As of. September 30, The balances in the funds and accounts under the Indenture as of :

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1 ISSUER ANNUAL REPORT (Pasco County, Florida) Capital Improvement Revenue Refunding Bonds, Series 2015A-1 $10,345,000, due May 1, 2036 CUSIP No T Multiple Series 2015A-2 $495,000, due May 1, 2036 CUSIP No T AQ0 As of September 30, The balances in the funds and accounts under the Indenture as of : Series 2015 Reserve A-1- $360, Series 2015 Reserve A-2 - $20,045 Series 2015 Interest A-1 - $210, Series 2015 Interest A-2 - $13, Series 2015 Revenue -$12, The assessed value of lands upon which the Assessments securing the Bonds are levied; provided, however, that the Issuer may rely upon the records of the County Property Appraiser for such information: Please see the records of the Pasco County Property Appraiser for the assessed value of the lands upon which the Assessments securing the bonds are levied. 3 The amount of Assessments certified by the Issuer to the Tax Collector for the immediately preceding calendar year. (Fiscal Year 2014/2015): $844,731 (Tax Roll - net) 4 The amount of Assessments collected for the prior year. (Fiscal Year 2014/2015): $844,731 (net) 5 The amount of Delinquent Assessments: Unknown. 6 The dollar amount of tax certificates sold: Unknown. 7 The debt service schedule for the remaining term of the Bonds: See attached. 8 An update of information contained in the Official Statement under the caption "THE PROJECT": No updates. The Fiscal Year 2014/2015 audited financial statement is in process and should be filed with the Auditor General by June 30, 2016, as required by Florida Statutes. To be provided under separate cover when it becomes available. See attached unaudited financial statem ent. RIZZETTA & COMPANY INCORPORATED

2 Waters Edge CDD SPECIAL ASSESSMENT REVENUE REFUNDING BONDS SERIES 2015 (2036 TERM BONDS) DEBT SERVICE SCHEDULE & ANNUAL ASSESSMENTS DEBT SERVICE PAYMENTS NET FEES & TOTAL O/S PERIOD ANNUAL DISCOUNTS ANNUAL DATE PRINCIPAL PRINCIPAL INTEREST TOTAL ASSESSMENT 6.00% ASSESSMENT 03/17/15 $10,840,000 $0 $0 11/01/15 $10,840,000 $228,897 $228,897 $228,897 $14,610 $243,507 05/01/16 $10,840,000 $370,000 $195,268 $565,268 11/01/16 $10,470,000 $190,463 $190,463 $755,730 $48,238 $803,968 05/01/17 $10,470,000 $380,000 $190,463 $570,463 11/01/17 $10,090,000 $185,533 $185,533 $755,995 $48,255 $804,250 05/01/18 $10,090,000 $390,000 $185,533 $575,533 11/01/18 $9,700,000 $180,478 $180,478 $756,010 $48,256 $804,266 05/01/19 $9,700,000 $400,000 $180,478 $580,478 11/01/19 $9,300,000 $176,260 $176,260 $756,738 $48,302 $805,040 05/01/20 $9,300,000 $405,000 $176,260 $581,260 11/01/20 $8,895,000 $171,261 $171,261 $752,521 $48,033 $800,555 05/01/21 $8,895,000 $420,000 $171,261 $591,261 11/01/21 $8,475,000 $165,521 $165,521 $756,783 $48,305 $805,088 05/01/22 $8,475,000 $430,000 $165,521 $595,521 11/01/22 $8,045,000 $159,394 $159,394 $754,915 $48,186 $803,101 05/01/23 $8,045,000 $445,000 $159,394 $604,394 11/01/23 $7,600,000 $152,263 $152,263 $756,657 $48,297 $804,954 05/01/24 $7,600,000 $460,000 $152,263 $612,263 11/01/24 $7,140,000 $144,348 $144,348 $756,611 $48,294 $804,906 05/01/25 $7,140,000 $475,000 $144,348 $619,348 11/01/25 $6,665,000 $135,896 $135,896 $755,244 $48,207 $803,451 05/01/26 $6,665,000 $495,000 $135,896 $630,896 11/01/26 $6,170,000 $127,058 $127,058 $757,954 $48,380 $806,334 05/01/27 $6,170,000 $510,000 $127,058 $637,058 11/01/27 $5,660,000 $117,655 $117,655 $754,713 $48,173 $802,886 05/01/28 $5,660,000 $530,000 $117,655 $647,655 11/01/28 $5,130,000 $106,943 $106,943 $754,598 $48,166 $802,763 05/01/29 $5,130,000 $550,000 $106,943 $656,943 11/01/29 $4,580,000 $95,830 $95,830 $752,773 $48,049 $800,822 05/01/30 $4,580,000 $575,000 $95,830 $670,830 11/01/30 $4,005,000 $84,218 $84,218 $755,048 $48,195 $803,242 05/01/31 $4,005,000 $600,000 $84,218 $684,218 11/01/31 $3,405,000 $72,083 $72,083 $756,300 $48,274 $804,574 05/01/32 $3,405,000 $625,000 $72,083 $697,083 11/01/32 $2,780,000 $58,853 $58,853 $755,935 $48,251 $804,186 05/01/33 $2,780,000 $650,000 $58,853 $708,853 11/01/33 $2,130,000 $45,098 $45,098 $753,950 $48,124 $802,074 05/01/34 $2,130,000 $680,000 $45,098 $725,098 11/01/34 $1,450,000 $30,695 $30,695 $755,793 $48,242 $804,035 05/01/35 $1,450,000 $710,000 $30,695 $740,695 11/01/35 $740,000 $15,663 $15,663 $756,358 $48,278 $804,636 05/01/36 $740,000 $740,000 $15,663 $755,663 $771,325 $49,234 $820,559 11/01/36 TOTAL $10,840,000 $5,255,182 $16,095,182 $16,110,844 $1,028,352 $17,139,196

3 Waters Edge Community Development District Financial Statements (Unaudited) September 30, 2015 Prepared by Rizzetta & Company, Inc. District Manager

4 Balance Sheet As of 9/30/2015 (In Whole Numbers) Total Governmental General Fund Reserve Fund Debt Service Fund Funds General Fixed Assets Account Group General Long-Term Debt Account Group Assets Cash In Bank 4, , Investments 344, , , Investments - Reserve Fund 0 51, , Accounts Receivable Prepaid Expenses 7, , Due From Other Funds Amount Available in Debt Service ,538 Amount To Be Provided Debt Service ,223,462 Fixed Assets ,633,196 0 Total Assets 357,148 51, ,538 1,025,085 6,633,196 10,840,000 Liabilities Accounts Payable 4, , Accrued Expenses Payable 2, , Other Current Liabilities Due To Other Funds Revenue Bonds Payable - Series ,840,000 Total Liabilities 6, , ,840,000 Fund Equity & Other Credits Beginning Fund Balance 361,267 24, ,133 1,158,424 6,633,196 0 Net Change in Fund Balance (10,890) 27,376 (156,595) (140,109) 0 0 Total Fund Equity & Other Credits 350,378 51, ,538 1,018,315 6,633,196 0 Total Liabilities & Fund Equity 357,148 51, ,538 1,025,085 6,633,196 10,840,000 See Notes to Unaudited Financial Statements

5 Statement of Revenues and General Fund From 10/1/2014 Through 9/30/2015 (In Whole Numbers) Annual Budget Percent Annual Budget YTD Budget YTD Actual YTD Variance Remaining Revenues Interest Earnings Interest Earnings % Special Assessments Tax Roll 251, , ,352 9,121 (3.63)% Total Revenues 251, , ,840 9,609 (3.82)% Legislative Supervisor Fees 9,600 9,600 7,200 2, % Financial & Administrative Administrative Services 6,056 6,056 6, % District Management 21,424 21,424 21, % District Engineer 10,000 10,000 1,444 8, % Disclosure Report ,500 (1,000) (200.00)% Trustees Fees 4,000 4,000 3, % Tax Collector Fees % Financial Consulting Services 8,858 8,858 8, % Accounting Services 11,897 11,897 11, % Auditing Services 3,400 3,400 3,500 (100) (2.94)% Arbitrage Rebate Calculation ,950 (1,300) (200.00)% Public Officials Liability Insurance 2,900 2,900 2, % Legal Advertising 1,050 1,050 1,196 (146) (13.88)% Dues, Licenses & Fees (150) (85.71)% Website Development/Maintenance ,850 (1,232) (199.35)% Legal Counsel District Counsel 10,000 10,000 10,091 (91) (0.90)% Stormwater Control Fountain Service Repair & Maintenance 4,000 4,000 2,171 1, % Lake/Pond Bank Maintenance 7,500 7, , % Aquatic Maintenance 21,420 21,420 22,245 (825) (3.85)% Mitigation Area Monitoring & Maintenance 2,000 2, , % Wetland Monitoring & Maintenance 3,000 3, , % Aquatic Plant Replacement 1,000 1, , % Other Physical Environment See Notes to Unaudited Financial Statements

6 Statement of Revenues and General Fund From 10/1/2014 Through 9/30/2015 (In Whole Numbers) Annual Budget Percent Annual Budget YTD Budget YTD Actual YTD Variance Remaining Property/Casualty/GL Insurance 9,000 9,000 6,402 2, % Entry & Walls Maintenance 2,500 2, , % Landscape Maintenance 58,000 58,000 63,975 (5,975) (10.30)% Irrigation Repairs & Maintenance 3,000 3,000 37,415 (34,415) (1,147.15)% Mulch 5,000 5,000 2,880 2, % Landscape Replacement Plants, Shrubs, Trees 20,000 20,000 7,356 12, % Contingency Miscellaneous Contingency 5,250 5,250 18,000 (12,750) (242.85)% Total 232, , ,446 (11,498) (4.94)% Excess Of Revenues Over (Under) 18,283 18,283 16,393 (1,890) 10.33% Other Financing Sources (Uses) Transfer of Reserves (18,283) (18,283) (27,283) (9,000) (49.22)% Exc. Of Rev/Other Sources Over/(Under) Expend./Other Uses 0 0 (10,890) (10,890) 0.00% Fund Balance, Beginning of Period , , % Fund Balance, End of Period , , % See Notes to Unaudited Financial Statements

7 Statement of Revenues and Reserve Fund From 10/1/2014 Through 9/30/2015 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings % Total Revenues % Contingency Capital Reserve 18, , % Total 18, , % Excess Of Revenues Over (Under) (18,283) 93 18,376 (100.50)% Other Financing Sources (Uses) Transfer of Reserves 18,283 27,283 9, % Exc. Of Rev/Other Sources Over/(Under) Expend./Other Uses 0 27,376 27, % Fund Balance, Beginning of Period 0 24,024 24, % Fund Balance, End of Period 0 51,399 51, % See Notes to Unaudited Financial Statements

8 Statement of Revenues and Debt Service Fund From 10/1/2014 Through 9/30/2015 (In Whole Numbers) Annual Budget Current Period Actual Budget To Actual Variance Budget Percent Remaining Revenues Interest Earnings Interest Earnings % Special Assessments Tax Roll 844, , % Total Revenues 844, , % Financial & Administrative District Management 0 5,000 (5,000) 0.00% Trustees Fees 0 5,500 (5,500) 0.00% Assessment Consultant 0 15,000 (15,000) 0.00% Verification Agent 0 1,750 (1,750) 0.00% Underwriter 0 162,600 (162,600) 0.00% Printing & Binding 0 1,250 (1,250) 0.00% Rating Fees 0 18,000 (18,000) 0.00% Legal Counsel District Counsel 0 20,250 (20,250) 0.00% Trustee Counsel 0 4,250 (4,250) 0.00% Bond Counsel 0 65,000 (65,000) 0.00% Debt Service Interest 574, , , % Principal 270,000 5, , % Total 844, , , % Excess Of Revenues Over (Under) 0 253, , % Other Financing Sources (Uses) Bond Proceeds 0 10,822,573 10,822, % Bond Retirement 0 (11,232,960) (11,232,960) 0.00% Total Other Financing Sources (Uses) 0 (410,387) (410,387) 0.00% Exc. Of Rev/Other Sources Over/(Under) Expend./Other Uses 0 (156,595) (156,595) 0.00% Fund Balance, Beginning of Period 0 773, , % Fund Balance, End of Period 0 616, , % See Notes to Unaudited Financial Statements

9 Waters Edge CDD Investment Summary September 30, 2015 Balance as of Account Investment September 30, 2015 SunTrust Money Market $ 121,757 State Board of Administration Local Government Investment Pool 31 The Bank of Tampa Money Market 223,192 Total General Fund Investments $ 344,980 The Bank of Tampa ICS Capital Reserve Mutual of Omaha Bank Money Market $ 51,399 Total Reserve Fund Investments $ 51,399 US Bank Series 2015 Reserve A-1 US Bank Money Market 5 $ 360,028 US Bank Series 2015 Reserve A-2 US Bank Money Market 5 20,045 US Bank Series 2015 Interest A-1 US Bank Money Market 5 210,393 US Bank Series 2015 Interest A-2 US Bank Money Market 5 13,990 US Bank Series 2015 Revenue US Bank Money Market 5 12,082 Total Debt Service Fund Investments $ 616,538

10 Summary A/P Ledger General Fund From 9/1/2015 Through 9/30/2015 Vendor Name Invoice Date Invoice Number Invoice Description Current Balance Danny J. Roby 9/24/2015 DR Board of Supervisors Meeting 09/24/15 Edward Grillo 9/24/2015 EG Board of Supervisors Meeting 09/24/15 Fountain Design Group, Inc. 9/30/ Fountain Repairs/Parts & Labor 09/15 Lake Masters Aquatic Weed Control, Inc. Lake Masters Aquatic Weed Control, Inc. Lake Masters Aquatic Weed Control, Inc. 8/24/ Pond 5,9 & 23 Pickerel Weed 08/15 9/1/ Monthly Service - Aquatic Weed Control 09/ , /28/ Picked up Dead Fish 09/ Michael T. McCarthy 9/24/2015 MM Board of Supervisors Meeting 09/24/15 Thomas A. Russo 9/24/2015 TR Board of Supervisors Meeting 09/24/ Total General Fund 4, Report Balance 4,020.00

11 Notes to Unaudited Financial Statements September 30, 2015 Balance Sheet 1. Trust statement activity has been recorded through 09/30/ See EMMA (Electronic Municipal Market Access) at for Municipal Disclosures and Market Data. 3. $51,399 of the General Fund Balance is reserved for future Capital as appropriated from the General Fund Budget and is reflected in the Reserve Fund. Current YTD funding is $27,283.