Tradition Community Development Districts #1-11

Financial Report Fiscal Year 2023/2024
October 1, 2023 -March 31, 2024

FINANCIAL REPORT
TRADITION COMMUNITY DEVELOPMENT DISTRICT #1-11 RECAP FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - MARCH 31, 2024

	FISCAL YEAR	FISCAL YEAR				
	2023/2024	10/01/23 - 03/31/24		% Of		
		FINAL BUDGET	 	ACTUALS				Budget			 COMMENTS		
 REVENUES	
ON-ROLL ASSESSMENTS - Debt	5,440,105	4,970,862		91%			
ON-ROLL ASSESSMENTS - ADMIN	538,664	544,731		101%			
ON-ROLL ASSESSMENTS - MAINT	1,922,785	1,944,443		101%			
ON-ROLL ASSESSMENTS - TIM	163,587	165,430		101%			
STORMWATER	975,000	1,216,006		125%			
OTHER INCOME	60,000	186,776		311%			

Total Revenues	$	9,100,142	$	9,028,247		99%			

 EXPENDITURES - ADMIN	
AUDIT	 

55,000	0		
0%			
BANK FEES	0	0		0%			
DISSEMINATION AGENT	3,000	0		0%			
DISTRICT COUNSEL	80,000	23,029		29%			
MANAGEMENT	108,046	48,081		45%			
ASSESSMENT ROLL	10,000	0		0%			
DUES, LICENSES & FEES	1,925	1,925		100%			
ENGINEERING	50,000	95,182		190%			
GENERAL INSURANCE	120,000	123,014		103%			
WEB SITE MAINTENANCE	8,250	3,750		45%			
LEGAL ADVERTISING	6,500	841		13%			
MISCELLANEOUS	0	1,067		1067%		Traffic Cones	
TRAVEL AND PER DIEM	1,000	166		17%			
OFFICE SUPPLIES	2,500	2,366		95%			
POSTAGE & SHIPPING	350	489		140%			
COPIES	3,000	0		0%			
SUPERVISOR FEES	60,000	12,893		21%			
TRUSTEE SERVICES	18,000	0		0%			
OFFICE RENT	25,000	47,201		189%			
CONTINUING DISCLOSURE FEE	3,000	0		0%			
TOTAL ADMIN EXPENSES	555,571	360,004		65%			

EXPENDITURES - MAINT						

LAKE MAINTENANCE	304,696	52,240		17%			
TIM OPERATIONS	150,500	225,558		150%			
BUILDING, BRIDGE, MONUMENT MAINTENA	265,000	0		0%			
(FKA CONTINGENCY) - MAINT RESERVES	72,000	0		0%			
COMMUNITY AREA MAINTENANCE	50,000	102,825		206%			
DEVELOPMENT COORDINATOR	31,467	15,732		50%			
ELECTRIC	87,000	54,337		62%			
ENGINEERING	100,000	0		0%			
FIELD MANAGEMENT	240,000	98,834		41%			
FOUNTAIN MAINTENANCE & CHEMICALS	30,000	2,433		8%			
LANDSCAPING MAINTENANCE & MATERIALS	896,100	596,055		67%			
IRRIGATION	152,000	83,830		55%			
IRRIGATION PARTS & REPAIRS	75,000	100,862		134%			
SIDEWALK CLEANING	30,000	15,000		50%			
SIDEWALK REPAIR	60,000	33,612		56%			
SIGNAGE	10,000	6,803		68%			
STREETLIGHTS	45,000	50,023		111%			
STORMWATER MANAGEMENT	95,700	439,025		459%			
TREE/PLANT REPLACEMENT & TRIM	200,000	139,105		70%			
TOTAL MAINTENANCE EXPENSES	2,894,463	2,016,273		70%			

 					
Total Expenditures	$	3,450,034	$	2,376,277		69%			

	 

EXCESS / (SHORTFALL)	$	5,650,108	$	6,651,970		118%			

PAYMENT TO TRUSTEE	 

(5,004,897)	(4,684,070)		
94%			

BALANCE	$	645,211	$	1,967,900					

COUNTY APPRAISER & TAX COLLECTOR FEE	 
(322,606)	(307,215)		95%			
DISCOUNTS FOR EARLY PAYMENTS	(322,606)	(293,574)		91%			

NET EXCESS / (SHORTFALL)	$	-	$	1,367,112					

2:31 PM	Tradition CDD No. 1
04/01/24	Balance Sheet
Accrual Basis	As of March 31, 2024

Mar 31, 24

ASSETS
Current Assets Checking/Savings		
01-1000 · Valley National 1157	2,828,059.68	
Total Checking/Savings	2,828,059.68	
Accounts Receivable		
11000 · Accounts Receivable	1,428,430.07	
Total Accounts Receivable	1,428,430.07	
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	4,257,689.53	
Other Assets		
01-8122 · A/R St Lucie County Excess Fees	-18,711.00	
Total Other Assets	-18,711.00	
TOTAL ASSETS	4,238,978.53	
LIABILITIES & EQUITY		
Liabilities
Current Liabilities Accounts Payable
01-2020 · Accounts Payable	

105,312.21	
Total Accounts Payable	105,312.21	
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	1,670,447.65	
Total Liabilities	1,670,447.65	
Equity		
30000 · Opening Balance Equity	203,755.31	
99-9999 · Retained Earnings	997,663.85	
Net Income	1,367,111.72	
Total Equity	2,568,530.88	
TOTAL LIABILITIES & EQUITY	4,238,978.53	

Page 1

FINANCIAL REPORT
TRADITION COMMUNITY DEVELOPMENT DISTRICT IRRIGATION FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - MARCH 31, 2024

	FISCAL YEAR		FISCAL YEAR		
	2023/2024		10/01/23 - 03/31/24		% Of		
	FINAL BUDGET		ACTUALS		Budget		
 REVENUES	
SERVICE CHARGE - IRRIGATION		
1,890,000		
970,285			
51%	
ENGINEERING REVENUE FEES/OTHER		17,338		20,245			117%	
Total Revenues		$	1,907,338		$	990,530			168%	

 EXPENSES	
TRUSTEE SERVICES		
5,000		
-4,246			
-85%	
MANAGEMENT		377,744		188,872			50%	
ENGINEERING		40,000		34,218			86%	
PROFESSIONAL SERVICES, OTHER		5,000		0			0%	
DEVELOPMENT COORDINATOR		62,933		31,464			50%	
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		1,047			419%	
FIELD SUPPLIES (OTHER)		2,000		0			0%	
DUES, LICENSES, FEES		2,300		0			0%	
VEHICLE, GAS, & REPAIR		1,000		0			0%	
ELECTRIC		105,000		64,301			61%	
WATER		170		142			83%	
OTHER UTILITIES		1,550		0			0%	
GENERAL INSURANCE		21,102		0			0%	
GENERAL REPAIR & MAINTENANCE		215,000		59,859			28%	
LANDSCAPING MAINTENANCE & MATERIAL		11,000		0			0%	
HVAC		4,500		0			0%	
RENEWAL AND REPLACEMENT		250,000		250,022			100%	
OTHER SYSTEM IMPROVEMENTS		100,000		0			0%	
OPERATING RESERVES/MISC		80,000		0			0%	
CONTINGENCY		20,531		4,332			21%	
Total Expenses		$	1,538,913		$	708,521			46%	
								
EXCESS / (SHORTFALL)		$	368,425		$	282,009			77%	

PAYMENT TO TRUSTEE		
(368,425)		
(184,463)			
50%	
BALANCE		$	0		$	97,547				
								
NET INCOME		$	0		$	97,547				

2:34 PM	Tradition Irrigation
04/01/24	Balance Sheet
Accrual Basis	As of March 31, 2024

Mar 31, 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	1,146,801.78	
Total 01-1001 · Valley National #4703	
1,182,674.35	
Total Checking/Savings	1,182,674.35	
Accounts Receivable		
01-1200 · Accounts Receivable	314,809.36	
Total Accounts Receivable	314,809.36	
Other Current Assets		
01-2023 · Due From Other Funds	17,900.21	
Total Other Current Assets	17,900.21	
Total Current Assets	1,515,383.92	
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	1,515,480.74	
LIABILITIES & EQUITY		
Liabilities
Current Liabilities Accounts Payable
01-2020 · Accounts Payable	

56,730.32	
Total Accounts Payable	56,730.32	
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	68,120.54	
Long Term Liabilities		
11-2180 · Note Payable	93,787.00	
Total Long Term Liabilities	93,787.00	
Total Liabilities	161,907.54	
Equity		
30000 · Net Assets - 270	-87,351.52	
99-9999 · Retained Earnings	1,343,378.21	
Net Income	97,546.51	
Total Equity	1,353,573.20	
TOTAL LIABILITIES & EQUITY	1,515,480.74	

Page 1

2:35 PM	Tradition Irrigation
04/01/24	A/R Aging Summary
As of March 31, 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	
Aycock at Tradition	0.00		204.13		0.00		0.00		0.00		204.13	
Baron Shoppes Tradition, LLC	0.00		190.25		190.25		190.25		761.00		1,331.75	
Bedford Park	0.00		8,866.57		0.00		0.00		8,866.57		17,733.14	
Brennity at Tradition	0.00		3,051.97		0.00		0.00		0.00		3,051.97	
Caremax PSL	0.00		89.18		0.00		0.00		0.00		89.18	
Cellular Sales of Northern Florida LLC	0.00		86.41		0.00		0.00		0.00		86.41	
Chesterbrook Academy	0.00		134.37		134.37		0.00		0.00		268.74	
Christ Fellowship Church	0.00		1,646.88		1,646.88		0.00		0.00		3,293.76	
Cleveland Clinic Florida	0.00		0.00		0.00		0.00		9,322.32		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		0.00		73.33		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		21,839.40		25,115.31	
Grande Palms at Tradition I & II	0.00		879.92		879.92		879.92		0.00		2,639.76	
Grande Palms at Tradition III	0.00		1,708.31		1,708.31		1,708.31		0.00		5,124.93	
Heartland Dental	0.00		31.71		0.00		0.00		0.00		31.71	
Heritage Oaks	0.00		0.00		0.00		0.00		0.00		0.00	
Heritage Oaks at Tradition HOA	0.00		11,857.11		0.00		0.00		0.00		11,857.11	
Heron Preserves	0.00		1,748.45		0.00		0.00		0.00		1,748.45	
Hilton - Homewood Suites, PSL	0.00		346.82		346.82		0.00		0.00		693.64	
Innovation Plaza	0.00		119.30		119.30		0.00		0.00		238.60	
Innovo Development Group, LLC	0.00		188.27		188.27		0.00		0.00		376.54	
Kite Realty Group	0.00		2,815.73		0.00		0.00		0.00		2,815.73	
Manderlie at Tradition	0.00		5,080.34		0.00		0.00		0.00		5,080.34	
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	
Panaderias, LLC	0.00		97.11		0.00		0.00		0.00		97.11	
Panda Restaurant Group Inc	0.00		57.27		0.00		0.00		57.27		114.54	
Pegasus PSL, Ltd	0.00		283.40		283.40		0.00		0.00		566.80	
Promenade at Tradition Community Assoc	0.00		467.70		0.00		0.00		467.70		935.40	
PSL Hospitality, LLP	0.00		253.87		0.00		0.00		0.00		253.87	
Recovery Sports Grill	0.00		0.00		0.00		0.00		0.01		0.01	
Renaissance CS at Tradition	0.00		768.94		0.00		0.00		0.00		768.94	
Seven Restaurants, LLC	0.00		89.18		89.18		89.18		89.18		356.72	
SG Mini Golf	0.00		0.00		0.00		158.54		0.00		158.54	
South Florida Orthopedic	0.00		178.36		0.00		0.00		0.00		178.36	
Springs at Tradition	0.00		1,789.57		0.00		0.00		0.00		1,789.57	
St Lucie County Tax Collector	0.00		406.27		0.00		0.00		0.00		406.27	
The Lakes at Tradition	0.00		16,228.96		0.00		0.00		1,169.29		17,398.25	
The Preserves Phase I & II	0.00		933.43		0.00		0.00		4,667.15		5,600.58	
Town Park Master Assoc., Inc.	0.00		26,916.81		26,916.81		0.00		0.00		53,833.62	
Tradition CDD #1	0.00		13,971.69		13,971.69		0.00		0.00		27,943.38	
Tradition HOA	0.00		1,898.56		0.00		0.00		0.00		1,898.56	
Tradition POA	0.00		0.00		0.00		0.00		0.00		0.00	
Treasure Coast Physicians Properties, LLC	0.00		0.00		6.54		0.00		0.00		6.54	
Truist Bank	0.00		91.16		91.16		91.16		820.44		1,093.92	
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	
Vitalia at Tradition	0.00		37,243.77		0.00		0.00		0.00		37,243.77	
Wawa, Inc.	0.00		0.00		0.00		0.00		-95.92		-95.92	
TOTAL	0.00		158,479.94		56,947.09		10,045.73		89,336.60		314,809.36	

Page 1