Bauer Drive
	Community Development District	

http://www.bauerdrivecdd.com

Teresa Baluja, Chair Carmen Orozco, Vice Chairn
Marc Szasz, Assistant Secretary Vanessa Perez, Assistant Secretary Raisa Krause, Assistant Secretary

March 13, 2026

Seat 1: Teresa Baluja – C.		
Seat 4: Carmen Orozco – V.C.		
Seat 2: Marc Szasz – A.S.		
Seat 3: Vanessa Perez – A.S.		
Seat 5: Raisa Krause – A.S.		

Bauer Drive
Community Development District
(Harmony Parc)
Agenda
Friday	The Offices of Lennar Homes
March 13, 2026	5505 Waterford District Drive, Miami, Florida 9:30a.m.		Join the meeting now
Meeting ID: 224 728 591 948 95 and Passcode: wi9eZ732
1 872-240-4685 and Phone Conference ID: 331 941 369#
Roll Call

Approval of Minutes of the November 14, 2025 Meeting – Page 4

Consideration of Resolution 2026-01 Approving the Proposed Fiscal Year 2027 Budget and Setting the Public Hearing – Page 9

Acceptance of Audit for Fiscal Year Ending in September 30, 2025 – Page 18

Consideration of Engagement Letter with Grau & Associates to perform the Audit for Fiscal Year Ending September 30, 2026 – Page 52

Discussion of Procedures for the Landowners Election Meeting – November 13, 2026 – Page 57
Staff Reports
Attorney

Engineer – Engineer’s Personnel Billing Rates – Page 60

Field

Manager
Discussion of
The Ownership of the Lift Station and the Annual Report

Fee Increase with South Florida Utilities – Lift Station – Page 62

Update on the Maintenance Agreement with the HOA

Update on the Parking Rules and Regulation

Financial Reports
Approval of Check Register – Page 63
Approval of Unaudited Financials – Page 67
Supervisors Requests and Audience Comments
Adjournment

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

MINUTES OF MEETING BAUER DRIVE
COMMUNITY DEVELOPMENT DISTRICT
The regular meeting of the Board of Supervisors of the Bauer Drive Community Development District was held on Friday, November 14, 2025, at 9:39 a.m. at The Offices of Lennar Homes, 5505 Waterford District Drive, Miami, Florida.

Present and constituting a quorum were:

Teresa Baluja	Chairperson
Vanessa Perez	Assistant Secretary
Raisa Krause	Assistant Secretary Also present were:
Juliana Duque	District Manager, GMS
Jesus Lorenzo	District Manager, GMS
Michael Pawelczyk	District Counsel

FIRST ORDER OF BUSINESS	Roll Call
Ms. Duque called the roll. There were three Board members present in person constituting a quorum.

SECOND ORDER OF BUSINESS	Approval	of	Minutes	of	the
August 15, 2025 Meeting
Ms. Duque: This is the moment to present additions, corrections, or deletions to the August 15, 2025 meeting minutes. If there are no changes, then a motion to approve will take place.

On MOTION by Ms. Baluja, seconded by Ms. Perez, with all in favor, the Minutes of the August 15, 2025, Meeting, were approved.

THIRD ORDER OF BUSINESS	Update of Status of Maintenance
Agreement with Harmony Park Homeowners Association, Inc.
Ms. Duque: The parking rules and regulations were sent to the HOA for their review. Some questions were returned to the District, and responses were provided; these are included in the agenda package. I have followed up with the HOA again but have not received any further communication. We will wait to hear back from the HOA unless the Board provides other direction.
Mr. Pawelczyk: We also have the maintenance agreement document itself that we are waiting to hear back from, right?
Ms. Duque: That is correct.
Ms. Baluja: And the maintenance agreement is for what, for something else? Not for the parking?
Ms. Duque: For the maintenance of certain areas.
Ms. Baluja: Except the drainage system. They want to maintain it. They are maintaining it.
Mr. Pawelczyk: And landscape irrigation, trash debris, and clean up.
Ms. Baluja: I think we need to say okay, well you want us to enforce parking, well we need to sign the other agreement too. We’re not going to take on additional responsibilities if you can’t in writing confirm that you are already taking this on. Is there anything illegal about that, Mr. Pawelczyk?
Mr. Pawelczyk: No.

FOURTH ORDER OF BUSINESS	Staff Reports
Attorney
Mr. Pawelczyk: I do not have anything additional to report that we haven’t already discussed. The maintenance agreement is really the only thing and the parking.

Engineer – District Engineer’s Report for Fiscal Year 2025-2026
Ms. Duque: I have nothing additional to disclose or talk about in the engineer’s
report.

Field – Field Report
Ms. Duque: Nothing additional under the field report. The lift station is being maintained and the issues with the weeds have been presented.

C. Manager
Final Approval of the FY2024 – FY2025 Report Performance Measures and Standards
Ms. Duque: You have the final approval of the 2024/2025 report performance measures and standards. This is the final report that was submitted in compliance with the recent requirements established by the Florida Legislator during its 2024 session. This is to enhance the accountability and transparency for all of the District. The Board is very aware of this report. This details the accomplishments of Fiscal Year 2025 and confirms that all of the objectives in the goals were met. It also outlines the performance measures and it provides a summary of the District Engineer yearly infrastructure condition.

On MOTION by Ms. Baluja, seconded by Ms. Perez, with all in favor, Final Approval of the FY2024 – FY2025 Report Performance Measures and Standards, was approved.

Discussion of 2025 Property Taxes
Ms. Duque: You have the discussion of the 2025 property taxes. This parcel, currently owned by the CDD, contains a sewer pump station and has been assigned a nominal taxable value of $100 with no exemption applied. I have been in communication with the tax roll coordinator, and the matter has been referred to the Miami-Dade County valuation department for review. If, upon their review, the property qualifies as exempt public infrastructure, a correction will be made; however, they indicated that any correction will likely only affect the 2026 tax roll going forward, so the 2025 taxes will still need to be paid. I will need a motion from the Board to pay this bill and to authorize me to continue coordinating with the County to determine whether any further relief is available.

On MOTION by Ms. Baluja, seconded by Ms. Perez, with all in favor, Paying the Current Tax Bill and Authorizing Staff to Continue Coordinating with Miami Dade Conty Evaluation Department, was approved.

FIFTH ORDER OF BUSINESS	Financial Reports
Acceptance of Check Register
Acceptance of Unaudited Financials
Ms. Duque: Tab A is the acceptance of check register and Tab is the unaudited financials. Unless there are any questions on those, is there a motion to approve?

On MOTION by Ms. Baluja, seconded by Ms. Perez, with all in favor, Accepting the Check Register and the Unaudited Financials was approved.

SIXTH ORDER OF BUSINESS	Supervisors'	Requests	and
Audience Comments
Ms. Duque: Are there any Supervisor’s requests? Not hearing any, there is no one present in the audience and no audience comments.

SEVENTH ORDER OF BUSINESS	Adjournment

On MOTION by Ms. Baluja, seconded by Ms. Perez, with all in favor, the meeting was adjourned.

Secretary /Assistant Secretary	Chairman / Vice Chairman

RESOLUTION 2026-01

A RESOLUTION OF THE BAUER DRIVE COMMUNITY DEVELOPMENT DISTRICT APPROVING THE DISTRICT’S PROPOSED BUDGET FOR FISCAL YEAR 2027 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW
WHEREAS, the District Manager has prepared the proposed budget for the Fiscal Year
2027; and

WHEREAS, the Board of Supervisors approves the proposed budget for purpose of submitting said budget to the local governing authorities not less than 60 days prior to the public hearing date in accordance with Chapter 190.008(b), Florida Statutes: and
WHEREAS, the Board of Supervisors desires to set the public hearing date;

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE BAUER DRIVE COMMUNITY DEVELOPMENT DISTRICT:
The proposed budget for Fiscal Year 2027 is hereby approved for the purpose of conducting a public hearing to adopt said budget.
A public hearing on said approved budget is hereby declared and set for the following date, hour and place:

Date: 	 Hour: 	 Place: 	

Notice of public hearing shall be published in accordance with Florida Law. Adopted this 	 day of 	, 2026

Chairman/Vice Chairman

Secretary/Assistant Secretary

Bauer Drive	
Community Development District	

Proposed Budget	
FY 2027	

Table of Contents

1

2-3

4-6

	General Fund

	Narratives

	Debt Service Fund Series 2023

7		Assessment Schedule

Bauer Drive	
Community Development District	
Proposed Budget	
General Fund	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Proposed Budget	
Description	FY2026	1/31/26	8 Months	9/30/26	FY 2027	

REVENUES:

Special Assessments - On Roll	$	82,340	$	81,609	$	731	$	82,340	$	122,392	
TOTAL REVENUES	$82,340	$81,609	$731	$82,340	$124,156	

EXPENDITURES:

Administrative						
Engineering	$	1,800	$	-	$	4,000	$	4,000	$	5,000	
Attorney	11,200	2,530	7,467	9,997	11,200	
Annual Audit	4,400	4,400	-	4,400	4,600	
Assessment Administration	2,000	2,000	-	2,000	2,000	
Dissemination Agent	1,374	458	916	1,374	1,456	
Trustee Fees	4,575	-	4,575	4,575	4,575	
Management Fees	27,478	9,159	18,319	27,478	29,127	
Information Technology	1,145	382	763	1,145	1,214	
Website Maintenance	1,145	382	763	1,145	1,214	
Telephone	30	-	30	30	30	
Postage & Delivery	100	8	62	70	100	
Insurance General Liability	6,584	5,732	-	5,732	6,305	
Printing & Binding	50	-	50	50	50	
Legal Advertising	1,500	-	1,500	1,500	2,000	
Other Current Charges	1,400	524	876	1,400	1,500	
Property Taxes	-	2	-	2	10	
Office Supplies	100	0	50	50	100	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Contingency	384	-	384	384	1,000	

Total Administrative	$65,440	$25,752	$39,755	$65,506	$71,656	

Operations and Maintenance						
Lift Station	$	12,900	$	2,960	$	9,940	$	12,900	$	14,000	
Wireless Service	1,000	-	500	500	1,000	
Electric	-	-	-	-	2,500	
Drainage Maintenance	-	-	-	-	10,000	
Roadway Maintenance	-	-	-	-	20,000	
Contingency	3,000	-	1,670	1,670	5,000	
TOTAL OPERATIONS AND MAINTENANCE	$	16,900	$	2,960	$	12,110	$	15,070	$	52,500	

TOTAL EXPENDITURES	$82,340	$28,712	$51,865	$80,576	$124,156	

EXCESS REVENUES (EXPENDITURES)	$	-	$52,897	$(51,133)	$	1,764	$	-	

Special Assessments-Tax Roll	
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the operating
expenditures during the Fiscal Year.	

Expenditures - Administrative	

Engineering	
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.	
Attorney	
The District’s Attorney, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of
Supervisors and the District Manager.	
Annual Audit	
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.	
Assessment Administration	
GMS SF, LLC provides assessment services for closing lot sales, assessment roll services with the local Tax Collector and financial advisory services.	
Dissemination Agent	
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.	
Trustee Fees	
The District bonds will be held and administered by a Trustee. This represents the trustee annual fee.	
Management Fees	
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-South Florida, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.	
Information Technology	
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.	
Website Maintenance	
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated monthly.	
Communication - Telephone	
New internet and Wi-Fi service for Office.	
Postage and Delivery	
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.	
Insurance General Liability	
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.	
Printing and Binding	
Copies used in the preparation of agenda packages, required mailings, and other special projects.	

Legal Advertising	
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.	
Other Current Charges	
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.	
Property Tax	
Represents Calandar year 2027 Property Taxes	
Due, Licenses & Subscriptions	
The District is required to pay an annual fee to the Florida Department of Commerce for $175.	
Contingency	
A contingency for any unanticipated and unscheduled cost to the District.	
Expenditures – Field	

Lift Station	
The District has contracted with South Florida Utilities Inc., D.B.A Lift Station Services to maintain and repair all lift stations throughout the fiscal year.	
Wirless Service	
The District is required to pay for a phone line for emergencies at the Lift Station.	

Electric - Lift Station	
The District currently has the following account with Florida Power & Light:	

Account	
41663-46462	

Address	
26495 SW 148th Ave #LS	

Drainage Maintenance	
Represents any expenditures related to drainage within the CDD.	

Roadway Maintenance	
The District will contract a company for the repair of the streets within the district.	

Contingency	
Represents an unanticipated cost associated with the operation and maintenance of the District's field operations.	

Bauer Drive	
Community Development District	
Proposed Budget	
Debt Service Series 2023 Special Assessment Bonds	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Proposed Budget	
Description	FY2026	1/31/26	8 Months	9/30/26	FY 2027	

REVENUES:

Special Assessments-On Roll	$104,950	$103,813	$	1,137	$104,950	$104,950	
Interest Earnings	1,000	1,286	1,000	2,286	2,000	
Carry Forward Surplus (1)	50,367	50,487	-	50,487	53,248	

TOTAL REVENUES	$156,317	$155,586	$2,137	$157,723	$160,197	

EXPENDITURES:

Interest - 12/15	$	39,431	$39,431	$	-	$39,431	$38,869	
Interest - 06/15	39,431	-	39,431	39,431	38,869	
Principal - 06/15	25,000	-	25,000	25,000	25,000	

TOTAL EXPENDITURES	$103,863	$39,431	$64,431	$103,863	$102,738	

Other Sources/(Uses)

Interfund transfer In/(Out)	$	-	$	(613)	$	-	$	(613)	$	-	

TOTAL OTHER SOURCES/(USES)	$	-	$	(613)	$	-	$	(613)	$	-	

TOTAL EXPENDITURES	$103,863	$40,045	$64,431	$104,476	$102,738	

EXCESS REVENUES (EXPENDITURES)	$52,454	$115,542	$(62,294)	$53,248	$57,460	

Interest Due 12/15/27	$38,306	
	$38,306	

(1) Carry Forward is Net of Reserve Requirement

Bauer Drive	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2023 Special Assessment Bonds	

06/15/26	1,470,000	4.500%	25,000	39,431.25		
12/15/26	1,445,000	4.500%	-	38,868.75	103,300.00	
06/15/27	1,445,000	4.500%	25,000	38,868.75		
12/15/27	1,420,000	4.500%	-	38,306.25	102,175.00	
06/15/28	1,420,000	4.500%	25,000	38,306.25		
12/15/28	1,395,000	4.500%	-	37,743.75	101,050.00	
06/15/29	1,395,000	4.500%	25,000	37,743.75		
12/15/29	1,370,000	4.500%	-	37,181.25	99,925.00	
06/15/30	1,370,000	4.500%	30,000	37,181.25		
12/15/30	1,340,000	5.375%	-	36,506.25	103,687.50	
06/15/31	1,340,000	5.375%	30,000	36,506.25		
12/15/31	1,310,000	5.375%	-	35,700.00	102,206.25	
06/15/32	1,310,000	5.375%	30,000	35,700.00		
12/15/32	1,280,000	5.375%	-	34,893.75	100,593.75	
06/15/33	1,280,000	5.375%	35,000	34,893.75		
12/15/33	1,245,000	5.375%	-	33,953.13	103,846.88	
06/15/34	1,245,000	5.375%	35,000	33,953.13		
12/15/34	1,210,000	5.375%	-	33,012.50	101,965.63	
06/15/35	1,210,000	5.375%	40,000	33,012.50		
12/15/35	1,170,000	5.375%	-	31,937.50	104,950.00	
06/15/36	1,170,000	5.375%	40,000	31,937.50		
12/15/36	1,130,000	5.375%	-	30,862.50	102,800.00	
06/15/37	1,130,000	5.375%	40,000	30,862.50		
12/15/37	1,090,000	5.375%	-	29,787.50	100,650.00	
06/15/38	1,090,000	5.375%	45,000	29,787.50		
12/15/38	1,045,000	5.375%	-	28,578.13	103,365.63	
06/15/39	1,045,000	5.375%	45,000	28,578.13		
12/15/39	1,000,000	5.375%	-	27,368.75	100,946.88	
06/15/40	1,000,000	5.375%	50,000	27,368.75		
12/15/40	950,000	5.375%	-	26,025.00	103,393.75	
06/15/41	950,000	5.375%	50,000	26,025.00		
12/15/41	900,000	5.375%	-	24,681.25	100,706.25	
06/15/42	900,000	5.375%	55,000	24,681.25		
12/15/42	845,000	5.375%	-	23,203.13	102,884.38	
06/15/43	845,000	5.375%	55,000	23,203.13		
12/15/43	790,000	5.500%	-	21,725.00	99,928.13	
06/15/44	790,000	5.500%	60,000	21,725.00		
12/15/44	730,000	5.500%	-	20,075.00	101,800.00	
06/15/45	730,000	5.500%	65,000	20,075.00		
12/15/45	665,000	5.500%	-	18,287.50	103,362.50	
06/15/46	665,000	5.500%	70,000	18,287.50		
12/15/46	595,000	5.500%	-	16,362.50	104,650.00	
06/15/47	595,000	5.500%	70,000	16,362.50		
12/15/47	525,000	5.500%	-	14,437.50	100,800.00	
06/15/48	525,000	5.500%	75,000	14,437.50		

Bauer Drive	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2023 Special Assessment Bonds	

Continued						
12/15/48	450,000	5.500%	-	12,375.00	101,812.50	
06/15/49	450,000	5.500%	80,000	12,375.00		
12/15/49	370,000	5.500%	-	10,175.00	102,550.00	
06/15/50	370,000	5.500%	85,000	10,175.00		
12/15/50	285,000	5.500%	-	7,837.50	103,012.50	
06/15/51	285,000	5.500%	90,000	7,837.50		
12/15/51	195,000	5.500%	-	5,362.50	103,200.00	
06/15/52	195,000	5.500%	95,000	5,362.50		
12/15/52	100,000	5.500%	-	2,750.00	103,112.50	
12/15/53	100,000	5.500%	100,000	2,750.00	102,750.00	

Total	$1,470,000	$1,395,425	$2,865,425	

Bauer Drive	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2026-2027	

Neighborhood	
O&M Units	Bonds Series 2023
Units	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2027	
FY2026	Increase/ (decrease)	
FY 2027	
FY2026	Increase/ (decrease)	
FY 2027	
FY2026	Increase/ (decrease)	

Townhomes	

105	

105	

$1,226.99	

$825.46	

$401.53	

$1,052.13	

$1,052.13	

$0.00	

$2,279.12	

$1,877.59	

$401.53	
Total	105	105										

Page 7

December 17, 2025

To the Board of Supervisors
Bauer Drive Community Development District Miami-Dade 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 Bauer Drive Community Development District (“District”) as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated December 17, 2025. 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

BAUER DRIVE COMMUNITY DEVELOPMENT DISTRICT
MIAMI-DADE COUNTY, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

BAUER DRIVE COMMUNITY DEVELOPMENT DISTRICT MIAMI-DADE 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	13-20	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balance –
Budget and Actual – General Fund	
21	
Notes to Required Supplementary Information	22	
OTHER INFORMATION		
Data Elements Required by Florida Statute 218.39(3)(c)	23	
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	

24-25	
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	

26	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
27-28	

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors
Bauer Drive Community Development District Miami-Dade, Florida

1001 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 Bauer Drive Community Development District, Miami-Dade 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 fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
The District’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information Included in the Financial Report
Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with FL Statute 218.39 (3) (c) but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 17, 2025 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

December 17, 2025

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Bauer Drive Community Development District, Miami-Dade 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 liabilities of the District exceeded its assets at the close of the most recent fiscal year resulting in a net position deficit balance of ($100,219).

The change in the District’s total net position in comparison with the prior fiscal year was $31,141, an increase. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2025, the District’s governmental funds reported combined ending fund balance of $115,101, a decrease of ($7,244) in comparison with the prior fiscal year. The total fund balance is restricted for debt service and capital projects, non-spendable for prepaid items and deposits, and the remainder is unassigned fund balance which is available for spending at the District’s discretion.
OVERVIEW OF FINANCIAL STATEMENTS

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

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

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

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

The government-wide financial statements include all governmental activities that are principally supported by 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.

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

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

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

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

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

GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, liabilities exceeded assets 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	$	121,956	$	123,345	
Capital assets, net of depreciation	1,262,521	1,248,904	
Total assets	1,384,477	1,372,249	
Current liabilities	29,856	24,330	
Long-term liabilities	1,454,840	1,479,279	
Total liabilities	1,484,696	1,503,609	
Net position	
Net investment in capital assets	(191,308)	(218,161)	
Restricted	79,961	76,611	
Unrestricted	11,128	10,190	
Total net position	$	(100,219)	$	(131,360)	

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.

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

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

Key elements of the change in net position are reflected in the following table:

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

	2025	2024	
Revenues: Program revenues
Charges for services	

$	188,034	

$	202,501	
Operating grants and contributions	4,827	5,032	
Capital grants and contributions	338	782	
Total revenues	193,199	208,315	
Expenses:	
General government	66,463	58,550	
Maintenance and operations	15,375	-	
Interest	80,220	81,187	
Total expenses	162,058	139,737	
Change in net position	31,141	68,578	
Net position - beginning	(131,360)	(199,938)	
Net position - ending	$	(100,219)	$	(131,360)	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2025 was $162,058. The costs of the District’s activities were primarily funded by program revenues. Program revenues are comprised primarily of assessments and investment earnings. In total, expenses increased from the prior year primarily as a result of maintenance costs incurred during the current year.

GENERAL BUDGETING HIGHLIGHTS
An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

Capital Assets
At September 30, 2025, the District had $1,262,521 invested in capital assets for its governmental activities. No depreciation has been taken in the current fiscal year as the District’s infrastructure and other capital assets are under construction. 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 $1,470,000 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

It is anticipated that the cost of the general operations of the District will increase during the subsequent fiscal year.

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

BAUER DRIVE COMMUNITY DEVELOPMENT DISTRICT MIAMI-DADE COUNTY, FLORIDA STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

	Governmental
	Activities		
ASSETS		
Cash and cash equivalents	$	12,148	
Prepaid items	5,835	
Restricted assets:		
Investments	103,973	
Capital assets:		
Nondepreciable		1,262,521 	
Total assets		1,384,477 	
LIABILITIES		
Accounts payable	6,855	
Accrued interest payable	23,001	
Non-current liabilities:		
Due within one year	25,000	
Due in more than one year		1,429,840 	
Total liabilities		1,484,696 	
NET POSITION		
Net investment in capital assets	(191,308)	
Restricted for debt service	79,961	
Unrestricted		11,128 	
Total net position	 $	(100,219) 	

See notes to the financial statements

BAUER DRIVE COMMUNITY DEVELOPMENT DISTRICT MIAMI-DADE COUNTY, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Charges for

Program Revenues Operating Grants and

Capital Grants and

Net (Expense) Revenue and Changes in Net Position

Governmental

Functions/Programs		Expenses	Services	Contributions	Contributions	Activities	 Primary government:
Governmental activities:
General government	$	66,463	$	82,776	$	-	$	-	$	16,313	
Maintenance and operations	15,375	-	-	338	(15,037)	
Interest on long-term debt		80,220	105,258	4,827	-	29,865 
Total governmental activities		162,058	188,034	4,827	338	31,141 

Change in net position	31,141	
Net position - beginning		(131,360) 	
Net position - ending	 $	(100,219) 	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2025

	Major Funds		Total

Debt
General	Service

Capital Projects

Governmental Funds

ASSETS		
Cash and cash equivalents	$	12,148	$	-	$	-	$	12,148	
Investments	-	102,962	1,011	103,973	
Prepaid items and deposits	5,835	-	-	5,835	
Total assets	$	17,983	$	102,962	$	1,011	$	121,956	

LIABILITIES, AND FUND BALANCES
Liabilities:
Accounts payable	$	6,855	$	-	$	-	$	6,855	
Total liabilities	6,855	-	-	6,855	

Fund balances:
Nonspendable:
Prepaid items and deposits	5,835	-	-	5,835	
Restricted for:					
Debt service	-	102,962	-	102,962	
Capital projects	-	-	1,011	1,011	
Unassigned	5,293	-	-	5,293	
Total fund balances	11,128	102,962	1,011	115,101	

Total liabilities and fund balances	
$	17,983	
$	102,962	
$	1,011	
$	121,956	

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2025
Fund balance - governmental funds	$ 115,101 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	1,262,521
Accumulated depreciation		-   1,262,521
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	(23,001)
Bonds Payable		(1,454,840)		(1,477,841)  Net position of governmental activities			$		(100,219)

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

		Major Funds			Total	
				Debt		Capital	Governmental	
		General		Service		Projects		Funds	
REVENUES
Special assessments	
$	
82,776	
$	
105,258	
$	
-	
$	
188,034	
Interest earnings		-		4,827		338		5,165	
Total revenues		82,776		110,085		338		193,199	

EXPENDITURES
Current:
General government		

66,463		

-		

-		

66,463	
Maintenance and operations Debt service:
Principal		15,375

-		-

25,000		-

-		15,375

25,000	
Interest		-		79,988		-		79,988	
Capital outlay		-		-		13,617		13,617	
Total expenditures		81,838		104,988		13,617		200,443	

Excess (deficiency) of revenues over (under) expenditures		

938		

5,097		

(13,279)		

(7,244)	
OTHER FINANCING SOURCES (USES)
Transfers in (out)		
-		
(2,076)		
2,076		
-	
Total other financing sources (uses)		-		(2,076)		2,076		-	

Net change in fund balances		
938		
3,021		
(11,203)		
(7,244)	
Fund balances - beginning		10,190		99,941		12,214		122,345	

Fund balances - ending	
$	
11,128	
$	
102,962	
$	
1,011	
$	
115,101	

See notes to the financial statements

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Net change in fund balances - total governmental funds	$	(7,244)	
Amounts reported for governmental activities in the statement of activities are different because:		
Governmental funds report capital outlays as expenditures; however, the cost of those assets is eliminated in the statement of activities and capitalized in the statement of net position.	

13,617	
Repayment of long-term liabilities are reported as expenditures in the governmental fund statements, but such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities.	

25,000	
Expenses reported in the statement of activities that do not require the use of current financial resources are not reported as expenditures in the funds. The details of the differences are as follows:
Amortization of original issue discount	

(561)	
The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities but not in the governmental fund financial statements.	

	329 	
Change in net position of governmental activities	$	31,141	

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

Bauer Drive Community Development District (the "District") was established by the Board of Commissioners of Miami-Dade County’s approval of Ordinance No. 22-3 effective on January 29, 2022 pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.

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

The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected on an at large basis by the owners of the property within the District. The Board exercises all powers granted to the District pursuant to Chapter 190, Florida Statutes. As of September 30, 2025, all of the Board members are affiliated with Lennar Homes (“Developer”).

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

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

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

The District reports the following major governmental funds:

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

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

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

Assets, Liabilities and Net Position or Equity
Restricted Assets
These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions.

Deposits and Investments
The District’s cash and cash equivalents are considered to be cash on hand and demand deposits (interest and non-interest bearing).
The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:
The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.
Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due.

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

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.
No depreciation has been taken in the current fiscal year as the District’s infrastructure and other capital assets are under construction.

Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned.

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

Assets, Liabilities and Net Position or Equity (Continued)

Long-Term Obligations (Continued)
In the fund financial statements, governmental fund types recognize premiums and discounts, as well as issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.
Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.

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

The District can establish limitations on the use of fund balance as follows:

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

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

The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.

Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.

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

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 comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriations for annually budgeted funds lapse at the end of the year.

NOTE 4 – DEPOSITS AND INVESTMENTS
Deposits
The District’s cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.
Investments
The District’s investments were held as follows at September 30, 2025:

First American Government

 Amortized Cost	Credit Risk	Maturities	
Weighted average of the fund

Obligations Fund

 $	103,973 
 $	103,973 

S&P AAAm

portfolio: 45 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.

NOTE 4 – DEPOSITS AND INVESTMENTS (Continued)

Investments (Continued)
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. Accordingly, the District’s investments have been reported at amortized cost above.

NOTE 5 – INTERFUND TRANSFERS
Interfund transfers for the fiscal year ended September 30, 2025 were as follows:

 Fund	Transfer in	Transfer out	
Debt service	$	-	$	2,076	
Capital projects		2,076	-		
Total	 $	2,076	$	2,076 	

Transfers are used to move revenues from the fund where collection occurs to the fund where funds have been reallocated for use. In the case of the District, transfers from the debt service fund to the capital projects fund were made in accordance with the Bond Indentures.
NOTE 6 – CAPITAL ASSETS

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

Governmental activities

Beginning Balance

Additions	Reductions

Ending Balance

Capital assets, not being depreciated		
Infrastructure under construction	$	1,248,904	$	13,617	$	-	$	1,262,521	
Total capital assets, not being depreciated	1,248,904	13,617	-	1,262,521	

Governmental activities capital assets, net	
$	1,248,904	
$	13,617	
$	-	$	1,262,521	

The infrastructure intended to serve the District has been estimated at a total cost of approximately
$5,318,000. The infrastructure will include roadways, stormwater management system, water distribution system and sanitary sewer system. A portion of the project costs was expected to be financed with the proceeds from the issuance of Bonds with the remainder to be funded by the Developer and conveyed to the District. Upon completion, the water distribution and sanitary sewer systems are to be conveyed to others for ownership and maintenance responsibilities.

Series 2023
On March 22, 2023, the District issued $1,515,000 of Special Assessment Bonds, Series 2023 consisting of multiple term bonds with due dates ranging from June 15, 2030 to June 15, 2053, and fixed interest rates ranging from 4.5% - 5.5%. 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 December 15 and June 15, commencing June 15, 2023. Principal on the Bonds is to be paid serially commencing June 15, 2024 through June 15, 2053.
The Series 2023 Bonds are subject to redemption at the option of the District prior to their maturity. 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. Upon satisfaction of certain conditions, a portion of the original reserve requirements will be transferred to the acquisition and construction trust account to pay for project costs in accordance with the bond indenture; this did not occur during the current fiscal year. The District was in compliance with the requirements at September 30, 2025.
Long-term Debt Activity
Changes in long-term liability activity for the fiscal year ended September 30, 2025 were as follows:

Governmental activities

Beginning Balance

Additions	Reductions

Ending Balance

Due Within One Year

Series 2023

$	1,495,000	$

-	$	(25,000) $

1,470,000	$

25,000

Less: original issue discount	15,721	-	561	15,160	-

Total

$	1,479,279	$

-	$	(25,561) $

1,454,840	$

25,000

At September 30, 2025, the scheduled debt service requirements on the long-term debt were as follows:

Year ending

	Governmental Activities	

  September 30:	Principal	Interest	Total	
2026	$	25,000	$	78,863	$	103,863	
2027	25,000	77,738	102,738	
2028	25,000	76,613	101,613	
2029	25,000	75,488	100,488	
2030	30,000	74,363	104,363	
2031-2035	170,000	348,131	518,131	
2036-2040	220,000	297,069	517,069	
2041-2045	285,000	231,419	516,419	
2046-2050	380,000	143,275	523,275	
2051-2053		285,000	31,900	316,900 	
	 $	1,470,000	$	1,434,859	$	2,904,859 	

NOTE 8 – CONCENTRATION

The District’s activity is dependent upon the continued involvement of the Developer and major landowners, the loss of which could have a material adverse effect on the District’s operations.
NOTE 9 – DEVELOPER TRANSACTIONS

The Developer owns a portion of land within the District; therefore, assessment revenues in the general and debt service funds include the assessments levied on those lots owned by the Developer.

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

NOTE 11 – RISK MANAGEMENT

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

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Budgeted
	Amounts	

Variance with Final Budget - Positive

 Original & Final	Actual Amounts	(Negative)	

REVENUES
Assessments	
$	82,340	
$	82,776	
$	436	
Total revenues	82,340	82,776	436	

EXPENDITURES
Current:
General government	

62,840	

66,463	

(3,623)	
Maintenance and operations	19,500	15,375	4,125	
Total expenditures	82,340	81,838	502	

Excess (deficiency) of revenues				
over (under) expenditures	 $	-		938	 $	938 	
Fund balance - beginning			10,190 		
Fund balance - ending		 $	11,128 		

See notes to required supplementary information

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

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FL 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.	0	
Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being reported.	
2	
Employee compensation	$0	
Independent contractor compensation	$6,458	
Construction projects to begin on or after October 1; (>$65K)	N/A	

Budget variance report	See the Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund	
Ad Valorem taxes;	Not applicable	
		
Non ad valorem special assessments;		
Special assessment rate	Operations and maintenance - $825.46
Debt Service - $1,052.13	
Special assessments collected
Outstanding Bonds:	$188,034	
	See Note 7 for details	

1001 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
Bauer Drive Community Development District Miami-Dade 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 Bauer Drive Community Development District, Miami-Dade 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 December 17, 2025.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

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

December 17, 2025

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
To the Board of Supervisors
Bauer Drive Community Development District Miami-Dade County, Florida
We have examined Bauer Drive Community Development District, Miami-Dade 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 Supervisors of Bauer Drive Community Development District, Miami-Dade County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

December 17, 2025

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Bauer Drive Community Development District Miami-Dade County, Florida

Report on the Financial Statements
We have audited the accompanying basic financial statements of Bauer Drive Community Development District, Miami-Dade County, Florida ("District") as of and for fiscal year ended September 30, 2025, and have issued our report thereon dated December 17, 2025.

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

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated December 17, 2025, should be considered in conjunction with this management letter.

Purpose of this Letter
The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General for the State of Florida. Accordingly, in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following:

Current year findings and recommendations.
Status of prior year findings and recommendations.
Compliance with the Provisions of the Auditor General of the State of Florida.

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

We wish to thank Bauer Drive Community Development District, Miami-Dade 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.

December 17, 2025

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS
None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None

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

A statement as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report.
There were no significant finding and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2024.
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 23.

February 26, 2026 Board of Supervisors
Bauer Drive Community Development District 5385 N. Nob Hill Road
Sunrise, FL 33351

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

We are pleased to confirm our understanding of the services we are to provide Bauer Drive Community Development District, Miami-Dade County, Florida (“the District”) for the fiscal year ended September 30, 2026. We will audit the financial statements of the governmental activities and each major fund, including the related notes to the financial statements, which collectively comprise the basic financial statements of Bauer Drive Community Development District as of and for the fiscal year ended September 30, 2026. In addition, we will examine the District’s compliance with the requirements of Section 218.415 Florida Statutes. This letter serves to renew our agreement and establish the terms and fee for the 2026 audit.
Accounting principles generally accepted in the United States of America provide for certain required supplementary information (RSI), such as management’s discussion and analysis (MD&A), to supplement the District’s basic financial statements. Such information, 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. As part of our engagement, we will apply certain limited procedures to the District’s RSI in accordance with auditing standards generally accepted in the United States of America. These limited procedures will consist of inquiries of management regarding 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 will 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.
The following RSI is required by generally accepted accounting principles and will be subjected to certain limited procedures, but will not be audited:
Management’s Discussion and Analysis
Budgetary comparison schedule
The following other information accompanying the financial statements will not be subjected to the auditing procedures applied in our audit of the financial statements, and our auditor’s report will not provide an opinion or any assurance on that information:
Compliance with FL Statute 218.39 (3) (c)
Audit Objectives
The objective of our audit is the expression of opinions as to whether your financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles and to report on the fairness of the supplementary information referred to in the second paragraph when considered in relation to the financial statements as a whole. Our audit will be conducted in accordance with auditing standards generally accepted in the United States of America and the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and will include tests of the accounting records of the District and other procedures we consider necessary to enable us to express such opinions. We will issue a written report upon completion of our audit of the District’s financial statements. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or add emphasis-of-matter or other-matter paragraphs. If our opinion on the financial statements is other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the audit or are unable to form or have not formed an opinion, we may decline to express an opinion or issue a report, or may withdraw from this engagement.
We will also provide a report (that does not include an opinion) on internal control related to the financial statements and compliance with the provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a material effect on the financial statements as required by Government Auditing Standards. The report on internal control and on compliance and other matters will include a paragraph that states (1) that the purpose of the report is solely to describe the scope of testing of internal control and compliance, and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control on compliance, and (2) that the report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control and compliance. The paragraph will also state that the report is not suitable for any other purpose. If during our audit we become aware that the District is subject to an audit requirement that is not encompassed in the terms of this engagement, we will communicate to management and those charged with governance that an audit in accordance with U.S. generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards may not satisfy the relevant legal, regulatory, or contractual requirements.

Examination Objective
The objective of our examination is the expression of an opinion as to whether the District is in compliance with Florida Statute 218.415 in accordance with Rule 10.556(10) of the Auditor General of the State of Florida. Our examination will be conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and will include tests of your records and other procedures we consider necessary to enable us to express such an opinion. We will issue a written report upon completion of our examination of the District’s compliance. The report will include a statement that the report is intended solely for the information and use of management, those charged with governance, and the Florida Auditor General, and is not intended to be and should not be used by anyone other than these specified parties. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or add emphasis-of-matter or other-matter paragraphs. If our opinion on the District’s compliance is other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the examination or are unable to form or have not formed an opinion, we may decline to express an opinion or issue a report, or may withdraw from this engagement.
Other Services
We will assist in preparing the financial statements and related notes of the District in conformity with U.S. generally accepted accounting principles based on information provided by you. These nonaudit services do not constitute an audit under Government Auditing Standards and such services will not be conducted in accordance with Government Auditing Standards. The other services are limited to the financial statement services previously defined. We, in our sole professional judgment, reserve the right to refuse to perform any procedure or take any action that could be construed as assuming management responsibilities.
Management Responsibilities
Management is responsible for compliance with Florida Statute 218.415 and will provide us with the information required for the examination. The accuracy and completeness of such information is also management’s responsibility. You agree to assume all management responsibilities relating to the financial statements and related notes and any other nonaudit services we provide. You will be required to acknowledge in the management representation letter our assistance with preparation of the financial statements and related notes and that you have reviewed and approved the financial statements and related notes prior to their issuance and have accepted responsibility for them. In addition, you will be required to make certain representations regarding compliance with Florida Statute 218.415 in the management representation letter. Further, you agree to oversee the nonaudit services by designating an individual, preferably from senior management, who possesses suitable skill, knowledge, or experience; evaluate the adequacy and results of those services; and accept responsibility for them.
Management is responsible for designing, implementing and maintaining effective internal controls, including evaluating and monitoring ongoing activities, to help ensure that appropriate goals and objectives are met; following laws and regulations; and ensuring that management and financial information is reliable and properly reported. Management is also responsible for implementing systems designed to achieve compliance with applicable laws, regulations, contracts, and grant agreements. You are also responsible for the selection and application of accounting principles, for the preparation and fair presentation of the financial statements and all accompanying information in conformity with U.S. generally accepted accounting principles, and for compliance with applicable laws and regulations and the provisions of contracts and grant agreements.
Management is also responsible for making all financial records and related information available to us and for the accuracy and completeness of that information. You are also responsible for providing us with (1) access to all information of which you are aware that is relevant to the preparation and fair presentation of the financial statements, (2) additional information that we may request for the purpose of the audit, and (3) unrestricted access to persons within the government from whom we determine it necessary to obtain audit evidence.
Your responsibilities include adjusting the financial statements to correct material misstatements and for confirming to us in the written representation letter that the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole.
You are responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud affecting the government involving (1) management, (2) employees who have significant roles in internal control, and (3) others where the fraud could have a material effect on the financial statements. Your responsibilities include informing us of your knowledge of any allegations of fraud or suspected fraud affecting the government received in communications from employees, former employees, grantors, regulators, or others. In addition, you are responsible for identifying and ensuring that the government complies with applicable laws, regulations, contracts, agreements, and grants and for taking timely and appropriate steps to remedy fraud and noncompliance with provisions of laws, regulations, contracts or grant agreements, or abuse that we report.
Management is responsible for establishing and maintaining a process for tracking the status of audit findings and recommendations. Management is also responsible for identifying and providing report copies of previous financial audits, attestation engagements, performance audits or other studies related to the objectives discussed in the Audit Objectives section of this letter. This responsibility includes relaying to us corrective actions taken to address significant findings and recommendations resulting from those audits, attestation engagements, performance audits, or other studies. You are also responsible for providing management’s views on our current findings, conclusions, and recommendations, as well as your planned corrective actions, for the report, and for the timing and format for providing that information.
With regard to the electronic dissemination of audited financial statements, including financial statements published electronically on your website, you understand that electronic sites are a means to distribute information and, therefore, we are not required to read the information contained in these sites or to consider the consistency of other information in the electronic site with the original document.

Audit Procedures—General
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We will plan and perform the audit to obtain reasonable rather than absolute assurance about whether the financial statements are free of material misstatement, whether from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws or governmental regulations that are attributable to the government or to acts by management or employees acting on behalf of the government. Because the determination of abuse is subjective, Government Auditing Standards do not expect auditors to provide reasonable assurance of detecting abuse.
Because of the inherent limitations of an audit, combined with the inherent limitations of internal control, and because we will not perform a detailed examination of all transactions, there is a risk that material misstatements may exist and not be detected by us, even though the audit is properly planned and performed in accordance with U.S. generally accepted auditing standards and Government Auditing Standards. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental regulations that do not have a direct and material effect on the financial statements. Our responsibility as auditors is limited to the period covered by our audit and does not extend to later periods for which we are not engaged as auditors.
Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and may include tests of the physical existence of inventories, and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected individuals, funding sources, creditors, and financial institutions. We will request written representations from your attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will require certain written representations from you about your responsibilities for the financial statements; compliance with laws, regulations, contracts, and grant agreements; and other responsibilities required by generally accepted auditing standards.
Audit Procedures—Internal Control
Our audit will include obtaining an understanding of the government and its environment, including internal control, sufficient to assess the risks of material misstatement of the financial statements and to design the nature, timing, and extent of further audit procedures. Tests of controls may be performed to test the effectiveness of certain controls that we consider relevant to preventing and detecting errors and fraud that are material to the financial statements and to preventing and detecting misstatements resulting from illegal acts and other noncompliance matters that have a direct and material effect on the financial statements. Our tests, if performed, will be less in scope than would be necessary to render an opinion on internal control and, accordingly, no opinion will be expressed in our report on internal control issued pursuant to Government Auditing Standards.
An audit is not designed to provide assurance on internal control or to identify significant deficiencies or material weaknesses. However, during the audit, we will communicate to management and those charged with governance internal control related matters that are required to be communicated under AICPA professional standards and Government Auditing Standards.
Audit Procedures—Compliance
As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we will perform tests of the District’s compliance with the provisions of applicable laws, regulations, contracts, agreements, and grants. However, the objective of our audit will not be to provide an opinion on overall compliance and we will not express such an opinion in our report on compliance issued pursuant to Government Auditing Standards.
Engagement Administration, Fees, and Other
We understand that your employees will prepare all cash or other confirmations we request and will locate any documents selected by us for testing.
The audit documentation for this engagement is the property of Grau & Associates and constitutes confidential information. However, subject to applicable laws and regulations, audit documentation and appropriate individuals will be made available upon request and in a timely manner to a cognizant or oversight agency or its designee, a federal agency providing direct or indirect funding, or the U.S. Government Accountability Office for purposes of a quality review of the audit, to resolve audit findings, or to carry out oversight responsibilities. We will notify you of any such request. If requested, access to such audit documentation will be provided under the supervision of Grau & Associates personnel. Furthermore, upon request, we may provide copies of selected audit documentation to the aforementioned parties. These parties may intend, or decide, to distribute the copies or information contained therein to others, including other governmental agencies. Notwithstanding the foregoing, the parties acknowledge that various documents reviewed or produced during the conduct of the audit may be public records under Florida law. The District agrees to notify Grau & Associates of any public record request it receives that involves audit documentation.

Furthermore, Grau & Associates agrees to comply with all applicable provisions of Florida law in handling such records, including but not limited to Section 119.0701, Florida Statutes. Auditor acknowledges that the designated public records custodian for the District is the District Manager (“Public Records Custodian”). Among other requirements and to the extent applicable by law, Grau & Associates shall 1) keep and maintain public records required by the District to perform the service; 2) upon request by the Public Records Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable time period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which 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 the contract term if Auditor does not transfer the records to the Public Records Custodian of the District; and 4) upon completion of the contract, transfer to the District, at no cost, all public records in Grau & Associate’s possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by Grau & Associates, Grau & Associates shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats.

FlCPA

•

-�	AICPA'.

Florida Institute of Certified Public Accountants

Peer Review Program

Administered in Florida
by the Florida Institute of CPAs

November 18, 2025 Antonio Grau
Grau & Associates
1001 W. Yamato Road, Suite 301 Boca Raton, FL 33431-4403

Dear Antonio Grau:

It is my pleasure to notify you that on November 18, 2025, the Florida Peer Review Committee accepted the report on the most recent System Review of your firm. The due date for your next review is December 31, 2028. This is the date by which all review documents should be completed and submitted to the administering entity.

As you know, the report had a peer review rating of pass. The Committee asked me to convey its congratulations to the firm.

Thank you for your cooperation. Sincerely,

Peer Review Team
FICPA Peer Review Committee paul@ficpa.org
850.224.2727, x5957

cc: Daniel Hevia, David Caplivski

Firm Number: 900004390114	Review Number:  616829

119 S Monroe Street, Suite 121 I Tallahassee, FL 32301I 850.224.2727, in Florida I www.ficpa.org

Bauer Drive
Community Development District Landowners Meeting Agenda

Friday	Lennar Homes
November 13, 2026	5505 Waterford District Drive 9:30 a.m.		Miami, Florida

Call to Order

Election of a Chairman for the Purpose of Conducting the Landowners Meeting

Determination of Number of Voting Units Represented

Nominations for the Position of Supervisors

Casting of Ballots

Tabulation of Ballots and Announcement of Results

Adjournment

LANDOWNER PROXY LANDOWNERS MEETING – November 13, 2026

BAUER DRIVE COMMUNITY DEVELOPMENT DISTRICT MIAMI-DADE COUNTY, FLORIDA

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, the fee simple owner of the lands described herein, hereby constitutes and appoints:

Proxy Holder

for and on behalf of the undersigned, to vote as proxy at the meeting of the landowners of the Bauer Drive Community Development District to be held at Lennar Homes, 5505 Waterford District Drive, Miami, Florida on November 13, 2026 at 9:30 a.m., and at any continuances or adjournments thereof, according to the number of acres of unplatted land and/or platted lots owned by the undersigned landowner which the undersigned would be entitled to vote if then personally present, upon any question, proposition, or resolution or any other matter or thing which may be considered at said meeting including, but not limited to, the election of members of the Board of Supervisors. Said Proxy Holder may vote in accordance with their discretion on all matters not known or determined at the time of solicitation of this proxy, which may legally be considered at said meeting.

Any proxy heretofore given by the undersigned for said meeting is hereby revoked. This proxy is to continue in full force and effect from the date hereof until the conclusion of the annual meeting and any adjournment or adjournments thereof, but may be revoked at any time by written notice of such revocation presented at the annual meeting prior to the Proxy Holder exercising the voting rights conferred herein.

Print or type name of Landowner	Date (or, if applicable, authorized representative of Landowner)

Signature of Landowner, or Landowner Representative

Parcel Description	Acreage	Authorized Votes*

(must be street address, tax parcel ID number, or legal description attached)

Total Number of Authorized Votes:

* Pursuant to section 190.006(2)(b), Florida Statutes (2007), a fraction of an acre is treated as one (1) acre entitling the landowner to one vote with respect thereto.
Please note that a particular real property is entitled to only one vote for each eligible acre of lands or fraction thereof; two (2) or more persons who own real property in common that is one acre or less are together entitled to only one vote for that real property. If the fee simple landowner is not an individual, and is instead a corporation, limited liability company, limited partnership or other entity, evidence that the individual signing on behalf of the entity has the authority to do so should be attached hereto. (e.g., bylaws, corporate resolution, etc.). If more than one parcel, each must be listed or described.

OFFICIAL BALLOT BAUER DRIVE
COMMUNITY DEVELOPMENT DISTRICT MIAMI, FLORIDA
LANDOWNERS MEETING – NOVEMBER 13, 2026

For Interval Elections (3 Supervisors): The two candidates receiving the most votes will each receive a four (4) year term; the recipients of the next highest vote count will receive a two (2) year term.

The undersigned certifies that they are the fee simple owner or proxy holder of the landowner (proxy form attached) of the land described in the attachment hereto, which land lies within the boundaries of the Bauer Drive Community Development District;

***LEGAL DESCRIPTION OF PROPERTY ATTACHED***

and cast their vote(s) for the following:

NAME OF CANDIDATE	NUMBER OF VOTES
	 (Seat 1)		

	 (Seat 2)		

	 (Seat 3)		

Dated: 		Signed: 	

Name: 	

January 2, 2026 Board of Supervisors
Bauer Drive Community Development District Attn: District Manager Juliana Duque Governmental Management Services
5385 N Nob Hill Road Sunrise, FL 33351

Reference:	Bauer Drive Community Development District Alvarez Engineers Personnel Billing Rates
Via:	Email Only: jduque@gmssf.com

Dear Board of Supervisors,

In accordance with the terms of the Engineering Agreement, dated July 13, 2022, between Alvarez Engineers, Inc. and the CDD, I would like to respectfully request the Board of Supervisors to consider updating our hourly personnel billing rates and staff classifications to our proposed 2026 rates as shown in the attached table.

With this proposed adjustment, we do not expect to exceed the Engineering budget adopted by the Board of Supervisors for fiscal year 2026.

Please let me know if you have any questions or if you would like to discuss this further. Sincerely,

Juan R. Alvarez, President Alvarez Engineers, Inc.

M:\Accounting\5. Income\Invoices\Invoicing Forms & Procedures\AE - Billing Rates\Billing Rates (2026)\Rate Adjustment Requests\GMS\Juliana Duque\210403 - BD (2026.01.02) Rate Adjustment Letter.Doc

Bauer Drive CDD	
Current 2021 Rates	Proposed 2026 Rates	
Principal	$ 210.00	Principal	$ 240.00	
Chief Engineer	$ 210.00	Chief Engineer	$ 230.00	
		Project Manager	$ 215.00	
Senior Engineer	$ 180.00	Senior Engineer	$ 185.00	
Senior Project Engineer	$ 155.00	Engineer 2	$ 165.00	
Project Manager	$ 155.00			
Project Engineer	$ 135.00	Engineer 1	$ 155.00	
		Electrical Engineer	$ 155.00	
Engineer	$ 130.00	Engineer Intern	$ 140.00	
		Senior Designer	$ 120.00	
Computer Aided Design and Drafter
(CADD)	$ 98.00	CADD/Computer Technician	$ 105.00	
		Senior Engineering Technician	$ 110.00	
Engineering Technician	$ 88.00	Engineering Technician	$ 100.00	
Senior Administrative	$ 86.00	Senior Administrative	$ 95.00	
Administrative	$ 52.00	Administrative	$ 70.00	

Staff Classification	Definition
Principal
Chief Engineer	Professional Engineer with 15+ years of experience Project Manager	Professional Engineer with 10+ years of experience
Senior Engineer	Professional Engineer with 10+ years of experience (production) Engineer 2	Professional Engineer with 5+ years of experience
Engineer 1	Professional Engineer with 0+ years of experience
Electrical Engineer	Electrical Engineer with 2+ years of post-graduate experience Engineer Intern	Entry level with engineering degree; Engineering Intern License Senior Designer	15+ years of design experience, non-registered CADD/Computer Technician	Design and Drafting with 1+ years of experience
Senior Engineering Technician  5+ years of experience
Engineering Technician	Entry level with 0-4 years of experience
Senior Administrative	Degreed executive assistant with 8+ years of experience Administrative	Secretary / Clerical

2

736 NW 8th Avenue, Fort Lauderdale, FL 33311 ● Phone: 954-525-3751 Fax: 954-525-3752 www.sfluinc.com	sfluinc@sfluinc.com

12/16/2025

To Our Valued Customers:

This letter is to inform you of several changes to our billing rates beginning January 1st, 2026. The following is an update to the “Contractor Responsibilities” section of your Lift Station Maintenance Contract:

The contractor will provide the owner with the following pricing for repairs and other services that may be required during the contract period.

Electrical and Control Panel Repairs: $135.00 per man-hour plus parts.
Pump and Piping or Other Repairs: $120.00 per man-hour plus parts.
Work Requiring the use of a Crane Truck: $135.00 per hour
Emergency Call Out During Regular Business Hours (M-F 7:30 AM – 4:00 PM):
Labor - $135.00 first hour and $120.00 each additional man-hour includes travel time.
Emergency Call Out After Hours (M-F 4:00 PM to 7:30 AM; Sat., Sun., and Holidays):
Labor - $175.00 per hour. Additional service fee of $150.00 applies to after-hours emergencies.

** Please note starting January 1st, 2026 that credit card payments on all invoices, excluding monthly/quarterly maintenance payments, will incur a 3% processing fee. **

Sincerely,
Mark G. Carpenter President

Bauer Drive	
COMMUNITY DEVELOPMENT DISTRICT	

Fiscal Year 2026	
Check Register	

10/1/25 - 1/31/26

Date

check #'s

Amount

10/1 - 10/31	123 - 124	$	1,049.97	

11/1 - 11/30	125 - 129	5,120.50	

12/1 - 12/31	130 - 135	114,913.24	

1/1 - 1/31	136 - 139	10,999.29	

TOTAL	$132,083.00	

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	2/19/26	PAGE	1
*** CHECK DATES 10/01/2025 - 01/31/2026 ***	BAUER DRIVE - GENERAL FUND
BANK A BAUER DR OPERATING
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
10/03/25 00015	9/30/25 IN50910	202509 310-51300-48000	*	309.97
NOTICE OF MEETINGS
MCCLATCHY COMPANY LLC	309.97 000123
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/03/25 00014 10/01/25 80503	202510 320-53800-45000	*	740.00
OCT 25-LIFT STATION MAINT
SOUTH FLORIDA UTILITIES, INC.	740.00 000124
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/06/25 00003	8/31/25 194890	202508 310-51300-31500	*	1,185.00
AUG 25 - GENERAL COUNSEL
9/30/25 195508	202509 310-51300-31500	*	500.00

BILLING COCHRAN,	P.A.	1,685.00	000125	
- - - -	- - -	-	- - - -	- - - - -	- - - - - - - - - - - - - - - - - -	- - -	-	-	-	-	-	-	-	-	- - - -	- - - - - - -	-	- - - - -	- - -	
11/06/25	00016	10/01/25	93599	202510 310-51300-54000	*	175.00	
SPECIAL	DISTRICT FEE FY26	
FLORIDACOMMERCE	175.00	000126	
- - - -	- - -	-	- - - -	- - - - -	- - - - - - - - - - - - - - - - - -	- - -	-	-	-	-	-	-	-	-	- - - -	- - - - - - -	-	-	- - - -	- - -	
11/06/25	00014	11/01/25	81140	202511 320-53800-45000	*	740.00	
NOV 25-LIFT STATION MAINT	
SOUTH FLORIDA UTILITIES,	INC.	740.00	000127	
- - - -	- - -	-	- - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - -	- -	-	-	-	-	-	- - - -	- - - - -	- -	-	-	- - - -	- - -	
11/18/25	00018	11/18/25	30-6933- 202511 310-51300-49100	*	1.62	
2025 PROPERTY TAXES	
DARIEL FERNANDEZ	1.62	000128	
- - - -	- - -	-	- - - -	- - - - -	- - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	-	- - - -	- - - - -	- -	-	-	- - - -	- - -	
11/25/25	00010	11/25/25	11252025	202511 300-20700-10000	*	2,518.88	

SEP 25 - GENERAL COUNSEL

TRANSFER OF TAX RECEIPTS
BAUER DRIVE CDD	2,518.88 000129
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/04/25 00010 12/02/25 12022025 202512 300-20700-10000	*	5,001.62
TRANSFER OF TAX RECEIPTS
BAUER DRIVE CDD	5,001.62 000130
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/04/25 00003 10/31/25 195950	202510 310-51300-31500	*	500.00
NOV 25 - GENERAL COUNSEL
BILLING COCHRAN, P.A.	500.00 000131
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/04/25 00014 12/01/25 81737	202512 320-53800-45000	*	740.00
DEC 25-LIFT STATION MAINT
SOUTH FLORIDA UTILITIES, INC.	740.00 000132
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/10/25 00010 12/08/25 12082025 202512 300-20700-10000	*	93,030.16
TRANSFER OF TAX RECEIPTS
BAUER DRIVE CDD	93,030.16 000133
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BAUE BAUER DRIVE	SRINKUS

AP300R			YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER	CHECK REGISTER	RUN	2/19/26	PAGE	2	
*** CHECK DATES	10/01/2025 - 01/31/2026 ***	BAUER DRIVE - GENERAL FUND	
			BANK A BAUER DR OPERATING			
CHECK	VEND#	.....INVOICE.....	...EXPENSED TO...	VENDOR NAME	STATUS	AMOUNT	....CHECK.....	
DATE	DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#	
12/10/25 00003	11/30/25	196314	202511 310-51300-31500			*	990.00	
NOV	25	- GENERAL COUNSEL	BILLING COCHRAN,	P.A.	990.00	000134	
- - - - - - - -	- - - - - - -	- -	- - - - - - - - - - - - - - - - - -	- - -	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	- - - - -	-	- - - -	- - -	
12/10/25 00001	8/01/25	47	202508 310-51300-34000			*	2,140.00	
AUG	25	- MGMT FEES	
	8/01/25	47	202508 310-51300-35100			*	89.17	
AUG	25	- COMPUTER TIME	
	8/01/25	47	202508 310-51300-31300			*	107.00	
AUG	25	- DISSEMINATION	
	8/01/25	47	202508 310-51300-49500			*	89.17	
AUG	25	- WEBSITE ADMIN	
	8/01/25	47	202508 310-51300-42000			*	2.81	
AUG	25	- POSTAGE	
	9/01/25	48	202509 310-51300-34000			*	2,140.00	
SEP	25	- MGMT FEES	
	9/01/25	48	202509 310-51300-35100			*	89.17	
SEP	25	- COMPUTER TIME	
	9/01/25	48	202509 310-51300-31300			*	107.00	
SEP	25	- DISSEMINATION	
	9/01/25	48	202509 310-51300-49500			*	89.17	
SEP	25	- WEBSITE	
	9/01/25	48	202509 310-51300-42000			*	4.44	
SEP	25	- POSTAGE	
	9/01/25	48	202509 310-51300-42500			*	2.10	
SEP	25	- COPIES	
	9/15/25	49	202510 310-51300-31400			*	2,000.00	
		ASSESSMENT ROLL FY2026					
10/01/25	50
OCT	25	202510 310-51300-34000	*	2,289.83	
	10/01/25	50	202510 310-51300-35100			*	95.42	
OCT	25	- COMPUTER TIME	
	10/01/25	50	202510 310-51300-31300			*	114.50	
OCT	25	- DISSEMINATION	
	10/01/25	50	202510 310-51300-49500			*	95.42	
OCT	25	- WEBSITE	
	10/01/25	50	202510 310-51300-42000			*	1.48	
OCT	25	- POSTAGE	
	11/01/25	52	202511 310-51300-34000			*	2,289.83	
NOV	-	MGMT FEES	
	11/01/25	52	202511 310-51300-35100			*	95.42	
NOV	-	COMPUTER TIME	
	11/01/25	52	202511 310-51300-31300			*	114.50	
NOV	-	DISSEMINATION	
	11/01/25	52	202511 310-51300-49500			*	95.42	
NOV	-	WEBSITE	
			BAUE BAUER	DRIVE	SRINKUS			

- MGMT FEES

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	2/19/26	PAGE	3
*** CHECK DATES 10/01/2025 - 01/31/2026 ***	BAUER DRIVE - GENERAL FUND
BANK A BAUER DR OPERATING

DATE	DATE	
	11/01/25	
	12/01/25	
	12/01/25	
	12/01/25	
	12/01/25	
	12/01/25	

	AMOUNT	#	
*	1.48			
*	2,289.83			
*	95.42			
*	114.50			
*	95.42			
*	2.96			

CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...	VENDOR NAME	STATUS	AMOUNT	....CHECK.....
INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS
52	202511 310-51300-42000
NOV - POSTAGE
53	202512 310-51300-34000
DEC - MGMT FEES
53	202512 310-51300-35100
DEC - COMPUTER TIME
53	202512 310-51300-31300
DEC - DISSEMINATION
53	202512 310-51300-49500
DEC - WEBSITE
53	202512 310-51300-42000
DEC - POSTAGE
GMS-SF, LLC	14,651.46 000135
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/12/26 00010	1/09/26 01092026 202601 300-20700-10000	*	3,261.90

BAUER DRIVE CDD	3,261.90	000136	
- - - - - - - -	- - - - - - -	- -	- - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	-	- - - - -	- - -	
54	202601 310-51300-34000	
JAN	26	- MANAGEMENT FEES	
54	202601 310-51300-35100	
JAN	26	- COMPUTER TIME	
54	202601 310-51300-31300	
JAN	26	- DISSEMINATION	
54	202601 310-51300-49500	
JAN	26	- WEBSITE	
54	202601 310-51300-42000	
JAN	26	- POSTAGE	

1/12/26 00001	1/01/26	
	1/01/26	
	1/01/26	
	1/01/26	
	1/01/26	

*	95.42		
*	114.50			
*	95.42			
*	2.22			

- -	-	-	-	-	-	- - - - -	
*						2,289.83	

TRANSFER OF TAX RECEIPTS

GMS-SF, LLC	2,597.39 000137
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/12/26 00011	1/05/26 28383	202601 310-51300-32200	*	4,400.00
AUDIT FYE 9/30/25
GRAU AND ASSOCIATES	4,400.00 000138
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/12/26 00014	1/01/26 82352	202601 320-53800-45000	*	740.00
JAN 26-LIFT STATION MAINT
SOUTH FLORIDA UTILITIES, INC.	740.00 000139
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	132,083.00
TOTAL FOR REGISTER	132,083.00

BAUE BAUER DRIVE	SRINKUS

Bauer Drive	
Community Development District	

Unaudited Financial Reporting	
January 31, 2026	

Table of Contents

	Balance Sheet

	General Fund

	Debt Service Fund Series 2023

	Capital Project Fund Series 2023

	Month to Month

	Long Term Debt Report

Bauer Drive	
Community Development District	
Combined Balance Sheet	
January 31, 2026	

General	Debt Service	Capital Project	Totals	
Fund	Fund	Fund	Governmental Funds	

Assets:	
Cash:	
Operating Account	
Due from General Fund	
Deposit - Electric	

$	64,962	
-	
103	

$	-	
-	
-	

$	-	
-	
-	

$	64,962	
-	
103	

Investments:

Series 2023	
Reserve	
Interest	
Revenue	
Acq & Construction	

-	
-	
-	
-	

52,475	
-	
115,542	
-	

-	
-	
-	
1,392	

52,475	
-	
115,542	
1,392	

Total Assets	$	65,065	$	168,017	$	1,392	$	234,474	
Liabilities:	
Accounts Payable	$	1,040	$	-		$	-		$	1,040	
Due to Developer	-		-		-	-	
Unavailable Revenue	-		-		-	-	
Due to Debt Service	-		-		-	-	

Total Liabilites	$	1,040	$	-	$	-	$	1,040

Fund Balance:	
Restricted for:	
Debt Service - Series	
Capital Project - Series	
Unassigned	

$	-	
1,392	
-	

$	168,017	
1,392	
64,025	

$	-	$	168,017

64,025	-

Total Liabilities & Fund Balance	$	65,065	$	168,017	$	1,392	$	234,474

Total Fund Balances	$	64,025	$	168,017	$	1,392	$	233,434

Bauer Drive	
Community Development District	
General Fund	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending January 31, 2026	

Adopted	Prorated Budget	Actual	
Budget	Thru 01/31/26	Thru 01/31/26	Variance	

Revenues:		
Special Assessments - Tax Roll	$	82,340	

$	81,609	$	81,609	$	-

Total Revenues	$	82,340	$	81,609	$	81,609	$	-	

Expenditures:					
General & Administrative:					
Engineering	$	1,800	$	600	$	-	$	600	
Attorney	11,200	3,733	2,530	1,203	
Annual Audit	4,400	4,400	4,400	-	
Assessment Administration	2,000	2,000	2,000	-	
Dissemination Agent	1,374	458	458	-	
Trustee Fees	4,575	4,575	-	4,575	
Management Fees	27,478	9,159	9,159	0	
Computer Time	1,145	382	382	-	
Website Maintenance	1,145	382	382	-	
Telephone	30	10	-	10	
Postage & Delivery	100	33	8	25	
Insurance General Liability	6,584	6,584	5,732	852	
Printing & Binding	50	17	-	17	
Legal Advertising	1,500	500	-	500	
Other Current Charges	1,400	467	524	(57)	
Property Taxes	-	-	2	(2)	
Office Supplies	100	33	-	33	
Dues, Licenses & Subscriptions	175	175	175	-	
Contingency	384	384	-	384	

Total General & Administrative	$	65,440	$	33,892	$	25,751	$	8,141	

Operations & Maintenance

Field Expenditures		
Lift Station	$	12,900	
Wireless Service	1,000	
Contingency	3,000	

$	4,300	
333	
1,000	

$	2,960	
-	
-	

$	1,340	
333	
1,000	

Subtotal Field Expenditures	$	16,900	$	5,633	$	2,960	$	2,673	

Total Operations & Maintenance	$	16,900	$	5,633	$	2,960	$	2,673	
					
Total Expenditures	$	82,340	$	39,525	$	28,711	$	10,814	

Excess (Deficiency) of Revenues over Expenditures	$	-	$	42,083	$	52,897	$	(10,814)	

Net Change in Fund Balance	$	-	$	42,083	$	52,897	$	(10,814)	
					
Fund Balance - Beginning	$	-		$	11,128		
					
Fund Balance - Ending	$	-		$	64,025		

Bauer Drive	
Community Development District	
Debt Service Fund Series 2023	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending January 31, 2026	

Adopted	Prorated Budge	Actual	
Budget	Thru 01/31/26	Thru 01/31/26	Variance	

Revenues:		
Special Assessments - Tax Roll	$	104,950	
Interest Income	1,000	

$	103,813	
333	

$	103,813	
1,286	

$	-	
953	

Total Revenues	$  105,950	$  104,146	$  105,099	$	953	

Expenditures:		
Interest - 12/15	$	39,431	$	39,431	$	39,431	$	-	
Interest - 06/15	39,431	-	-	-	
Principal - 06/15	25,000	-	-	-	
Total Expenditures	$  103,863	$	39,431	$	39,431	$	-	

Excess (Deficiency) of Revenues over Expenditures	$	2,087	$	64,715	$	65,668	$	953	
Other Financing Sources/(Uses):

Transfer In/(Out)	$	-	

$	-	$	(613)	$	-

Total Other Financing Sources/(Uses)	$	-	$	-	$	(613)	$	-	
		
Net Change in Fund Balance	$	2,087	$	64,715	$	65,054	$	953	
		
Fund Balance - Beginning	$	47,075	$	102,962	
		
Fund Balance - Ending	$	49,161	$	168,017	

Bauer Drive	
Community Development District	
Capital Projects Fund Series 2023	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending January 31, 2026	

Adopted	Prorated Budget	Actual	
Budget	Thru 01/31/26	Thru 01/31/26	Variance	

Revenues		
Interest Income	$	-	

$	-	$	14	$	14

Total Revenues	$	-	$	-	$	14	$	14	
Expenditures:		
Capital Outlay/Improvements	$	-	$	-	$	248	$	(248)	
Total Expenditures	$	-	$	-	$	248	$	(248)	

Excess (Deficiency) of Revenues over Expenditures	$	-	$	-	$	(233)	$	(233)	

Other Financing Sources/(Uses)

Transfer In/(Out)	$	-	

$	-	$

613	$

613

Total Other Financing Sources (Uses)	$	-	$	-	$	613	$	613	

Net Change in Fund Balance	$	-	$	380	
		
Fund Balance - Beginning	$	-	$	1,011	
		
Fund Balance - Ending	$	-	$	1,392	

Bauer Drive	
Community Development District	
Month to Month	

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

Revenues:														
Special Assessments - Tax Roll	$	-	$	5,898	$  73,745	$	1,966	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  81,609	

Total Revenues	$	-	$	-	$	-	$	1,966	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  81,609	

Expenditures:														
General & Administrative:														
Engineering	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Attorney	500	990	540	500	-	-	-	-	-	-	-	-	2,530	
Annual Audit	-	-	-	4,400	-	-	-	-	-	-	-	-	4,400	
Assessment Administration	2,000	-	-	-	-	-	-	-	-	-	-	-	2,000	
Dissemination Agent	115	115	115	115	-	-	-	-	-	-	-	-	458	
Trustee Fees	-	-	-	-	-	-	-	-	-	-	-	-	-	
Management Fees	2,290	2,290	2,290	2,290	-	-	-	-	-	-	-	-	9,159	
Computer Time	95	95	95	95	-	-	-	-	-	-	-	-	382	
Website Maintenance	95	95	95	95	-	-	-	-	-	-	-	-	382	
Telephone	-	-	-	-	-	-	-	-	-	-	-	-	-	
Postage & Delivery	1	1	3	2	-	-	-	-	-	-	-	-	8	
Insurance General Liability	5,732	-	-	-	-	-	-	-	-	-	-	-	5,732	
Printing & Binding	-	-	-	-	-	-	-	-	-	-	-	-	-	
Legal Advertising	-	-	-	-	-	-	-	-	-	-	-	-	-	
Other Current Charges	115	115	157	136	-	-	-	-	-	-	-	-	524	
Property Taxes	-	2	-	-	-	-	-	-	-	-	-	-	2	
Office Supplies	-	-	-	-	-	-	-	-	-	-	-	-	-	
Dues, Licenses & Subscriptions	175	-	-	-	-	-	-	-	-	-	-	-	175	
Contingency	-	-	-	-	-	-	-	-	-	-	-	-	-	

Total General & Administrative	$  11,119	$	3,704	$	3,295	$	7,633	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  25,751	

Operations & Maintenance

Field Expenditures														
Lift Station	740.00	740.00	740.00	740.00	-	-	-	-	-	-	-	$	-	$	2,960	
Wireless Service	-	-	-	-	-	-	-	-	-	-	-	-	-	
Contingency	-	-	-	-	-	-	-	-	-	-	-	-	-	

Subtotal Field Expenditures	$	740	$	740	$	740	$	740	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	2,960	

Total Operations & Maintenance	$	740	$	740	$	740	$	740	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	2,960	
														
Total Expenditures	$  11,859	$	4,444	$	4,035	$	8,373	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  28,711	

Excess (Deficiency) of Revenues over Expen	$  (11,859)	$	(4,444)	$	(4,035)	$	(6,407)	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  52,897	

Net Change in Fund Balance	$ (11,859)	$  (4,444)	$  (4,035)	$  (6,407)	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  52,897	

Page 5

Bauer Drive	
Community Development District	
Long Term Debt Report	

	

	

	

Series 2023, Special Assessment Bonds

Original Issue Amount:	$1,515,000.00

Term 1:	$175,000.00	
Interest Rate:	4.50%	
Maturity Date:	June 15, 2030

Term 2:	$4,550,000.00
Interest Rate:	5.38%
Maturity Date:	June 15, 2043

Term 3:	$790,000.00
Interest Rate:	5.50%
Maturity Date:	June 15, 2053

Reserve Fund Definition	50% of Maximum Annual Debt Service
Reserve Fund Requirement	$52,475
Reserve Fund Balance	$52,475

Bonds Outstanding - 3/22/2023	$1,515,000
Less: Principal Payment - 6/15/24	($20,000)
Less: Principal Payment - 6/15/25	($25,000)

Current Bonds Outstanding	$1,470,000	

Page 6

Bauer Drive
COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Receipts - Miami/Dade County Fiscal Year 2026

Gross Assessments  $	86,673.30  $	110,515.65  $	197,188.95

ON ROLL ASSESSMENTS

Net Assessments	$

82,339.64  $

104,989.87  $

187,329.50

allocation in %	43.95%	56.05%	100.00%

Date	
Distribution	
Gross Amount	Discount/
Penalty	
Commission	
Interest	
Net Receipts	
O&M Portion	2023	Debt
Service	
Total	

11/14/25	
11/1-11/10/25	
$	3,755.98	
$	150.24	
$	36.06	
$	-	
$	3,569.68	
$	1,569.03	
$	2,000.65	
$	3,569.68	
11/15/25	6/1-10/31/25	985.75	51.75	9.34	-	924.66	406.43	518.23	924.66	
11/28/25	11/11-11/20/25	9,389.95	375.60	90.14	-	8,924.21	3,922.59	5,001.62	8,924.21	
12/05/25	11/21-11/30/25	174,653.07	6,986.16	1,676.67	-	165,990.24	72,960.08	93,030.16	165,990.24	
12/19/25	12/1-12/15/25	1,877.99	75.12	18.03	-	1,784.84	784.52	1,000.32	1,784.84	
01/09/25	12/16-12/31/25	3,755.98	112.68	36.44	-	3,606.86	1,585.38	2,021.48	3,606.86	
01/09/25	11/1-12/31/25	446.12	13.39	4.32	-	428.41	188.31	240.10	428.41	
01/23/26	Interest	-	-	-	192.17	192.17	192.17	-	192.17	
	TOTAL	$	194,864.84	$	7,764.94	$	1,871.00	$	192.17	$	185,421.07	$	81,608.51	$	103,812.56	$	185,421.07	

$

98.82%
2,324.11

Percent Collected Balance Remaining to Collect

Page 7