Hicks Ditch
Community Development District Agenda
July 22, 2026

Agenda

Hicks Ditch
Community Development District
219 E. Livingston Street, Orlando, FL 32801 Phone: 407-841-5524 – Fax: 407-839-1526
July 15, 2026

Board of Supervisors Hicks Ditch Community Development District

Dear Board Members:

The Meeting of the Board of Supervisors of the Hicks Ditch Community Development District will be held on Wednesday, July 22, 2026, at 10:00 AM the Cooper Memorial Library, 2525 Oakley Seaver Drive, Clermont, FL 34711. Following is the advance agenda for the regular meeting:

Board of Supervisors Meeting
Roll Call
Public Comment Period
Approval of Minutes of the April 22, 2026, Board of Supervisors Meeting
Public Hearing
Consideration of Resolution 2026-04 Adopting the Fiscal Year 2027 Approved Budget and Appropriating Funds
Consideration of Resolution 2026-05 Imposing Fiscal Year 2027 Special Assessments and Certifying Assessment Roll
Consideration of Fiscal Year 2027 Budget Funding Agreement
Consideration of Fiscal Year 2027 Direct Collection Agreement
Presentation of Fiscal Year 2025 Financial Audit
Staff Reports
Attorney
Engineer
Field Manager
District Manager’s Report
Approval of Check Register
Balance Sheet & Income Statement
Presentation of Registered Voters- 60
Approval of Fiscal Year 2027 Meeting Schedule
District Goals & Objectives
Adoption of Fiscal Year 2027 Goals & Objectives
Review of Approved Fiscal Year 2026 Goals & Objectives Authorizing Chair to Execute Final Form
Other Business
Supervisors Requests
Adjournment

Minutes

MINUTES OF MEETING HICKS DITCH
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Hicks Ditch Community Development District was held Wednesday, April 22, 2026 at 10:00 a.m. at the Cooper Memorial Library, 2525 Oakley Seaver Drive, Clermont, Florida.

Present and constituting a quorum:

Tony Iorio	Chairman
Doug Beasley	Vice Chairman
Jonas Lonas by phone	Assistant Secretary
Rocky Owen	Assistant Secretary
Shane Blanton	Assistant Secretary Also present were:
George Flint	District Manager, GMS
Tucker Mackie by phone	District Counsel, Kutak Rock
Major Stacey by phone	District Engineer
Rob Szozda	Field Manager

FIRST ORDER OF BUSINESS	Roll Call
Mr. Flint called the meeting to order and called the roll. Four Board members were present constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period
Mr. Flint stated that only Board members and staff were present at the meeting.

THIRD ORDER OF BUSINESS	Approval of Minutes of the January 28,
2026 Board of Supervisors Meeting
Mr. Flint reviewed the January 28, 2026 meeting minutes and asked for any comments, corrections, or changes. The Board had no changes to the minutes.

April 22, 2026	Hicks Ditch CDD

On MOTION by Mr. Iorio, seconded by Mr. Owen, with all in favor, the Minutes of the January 28, 2026 Board of Supervisors Meeting, were approved.

FOURTH ORDER OF BUSINESS	Consideration	of	Resolution	2026-03
Approving the Fiscal Year 2027 Proposed Budget and Setting a Public Hearing to Adopt
Mr. Flint reviewed Resolution 2026-03, which approves the proposed budget for Fiscal Year 2027 and sets the date, place, and time of the public hearing for final consideration. He explained that the budget adoption process is a two-step process beginning with approval of a non-binding proposed budget, followed by a public hearing for final adoption. The Board discussed scheduling the public hearing for the July 22, 2026 Board meeting and confirmed that a quorum would still be available despite the Chairman’s absence.
During the budget discussion, Mr. Flint noted that the landscape maintenance budget, originally proposed to decrease, should instead be increased from $42,000 to $55,000 because one area was estimated at approximately $900 more per month than expected. To offset that change, developer contributions would increase by $13,000. He stated that per unit assessments would remain unchanged unless a later decision to increase them requires advance notice and advertising.

On MOTION by Mr. Iorio, seconded by Mr. Blanton, with all in favor, Resolution 2026-03 Approving the Fiscal Year 2027 Proposed Budget and Setting a Public Hearing to Adopt on July 22, 2026, was approved.

FIFTH ORDER OF BUSINESS	Presentation  of  Series  2024  Arbitrage
Rebate Report
Mr. Flint explained that the IRS requires verification that the District is not earning more interest than it is paying on the bonds, which would create an arbitrage issue. The District retained Amtec to perform the required annual calculation for the Series 2024 bonds. The report showed a negative net rebatable arbitrage of $9,924, meaning there was no arbitrage problem.

On MOTION by Mr. Owen, seconded by Mr. Blanton, with all in favor, Accepting the Series 2024 Arbitrage Rebate Report, was approved.

April 22, 2026	Hicks Ditch CDD

SIXTH ORDER OF BUSINESS	Staff Reports
Attorney
Ms. Mackie stated that the property due diligence review related to prior acquisitions is still ongoing. If any cleanup issues are identified, they may be brought back on the next agenda. Other than that, there were no additional legal updates to report, and she offered to answer questions or pass comments along to Ms. Sandy.

Engineer
Mr. Stacey reported heavy cattail growth in the compensating storage areas and asked whether the Board wanted that vegetation sprayed or cut back. He noted that unauthorized vehicles have been driving into the area and damaging the berms, while GMS still needs access for inspections, so the Board’s guidance was requested on possible access-control options such as removable bollards or a standard gate.
Mr. Iorio stated the engineer should formally send the service proposal to GMS. He recommended leaving the cattails in place rather than spending money to spray them, noting that the vegetation has been beneficial for wildlife in the compensating storage areas. Mr. Iorio emphasized that the berm area is meant to be a walking trail, not for automobile access. To stop vehicles from entering, he recommended a simple barrier solution like posts with a chain across the access point and a no driving and no motorized vehicles sign.
The Board discussed ongoing unauthorized vehicle access into the trail and compensating storage areas. It was reported that existing signs have not prevented vehicles from entering, and that law enforcement has been contacted in the past, although violators were typically gone before officers arrived.
Board members discussed several options to deter vehicle access while preserving pedestrian use of the trail. Options included removable bollards, a hard gate with pedestrian access, trail cameras, and a simpler barrier consisting of a chain suspended between posts. Discussion also included the possible use of visible trail cameras to document unauthorized entry and reduce future damage to the berms and surrounding area.
After discussion, the Board expressed a preference for beginning with the less costly option of a chain and posts, with additional side barriers as needed to prevent vehicles from bypassing

April 22, 2026	Hicks Ditch CDD

the entry point. The Board also discussed placing signage on the chain to improve visibility, particularly at night. More substantial gate options may be considered later if needed.
The Board further noted that engineering services may need to be addressed at a future meeting due to the transition to a new firm and the need to rebid engineering services in accordance with applicable requirements. An interim engineering arrangement is expected to be placed on a future agenda.

Field Manager’s Report
Mr. Szozda reported that recent bank work around the pond has held up well after the property transition, and that overall conditions in the area look good. He explained that Tract O, near the tennis courts, is expected to be transferred to the CDD, although the property appraiser’s website currently shows it under the homeowner’s association. The area includes a monument, and while the HOA currently maintains another monument nearby, the expectation is that the CDD may receive all or part of this tract. Mr. Szozda noted that the current higher maintenance pricing already assumes responsibility for the full area, including the monument, landscaping, and irrigation/water, so the District is covered regardless of how the final transfer is structured.
Mr. Iorio noted that it would be more cost-effective for one entity to maintain the full area rather than splitting responsibility between the HOA and the District and emphasized that the area is intended to remain a public space accessible to residents and the community.
Mr. Szozda reported that some vegetation and weeds are growing near retaining walls and through fencing and said the landscape contractor would be brought in to cut that back. He noted that the replacement trees have been installed and appear to be doing well, which Mr. Iorio confirmed.
Mr. Iorio stated that people may mistake the District’s trail and public area for the nearby county conservation area / county park, because the space looks similar and includes wildlife and conservation-style surroundings. The Board discussed whether additional signage could help distinguish the District’s public walking trail from the county park and possibly direct visitors farther ahead to the correct county location.

April 22, 2026	Hicks Ditch CDD

District Manager’s Report
Approval of Check Register
Mr. Flint stated the check register from December 1, 2025 through March 31, 2026 is in the agenda package for review

On MOTION by Mr. Iorio, seconded by Mr. Owen, all in favor, the Check Register, was approved.

Balance Sheet and Income Statement
Mr. Flint presented the unaudited financials. The Board had no questions.

SEVENTH ORDER OF BUSINESS	Other Business
There being no comments, the next item followed.

EIGHTH ORDER OF BUSINESS	Supervisors'	Requests	and	Audience
Comments
There being no comments, the next item followed.

NINTH ORDER OF BUSINESS	Adjournment
Mr. Flint moved for an adjournment.

On MOTION by Mr. Beasley, seconded by Mr. Owen, with all in favor, the meeting was adjourned.

Secretary/Assistant Secretary	Chairman/Vice Chairman

Section IV

Section A

RESOLUTION 2026-04
[FY 2027 APPROPRIATION RESOLUTION]

THE ANNUAL APPROPRIATION RESOLUTION OF THE HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT (“DISTRICT”) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET(S) FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2026, AND ENDING SEPTEMBER 30, 2027; AUTHORIZING BUDGET AMENDMENTS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, for the fiscal year beginning October 1, 2026, and ending September 30, 2027 (“FY 2027”), the District Manager prepared and submitted to the Board of Supervisors (“Board”) of the Hicks Ditch Community Development District (“District”) prior to June 15, 2026, proposed budget(s) (“Proposed Budget”) along with an explanatory and complete financial plan for each fund of the District, pursuant to the provisions of Section 190.008(2)(a), Florida Statutes; and

WHEREAS, at least sixty (60) days prior to the adoption of the Proposed Budget, the District filed a copy of the Proposed Budget with the local general-purpose government(s) having jurisdiction over the area included in the District pursuant to the provisions of Section 190.008(2)(b), Florida Statutes; and

WHEREAS, the Board set a public hearing on the Proposed Budget and caused notice of such public hearing to be given by publication pursuant to Section 190.008(2)(a), Florida Statutes; and

WHEREAS, the District Manager posted the Proposed Budget on the District’s website in accordance with Section 189.016, Florida Statutes; and

WHEREAS, Section 190.008(2)(a), Florida Statutes, requires that, prior to October 1st of each year, the Board, by passage of the Annual Appropriation Resolution, shall adopt a budget for the ensuing fiscal year and appropriate such sums of money as the Board deems necessary to defray all expenditures of the District during the ensuing fiscal year.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1.  BUDGET

The Proposed Budget, attached hereto as Exhibit A, as amended by the Board, is hereby adopted in accordance with the provisions of Section 190.008(2)(a), Florida Statutes (“Adopted Budget”), and incorporated herein by reference; provided, however, that the comparative figures contained in the Adopted Budget may be subsequently revised as deemed necessary by the District Manager to reflect actual revenues and expenditures.

The Adopted Budget, as amended, shall be maintained in the office of the District Manager and at the District’s Local Records Office and identified as “The Budget for the Hicks Ditch Community Development District for the Fiscal Year Ending September 30, 2027.”

The Adopted Budget shall be posted by the District Manager on the District’s official website in accordance with Chapter 189, Florida Statutes, and shall remain on the website for at least two (2) years.

SECTION 2.	APPROPRIATIONS

There is hereby appropriated out of the revenues of the District, for FY 2027, the sum(s) set forth in Exhibit A to be raised by the levy of assessments and/or otherwise, which sum is deemed by the Board to be necessary to defray all expenditures of the District during said budget year, to be divided and appropriated as set forth in Exhibit A.

SECTION 3.	BUDGET AMENDMENTS

Pursuant to Section 189.016, Florida Statutes, the District at any time within FY 2027 or within 60 days following the end of the FY 2027 may amend its Adopted Budget for that fiscal year as follows:

A line-item appropriation for expenditures within a fund may be decreased or increased by motion of the Board recorded in the minutes, and approving the expenditure, if the total appropriations of the fund do not increase.

The District Manager or Treasurer may approve an expenditure that would increase or decrease a line-item appropriation for expenditures within a fund if the total appropriations of the fund do not increase and if either (i) the aggregate change in the original appropriation item does not exceed the greater of $15,000 or 15% of the original appropriation, or (ii) such expenditure is authorized by separate disbursement or spending resolution.

Any other budget amendments shall be adopted by resolution and consistent with Florida law. The District Manager or Treasurer must ensure that any amendments to the budget under this paragraph c. are posted on the District’s website in accordance with Chapter 189, Florida Statutes, and remain on the website for at least two (2) years.

SECTION 4. APPROVAL OF PRIOR ACTIONS. The actions of the Chairman, Vice Chairman, Secretary, Treasurer, Assistant Secretaries, and all District Staff in finalizing the Adopted Budget, including preparing the Proposed Budget and setting, noticing, and all other actions required for the public hearing on the Proposed Budget, are hereby ratified, approved, and confirmed in all respects.

SECTION 5.  SEVERABILITY; EFFECTIVE DATE. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof. This Resolution shall take effect immediately upon adoption.

[CONTINUED ON NEXT PAGE]

PASSED AND ADOPTED THIS 22nd DAY OF JULY 2026.

ATTEST:	HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT

Secretary / Assistant Secretary	Chair/Vice Chair, Board of Supervisors
Exhibit A:	FY 2027 Budget

Hicks Ditch
Community Development District

Proposed Budget
FY2027

Table of Contents

1

2 - 4

5

	General Fund

	General Fund Narrative

	Debt Service - Series 2024

6		Amortization Schedule

Hicks Ditch
Community Development District General Fund

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Projected Budget	
Description	FY2026	5/31/26	4 Months	9/30/26	FY2027	

Revenues					
Assessments - On Roll	$	63,630	$	63,685	$	-	$	63,685	$	106,400	
Assessments - Direct	$	63,523	$	36,877	$	-	$	36,877	$	35,751	
Assessments - Lot Closings	$	-	$	26,645	$	-	$	26,645	$	-	
Developer Contributions	$	141,805  $	29,860	$	15,856	$	45,717	$	101,517	
Interest	$	-	$	1,128	$	564	$	1,692	$	-	
Total Revenues		$	268,958	$	158,195	$	16,420	$	174,615	$	243,668	

Expenditures									
General & Administrative									
Supervisor Fees		$	2,400	$	800	$	1,600	$	2,400	$	2,400	
FICA Expense		$	184	$	61	$	122	$	184	$	184	
Engineering Fees		$	10,000	$	-	$	5,000	$	5,000	$	10,000	
Attorney Fees		$	15,000	$	6,509	$	4,649	$	11,157	$	15,000	
Annual Audit		$	3,400	$	4,900	$	-	$	4,900	$	5,000	
Assessment Administration		$	5,000	$	5,000	$	-	$	5,000	$	5,150	
Arbitrage Fees		$	450	$	450	$	-	$	450	$	450	
Dissemination Fees		$	5,000	$	3,333	$	1,667	$	5,000	$	5,150	
Trustee Fees		$	4,620	$	4,246	$	-	$	4,246	$	4,246	
Management Fees		$	40,000	$	26,667	$	13,333	$	40,000	$	41,200	
Information Technology		$	1,800	$	1,200	$	600	$	1,800	$	1,854	
Website Maintenance		$	1,200	$	800	$	400	$	1,200	$	1,236	
Telephone		$	100	$	-	$	50	$	50	$	50	
Postage & Delivery		$	200	$	160	$	80	$	240	$	200	
Insurance		$	7,201	$	5,512	$	-	$	5,512	$	6,063	
Printing & Binding		$	250	$	6	$	25	$	31	$	100	
Legal Advertising		$	5,000	$	734	$	1,253	$	1,987	$	4,000	
Contingency		$	2,500	$	858	$	590	$	1,448	$	2,500	
Office Supplies		$	250	$	2	$	25	$	27	$	50	
Travel Per Diem		$	200	$	-	$	50	$	50	$	100	
Dues, Licenses & Subscriptions		$	175	$	175	$	-	$	175	$	175	
Total Administrative		$	104,930	$	61,413	$	29,444	$	90,858	$	105,108	

Operation and Maintenance
Field Expenditures
Property Insurance		

$	

4,500	

$	

-	

$	2,250	

$	2,250	

$	4,500	
Field Management		$	10,000	$	6,667	$	3,333	$	10,000	$	10,300	
Landscape Maintenance		$	63,425	$	21,753	$	15,668	$	37,421	$	55,000	
Landscape Contingency		$	5,500	$	9,760	$	-	$	9,760	$	5,500	
Lake Maintenance		$	6,843	$	3,200	$	1,600	$	4,800	$	6,000	
Streetlights		$	27,760	$	-	$	6,940	$	6,940	$	27,760	
Water & Sewer		$	30,000	$	2,861	$	1,431	$	4,292	$	15,000	
Irrigation Repairs		$	3,500	$	576	$	576	$	1,152	$	2,000	
General Repairs & Maintenance		$	10,000	$	3,893	$	2,000	$	5,893	$	10,000	
Contingency		$	2,500	$	-	$	1,250	$	1,250	$	2,500	
Total O&M Expenditures:		$	164,028	$	48,709	$	35,048	$	83,758	$	138,560	
									
Total Expenditures		$	268,958	$	110,123	$	64,492	$	174,615	$	243,668	
									
Excess Revenues/(Expenditures)		$	-	$	48,072	$	(48,072)	$	-	$	-	
									
Product	ERU		Assessable Units		Total ERU's	Net Assessment	Net Per Unit	Gross Per Unit	
Townhome	0.75		76		57.00	$19,950.00	$262.50	$279.26	
Single Family 40'	0.80		120		96.00	$33,600.00	$280.00	$297.87	
Single Family 50'	1.00		151		151.00	$52,850.00	$350.00	$372.34	
Unplatted			191			$35,750.73			
Developer Contribution						$101,516.87			
Total ERU's			538		304.00	$243,667.60			

Hicks Ditch
Community Development District
General Fund Narrative

Revenues:

Assessments

The District will levy a non-ad valorem assessment on all assessable property within the District to fund all general operating and maintenance expenditures during the fiscal year.

Developer Contributions

The District will enter into a funding agreement with the Developer to fund the General Fund expenditures for the Fiscal Year.

Expenditures:

General & Administrative:

Supervisor Fees

Chapter 190, Florida Statutes, allows for each Board member to receive $200 per meeting, not to exceed $4,800 per year paid to each Supervisor for the time devoted to District business and meetings.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisors checks.

Engineering Fees

The District's engineer provides general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices and various projects as directed by the Board of Supervisors and the District Manager.

Attorney Fees

The District's legal counsel, Kutak Rock LLP, provides general legal services to the District, e.g. attendance and preparation for meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Assessment Administration

The District will contract to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Arbitrage Fees

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on its bonds and any other anticipated bond issuance.

Dissemination Fees

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5) which relates to additional reporting requirements for unrated bond issues.

Hicks Ditch
Community Development District
General Fund Narrative

Trustee Fees

The District will pay annual trustee fees for the bonds.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-Central Florida, LLC. The services include but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reports, annual audits, etc.

Information Technology

Represents costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc

Website Maintenance

Represents the costs with Governmental Management Services – Central Florida, LLC associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc.

Telephone

Telephone and fax machine.

Postage & Delivery

The District incurs charges for mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability and public official’s liability insurance coverages.

Printing & Binding

Printing agenda copies for board meetings, printing of computerized checks, stationary, envelopes, etc.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings, public hearings, etc. in a newspaper of general circulation.

Contingency

Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies

Any supplies that may need to be purchased during the fiscal year, e.g., paper, minute books, file folders, labels, paper clips, etc.

Travel Per Diem

The Board of Supervisors can be reimbursed for travel expenditures related to the conducting of District business.

Hicks Ditch
Community Development District
General Fund Narrative

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Economic Opportunity for $175. This is the only expense under this category for the District.

Operations & Maintenance:

Field Expenditures

Property Insurance

The District’s property insurance coverages.

Field Management

The District is contracted with Governmental Management Services-Central Florida, LLC for onsite field management of contracts for the District such as landscape and lake maintenance. Services include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Landscape Maintenance

Represents the maintenance of the landscaping within the common areas of the District.

Landscape Contingency

Represents the estimated cost of replacing landscaping within the common areas of the District.

Lake Maintenance

Represents the Lake maintenance for the District.

Street Lights

Encompasses the budgeted amount for the District’s decorative light poles and fixtures in various locations.

Water & Sewer

Represents current and estimated costs for water and refuse services provided for common areas throughout the District.

Irrigation Repairs

Represents the cost of maintaining and repairing the irrigation system. This includes the sprinklers, and irrigation wells.

General Repairs & Maintenance

Represents estimated costs for general repairs and maintenance of the District’s common areas.

Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any field category.

Hicks Ditch
Community Development District

Debt Service Fund Series 2024

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Projected Budget	
Description	FY2026	5/31/26	4 Months	9/30/26	FY2027	

Revenues						
Assessments	$	359,188	$	199,217	$	159,971	$	359,188	$	354,676	
Assessments - Prepayments	$	-	$	155,630	$	-	$	155,630	$	-	
Interest Income	$	2,000	$	9,535	$	1,500	$	11,035	$	2,000	
Carry Forward Surplus *	$	175,432	$	178,065	$	-	$	178,065	$	307,642	
Total Revenues	$	536,620	$	542,447	$	161,471	$	703,918	$	664,318	

Expenditures						
Interest- 11/01	$	140,346	$	140,346	$	-	$	140,346	$	137,988	
Special Call - 11/01	$	-	$	20,000	$	-	$	20,000	$	-	
Principal - 05/01	$	75,000	$	75,000	$	-	$	75,000	$	75,000	
Interest - 05/01	$	140,346	$	139,826	$	-	$	139,826	$	137,988	
Special Call - 05/01	$	-	$	5,000	$	-	$	5,000	$	-	
Total Expenditures	$	355,691	$	380,172	$	-	$	380,172	$	350,975	

Other Financing Sources/(Uses)

Transfer In/(Out)	$	-	$	(16,103)	

$	-	$	(16,103)	

$	-	
Total Other Financing Sources/(Uses)	$	-	$	(16,103)	$	-	$	(16,103)	$	-	

Excess Revenues/(Expenditures)	$	180,929	$	146,171	$	161,471	$	307,642	$	313,343	

*Carry forward less amount in Reserve funds.						
				Series 2024 Interest - 11/01	
$136,281	
Product *	Assessable Units	Net Assessment	Net Per Unit	Gross Per Unit		
Townhome	76	$53,568	$704.84	$749.83		
Single Family - 40'	120	$135,330	$1,127.75	$1,199.73		
Single Family - 50'	147	$165,779	$1,127.75	$1,199.73		
Total ERU's	343	$354,676				

Hicks Ditch Community Development District Series 2024 Special Assessment Bonds
Amortization Schedule

Date		Balance		Prinicpal		Interest		Total	
									
11/01/26	$	5,090,000.00	$	-	$	137,987.50	$	137,987.50	
05/01/27	$	5,090,000.00	$	75,000.00	$	137,987.50			
11/01/27	$	5,015,000.00	$	-	$	136,281.25	$	349,268.75	
05/01/28	$	5,015,000.00	$	80,000.00	$	136,281.25			
11/01/28	$	4,935,000.00	$	-	$	134,461.25	$	350,742.50	
05/01/29	$	4,935,000.00	$	85,000.00	$	134,461.25			
11/01/29	$	4,850,000.00	$	-	$	132,527.50	$	351,988.75	
05/01/30	$	4,850,000.00	$	90,000.00	$	132,527.50			
11/01/30	$	4,760,000.00	$	-	$	130,480.00	$	353,007.50	
05/01/31	$	4,760,000.00	$	95,000.00	$	130,480.00			
11/01/31	$	4,665,000.00	$	-	$	128,318.75	$	353,798.75	
05/01/32	$	4,665,000.00	$	95,000.00	$	128,318.75			
11/01/32	$	4,570,000.00	$	-	$	125,801.25	$	349,120.00	
05/01/33	$	4,570,000.00	$	105,000.00	$	125,801.25			
11/01/33	$	4,465,000.00	$	-	$	123,018.75	$	353,820.00	
05/01/34	$	4,465,000.00	$	110,000.00	$	123,018.75			
11/01/34	$	4,355,000.00	$	-	$	120,103.75	$	353,122.50	
05/01/35	$	4,355,000.00	$	115,000.00	$	120,103.75			
11/01/35	$	4,240,000.00	$	-	$	117,056.25	$	352,160.00	
05/01/36	$	4,240,000.00	$	120,000.00	$	117,056.25			
11/01/36	$	4,120,000.00	$	-	$	113,876.25	$	350,932.50	
05/01/37	$	4,120,000.00	$	125,000.00	$	113,876.25			
11/01/37	$	3,995,000.00	$	-	$	110,563.75	$	349,440.00	
05/01/38	$	3,995,000.00	$	135,000.00	$	110,563.75			
11/01/38	$	3,860,000.00	$	-	$	106,986.25	$	352,550.00	
05/01/39	$	3,860,000.00	$	140,000.00	$	106,986.25			
11/01/39	$	3,720,000.00	$	-	$	103,276.25	$	350,262.50	
05/01/40	$	3,720,000.00	$	150,000.00	$	103,276.25			
11/01/40	$	3,570,000.00	$	-	$	99,301.25	$	352,577.50	
05/01/41	$	3,570,000.00	$	155,000.00	$	99,301.25			
11/01/41	$	3,250,000.00	$	-	$	95,193.75	$	349,495.00	
05/01/42	$	2,890,000.00	$	165,000.00	$	95,193.75			
11/01/42	$	2,890,000.00	$	-	$	90,821.25	$	351,015.00	
05/01/43	$	2,890,000.00	$	175,000.00	$	90,821.25			
11/01/43	$	2,890,000.00	$	-	$	86,183.75	$	352,005.00	
05/01/44	$	2,890,000.00	$	185,000.00	$	86,183.75			
11/01/44	$	2,890,000.00	$	-	$	81,281.25	$	352,465.00	
05/01/45	$	2,890,000.00	$	195,000.00	$	81,281.25			
11/01/45	$	2,695,000.00	$	-	$	75,796.88	$	352,078.13	
05/01/46	$	2,695,000.00	$	205,000.00	$	75,796.88			
11/01/46	$	2,490,000.00	$	-	$	70,031.25	$	350,828.13	
05/01/47	$	2,490,000.00	$	220,000.00	$	70,031.25			
11/01/47	$	2,270,000.00	$	-	$	63,843.75	$	353,875.00	
05/01/48	$	2,270,000.00	$	230,000.00	$	63,843.75			
11/01/48	$	2,040,000.00	$	-	$	57,375.00	$	351,218.75	
05/01/49	$	2,040,000.00	$	245,000.00	$	57,375.00			
11/01/49	$	1,795,000.00	$	-	$	50,484.38	$	352,859.38	
05/01/50	$	1,795,000.00	$	260,000.00	$	50,484.38			
11/01/50	$	1,535,000.00	$	-	$	43,171.88	$	353,656.25	
05/01/51	$	1,535,000.00	$	275,000.00	$	43,171.88			
11/01/51	$	1,260,000.00	$	-	$	35,437.50	$	353,609.38	
05/01/52	$	1,260,000.00	$	290,000.00	$	35,437.50			
11/01/52	$	970,000.00	$	-	$	27,281.25	$	352,718.75	
05/01/53	$	970,000.00	$	305,000.00	$	27,281.25			
11/01/53	$	665,000.00	$	-	$	18,703.13	$	350,984.38	
05/01/54	$	665,000.00	$	325,000.00	$	18,703.13			
11/01/54	$	340,000.00	$	-	$	9,562.50	$	353,265.63	
05/01/55	$	340,000.00	$	340,000.00	$	9,562.50	$	349,562.50	
			$	5,090,000.00	$	5,250,415.00	$	10,340,415.00	

Section B

RESOLUTION 2026-05
[FY 2027 ASSESSMENT RESOLUTION]

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT PROVIDING FOR FUNDING FOR THE FY 2027 ADOPTED BUDGET(S); PROVIDING FOR THE COLLECTION AND ENFORCEMENT OF SPECIAL ASSESSMENTS, INCLUDING BUT NOT LIMITED TO PENALTIES AND INTEREST THEREON; CERTIFYING AN ASSESSMENT ROLL; PROVIDING FOR AMENDMENTS TO THE ASSESSMENT ROLL; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Hicks Ditch Community Development District (“District”) is a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, for the purpose of providing, operating and maintaining infrastructure improvements, facilities and services to the lands within the District, located in the City of Eustis, Lake County, Florida (“County”); and

WHEREAS, the District has constructed or acquired various infrastructure improvements and provides certain services in accordance with the District’s adopted capital improvement plan and Chapter 190, Florida Statutes; and

WHEREAS, for the fiscal year beginning October 1, 2026, and ending September 30, 2027 (“FY 2027”), the Board of Supervisors (“Board”) of the District has determined to undertake various operations and maintenance and other activities described in the District’s budget (“Adopted Budget”), attached hereto as Exhibit A; and

WHEREAS, pursuant to Chapter 190, Florida Statutes, the District may fund the Adopted Budget through the levy and imposition of special assessments on benefitted lands within the District and, regardless of the imposition method utilized by the District, under Florida law the District may collect such assessments by direct bill, tax roll, or in accordance with other collection measures provided by law; and

WHEREAS, in order to fund the District’s Adopted Budget, the District’s Board now desires to adopt this Resolution setting forth the means by which the District intends to fund its Adopted Budget.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT:

FUNDING. The District’s Board hereby authorizes the funding mechanisms for the Adopted Budget as provided further herein and as indicated in the Adopted Budget attached hereto as Exhibit A and the assessment roll attached hereto as Exhibit B (“Assessment Roll”).

OPERATIONS AND MAINTENANCE ASSESSMENTS.

Benefit Findings. The provision of the services, facilities, and operations as described in Exhibit A confers a special and peculiar benefit to the lands within the District, which benefit exceeds or equals the cost of the assessments. The allocation of the assessments to the specially benefitted lands is shown in Exhibit A and Exhibit B and is hereby found to be fair and reasonable.

O&M Assessment Imposition. Pursuant to Chapter 190, Florida Statutes, a special assessment for operations and maintenance (“O&M Assessment(s)”) is hereby levied and imposed on benefitted lands within the District and in accordance with Exhibit A and Exhibit B. The lien of the O&M Assessments imposed and levied by this Resolution shall be effective upon passage of this Resolution.

Maximum Rate. Pursuant to Section 197.3632(4), Florida Statutes, the lien amount shall serve as the “maximum rate” authorized by law for operation and maintenance assessments.

DEBT SERVICE SPECIAL ASSESSMENTS. The District’s Board hereby certifies for collection the FY 2027 installment of the District’s previously levied debt service special assessments (“Debt Assessments,” and together with the O&M Assessments, the “Assessments”) in accordance with this Resolution and as further set forth in Exhibit A and Exhibit B, and hereby directs District staff to affect the collection of the same.

COLLECTION AND ENFORCEMENT; PENALTIES; INTEREST. Pursuant to Chapter 190,
Florida Statutes, the District is authorized to collect and enforce the Assessments as set forth below.

Tax Roll Assessments. To the extent indicated in Exhibit A and Exhibit B, those certain O&M Assessments (if any) and/or Debt Assessments (if any) imposed on the “Tax Roll Property” identified in Exhibit B shall be collected by the County Tax Collector at the same time and in the same manner as County property taxes in accordance with Chapter 197, Florida Statutes (“Uniform Method”). That portion of the Assessment Roll which includes the Tax Roll Property is hereby certified to the County Tax Collector and shall be collected by the County Tax Collector in the same manner and time as County property taxes. The District’s Board finds and determines that such collection method is an efficient method of collection for the Tax Roll Property.

Direct Bill Assessments. To the extent indicated in Exhibit A and Exhibit B, those certain O&M Assessments (if any) and/or Debt Assessments (if any) imposed on “Direct Collect Property” identified in Exhibit B shall be collected directly by the District in accordance with Florida law, as set forth in Exhibit A and Exhibit B. The District’s Board finds and determines that such collection method is an efficient method of collection for the Direct Collect Property.

Due Date (O&M Assessments). O&M Assessments directly collected by the District shall be due and payable in full on December 1, 2026; provided, however, that, to the extent permitted by law, the O&M Assessments due may be paid in several partial, deferred payments and according to the following schedule: 50% due no later than December 1, 2026, 25% due no later than February 1, 2027, and 25% due no later than
May 1, 2027.

Due Date (Debt Assessments). Debt Assessments directly collected by the District shall be due and payable in full on December 1, 2026; provided, however, that, to the extent permitted by law, the Debt Assessments due may be paid in several partial, deferred payments and according to the following schedule: 50% due no later than December 1, 2026, 25% due
no later than February 1, 2027, and 25% due no later than May 1, 2027.

In the event that an Assessment payment is not made in accordance with the schedule(s) stated above, the whole of such Assessment, including any remaining partial, deferred payments for the Fiscal Year: shall immediately become due and payable; shall accrue interest, penalties in the amount of one percent (1%) per month, and all costs of collection and enforcement; and shall either be enforced pursuant to a foreclosure action, or, at the District’s sole discretion, collected pursuant to the Uniform Method on a future tax bill, which amount may include penalties, interest, and costs of collection and enforcement. Any prejudgment interest on delinquent Assessments shall accrue at the rate of any bonds secured by the Assessments, or at the statutory prejudgment interest rate, as applicable. In the event an Assessment subject to direct collection by the District shall be delinquent, the District Manager and District Counsel, without further authorization by the Board, may initiate foreclosure proceedings pursuant to Chapter 170, Florida Statutes, or other applicable law to collect and enforce the whole Assessment, as set forth herein.

Future Collection Methods. The District’s decision to collect Assessments by any particular method – e.g., on the tax roll or by direct bill – does not mean that such method will be used to collect special assessments in future years, and the District reserves the right in its sole discretion to select collection methods in any given year, regardless of past practices.

ASSESSMENT ROLL; AMENDMENTS. The Assessment Roll, attached hereto as Exhibit B, is hereby certified for collection. The Assessment Roll shall be collected pursuant to the collection methods provided above. The proceeds therefrom shall be paid to the District. The District Manager shall keep apprised of all updates made to the County property roll by the Property Appraiser after the date of this Resolution and shall amend the Assessment Roll in accordance with any such updates, for such time as authorized by Florida law, to the County property roll.

The Board of Supervisors hereby authorizes any officer of the District, the District Manager, Darrin Mossing Jr and Michael Cortese, or any one of them (herein referred to as an Authorized Agents) to execute a form DR408A and such other documents as may be necessary to formally transmit and certify the Assessment Roll to the Lake County Tax Collector and take such other actions as may be associated therewith.

APPROVAL OF PRIOR ACTIONS. The actions of the Chairman, Vice Chairman, Secretary, Treasurer, Assistant Secretaries, and all District Staff in finalizing the Assessments and Assessment Roll as provided herein are hereby ratified, approved, and confirmed in all respects.

SEVERABILITY; EFFECTIVE DATE. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof. This Resolution shall take effect immediately upon adoption.

[CONTINUED ON NEXT PAGE]

PASSED AND ADOPTED THIS 22nd DAY OF JULY 2026.

ATTEST:	HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT

Secretary / Assistant Secretary

By:	 Its:	

Exhibit A:	Adopted Budget
Exhibit B:	Assessment Roll

Hicks Ditch CDD
FY 27 Assessment Roll

ParcelId	Units	Type	O&M	Debt	Total	
351826001000000100	1	50	$372.34	$1,199.73	$1,572.07	
351826001000000200	1	50	$372.34	$1,199.73	$1,572.07	
351826001000000300	1	50	$372.34	$1,199.73	$1,572.07	
351826001000000400	1	50	$372.34	$1,199.73	$1,572.07	
351826001000000500	1	50	$372.34	$1,199.73	$1,572.07	
351826001000000600	1	50	$372.34	$1,199.73	$1,572.07	
351826001000000700	1	50	$372.34	$1,199.73	$1,572.07	
351826001000000800	1	50	$372.34	$1,199.73	$1,572.07	
351826001000000900	1	50	$372.34	$1,199.73	$1,572.07	
351826001000001000	1	50	$372.34	$1,199.73	$1,572.07	
351826001000001100	1	50	$372.34	$1,199.73	$1,572.07	
351826001000001200	1	50	$372.34	$1,199.73	$1,572.07	
351826001000001300	1	50	$372.34	$1,199.73	$1,572.07	
351826001000001400	1	50	$372.34	$1,199.73	$1,572.07	
351826001000001500	1	50	$372.34	$1,199.73	$1,572.07	
351826001000001600	1	50	$372.34	$0.00	$372.34	
351826001000001700	1	50	$372.34	$0.00	$372.34	
351826001000001800	1	50	$372.34	$1,199.73	$1,572.07	
351826001000001900	1	50	$372.34	$1,199.73	$1,572.07	
351826001000002000	1	50	$372.34	$0.00	$372.34	
351826001000002100	1	50	$372.34	$1,199.73	$1,572.07	
351826001000002200	1	50	$372.34	$0.00	$372.34	
351826001000002300	1	50	$372.34	$1,199.73	$1,572.07	
351826001000002400	1	50	$372.34	$1,199.73	$1,572.07	
351826001000002500	1	50	$372.34	$1,199.73	$1,572.07	
351826001000002600	1	50	$372.34	$1,199.73	$1,572.07	
351826001000002700	1	50	$372.34	$1,199.73	$1,572.07	
351826001000002800	1	50	$372.34	$1,199.73	$1,572.07	
351826001000002900	1	50	$372.34	$1,199.73	$1,572.07	
351826001000003000	1	50	$372.34	$1,199.73	$1,572.07	
351826001000003100	1	50	$372.34	$1,199.73	$1,572.07	
351826001000003200	1	50	$372.34	$1,199.73	$1,572.07	
351826001000003300	1	50	$372.34	$1,199.73	$1,572.07	
351826001000003400	1	50	$372.34	$1,199.73	$1,572.07	
351826001000003500	1	50	$372.34	$1,199.73	$1,572.07	
351826001000003600	1	50	$372.34	$1,199.73	$1,572.07	
351826001000003700	1	50	$372.34	$1,199.73	$1,572.07	
351826001000003800	1	50	$372.34	$1,199.73	$1,572.07	
351826001000003900	1	50	$372.34	$1,199.73	$1,572.07	
351826001000004000	1	50	$372.34	$1,199.73	$1,572.07	
351826001000004100	1	50	$372.34	$1,199.73	$1,572.07	
351826001000004200	1	50	$372.34	$1,199.73	$1,572.07	
351826001000004300	1	50	$372.34	$1,199.73	$1,572.07	
351826001000004400	1	50	$372.34	$1,199.73	$1,572.07	
351826001000004500	1	50	$372.34	$1,199.73	$1,572.07	
351826001000004600	1	50	$372.34	$1,199.73	$1,572.07	
351826001000004700	1	50	$372.34	$1,199.73	$1,572.07	
351826001000004800	1	50	$372.34	$1,199.73	$1,572.07	
351826001000004900	1	50	$372.34	$1,199.73	$1,572.07	
351826001000005000	1	50	$372.34	$1,199.73	$1,572.07	
351826001000005100	1	50	$372.34	$1,199.73	$1,572.07	
351826001000005200	1	50	$372.34	$1,199.73	$1,572.07	
351826001000005300	1	50	$372.34	$1,199.73	$1,572.07	
351826001000005400	1	50	$372.34	$1,199.73	$1,572.07	
351826001000005500	1	50	$372.34	$1,199.73	$1,572.07	
351826001000005600	1	50	$372.34	$1,199.73	$1,572.07	
351826001000005700	1	50	$372.34	$1,199.73	$1,572.07	
351826001000005800	1	50	$372.34	$1,199.73	$1,572.07	
351826001000005900	1	50	$372.34	$1,199.73	$1,572.07	
351826001000006000	1	50	$372.34	$1,199.73	$1,572.07	
351826001000006100	1	50	$372.34	$1,199.73	$1,572.07	
351826001000006200	1	50	$372.34	$1,199.73	$1,572.07	
351826001000006300	1	50	$372.34	$1,199.73	$1,572.07	
351826001000006400	1	50	$372.34	$1,199.73	$1,572.07	
351826001000006500	1	50	$372.34	$1,199.73	$1,572.07	
351826001000006600	1	50	$372.34	$1,199.73	$1,572.07	
351826001000006700	1	50	$372.34	$1,199.73	$1,572.07	
351826001000006800	1	40	$297.87	$1,199.73	$1,497.60	
351826001000006900	1	40	$297.87	$1,199.73	$1,497.60	
351826001000007000	1	40	$297.87	$1,199.73	$1,497.60	
351826001000007100	1	40	$297.87	$1,199.73	$1,497.60	
351826001000007200	1	40	$297.87	$1,199.73	$1,497.60	
351826001000007300	1	40	$297.87	$1,199.73	$1,497.60	
351826001000007400	1	40	$297.87	$1,199.73	$1,497.60	
351826001000007500	1	40	$297.87	$1,199.73	$1,497.60	
351826001000007600	1	40	$297.87	$1,199.73	$1,497.60	
351826001000007700	1	40	$297.87	$1,199.73	$1,497.60	

ParcelId	Units	Type	O&M	Debt	Total	
351826001000007800	1	40	$297.87	$1,199.73	$1,497.60	
351826001000007900	1	40	$297.87	$1,199.73	$1,497.60	
351826001000008000	1	40	$297.87	$1,199.73	$1,497.60	
351826001000008100	1	40	$297.87	$1,199.73	$1,497.60	
351826001000008200	1	40	$297.87	$1,199.73	$1,497.60	
351826001000008300	1	40	$297.87	$1,199.73	$1,497.60	
351826001000008400	1	40	$297.87	$1,199.73	$1,497.60	
351826001000008500	1	40	$297.87	$1,199.73	$1,497.60	
351826001000008600	1	40	$297.87	$1,199.73	$1,497.60	
351826001000008700	1	40	$297.87	$1,199.73	$1,497.60	
351826001000008800	1	40	$297.87	$1,199.73	$1,497.60	
351826001000008900	1	40	$297.87	$1,199.73	$1,497.60	
351826001000009000	1	40	$297.87	$1,199.73	$1,497.60	
351826001000009100	1	40	$297.87	$1,199.73	$1,497.60	
351826001000009200	1	40	$297.87	$1,199.73	$1,497.60	
351826001000009300	1	40	$297.87	$1,199.73	$1,497.60	
351826001000009400	1	40	$297.87	$1,199.73	$1,497.60	
351826001000009500	1	40	$297.87	$1,199.73	$1,497.60	
351826001000009600	1	40	$297.87	$1,199.73	$1,497.60	
351826001000009700	1	40	$297.87	$1,199.73	$1,497.60	
351826001000009800	1	40	$297.87	$1,199.73	$1,497.60	
351826001000009900	1	40	$297.87	$1,199.73	$1,497.60	
351826001000010000	1	40	$297.87	$1,199.73	$1,497.60	
351826001000010100	1	40	$297.87	$1,199.73	$1,497.60	
351826001000010200	1	40	$297.87	$1,199.73	$1,497.60	
351826001000010300	1	40	$297.87	$1,199.73	$1,497.60	
351826001000010400	1	40	$297.87	$1,199.73	$1,497.60	
351826001000010500	1	40	$297.87	$1,199.73	$1,497.60	
351826001000010600	1	40	$297.87	$1,199.73	$1,497.60	
351826001000010700	1	40	$297.87	$1,199.73	$1,497.60	
351826001000010800	1	40	$297.87	$1,199.73	$1,497.60	
351826001000010900	1	TH	$279.26	$749.83	$1,029.09	
351826001000011000	1	TH	$279.26	$749.83	$1,029.09	
351826001000011100	1	TH	$279.26	$749.83	$1,029.09	
351826001000011200	1	TH	$279.26	$749.83	$1,029.09	
351826001000011300	1	TH	$279.26	$749.83	$1,029.09	
351826001000011400	1	TH	$279.26	$749.83	$1,029.09	
351826001000011500	1	TH	$279.26	$749.83	$1,029.09	
351826001000011600	1	TH	$279.26	$749.83	$1,029.09	
351826001000011700	1	TH	$279.26	$749.83	$1,029.09	
351826001000011800	1	TH	$279.26	$749.83	$1,029.09	
351826001000011900	1	TH	$279.26	$749.83	$1,029.09	
351826001000012000	1	TH	$279.26	$749.83	$1,029.09	
351826001000012100	1	TH	$279.26	$749.83	$1,029.09	
351826001000012200	1	TH	$279.26	$749.83	$1,029.09	
351826001000012300	1	TH	$279.26	$749.83	$1,029.09	
351826001000012400	1	TH	$279.26	$749.83	$1,029.09	
351826001000012500	1	TH	$279.26	$749.83	$1,029.09	
351826001000012600	1	TH	$279.26	$749.83	$1,029.09	
351826001000012700	1	TH	$279.26	$749.83	$1,029.09	
351826001000012800	1	TH	$279.26	$749.83	$1,029.09	
351826001000012900	1	TH	$279.26	$749.83	$1,029.09	
351826001000013000	1	TH	$279.26	$749.83	$1,029.09	
351826001000013100	1	TH	$279.26	$749.83	$1,029.09	
351826001000013200	1	TH	$279.26	$749.83	$1,029.09	
351826001000013300	1	TH	$279.26	$749.83	$1,029.09	
351826001000013400	1	TH	$279.26	$749.83	$1,029.09	
351826001000013500	1	TH	$279.26	$749.83	$1,029.09	
351826001000013600	1	TH	$279.26	$749.83	$1,029.09	
351826001000013700	1	TH	$279.26	$749.83	$1,029.09	
351826001000013800	1	TH	$279.26	$749.83	$1,029.09	
351826001000013900	1	TH	$279.26	$749.83	$1,029.09	
351826001000014000	1	TH	$279.26	$749.83	$1,029.09	
351826001000014100	1	TH	$279.26	$749.83	$1,029.09	
351826001000014200	1	TH	$279.26	$749.83	$1,029.09	
351826001000014300	1	TH	$279.26	$749.83	$1,029.09	
351826001000014400	1	TH	$279.26	$749.83	$1,029.09	
351826001000014500	1	TH	$279.26	$749.83	$1,029.09	
351826001000014600	1	TH	$279.26	$749.83	$1,029.09	
351826001000014700	1	TH	$279.26	$749.83	$1,029.09	
351826001000014800	1	TH	$279.26	$749.83	$1,029.09	
351826001000014900	1	TH	$279.26	$749.83	$1,029.09	
351826001000015000	1	TH	$279.26	$749.83	$1,029.09	
351826001000015100	1	TH	$279.26	$749.83	$1,029.09	
351826001000015200	1	TH	$279.26	$749.83	$1,029.09	
351826001000015300	1	TH	$279.26	$749.83	$1,029.09	
351826001000015400	1	TH	$279.26	$749.83	$1,029.09	
351826001000015500	1	TH	$279.26	$749.83	$1,029.09	
351826001000015600	1	TH	$279.26	$749.83	$1,029.09	
351826001000015700	1	TH	$279.26	$749.83	$1,029.09	

ParcelId	Units	Type	O&M	Debt	Total	
351826001000015800	1	TH	$279.26	$749.83	$1,029.09	
351826001000015900	1	TH	$279.26	$749.83	$1,029.09	
351826001000016000	1	TH	$279.26	$749.83	$1,029.09	
351826001000016100	1	TH	$279.26	$749.83	$1,029.09	
351826001000016200	1	TH	$279.26	$749.83	$1,029.09	
351826001000016300	1	TH	$279.26	$749.83	$1,029.09	
351826001000016400	1	TH	$279.26	$749.83	$1,029.09	
351826001000016500	1	TH	$279.26	$749.83	$1,029.09	
351826001000016600	1	TH	$279.26	$749.83	$1,029.09	
351826001000016700	1	TH	$279.26	$749.83	$1,029.09	
351826001000016800	1	TH	$279.26	$749.83	$1,029.09	
351826001000016900	1	TH	$279.26	$749.83	$1,029.09	
351826001000017000	1	TH	$279.26	$749.83	$1,029.09	
351826001000017100	1	TH	$279.26	$749.83	$1,029.09	
351826001000017200	1	TH	$279.26	$749.83	$1,029.09	
351826001000017300	1	TH	$279.26	$749.83	$1,029.09	
351826001000017400	1	TH	$279.26	$749.83	$1,029.09	
351826001000017500	1	TH	$279.26	$749.83	$1,029.09	
351826001000017600	1	TH	$279.26	$749.83	$1,029.09	
351826001000017700	1	TH	$279.26	$749.83	$1,029.09	
351826001000017800	1	TH	$279.26	$749.83	$1,029.09	
351826001000017900	1	TH	$279.26	$749.83	$1,029.09	
351826001000018000	1	TH	$279.26	$749.83	$1,029.09	
351826001000018100	1	TH	$279.26	$749.83	$1,029.09	
351826001000018200	1	TH	$279.26	$749.83	$1,029.09	
351826001000018300	1	TH	$279.26	$749.83	$1,029.09	
351826001000018400	1	TH	$279.26	$749.83	$1,029.09	
351826001000018500	1	50	$372.34	$1,199.73	$1,572.07	
351826001000018600	1	50	$372.34	$1,199.73	$1,572.07	
351826001000018700	1	50	$372.34	$1,199.73	$1,572.07	
351826001000018800	1	50	$372.34	$1,199.73	$1,572.07	
351826001000018900	1	50	$372.34	$1,199.73	$1,572.07	
351826001000019000	1	50	$372.34	$1,199.73	$1,572.07	
351826001000019100	1	50	$372.34	$1,199.73	$1,572.07	
351826001000019200	1	50	$372.34	$1,199.73	$1,572.07	
351826001000019300	1	50	$372.34	$1,199.73	$1,572.07	
351826001000019400	1	50	$372.34	$1,199.73	$1,572.07	
351826001000019500	1	50	$372.34	$1,199.73	$1,572.07	
351826001000019600	1	50	$372.34	$1,199.73	$1,572.07	
351826001000019700	1	50	$372.34	$1,199.73	$1,572.07	
351826001000019800	1	50	$372.34	$1,199.73	$1,572.07	
351826001000019900	1	50	$372.34	$1,199.73	$1,572.07	
351826001000020000	1	50	$372.34	$1,199.73	$1,572.07	
351826001000020100	1	50	$372.34	$1,199.73	$1,572.07	
351826001000020200	1	50	$372.34	$1,199.73	$1,572.07	
351826001000020300	1	50	$372.34	$1,199.73	$1,572.07	
351826001000020400	1	50	$372.34	$1,199.73	$1,572.07	
351826001000028700	1	50	$372.34	$1,199.73	$1,572.07	
351826001000028800	1	50	$372.34	$1,199.73	$1,572.07	
351826001000028900	1	50	$372.34	$1,199.73	$1,572.07	
351826001000029000	1	50	$372.34	$1,199.73	$1,572.07	
351826001000029100	1	50	$372.34	$1,199.73	$1,572.07	
351826001100020500	1	40	$297.87	$1,199.73	$1,497.60	
351826001100020600	1	40	$297.87	$1,199.73	$1,497.60	
351826001100020700	1	40	$297.87	$1,199.73	$1,497.60	
351826001100020800	1	40	$297.87	$1,199.73	$1,497.60	
351826001100020900	1	40	$297.87	$1,199.73	$1,497.60	
351826001100021000	1	40	$297.87	$1,199.73	$1,497.60	
351826001100021100	1	40	$297.87	$1,199.73	$1,497.60	
351826001100021200	1	40	$297.87	$1,199.73	$1,497.60	
351826001100021300	1	40	$297.87	$1,199.73	$1,497.60	
351826001100021400	1	40	$297.87	$1,199.73	$1,497.60	
351826001100021500	1	40	$297.87	$1,199.73	$1,497.60	
351826001100021600	1	40	$297.87	$1,199.73	$1,497.60	
351826001100021700	1	40	$297.87	$1,199.73	$1,497.60	
351826001100021800	1	40	$297.87	$1,199.73	$1,497.60	
351826001100021900	1	40	$297.87	$1,199.73	$1,497.60	
351826001100022000	1	40	$297.87	$1,199.73	$1,497.60	
351826001100022100	1	40	$297.87	$1,199.73	$1,497.60	
351826001100022200	1	40	$297.87	$1,199.73	$1,497.60	
351826001100022300	1	40	$297.87	$1,199.73	$1,497.60	
351826001100022400	1	40	$297.87	$1,199.73	$1,497.60	
351826001100022500	1	40	$297.87	$1,199.73	$1,497.60	
351826001100022600	1	40	$297.87	$1,199.73	$1,497.60	
351826001100022700	1	40	$297.87	$1,199.73	$1,497.60	
351826001100022800	1	40	$297.87	$1,199.73	$1,497.60	
351826001100022900	1	40	$297.87	$1,199.73	$1,497.60	
351826001100023000	1	40	$297.87	$1,199.73	$1,497.60	
351826001100023100	1	40	$297.87	$1,199.73	$1,497.60	
351826001100023200	1	40	$297.87	$1,199.73	$1,497.60	

ParcelId	Units	Type	O&M	Debt	Total	
351826001100023300	1	40	$297.87	$1,199.73	$1,497.60	
351826001100023400	1	40	$297.87	$1,199.73	$1,497.60	
351826001100023500	1	40	$297.87	$1,199.73	$1,497.60	
351826001100023600	1	40	$297.87	$1,199.73	$1,497.60	
351826001100023700	1	40	$297.87	$1,199.73	$1,497.60	
351826001100023800	1	40	$297.87	$1,199.73	$1,497.60	
351826001100023900	1	40	$297.87	$1,199.73	$1,497.60	
351826001100024000	1	40	$297.87	$1,199.73	$1,497.60	
351826001100024100	1	40	$297.87	$1,199.73	$1,497.60	
351826001100024200	1	40	$297.87	$1,199.73	$1,497.60	
351826001100024300	1	40	$297.87	$1,199.73	$1,497.60	
351826001100024400	1	40	$297.87	$1,199.73	$1,497.60	
351826001100024500	1	40	$297.87	$1,199.73	$1,497.60	
351826001100024600	1	40	$297.87	$1,199.73	$1,497.60	
351826001100024700	1	40	$297.87	$1,199.73	$1,497.60	
351826001100024800	1	40	$297.87	$1,199.73	$1,497.60	
351826001100024900	1	40	$297.87	$1,199.73	$1,497.60	
351826001100025000	1	40	$297.87	$1,199.73	$1,497.60	
351826001100025100	1	40	$297.87	$1,199.73	$1,497.60	
351826001100025200	1	40	$297.87	$1,199.73	$1,497.60	
351826001100025300	1	40	$297.87	$1,199.73	$1,497.60	
351826001100025400	1	40	$297.87	$1,199.73	$1,497.60	
351826001100025500	1	40	$297.87	$1,199.73	$1,497.60	
351826001100025600	1	40	$297.87	$1,199.73	$1,497.60	
351826001100025700	1	40	$297.87	$1,199.73	$1,497.60	
351826001100025800	1	40	$297.87	$1,199.73	$1,497.60	
351826001100025900	1	40	$297.87	$1,199.73	$1,497.60	
351826001100026000	1	40	$297.87	$1,199.73	$1,497.60	
351826001100026100	1	40	$297.87	$1,199.73	$1,497.60	
351826001100026200	1	40	$297.87	$1,199.73	$1,497.60	
351826001100026300	1	40	$297.87	$1,199.73	$1,497.60	
351826001100026400	1	40	$297.87	$1,199.73	$1,497.60	
351826001100026500	1	40	$297.87	$1,199.73	$1,497.60	
351826001100026600	1	40	$297.87	$1,199.73	$1,497.60	
351826001100026700	1	40	$297.87	$1,199.73	$1,497.60	
351826001100026800	1	40	$297.87	$1,199.73	$1,497.60	
351826001100026900	1	40	$297.87	$1,199.73	$1,497.60	
351826001100027000	1	40	$297.87	$1,199.73	$1,497.60	
351826001100027100	1	40	$297.87	$1,199.73	$1,497.60	
351826001100027200	1	40	$297.87	$1,199.73	$1,497.60	
351826001100027300	1	40	$297.87	$1,199.73	$1,497.60	
351826001100027400	1	40	$297.87	$1,199.73	$1,497.60	
351826001100027500	1	40	$297.87	$1,199.73	$1,497.60	
351826001100027600	1	40	$297.87	$1,199.73	$1,497.60	
351826001100027700	1	40	$297.87	$1,199.73	$1,497.60	
351826001100027800	1	40	$297.87	$1,199.73	$1,497.60	
351826001100027900	1	40	$297.87	$1,199.73	$1,497.60	
351826001100028000	1	40	$297.87	$1,199.73	$1,497.60	
351826001100028100	1	40	$297.87	$1,199.73	$1,497.60	
351826001100028200	1	40	$297.87	$1,199.73	$1,497.60	
351826001100028300	1	40	$297.87	$1,199.73	$1,497.60	
351826001100028400	1	50	$372.34	$1,199.73	$1,572.07	
351826001100028500	1	50	$372.34	$1,199.73	$1,572.07	
351826001100028600	1	50	$372.34	$1,199.73	$1,572.07	
351826001100029200	1	50	$372.34	$1,199.73	$1,572.07	
351826001100029300	1	50	$372.34	$1,199.73	$1,572.07	
351826001100029400	1	50	$372.34	$1,199.73	$1,572.07	
351826001100029500	1	50	$372.34	$1,199.73	$1,572.07	
351826001100029600	1	50	$372.34	$1,199.73	$1,572.07	
351826001100029700	1	50	$372.34	$1,199.73	$1,572.07	
351826001100029800	1	50	$372.34	$1,199.73	$1,572.07	
351826001100029900	1	50	$372.34	$1,199.73	$1,572.07	
351826001100030000	1	50	$372.34	$1,199.73	$1,572.07	
351826001100030100	1	50	$372.34	$1,199.73	$1,572.07	
351826001100030200	1	50	$372.34	$1,199.73	$1,572.07	
351826001100030300	1	50	$372.34	$1,199.73	$1,572.07	
351826001100030400	1	50	$372.34	$1,199.73	$1,572.07	
351826001100030500	1	50	$372.34	$1,199.73	$1,572.07	
351826001100030600	1	50	$372.34	$1,199.73	$1,572.07	
351826001100030700	1	50	$372.34	$1,199.73	$1,572.07	
351826001100030800	1	50	$372.34	$1,199.73	$1,572.07	
351826001100030900	1	50	$372.34	$1,199.73	$1,572.07	
351826001100031000	1	50	$372.34	$1,199.73	$1,572.07	
351826001100031100	1	50	$372.34	$1,199.73	$1,572.07	
351826001100031200	1	50	$372.34	$1,199.73	$1,572.07	
351826001100031300	1	50	$372.34	$1,199.73	$1,572.07	
351826001100031400	1	50	$372.34	$1,199.73	$1,572.07	
351826001100031500	1	50	$372.34	$1,199.73	$1,572.07	
351826001100031600	1	50	$372.34	$1,199.73	$1,572.07	
351826001100031700	1	50	$372.34	$1,199.73	$1,572.07	

ParcelId	Units	Type	O&M	Debt	Total	
351826001100031800	1	50	$372.34	$1,199.73	$1,572.07	
351826001100031900	1	50	$372.34	$1,199.73	$1,572.07	
351826001100032000	1	50	$372.34	$1,199.73	$1,572.07	
351826001100032100	1	50	$372.34	$1,199.73	$1,572.07	
351826001100032200	1	50	$372.34	$1,199.73	$1,572.07	
351826001100032300	1	50	$372.34	$1,199.73	$1,572.07	
351826001100032400	1	50	$372.34	$1,199.73	$1,572.07	
351826001100032500	1	50	$372.34	$1,199.73	$1,572.07	
351826001100032600	1	50	$372.34	$1,199.73	$1,572.07	
351826001100032700	1	50	$372.34	$1,199.73	$1,572.07	
351826001100032800	1	50	$372.34	$1,199.73	$1,572.07	
351826001100032900	1	50	$372.34	$1,199.73	$1,572.07	
351826001100033000	1	50	$372.34	$1,199.73	$1,572.07	
351826001100033100	1	50	$372.34	$1,199.73	$1,572.07	
351826001100033200	1	50	$372.34	$1,199.73	$1,572.07	
351826001100033300	1	50	$372.34	$1,199.73	$1,572.07	
351826001100033400	1	50	$372.34	$1,199.73	$1,572.07	
351826001100033500	1	50	$372.34	$1,199.73	$1,572.07	
351826001100033600	1	50	$372.34	$1,199.73	$1,572.07	
351826001100033700	1	50	$372.34	$1,199.73	$1,572.07	
351826001100033800	1	50	$372.34	$1,199.73	$1,572.07	
351826001100033900	1	50	$372.34	$1,199.73	$1,572.07	
351826001100034000	1	50	$372.34	$1,199.73	$1,572.07	
351826001100034100	1	50	$372.34	$1,199.73	$1,572.07	
351826001100034200	1	50	$372.34	$1,199.73	$1,572.07	
351826001100034300	1	50	$372.34	$1,199.73	$1,572.07	
351826001100034400	1	50	$372.34	$1,199.73	$1,572.07	
351826001100034500	1	50	$372.34	$1,199.73	$1,572.07	
351826001100034600	1	50	$372.34	$1,199.73	$1,572.07	
351826001100034700	1	50	$372.34	$1,199.73	$1,572.07	
Total Gross Onroll	347		$113,191.50	$377,314.99	$490,506.49	
						
Total Net Onroll			$106,400.01	$354,676.09	$461,076.10	

Direct Billing						
35182600100FD00002			$38,032.69	$0.00	$38,032.69	
Total Gross Direct			$38,032.69	$0.00	$38,032.69	
						
Total Net Direct			$35,750.73	$0.00	$35,750.73	
						
Total Gross Assessments			$151,224.19	$377,314.99	$528,539.18	
						
Total Net Asssessments			$142,150.74	$354,676.09	$496,826.83	

Section V

BUDGET FUNDING AGREEMENT (O&M DEFICIT)
FY 2027

This Agreement (“Agreement”) is made and entered into effective as of October 1, 2026 (“Effective Date”), by and between:

Hicks Ditch Community Development District, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, (“District”), and located in Lake County, Florida (“County”), and

TLC Pine Meadows, LLC, a Florida limited liability company, and the owner and/or developer of property located within the boundaries of the District (“Developer,” and together with the District, the “Parties”). For purposes of this Agreement, the term “Property” shall refer to that certain property within the District owned by the Developer on the Effective Date of this Agreement.

RECITALS

WHEREAS, pursuant to Chapter 190, Florida Statutes, the District was established for the purpose of planning, financing, constructing, operating and/or maintaining certain infrastructure, and is authorized to levy such taxes, special assessments, fees, and other charges as may be necessary in furtherance of the District’s activities and services; and

WHEREAS, Developer presently owns and/or is developing the Property within the District, which Property will benefit from the timely construction and acquisition of the District’s facilities, activities, and services and from the continued operations of the District; and

WHEREAS, for the fiscal year beginning October 1, 2026, and ending September 30, 2027 (“FY 2027”), the Board of Supervisors (“Board”) of the District adopted its general fund budget (“Budget”) attached hereto as Exhibit A and incorporated herein by reference, and has and/or will levy non-ad valorem special assessments (“O&M Assessments”) in order to fund a portion of the Budget; and

WHEREAS, the Parties recognize the Budget may be amended from time to time in the sole discretion of the District; and

WHEREAS, the Parties recognize that in order to fund the Budget the District has the option of levying O&M Assessments on all lands within the District benefitting from the activities, operations and services set forth in the Budget, including the Property, or utilizing such other revenue sources as may be available to it; and

WHEREAS, in lieu of levying O&M Assessments to fully fund the Budget, the Developer is willing to provide such funds as are necessary to allow the District to proceed with its operations as described in the Budget; and

WHEREAS, the Developer agrees that the activities, operations and services provide a special and peculiar benefit to the Property equal to or in excess of the costs reflected in the Budget, subject to the terms and limitations provided herein; and

WHEREAS, the Developer agreed to enter into this Agreement in lieu of having the District levy and collect O&M Assessments for FY 2027 at higher levels than currently provided for in Exhibit A, as authorized by law against the lands within the District, including the Property, for the activities, operations, and services set forth in the Budget; and

WHEREAS, Developer and District agree such Budget funding obligation by the Developer may be secured and collection enforced pursuant to the methods provided herein.

NOW, THEREFORE, based upon good and valuable consideration and the mutual covenants of the parties, the receipt of which and sufficiency of which are hereby acknowledged, the Parties agree as follows:

FUNDING. The Developer agrees to fund, on an as-needed basis, the difference between the total amount of net O&M Assessments levied by the District for FY 2027 and the amount of funds necessary to allow the District to proceed with its operations as described in the Budget (such difference referred to herein as the “O&M Deficit”). The Developer agrees to make available to the District the monies (“Funding Obligation”) necessary to fund any O&M Deficit within thirty (30) days of written request by the District. Exhibit A attached hereto may be amended from time to time pursuant to Florida law. Any such amendment adopted by the Board at a duly noticed public meeting shall have the effect of amending this Agreement without further action of the Parties. Notwithstanding the foregoing, the Developer's consent shall be required for any amendment that would increase the Developer's Funding Obligation beyond the amount set forth in the Budget as of the Effective Date of this Agreement; provided however, the Parties agree to work in good faith to minimize unanticipated increases in the Developer’s Funding Obligation and the Developer agrees that its consent shall not be unreasonably withheld to Budget amendments the District deems necessary. As a point of clarification, the District shall only request as part of the Funding Obligation that the Developer fund the actual expenses of the District, and the Developer is not required to fund the total general fund Budget in the event that actual expenses are less than the projected total general fund Budget, as may be amended as provided herein and/or as may otherwise be funded by O&M Assessments collected for FY 2027. The funds shall be placed in the District’s general checking account. In the event the Developer sells any of the Property during the term of this Agreement, the Developer’s rights and obligations under this Agreement shall remain the same.

ACKNOWLEDGEMENT. The District hereby finds, and the Developer acknowledges and agrees, that the activities, operations and services set forth in the Budget provide a special and peculiar benefit to the Property, which benefit is initially allocated to undeveloped property on an equal developable acreage basis. These Funding Obligation payments are made by the Developer in lieu of taxes, fees, or assessments which might otherwise be levied or imposed by the District. Nothing contained herein shall constitute or be construed as a waiver of the District’s right to levy assessments, including on the Property, in the event of a funding deficit.

COLLECTION METHODS. The District may enforce the collection of funds due under this Agreement using one or more of the following collection methods:
[Contractual Lien]. The District shall have the right to file a continuing lien (“Lien”) upon all or a portion of the Property, which Lien shall be effective as of the date and time of the recording of a “Notice of Lien” in the public records of the County.
[Enforcement Action]. The District shall have the right to file an action against the Developer in the appropriate judicial forum in and for the County.

[Uniform Method; Direct]. The District may certify amounts due hereunder as a non-ad valorem assessment on all or any part of the Property for collection, either through the Uniform Method of Collection set forth in Chapter 197, Florida Statutes, or under any method of direct bill and collection authorized by Florida law.
The enforcement of the collection of funds in any of the above manners, including which method(s) to utilize, shall be in the sole discretion of the District Manager on behalf of the District, without the need of further Board action authorizing or directing such.

ENTIRE AGREEMENT; AMENDMENTS. This instrument shall constitute the final and complete expression of the agreement among the Parties relating to the subject matter of this Agreement. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both of the Parties hereto.

AUTHORIZATION. The execution of this Agreement has been duly authorized by the appropriate body or official of all Parties hereto, each Party has complied with all of the requirements of law, and each Party has full power and authority to comply with the terms and provisions of this instrument.

ASSIGNMENT. This Agreement may be assigned, in whole or in part, by either Party only upon the written consent of the other. Any purported assignment without such consent shall be void.

DEFAULT. A default by either Party under this Agreement shall entitle the other to all remedies available at law or in equity, which shall include, but not be limited to, the right of damages, injunctive relief and/or specific performance.

ENFORCEMENT. In the event that any Party is required to enforce this Agreement by court proceedings or otherwise, then the parties agree that the prevailing Party shall be entitled to recover from the other all costs incurred, including interest accrued on an unsatisfied Funding Obligation, reasonable fees and costs incurred by the District incident to the collection of the Funding Obligation or for enforcement of the Lien, or reasonable attorneys’ fees and costs for trial, alternative dispute resolution, or appellate proceedings.

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

CHOICE OF LAW. This Agreement and the provisions contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida.

ARM’S LENGTH. This Agreement has been negotiated fully among the Parties as an arm’s length transaction. The Parties participated fully in the preparation of this Agreement with the assistance of their respective counsel. In the case of a dispute concerning the interpretation of any provision of this

Agreement, the Parties are each deemed to have drafted, chosen and selected the language, and the doubtful language will not be interpreted or construed against any Party.

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IN WITNESS WHEREOF, the Parties execute this Agreement to be effective the day and year first written above.

Attest:	Hicks Ditch Community Development District

Secretary/Assistant Secretary	By: 	
Its: 	

TLC Pine Meadows, LLC

By: 	
Witness	Name: 	
Title: 	

EXHIBIT A:	FY 2027 Budget

Section VI

DIRECT COLLECT AGREEMENT FY 2027

This Agreement (“Agreement”) is made and entered into effective as of October 1, 2026, (“Effective Date”), by and between:

Hicks Ditch Community Development District, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes (hereinafter “District”), located in [County] County, Florida (“County”), and whose mailing address is c/o Governmental Management Services - Central Florida, LLC, 219 E. Livingston St., Orlando, Florida 32801; and

TLC Pine Meadows, LLC, a Florida limited liability company, and the owner of certain property located within the boundaries of the District (hereinafter, the “Property Owner,” and together with the District, “Parties”). For purposes of this Agreement, Property Owner’s property is more particularly described in Exhibit A attached hereto (“Property”).

Recitals

WHEREAS, pursuant to Chapter 190, Florida Statutes, the District was established for the purpose of planning, financing, constructing, operating, and/or maintaining certain infrastructure, and is authorized to levy such taxes, special assessments, fees and other charges as may be necessary in furtherance of the District’s activities and services; and

WHEREAS, the Property will benefit from the timely construction and acquisition of the District’s facilities, activities and services and from the continued operations of the District; and

WHEREAS, for the fiscal year beginning October 1, 2026, and ending September 30, 2027 (“FY 2027”), the Board of Supervisors (“Board”) of the District determined to undertake various operations and maintenance and other activities described in the District’s adopted budget (“Adopted Budget”); and

WHEREAS, pursuant to Chapter 190, Florida Statutes, the District may fund the Adopted Budget through the levy and imposition of special assessments on benefitted lands within the District, and, regardless of imposition method utilized by the District, under Florida law the District may collect such assessments by direct bill, tax roll, or in accordance with other collection measures provided by law; and

WHEREAS, pursuant to Resolution 2026-05 (“Annual Assessment Resolution”), the District’s Board levied special assessments to fund the operations and maintenance of the Adopted Budget (“O&M Assessments”) in the amounts set forth in Adopted Budget and the assessment roll attached to the Annual Assessment Resolution (“Assessment Roll”), and set forth the method by which the O&M Assessments and the FY 2027 installment of the District’s previously levied debt service assessments (“Debt Assessment,” and together with the O&M Assessments, “Assessments”) shall be collected and enforced; and

WHEREAS, Property Owner agrees that the O&M Assessments, which were imposed on the lands within the District, including the Property, have been validly imposed and constitute valid, legal, and binding liens upon the lands within the District; and

WHEREAS, pursuant to Florida law, the District certified the Assessment Roll for collection, which Assessment Roll includes in full or part that certain “Direct Collect Property” (as defined in the Annual Assessment Resolution and further identified on the Assessment Roll) for direct collection by the District in accordance with Florida law; and

WHEREAS, as the Property is identified on the Assessment Roll as Direct Collect Property, the District and Property Owner desire to arrange for the direct collection and direct payment of the District’s Assessments levied against the Property.

NOW, THEREFORE, based upon good and valuable consideration and the mutual covenants of the Parties, the receipt of which and sufficiency of which are hereby acknowledged, the Parties agree as follows:

RECITALS. The recitals so stated are true and correct and by this reference are incorporated into and form a material part of this Agreement.

VALIDITY OF SPECIAL ASSESSMENTS. Property Owner agrees that the Assessments have been validly imposed and constitute valid, legal, and binding liens upon the lands within the District, including the Property. Property Owner hereby waives and relinquishes any rights it may have to challenge, object to, or otherwise fail to pay such Assessments.

COVENANT TO PAY. Property Owner agrees to pay the Assessments attributable to the Property, regardless of whether Property Owner owns the Property at the time such payment is due or paid. Nothing herein shall prohibit Property Owner from prorating or otherwise collecting these Assessments from subsequent purchasers of the Property. The District shall send a bill to Property Owner at least thirty (30) days prior to the first Assessment due date, indicating the exact amount of the Assessment being certified for collection in FY 2027. The Assessments attributable to the Property shall be due and payable on the dates and in the amounts set forth in the Annual Assessment Resolution. The District’s decision to collect Assessments by any particular method – e.g., on the tax roll or by direct bill – does not mean that such method will be used to collect special assessments in future years, and the District reserves the right in its sole discretion to select collection methods in any given year, regardless of past practices.

ENFORCEMENT. This Agreement shall serve as an alternative, additional method for collection of the Assessments. This Agreement shall not affect the District’s ability to collect and enforce its Assessments by any other method authorized by Florida law. Property Owner acknowledges that the failure to pay the Assessments may result in the initiation of a foreclosure action, or, at the District’s sole discretion, delinquent Assessments may be certified for collection on a future County tax bill. In the event that an Assessment payment is not made in accordance with the schedule stated above, the whole of such Assessment – including any remaining partial, deferred payments for FY 2027, shall immediately become due and payable; shall accrue interest, penalties in the amount of one percent (1%) per month, and all costs of collection and enforcement; and shall either be enforced pursuant to a foreclosure action, or, at the District’s sole discretion, collected pursuant to the Chapter 197, Florida Statutes (“Uniform Method”) on a future tax bill, which amount may include penalties, interest, and costs of collection and enforcement. Any prejudgment interest on delinquent Assessments shall accrue at the applicable rate of any bonds or other debt instruments secured by the Assessments, or at the statutory prejudgment interest rate, as applicable. In the event an Assessment subject to direct collection by the District shall be delinquent, the District Manager and District Counsel, without further authorization by the Board, may

initiate legal proceedings pursuant to Chapter 170, Florida Statutes, or other applicable law to collect and enforce the whole Assessment, as set forth herein.

NOTICE. All notices, requests, consents and other communications under this Agreement, but excluding invoices (“Notices”) shall be in writing and shall be delivered, mailed by First Class Mail, postage prepaid, or overnight delivery service, to the Parties, at the addresses set forth above. Except as otherwise provided in this Agreement, any Notice shall be deemed received only upon actual delivery at the address set forth in this Agreement. Notices delivered after 5:00p.m. (at the place of delivery) or on a non-business day, shall be deemed received on the next business day. If any time for giving Notice contained in this Agreement would otherwise expire on a non-business day, the Notice period shall be extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the Parties may deliver Notice on behalf of the Parties. Any Party or other person to whom Notices are to be sent or copied may notify the other Parties and addresses of any change in name or address to which Notices shall be sent by providing the same on five (5) days written notice to the Parties and addresses set forth in this Agreement.

AMENDMENT. This instrument shall constitute the final and complete expression of the Agreement between the Parties relating to the subject matter of this Agreement. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both of the Parties hereto.

AUTHORITY. The execution of this Agreement has been duly authorized by the appropriate body or official of all parties hereto, each Party has complied with all the requirements of law, and each Party has full power and authority to comply with the terms and provisions of this Agreement.

ASSIGNMENT. This Agreement may not be assigned, in whole or in part, by either Party except upon the written consent of the other. Any purported assignment without such consent shall be void.

DEFAULT. A default by either Party under this Agreement shall entitle the other to all remedies available at law or in equity, which shall include, but not be limited to, the right of damages, injunctive relief and specific performance and specifically including the ability of the District to enforce any and all payment obligations under this Agreement through the imposition and enforcement of a contractual or other lien on property owned by the Property Owner.

ATTORNEYS’ FEES. In the event that either Party is required to enforce this Agreement by court proceedings or otherwise, then the Parties agree that the prevailing Party shall be entitled to recover from the other all costs incurred, including reasonable attorneys’ fees and costs for trial, alternative dispute resolution, or appellate proceedings.

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

APPLICABLE LAW. This Agreement and the provisions contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida.

NEGOTIATION AT ARM’S LENGTH. This Agreement has been negotiated fully between the Parties as an arm’s length transaction. The Parties participated fully in the preparation of this Agreement with the assistance of their respective counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, the Parties are each deemed to have drafted, chosen and selected the language, and the doubtful language will not be interpreted or construed against any party.

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IN WITNESS WHEREOF, the Parties execute this Agreement to be effective the day and year first written above.

Attest:	Hicks Ditch Community Development District

Secretary/Assistant Secretary	By: 	
Its: 	

TLC Pine Meadows, LLC

By: 	
Witness	Name: 	
Title: 	

EXHIBIT A	Description of the Property

EXHIBIT A
Description of the Property

That part of the East 169.5 feet of the Southwest 1/4 of the Northeast 1/4 of Section 35, Township 18 South, Range 26 East, Lake County, Florida, lying South of the Southerly line of the right of way known as Pine Meadows Golf Course Road.

AND

The Southeast 1/4 of the Northeast 1/4 of Section 35, Township 18 South, Range 26 East, Lake County, Florida, LESS right of way for Pine Meadows Golf Course Road. Also LESS and EXCEPT Lots 1 and 2, Pine Meadows Fairway Estates, according to the Plat thereof, as recorded in Plat Book 17, Page 56, Public Records of Lake County, Florida.

AND

Tracts 21 to 26, inclusive, and Tracts 37 to 40, inclusive, Eustis Meadows, according to the Map or Plat thereof, recorded in Plat Book 1, Page 2, Public Records of Lake County, Florida, LESS and EXCEPT therefrom the right of way for Pine Meadows Golf Course Road, as shown on Plat Book 17, Page 56 and the right of way for Fairway Drive, as shown on Plat Book 17, Page 56, and the right of way for Pine-Meadows Road, as shown on Plat Book 17, Page 12. Also, LESS and EXCEPT Lots 9, 10, 11, 12, 13, 14, 15,
16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27 and 28, Pine Meadows Fairway Estates, according to the Map or Plat thereof, as recorded in Plat Book 17, Page 56, Public Records of Lake County, Florida.

AND

Parcel A:

That part of Lot 12, in Section 36, Township 18 South, Range 26 East, Map of Eustis Meadows, according to the Plat thereof, as recorded In Plat Book 1, Page 2, of the Public Records of Lake County, Florida; and that part of Blocks 3 and 15, in Section 36, Township 18 South, Range 26 East, Town Plat of Eustis Meadows, according to the Plat thereof, as recorded In Plat Book 1, Page 2, of the Public Records of Lake County, Florida, being more particularly described as follows: Begin at a 5/8" Iron rod and cap (PLS 3351) at the Northeast corner of Lot 12 of said Map of Eustis Meadows, according to the Plat thereof, as recorded in Plat Book 1, Page 2, of the Public Records of Lake County, Florida; run thence South 87°04'27" West, along the North line of said Lot 12, also being the North line of the Southwest 1/4 of Section 36, Township 18 South, Range 26 East, Lake County, Florida, a distance of 651.38 feet to the Northwest corner of said Lot 12; thence South 00°32'04" East, along the West line of said Lot 12, a distance of 1,280.21 feet to a 4" octagonal monument at the Southwest corner of said Lot 12; thence North 87°33'44" East, along the South line of said Lot 12, a distance of 15.01 feet; thence South 00°32'04" East, a distance of 15.01 feet to the Northwest corner of Block 3 of said Town Plat of Eustis Meadows; thence North 87°33'44" East, along the South right of way line of North Street, a distance of 10.01 feet; thence South 00°32'04" East, along a line 10 feet East of when measured at right angles to and parallel with the East right of way line of Cedar Street, a distance of 433.22 feet to an intersection with a line that is 50.00 feet North of and parallel with, when measured of right angles thereto, the North right of way line of County Road No. 44-A; thence North 88°02'40" East, along said line which is 50.00 feet North of and parallel with the North right of way line of County Road No. 44-A, a distance of 111.02 feet, to an intersection with the Westerly top of the bank of a canal known as Hicks Ditch; thence North 24°12'31" East, along said top of bank,

108.49 feet; thence North 21°03'29" East, along said top of bank, 200.06 feet; thence North 19°20'32" East, along said top of bank, 200.30 feet; thence North 20°32'44" East, along said top of bank, 394.93 feet; thence North 19°41'20" East, along said top of bank, 541.12 feet to an intersection with the East line of said Lot 12; thence North 00°44'07" West, along the East line of said Lot 12, 402.85 feet to the Point of Beginning.

Together with a 50 feet wide ingress and egress easement along the Easterly line bounded and described as follows: Commence at a 5/8" iron rod and cap (PLS 3351) at the Northeast corner of Lot 12 of Map of Eustis Meadows, according to the Plat thereof, as recorded in Plat Book 1, Page 2, of the Public Records of Lake County, Florida; run thence South 00°44'07" East, along the East line of said Lot 12, a distance of
402.85 feet to the Point of Beginning; run thence North 00°44'07" West, along the East line of said Lot 12, a distance of 125.70 feet; thence South 22°42'12" West, 116.65 feet; thence South 19°41'20" West, 542.07 feet; thence South 20°32'44" West, 395.08 feet; thence South 19°20'32" West, 200.08 feet; thence South 21°03'29" West, 197.94 feet; thence South 24°12'31" West, 131.68 feet to an intersection with a line that is 50.00 feet North of and parallel with when measured at right angles thereto the North right of way line of County Road No. 44-A; thence North 88°02'40" East, along said line which is 50.00 feet North of and parallel with the North right of way line of County Road No. 44-A, a distance of 55.71 feet, to an intersection with the Westerly top of the bank of a canal known as Hicks Ditch; thence North 24°12'31" East, along said top of bank, 108.49 feet; thence North 21°03'29" East, along said top of bank, 200.06 feet; thence North 19°20'32" East, along said top of bank, 200.30 feet; thence North 20°32'44" East, along said top of bank, 394.93 feet; thence North 19°41'20" East, along said top of bank, 541.12 feet to the Point of Beginning.

AND

Parcel B:

That part of Blocks 2 and 14, and that part of a vacated portion of Orange Street, in Section 36, Township 18 South, Range 26 East, Town Plat of Eustis Meadows, according to the Plat thereof, as recorded in Plat Book 1, Page 2, of the Public Records of Lake County, Florida, being more particularly described as follows:

Commence at a 5/8" iron rod and cap (PLS 3351) at the Northeast corner of Lot 12 of Map Eustis Meadows, according to the Plat thereof, as recorded in Plat Book 1, Page 2, of the Public Records of Lake County, Florida; run thence South 87°04'27" West, along the North line of said Lot 12, also being the North line of the Southwest 1/4 of Section 36, Township 18 South, Range 26 East, Lake County, Florida, a distance of
651.38 feet to the Northwest corner of said Lot 12; thence continue South 87°04'27" West, along the North line of Lot 11, said Map of Eustis Meadows, also being the North line of the said Southwest 1/4 of Section 36, a distance of 175.55 feet to an intersection with the East line of the West 150.00 feet of the East 1/2 of said Lot 11; thence South 00°26'01" East, along the East line of the West 150.00 feet of the East 1/2 of said Lot 11 and its prolongation thereof, a distance of 1,293.80 feet to an intersection with the South right of way line of North Street and the Point of Beginning; thence North 87°33'44" East, along the South right of way line of North Street, a distance of 152.76 feet to a line 10 feet West of when measured at right angles to and parallel with the West right of way line of Cedar Street; thence South 00°32'04" East, along said line 10 feet West of when measured at right angles to and parallel with the West right of way line of Cedar Street, a distance of 432.80 feet to an intersection with a line that is 50.00 feet North of and parallel with when measured at right angles to the North right of way line of County Road No. 44-A; thence South 88°02'40" West, along said line which is 50.00 feet North of and parallel with the North right of way line of County Road No. 44-A, a distance of 153.49 feet, to an intersection with a line which bears South

00°26'01" East from the Point of Beginning; thence North 00°26'01" West, along the Southerly prolongation of the East line of the West 150.00 feet of the East 1/2 of said Lot 11, a distance of 431.53 feet to the Point of Beginning.

AND

Parcel C:

That part of Lot 11, in Section 36, Township 18 South, Range 26 East, Map of Eustis Meadows, according to the Plat thereof, as recorded in Plat Book 1, Page 2, of the Public Records of Lake County, Florida, being more particularly described as follows:

Commence at a 5/8" iron rod and cap (PLS 3351) at the Northeast corner of Lot 12 of Map of Eustis Meadows, according to the Plat thereof, as recorded in Plat Book 1, Page 2, of the Public Records of Lake County, Florida; run thence South 87°04'27" West, along the North line of said Lot 12, also being the North line of the Southwest 1/4 of Section 36, Township 18 South, Range 26 East, Lake County, Florida, a distance of 651.38 feet to the Northwest corner of said Lot 12, and the Point of Beginning; thence continue South 87°04'27" West, along the North line of Lot 11, said Map of Eustis Meadows, also being the North line of the said Southwest 1/4 of Section 36, a distance of 175.55 feet to an intersection with the East line of the West 150.00 feet of the East 1/2 of said Lot 11; thence South 00°26'01" East, along the East line of the West 150.00 feet of the East 1/2 of said Lot 11, a distance of 1,243.77 feet to an intersection with a line
35.00 feet North of when measured at right angles to and parallel with the North right of way line of North Street; thence North 87°33'44" East, along said line 35.00 feet North of when measured at right angles to and parallel with the North right of way line of North Street, a distance of 177.69 feet to an intersection with the West line of said Lot 12; thence North 00°32'04" West, along said West line of Lot 12, a distance of 1,245.19 feet to the Point of Beginning.

TOGETHER WITH:

LEGAL DESCRIPTION

A STRIP OF LAND, BEING A PORTION OF PINE MEADOWS GOLF COURSE ROAD AS DESCRIBED IN THAT CERTAIN INDENTURE, AS RECORDED IN OFFICIAL RECORDS BOOK 666, PAGE 1637 OF THE PUBLIC RECORDS OF LAKE COUNTY, FLORIDA, LYING IN LOTS 21 THROUGH 24, EUSTIS MEADOWS, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 1, PAGE 2, OF SAID PUBLIC RECORDS. BOUNDED ON THE WEST BY THE SOUTHERLY EXTENSION OF THE EASTERLY RIGHT-OF-WAY LINE OF FAIRWAY DRIVE, PINE MEADOWS FAIRWAY ESTATES, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 17, PAGE 56 AND BOUNDED ON THE EAST BY THE EAST LINE OF SAID LOT 24.

TOGETHER WITH:

LEGAL DESCRIPTION

A STRIP OF LAND, BEING NORTH STREET AND CEDAR STREET, LYING EAST OF THE EAST LINE OF THE WEST 150 FEET OF THE EAST HALF OF LOT 11, EUSTIS MEADOWS, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 1 PAGE 2, LAKE COUNTY, FLORIDA AND LYING NORTH OF THE NORTH RIGHT-OF-WAY OF EAST COUNTY ROAD 44.

All of the above containing approximately 244.043 acres, +/-LESS AND EXCEPT:
[Phase 1A]

LOTS 1-15 (INCLUSIVE), 23, 27, 28, 31-67 (INCLUSIVE), 89, 90, AND 109-209 (INCLUSIVE), PINE MEADOWS RESERVE PHASE 1A, ACCORDING IN THE PLAT THEREOF, AS RECORDED IN THE PUBLIC RECORDS OF LAKE COUNTY, FLORIDA, AT PLAT BOOK 84, PAGES 13-20 INCLUSIVE.

Section VII

HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT
CITY OF EUSTIS, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT CITY OF EUSTIS, 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 ON 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
Hicks Ditch Community Development District City of Eustis, 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 Hicks Ditch Community Development District, City of Eustis, 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 May 28, 2026, on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

May 28, 2026

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Hicks Ditch Community Development District, City of Eustis, 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 ($430,762).

The change in the District’s total net position in comparison with the prior fiscal year was ($424,425), a decrease. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2025, the District’s governmental funds reported combined ending fund balance of $381,588 an increase of $376,331 in comparison with the prior fiscal year. The total fund balance is restricted for debt service and capital projects, 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 assessments and Developer contributions. The District does not have any business-type activities. The governmental activities of the District include the general government (management) and maintenance functions.
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental funds.

OVERVIEW OF FINANCIAL STATEMENTS (Continued)

Governmental Funds
Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and 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	$	393,480	$	14,977	
Capital assets, net of depreciation	4,488,254	-	
Total assets	4,881,734	14,977	
Current liabilities	128,847	9,720	
Long-term liabilities	5,183,649	11,594	
Total liabilities	5,312,496	21,314	
Net position	
Net investment in capital assets	(689,773)	-	
Restricted	238,237	-	
Unrestricted	20,774	(6,337)	
Total net position	$	(430,762)	$	(6,337)	

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)

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 decreased during the most recent fiscal year. The majority of the decrease was due to bond issue costs and interest incurred during the current fiscal year.
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	

$	77,417	

$	-	
Operating grants and contributions	106,168	31,847	
Capital grants and contributions	6,482	-	
Total revenues	190,067	31,847	
Expenses:	
General government	67,455	37,511	
Maintenance and operations	20,985	-	
Bond issue costs	283,178	-	
Interest	242,874	-	
Total expenses	614,492	37,511	
Change in net position	(424,425)	(5,664)	
Net position - beginning	(6,337)	(673)	
Net position - ending	$	(430,762)	$	(6,337)	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2025, was $614,492. The costs of the District’s activities were funded by program revenues. Program revenues were comprised of assessments, developer contributions and interest which increased during the fiscal year as a result of a bond issuance in November 2024. In total, expenses, increased significantly from the prior fiscal year, the majority of the increase was the result of bond issue costs and interest expense.

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 AND DEBT ADMINISTRATION

Capital Assets
At September 30, 2025, the District had $4,488,254 invested in capital assets for its governmental activities. In the government-wide financial statements, no depreciation has been taken. 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 $5,190,000 Bonds outstanding for its governmental activities. More detailed information about the District’s capital debt is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS
The District anticipates that operations and expenses will increase as the District is built out. CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, landowners, 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 Hicks Ditch Community Development District’s Finance Department at 219 E. Livingston Street, Orlando, FL 32801.

HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT CITY OF EUSTIS, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2025

	Governmental
	Activities		
ASSETS		
Cash	$	27,461	
Due from Developer	5,205	
Restricted assets:		
Investments	360,814	
Capital assets:		
Nondepreciable		4,488,254 	
Total assets		4,881,734 	

LIABILITIES		
Accounts payable	6,380	
Unearned revenue	5,512	
Accrued interest payable	116,955	
Non-current liabilities:		
Due within one year	75,000	
Due in more than one year		5,108,649 	
Total liabilities		5,312,496 	

NET POSITION		
Net investment in capital assets	(689,773)	
Restricted for debt service	238,237	
Unrestricted		20,774 	
Total net position	 $	(430,762)	

See notes to the financial statements

HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT CITY OF EUSTIS, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Program Revenues
Charges	Capital

Net (Expense) Revenue and Changes in Net Position

for
Functions/Programs	Expenses	Services Primary government:
Governmental activities:

Operating Grants and Contributions

Grants and Contributions

Governmental Activities

General government	$	67,455	$	11,671	$	92,286	$	-	$	36,502	
Maintenance and operations	20,985	-	-		6,482	(14,503)	
Interest on long-term debt	242,874	65,746	13,882		-	(163,246)	
Bond issue costs	283,178	-	-		-	(283,178)	
Total governmental activities	614,492	77,417	106,168		6,482	(424,425)	

Change in net position	
(424,425)	
Net position - beginning		(6,337)	
Net position - ending	 $	(430,762)	

See notes to the financial statements

HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT CITY OF EUSTIS, FLORIDA
BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2025

	Major Funds		Total

Debt
General	Service

Capital Projects

Governmental Funds

ASSETS		
Cash	$	27,461	$	-	$	-	$	27,461	
Investments	-	355,192	5,622	360,814	
Due from Developer	5,205	-	-	5,205	
Total assets	$	32,666	$	355,192	$	5,622	$	393,480	

LIABILITIES, AND FUND BALANCES
Liabilities:
Accounts payable	$	6,380	$	-	$	-	$	6,380	
Unearned revenues	5,512	-	-	5,512	
Total liabilities	11,892	-	-	11,892	

Fund balances: Restricted for:
Debt service	

-	

355,192	

-	

355,192	
Capital projects	-	-	5,622	5,622	
Unassigned	20,774	-	-	20,774	
Total fund balances	20,774	355,192	5,622	381,588	

Total liabilities and fund balances	
$	32,666	
$	355,192	
$	5,622	
$	393,480	

See notes to the financial statements

HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT CITY OF EUSTIS, FLORIDA
RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

Fund balance - governmental funds	$	381,588
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	4,488,254
Accumulated depreciation		-	   4,488,254
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		(116,955)	
Unamortized original discount		6,351	
Bonds payable			(5,190,000)	(5,300,604) 	
Net position of governmental activities	 $	(430,762) 

See notes to the financial statements

HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT CITY OF EUSTIS, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

		Major Funds		Total	
	
General	Debt
Service	Capital Projects	Governmental Funds	
REVENUES					
Special assessments	$	11,671	$	65,746	$	-	$	77,417	
Developer contributions	92,286	-	6,211	98,497	
Interest earnings	-	13,882	271	14,153	
Total revenues	103,957	79,628	6,482	190,067	

EXPENDITURES					
Current:					
General government	67,455	-	-	67,455	
Maintenance and operations	20,985	-	-	20,985	
Debt service:					
Principal	-	45,000	11,594	56,594	
Interest	-	125,700	-	125,700	
Bond issuance costs	-	-	283,178	283,178	
Capital outlay	-	-	4,488,254	4,488,254	
Total expenditures	88,440	170,700	4,783,026	5,042,166	

Excess (deficiency) of revenues					
over (under) expenditures	15,517	(91,072)	(4,776,544)	(4,852,099)	
OTHER FINANCING SOURCES (USES)					
Bond proceeds	-	446,264	4,788,736	5,235,000	
Original issue discount	-	-	(6,570)	(6,570)	
Total other financing sources (uses)	-	446,264	4,782,166	5,228,430	

Net change in fund balances	
15,517	
355,192	
5,622	
376,331	
Fund balances - beginning	5,257	-	-	5,257	

Fund balances - ending	
$	
20,774	
$	
355,192	
$	
5,622	
$	
381,588	

See notes to the financial statements

HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT CITY OF EUSTIS, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Net change in fund balances - total governmental funds
Amounts reported for governmental activities in the statement of activities are different because:	$	376,331	
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.	

4,488,254	
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.	

56,594	
Governmental funds report the face amount of Bonds issued as financial resources when debt is first issued, whereas these amounts are eliminated in the statement of activities and recognized as long-term liabilities in the statement of net position.	

(5,235,000)	
In connection with the issuance of the Bonds, the original issue discount is reported as a financing use/source when debt is first issued, whereas this amount is eliminated in the statement of activities and reduces/increases long-term liabilities in the statement of net position.□	

6,570	
Amortization of Bond discounts is not recognized in the governmental fund financial statements, but is reported as an expense in the statement of activities.	

(219)	
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.	

	(116,955)	
Change in net position of governmental activities	 $	(424,425) 	

See notes to the financial statements

HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT CITY OF EUSTIS, FLORIDA
NOTES TO FINANCIAL STATEMENTS

NOTE 1 - NATURE OF ORGANIZATION AND REPORTING ENTITY

Hicks Ditch Community Development District (the "District") was established by the City Council of the City of Eustis’ approval of Ordinance No. 22-21 effective on November 3, 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, three of the five Board members are affiliated with TLC Pine Meadows, LLC (“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.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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 on 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.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities and Net Position or Equity (Continued)
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.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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 is 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.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities and Net Position or Equity (Continued)
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, unless otherwise delegated by the 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:
 Amortized Cost	Credit Risk	Maturities	

US Bank Money Market

$	360,814

N/A

N/A

 $	360,814 

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.

NOTE 4 – DEPOSITS AND INVESTMENTS (Continued)

Investments (Continued)
Concentration risk – The District places no limit on the amount the District may invest in any one issuer.
Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates.

However, the Bond Indenture limits the type of investments held using unspent proceeds.
Fair Value Measurement – When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with GASB Statements. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques.

These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
Level 1: Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
Level 3: Investments whose inputs are unobservable.
The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.
Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. Accordingly, the District’s investments have been reported at amortized cost above.

NOTE 5 – CAPITAL ASSETS

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

Governmental activities
Capital assets, not being depreciated

Beginning Balance

Additions	Reductions

Ending Balance

Infrastructure under construction

$	-	$

4,488,254	$

-	$	4,488,254

Total capital assets, not being depreciated	-	4,488,254	-	4,488,254

Governmental activities capital assets, net	$

-	$	4,488,254	$

-	$	4,488,254

The infrastructure intended to serve the District has been estimated at a total cost of approximately
$23,264,649. 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, certain improvements are to be conveyed to others for ownership and maintenance responsibilities.

NOTE 6 – LONG TERM LIABILITIES
Series 2024
On November 22, 2024, the District issued $5,235,000 of Capital Improvement Revenue Bonds, Series 2024 consisting of various Term Bonds with due dates from May 1, 2031, to May 1, 2055 and fixed interest rates ranging from 4.55% to 5.625%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Bonds is to be paid serially commencing May 1, 2026, through May 1, 2055.

NOTE 6 – LONG TERM LIABILITIES (Continued)

Series 2024 (Continued)
The Series 2024 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. This occurred during the current fiscal year as the District collected prepaid assessments and prepaid $45,000 of the Bonds.

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 released to the Developer for construction costs paid on behalf of the District; 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:

	Beginning
Balance	
Additions	
Reductions	Ending
Balance	Due Within One
Year	
Governmental activities						
Bonds payable:						
Series 2024	$	-	$	5,235,000	$	45,000	5,190,000	$	75,000	
Less: Original issue discount	-	(6,570)	(219)	(6,351)	-	
Direct borrowings:	
Developer advances	11,594	-	11,594	-	-	
Total	$	11,594	$	5,228,430	$	56,375	$	5,183,649	$	75,000	

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	$	75,000	$	280,691	$	355,691	
2027	80,000	277,279	357,279	
2028	80,000	273,639	353,639	
2029	85,000	269,999	354,999	
2030	90,000	266,131	356,131	
2031-2035	525,000	1,260,031	1,785,031	
2036-2040	675,000	1,106,779	1,781,779	
2041-2045	880,000	907,234	1,787,234	
2046-2050	1,160,000	636,469	1,796,469	
2051-2055		1,540,000	269,719	1,809,719 	
	 $	5,190,000	$	5,547,971	$	10,737,971 	

NOTE 7 - DEVELOPER TRANSACTIONS

The Developer has agreed to fund the general operations of the District. In connection with that agreement, Developer contributions to the general fund were $92,286, which includes a receivable of
$5,205 as of September 30, 2025. For the Capital Projects Fund, the Developer contribution revenue for the current year was $6,211 as of September 30, 2025. Additionally, the District paid the Developer a total of $4,488,254 for the acquisition of infrastructure improvements and the District also paid off a Developer advance amount for $11,594 using proceeds from Series 2024 Bonds.

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 - MANAGEMENT COMPANY

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 10 - 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 since inception of the District.

HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT CITY OF EUSTIS, FLORIDA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Budgeted
	Amounts	 Original & Final

Actual Amounts

Variance with Final Budget - Positive (Negative)

REVENUES
Assessments	
$	-	
$	11,671	
$	11,671	
Developer Contributions	149,498	92,286	(57,212)	
Total revenues	149,498	103,957	(45,541)	

EXPENDITURES
Current:
General government	

139,398	

67,455	

71,943	
Maintenance and operations	10,100	20,985	(10,885)	
Total expenditures	149,498	88,440	61,058	

Excess (deficiency) of revenues				
over (under) expenditures	 $	-		15,517	 $	15,517 	
Fund balance - beginning			5,257 		
Fund balance - ending		 $	20,774 		

See notes to required supplementary information

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

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

HICKS DITCH COMMUNITY DEVELOPMENT DISTRICT CITY OF EUSTIS, FLORIDA
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.	1	
Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being reported.	
8	
Employee compensation	$1,400	
Independent contractor compensation	$88,440	
Construction projects to begin on or after October 1; ($65K)	Not applicable	

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 - $277.88
Debt service - $749.83 - $1,199.73	
Special assessments collected	$77,417	
Outstanding Bonds:		
Series 2024, due May 1, 2055	$5,190,000	

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
Hicks Ditch Community Development District City of Eustis, 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 Hicks Ditch Community Development District, City of Eustis, 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 May 28, 2026.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

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

May 28, 2026

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 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
Hicks Ditch Community Development District City of Eustis, Florida
We have examined Hicks Ditch Community Development District, City of Eustis, 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 the District’s compliance with those requirements. Our responsibility is to express an opinion on the 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 Hicks Ditch Community Development District, City of Eustis, Florida and is not intended to be and should not be used by anyone other than these specified parties.

May 28, 2026

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

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Hicks Ditch Community Development District City of Eustis, Florida

Report on the Financial Statements
We have audited the accompanying basic financial statements of Hicks Ditch Community Development District, City of Eustis, Florida ("District") as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated May 28, 2026.

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

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated May 28, 2026, should be considered in conjunction with this management letter.

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

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

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

We wish to thank Hicks Ditch Community Development District, City of Eustis, 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.

May 28, 2026

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 findings 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.

Section VIII

Section D

Section 1

Hicks Ditch
Community Development District

	Summary of Checks	

April 1, 2026 to June 30, 2026

Bank	Date	Check No.'s		Amount	

General Fund					
	4/9/26	129-131	$	1,831.54	
	4/30/26	132-134	$	7,469.36	
	5/5/26	135-137	$	752.50	
	5/14/26	138	$	4,901.04	
	5/28/26	139	$	576.15	
	6/4/26	140-141	$	1,909.50	
	6/12/26	142	$	50.00	
	6/26/26	143	$	4,837.97	
			$	22,328.06	

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	7/14/26	PAGE	1
*** CHECK DATES 04/01/2026 - 06/30/2026 ***	HICKS DITCH GENERAL FUND
BANK A GENERAL FUND
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
4/09/26 00016	3/26/26 11121	202603 320-53800-46203	*	216.04
MULCH INSTALLATION
CONTOURS LANDSCAPE SOLUTION,INC.	216.04 000129
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/09/26 00004	3/23/26 3717131	202602 310-51300-31500	*	1,215.50
GENERAL COUNSEL FEB26
KUTAK ROCK LLP	1,215.50 000130
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/09/26 00018	4/02/26 PSI25899 202604 320-53800-47100	*	400.00
POND MAINTANENCE APR26
SOLITUDE LAKE MANAGEMENT	400.00 000131
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/30/26 00016	4/06/26 12068A	202604 320-53800-46200	*	2,548.00 LANDSCAPE MAINT. APR26
CONTOURS LANDSCAPE SOLUTION,INC.	2,548.00 000132
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/30/26 00001	4/01/26 54	202604 320-53800-12000	*	833.33
FIELD MANAGEMENT APR26
4/01/26 55	202604 310-51300-34000	*	3,333.33
MANAGEMENT FEES APR26
4/01/26 55	202604 310-51300-35200	*	100.00
WEBSITE ADMIN APR26
4/01/26 55	202604 310-51300-35100	*	150.00
INFO TECHNOLOGY APR26
4/01/26 55	202604 310-51300-31300	*	416.67
DISSEMINATION AGENT APR26
4/01/26 55	202604 310-51300-51000	*	.21

202604 310-51300-42000	*	5.20	
202604 310-51300-42500	*	3.45	

OFFICE SUPPLIES 4/01/26 55
POSTAGE 4/01/26 55
COPIES
GOVERNMENTAL MANAGEMENT SERVICES-CF	4,842.19 000133
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/30/26 00012	4/21/26 A0254300 202604 310-51300-49000	*	79.17
FACILITY RENTAL APR26
LAKE SUMTER STATE COLLEGE	79.17 000134
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/05/26 00015	4/14/26 3	202604 310-51300-31301	*	100.00
AMORTIZATION SCHEDULE S24
DISCLOSURE SERVICES LLC	100.00 000135
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/05/26 00004	4/02/26 3733717	202603 310-51300-31500	*	252.50
GENERAL COUNSEL MAR26
KUTAK ROCK LLP	252.50 000136
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
HICD HICKS DITC	BOH

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	7/14/26	PAGE	2
*** CHECK DATES 04/01/2026 - 06/30/2026 ***	HICKS DITCH GENERAL FUND
BANK A GENERAL FUND
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
5/05/26 00018	5/02/26 PSI26751 202605 320-53800-47100	*	400.00
LAKE MAINTENANCE MAY26
SOLITUDE LAKE MANAGEMENT	400.00 000137

5/14/26 00001	5/01/26	
	5/01/26	
	5/01/26	
	5/01/26	
	5/01/26	
	5/01/26	
	5/01/26	
	5/01/26	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
56	202605 320-53800-12000	*	833.33
FIELD MANAGEMENT MAY26
57	202605 310-51300-34000	*	3,333.33
MANAGEMENT FEES MAY26
57	202605 310-51300-35200	*	100.00
WEBSITE ADMIN MAY26
57	202605 310-51300-35100	*	150.00
INFO TECHNOLOGY MAY26
57	202605 310-51300-31300	*	416.67
DISSEMINATION AGENT MAY26
57	202605 310-51300-51000	*	.33

202605 310-51300-42000	*	66.78	
202605 310-51300-42500	*	.60	

OFFICE SUPPLIES 57
POSTAGE 57
COPIES
GOVERNMENTAL MANAGEMENT SERVICES-CF	4,901.04 000138
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/28/26 00016	5/22/26 INV-1219 202605 320-53800-47300	*	576.15
IRRIGATION REPAIRS MAY26
CONTOURS LANDSCAPE SOLUTION,INC.	576.15 000139
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/04/26 00004	5/31/26 3749028	202604 310-51300-31500	*	1,509.50
GENERAL COUNSEL APR26
KUTAK ROCK LLP	1,509.50 000140
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/04/26 00018	6/02/26 PSI27609 202606 320-53800-47100	*	400.00
LAKE MAINTENANCE JUN26
SOLITUDE LAKE MANAGEMENT	400.00 000141
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/12/26 00014	6/04/26 2026NONA 202606 310-51300-49000	*	50.00
2026NONA NAL FILE 2026
LAKE COUNTY PROPERTY APPRAISER	50.00 000142
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
6/26/26 00001	6/01/26 58	202606 320-53800-12000	*	833.33
FIELD MANAGEMENT JUN26
6/01/26 59	202606 310-51300-34000	*	3,333.33
MANAGEMENT FEES JUN26
6/01/26 59	202606 310-51300-35200	*	100.00
WEBSITE ADMIN JUN26
6/01/26 59	202606 310-51300-35100	*	150.00
INFO TECHNOLOGY JUN26
HICD HICKS DITC	BOH

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	7/14/26	PAGE	3
*** CHECK DATES 04/01/2026 - 06/30/2026 ***	HICKS DITCH GENERAL FUND
BANK A GENERAL FUND
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
6/01/26 59	202606 310-51300-31300	*	416.67
DISSEMINATION AGENT JUN26
6/01/26 59	202606 310-51300-51000	*	.18
OFFICE SUPPLIES
6/01/26 59	202606 310-51300-42000	*	4.46
POSTAGE
GOVERNMENTAL MANAGEMENT SERVICES-CF	4,837.97 000143
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	22,328.06

HICD HICKS DITC	BOH

Section 2

Hicks Ditch
Community Development District

Unaudited Financial Reporting
May 31, 2026

Table of Contents

1		Balance Sheet	

2	
	General Fund	

3	
	Debt Service Fund - Series 2024	

4	
	Capital Projects Fund	

5-6	
	Month to Month	

7	
	Long Term Debt Schedule	

8	
	Assessment Receipt Schedule	

Hicks Ditch
Community Development District Combined Balance Sheet
May 31, 2026

	General		Debt Service	Capital Projects		Totals	
	Fund		Fund		Fund	Governmental Funds	
Assets:
Operating Account	

$	

79,423	

$	

-	

$	

-	

$	

79,423	
Investments:									
Series 2024									
Reserve	$	-	$	177,126	$	-	$	177,126	
Revenue	$	-	$	146,171	$	-	$	146,171	
Construction	$	-	$	-	$	22,143	$	22,143	
Total Assets	$	79,423	$	323,298	$	22,143	$	424,864	
Liabilities:									
Accounts Payable	$	10,578	$	-	$	-	$	10,578	
Total Liabilites	$	10,578	$	-	$	-	$	10,578	

Fund Balance:
Restricted For:
Debt Service - Series 2024	

$	

-	

$	

323,298	

$	

-	

$	

323,298	
Capital Projects - Series 2024	$	-	$	-	$	22,143	$	22,143	
Unassigned	$	68,845	$	-	$	-	$	68,845	
Total Fund Balances	$	68,845	$	323,298	$	22,143	$	414,286	
									
Total Liabilities & Fund Balance	$	79,423	$	323,298	$	22,143	$	424,864	

Hicks Ditch
Community Development District General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending May 31, 2026

Adopted	Prorated Budget	Actual	
Budget	Thru 05/31/26	Thru 05/31/26	Variance	

Revenues:		
Assessments - On Roll	$	63,630	$	63,630	$	63,685	$	55	
Assessments - Direct	$	63,523	$	36,877	$	36,877	$	-	
Assessments - Lot Closings	$	-	$	-	$	26,645	$	26,645	
Developer Contributions	$	141,805	$	29,860	$	29,860	$	-	
Interest	$	-	$	-	$	1,128	$	1,128	
Total Revenues	$	268,958	$	130,367	$	158,195	$	27,828	

Expenditures:					
General & Administrative:					
Supervisors Fees	$	2,400	$	1,600	$	800	$	800	
FICA Expense	$	184	$	122	$	61	$	61	
Engineering	$	10,000	$	6,667	$	-	$	6,667	
Attorney	$	15,000	$	10,000	$	6,509	$	3,492	
Annual Audit	$	3,400	$	4,900	$	4,900	$	-	
Assessment Administration	$	5,000	$	5,000	$	5,000	$	-	
Arbitrage	$	450	$	450	$	450	$	-	
Dissemination	$	5,000	$	3,333	$	3,333	$	(0)	
Trustee Fees	$	4,620	$	4,620	$	4,246	$	374	
Management Fees	$	40,000	$	26,667	$	26,667	$	0	
Information Technology	$	1,800	$	1,200	$	1,200	$	-	
Website Maintenance	$	1,200	$	800	$	800	$	-	
Telephone	$	100	$	67	$	-	$	67	
Postage & Delivery	$	200	$	133	$	160	$	(27)	
Insurance	$	7,201	$	7,201	$	5,512	$	1,689	
Printing & Binding	$	250	$	167	$	6	$	160	
Legal Advertising	$	5,000	$	3,333	$	734	$	2,599	
Contingency	$	2,500	$	1,667	$	858	$	809	
Office Supplies	$	250	$	167	$	2	$	165	
Travel Per Diem	$	200	$	133	$	-	$	133	
Dues, Licenses & Subscriptions	$	175	$	175	$	175	$	-	
Total General & Administrative:	$	104,930	$	78,402	$	61,413	$	16,988	

Operation and Maintenance					
Field Expenditures
Property Insurance	

$	4,500	

$	-	

$	-	

$	-	
Field Management	$	10,000	$	6,667	$	6,667	$	0	
Landscape Maintenance	$	63,425	$	42,283	$	21,753	$	20,530	
Landscape Contingency	$	5,500	$	5,500	$	9,760	$	(4,260)	
Lake Maintenance	$	6,843	$	4,562	$	3,200	$	1,362	
Streetlights	$	27,760	$	18,507	$	-	$	18,507	
Water & Sewer	$	30,000	$	20,000	$	2,861	$	17,139	
Irrigation Repairs	$	3,500	$	2,333	$	576	$	1,757	
General Field Repairs & Maintenance	$	10,000	$	6,667	$	3,893	$	2,774	
Contingency	$	2,500	$	1,667	$	-	$	1,667	
Total O&M Expenditures:	$	164,028	$	108,185	$	48,709	$	59,476	
					
Total Expenditures	$	268,958	$	186,587	$	110,123	$	76,464	
					
Excess Revenues (Expenditures)	$	0		$	48,072		
					
Fund Balance - Beginning	$	-		$	20,773		
					
Fund Balance - Ending	$	0		$	68,845		

Hicks Ditch
Community Development District Debt Service Fund - Series 2024
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending May 31, 2026

Adopted	Prorated Budget	Actual	
Budget	Thru 05/31/26	Thru 05/31/26	Variance	

Revenues:		
Assessments	$	359,188	$	199,217	$	199,217	$	-	
Assessments - Prepayment	$	-	$	-	$	155,630	$	155,630	
Interest	$	2,000	$	2,000	$	9,535	$	7,535	
Total Revenues	$	361,188	$	201,217	$	364,382	$	163,165	

Expenditures:					
Interest Expense 11/1	$	140,346	$	140,346	$	140,346	$	-	
Special Call 11/1	$	-	$	-	$	20,000	$	(20,000)	
Principal Expense 11/1	$	75,000	$	75,000	$	75,000	$	-	
Interest Expense 5/1	$	140,346	$	140,346	$	139,826	$	519	
Special Call 5/1	$	-	$	-	$	5,000	$	(5,000)	
Total Expenditures	$	355,691	$	355,691	$	380,172	$	(24,481)	

Other Financing Sources:					
Transfer In/(Out)	$	-	$	-	$	(16,103)	$	16,103	
Total Other Financing Sources (Uses)	$	-	$	-	$	(16,103)	$	16,103	
					
Excess Revenues (Expenditures)	$	5,497		$	(31,893)		
					
Fund Balance - Beginning	$	175,432		$	355,191		
					
Fund Balance - Ending	$	180,929		$	323,298		

Hicks Ditch
Community Development District Capital Projects Fund - Series 2024
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending May 31, 2026

Adopted	Prorated Budget	Actual	
Budget	Thru 05/31/26	Thru 05/31/26	Variance	

Revenues:

Interest	

$	

-	$	

-	$	417	

$	417	
Total Revenues	$	-	$	-	$	417	$	417	

Expenditures:

Capital Outlay-Construction	

$	

-	$	

-	$	-	

$	-	
Total Expenditures	$	-	$	-	$	-	$	-	

Other Financing Sources:

Transfer In/(Out)	

$	

-	$	

-	$	16,103	

$	(16,103)	
Total Other Financing Sources (Uses)	$	-	$	-	$	16,103	$	(16,103)	
					
Excess Revenues (Expenditures)	$	-	$	16,521		
					
Fund Balance - Beginning	$	-	$	5,622		
					
Fund Balance - Ending	$	-	$	22,143		

Hicks Ditch
Community Development District Month to Month

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

Revenues:															
Assessment - On Roll	$	-  $	85  $	16,683  $	-  $	46,917  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	63,685	
Assessment - Direct	$	-  $	-  $	18,438  $	9,219  $	-  $	-  $	9,219  $	-  $	-  $	-  $	-  $	-  $	36,877	
Assessments - Lot Closings	$	26,645  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	26,645	
Developer Contributions	$	18,171  $	-  $	11,689  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	29,860	
Interest	$	-  $	-  $	0  $	102  $	392  $	346  $	141  $	147  $	-  $	-  $	-  $	-  $	1,128	
Total Revenues	$	44,816  $	85  $	46,810  $	9,321  $	47,309  $	346  $	9,360  $	147  $	-  $	-  $	-  $	-  $	158,195	

Expenditures:															
General & Administrative:															
Supervisor Fees	$	-  $	-  $	-  $	400  $	-  $	-  $	400  $	-  $	-  $	-  $	-  $	-  $	800	
FICA Expense	$	-  $	-  $	-  $	31  $	-  $	-  $	31  $	-  $	-  $	-  $	-  $	-  $	61	
Engineering	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Attorney	$	1,913  $	352  $	397  $	871  $	1,216  $	253  $	1,510  $	-  $	-  $	-  $	-  $	-  $	6,509	
Annual Audit	$	-  $	-  $	-  $	-  $	-  $	4,900  $	-  $	-  $	-  $	-  $	-  $	-  $	4,900	
Assessment Administration	$	5,000  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	5,000	
Arbitrage	$	-  $	-  $	-  $	-  $	450  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	450	
Dissemination	$	417  $	417  $	417  $	417  $	417  $	417  $	417  $	417  $	-  $	-  $	-  $	-  $	3,333	
Trustee Fees	$	-  $	-  $	4,246  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	4,246	
Management Fees	$	3,333  $	3,333  $	3,333  $	3,333  $	3,333  $	3,333  $	3,333  $	3,333  $	-  $	-  $	-  $	-  $	26,667	
Information Technology	$	150  $	150  $	150  $	150  $	150  $	150  $	150  $	150  $	-  $	-  $	-  $	-  $	1,200	
Website Maintenance	$	100  $	100  $	100  $	100  $	100  $	100  $	100  $	100  $	-  $	-  $	-  $	-  $	800	
Telephone	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Postage & Delivery	$	3  $	52  $	-  $	5  $	7  $	21  $	5  $	67  $	-  $	-  $	-  $	-  $	160	
Insurance	$	5,512  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	5,512	
Printing & Binding	$	-  $	-  $	-  $	-  $	2  $	-  $	3  $	1  $	-  $	-  $	-  $	-  $	6	
Legal Advertising	$	370  $	-  $	364  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	734	
Contingency	$	145  $	188  $	34  $	153  $	39  $	41  $	219  $	39  $	-  $	-  $	-  $	-  $	858	
Office Supplies	$	0  $	0  $	-  $	0  $	0  $	0  $	0  $	0  $	-  $	-  $	-  $	-  $	2	
Travel Per Diem	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Dues, Licenses & Subscriptions	$	175  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	175	
Total General & Administrative:	$	17,118  $	4,592  $	9,041  $	5,459  $	5,714  $	9,214  $	6,168  $	4,107  $	-  $	-  $	-  $	-  $	61,413	

Hicks Ditch
Community Development District Month to Month

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

Operation and Maintenance															
Field:
Property Insurance	

$	

-  $	

-  $	

-  $	

-  $	

-  $	

-  $	

-  $	

-  $	

-  $	

-  $	

-  $	

-  $	

-	
Field Management	$	833  $	833  $	833  $	833  $	833  $	833  $	833  $	833  $	-  $	-  $	-  $	-  $	6,667	
Landscape Maintenance	$	2,548  $	2,548  $	2,548  $	2,548  $	2,548  $	2,548  $	2,548  $	3,917  $	-  $	-  $	-  $	-  $	21,753	
Landscape Replacement & Enhancements	$	-  $	6,803  $	-  $	-  $	545  $	2,412  $	-  $	-  $	-  $	-  $	-  $	-  $	9,760	
Lake Maintenance	$	400  $	400  $	400  $	400  $	400  $	400  $	400  $	400  $	-  $	-  $	-  $	-  $	3,200	
Streetlights	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Water & Sewer	$	1,425  $	458  $	334  $	217  $	28  $	58  $	90  $	251  $	-  $	-  $	-  $	-  $	2,861	
Sidewalk & Asphalt Maintenance	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Irrigation Repairs	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	576  $	-  $	-  $	-  $	-  $	576	
General Field Repairs & Maintenance	$	-  $	-  $	-  $	-  $	3,893  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	3,893	
Contingency	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Total O&M Expenses:	$	5,206  $	11,042  $	4,115  $	3,999  $	8,247  $	6,251  $	3,872  $	5,978  $	-  $	-  $	-  $	-  $	48,709	
															
Total Expenditures	$	22,324  $	15,634  $	13,156  $	9,458  $	13,961  $	15,465  $	10,040  $	10,084  $	-  $	-  $	-  $	-  $	110,123	
															
Excess Revenues (Expenditures)	$	22,493  $	(15,549)  $	33,654  $	(137)  $	33,348  $	(15,119)  $	(680)  $	(9,938)  $	-  $	-  $	-  $	-  $	48,072	

Hicks Ditch
Community Development District Long Term Debt Report

Series 2024, Special Assessment Bonds

Interest Rates:	4.550%, 5.300%, 5.625% Maturity Date:		5/1/2055
Reserve Fund Definition	50% of Maximum Annual Debt Service Reserve Fund Requirement		$177,126
Reserve Fund Balance	$177,126

Bonds Outstanding - 11/22/24	$5,235,000
Principal Payment - 5/1/25	($45,000)
Special Call - 11/1/25	($20,000)
Principal Payment - 5/1/26	($75,000)
Special Call - 5/1/26	($5,000)	
Current Bonds Outstanding	$5,090,000	

Hicks Ditch
COMMUNITY DEVELOPMENT DISTRICT

Fiscal Year 2026		
ON ROLL ASSESSMENTS		
	Gross Assessments $	67,691.71	$	211,752.25	$	279,443.96	
	Net Assessments  $	63,630.21	$	199,047.12	$	262,677.32	
	24.22%	75.78%	100.00%	

Special Assessment Receipts

Date	
Distribution	
Gross Amount	
Discount/Penalty	
Commission	
Interest	Property Appraiser Fee	
Net Receipts	
General Fund	2024 Debt Service	
Total	

11/28/25	
11/01-11/15/25	
$372.34	
($14.89)	
($7.15)	
$0.00	
$0.00	
$350.30	
$84.86	
$265.44	
$350.30	
12/19/25	11/16/25-11/21/25	$5,998.65	($235.15)	($119.97)	$0.00	$0.00	$5,643.53	$1,367.07	$4,276.46	$5,643.53	
12/19/25	11/16/25-11/21/25	$1,563.82	($61.29)	($31.26)	$0.00	$0.00	$1,471.27	$356.40	$1,114.87	$1,471.27	
12/31/25	11/22/25-11/30/25	$51,138.49	($2,004.65)	($1,022.78)	$0.00	$0.00	$48,111.06	$11,654.29	$36,456.77	$48,111.06	
12/31/25	11/22/25-11/30/25	$14,502.58	($568.28)	($290.08)	$0.00	$0.00	$13,644.22	$3,305.14	$10,339.08	$13,644.22	
02/02/26	12/01/25-12/15/25	$148,430.68	$0.00	($2,968.62)	$0.00	$0.00	$145,462.06	$35,236.32	$110,225.74	$145,462.06	
02/02/26	12/01/25-12/15/25	$49,203.18	$0.00	($984.06)	$0.00	$0.00	$48,219.12	$11,680.46	$36,538.66	$48,219.12	
	TOTAL	$	271,209.74	$	(2,884.26)	$	(5,423.92)	$	-	$	-	$	262,901.56	$	63,684.54	$	199,217.02	$	262,901.56	

100%
0

Net Percent Collected Balance Remaining to Collect

DIRECT BILL ASSESSMENTS

TLC Pine Meadows LLC 2026-01		
Net Assessments	
$	36,876.96	
Date
Received	Due
Date	Check
Number	Net
Assessed	Amount
Received	General
Fund	

12/17/25	
11/1/25	
3961	
$18,438.48	
$18,438.48	
$18,438.48	
1/29/26	2/1/26	3971	$9,219.24	$9,219.24	$9,219.24	
4/30/26	5/1/26	4008	$9,219.24	$9,219.24	$9,219.24	
			$	36,876.96	$	36,876.96	$	36,876.96	

Section 3

www.lakevotes.gov

1898 E. Burleigh Blvd.  P.O. Box 457  Tavares, FL 32778 P 352-343-9734 F 352-343-3605 E Hays@lakevotes.gov

April 21, 2026

Brittany Brookes, Recording Secretary 219 E. Livingston St.
Orlando FL 32801 Re: District Counts
The number of registered voters within the Hicks Ditch Community Development District as of April 15, 2026 is 60.

If we may be of further assistance, please contact this office.

Sincerely,

D. Alan Hays
Lake County Supervisor of Elections

Section 4

BOARD OF SUPERVISORS MEETING DATES LAKE EMMA COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2027

The Board of Supervisors of the Lake Emma Community Development District will hold their regular meetings for Fiscal Year 2027 on the 4th Wednesday of each month, at the Cooper Memorial Library, 2525 Oakley Seaver Drive, Clermont, Florida 34711, at 10:00 a.m., unless otherwise indicated as follows:
October 28, 2026
November 4, 2026*
January 27, 2027
February 24, 2027
March 24, 2027
April 28, 2027
May 26, 2027
June 23, 2027
July 28, 2027
August 25, 2027
September 22, 2027

The meetings are open to the public and will be conducted in accordance with the provision of Florida Law for Community Development Districts. The meetings may be continued to a date, time, and place to be specified on the record at the meeting. A copy of the agenda for these meetings may be obtained from Governmental Management Services - Central Florida, LLC, 219
E. Livingston Street, Orlando, Florida 32801 or by calling (407) 841-5524.

There may be occasions when one or more Supervisors or staff will participate by telephone. Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations at this meeting because of a disability or physical impairment should contact the District Office at (407) 841-5524 at least 48 hours prior to the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY) / 1-800-955-8770 (Voice), for aid in contacting the District Office.

A person who decides to appeal any decision made at the meeting with respect to any matter considered at the meeting is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.
District Manager

Section 5

SECTION a.

Hicks Ditch Community Development District Performance Measures/Standards &
Annual Reporting Form
October 1, 2026 – September 30, 2027

 Community Communication and Engagement
Goal 1.1: Public Meetings Compliance
Objective: Hold at least three regular Board of Supervisor meetings per year to conduct CDD related business and discuss community needs.
Measurement: Number of public board meetings held annually as evidenced by meeting minutes and legal advertisements.
Standard: A minimum of three board meetings were held during the Fiscal Year.
Achieved: Yes ☐ No ☐

Goal 1.2: Notice of Meetings Compliance
Objective: Provide public notice of each meeting at least seven days in advance, as specified in Section 190.007(1), using at least two communication methods.
Measurement: Timeliness and method of meeting notices as evidenced by posting to CDD website, publishing in local newspaper and via electronic communication. Standard: 100% of meetings were advertised with 7 days notice per statute on at least two mediums (i.e., newspaper, CDD website, electronic communications).
Achieved: Yes ☐ No ☐

Goal 1.3: Access to Records Compliance
Objective: Ensure that meeting minutes and other public records are readily available and easily accessible to the public by completing monthly CDD website checks.
Measurement: Monthly website reviews will be completed to ensure meeting minutes and other public records are up to date as evidenced by District Management’s records.
Standard: 100% of monthly website checks were completed by District Management.
Achieved: Yes ☐ No ☐

 Infrastructure and Facilities Maintenance
Goal 2.1: Field Management and/or District Management Site Inspections
Objective: Field manager and/or district manager will conduct inspections per
District Management services agreement to ensure safety and proper functioning of the District’s infrastructure.
Measurement: Field manager and/or district manager visits were successfully completed per management agreement as evidenced by field manager and/or district manager’s reports, notes or other record keeping method.
Standard: 100% of site visits were successfully completed as described within district management services agreement
Achieved: Yes ☐ No ☐

Goal 2.2: District Infrastructure and Facilities Inspections
Objective: District Engineer will conduct an annual inspection of the District’s infrastructure and related systems.
Measurement: A minimum of one inspection completed per year as evidenced by district engineer’s report related to district’s infrastructure and related systems.
Standard: Minimum of one inspection was completed in the Fiscal Year by the district’s engineer.
Achieved: Yes ☐ No ☐
 Financial Transparency and Accountability
Goal 3.1: Annual Budget Preparation
Objective: Prepare and approve the annual proposed budget by June 15 and final budget was adopted by September 30 each year.
Measurement: Proposed budget was approved by the Board before June 15 and final budget was adopted by September 30 as evidenced by meeting minutes and budget documents listed on CDD website and/or within district records.
Standard: 100% of budget approval & adoption were completed by the statutory deadlines and posted to the CDD website.
Achieved: Yes ☐ No ☐
Goal 3.2: Financial Reports
Objective: Publish to the CDD website the most recent versions of the following documents: Annual audit, current fiscal year budget with any amendments, and most recent financials within the latest agenda package.
Measurement: Annual audit, previous years’ budgets, and financials are accessible to the public as evidenced by corresponding documents on the CDD’s website.
Standard: CDD website contains 100% of the following information: Most recent annual audit, most recent adopted/amended fiscal year budget, and most recent agenda package with updated financials.
Achieved: Yes ☐ No ☐

Goal 3.3: Annual Financial Audit
Objective: Conduct an annual independent financial audit per statutory
requirements and publish the results to the CDD website for public inspection, and transmit to the State of Florida.
Measurement: Timeliness of audit completion and publication as evidenced by meeting minutes showing board approval and annual audit is available on the CDD’s website and transmitted to the State of Florida.
Standard: Audit was completed by an independent auditing firm per statutory requirements and results were posted to the CDD website and transmitted to the State of Florida.
Achieved: Yes ☐ No ☐

Chair/ViceChair:	
Print	Name:	 Hicks Ditch Community Development District

Date:	

District  Manager:	 Print  Name:	 Hicks Ditch Community Development District

Date:	

Section	.

Hicks Ditch Community Development District Performance Measures/Standards &
Annual Reporting Form
October 1, 2025 – September 30, 2026

 Community Communication and Engagement
Goal 1.1: Public Meetings Compliance
Objective: Hold at least three regular Board of Supervisor meetings per year to conduct CDD related business and discuss community needs.
Measurement: Number of public board meetings held annually as evidenced by meeting minutes and legal advertisements.
Standard: A minimum of three board meetings were held during the Fiscal Year.
Achieved: Yes ☐ No ☐

Goal 1.2: Notice of Meetings Compliance
Objective: Provide public notice of each meeting at least seven days in advance, as specified in Section 190.007(1), using at least two communication methods.
Measurement: Timeliness and method of meeting notices as evidenced by posting to CDD website, publishing in local newspaper and via electronic communication. Standard: 100% of meetings were advertised with 7 days notice per statute on at least two mediums (i.e., newspaper, CDD website, electronic communications).
Achieved: Yes ☐ No ☐

Goal 1.3: Access to Records Compliance
Objective: Ensure that meeting minutes and other public records are readily available and easily accessible to the public by completing monthly CDD website checks.
Measurement: Monthly website reviews will be completed to ensure meeting minutes and other public records are up to date as evidenced by District Management’s records.
Standard: 100% of monthly website checks were completed by District Management.
Achieved: Yes ☐ No ☐

 Infrastructure and Facilities Maintenance
Goal 2.1: Field Management and/or District Management Site Inspections
Objective: Field manager and/or district manager will conduct inspections per
District Management services agreement to ensure safety and proper functioning of the District’s infrastructure.
Measurement: Field manager and/or district manager visits were successfully completed per management agreement as evidenced by field manager and/or district manager’s reports, notes or other record keeping method.
Standard: 100% of site visits were successfully completed as described within district management services agreement
Achieved: Yes ☐ No ☐

Goal 2.2: District Infrastructure and Facilities Inspections
Objective: District Engineer will conduct an annual inspection of the District’s infrastructure and related systems.
Measurement: A minimum of one inspection completed per year as evidenced by district engineer’s report related to district’s infrastructure and related systems.
Standard: Minimum of one inspection was completed in the Fiscal Year by the district’s engineer.
Achieved: Yes ☐ No ☐
 Financial Transparency and Accountability
Goal 3.1: Annual Budget Preparation
Objective: Prepare and approve the annual proposed budget by June 15 and final budget was adopted by September 30 each year.
Measurement: Proposed budget was approved by the Board before June 15 and final budget was adopted by September 30 as evidenced by meeting minutes and budget documents listed on CDD website and/or within district records.
Standard: 100% of budget approval & adoption were completed by the statutory deadlines and posted to the CDD website.
Achieved: Yes ☐ No ☐
Goal 3.2: Financial Reports
Objective: Publish to the CDD website the most recent versions of the following documents: Annual audit, current fiscal year budget with any amendments, and most recent financials within the latest agenda package.
Measurement: Annual audit, previous years’ budgets, and financials are accessible to the public as evidenced by corresponding documents on the CDD’s website.
Standard: CDD website contains 100% of the following information: Most recent annual audit, most recent adopted/amended fiscal year budget, and most recent agenda package with updated financials.
Achieved: Yes ☐ No ☐

Goal 3.3: Annual Financial Audit
Objective: Conduct an annual independent financial audit per statutory
requirements and publish the results to the CDD website for public inspection, and transmit to the State of Florida.
Measurement: Timeliness of audit completion and publication as evidenced by meeting minutes showing board approval and annual audit is available on the CDD’s website and transmitted to the State of Florida.
Standard: Audit was completed by an independent auditing firm per statutory requirements and results were posted to the CDD website and transmitted to the State of Florida.
Achieved: Yes ☐ No ☐

Chair/ViceChair:	
Print	Name:	 Hicks Ditch Community Development District

Date:	

District  Manager:	 Print  Name:	 Hicks Ditch Community Development District

Date: