existing in accordance with the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended, and Ordinance No. 2006-045 of the Board of County Commissioners of Charlotte County, Florida;

WHEREAS, WECA, the master homeowners association for the Waterford Estates community, is the owner of parcels of land within the boundaries of the CDD (the “WECA Property”), which WECA Property is more particularly described in Exhibit A, attached hereto and made a part hereof;

WHEREAS, the CDD is the owner of parcels of land within the boundaries of the CDD (the “CDD Property”), which CDD Property is more particularly described in Exhibit B, attached hereto and made a part hereof;

WHEREAS, there exists certain irrigation well(s), irrigation pump facilities, and appurtenances (the “Irrigation Facilities”) located on both the WECA Property and the CDD Property, which Irrigation Facilities serve the entire community of Waterford Estates, were constructed, exist, and operate under permits issued by those governmental entities having jurisdiction, as amended and revised from time to time, and which are more particularly described in Exhibit C, attached hereto and made a part hereof (the “Permits”); and

WHEREAS, the CDD and WECA have each determined that it is in the best interests of all the CDD, WECA, and those residing or owning property within Waterford Estates for WECA to be responsible for the regular maintenance, repair, operation, and any reporting, including any costs associated therewith (collectively, the “Services”), as necessary or required for the Irrigation Facilities that are the subject of this Agreement;

WHEREAS, it has been determined that WECA is in the best position to fund and provide the Services and would provide for the most efficient model for providing the Services necessary for the Irrigation Facilities and the responsibilities relating thereto, regardless of ownership or location of the Irrigation Facilities or portions thereof; and

WHEREAS, WECA has requested and the CDD agrees to grant a non-exclusive license to WECA to enter the CDD Property for the purposes of providing the Services to the Irrigation Facilities as provided herein.
NOW, THEREFORE, based upon good and valuable consideration, the receipt of which is hereby acknowledged, and the mutual covenants herein contained, and subject to the terms and conditions hereof, the CDD and WECA agree as follows:

 ​Recitals.
The above recitals are deemed true and correct to the best of the knowledge of the CDD and WECA and are hereby adopted by reference and incorporated into this Agreement.

 ​Grant of License; Performance.
The CDD hereby grants to WECA and WECA’s contractors, agents and/or consultants, a temporary and non-exclusive revocable right, license, and privilege to enter the CDD Property for the purposes set forth herein.

WECA shall perform or cause to be performed, at WECA’s cost and expense, the Services on the Irrigation Facilities as necessary and in accordance with the Permits.

At its cost and expense, WECA may, as needed, engage, pursuant to written agreement(s), service provider(s) to maintain, repair, modify, and provide the Services for the Irrigation Facilities, which service provider(s) shall each maintain, at all times during the Term of this Agreement, all required licenses, permits or other certifications necessary to perform its duties under the applicable contracts, and any amendments thereto, entered into with WECA (the “Vendor Contracts” and each, a “Vendor Contract”). WECA shall provide copies of all such Vendor Contracts to the CDD for the CDD’s records.

Each Vendor Contract that is overseen by WECA pursuant to this Agreement shall include provisions that:

Require the service provider to comply with the E-Verify requirements of Section 448.09(1) and 448.095, Florida Statutes;

Require the contractor to maintain workers compensation insurance in accordance with Florida law, Comprehensive General Liability Insurance with policy limits not less than
$1,000,000 Combined Single Limit, per occurrence, and Automobile Liability Insurance (if the

use of a vehicle is involved in the provision of the Services) with policy limits not less than
$500,000 Combined Single Limit, per occurrence;

Name the Waterford Estates Community Development District (defined to include the CDD, its officers, directors, employees, and agents), as Additional Insureds or Additional Named Insureds. Certificates of Insurance evidencing compliance with this provision shall be made available to the CDD upon the request of the CDD; and
Provide for indemnification of the Waterford Estates Community Development District (defined to include the CDD, its officers, directors, employees, servants, and agents) for the intentional, willful, and negligent acts and omissions of the service provider, and for the negligence of the service provider.

Notwithstanding anything to the contrary herein, WECA shall not, without the prior approval of the CDD, take or attempt any of the following actions with respect to the CDD Property:
Subject all or any portion of the Irrigation Facilities or the CDD Property to any mortgage, debt, deed, lien or other encumbrance;

2.5.2. Take any action which would cause the CDD to expend funds or incur liabilities or obligations to a third party except as expressly provided in this Agreement;

Borrow money or execute any promissory note, evidence of indebtedness guaranty, contract/agreement, or the like in the name of or on behalf of the CDD;

Commence litigation against or adjust, settle or compromise claims, on behalf of the CDD of any contractor, subcontractor, supplier, laborer, or materialmen relating to the maintenance or repair of the Irrigation Facilities, the CDD Property, or the provision of Services;

Make or undertake any modifications, additions, alterations, or improvements to the Irrigation Facilities or the CDD Property without the express written consent of the CDD, which consent, if necessary to ensure compliance with the Permits, shall not be unreasonably withheld, conditioned, or delayed; and

Take any other actions in conflict with express instructions of the CDD with respect to its respective ownership interest in the Irrigation Facilities or any portion thereof.

WECA, as part of the Services, shall ensure that the maintenance, repair, installation, and other services provided under each Vendor Contract does not interfere in any way with or encumber or restrict the use, access, ingress, egress, easement, right-of-way, dedication, ownership or other right or interest of the CDD in the Irrigation Facilities, except as provided herein.

WECA shall verify completion of work by the service providers under the various Vendor Contracts relating to the Irrigation System.

WECA agrees to comply with any and all laws concerning public records and open meetings (Florida’s Sunshine Law), to the extent applicable as a result of this Agreement, and to seek independent legal advice as reasonably necessary to ensure such compliance.

  ​ License Not a Lease.
This Agreement and the license granted hereunder shall not be deemed to be a lease by the CDD but rather a license granted to WECA by the CDD to use and occupy the District Property under the terms and conditions stated in this Agreement. WECA expressly acknowledges that it gains no property or contract right from the use, maintenance and repair of the Irrigation Facilities contemplated herein and further acknowledges that the license granted herein is revocable at will of the CDD and as determined by CDD.

 ​Responsibilities of the CDD.
The CDD shall and hereby does permit and authorize access to WECA and its authorized agents to, over, under, through, and within the CDD Property and the Irrigation Facilities situated therein order that WECA may perform the Services that are the subject of this Agreement.

 ​No Compensation; WECA Funding of Services
The CDD shall have no further financial responsibility with respect to the Services associated with the Irrigation Facilities that are the subject of this Agreement, with WECA being fully responsible for funding all Services, Vendor Contracts, and other costs and expenses associated with the Irrigation Facilities and compliance with the Permits.

WECA shall timely pay all invoices, or other manner of billing, for all persons or entities with whom WECA may have contracted or arranged to provide Services or materials in fulfillment of its obligations under this Agreement

   ​ Intervention by the CDD
In the event of an emergency, the CDD, regardless of any language in this Agreement to the contrary or any language in any contract or arrangement that WECA may have with third parties concerning the Services, reserves the unilateral and exclusive right to implement or initiate, without advance notice, the following:

the provision of Services for the Irrigation Facilities, or portion thereof, in accordance with the Permit; and

the removal, modification, relocation, or replacement, as the case may be and in the CDD’s sole discretion, of any portion of the Irrigation System owned by the CDD.

 ​Remedies, Default, and Specific Performance
The following remedies, as well as any other remedies available in law or equity, are available to the Parties should there be a default in carrying out the terms and conditions of this Agreement, namely:
Material Breach by WECA. After written notice by the CDD to WECA that WECA has failed to comply with any of the terms and conditions of this Agreement, and after WECA’s failure to cure such default after a reasonable opportunity to do so (minimum of ten (10) days), WECA shall be deemed to be in material breach of this Agreement. In the event of a material breach of this Agreement by WECA, the CDD, at its sole discretion and without advance notice or opportunity to cure, may elect to perform the Services with respect to the Irrigation Facilities, or portion thereof owned by the CDD only; provided, however, the CDD shall be obligated to give a subsequent written or email notice to WECA as soon as is reasonably possible, but in no event later than five (5) business days after commencement of such activity pursuant to the authority of this section. At such time as the CDD should commence performance of the Services in accordance herewith, and upon receipt of the oral or written notice from the CDD, WECA shall promptly discontinue the provision of such Services as to same until such time as is otherwise agreed to in writing by and between the Parties hereto, and regardless of any contracts or arrangements with third parties into which WECA may have entered.

Material Breach by CDD.  After written notice by WECA to the CDD that the CDD has failed to comply with any of the terms and conditions of this Agreement, and after the CDD’s failure to cure such default after a reasonable opportunity to do so (minimum of ten (10) days), the CDD shall be deemed to be in material breach of this Agreement. In the event of a material breach of this Agreement by the CDD, WECA may elect terminate this Agreement.

  ​Indemnification
With respect to any claims, demands, or causes of action arising out of or in connection with this Agreement, WECA and the CDD shall each be responsible for their respective acts, omissions and negligence, and the acts, omission, and negligence of their respective officers, directors, employees, servants, and agents. Notwithstanding, WECA agrees, as the entity responsible for the maintenance and the administering the requirements of the Permits, to be fully responsible for any fines, penalties, fees, or other costs associated with non-compliance with the Permits, occurring or arising out of acts or omissions from the Effective Date to the termination date of this Agreement, except to the extent such non-compliance is caused by the acts, omissions, or negligence of the CDD. Further, WECA agrees to indemnify and hold harmless the CDD for any such fines, penalties, fees, or costs incurred by said parties as a result of such non-compliance. Any fines, penalties, fees, or other costs imposed against the CDD shall immediately be paid by WECA within fifteen (15) business days of WECA’s actual knowledge of such fine, penalty, fee, or other cost. The parties

agree to provide notification to each other within a reasonable time of one’s actual knowledge of any alleged violation of any Permits or applicable law and regulations governing the Irrigation Facilities. Nothing herein is intended to be construed as a waiver of the protections, immunities, and limitations afforded a governmental entity pursuant to Section 768.28, Florida Statutes or the doctrine of sovereign immunity.

 Insurance
During the term of this Agreement, WECA and the CDD shall have in effect insurance with those limits specified in this Section 9.0. Copies of said insurance policy(ies) or certificate(s) of insurance must be furnished by the other Party immediately after execution of this Agreement. Any party to this Agreement may reasonably request from the other party proof of insurance (Certificate of Insurance) or the name and phone number of insurer at any time during the term of the Agreement, and the party receiving such request shall respond with said proof of insurance within ten (10) business days of the request. Failure to provide the proof of insurance required in this section or the name and phone number of insurer as requested shall constitute grounds for termination of this Agreement.

WECA, at its own cost and expense, shall keep in force at all times, and shall maintain the following during the terms of this Agreement:

Comprehensive General Liability Insurance with minimum limits of coverage of One Million ($1,000,000.00) Dollars per occurrence and One Million ($1,000,000) Dollars aggregate covering the association entity and operations, including coverage for Products and completed Operations, Contractual Liability, Independent Contractors, Broad Form Property Damage, Personal injury, with all Care, Custody and Control exclusions deleted, covering all claims for bodily injury, including death, property damage, and personal injury, including claims for false arrest, detention or imprisonment, malicious prosecution, libel, slander, defamation, wrongful entry or eviction, or other invasion of right of private occupancy.

Workers’ Compensation Insurance as required by Florida Statutes.

WECA shall provide the CDD with Certificate(s) of Insurance on all policies of insurance and renewals thereof. Each policy shall provide that the CDD is an additional insured or an additional named insured, and that the CDD shall be notified by the insurer in writing of any cancellation at least thirty (30) days prior to the effective date of cancellation.

The CDD, at its own cost and expense, shall keep in force at all times, and shall maintain the following during the terms of this Agreement:

Public Entity General Liability Insurance with minimum limits of coverage of One Million ($1,000,000.00) Dollars per occurrence covering bodily injury and property damage.

Workers’ Compensation Insurance as required by Florida Statutes.

The CDD shall provide WECA with Certificate(s) of Insurance on all policies of insurance and renewals thereof. Each policy shall provide that WECA shall be notified by the insurer in writing of any cancellation at least thirty (30) days prior to the effective date of cancellation.

 ​Term of Agreement; Termination
This Agreement shall be effective upon execution, and unless otherwise terminated as otherwise permitted in this Agreement, shall expire on September 30, 2031. Thereafter, this Agreement shall automatically renew for additional one-year periods, commencing on October 1st of the following year, unless WECA or the CDD provides written notice before May 1st of the year in which the then-current term will expire that WECA or the CDD intends not to renew for an additional term.

In addition to the rights and methods of termination established pursuant to any other provision of this Agreement, either party may terminate this Agreement for convenience at any time for any reason in its sole discretion by providing at least thirty (30) days written notice to the other party of its intent to terminate this Agreement pursuant to this provision.

 ​Ownership of Books and Records
Records. WECA shall keep books and records pertaining to the performance of this Agreement and specifically, the Services performed by WECA and the Vendor Contracts with respect to the Irrigation Facilities. Such books and records will be available at all reasonable times for examination and audit by the CDD and shall be kept by WECA for a period of three (3) years after the expiration or earlier termination of this Agreement. WECA shall make all such records relating to the performance of the Services under this Agreement available for inspection upon the reasonable request of the CDD.

In addition to the above referenced provisions, the following minimum requirements in accordance with Chapter 119, Florida Statutes, Florida’s Public Records Act, shall apply:

WECA shall, pursuant to and in accordance with Section 119.0701, Florida Statutes, comply with the public records laws of the State of Florida, and specifically shall:

Keep and maintain public records required by the CDD to perform the Services or work set forth in this Agreement, as applicable to the CDD; and

Upon the request of the CDD’s custodian of public records, provide the CDD with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does

not exceed the cost provided in Chapter 119, Florida Statutes, or as otherwise provided by law; and

Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the contract term and following completion of the Agreement if WECA does not transfer the records to the CDD; and
Upon completion of the Agreement, transfer, at no cost to the CDD, all public records in possession of WECA or keep and maintain public records required by the CDD to perform the service or work provided for in this Agreement. If WECA transfers all public records to the CDD upon completion of the Agreement, WECA shall destroy any duplicate public records that are exempt or confidential and exempt from public disclosure requirements. If WECA keeps and maintains public records upon completion of the Agreement, WECA shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to the CDD, upon request from the CDD’s custodian of public records, in a format that is compatible with the information technology systems of the CDD.

WECA acknowledges that any requests to inspect or copy public records relating to this Agreement must be made directly to the CDD pursuant to Section 119.0701(3), Florida Statutes. If notified by the CDD of a public records request for records not in the possession of the CDD but in possession of WECA, WECA shall provide such records to the CDD or allow the records to be inspected or copied within a reasonable time. WECA acknowledges that should WECA fail to provide the public records to the CDD within a reasonable time, WECA may be subject to penalties pursuant to Section 119.10, Florida Statutes.

IF WECA HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO WECA’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT/CONTRACT, WECA MAY CONTACT THE CUSTODIAN OF PUBLIC RECORDS FOR THE CDD AT:

GOVERNMENTAL MANAGEMENT SERVICES-TAMPA, LLC 4530 EAGLE FALLS PLACE
TAMPA, FLORIDA 33619
TELEPHONE: (813) 344-4844
EMAIL: jgreenwood@gms-tampa.com
 ​Force Majeure
No party to this Agreement shall be considered in default in the performance of any of its obligations hereunder to the extent that the performance of such obligations, except the payment of money, is prevented or delayed by any cause, existing or future, beyond the reasonable control of the affected party or by a strike, lockout or other labor difficulty (“Force Majeure”). Nothing herein contained shall be construed as requiring any of the parties to accede to any demands of labor or labor unions, suppliers or others not a party hereto which that party considers unreasonable.

13.2  Each party hereto shall give notice promptly to the other party of the nature and extent of any event of Force Majeure claimed to delay or prevent its performance under this Agreement.

 ​Miscellaneous Provisions
 ​Time of the Essence: Time is of the essence with respect to this Agreement.
 ​ Notices: All notices, requests, consents and other communications required or permitted under this Agreement shall be in writing (including facsimile) and shall be (as elected by the person giving such notice) hand delivered by prepaid express overnight courier or messenger service, telecommunicated, or mailed (airmail if international) by registered or certified (postage prepaid), return receipt requested, to the following addresses:
AS TO WECA:	Waterford Estates Community Association, Inc.
7200 Waterford Pkwy Punta Gorda, Florida 33950
Attention: Property Manager
With a copy to:	Association Legal Services 12600 World Plaza Ln, Suite 63 Fort Myers, FL 33907

AS TO THE CDD:	Waterford Estates Community Development District
Governmental Management Services –Tampa, LLC 4530 Eagle Falls Place
Tampa, Florida 33619 Attention: District Manager

With a copy to:	Billing Cochran, P.A.
515 E. Las Olas Boulevard, Suite 600 Fort Lauderdale, Florida 33301
Attention: Michael J. Pawelczyk, District Counsel

Except as otherwise provided in this Agreement, any notice shall be deemed received only upon actual delivery at the address set forth above. Notices delivered after 5:00 PM (at the place of delivery) or on a non-business day, shall be deemed received the next business day. If any time for giving notice contained in this Agreement would otherwise expire on a non-business day, the notice period shall be extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Any Party or other person to whom notices are to be sent or copied may notify the other Parties and addressees of any changes in name or address to which notices shall be sent by providing the same on five (5) days written notice to the Parties and addressees set forth herein.

 ​ Entire Agreement; Cancellation/Termination of the All Prior Maintenance Agreements: WECA and the CDD agree that this instrument embodies the complete understanding of the parties with respect to the subject matter of this Agreement and supersedes all other agreements, verbal or otherwise. This Agreement contains the entire understanding between WECA and the CDD, and each agrees that no representation was made by or on behalf of the other that is not contained in this Agreement, and that in entering into this Agreement no party relied upon any representation not herein contained. Upon the Effective Date of this Agreement, any prior maintenance agreement instruments entered into by and between WECA and the CDD, if any, are hereby terminated, upon the mutual consent and agreement of both WECA and CDD, and such prior maintenance agreements shall no longer have any force and effect.
 Amendment and Waiver: This Agreement may be amended only by a written instrument signed by both WECA and the CDD. If any party fails to enforce their respective rights under this Agreement, or fails to insist upon the performance of the other party’s obligations hereunder, such failure shall not be construed as a permanent waiver of any rights as stated in this Agreement.

 Severability: WECA and the CDD agree that if any part, term or provision of this Agreement is held to be illegal or in conflict with any law of the State of Florida or with any federal law or regulation, such provision shall be severable, with all other provisions remaining valid and enforceable.

 Controlling Law; Venue: This Agreement shall be construed under the laws of the State of Florida. Venue for purposes of any litigation or administrative proceedings arising out of this Agreement or the performance thereof shall be Charlotte County, Florida.

 Authority: The execution of this Agreement has been duly authorized by the appropriate body or official of WECA and the CDD, each party has complied with all the requirements of law,

and each party has full power and authority to comply with the terms and provisions of this Agreement.

 Costs and Fees: In the event that either party is required to enforce this Agreement by court proceedings or otherwise against another party, then WECA and the CDD agree that the prevailing party shall be entitled to recover from the non-prevailing party all costs incurred, including reasonable attorney’s fees and costs for trial, alternate dispute resolution, or appellate proceedings.
 ​ Mediation: WECA and the CDD mutually agree that in the event of any dispute arising out of or relating to this Agreement, prior to bringing any action in litigation, WECA and the CDD will participate in non-binding mediation with a mediator to be mutually agreed upon by both WECA and the CDD. Should WECA and the CDD be unable to resolve their differences at mediation, any unresolved controversy, claim or dispute shall be brought in the courts of the 20th Judicial Circuit in and for Charlotte County, Florida.

 ​ Successors and Assignment: This Agreement is not assignable without the written consent of all parties, and such written consent shall not be unreasonably withheld.

 No Third-Party Beneficiaries: This Agreement is solely for the benefit of WECA and the CDD and no right or cause of action shall accrue upon or by reason hereof, to or for the benefit of any third party not a party to the Agreement. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Agreement or any provisions or conditions hereof; and all of the provisions, representations, covenants and conditions herein contained shall inure to the sole benefit of and shall be binding upon the parties hereto and their respective representatives, successors and assigns.

 ​ Arm’s Length Transaction: This Agreement has been negotiated fully between WECA and the CDD in an arm’s length transaction. WECA and the CDD participated fully in the preparation of this Agreement with the assistance of their respective counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, WECA and the CDD are deemed to have drafted, chosen and selected the language, and the doubtful language will not be interpreted or construed against any party.

 ​ Execution of Documents: WECA and the CDD each covenants and agrees that it will at any time and from time to time do such acts and execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such documents reasonably requested by the parties necessary to carry out fully and effectuate the transaction or performance herein contemplated.

 ​ Construction of Terms: Whenever used, the singular number shall include the plural, the plural the singular; and the use of any gender shall include all genders, as the context requires; and the disjunctive shall be construed as the conjunctive, the conjunctive as the disjunctive, as the context requires.

13.15. Captions: The captions for each section of this Agreement are for convenience and reference only and in no way define, describe, extend, or limit the scope of intent of this Agreement, or the intent of any provision hereof.

13.16 Counterparts: This Agreement may be executed in two or more counterparts, each of which shall be and be taken to be an original, and all collectively deemed one instrument.
In Witness Whereof, the Parties hereto have signed this Agreement on the day and year first written above.
WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT

	

Jason Greenwood, Secretary

Print name: 	 Chair/Vice-Chair
Board of Supervisors

	day of 	, 2026

Witnesses:	WATERFORD ESTATES COMMUNITY
ASSOCIATION, INC., a Florida not-for-profit corporation	
	By: 		
Name:			Print name: 		
	Print title: 		
Name:				day of 	, 2026	

Exhibit A

WECA Property

Tracts A, C-4, C-19, R-1, and R-2 of Waterford Estates according to the plat thereof, as recorded in Plat Book 20, Pages 1-A through 1-Z-9 (being plat sheets 1-35) of the Official Records of Charlotte County, Florida.

AND

Tract MF-3 of the Waterford Estates, according to the plat thereof, as recorded in Plat Book 20, Page 1, less and except Lots 478 through 527 of the Waterford Estates Phase 2B and 2C, according to the plat thereof, as recorded in Plat Book 22, Page 17-A, all in the Public Records of Charlotte County, Florida.

Exhibit B

CDD Property

Tracts C-1, C-2, C-3, C-5, C-6, C-7, C-8, C-9, C-10, C-11, C-12, C-13, C-14, C-15, C-17, C-
18, F-1, F-2, F-3, F-4, L-1, L-2, L-3, L-4, L-5, L-6, L-7, L-8, and L-9 of Waterford Estates
according to the plat thereof, as recorded in Plat Book 20, Pages 1-A through 1-Z-9 (being plat sheets 1-35) of the Official Records of Charlotte County, Florida.

AND

A portion of Tract R-2 described as follows: Beginning at the southwesterly most corner of said Tract “R-2”; thence N.15°59'02"W. for 140.00 feet; thence N.23°48'25"W. for 174.00 feet to an intersection with a non-tangent curve to the right having a radius of 575.00 feet and to which point a radial line bears N.23°43'20"W.; thence easterly along the southerly
line of said Tract “A” (Waterford Parkway) and along said curve through a central angle of 7°48'14" for 78.32 feet; thence S.20°53'36"E. for 328.56 feet; thence S.82°24'42"W. along the northerly line of said Tract “A” (Mikasa Drive) for 50.20 feet to the beginning of a curve to the left having a radius 225.00 feet; thence westerly along same line and said curve through a central angle of 8°23'44" for 32.97 feet to the point of beginning. Parcel contains 0.55 acres or less. Bearings are based on the south line of Section 8, Township 41 South, Range 23 East as N.89°50’46”W

Exhibit C

Permits
The following Permits, as such Permits are amended and revised from time to time, are applicable to this Agreement:
1.  Southwest Florida Water Management District Water Use Permit No. 20-020378.008, dated September 21, 2023, as amended and supplemented from time to time.

SECTION D

March 26, 2026

To the Board of Supervisors
Waterford Estates Community Development District Charlotte County, Florida

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

We have audited the financial statements of Waterford Estates Community Development District (“District”) as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated March 26, 2026. Professional standards require that we advise you of the following matters relating to our audit.

We have also examined the District’s 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, 2025 which was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.
Our Responsibility in Relation to the Financial Statement Audit
Our responsibility, as described by professional standards, is to form and express an opinion(s) about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your respective responsibilities.

Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, as part of our audit, we considered the internal control of the District solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control.

We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process.
However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.
Any findings regarding significant deficiencies or material weaknesses in internal control over financial reporting, material noncompliance, or other matters noted during our audit, if any, are communicated in separate reports included in the District’s financial report—titled 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 and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida.

Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.

Compliance with All Ethics Requirements Regarding Independence

The engagement team, others in our firm, as appropriate, and our firm, have complied with all relevant ethical requirements regarding independence.
With respect to financial statement preparation, the following safeguards are in place:

Management made all decisions and performed all management functions;
A competent individual was assigned to oversee the services;
Management evaluated the adequacy of the services performed;
Management evaluated and accepted responsibility for the result of the service performed; and
Management established and maintained internal controls, including monitoring ongoing activities.
Qualitative Aspects of the Entity’s Significant Accounting Practices
Significant Accounting Policies

Management is responsible for selecting and applying appropriate accounting policies. A summary of the significant accounting policies adopted by the District is included in Note 2 to the financial statements. There were no new accounting policies adopted and no changes in existing significant accounting policies or their application during the fiscal year, other than those described in Note 2, if any. No matters came to our attention that, under professional standards, we are required to inform you about concerning (1) the methods used to account for significant unusual transactions or (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.

Significant Accounting Estimates

Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s current judgments. Those judgments normally reflect management’s knowledge and experience about past and current events and assumptions about future events.

Certain accounting estimates, if present, may be particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them could differ markedly from management’s current judgments.

In connection with our audit, we considered the reasonableness of the accounting estimates used by management. The most sensitive accounting estimate(s) affecting the financial statements included, as applicable:

Management’s estimate of the useful lives of capital assets.
Management’s estimate of the liability for employee compensated absences.
Management’s estimate of the Net Other Post-Employment Benefits (OPEB) liability.
Management’s estimate of the Net Pension Liability.

If none of the above estimates or other sensitive estimates were applicable in the current year, this section should be read to indicate that no such significant accounting estimates were identified.

We evaluated the key factors and assumptions used by management to develop the estimate(s) and determined that they were reasonable in relation to the financial statements taken as a whole.

Financial Statement Disclosures

Certain financial statement disclosures involve significant judgment and are particularly sensitive because of their significance to financial statement users. The most sensitive disclosures affecting the District’s financial statements included, as applicable:

Long-term liabilities related to bonds payable and debt service requirements.
Litigation, claims, and assessments related to pending legal matters; and
Pension and Other Post-Employment Benefit (OPEB) plan disclosures.
If no such disclosures were identified for the current year, this section should be read to indicate that we did not note any financial statement disclosures involving significant judgment or sensitivity.

Circumstances Affecting the Auditor’s Report

Professional standards require us to communicate any circumstances that affect the form or content of our auditor’s report. If applicable, such circumstances—such as a modification of opinion, an emphasis-of-matter or other-matter paragraph, or a reference to substantial doubt about the District’s ability to continue as a going concern—are described in our auditor’s report included in the District’s financial report. If no such circumstances existed, this section should be read to indicate that our report was unmodified.

Significant Difficulties Encountered during the Audit

We encountered no significant difficulties in dealing with management relating to the performance of the audit.
Corrected Misstatements

Professional standards require us to communicate all material misstatements identified and corrected during the audit. Management has corrected all misstatements that were identified as a result of our audit procedures. Any such audit adjustments, if applicable, are summarized in the accompanying schedule of journal entries. If none were identified, this section should be read to indicate that we did not note any misstatements that were material, individually or in the aggregate, to the financial statements taken as a whole.

Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the Districts’s financial statements or the auditor’s report. No such disagreements arose during the course of the audit.

Representations Requested from Management

Professional standards require that we obtain certain written representations from management as part of our audit. We have received such representations in a letter. A copy of this letter is available for your review upon request.

Management’s Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters.

Other Significant Matters, Findings, or Issues

In the normal course of our professional association with the District, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, significant events or transactions that occurred during the year, operating and regulatory conditions affecting the entity, and operational plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the District’s auditors.

As noted previously in this letter, any current-year findings identified during our audit are communicated in our separate reports titled 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 and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida. If no findings were identified, this section should be read to indicate that we did not note any additional significant matters or findings requiring communication to those charged with governance.

This report is intended solely for the information and use of the Board of Supervisors and management of the District and is not intended to be and should not be used by anyone other than these specified parties.

Grau & Associates

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT
CHARLOTTE COUNTY, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT CHARLOTTE 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
Waterford Estates Community Development District Charlotte 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 Waterford Estates Community Development District, Charlotte County, Florida (“District”) as of and for the fiscal year ended September 30, 2025, 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, 2025, and the respective changes in financial position thereof for the period 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 March 26, 2026, 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.

March 26, 2026

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Waterford Estates Community Development District, Charlotte County, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2025. 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 $3,948,222.

The change in the District’s total net position in comparison with the prior fiscal year was ($99,055), a decrease. 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, 2025, the District’s governmental funds reported combined ending fund balances of
$675,076, a decrease of ($57,688) in comparison with the prior fiscal year. A portion of fund balance is non-spendable for prepaid items and deposits, restricted for debt service, 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 basic 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 special 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 outflow 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 balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains two 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 and debt service fund 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,		
		2025	2024	
Current and other assets		$	685,294	$	739,217	
Capital assets, net of depreciation		6,714,230	6,954,106	
Total assets		7,399,524	7,693,323	
Current liabilities		87,562	88,266	
Long-term liabilities		3,363,740	3,557,780	
Total liabilities		3,451,302	3,646,046	
Net position				
Net investment in capital assets	3,350,490	3,396,326	
Restricted	539,497	505,232	
Unrestricted	58,235	145,719	
Total net position	$	3,948,222	$	4,047,277	
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 decreased during the most recent fiscal year. The majority of the decrease represents the extent to which the cost of operations and depreciation expense exceeded ongoing program revenues.
Key elements of the change in net position are reflected in the following table:

CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
2025	2024

Revenues: Program revenues
Charges for services	$	643,134	$	641,394	
Operating grants and contributions	26,861	34,118	
General revenues	
Unrestricted investment earnings	7,190	6,972	
Total revenues	677,185	682,484	
Expenses:	
General government	111,306	99,324	
Maintenance and operations	472,093	347,905	
Interest	192,841	203,085	
Total expenses	776,240	650,314	
Change in net position	(99,055)	32,170	
Net position - beginning	4,047,277	4,015,107	
Net position - ending	$	3,948,222	$	4,047,277	
As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2025 was $776,240. The costs of the District’s activities were funded by program revenues. Program revenues are comprised primarily of assessments. The remainder of the current fiscal year revenue is interest revenue. The increase in current fiscal year expenses is primarily the result of an increase in landscape maintenance costs.

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. The general fund budget for the fiscal year ended September 30, 2025 was amended to increase revenues by $4,711, increase appropriations by $88,351, and increase other financing sources by $83,640.

CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital Assets
At September 30, 2025, the District had $8,681,815 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $1,967,585 has been taken, which resulted in a net book value of $6,714,230. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt
At September 30, 2025, the District had $3,375,000 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 does not anticipate any major projects or significant changes to its infrastructure maintenance program for the subsequent fiscal year. In addition, it is anticipated that the general operations of the District will remain fairly constant.

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 Waterford Estates Community Development District’s Finance Department at 5385 N. Nob Hill Road, Sunrise, Florida, 33351.

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT CHARLOTTE COUNTY, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2025

	Governmental
	Activities		
ASSETS		
Cash and cash equivalents	$	14,531	
Investments	39,607	
Assessments receivable	9,575	
Prepaid items and deposits	10,610	
Restricted assets:		
Investments	610,971	
Capital assets		
Nondepreciable	3,900,878	
Depreciable, net		2,813,352 	
Total assets		7,399,524 	
LIABILITIES		
Accounts payable	10,218	
Accrued interest payable	77,344	
Non-current liabilities:		
Due within one year	205,000	
Due in more than one year		3,158,740 	
Total liabilities		3,451,302 	
NET POSITION		
Net investment in capital assets	3,350,490	
Restricted for debt service	539,497	
Unrestricted		58,235 	
Total net position	 $	3,948,222 	

See notes to the financial statements

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT CHARLOTTE COUNTY, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Net (Expense) Revenue and Changes in Net
    Program Revenues	Position  
Operating

Charges for

Grants and

Governmental

Functions/Programs	 Expenses	Services	Contributions	Activities	 Primary government:
Governmental activities:
General government	$	111,306	$	111,306	$	-	$	-	
Maintenance and operations	472,093	137,543	-	(334,550)	
Interest on long-term debt		192,841	394,285	26,861	228,305 
Total governmental activities		776,240	643,134	26,861	(106,245) 

General revenues:
Unrestricted investment earnings		7,190 	
Total general revenues		7,190 	
Change in net position	(99,055)	
Net position - beginning		4,047,277 	
Net position - ending	 $	3,948,222 	

See notes to the financial statements

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT CHARLOTTE COUNTY, FLORIDA
BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2025

	Major Funds	

Total Governmental

General

Debt Service

Funds

ASSETS		
Cash and cash equivalents	$	14,531	$	-	$	14,531	
Investments	39,607	610,971	650,578	
Due from other funds	-	5,870	5,870	
Assessments receivable	9,575	-	9,575	
Prepaid items and deposits	10,610	-	10,610	
Total assets	$	74,323	$	616,841	$	691,164	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	10,218	$	-	$	10,218	
Due to other funds	5,870	-	5,870	
Total liabilities	16,088	-	16,088	

Fund balances:
Nonspendable:
Prepaid items and deposits	10,610	-	10,610	
Restricted for:
Debt service	
-	
616,841	
616,841	
Unassigned	47,625	-	47,625	
Total fund balances	58,235	616,841	675,076	

Total liabilities and fund balances	
$	74,323	
$	616,841	
$	691,164	

See notes to the financial statements

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT CHARLOTTE COUNTY, FLORIDA
RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

Total fund balances - governmental funds	$ 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	8,681,815

675,076

Accumulated depreciation	 (1,967,585) 	6,714,230

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	(77,344)	
Bonds payable	  (3,363,740)	(3,441,084) 	
Net position of governmental activities	 $	3,948,222 	

See notes to the financial statements

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT CHARLOTTE COUNTY, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

	Major Funds	

Total Governmental

	General	Debt Service	Funds	
REVENUES
Assessments	
$	248,849	
$	394,285	
$	643,134	
Interest	7,190	26,861	34,051	
Total revenues	256,039	421,146	677,185	

EXPENDITURES
Current:
General government	111,306	-	111,306	
Maintenance and operations	232,217	-	232,217	
Debt service:
Principal	
-	
195,000	
195,000	
Interest	-	196,350	196,350	
Total expenditures	343,523	391,350	734,873	

Excess (deficiency) of revenues over (under) expenditures	

(87,484)	

29,796	

(57,688)	
Fund balances - beginning	145,719	587,045	732,764	

Fund balances - ending	
$	58,235	
$	616,841	
$	675,076	

See notes to the financial statements

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT CHARLOTTE COUNTY, FLORIDA
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, 2025

Net change in fund balances - total governmental funds	$
Amounts reported for governmental activities in the statement of activities are different because:
Depreciation of capital assets is not recognized in the governmental fund financial statements, but is reported as an expense in the

(57,688)

statement of activities.	(239,876)
Amortization of Bond discounts/premiums is not recognized in the
governmental fund financial statements, but is reported as an expense
in the statement of activities.	
(960)	
Repayment of long-term liabilities are reported as expenditures in the governmental fund financial statements, but such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities.	

195,000	
The change in accrued interest on long-term liabilities between the current and prior fiscal years is recorded in the statement of activities, but not in the governmental fund financial statements.	

	4,469 	
Change in net position of governmental activities	 $	(99,055) 	

See notes to the financial statements

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT CHARLOTTE COUNTY, FLORIDA
NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

Waterford Estates Community Development District ("District") was created on April 21, 2006 by Ordinance 2006-045 of the Charlotte County, Florida, 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 by the owners of the property within the District. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes.
The Board has the responsibility for:
Assessing 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. A blended component unit includes entities that provide services entirely, or almost entirely, to the primary government or otherwise exclusively, or almost exclusively, benefit the primary government even though it does not provide services directly to it. Blended component units, although legally separate entities, are, in substance, part of the government’s operations and therefore should be included as an integral part of the primary government.

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.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Government-Wide and Fund Financial Statements (Continued)
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 benefitted property within the District. Operating and Maintenance Assessments are based upon 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 (Chapter 197.3632, 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 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.

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.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued)

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.

The State Board of Administration’s (“SBA”) Local Government Surplus Funds Trust Fund (“Florida PRIME”) is a “2a-7 like” pool. A “2a-7 like” pool is an external investment pool that is not registered with the Securities and Exchange Commission (“SEC”) as an investment company, but nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC’s Rule 2a-7 of the Investment Company Act of 1940, which comprises the rules governing money market funds. Thus, the pool operates essentially as a money market fund. The District has reported its investment in Florida PRIME at amortized cost for financial reporting purposes.
Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due. In addition, surplus funds may be deposited into certificates of deposit which are insured and any unspent Bond proceeds are required to be held in investments as specified in the Bond Indenture.

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 (amount not rounded) 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.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities and Net Position or Equity (Continued)
Capital Assets (Continued)
Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:
Assets	Years	
Roadways	20	
Stormwater management Equipment	20
10	

In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.

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 ratably 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.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities and Net Position or Equity (Continued)
Fund Equity/Net Position (Continued)

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.
NOTE 3 – BUDGETARY INFORMATION

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 public 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 appropriation for annually budgeted funds lapse at the end of the year.
NOTE 4 – DEPOSIT 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.

NOTE 4 – DEPOSIT AND INVESTMENTS (Continued)

Investments
The District’s investments were held as follows at September 30, 2025:

  Amortized Cost	Credit Risk	Maturities	

US Bank Money Market Account	$ Investment in Local Government Surplus Funds

610,971

N/A		Not available Weighted average maturity:

Trust Fund (Florida PRIME)		39,607 	S&P AAAm
 $	650,578 

47 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.
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. For external investment pools that qualify to be measured at amortized cost, the pool’s participants should also measure their investments in that external investment pool at amortized cost for financial reporting purposes. Accordingly, the District’s investments have been reported at amortized cost above.

NOTE 4 – DEPOSIT AND INVESTMENTS (Continued)

Investments (Continued)
External Investment Pool – With regard to redemption gates, Chapter 218.409(8)(a), Florida Statutes, states that “The principal, and any part thereof, of each account constituting the trust fund is subject to payment at any time from the moneys in the trust fund. However, the Executive Director may, in good faith, on the occurrence of an event that has a material impact on liquidity or operations of the trust fund, for 48 hours limit contributions to or withdrawals from the trust fund to ensure that the Board can invest moneys entrusted to it in exercising its fiduciary responsibility. Such action must be immediately disclosed to all participants, the Trustees, the Joint Legislative Auditing Committee, the Investment Advisory Council, and the Participant Local Government Advisory Council. The Trustees shall convene an emergency meeting as soon as practicable from the time the Executive Director has instituted such measures and review the necessity of those measures. If the Trustees are unable to convene an emergency meeting before the expiration of the 48-hour moratorium on contributions and withdrawals, the moratorium may be extended by the Executive Director until the Trustees are able to meet to review the necessity for the moratorium. If the Trustees agree with such measures, the Trustees shall vote to continue the measures for up to an additional 15 days. The Trustees must convene and vote to continue any such measures before the expiration of the time limit set, but in no case may the time limit set by the Trustees exceed 15 days.” With regard to liquidity fees, Florida Statute 218.409(4) provides authority for the SBA to impose penalties for early withdrawal, subject to disclosure in the enrollment materials of the amount and purpose of such fees. At present, no such disclosure has been made.
As of September 30, 2025, there were no redemption fees or maximum transaction amounts, or any other requirements that serve to limit a participant’s daily access to 100% of their account value.

NOTE 5 – INTERFUND RECEIVABLES AND PAYABLES
Interfund receivables and payables at September 30, 2025 were as follows:

 Fund	Receivable	Payable	
General	$	-	$	5,870	
Debt service		5,870	-		
Total	 $	5,870	$	5,870 	

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 general fund that have not yet been transferred to the debt service fund.

NOTE 6 – CAPITAL ASSETS

Capital asset activity for the fiscal year ended September 30, 2025 was as follows:

Beginning
Balance	Additions	Deletions

Ending Balance

Governmental activities
Capital assets, not being depreciated		
Land and land improvements	$	3,900,878	$	-	$	-	$	3,900,878	
Total capital assets, not being depreciated	3,900,878	-	-	3,900,878	

Capital assets, being depreciated Roadways	

1,780,441	

-	

-	

1,780,441	
Stormwater management	2,983,921	-	-	2,983,921	
Equipment	16,575	-	-	16,575	
Total capital assets, being depreciated	4,780,937	-	-	4,780,937	

Less accumulated depreciation for: Roadways	

979,242	

89,022	

-	

1,068,264	
Stormwater management	745,980	149,196	-	895,176	
Equipment	2,487	1,658	-	4,145	
Total accumulated depreciation	1,727,709	239,876	-	1,967,585	

Total capital assets, being depreciated, net	
3,053,228	
(239,876)	
-	2,813,352	

Governmental activities capital assets, net	
$	6,954,106	
$	(239,876)	
$	-	$  6,714,230	

Depreciation expense was charged to the maintenance and operations function.

NOTE 7 – LONG-TERM LIABILITIES
On August 16, 2006, the District issued $12,795,000 of Special Assessment Bonds, Series 2006 consisting of
$5,900,000 Term Bonds Series 2006A due on May 1, 2037 with a fixed interest rate of 5.50% and $6,895,000 Term Bonds Series 2006B due in May 1, 2013 with a fixed interest rate of 5.125%. 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, 2008 through May 1, 2037.

The Series 2006A Bonds are subject to redemption at the option of the District prior to their maturity on or after May 1, 2015. 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, 2025.

In a prior fiscal year, the 2006 Bonds were resized in order to cancel the outstanding amounts owed that were not secured by assessments. The District cancelled $800,000 of matured principal on Series 2006A Bonds and all outstanding principal on Series 2006B Bonds. In connection with the Bond resizing the District recognized a gain on cancellation of debt of $5,555,845 during a prior fiscal year.

NOTE 7 – LONG-TERM LIABILITIES (Continued)

Changes in long-term liability activity for the fiscal year ended September 30, 2025 were as follows:

	Beginning
Balance	
Additions	
Reductions	Ending
Balance	Due Within
One Year	
Governmental activities Bonds payable:
Series 2006A	

$	3,570,000	

$	-	$	

195,000	

$  3,375,000	

$	205,000	
Less: original issue discount	(12,220)	-	(960)	(11,260)	-	
Total	$	3,557,780	$	-	$	194,040	$  3,363,740	$	205,000	
At September 30, 2025, the scheduled debt service requirements on the long-term debt were as follows:

	Governmental Activities	
Year ending
  September 30:	Principal	Interest	Total	
2026	$	205,000	$	185,625	$	390,625	
2027	215,000	174,350	389,350	
2028	225,000	142,525	367,525	
2029	240,000	150,150	390,150	
2030	255,000	136,950	391,950	
2031-2035	1,505,000	457,875	1,962,875	
2036-2039		730,000	60,775	790,775 	
Total	 $	3,375,000	$	1,308,250	$	4,683,250 	

NOTE 8 – MANAGEMENT COMPANY
The District has contracted with a management company to perform management advisory services, which include financial and accounting 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 9 – 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 during the past three years.

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT CHARLOTTE COUNTY, FLORIDA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

		Budgeted Amounts	 Original	Final

Actual Amounts

Variance with Final Budget - Positive (Negative)

REVENUES		
Assessments	$	243,637	$	245,158	$	248,849	$	3,691	
Interest	4,000	7,190	7,190	-	
Total revenues	247,637	252,348	256,039	3,691	

EXPENDITURES
Current:
General government	110,688	110,688	111,306	(618)	
Maintenance and operations	202,687	291,038	232,217	58,821	
Total expenditures	313,375	401,726	343,523	58,203	
Excess (deficiency) of revenues over (under) expenditures	

(65,738)	

(149,378)	

(87,484)	

61,894	

OTHER FINANCING SOURCES (USES)
Carry forward surplus	65,738	149,378	-	(149,378)	
Total other financing sources (uses)	65,738	149,378	-	(149,378)	

Net change in fund balance	
 $	-	$	-		
(87,484)  $	(87,484) 	
Fund balance - beginning			145,719 	
Fund balance - ending		 $	58,235 	

See notes to required supplementary information

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT CHARLOTTE COUNTY, FLORIDA
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. The general fund budget for the fiscal year ended September 30, 2025 was amended to increase revenues by $4,711, increase appropriations by $88,351, and increase other financing sources by $83,640.

WATERFORD ESTATES COMMUNITY DEVELOPMENT DISTRICT CHARLOTTE COUNTY, FLORIDA
OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FLORIDA STATUTE 218.39(3)(C)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 UNAUDITED

Element	Comments

Number of District employees compensated in the last pay period of the District’s fiscal year being reported.
Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being reported.

Not applicable

4

Employee compensation	Not applicable
Independent contractor compensation	$109,558
Construction projects to begin on or after October 1; ($65K)	Not applicable
See the Schedule of Revenues, Expenditures and

Budget variance report

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 - $429.83 Debt service - $600.00 - $745.00

Special assessments collected	$643,134
Outstanding Bonds:
Series 2006A	$3,375,000

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
Waterford Estates Community Development District Charlotte 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 Waterford Estates Community Development District, Charlotte County, Florida (“District”) as of and for the fiscal year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated March 26, 2026.
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.

March 26, 2026

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 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
Waterford Estates Community Development District Charlotte County, Florida
We have examined Waterford Estates Community Development District, Charlotte 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, 2025. 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, 2025.
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 Board of Supervisors of Waterford Estates Community Development District, Charlotte County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

March 26, 2026

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

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

We have audited the accompanying basic financial statements of Waterford Estates Community Development District, Charlotte County, Florida ("District") as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated March 26, 2026.
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 March 26, 2026, 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 Waterford Estates Community Development District, Charlotte County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Waterford Estates Community Development District, Charlotte 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.

March 26, 2026

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS
None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS
2023-01; 2024-01: Late Debt Service Payment

Current Status: Recommendation has been implemented.

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, 2024, except as noted above.
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, 2025.
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, 2025.

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.

SECTION E

MEMORANDUM
TO:	District Manager

FROM:	Billing, Cochran, Lyles, Mauro & Ramsey, P.A. District Counsel

DATE:	January 19, 2024

RE:	Required Ethics Training and Financial Disclosure

Ethics Training

This memorandum serves as a reminder that beginning January 1, 2024, elected and appointed commissioners of community redevelopment agencies and local officers of independent special districts are required to complete four (4) hours of ethics training annually. The training must address, at a minimum, s. 8, Art. II of the Florida Constitution (ethics for public officers and financial disclosure), the Code of Ethics for Public Officers and Employees, and the Florida Public Records Law and Open Meetings laws.

Deadlines & Recordkeeping

The deadline to complete training for this calendar year is December 31, 2024. There is no requirement to submit proof that you have completed the training. However, the Florida Commission on Ethics recommends that Supervisors maintain a record of all completed trainings, including the date and time of completion. This documentation may be useful if Supervisors are ever required to provide evidence of training completion. The training is a calendar year requirement and corresponds to the form year. Therefore, Supervisors will report their 2024 training when filling out their Form 1 for the 2025 year.

Links to Online Training

Public Meetings and Public Records Law (2-Hour Audio Presentation). This presentation is audio only and is offered by the Office of the Attorney General. This presentation covers public records and Florida public records law. The presentation can be accessed for free. Completing this presentation will satisfy 2 of the 4 hours of required ethics training.

State Ethics Laws for Constitutional Officers & Elected Municipal Officers. This training is presented by the Florida Commission on Ethics. The training is an overview of Florida’s Ethics Code (Part III, Chapter 112, and Article II, Section 8, Florida Constitution) geared toward Constitutional Officers and Elected Municipal Officers. Topics covered include gifts, voting conflict, misuse of office, prohibited business relationships, conflicting employment relationships, revolving door, and Amendment 12. This presentation can be accessed for free. Completing this training will satisfy 2 of the 4 hours of required ethics training.

State-Mandated Continuing Education in Ethics. This class is presented by the Florida League of Cities. The class covers Chapter 112 of Florida’s Ethics Code (2 Hours) and Florida Public Records and Public Meetings Law (2 Hours). To take this class, you must register for it, however there is no registration fee. Completing this class will meet your ethics training requirement.

“4-Hour Ethics Course”. The “4-Hour Ethics Course” is available online and presented by the Florida Institute of Government. There are three sessions. Session 1 covers Florida’s Public Records Laws (1 hour), session 2 covers Florida Government in the Sunshine Law (1 hour), and session 3 covers Florida’s Ethics Laws (2 hours). The registration fee is $79. Completing this entire course will meet your ethics training requirement.

Sunshine Law, Public Records and Ethics for Public Officers and Public Employees 2023. This seminar is offered by the Florida Bar. This seminar covers sunshine law and public records; true stories of excess corruption in the ethics world; navigating Florida public records law, privacy, ethics and social media; complaints, misuse, anti-nepotism and voting; ethics during and after public service: conflicting contractual relationships & revolving door restrictions; gifts bribes, honoraria, and expenditures. The cost for this seminar is $280. Completing this entire seminar will meet your ethics training requirement. Those Supervisors or Officers who are members of the Florida Bar may wish to purchase this option as Continuing Legal Education Credits can be earned.

We will notify you directly or through the District Manager’s office if and when other training opportunities become available.

Form 1 or Form 6

Section 8, Article II of the Florida Constitution requires constitutional officers and certain elected public officials to file a Form 6. In the last session, the legislature expanded the requirements to include elected members of municipalities. Independent special district officials remain exempt from the requirement to file a Form 6. Elected and appointed commissioners of community redevelopment agencies and local officers of independent special districts (including community development districts) are required to file Form 1.

For this year’s filing requirement, a completed Form 1 must be submitted prior to July 1, 2024 using the Electronic Filing System of the Florida Commission on Ethics, which can be accessed via the link at Login - Electronic Financial Disclosure Management System (floridaethics.gov). You will no longer be able to file your completed Form 1 through your local Supervisor of Elections office.

If you have any questions or need additional information about ethics training requirements or financial disclosure, please do not hesitate to contact our office.

Title

General Information

Name:
Address:

DISCLOSURE FILER

County:

SAMPLE ADDRESS
SAMPLE COUNTY

PID SAMPLE

AGENCY INFORMATION

SAMPLE

SAMPLE

SAMPLE

Organization	Suborganization	le

THIS STATEMENT REFLECTS YOUR FINANCIAL INTERESTS FOR CALENDAR YEAR ENDING DECEMBER 31, 2025.

Disclosure Period

2025 Form 1 - Statement of Financial Interests

Primary Sources of Income	

PRIMARY SOURCE OF INCOME (Over $2,500) (Major sources of income to the reporting person) (If you have nothing to report, write “none” or “n/a”)	
Name of Source of Income	Source's Address	Description of the Source's Principal Business Activity	

2025 Form 1 - Statement of Financial Interests

Secondary Sources of Income	

SECONDARY SOURCES OF INCOME (Major customers, clients, and other sources of income to businesses owned by the reporting person) (If you have nothing to report, write “none” or “n/a”)	
Name of Business Entity	Name of Major Sources of Business' Income	Address of Source	Principal Business Activity of Source	

Real Property	
REAL PROPERTY (Land, buildings owned by the reporting person) (If you have nothing to report, write “none” or “n/a”)	
Location/Description	

Intangible Personal Property	

INTANGIBLE PERSONAL PROPERTY (Stocks, bonds, certificates of deposit, etc. over $10,000) (If you have nothing to report, write “none” or “n/a”)	
Type of Intangible	Business Entity to Which the Property Relates	

2025 Form 1 - Statement of Financial Interests

Liabilities	

LIABILITIES (Major debts valued over $10,000):
(If you have nothing to report, write “none” or “n/a”)	
Name of Creditor	Address of Creditor	

Interests in Specified Businesses	

INTERESTS IN SPECIFIED BUSINESSES (Ownership or positions in certain types of businesses) (If you have nothing to report, write “none” or “n/a”)	
	Business Entity # 1	

Based on the office or position you hold, the certification of training required under Section 112.3142, F.S., is not applicable to you for this form year.

Training

2025 Form 1 - Statement of Financial Interests

Signature of Filer

Digitally signed:

Filed with COE:

SECTION VI

SECTION A

Waterford Estates
COMMUNITY DEVELOPMENT DISTRICT

Check Register

Date	Check Numbers	Amount	
	
Checks		
03/04/26	1248-1251	$14,095.98	
3/11/26	1252-1254	$6,339.65	
3/24/26	1255-1256	$2,625.00	
4/1/26	1257	$7,230.78	
04/14/26	1258-1261	$77,181.83	
	TOTAL	$107,473.24	
			
Date	Check Numbers	Amount	
	
ACH		
02/28/26	800005	$3,635.57	
3/31/26	800006	$3,628.71	
	TOTAL	$7,264.28	

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	4/27/26	PAGE	1
*** CHECK NOS. 001248-001261	WATERFORD ESTATE-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	#
3/04/26 00034	2/26/26 4479	202602 320-53800-46000	*	675.00
SWALE MAINT SOUTH 02/26
2/26/26 4479	202602 320-53800-46801	*	1,625.00
MITIGATION AREA MAINT
2/26/26 4479	202602 320-53800-46000	*	975.00
SWALE MAINT NORTH 02/26
2/26/26 4486	202602 320-53800-46800	*	850.00
LAKE MAINT 02/26
ECOTECH ENVIRONMENTAL LLC	4,125.00 001248
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/04/26 00003	2/10/26 91726410 202601 310-51300-42000	*	21.50
DELIVERY THRU 01/28/26
FEDEX	21.50 001249
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/04/26 00001	3/01/26 267	202603 320-53800-47000	*	2,000.00
FIELD SVCS 03/26
3/01/26 267	202603 310-51300-42000	*	3.70
POSTAGE&DELIVERY 03/26
GOVERNMENTAL MANAGEMENT SERVICES	2,003.70 001250
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/04/26 00055	2/15/26 8073	202602 320-53800-46205	*	715.00
VINE REMOVAL 02/26
3/01/26 8150	202603 320-53800-46002	*	6,792.02
SVCS 01/02/25-09/30/26
3/01/26 8151	202603 320-53800-46002	*	438.76
SVCS 10/06/25-09/30/27
PREMIER LANDSCAPE MANAGEMENT	7,945.78 001251
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/11/26 00005	2/28/26 197424	202602 310-51300-31500	*	1,595.00
SVCS 02/26
BILLING COCHRAN PA	1,595.00 001252
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/11/26 00058	3/02/26 15	202603 310-51300-34000	*	3,536.33
MGMT FEE 03/26
3/02/26 15	202603 310-51300-35101	*	83.33
WEB MAINT 03/26
3/02/26 15	202603 310-51300-35100	*	83.33
INFO TECH 03/26
3/02/26 15	202603 310-51300-31300	*	333.33
DISSEMINATION AGENT SVCS
GOVERNMENTAL MANAGEMENT SERVICES	4,036.32 001253
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/11/26 00055	2/26/26 8177	202602 320-53800-35000	*	607.19
IRRIGATION REPAIRS 02/26
3/01/26 8200	202603 320-53800-35000	*	101.14
IRRIGATION REPAIRS 03/26
PREMIER LANDSCAPE MANAGEMENT	708.33 001254
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
WATE WATERFORD ESTS JWASSERMAN

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	4/27/26	PAGE	2
*** CHECK NOS. 001248-001261	WATERFORD ESTATE-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	#
3/24/26 00008	3/03/26 9023	202602 310-51300-31100	*	700.00
SVCS 02/26
ALVAREZ ENGINEERS, INC.	700.00 001255
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/24/26 00055	3/18/26 8216	202603 320-53800-46003	*	1,925.00
TREE TRIMMING 03/26
PREMIER LANDSCAPE MANAGEMENT	1,925.00 001256
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/01/26 00055	4/01/26 8240	202604 320-53800-46002	*	6,792.02
SVCS AGREE 04/26
4/01/26 8241	202604 320-53800-46002	*	438.76
SVCS AGREE 04/26
PREMIER LANDSCAPE MANAGEMENT	7,230.78 001257
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/14/26 00005	3/31/26 198074	202603 310-51300-31500	*	1,292.50
SVCS 03/26
BILLING COCHRAN PA	1,292.50 001258
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/14/26 00001	4/01/26 268	202604 320-53800-47000	*	2,000.00
FIELD SVCS 04/26
4/01/26 268	202604 310-51300-42000	*	6.74
POSTAGE&DELIVERY 04/26
GOVERNMENTAL MANAGEMENT SERVICES	2,006.74 001259
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/14/26 00058	4/03/26 16	202604 310-51300-34000	*	3,536.33
MGMT FEE 04/26
4/03/26 16	202604 310-51300-35101	*	83.33
WEB ADMIN 04/26
4/03/26 16	202604 310-51300-35100	*	83.33
INFO TECH 04/26
4/03/26 16	202604 310-51300-31300	*	333.33
DISSEMINATION AGENT SVCS
4/03/26 16	202604 310-51300-42500	*	22.35
COPIES 04/26
GOVERNMENTAL MANAGEMENT SERVICES	4,058.67 001260
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/14/26 00018	4/14/26 04142026 202604 300-20700-10200	*	69,823.92
TRANFER OF TAX RECEIPTS
WATERFORD ESTATES CDD	69,823.92 001261
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	107,473.24
TOTAL FOR REGISTER	107,473.24 WATE WATERFORD ESTS JWASSERMAN

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	4/27/26	PAGE	1

CHECK	VEND# DATE	.....INVOICE..... ...EXPENSED TO...		VENDOR DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS	NAME	STATUS		AMOUNT	....CHECK..... AMOUNT	#	
2/28/26 00033	2/10/26 55463-01 202601 320-53800-43000
FPL (AUTO PAY)		*		3,635.57	
3,635.57 800005	
- - - - - - - - 3/31/26 00033	- - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/11/26 55463-02 202602 320-53800-43000
FPL (AUTO PAY)	- - - - -	- - - - - - -
*	- - - - -	- - - - -	- - - - - - - -

3,628.71 800006	
- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - -	- - - - - - -	- - - - -	- - - - -	- - - - - - - -	
		TOTAL FOR	BANK Z		7,264.28		
		TOTAL FOR	REGISTER		7,264.28		

*** CHECK NOS. 800005-800006	WATERFORD ESTATE-GENERAL FUND BANK Z WELLS FARGO AUTOPAY

SVCS 01/26

SVCS 02/26

3,628.71

WATE WATERFORD ESTS JWASSERMAN

SECTION B

Waterford Estates
Community Development District

Unaudited Financial Reporting
March 31, 2026

Table of Contents

	Balance Sheet

	General Fund

	Debt Service Fund Series 2006A

	Month to Month

	Long Term Debt Report

	Assessment Receipt Schedule

Waterford Estates
Community Development District Balance Sheet
March 31, 2026

	General Fund	Debt Service Fund	Totals Governmental Funds	

Operating Account	
$	75,689	
$	-	$	
75,689	
Due from General Fund	-	69,824	69,824	
Investments:
State Board of Administration	

206,861	

-	

206,861	
Series 2006A Reserve A	

-	

385,988	

385,988	
Revenue A	-	443,428	443,428	
Prepayment A	-	3	3	
Deposits	2,715	-	2,715	
Total Assets	$	285,265	$	899,242	$	1,184,507	

Liabilities:
Accounts Payable	

$	4,921	

$	-	$	

4,921	
Due to Debt Service	69,824	-	69,824	
Total Liabilities	$	74,745	$	-	$	74,745	

Fund Balance:
Nonspendable:				
Deposits	$	2,715	$	-	$	2,715	
Debt Service	-	899,242		899,242	
Unassigned	207,805	-		207,805	
Total Fund Balances	$	210,520	$	899,242	$	1,109,762	
					
Total Liabilities & Fund Balance	$	285,265	$	899,242	$	1,184,507	

Restricted for:

Waterford Estates
Community Development District General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ended March 31, 2026

	Adopted	Prorated Budget	Actual		
	Budget	Through 03/31/26	Through 03/31/26	Variance	

Revenues:					
Special Assessments - On Roll	$	339,996	$	339,996	$	319,597	$	(20,399)	
Interest Income	5,643	2,822	2,255	(567)	
Total Revenues	$	345,639	$	342,817	$	321,851	$	(20,966)	

Expenditures:					
General and Administrative:
Engineering	

$	11,500	

$	5,750	

$	700	

$	5,050	
Attorney	24,000	12,000	11,845	155	
Annual Audit	3,900	1,950	3,900	(1,950)	
Arbitrage Rebate	600	300	-	300	
Dissemination Agent	4,000	2,000	2,000	0	
Assessment Roll Administration	5,000	5,000	5,000	-	
Trustee Fees	4,352	4,352	4,246	106	
Management Fees	42,436	21,218	21,218	0	
Information Technology	1,000	500	500	0	
Website Maintenance	1,000	500	500	0	
Postage and Delivery	500	250	153	97	
Insurance General Liability	8,879	8,879	7,895	984	
Printing and Binding	500	250	25	225	
Legal Advertising	750	375	184	191	
Other Current Charges	250	125	476	(351)	
Office Supplies	50	25	-	25	
Dues, Licenses and Subscriptions	175	175	175	-	
Total General and Administrative	$	108,892	$	63,649	$	58,818	$	4,832	

Operations and Maintenance
Electric (for Streetlights)	

$	38,000	

$	19,000	

$	21,397	

$	(2,397)	
Grounds Maintenance	84,560	42,280	43,385	(1,105)	
Mulch	-	-	13,800	(13,800)	
Irrigation Maintenance	-	-	3,588	(3,588)	
Conveyance Ditch	6,600	3,300	3,300	-	
Lake Maintenance	10,200	5,100	4,250	850	
Mitigation Monitoring	6,500	3,250	3,250	-	
Exotic Removal / Landscape Replacement	10,000	5,000	4,633	367	
Field Management	24,000	12,000	12,000	-	
1st Quarter Operating / Contingency	5,000	2,500	1,144	1,356	
Reserves	51,886	25,943	-	25,943	
Subtotal Field Expenditures	$	236,746	$	118,373	$	110,748	$	7,625	
					
Total Operations and Maintenance	$	236,746	$	118,373	$	110,748	$	7,625	
					
Total Expenditures	$	345,638	$	182,022	$	169,566	$	12,457	
					
Excess (Deficiency) of Revenues over Expenditures	$	0	$	160,795	$	152,286	$	(8,509)	
					
Net Change in Fund Balance			$	152,286		
					
Fund Balance - Beginning			$	58,234		
					
Fund Balance - Ending			$	210,520		

Waterford Estates
Community Development District Debt Service Fund Series 2006A
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ended March 31, 2026

	Adopted	Prorated Budget	Actual		
	Budget	Through 03/31/26	Through 03/31/26	Variance	

Revenues:					
Special Assessments - Tax Roll	$	386,025	$	386,025	$	362,864	$	(23,161)	
Interest Income	200	100	12,350	12,250	
Total Revenues	$	386,225	$	386,125	$	375,214	$	(10,911)	

Expenditures:					
Interest - 11/1	$	92,813	$	92,813	$	92,813	$	-	
Interest - 5/1	92,813	-	-	-	
Principal - 5/1	205,000	-	-	-	
Total Expenditures	$	390,625	$	92,813	$	92,813	$	-	
					
Excess (Deficiency) of Revenues over Expenditures	$	(4,400)	$	293,313	$	282,402	$	(10,911)	
					
Net Change in Fund Balance	$	(4,400)	$	293,313	$	282,402	$	(10,911)	
					
Fund Balance - Beginning			$	616,840		
					
Fund Balance - Ending			$	899,242		

Waterford Estates
Community Development District Month to Month

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

Revenues:														
Special Assessments - On Roll	$	-	$	34,200	$ 241,836  $	33,042	$	6,510  $	4,008	$	-	$	-	$	-	$	-	$	-	$	-	$ 319,597	
Interest Income	95	18	191	676	605	670	-	-	-	-	-	-	2,255	

Total Revenues	$	95	$  34,218  $ 242,027  $  33,718  $  7,115  $  4,678  $	-	$	-	$	-	$	-	$	-	$	-	$ 321,851	

Expenditures:			
General and Administrative:			
Engineering	$	-	$	-	$	-	$	-	$	700  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	700	
Attorney	3,823	1,788	1,118	2,230	1,595	1,293	-	-	-	-	-	-	11,845	
Annual Audit	-	-	-	-	3,900	-	-	-	-	-	-	-	3,900	
Arbitrage Rebate	-	-	-	-	-	-	-	-	-	-	-	-	-	
Dissemination Agent	333	333	333	333	333	333	-	-	-	-	-	-	2,000	
Assessment Roll Administration	5,000	-	-	-	-	-	-	-	-	-	-	-	5,000	
Trustee Fees	4,246	-	-	-	-	-	-	-	-	-	-	-	4,246	
Management Fees	3,536	3,536	3,536	3,536	3,536	3,536	-	-	-	-	-	-	21,218	
Information Technology	83	83	83	83	83	83	-	-	-	-	-	-	500	
Website Maintenance	83	83	83	83	83	83	-	-	-	-	-	-	500	
Postage and Delivery	5	34	76	24	10	4	-	-	-	-	-	-	153	
Insurance General Liability	7,895	-	-	-	-	-	-	-	-	-	-	-	7,895	
Printing and Binding	11	-	2	12	-	-	-	-	-	-	-	-	25	
Legal Advertising	-	-	184	-	-	-	-	-	-	-	-	-	184	
Other Current Charges	76	131	129	37	58	46	-	-	-	-	-	-	476	
Office Supplies	-	-	-	-	-	-	-	-	-	-	-	-	-	
Dues, Licenses and Subscriptions	175	-	-	-	-	-	-	-	-	-	-	-	175	
Total General & Administrative	$  25,268	$  5,988	$  5,545	$  6,339	$  10,300	$  5,378	$	-  $	-  $	-  $	-  $	-  $	-  $  58,818	

Operations & Maintenance								
Operations and Maintenance
Electric (for Streetlights)	

$	3,434	

$	3,434	

$	3,636	

$	3,636	

$	3,629	

$	3,629	

$	-	$	-	$	-	$	-	$	-	$	-	$  21,397	
Grounds Maintenance	7,231	7,231	7,231	7,231	7,231	7,231	-	-	-	-	-	-	43,385	
Mulch	-	-	-	6,900	6,900	-	-	-	-	-	-	-	13,800	
Irrigation Maintenance	731	1,946	113	89	607	101	-	-	-	-	-	-	3,588	
Conveyance Ditch	-	1,650	-	-	1,650	-	-	-	-	-	-	-	3,300	
Lake Maintenance	850	850	850	850	850	-	-	-	-	-	-	-	4,250	
Mitigation Monitoring	-	1,625	-	-	1,625	-	-	-	-	-	-	-	3,250	
Exotic Removal / Landscape Replacement	344	219	1,430	-	715	1,925	-	-	-	-	-	-	4,633	
Field Management	2,000	2,000	2,000	2,000	2,000	2,000	-	-	-	-	-	-	12,000	
1st Quarter Operating / Contingency	1,144	-	-	-	-	-	-	-	-	-	-	-	1,144	
Reserves	-	-	-	-	-	-	-	-	-	-	-	-	-	
Subtotal Field Expenditures	$  15,735	$  18,955	$  15,259	$  20,706	$  25,207	$  14,886	$	-  $	-  $	-  $	-  $	-  $	-	$ 110,748	
									
Total Operations & Maintenance	$  15,735	$  18,955	$  15,259	$  20,706	$  25,207	$  14,886	$	-  $	-  $	-  $	-  $	-  $	-	$ 110,748	
									
Total Expenditures	$  41,003	$  24,944	$  20,804	$  27,045	$  35,506	$  20,264	$	-  $	-  $	-  $	-  $	-  $	-	$ 169,566	
									
Excess (Deficiency) of Revenues over Expenditures	$ (40,908)	$  9,275	$ 221,223	$  6,673	$ (28,392)	$ (15,586)	$	-  $	-  $	-  $	-  $	-  $	-	$ 152,286	
									
Net Change in Fund Balance	$ (40,908)	$  9,275	$ 221,223	$  6,673	$ (28,392)	$ (15,586)	$	-  $	-  $	-  $	-  $	-  $	-	$ 152,286	

Waterford Estates
Community Development District Long Term Debt Report

Original Amount:
Interest Rate:
Maturity Date:

Bonds Outstanding - 9/30/25 Less: Principal Payment - 5/1/26	Series 2006 A, Special Assessment Bonds

$5,900,000
5.5%
5/1/2037	

$3,375,000
-	
Current Bonds Outstanding	$3,375,000	

Waterford Estates
COMMUNITY DEVELOPMENT DISTRICT

	Gross Assessments	$	361,697.49	$	410,665.00	$	772,362.49	
	Net Assessments	$	339,995.64	$	386,025.10	$	726,020.74	
ON ROLL ASSESSMENTS	
Allocation in %	
46.83%	
53.17%	
100.00%	

Special Assessment Receipts - Charlotte County

Date	Distribution	Gross Amount	Discount/Penalty	Commission	Interest	Net Receipts	O&M Portion	Debt Service	Total	
11/06/25	06/01/25-10/31/25	$	13,428.94	$	537.16	$	257.84	$	-	12,633.95	$	5,916.48	$	6,717.47	$	12,633.95	
11/13/25	10/1/25-10/31/25	5,234.33	209.37	100.49	-	4,924.47	2,306.13	2,618.34	4,924.47	
11/19/25	11/1/25-11/3/25	10,323.67	412.95	198.22	-	9,712.50	4,548.36	5,164.13	9,712.49	
11/26/25	11/4/25-11/10/25	48,638.66	1,945.55	933.86	-	45,759.25	21,429.07	24,330.19	45,759.26	
12/04/25	11/11/25-11/17/25	78,554.81	3,142.19	1,508.25	-	73,904.37	34,609.43	39,294.94	73,904.37	
12/11/25	11/18/25-11/25/25	429,639.15	17,185.58	8,249.08	-	404,204.49	189,289.03	214,915.46	404,204.49	
12/18/25	11/26/25-11/30/25	40,714.65	1,628.59	781.72	-	38,304.34	17,937.93	20,366.41	38,304.34	
01/06/26	12/1/25-12/31/25	73,492.81	2,204.78	1,425.76	-	69,862.27	32,716.51	37,145.75	69,862.26	
01/15/26	INTEREST	-	-	-	696.00	696.00	325.94	370.06	696.00	
02/06/26	1/1/26-1/31/26	14,473.82	289.48	283.68	-	13,900.67	6,509.68	7,390.98	13,900.66	
03/06/25	2/1/26-2/28/26	8,821.67	88.21	174.67	-	8,558.79	4,008.08	4,550.71	8,558.79	
	TOTAL	$	723,322.51	$	27,643.85	$	13,913.57	$	696.00	$	682,461.09	$	319,596.64	$	362,864.44	$	682,461.08	

$

93.65%
49,039.98

Percent Collected Balance Remaining to Collect