The Groves Community Development District

The Groves Community Development District Financial Statements (Unaudited) February 28, 2019 Prepared by: Rizzetta & Company, Inc. thegrovescdd.org rizzetta.com

Balance Sheet As of 2/28/2019 Debt Service General Fund Reserve Fund Fund Total Governmental Funds General Fixed Asset Account Group General Long-Term Debt Account Group Assets Cash In Bank 155,552 0 0 155,552 0 0 Investments 1,376,201 0 197,272 1,573,473 0 0 Investments - Reserves 0 1,819,266 0 1,819,266 0 0 Accounts Receivable 83,671 0 10,174 93,846 0 0 Prepaid Expenses 0 0 0 0 0 0 Deposits 23,691 0 0 23,691 0 0 Due From Other Funds 0 0 0 0 0 0 Amount Available In Debt Service Funds 0 0 0 0 0 207,446 Amount To Be Provided 0 0 0 0 0 1,277,554 Fixed Assets 0 0 0 0 15,464,998 0 Total Assets 1,639,116 1,819,266 207,446 3,665,828 15,464,998 1,485,000 Liabilities Accounts Payable 18,466 0 0 18,466 0 0 Accrued Expenses Payable 3,000 0 0 3,000 0 0 Deposits 3,150 0 0 3,150 0 0 Due To Other Funds 0 0 0 0 0 0 Revenue Bond Payable--Long Term 0 0 0 0 0 1,485,000 Total Liabilities 24,616 0 0 24,616 0 1,485,000 Fund Equity & Other Credits Beginning Fund Balance 1,027,740 1,592,680 85,209 2,705,629 15,464,998 0 Net Change in Fund Balance 586,760 226,586 122,237 935,583 0 0 Total Fund Equity & Other Credits 1,614,500 1,819,266 207,446 3,641,212 15,464,998 0 Total Liabilities & Fund Equity 1,639,116 1,819,266 207,446 3,665,828 15,464,998 1,485,000

Statement of Revenues and Expenditures 001 - General Fund From 10/1/2018 Through 2/28/2019 Annual Percent Annual YTD YTD Actual YTD Variance Remaining Revenues Interest Earnings Interest Earnings 0 0 5,312 5,312 0.00% Special Assessments Tax Roll 1,022,726 1,022,726 1,054,383 31,657 (3.09)% Other Miscellaneous Revenues Miscellaneous 0 0 8,159 8,159 0.00% Total Revenues 1,022,726 1,022,726 1,067,854 45,128 (4.41)% Expenditures Legislative Supervisors Fees 14,000 5,833 4,800 1,033 65.71% Financial & Administrative Administrative Services 8,600 3,583 3,583 0 58.33% District Management 39,200 16,333 16,333 0 58.33% District Engineer 15,000 6,250 4,735 1,515 68.43% Disclosure Report 1,000 1,000 1,000 0 0.00% Trustees Fees 3,000 3,000 6,850 (3,850) (128.33)% Tax Collector/Property Appraiser Fees 150 0 0 0 100.00% Financial & Revenue Collections 5,000 2,083 2,083 0 58.33% Accounting Services 21,300 8,875 8,875 0 58.33% Auditing Services 4,000 0 0 0 100.00% Arbitrage Rebate Calculation 650 650 0 650 100.00% Assessment Roll 5,000 5,000 5,000 0 0.00% Public Officials Liability Insurance 4,000 4,000 3,050 950 23.75% Legal Advertising 1,500 625 0 625 100.00% Bank Fees 750 313 0 313 100.00% Dues, Licenses & Fees 750 175 175 0 76.66% Music License/ Monthly Service 2,500 1,042 927 114 62.90% Liquor License 1,350 1,350 0 1,350 100.00% Website Hosting, Maint, Backup (and Email) 2,100 875 875 0 58.33% Legal Counsel District Counsel 25,000 10,417 12,759 (2,343) 48.96% Law Enforcement Deputy/Florida Highway Patrol 5,000 2,083 2,520 (437) 49.60% Security Operations Security Monitoring Services 65,000 27,083 25,916 1,167 60.12%

Statement of Revenues and Expenditures 001 - General Fund From 10/1/2018 Through 2/28/2019 Annual Percent Annual YTD YTD Actual YTD Variance Remaining Miscellaneous Operating Supplies 5,500 2,292 4,518 (2,226) 17.85% Security Camera Maintenance 51,000 21,250 25,313 (4,063) 50.36% Electric Utility Services Utility Services 32,000 13,333 11,185 2,149 65.04% Utility-Recreation Facilities 32,000 13,333 14,257 (924) 55.44% Street Lights 31,000 12,917 10,713 2,203 65.44% Garbage/Solid Waste Control Services Garbage-Recreation Facility 800 333 310 23 61.25% Solid Waste Assessment 2,750 1,146 0 1,146 100.00% Water-Sewer Combination Services Utility Services 13,250 5,521 8,165 (2,644) 38.38% Stormwater Control Lake/Pond Bank Maintenance 15,000 6,250 7,130 (880) 52.46% Aquatic Maintenance 18,000 7,500 0 7,500 100.00% Stormwater Assessment 3,000 1,250 5,359 (4,109) (78.64)% Aquatic Plant Replacement 5,000 2,083 0 2,083 100.00% Miscellaneous Expense 2,500 1,042 0 1,042 100.00% Other Physical Environment General Liability/Property/Casualty Insurance 26,000 26,000 21,889 4,111 15.81% Entry & Walls Maintenance 2,000 833 0 833 100.00% Landscape Maintenance 200,000 83,333 73,391 9,942 63.30% Irrigation Repair & Maintenance 10,000 4,167 5,188 (1,022) 48.11% Pump & Well Maintenance 2,500 1,042 396 646 84.16% Holiday Decorations 5,000 5,000 2,784 2,216 44.31% Landscape Replacement Plants, Shrubs, Trees 25,000 10,417 938 9,479 96.24% Road & Street Facilities Gate Phone/Gate Repairs 6,500 2,708 0 2,708 100.00% Street Light Decorative Light Maintenance 2,500 1,042 0 1,042 100.00% Street Sign Repair & Replacement Parking Lot Repair & Maintenance 5,000 2,083 0 2,083 100.00% 1,500 625 0 625 100.00% Sidewalk Repair & Maintenance 14,000 5,833 61,548 (55,715) (339.62)% Roadway Repair & Maintenance 5,000 2,083 0 2,083 100.00%

Statement of Revenues and Expenditures 001 - General Fund From 10/1/2018 Through 2/28/2019 Annual Percent Annual YTD YTD Actual YTD Variance Remaining Parks & Recreation Management Contract 179,426 74,761 63,415 11,346 64.65% Clubhouse Maintenance & Repair 35,000 14,583 13,107 1,477 62.55% Telephone, Fax, Internet 2,000 833 543 290 72.83% Vehicle Maintenance 1,500 625 375 250 75.00% Clubhouse Office Supplies 7,900 3,292 1,940 1,352 75.44% Lighting Replacement 1,000 417 42 375 95.80% Clubhouse Janitorial Supplies 8,000 3,333 2,881 452 63.98% Pool/Water Park/Fountain Maintenance 5,000 2,083 15,455 (13,372) (209.10)% Athletic/Park Court/Field Repairs 5,500 2,292 700 1,592 87.27% Pool Service Contract 12,000 5,000 0 5,000 100.00% Clubhouse Furniture Repair/ Replacement 2,500 1,042 1,420 (379) 43.18% Pool Furniture Replacement 2,500 1,042 0 1,042 100.00% Clubhouse Miscellaneous 5,000 2,083 3,028 (945) 39.43% Expense Dog Park Maintenance 1,500 625 286 339 80.92% Replace/Removal of Dead 1,000 417 0 417 100.00% Hedges/Dog Park Boardwalk & Bridge Maintenance 20,000 8,333 0 8,333 100.00% Crosswalk and Lane Painting 2,000 833 0 833 100.00% New Gate Construction for Back 2,000 833 0 833 100.00% Entrance Contingency Capital Outlay 26,625 11,094 0 11,094 100.00% Reclaimed Water - WUP Commitment 15,000 6,250 9,587 (3,337) 36.08% Miscellaneous Contingency 26,625 11,094 15,748 (4,654) 40.85% Total Expenditures 1,103,726 484,853 481,094 3,759 56.41% Excess of Revenues Over (Under) Expenditures (81,000) 537,873 586,760 48,887 824.39% Other Financing Sources (Uses) Carry Forward Fund Balance 81,000 0 0 0 100.00% Excess of Rev./Other Sources Over (Under) Expend./Other Uses 0 537,873 586,760 48,887 0.00%

Statement of Revenues and Expenditures 001 - General Fund From 10/1/2018 Through 2/28/2019 Annual Percent Annual YTD YTD Actual YTD Variance Remaining Fund Balance, Beginning of Period 0 0 1,027,740 1,027,740 0.00% Fund Balance, End of Period 0 537,873 1,614,500 1,076,626 0.00%

Statement of Revenues and Expenditures Reserve Fund - 005 From 10/1/2018 Through 2/28/2019 Annual Current Period Actual to Actual Variance Percentage Remaining Revenues Interest Earnings Interest Earnings 0 1,586 1,586 0.00% Special Assessments Tax Roll 225,000 225,000 0 0.00% Total Revenues 225,000 226,586 1,586 0.70% Expenditures Contingency Capital Reserve 225,000 0 225,000 100.00% Total Expenditures 225,000 0 225,000 100.00% Excess of Revenues Over (Under) Expenditures 0 226,586 226,586 0.00% Excess of Rev./Other Sources Over (Under) Expend./Other Uses 0 226,586 226,586 0.00% Fund Balance, Beginning of Period 0 1,592,680 1,592,680 0.00% Fund Balance, End of Period 0 1,819,266 1,819,266 0.00%

Statement of Revenues and Expenditures Debt Service Fund - Series 2007-201 From 10/1/2018 Through 2/28/2019 Annual Current Period Actual to Actual Variance Percentage Remaining Revenues Interest Earnings Interest Earnings 0 967 967 0.00% Special Assessments Tax Roll 158,096 162,107 4,011 2.53% Total Revenues 158,096 163,074 4,979 3.15% Expenditures Debt Service Interest 83,096 40,838 42,258 50.85% Principal 75,000 0 75,000 100.00% Total Expenditures 158,096 40,838 117,258 74.17% Excess of Revenues Over (Under) Expenditures 0 122,237 122,237 0.00% Excess of Rev./Other Sources Over (Under) Expend./Other Uses 0 122,237 122,237 0.00% Fund Balance, Beginning of Period 0 85,209 85,209 0.00% Fund Balance, End of Period 0 207,446 207,446 0.00%

The Groves CDD Investment Summary February 28, 2019 Balance as of Account Investment February 28, 2019 US Bank Custody Operating Surplus Cash Account $ 221,469 The Bank of Tampa Money Market 220,459 The Bank of Tampa ICS: City National Bank of Florida Money Market 25 Enterpise Bank and Trust Company Money Market 245,283 First National Bank of Omaha Money Market 179,488 Flushing Bank Money Market 245,296 Mutual of Omaha Bank Money Market 18,864 United Bank Money Market 245,317 Total General Fund Investments $ 1,376,201 US Bank Custody Reserve Cash Account $ 1,592,814 The Bank of Tampa ICS Capital Reserve: Enterpise Bank and Trust Company Money Market 1 Mutual of Omaha Bank Money Market 226,451 Total Reserve Fund Investments $ 1,819,266 US Bank Series 2007 Prepayment First American Treasury Obligation Fund Class Z $ 2 US Bank Series 2007 Reserve First American Treasury Obligation Fund Class Z 1 US Bank Series 2007 Revenue First American Treasury Obligation Fund Class Z 156,182 US Bank Series 2007 Interest First American Treasury Obligation Fund Class Z 41,087 Total Debt Service Fund Investments $ 197,272

Summary A/R Ledger 001 - General Fund From 2/1/2019 Through 2/28/2019 Invoice Date Customer Name Invoice Number Current Balance 10/1/2018 Pasco County Tax Collector FY18-19 80,298.38 12/31/2018 Vesh Grill Vesh-Copies-Dec 18 2.34 12/31/2018 Vesh Grill Vesh-Elec-Dec 18 491.65 1/31/2019 The Groves Golf & Country Club HOA, Inc. HOA-Copies Jan 19 54.29 1/31/2019 The Groves Golf & Country Club HOA, Inc. HOA-Elec-Jan 19 770.50 1/31/2019 Vesh Grill Vesh-Copies-Jan 19 10.40 1/31/2019 Vesh Grill Vesh-Elec-Jan 19 431.99 2/28/2019 The Groves Golf & Country Club HOA, Inc. HOA-BH-Feb 19 215.60 2/28/2019 The Groves Golf & Country Club HOA, Inc. HOA-BH-Jan 19 215.60 2/28/2019 The Groves Golf & Country Club HOA, Inc. HOA-Copies Feb 19 54.29 2/28/2019 The Groves Golf & Country Club HOA, Inc. HOA-Elec-Feb 19 721.11 2/28/2019 Vesh Grill Vesh-Copies-Feb 19 12.29 2/28/2019 Vesh Grill Vesh-Elec-Feb 19 392.81 Total 001 - General Fund 83,671.25

Summary A/R Ledger 201 - Debt Service Fund - Series 2007 From 2/1/2019 Through 2/28/2019 Invoice Date Customer Name Invoice Number Current Balance 10/1/2018 Pasco County Tax Collector FY18-19 10,174.38 Total 201 - Debt Service Fund - Series 2007 10,174.38 Report Balance 93,845.63

Aged Payables by Invoice Date Aging Date - 2/1/2019 001 - General Fund From 2/1/2019 Through 2/28/2019 Current Vendor Name Invoice Date Invoice Number Invoice Description Balance Landmark Engineering & Surveying Corp. Clean Sweep Supply Co., Inc. 2/14/2019 2000020-220 Engineering Services 02/19 437.50 2/19/2019 00203456 Janitorial Supplies 02/19 21.25 The Lake Doctors, Inc. 2/20/2019 414348 Fountain Repair & Parts 02/19 555.00 Universal Protection 2/21/2019 8592459 Security Officers 2,410.80 Service LLC 02/08/19-02/21/19 Pasco County 2/21/2019 11586437 7924 Melogold Circle Hydrant 01/19 25.48 Rizzetta Amenity Services, Inc. 2/22/2019 INV00000000005879 Bi-Weekly Payroll-Insurance Reim 02/19 4,687.19 Bright House Networks 2/24/2019 051389001022419 7924 Melogold Circle-Front Gates 03/19 120.93 Bright House Networks 2/24/2019 051389201022419 7924 Melogold - Maint Shed 03/19 73.95 Cornerstone Solutions 2/26/2019 10-93654 Engineering Plans for Sign Project 3,000.00 Group 01/19 Great Britain Tile, Inc. 2/26/2019 26840 Cafe Carpert & Tile Installation 02/19 3,000.00 Sedgwick Valuation Services 2/26/2019 60020449846-1 Insurance Appraisal 02/19 450.00 Straley Robin Vericker 2/26/2019 16712 Legal Services 02/19 1,460.15 Pasco County 2/27/2019 11602083 7924 Melogold Reclaimed Water 1,419.33 01/19 Yellowstone Landscape 2/28/2019 TM 4796 Irrigation Repairs 02/19 110.28 Yellowstone Landscape 2/28/2019 TM 4823 Irrigation Repairs 02/19 88.93 Yellowstone Landscape 2/28/2019 TM 4882 Irrigation Repairs 02/19 81.16 Steve Gaskins Contracting, Inc. 3/5/2019 19697 Off Duty Deputy & Scheduler Fee 02/19 524.00 Total 001 - General Fund 18,465.95 Report Total 18,465.95

Notes to Unaudited Financial Statements February 28, 2019 Balance Sheet 1. Trust statement activity has been recorded through 02/28/19. 2. See EMMA (Electronic Municipal Market Access) at https://emma.msrb.org/ for Municipal Disclosures and Market Data. 3. For presentation purposes, the Reserves are shown in a separate fund titled Reserve Fund. Summary A/R Ledger Payment Terms 4. Payment terms for landowner assessments are (a) defined in the FY18-19 Assessment Resolution adopted by the Board of Supervisors, (b) pursuant to Florida Statutes, Chapter 197 for assessments levied via the county tax roll.