Tradition Community Development Districts #1-11

Financial Report Fiscal Year 2023/2024
October 1, 2023 -February 29, 2024

FINANCIAL REPORT
TRADITION COMMUNITY DEVELOPMENT DISTRICT #1-11 RECAP FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - FEBRUARY 29, 2024

	FISCAL YEAR	FISCAL YEAR				
	2023/2024	10/01/23 - 02/29/24		% Of		
		FINAL BUDGET	 	ACTUALS				Budget			 COMMENTS		
 REVENUES	
ON-ROLL ASSESSMENTS - Debt	5,440,105	4,883,524		90%			
ON-ROLL ASSESSMENTS - ADMIN	538,664	537,040		100%			
ON-ROLL ASSESSMENTS - MAINT	1,922,785	1,916,989		100%			
ON-ROLL ASSESSMENTS - TIM	163,587	163,094		100%			
STORMWATER	975,000	1,204,104		123%			
OTHER INCOME	60,000	167,466		279%			

Total Revenues	$	9,100,142	$	8,872,217		97%			

 EXPENDITURES - ADMIN	
AUDIT	 

55,000	0		
0%			
BANK FEES	0	0		0%			
DISSEMINATION AGENT	3,000	0		0%			
DISTRICT COUNSEL	80,000	20,257		25%			
MANAGEMENT	108,046	40,067		37%			
ASSESSMENT ROLL	10,000	0		0%			
DUES, LICENSES & FEES	1,925	1,925		100%			
ENGINEERING	50,000	76,991		154%			
GENERAL INSURANCE	120,000	123,014		103%			
WEB SITE MAINTENANCE	8,250	3,125		38%			
LEGAL ADVERTISING	6,500	46		1%			
MISCELLANEOUS	0	1,067		1067%		Traffic Cones	
TRAVEL AND PER DIEM	1,000	166		17%			
OFFICE SUPPLIES	2,500	1,718		69%			
POSTAGE & SHIPPING	350	489		140%			
COPIES	3,000	0		0%			
SUPERVISOR FEES	60,000	8,092		13%			
TRUSTEE SERVICES	18,000	0		0%			
OFFICE RENT	25,000	39,704		159%			
CONTINUING DISCLOSURE FEE	3,000	0		0%			
TOTAL ADMIN EXPENSES	555,571	316,662		57%			

EXPENDITURES - MAINT						

LAKE MAINTENANCE	304,696	2,280		1%			
TIM OPERATIONS	150,500	209,832		139%			
BUILDING, BRIDGE, MONUMENT MAINTENA	265,000	0		0%			
(FKA CONTINGENCY) - MAINT RESERVES	72,000	0		0%			
COMMUNITY AREA MAINTENANCE	50,000	89,158		178%			
DEVELOPMENT COORDINATOR	31,467	13,110		42%			
ELECTRIC	87,000	47,499		55%			
ENGINEERING	100,000	0		0%			
FIELD MANAGEMENT	240,000	82,361		34%			
FOUNTAIN MAINTENANCE & CHEMICALS	30,000	2,433		8%			
LANDSCAPING MAINTENANCE & MATERIALS	896,100	524,014		58%			
IRRIGATION	152,000	69,858		46%			
IRRIGATION PARTS & REPAIRS	75,000	98,726		132%			
SIDEWALK CLEANING	30,000	7,500		25%			
SIDEWALK REPAIR	60,000	33,612		56%			
SIGNAGE	10,000	4,128		41%			
STREETLIGHTS	45,000	43,939		98%			
STORMWATER MANAGEMENT	95,700	359,625		376%			
TREE/PLANT REPLACEMENT & TRIM	200,000	139,105		70%			
TOTAL MAINTENANCE EXPENSES	2,894,463	1,727,181		60%			

 					
Total Expenditures	$	3,450,034	$	2,043,843		59%			

	 

EXCESS / (SHORTFALL)	$	5,650,108	$	6,828,374		121%			

PAYMENT TO TRUSTEE	 

(5,004,897)	(4,599,743)		
92%			

BALANCE	$	645,211	$	2,228,632					

COUNTY APPRAISER & TAX COLLECTOR FEE	 
(322,606)	(304,756)		94%			
DISCOUNTS FOR EARLY PAYMENTS	(322,606)	(291,707)		90%			

NET EXCESS / (SHORTFALL)	$	-	$	1,632,169					

10:59 AM	Tradition CDD No. 1
03/01/24	Balance Sheet
Accrual Basis	As of February 29, 2024

Feb 29, 24

ASSETS
Current Assets Checking/Savings		
01-1000 · Valley National 1157	3,169,265.10	
Total Checking/Savings	3,169,265.10	
Accounts Receivable		
11000 · Accounts Receivable	1,430,819.21	
Total Accounts Receivable	1,430,819.21	
Other Current Assets		
01-1208 · Due From Other Gov Units - Open	999.78	
01-8154 · Deposits	200.00	
Total Other Current Assets	1,199.78	
Total Current Assets	4,601,284.09	
Other Assets		
01-8122 · A/R St Lucie County Excess Fees	-18,711.00	
Total Other Assets	-18,711.00	
TOTAL ASSETS	4,582,573.09	
LIABILITIES & EQUITY		
Liabilities
Current Liabilities Accounts Payable
01-2020 · Accounts Payable	

183,849.22	
Total Accounts Payable	183,849.22	
Other Current Liabilities		
01-2023 · Due To Other Funds	396,051.84	
01-2025 · Deposits - Engr Deposit	36,142.33	
01-2026 · Deposits - Lake Bank Restoratio	535,941.27	
01-3010 · General Reserve - Signage	500,000.00	
01-3020 · General Maintenance Reserves	97,000.00	
Total Other Current Liabilities	1,565,135.44	
Total Current Liabilities	1,748,984.66	
Total Liabilities	1,748,984.66	
Equity		
30000 · Opening Balance Equity	203,755.31	
99-9999 · Retained Earnings	997,663.85	
Net Income	1,632,169.27	
Total Equity	2,833,588.43	
TOTAL LIABILITIES & EQUITY	4,582,573.09	

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FINANCIAL REPORT
TRADITION COMMUNITY DEVELOPMENT DISTRICT IRRIGATION FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - FEBRUARY 29, 2024

	FISCAL YEAR		FISCAL YEAR		
	2023/2024		10/01/23 - 02/29/24		% Of		
	FINAL BUDGET		ACTUALS		Budget		
 REVENUES	
SERVICE CHARGE - IRRIGATION		
1,890,000		
808,571			
43%	
ENGINEERING REVENUE FEES/OTHER		17,338		20,245			117%	
Total Revenues		$	1,907,338		$	828,816			160%	

 EXPENSES	
TRUSTEE SERVICES		
5,000		
-4,246			
-85%	
MANAGEMENT		377,744		157,393			42%	
ENGINEERING		40,000		22,563			56%	
PROFESSIONAL SERVICES, OTHER		5,000		0			0%	
DEVELOPMENT COORDINATOR		62,933		26,220			42%	
CITY FRANCHISE FEE		165,000		78,396			48%	
TRAVEL AND PER DIEM		400		0			0%	
TELEPHONE		1,930		0			0%	
POSTAGE AND SHIPPING		253		115			45%	
BANK FEES		1,250		0			0%	
BAD DEBT		65,000		0			0%	
OFFICE SUPPLIES		250		1,042			417%	
FIELD SUPPLIES (OTHER)		2,000		0			0%	
DUES, LICENSES, FEES		2,300		0			0%	
VEHICLE, GAS, & REPAIR		1,000		0			0%	
ELECTRIC		105,000		52,626			50%	
WATER		170		86			51%	
OTHER UTILITIES		1,550		0			0%	
GENERAL INSURANCE		21,102		0			0%	
GENERAL REPAIR & MAINTENANCE		215,000		146,051			68%	
LANDSCAPING MAINTENANCE & MATERIAL		11,000		0			0%	
HVAC		4,500		0			0%	
RENEWAL AND REPLACEMENT		250,000		149,190			60%	
OTHER SYSTEM IMPROVEMENTS		100,000		0			0%	
OPERATING RESERVES/MISC		80,000		0			0%	
CONTINGENCY		20,531		4,189			20%	
Total Expenses		$	1,538,913		$	633,625			41%	
								
EXCESS / (SHORTFALL)		$	368,425		$	195,191			53%	

PAYMENT TO TRUSTEE		
(368,425)		
(153,719)			
42%	
BALANCE		$	0		$	41,472				
								
NET INCOME		$	0		$	41,472				

11:36 AM	Tradition Irrigation
03/01/24	Balance Sheet
Accrual Basis	As of February 29, 2024

Feb 29, 24
ASSETS
Current Assets Checking/Savings
01-1001 · Valley National #4703		
01-1002 · Valley Natl #4307 - Capacity	35,872.57	
01-1001 · Valley National #4703 - Other	1,217,730.32	
Total 01-1001 · Valley National #4703	
1,253,602.89	
Total Checking/Savings	1,253,602.89	
Accounts Receivable		
01-1200 · Accounts Receivable	191,077.12	
Total Accounts Receivable	191,077.12	
Other Current Assets		
01-2023 · Due From Other Funds	17,900.21	
Total Other Current Assets	17,900.21	
Total Current Assets	1,462,580.22	
Fixed Assets		
01-2030 · Equipment and Furniture	23,957.00	
Total Fixed Assets	23,957.00	
Other Assets		
01-2025 · Deposits	95.00	
01-2035 · Accum Depr - Equipment	-23,955.18	
Total Other Assets	-23,860.18	
TOTAL ASSETS	1,462,677.04	
LIABILITIES & EQUITY		
Liabilities
Current Liabilities Accounts Payable
01-2020 · Accounts Payable	

60,000.79	
Total Accounts Payable	60,000.79	
Other Current Liabilities		
01-2026 · Deposits - Security Deposit	1,390.22	
01-2027 · Deferred Revenue	10,000.00	
Total Other Current Liabilities	11,390.22	
Total Current Liabilities	71,391.01	
Long Term Liabilities		
11-2180 · Note Payable	93,787.00	
Total Long Term Liabilities	93,787.00	
Total Liabilities	165,178.01	
Equity		
30000 · Net Assets - 270	-87,351.52	
99-9999 · Retained Earnings	1,343,378.21	
Net Income	41,472.34	
Total Equity	1,297,499.03	
TOTAL LIABILITIES & EQUITY	1,462,677.04	

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11:34 AM	Tradition Irrigation
03/01/24	A/R Aging Summary
As of February 29, 2024

	Current		1 - 30		31 - 60		61 - 90		> 90		TOTAL	
706800 Wells Fargo	0.00		32.70		0.00		0.00		0.00		32.70	
Baron Shoppes Tradition, LLC	0.00		190.25		190.25		190.25		570.75		1,141.50	
Bedford Park	0.00		8,866.57		0.00		8,866.57		0.00		17,733.14	
Caremax PSL	0.00		89.18		89.18		0.00		0.00		178.36	
Chesterbrook Academy	0.00		134.37		0.00		0.00		0.00		134.37	
Christ Fellowship Church	0.00		1,646.88		0.00		0.00		0.00		1,646.88	
Cleveland Clinic Florida	0.00		0.00		0.00		443.92		8,878.40		9,322.32	
Cleveland Clinic Martin Health -Tradition	0.00		64.80		0.00		0.00		0.00		64.80	
Culver's - G&S Family Hospitality Svcs	0.00		0.00		73.33		0.00		0.00		73.33	
Del Webb at Tradition Homeowners Assoc	0.00		3,519.15		3,519.15		0.00		0.00		7,038.30	
Estates at Tradition	0.00		5,763.07		5,763.07		5,763.07		34,578.42		51,867.63	
Florida International University	0.00		1,091.97		1,091.97		1,091.97		20,747.43		24,023.34	
Grande Palms at Tradition I & II	0.00		879.92		879.92		0.00		0.00		1,759.84	
Grande Palms at Tradition III	0.00		1,708.31		1,708.31		0.00		0.00		3,416.62	
Heritage Oaks	0.00		0.00		0.00		0.00		0.00		0.00	
Heron Preserves	0.00		1,748.45		0.00		0.00		0.00		1,748.45	
Hilton - Homewood Suites, PSL	0.00		346.82		0.00		0.00		0.00		346.82	
Innovation Plaza	0.00		119.30		0.00		0.00		0.00		119.30	
Innovo Development Group, LLC	0.00		188.27		0.00		0.00		0.00		188.27	
Kite Realty Group	0.00		2,815.73		0.00		0.00		0.00		2,815.73	
Martin Health System	0.00		921.54		0.00		0.00		0.00		921.54	
O & A Florida Investments, LLC	0.00		52.91		0.00		0.00		0.00		52.91	
Panda Restaurant Group Inc	0.00		57.27		0.00		57.27		0.00		114.54	
Pegasus PSL, Ltd	0.00		283.40		0.00		0.00		0.00		283.40	
Promenade at Tradition Community Assoc	0.00		0.00		0.00		0.00		467.70		467.70	
Recovery Sports Grill	0.00		0.00		0.00		0.00		0.01		0.01	
Seven Restaurants, LLC	0.00		89.18		89.18		89.18		0.00		267.54	
SG Mini Golf	0.00		0.00		158.54		0.00		0.00		158.54	
The Lakes at Tradition	0.00		0.00		0.00		0.00		1,169.29		1,169.29	
The Preserves Phase I & II	0.00		933.43		933.43		933.43		5,600.58		8,400.87	
Town Park Master Assoc., Inc.	0.00		26,916.81		0.00		0.00		0.00		26,916.81	
Tradition CDD #1	0.00		13,971.69		0.00		0.00		0.00		13,971.69	
Tradition POA	0.00		0.00		0.00		0.00		0.00		0.00	
Treasure Coast Physicians Properties, LLC	0.00		6.54		0.00		0.00		0.00		6.54	
Truist Bank	0.00		91.16		91.16		91.16		729.28		1,002.76	
Victoria Parc	0.00		0.00		0.00		0.00		297.64		297.64	
Victoria Parc 2	0.00		0.00		0.00		0.00		184.10		184.10	
Victoria Parc at Tradition HOA	0.00		6,312.03		0.00		0.00		6,312.03		12,624.06	
Wawa, Inc.	0.00		0.00		0.00		0.00		-95.92		-95.92	
Westcliffe Estates HOA	0.00		120.10		120.10		120.10		321.10		681.40	
TOTAL	0.00		78,961.80		14,707.59		17,646.92		79,760.81		191,077.12	

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