Portofino Springs Community Development District
February 13, 2026

Seat 4: Kyle Castillo – (C.)		
Seat 1: David Westbrook – (V.C.)		
Seat 2: Dominic Miletta – (A.S.)		
Seat 5: Open Seat		
Seat 3: Open Seat		

Portofino Springs
Community Development District
Agenda
Friday	Barraco and Associates, Inc.
February 13, 2026	2271 McGregor Blvd., Suite 100, Fort Myers, FL 33901 10:45 a.m.		Join the Meeting Now
Meeting ID: 210 131 479 600 63 and Passcode: 4dd7wa9b
1 872-240-4685 and Phone Conference ID: 831 201 758#
Roll Call
Organizational Matters
Consideration of Appointment of Supervisor(s) to Unexpired Term(s) of Office – Seat #3 and Seat #5 – (11/2028)

Oath of Office for Newly Appointed Supervisor(s) – Page 3

Election of Officer(s)

Approval of the Minutes of the May 16, 2025 Meeting – Page 4

Consideration of Resolution #2026-01 Approving the Proposed Fiscal Year 2027 Budget and Setting the Public Hearing – Page 9

Ratification of Engagement Letter with Grau & Associates to Perform the Audit for Fiscal Year Ending September 30, 2025 – Page 18

Acceptance of Audit for Fiscal Year Ending in September 30, 2025 – Page 23
Discussion of Procedures for the General Election – Page 57
Staff Reports
Attorney – Consideration of Request for Adjustment to District Counsel Fee Structure – Page 58
Engineer
Manager – Final Approval of the FY2024 – FY2025 Report Performance Measures and Standards – Page 60

Financial Reports
Approval of Check Run Summary – Page 65

Acceptance of Unaudited Financials – Page 70

Supervisors Requests and Audience Comments

Adjournment
Meetings are open to the public and may be continued to a time, date and place certain. For more information regarding this CDD please visit the website: http://www.portofinospringscdd.com

Oath of Office

I, 	 a resident of the State of Florida and citizen of the United States of America, and being a Supervisor of the Portofino Springs Community Development District and a recipient of public funds on behalf of the District, do hereby solemnly swear or affirm that I will support the Constitution of the United States and of the State of Florida, and will faithfully, honestly and impartially discharge the duties devolving upon me in the office of Supervisor of the Portofino Springs Community Development District, 	County, Florida.
Signature 	 Home Address 	

County of Residence: 	 Telephone #: 	 E-mail: 	 Date: 	

Sworn	to	(or	affirmed)	before	me	this			day	of		,	by
	 whose signature appears hereinabove.

Notary Public State of Florida

Print Name

My Commission expires Personally known 	 or produced identification 	
Type of identification	

MINUTES OF MEETING PORTOFINO SPRINGS
COMMUNITY DEVELOPMENT DISTRICT
A special meeting of the Board of Supervisors of the Portofino Springs Community Development District was held on Friday, May 16, 2025 at 10:45 a.m. at 2271 McGregor Blvd., Suite 100, Fort Myers, Florida.

Present and constituting a quorum were:

Kyle Castillo	Chairman
David Westbrook	Vice Chairman
Dominick Miletta	Assistant Secretary Also present were:
Ginger Wald	District Counsel (by phone)
Paul Winkeljohn	District Manager

FIRST ORDER OF BUSINESS	Roll Call
Mr. Winkeljohn called the meeting to order and called the roll.

SECOND ORDER OF BUSINESS	Organizational Matters
Consideration of Resolution #2025-01 Declaring Vacancies on the Board of Supervisors for Seat #3 (11/2028) and Seat #5 (11/2028)
Oath of Office for Elected/Newly Appointed Supervisor(s)
Election of Officer(s)
Mr. Winkeljohn: You still have vacant seats, and I have not had anyone step forward yet. We sent another letter, there’s been no response, so I can agree if you do as well to table item No. 2.
Mr. Castillo: Yes.

THIRD ORDER OF BUSINESS	Approval of the Minutes of the
March 14, 2025 Meeting
Mr. Winkeljohn: Moving on to your minutes of the March 14th meeting, if those are ok, a motion is appreciated.

On MOTION by Mr. Westbrook seconded by Mr. Miletta with all in favor, the Minutes of the March 14, 2025 Meeting were approved.

FOURTH ORDER OF BUSINESS	Public Hearing to Adopt the Fiscal
Year 2026 Budget
Motion to Open the Public Hearing
Mr. Winkeljohn:	You guys know the drill, we’re here for the public hearing to adopt the 2026 budget, a motion to open the public hearing would be appreciated.

On MOTION by Mr. Westbrook seconded by Mr. Miletta with all in favor, opening the Public Hearing was approved.

Public Comment and Discussion
Resolution #2025-04 Annual Appropriation Resolution
Mr. Winkeljohn: At this time, we would take public comment and discussion, and there’s been no response to the ad, to the emails or letters providing any comments, so we can move past that item to resolution #2025-04 which is the setting of the assessment and the accompanying line item budget. There’s no reason to change the assessment because the District is able to absorb its annual regulatory expenses with the existing rate and staff recommends approval of resolution #2025-04 by motion.

On MOTION by Mr. Miletta seconded by Mr. Westbrook with all in favor, Resolution #2025-04 the Annual Appropriation Resolution was approved.

Resolution #2025-05 Levy of Non Ad Valorem Assessments
Mr. Winkeljohn:	The collection of that assessment is encompassed in resolution #2025-05, a motion to approve would be welcomed.

On MOTION by Mr. Westbrook seconded by Mr. Castillo with all in favor, Resolution #2025-05 levy of Non Ad Valorem Assessments was approved.

Motion to Close the Public Hearing
Mr. Winkeljohn: Then a motion to close the public hearing.

On MOTION by Mr. Castillo seconded by Mr. Miletta with all in favor, closing the Public Hearing was approved.

FIFTH ORDER OF BUSINESS	Audit Selection Committee Meeting
Opening the Audit Selection Committee Meeting
Roll Call
Ranking of Respondents
Adjournment
Mr. Winkeljohn: Another procedural item today, you remember at our last meeting we formed an audit selection committee with all three of you, and you authorized a request for proposals, we’ve received those back in time for today’s meeting so with a motion we can open up the audit selection committee meeting.

On MOTION by Mr. Westbrook seconded by Mr. Castillo with all in favor, opening the Audit Selection Committee Meeting was approved.

Mr. Winkeljohn: As I mentioned, the roll call is the three members of our Board, the respondents were very thin but very qualified, Grau & Associates, our current auditor did respond with a 10 year proposal, your action would be to rank the respondent as either #1 or disqualified, and I see no reason to disqualify them and recommend a motion to rank them #1.

On MOTION by Mr. Westbrook seconded by Mr. Castillo with all in favor, ranking of respondents to the RFP, ranking Grau & Associates as the #1 ranked auditing firm was approved.

Mr. Winkeljohn: That adjourns our audit selection committee meeting.

SIXTH ORDER OF BUSINESS	Selection of Audit Firms
Mr. Winkeljohn: Item No. 6 is the selection of the audit firms and we just identified Grau & Associates as the #1 ranked firm, and a recommended motion would be to approve an engagement letter with them and accept them as the auditor for the District, is there a motion?

On MOTION by Mr. Westbrook seconded by Mr. Castillo with all in favor, selecting Grau & Associates as the District’s auditor and authorizing staff to enter into an agreement was approved.

SEVENTH ORDER OF BUSINESS	Staff Reports
Mr. Winkeljohn: That brings us to staff reports, and with us today is Ginger on the phone, hi Ginger, anything for our friends today?

Attorney
Ms. Wald: Hi everybody, no I do not have anything today but, next meeting we should have the legislative memorandum to go over, thank you.
Mr. Winkeljohn: Very good, and you all won’t see us before your June or July meeting but the Form 1 email will be coming out, just keep your eyes pealed for that, it’s just like last year, it’s an online process, and this is the second year so if things haven’t changed it should be pretty smooth for you, and you will be checking the box that you did the 4 hours of ethics training.

Engineer
Mr. Winkeljohn: We have no report from the engineer.

Engineer
Number of Registered Voters in the District – 248
Consideration of Proposed Fiscal Year 2026 Meeting Schedule
Discussion of Financial Disclosure Report from the Commission on Ethics and Reminder to File Annual Form
Discussion of Designation of District Records Office
Mr. Winkeljohn: Under management report, it’s standard, including the report of the elector voters with is 248 members of the community are registered which continues to keep them just under the threshold of the ballot. Item No. 2 is the fiscal year 2026 meeting schedule, as you know we advertise for a whole year to save funds, and that’s presented to you for next year, is there a motion to accept?

On MOTION by Mr. Westbrook seconded by Mr. Miletta with all in favor, accepting the proposed Fiscal Year 2026 Metting Schedule was approved.

Mr. Winkeljohn: Item No. 3 I already covered, and item No. 4 is designation of the District records office, and because it’s an electronic process only now, I will approach Barraco & Associates to allow the use of a laptop or a computer, and if somebody requires a records request I can come over and meet with them and use my laptop, I have all the records on a server that I can access and do it that way. So, under the condition this firm approves that for me, you would authorize this today by motion.

On MOTION by Mr. Castillo seconded by Mr. Westbrook with all in favor, designation of District records office as Barraco & Associates at 2271 McGregor Blvd., Suite 100, Fort Myers, Florida was approved.

EIGHTH ORDER OF BUSINESS	Financial Reports
Approval of the Check Run Summary
Acceptance of Unaudited Financials
Mr. Winkeljohn:	Moving on to your financial reports, there’s nothing of note or unusual activity there, a motion would be welcome.

On MOTION by Mr. Castillo seconded by Mr. Miletta with all in favor, the Check Run Summary, and the Unaudited Financials were approved.

NINTH ORDER OF BUSINESS	Supervisors	Requests	and
Audience Comments
Mr. Winkeljohn: And if you have any other comments or questions, or anything to add, now is the time.

TENTH ORDER OF BUSINESS	Adjournment
Mr. Winkeljohn: If not, just a motion to adjourn would be welcomed.

On MOTION by Mr. Westbrook seconded by Mr. Castillo with all in favor, the Meeting was adjourned.

Secretary / Assistant Secretary	Chairman / Vice Chairman

RESOLUTION 2026-01

A RESOLUTION OF THE PORTOFINO SPRINGS COMMUNITY DEVELOPMENT DISTRICT APPROVING THE DISTRICT’S PROPOSED BUDGET FOR FISCAL YEAR 2027 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW

WHEREAS, the District Manager has prepared the proposed budget for the Fiscal Year
2027; and

WHEREAS, the Board of Supervisors approves the proposed budget for purpose of submitting said budget to the local governing authorities not less than 60 days prior to the public hearing date in accordance with Chapter 190.008(b), Florida Statutes: and

WHEREAS, the Board of Supervisors desires to set the public hearing date;

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE PORTOFINO SPRINGS COMMUNITY DEVELOPMENT DISTRICT:

The proposed budget for Fiscal Year 2027 is hereby approved for the purpose of conducting a public hearing to adopt said budget.
A public hearing on said approved budget is hereby declared and set for the following date, hour and place:

Date: 	 Hour: 	 Place: 	

Notice of public hearing shall be published in accordance with Florida Law. Adopted this 	 day of 	, 2026

Chairman/Vice Chairman

Secretary/Assistant Secretary

Portofino Springs	
Community Development District	

Proposed Budget	
FY 2027	

Table of Contents

1

2-3

4

5

	General Fund

	Narratives

	Debt Service Fund Series 2007

	Series 2007 Amortization Schedule

6		Assessment Schedule

Portofino Springs	
Community Development District	
Proposed Budget	
General Fund	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Proposed Budget	
Description	FY2026	12/31/25	9 Months	9/30/26	FY 2027	

REVENUES:

Special Assessments - On Roll	$	53,838	$	45,646	$	8,192	$	53,838	$	53,838	
Carry Forward Surplus	30,441	46,351	-	46,351	31,391	

TOTAL REVENUES	$84,279	$91,998	$8,192	$100,189	$85,229	

EXPENDITURES:

Administrative						
Supervisor Fees	$	7,200	$	-	$	1,200	$	1,200	$	7,200	
FICA Taxes	551	-	92	92	551	
Engineering	1,000	-	750	750	1,000	
Attorney	10,000	1,500	1,350	2,850	10,000	
Annual Audit	3,700	-	3,700	3,700	3,400	
Dissemination Agent	2,783	696	2,087	2,783	2,950	
Trustee Fees	3,500	-	3,500	3,500	3,500	
Management Fees	26,796	6,699	20,097	26,796	28,404	
Information Technology	1,113	278	835	1,113	1,180	
Website Maintenance	1,113	278	835	1,113	1,180	
Postage & Delivery	100	37	63	100	100	
Insurance General Liability	9,304	8,295	-	8,295	9,125	
Printing & Binding	200	-	40	40	200	
Legal Advertising	2,000	-	2,000	2,000	2,000	
Other Current Charges	1,000	288	259	548	1,000	
Office Supplies	25	-	25	25	25	
Dues, Licenses & Subscriptions	175	175	-	175	175	
1st Quarter Operating	13,720	-	13,720	13,720	13,240	

TOTAL EXPENDITURES	$84,279	$18,246	$50,553	$68,799	$85,229	

EXCESS REVENUES (EXPENDITURES)	$-	$73,752	$(42,361)	$31,391	$	-	

Special Assessments - On Roll	
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the
operating expenditures during the Fiscal Year.	

Expenditures - Administrative	

Supervisors Fees	
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated
$200 per meeting in which they attend. The budgeted amount for the fiscal year is based on all supervisors attending 6 meetings.	
FICA Taxes	
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.	
Engineering	
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.	
Attorney	
The District’s Attorney, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.	
Annual Audit	
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.	
Dissemination Agent	
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.	
Trustee Fees	
The District bonds will be held and administered by a Trustee. This represents the trustee annual fee.	
Management Fees	
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-South Florida, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.	
Information Technology	
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.	
Website Maintenance	
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated monthly.	
Postage and Delivery	
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.	
Insurance General Liability	
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.	
Printing and Binding	
Copies used in the preparation of agenda packages, required mailings, and other special projects.	

Legal Advertising	
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.	
Other Current Charges	
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.	
Office Supplies	
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.	
Due, Licenses & Subscriptions	
The District is required to pay an annual fee to the Florida Department of Commerce for $175.	
1st Quarter Operating	
Represents expenses in the first 2 months prior to assessments being collected.	

Portofino Springs	
Community Development District	
Proposed Budget	
Debt Service Series 2007 Special Assessment Refunding Bonds	

Adopted Budget	
Actuals Thru	
Projected Next	
Projected Thru	Proposed Budget	
Description	FY2026	12/31/25	9 Months	9/30/26	FY 2027	

REVENUES:

Special Assessments-On Roll	$	134,391	$	113,943	$	20,448	$	134,391	$	134,391	
Interest Earnings	2,000	1,143	1,000	2,143	2,000	
Carry Forward Surplus (1)	94,467	98,515	-	98,515	102,949	

TOTAL REVENUES	$230,857	$213,601	$21,448	$235,049	$239,339	

EXPENDITURES:

Interest - 11/01	$	33,550	$	33,550	$	-	$	33,550	$	31,763	
Interest - 05/01	33,550	-	33,550	33,550	31,763	
Principal - 05/01	65,000	-	65,000	65,000	70,000	

TOTAL EXPENDITURES	$132,100	$33,550	$98,550	$132,100	$133,525	

EXCESS REVENUES (EXPENDITURES)	$98,757	$180,051	$(77,102)	$102,949	$105,814	

Interest Due 11/1/27	$29,838	

(1) Carry Forward is Net of Reserve Requirement

$29,838

Portofino Springs	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2007 Special Assessment Refunding Bonds	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

11/01/24	$1,285,000	5.500%	$-	$35,337.50	$35,338	
05/01/25	1,285,000	5.500%	65,000	35,337.50		
11/01/25	1,220,000	5.500%	-	33,550.00	133,888	
05/01/26	1,220,000	5.500%	65,000	33,550.00		
11/01/26	1,155,000	5.500%	-	31,762.50	130,313	
05/01/27	1,155,000	5.500%	70,000	31,762.50		
11/01/27	1,085,000	5.500%	-	29,837.50	131,600	
05/01/28	1,085,000	5.500%	75,000	29,837.50		
11/01/28	1,010,000	5.500%	-	27,775.00	132,613	
05/01/29	1,010,000	5.500%	80,000	27,775.00		
11/01/29	930,000	5.500%	-	25,575.00	133,350	
05/01/30	930,000	5.500%	85,000	25,575.00		
11/01/30	845,000	5.500%	-	23,237.50	133,813	
05/01/31	845,000	5.500%	85,000	23,237.50		
11/01/31	760,000	5.500%	-	20,900.00	129,138	
05/01/32	760,000	5.500%	90,000	20,900.00		
11/01/32	670,000	5.500%	-	18,425.00	129,325	
05/01/33	670,000	5.500%	95,000	18,425.00		
11/01/33	575,000	5.500%	-	15,812.50	129,238	
05/01/34	575,000	5.500%	100,000	15,812.50		
11/01/34	475,000	5.500%	-	13,062.50	128,875	
05/01/35	475,000	5.500%	110,000	13,062.50		
11/01/35	365,000	5.500%	-	10,037.50	133,100	
05/01/36	365,000	5.500%	115,000	10,037.50		
11/01/36	250,000	5.500%	-	6,875.00	131,913	
05/01/37	250,000	5.500%	120,000	6,875.00		
11/01/37	130,000	5.500%	-	3,575.00	130,450	
05/01/38	130,000	5.500%	130,000	3,575.00	133,575	

Total	$1,285,000	$591,525	$1,876,525	

Portofino Springs
Community Development District
Non-Ad Valorem Assessments Comparison 2026-2027	

Neighborhood	O&M Units	Bonds Units
2007	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2027	
FY2026	Increase/ (decrease)	
FY 2027	
FY2026	Increase/ (decrease)	
FY 2027	
FY2026	Increase/ (decrease)	

Townhomes - PP	

47	

47	

$282.14	

$282.14	

$0.00	

$638.30	

$638.30	

$0.00	

$920.44	

$920.44	

$0.00	
Townhomes	156	155	$282.14	$282.14	$0.00	$728.83	$728.83	$0.00	$1,010.97	$1,010.97	$0.00	
Total	203	202										

Page 6

May 30, 2025

Board of Supervisors
Portofino Springs Community Development District 5385 N. Nob Hill Road
Sunrise, FL 33351

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

We are pleased to confirm our understanding of the services we are to provide Portofino Springs Community Development District, Lee County, Florida (“the District”) for the fiscal year ended September 30, 2025, with an option for ten (10) additional annual renewals. We will audit the financial statements of the governmental activities and each major fund, including the related notes to the financial statements, which collectively comprise the basic financial statements of Portofino Springs Community Development District as of and for the fiscal year ended September 30, 2025, with an option for ten (10) additional annual renewals. In addition, we will examine the District’s compliance with the requirements of Section 218.415 Florida Statutes.
Accounting principles generally accepted in the United States of America provide for certain required supplementary information (RSI), such as management’s discussion and analysis (MD&A), to supplement the District’s basic financial statements. Such information, 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. As part of our engagement, we will apply certain limited procedures to the District’s RSI in accordance with auditing standards generally accepted in the United States of America. These limited procedures will consist of inquiries of management regarding 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 will 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.
The following RSI is required by generally accepted accounting principles and will be subjected to certain limited procedures, but will not be audited:
Management’s Discussion and Analysis
Budgetary comparison schedule
The following other information accompanying the financial statements will not be subjected to the auditing procedures applied in our audit of the financial statements, and our auditor’s report will not provide an opinion or any assurance on that information:
Compliance with FL Statute 218.39 (3) (c)
Audit Objectives
The objective of our audit is the expression of opinions as to whether your financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles and to report on the fairness of the supplementary information referred to in the second paragraph when considered in relation to the financial statements as a whole. Our audit will be conducted in accordance with auditing standards generally accepted in the United States of America and the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and will include tests of the accounting records of the District and other procedures we consider necessary to enable us to express such opinions. We will issue a written report upon completion of our audit of the District’s financial statements. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or add emphasis-of-matter or other-matter paragraphs. If our opinion on the financial statements is other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the audit or are unable to form or have not formed an opinion, we may decline to express an opinion or issue a report, or may withdraw from this engagement.
We will also provide a report (that does not include an opinion) on internal control related to the financial statements and compliance with the provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a material effect on the financial statements as required by Government Auditing Standards. The report on internal control and on compliance and other matters will include a paragraph that states (1) that the purpose of the report is solely to describe the scope of testing of internal control and compliance, and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control on compliance, and (2) that the report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control and compliance. The paragraph will also state that the report is not suitable for any other purpose. If during our audit we become aware that the District is subject to an audit requirement that is not encompassed in the terms of this engagement, we will communicate to management and those charged with governance that an audit in accordance with U.S. generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards may not satisfy the relevant legal, regulatory, or contractual requirements.

Examination Objective
The objective of our examination is the expression of an opinion as to whether the District is in compliance with Florida Statute 218.415 in accordance with Rule 10.556(10) of the Auditor General of the State of Florida. Our examination will be conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and will include tests of your records and other procedures we consider necessary to enable us to express such an opinion. We will issue a written report upon completion of our examination of the District’s compliance. The report will include a statement that the report is intended solely for the information and use of management, those charged with governance, and the Florida Auditor General, and is not intended to be and should not be used by anyone other than these specified parties. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or add emphasis-of-matter or other-matter paragraphs. If our opinion on the District’s compliance is other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the examination or are unable to form or have not formed an opinion, we may decline to express an opinion or issue a report, or may withdraw from this engagement.
Other Services
We will assist in preparing the financial statements and related notes of the District in conformity with U.S. generally accepted accounting principles based on information provided by you. These nonaudit services do not constitute an audit under Government Auditing Standards and such services will not be conducted in accordance with Government Auditing Standards. The other services are limited to the financial statement services previously defined. We, in our sole professional judgment, reserve the right to refuse to perform any procedure or take any action that could be construed as assuming management responsibilities.
Management Responsibilities
Management is responsible for compliance with Florida Statute 218.415 and will provide us with the information required for the examination. The accuracy and completeness of such information is also management’s responsibility. You agree to assume all management responsibilities relating to the financial statements and related notes and any other nonaudit services we provide. You will be required to acknowledge in the management representation letter our assistance with preparation of the financial statements and related notes and that you have reviewed and approved the financial statements and related notes prior to their issuance and have accepted responsibility for them. In addition, you will be required to make certain representations regarding compliance with Florida Statute 218.415 in the management representation letter. Further, you agree to oversee the nonaudit services by designating an individual, preferably from senior management, who possesses suitable skill, knowledge, or experience; evaluate the adequacy and results of those services; and accept responsibility for them.
Management is responsible for designing, implementing and maintaining effective internal controls, including evaluating and monitoring ongoing activities, to help ensure that appropriate goals and objectives are met; following laws and regulations; and ensuring that management and financial information is reliable and properly reported. Management is also responsible for implementing systems designed to achieve compliance with applicable laws, regulations, contracts, and grant agreements. You are also responsible for the selection and application of accounting principles, for the preparation and fair presentation of the financial statements and all accompanying information in conformity with U.S. generally accepted accounting principles, and for compliance with applicable laws and regulations and the provisions of contracts and grant agreements.
Management is also responsible for making all financial records and related information available to us and for the accuracy and completeness of that information. You are also responsible for providing us with (1) access to all information of which you are aware that is relevant to the preparation and fair presentation of the financial statements, (2) additional information that we may request for the purpose of the audit, and (3) unrestricted access to persons within the government from whom we determine it necessary to obtain audit evidence.
Your responsibilities include adjusting the financial statements to correct material misstatements and for confirming to us in the written representation letter that the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole.
You are responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud affecting the government involving (1) management, (2) employees who have significant roles in internal control, and (3) others where the fraud could have a material effect on the financial statements. Your responsibilities include informing us of your knowledge of any allegations of fraud or suspected fraud affecting the government received in communications from employees, former employees, grantors, regulators, or others. In addition, you are responsible for identifying and ensuring that the government complies with applicable laws, regulations, contracts, agreements, and grants and for taking timely and appropriate steps to remedy fraud and noncompliance with provisions of laws, regulations, contracts or grant agreements, or abuse that we report.
Management is responsible for establishing and maintaining a process for tracking the status of audit findings and recommendations. Management is also responsible for identifying and providing report copies of previous financial audits, attestation engagements, performance audits or other studies related to the objectives discussed in the Audit Objectives section of this letter. This responsibility includes relaying to us corrective actions taken to address significant findings and recommendations resulting from those audits, attestation engagements, performance audits, or other studies. You are also responsible for providing management’s views on our current findings, conclusions, and recommendations, as well as your planned corrective actions, for the report, and for the timing and format for providing that information.
With regard to the electronic dissemination of audited financial statements, including financial statements published electronically on your website, you understand that electronic sites are a means to distribute information and, therefore, we are not required to read the information contained in these sites or to consider the consistency of other information in the electronic site with the original document.

Audit Procedures—General
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We will plan and perform the audit to obtain reasonable rather than absolute assurance about whether the financial statements are free of material misstatement, whether from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws or governmental regulations that are attributable to the government or to acts by management or employees acting on behalf of the government. Because the determination of abuse is subjective, Government Auditing Standards do not expect auditors to provide reasonable assurance of detecting abuse.
Because of the inherent limitations of an audit, combined with the inherent limitations of internal control, and because we will not perform a detailed examination of all transactions, there is a risk that material misstatements may exist and not be detected by us, even though the audit is properly planned and performed in accordance with U.S. generally accepted auditing standards and Government Auditing Standards. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental regulations that do not have a direct and material effect on the financial statements. Our responsibility as auditors is limited to the period covered by our audit and does not extend to later periods for which we are not engaged as auditors.
Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and may include tests of the physical existence of inventories, and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected individuals, funding sources, creditors, and financial institutions. We will request written representations from your attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will require certain written representations from you about your responsibilities for the financial statements; compliance with laws, regulations, contracts, and grant agreements; and other responsibilities required by generally accepted auditing standards.
Audit Procedures—Internal Control
Our audit will include obtaining an understanding of the government and its environment, including internal control, sufficient to assess the risks of material misstatement of the financial statements and to design the nature, timing, and extent of further audit procedures. Tests of controls may be performed to test the effectiveness of certain controls that we consider relevant to preventing and detecting errors and fraud that are material to the financial statements and to preventing and detecting misstatements resulting from illegal acts and other noncompliance matters that have a direct and material effect on the financial statements. Our tests, if performed, will be less in scope than would be necessary to render an opinion on internal control and, accordingly, no opinion will be expressed in our report on internal control issued pursuant to Government Auditing Standards.
An audit is not designed to provide assurance on internal control or to identify significant deficiencies or material weaknesses. However, during the audit, we will communicate to management and those charged with governance internal control related matters that are required to be communicated under AICPA professional standards and Government Auditing Standards.
Audit Procedures—Compliance
As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we will perform tests of the District’s compliance with the provisions of applicable laws, regulations, contracts, agreements, and grants. However, the objective of our audit will not be to provide an opinion on overall compliance and we will not express such an opinion in our report on compliance issued pursuant to Government Auditing Standards.
Engagement Administration, Fees, and Other
We understand that your employees will prepare all cash or other confirmations we request and will locate any documents selected by us for testing.
The audit documentation for this engagement is the property of Grau & Associates and constitutes confidential information. However, subject to applicable laws and regulations, audit documentation and appropriate individuals will be made available upon request and in a timely manner to a cognizant or oversight agency or its designee, a federal agency providing direct or indirect funding, or the U.S. Government Accountability Office for purposes of a quality review of the audit, to resolve audit findings, or to carry out oversight responsibilities. We will notify you of any such request. If requested, access to such audit documentation will be provided under the supervision of Grau & Associates personnel. Furthermore, upon request, we may provide copies of selected audit documentation to the aforementioned parties. These parties may intend, or decide, to distribute the copies or information contained therein to others, including other governmental agencies. Notwithstanding the foregoing, the parties acknowledge that various documents reviewed or produced during the conduct of the audit may be public records under Florida law. The District agrees to notify Grau & Associates of any public record request it receives that involves audit documentation.

Furthermore, Grau & Associates agrees to comply with all applicable provisions of Florida law in handling such records, including but not limited to Section 119.0701, Florida Statutes. Auditor acknowledges that the designated public records custodian for the District is the District Manager (“Public Records Custodian”). Among other requirements and to the extent applicable by law, Grau & Associates shall 1) keep and maintain public records required by the District to perform the service; 2) upon request by the Public Records Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable time period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the contract term and following the contract term if Auditor does not transfer the records to the Public Records Custodian of the District; and 4) upon completion of the contract, transfer to the District, at no cost, all public records in Grau & Associate’s possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by Grau & Associates, Grau & Associates shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats.

IF GRAU & ASSOCIATES HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO ITS DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT THE PUBLIC RECORDS CUSTODIAN AT: GMS-SF LLC - 5385 N Nob Hill Road Sunrise, FL 33351 - TELEPHONE: 954-721-8681 - RECORDREQUEST@GMSSFL.COM

This agreement provides for a contract period of one (1) year with the option of ten (10) additional, one-year renewals upon the written consent of both parties. Our fee for these services will not exceed $3,200 for the September 30, 2025 audit. The fees for the fiscal years 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034 and 2035 will not exceed $3,300, $3,400, $3,500, $3,600, $3,700, $3,800,
$3,900, $4,000, $4,100 and $4,200, respectively, unless there is a change in activity by the District which results in additional audit work or if Bonds are issued.
We will complete the audit within prescribed statutory deadlines, which requires the District to submit its annual audit to the Auditor General no later than nine (9) months after the end of the audited fiscal year, with the understanding that your employees will provide information needed to perform the audit on a timely basis.

The audit documentation for this engagement will be retained for a minimum of five years after the report release date. If we are aware that a federal awarding agency or auditee is contesting an audit finding, we will contact the party(ies) contesting the audit finding for guidance prior to destroying the audit documentation.

Our invoices for these fees will be rendered each month as work progresses and are payable on presentation. Invoices will be submitted in sufficient detail to demonstrate compliance with the terms of this agreement. In accordance with our firm policies, work may be suspended if your account becomes 60 days or more overdue and may not be resumed until your account is paid in full. If we elect to terminate our services for nonpayment, our engagement will be deemed to have been completed upon written notification of termination, even if we have not completed our report. You will be obligated to compensate us for all time expended and to reimburse us for all out-of-pocket costs through the date of termination. The above fee is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate.

The District has the option to terminate this agreement with or without cause by providing thirty (30) days written notice of termination to Grau & Associates. Upon any termination of this agreement, Grau & Associates shall be entitled to payment of all work and/or services rendered up until the effective termination of this agreement, subject to whatever claims or off-sets the District may have against Grau & Associates.

We will provide you with a copy of our most recent external peer review report and any letter of comment, and any subsequent peer review reports and letters of comment received during the period of the contract. Our 2022 peer review report accompanies this letter.

We appreciate the opportunity to be of service to Portofino Springs Community Development District and believe this letter accurately summarizes the terms of our engagement and, with any addendum, if applicable, is the complete and exclusive statement of the agreement between Grau & Associates and the District with respect to the terms of the engagement between the parties. If you have any questions, please let us know. If you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and return it to us.

Very truly yours, Grau & Associates

Antonio J. Grau

RESPONSE:

This letter correctly sets forth the understanding of Portofino Springs Community Development District.

By: 		
Title:	Treasurer	

Date:	2025-06-01	

PA

·�AICPA'

Peer Review Program

Florida Institute of Certified Public Accountants

FICPA Peer Review Program
Administered in Florida
bv The Florida Institute of CPAs

AICPA Peer Review Program
Administered in Florida by the Florida Institute of CPAs

March 17, 2023

Antonio Grau Grau & Associates
951 Yamato Rd Ste 280 Boca Raton, FL 33431-1809

Dear Antonio Grau:

It is my pleasure to notify you that on March 16, 2023, the Florida Peer Review Committee accepted the report on the most recent System Review of your firm. The due date for your next review is December 31, 2025. This is the date by which all review documents should be completed and submitted to the administering entity.
As you know, the report had a peer review rating of pass. The Committee asked me to convey its congratulations to the firm.

Thank you for your cooperation. Sincerely,

Peer Review Team
FICPA Peer Review Committee 850.224.2727, x5957
cc: Daniel Hevia, Racquel McIntosh

Firm Number: 900004390114	Review Number: 594791

119 S Monroe Street, Suite 121 I Tallahassee, FL 32301I 850.224.2727, in Florida I www.ficpa.org

February 3, 2026

To the Board of Supervisors
Portofino Springs Community Development District Lee County, Florida

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

We have audited the financial statements of Portofino Springs Community Development District (“District”) as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated February 3, 2026. Professional standards require that we advise you of the following matters relating to our audit.
We have also examined the District’s 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 which was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.

Our Responsibility in Relation to the Financial Statement Audit
Our responsibility, as described by professional standards, is to form and express an opinion(s) about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your respective responsibilities.

Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, as part of our audit, we considered the internal control of the District solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control.

We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process.
However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.
Any findings regarding significant deficiencies or material weaknesses in internal control over financial reporting, material noncompliance, or other matters noted during our audit, if any, are communicated in separate reports included in the District’s financial report—titled Independent Auditor’s Report on Internal Control Over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida.

Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.

Compliance with All Ethics Requirements Regarding Independence

The engagement team, others in our firm, as appropriate, and our firm, have complied with all relevant ethical requirements regarding independence.
With respect to financial statement preparation, the following safeguards are in place:
Management made all decisions and performed all management functions;
A competent individual was assigned to oversee the services;
Management evaluated the adequacy of the services performed;
Management evaluated and accepted responsibility for the result of the service performed; and
Management established and maintained internal controls, including monitoring ongoing activities.
Qualitative Aspects of the Entity’s Significant Accounting Practices
Significant Accounting Policies

Management is responsible for selecting and applying appropriate accounting policies. A summary of the significant accounting policies adopted by the District is included in Note 2 to the financial statements. There were no new accounting policies adopted and no changes in existing significant accounting policies or their application during the fiscal year, other than those described in Note 2, if any. No matters came to our attention that, under professional standards, we are required to inform you about concerning (1) the methods used to account for significant unusual transactions or (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.
Significant Accounting Estimates

Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s current judgments. Those judgments normally reflect management’s knowledge and experience about past and current events and assumptions about future events.

Certain accounting estimates, if present, may be particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them could differ markedly from management’s current judgments.

In connection with our audit, we considered the reasonableness of the accounting estimates used by management. The most sensitive accounting estimate(s) affecting the financial statements included, as applicable:

Management’s estimate of the useful lives of capital assets.
Management’s estimate of the liability for employee compensated absences.
Management’s estimate of the Net Other Post-Employment Benefits (OPEB) liability.
Management’s estimate of the Net Pension Liability.

If none of the above estimates or other sensitive estimates were applicable in the current year, this section should be read to indicate that no such significant accounting estimates were identified.

We evaluated the key factors and assumptions used by management to develop the estimate(s) and determined that they were reasonable in relation to the financial statements taken as a whole.

Financial Statement Disclosures

Certain financial statement disclosures involve significant judgment and are particularly sensitive because of their significance to financial statement users. The most sensitive disclosures affecting the District’s financial statements included, as applicable:

Long-term liabilities related to bonds payable and debt service requirements.
Litigation, claims, and assessments related to pending legal matters; and
Pension and Other Post-Employment Benefit (OPEB) plan disclosures.
If no such disclosures were identified for the current year, this section should be read to indicate that we did not note any financial statement disclosures involving significant judgment or sensitivity.

Circumstances Affecting the Auditor’s Report

Professional standards require us to communicate any circumstances that affect the form or content of our auditor’s report. If applicable, such circumstances—such as a modification of opinion, an emphasis-of-matter or other-matter paragraph, or a reference to substantial doubt about the District’s ability to continue as a going concern—are described in our auditor’s report included in the District’s financial report. If no such circumstances existed, this section should be read to indicate that our report was unmodified.

Significant Difficulties Encountered during the Audit

We encountered no significant difficulties in dealing with management relating to the performance of the audit.
Corrected Misstatements

Professional standards require us to communicate all material misstatements identified and corrected during the audit. Management has corrected all misstatements that were identified as a result of our audit procedures. Any such audit adjustments, if applicable, are summarized in the accompanying schedule of journal entries. If none were identified, this section should be read to indicate that we did not note any misstatements that were material, individually or in the aggregate, to the financial statements taken as a whole.

Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the Districts’s financial statements or the auditor’s report. No such disagreements arose during the course of the audit.

Representations Requested from Management

Professional standards require that we obtain certain written representations from management as part of our audit. We have received such representations in a letter. A copy of this letter is available for your review upon request.

Management’s Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters.

Other Significant Matters, Findings, or Issues

In the normal course of our professional association with the District, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, significant events or transactions that occurred during the year, operating and regulatory conditions affecting the entity, and operational plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the District’s auditors.

As noted previously in this letter, any current-year findings identified during our audit are communicated in our separate reports titled Independent Auditor’s Report on Internal Control Over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida. If no findings were identified, this section should be read to indicate that we did not note any additional significant matters or findings requiring communication to those charged with governance.

This report is intended solely for the information and use of the Board of Supervisors and management of the District and is not intended to be and should not be used by anyone other than these specified parties.

Grau & Associates

PORTOFINO SPRINGS COMMUNITY DEVELOPMENT DISTRICT
LEE COUNTY, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

PORTOFINO SPRINGS COMMUNITY DEVELOPMENT DISTRICT LEE COUNTY, 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 the Financial Statements	13-20	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balances –
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
Portofino Springs Community Development District Lee County, 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 Portofino Springs Community Development District, Lee County, 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 February 3, 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.

February 3, 2026

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Portofino Springs Community Development District, Lee County, 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 ($191,347).

The change in the District’s total net position in comparison with the prior fiscal year was $51,054, an increase. 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 balances of
$181,611, an increase of $9,564 in comparison with the prior fiscal year. The total fund balance is non-spendable for prepaid items, restricted for debt service and capital projects, assigned to subsequent year’s expenditures, 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 basic 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 special assessment revenues. 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 balances 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 to be 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

$	182,336	$

172,762

Capital assets, net of depreciation			875,000		900,000  Total assets		1,057,336	1,072,762 
Current liabilities	28,683	30,163
Long-term liabilities		1,220,000	1,285,000 
Total liabilities		1,248,683	1,315,163  Net position
Net investment in capital assets	(344,997)	(384,997)
Restricted	96,058	86,287
Unrestricted		57,592	56,309 
Total net position	 $	(191,347)  $	(242,401)

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 increased during the most recent fiscal year. The majority of the increase represents the extent to which ongoing program revenues exceeded the cost of operations and depreciation expense.

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	$	193,306	$	192,964	
Operating grants and contributions	6,270	7,142	
Total revenues	199,576	200,106	
Expenses:	
General government	54,337	53,373	
Maintenance and operations	25,000	25,000	
Interest	69,185	72,600	
Total expenses	148,522	150,973	
Change in net position	51,054	49,133	
Net position - beginning	(242,401)	(291,534)	
Net position - ending	$	(191,347)	$	(242,401)	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2025 was $148,522. Program revenues, comprised primarily of assessments, remained relatively unchanged from the prior fiscal year.

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
At September 30, 2025, the District had $1,150,000 invested in capital assets for its governmental activities. In the government-wide financial statements, depreciation of $275,000 has been taken, which resulted in a net book value of $875,000. 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 $1,220,000 in Bonds outstanding. 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 does not anticipate any major projects or significant changes to its infrastructure maintenance program for the subsequent fiscal year. In addition, it is anticipated that the general operations of the District will remain fairly constant.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, land owners, 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 Portofino Springs Community Development District’s Finance Department at 5385 N. Nob Hill Road Sunrise, Florida 33351.

PORTOFINO SPRINGS COMMUNITY DEVELOPMENT DISTRICT LEE COUNTY, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2025

	Governmental
	Activities		
ASSETS		
Cash	$	49,561	
Assessments receivable	461	
Prepaid items	8,295	
Restricted assets:		
Investments	124,019	
Capital assets:		
Nondepreciable	400,000	
Depreciable, net		475,000 	
Total assets		1,057,336 	
LIABILITIES		
Accounts payable	725	
Accrued interest payable	27,958	
Non-current liabilities:		
Due within one year	65,000	
Due in more than one year		1,155,000 	
Total liabilities		1,248,683 	
NET POSITION		
Net investment in capital assets	(344,997)	
Restricted for debt service	96,058	
Unrestricted		57,592 	
Total net position	 $	(191,347) 	

See notes to the financial statements

PORTOFINO SPRINGS COMMUNITY DEVELOPMENT DISTRICT LEE COUNTY, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Net (Expense) Revenue and Changes in
   Program Revenues	Net Position  Operating

Charges for

Grants and

Governmental

Functions/Programs		Expenses	Services	Contributions	Activities	 Governmental activities:
General government	$	54,337	$	54,337	$	-	$	-	
Maintenance and operations	25,000	1,283	-	(23,717)	
Interest on long-term debt		69,185	137,686	6,270	74,771 
Total governmental activities		148,522	193,306	6,270	51,054 

Change in net position		51,054 	
Net position - beginning		(242,401) 	
Net position - ending	 $	(191,347) 	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2025

	Major Funds	
Capital

Total Governmental

General

Debt Service

Projects

Funds

ASSETS		
Cash	$	49,561	$	-	$	-	$	49,561	
Investments	-	124,016		3	124,019	
Assessments receivable	461	-	-		461	
Prepaid items	8,295	-	-		8,295	
Total assets	$	58,317	$	124,016	$	3	$	182,336	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	725	$	-	$	-	$	725	
Total liabilities	725	-	-	725	

Fund balances:
Nonspendable:
Prepaid items	8,295	-	-		8,295	
Restricted for:						
Debt service	-	124,016	-		124,016	
Capital projects	-	-		3	3	
Assigned to:	
Subsequent year's expenditures		30,441		-		-			30,441	
Unassigned		18,856		-		-			18,856	
Total fund balances		57,592		124,016			3		181,611	

Total liabilities and fund balances	
$	
58,317	
$	
124,016	
$		
3	
$	
182,336	

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

Fund balance - governmental funds	$
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	1,150,000

181,611

Accumulated depreciation		(275,000) 	875,000
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		(27,958)	
Bonds payable			(1,220,000)	(1,247,958) 	
Net position of governmental activities		 $	(191,347) 	

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

	Major Funds	
Capital

Total Governmental

General

Debt Service

Projects

Funds

REVENUES		
Assessments	$	55,620	$	137,686	$	-	$	193,306	
Interest	-	6,270	-	6,270	
Total revenues	55,620	143,956	-	199,576	

EXPENDITURES
Current:
General government	54,337	-	-	54,337	
Debt service:
Principal	
-	
65,000	
-	
65,000	
Interest	-	70,675	-	70,675	
Total expenditures	54,337	135,675	-	190,012	

Excess (deficiency) of revenues over (under) expenditures	

1,283	

8,281	

-	

9,564	
Fund balances - beginning	56,309	115,735	3	172,047	

Fund balances - ending	
$	57,592	
$	124,016	
$	3	
$	181,611	

See notes to the financial statements

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:
Depreciation on capital assets is not recognized in the governmental fund financial statements, but is reported as an expense in the statement

9,564

of activities.	(25,000)
Repayment of long-term liabilities is reported as an expenditure in the governmental fund financial statements, but such repayments reduce liabilities in the statement of net position and are eliminated in the
statement of activities.	65,000
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.		1,490 
Change in net position of governmental activities	 $	51,054 

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

Portofino Springs Community Development District ("District") was created on November 21, 2006 by Ordinance No. 06-23 of the Board of County Commissioners of Lee County, Florida, 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 by the owners of the property within the District. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes.
The Board has the final responsibility for:
Assessing 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.

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 benefitted property within the District. Operating and Maintenance Assessments are based upon 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 (Chapter 197.3632, 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 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 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 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 inter-fund 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.
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 (amount not rounded) 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.

Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:
Assets	Years	
Stormwater management system	30	

In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.

Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned.

Assets, Liabilities and Net Position or Equity (Continued)

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.
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 are 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.

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.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriation for annually budgeted funds lapse at the end of the year.

NOTE 4 – DEPOSITS & 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:

Investment	Amortized Cost	Maturities	Credit Risk

Weighted average of the fund

Fidelity Government Portfolio	$	124,019

portfolio: 34 days

S&P AAAm

NOTE 4 – DEPOSITS & INVESTMENTS (Continued)

Investments (Continued)
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.

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

Beginning Balance

Increases	Decreases

Ending Balance

Governmental activities
Capital assets, not being depreciated		
Land & land improvements	$	400,000	$	-	$	-	$	400,000	
Total capital assets, not being depreciated	400,000	-	-	400,000	

Capital assets, being depreciated Infrastructure - stormwater management	

750,000	

-	

-	

750,000	
Total capital assets, being depreciated	750,000	-	-	750,000	

Less accumulated depreciation for: Infrastructure - stormwater management	

250,000	

25,000	

-	

275,000	
Total accumulated depreciation	250,000	25,000	-	275,000	

Total capital assets, being depreciated, net	
500,000	
(25,000)	
-	475,000	

Governmental activities capital assets	
$	900,000	
$	(25,000)	
$	-	$	875,000	
Depreciation expense is charged to maintenance and operations expense in the Statement of Activities.

NOTE 6 – LONG TERM LIABILITIES

On June 1, 2007, the District issued $3,415,000 of Special Assessment Bonds, Series 2007A. The Series 2007A Bonds are due May 1, 2038 with a fixed interest rate of 5.5%. 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. The principal on the Series 2007A Bonds is to be paid serially on each May 1, commencing May 1, 2009 through May 1, 2038.

The Series 2007A 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.

The Bond Indenture requires that the District maintain adequate funds in a reserve account to meet the debt service reserve requirement as defined in the Indenture. In addition, the Bond Indenture has certain 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. The District was in compliance with the requirements of the Bond Indenture at September 30, 2025.

During a prior fiscal year, the Bondholder authorized the First Amendment to the First Supplemental Trust Indenture which amended the definition of the Series 2007A debt service reserve requirement and certain provisions related to the application of funds in the Series 2007A Reserve Account.

NOTE 6 – LONG TERM LIABILITIES (Continued)

Changes in long-term liability activity for the fiscal year ended September 30, 2025 were as follows:

	Beginning
Balance	
Increases	
Decreases	Ending
Balance	Due Within
One Year	
Governmental activities Bonds payable:
Series 2007	

$  1,285,000	

$	-	$	

65,000	

$  1,220,000	

$	65,000	
Total	$  1,285,000	$	-	$	65,000	$  1,220,000	$	65,000	
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	$	65,000	$	67,100	$	132,100	
2027	70,000	63,526	133,526	
2028	75,000	59,676	134,676	
2029	80,000	55,550	135,550	
2030	85,000	51,150	136,150	
2031-2035	495,000	182,878	677,878	
2036-2038		350,000	40,976	390,976 	
Total	 $  1,220,000	$	520,856	$	1,740,856 	

NOTE 7 – MANAGEMENT AGREEMENTS

The District has contracted with a management company to perform management advisory 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 8 – 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 during the past three years.

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	$	53,838	$	55,620	$	1,782	
Total revenues	53,838	55,620	1,782	

EXPENDITURES
Current:				
General government	83,252	54,337	28,915	
Total expenditures	83,252	54,337	28,915	

Excess (deficiency) of revenues over (under) expenditures	

(29,414)	

1,283	

30,697	
OTHER FINANCING SOURCES				
Carryforward surplus	29,414	-	(29,414)	
Total other financing sources	29,414	-	(29,414)	

Net change in fund balances	
 $	-		
1,283	
 $	1,283 	
Fund balance - beginning			56,309 		
Fund balance - ending		 $	57,592 		

See notes to required supplementary information

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.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FLORIDA 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.	3	
Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being reported.	
3	
Employee compensation	$1,200	
Independent contractor compensation	$11,796	
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 - $ 282.14
Debt service - $ 638.30 - $ 728.83	
Special assessments collected	$193,306	
Outstanding Bonds:		
Series 2007, due May 1, 2038	$1,220,000	

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
Portofino Springs Community Development District Lee County, 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 Portofino Springs Community Development District, Lee County, 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, February 3, 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.

February 3, 2026

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
Portofino Springs Community Development District Lee County, Florida

We have examined Portofino Springs Community Development District, Lee County, 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 District’s compliance with those requirements. Our responsibility is to express an opinion on 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 Board of Supervisors of Portofino Springs Community Development District, Lee County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

February 3, 2026

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Portofino Springs Community Development District Lee County, Florida

Report on the Financial Statements
We have audited the accompanying basic financial statements of Portofino Springs Community Development District, Lee County, Florida ("District") as of and for the fiscal year ended September 30, 2025 and have issued our report thereon dated February 3, 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 Accountant’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 February 3, 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 Portofino Springs Community Development District, Lee County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Portofino Springs Community Development District, Lee County, 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.

February 3, 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 as of September 30, 2025. 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.

NOTICE OF QUALIFYING PERIOD FOR CANDIDATES FOR THE BOARD OF SUPERVISORS OF THE
PORTOFINO SPRINGS COMMUNITY DEVELOPMENT DISTRICT

Notice is hereby given that the qualifying period for candidates for the office of Supervisor of the Portofino Springs Community Development District will commence at noon on June 8, 2026, and close at noon on June 12. 2026. Candidates must qualify for the office of Supervisor with the Lee County Supervisor of Elections located at Constitutional Complex, 2480 Thompson St., Fort Myers, FL 33901 and the telephone number is 239-533-8683. All candidates shall qualify for individual seats in accordance with section 99.061, Florida Statutes, and must also be qualified electors of the District. A qualified elector is any person at least 18 years of age who is a citizen of the United States, a legal resident of the State of Florida and of the District, and who is registered to vote with the Lee County Supervisor of Elections. Campaigns shall be conducted in accordance with Chapter 106, Florida Statutes.

The Portofino Springs Community Development District has three seats up for election, specifically Seat #1, Seat #2 and Seat #4. Each seat carries a four-year term of office. Elections are nonpartisan and will be held at the same time as the general election on November 3, 2026, in the manner prescribed by law for general elections.

For additional information, please contact the Lee County Supervisor of Elections.

LAW OFFICES
BILLINGO>COCHRAN
ESTABLISHED 1977

KENNETH W. MORGAN, JR. MICHAEL J, PAWELCZYK MANUEL R. COMRAS ANDREW A. RIEF
JEFFERY R. LAWLEY GINGER E. WALD SCOTT C. COCHRAN
ALINE 0, MARCANTONIO
JOHN C. WEBBER

STEVEN F. BILLING (1947-1998)

BILLING COCHRAN, P.A. LAS OLAS SQUARE, SUITE 600
515 EAST LAS DLAS BOULEVARD FORT LAUDERDALE, FLORIDA 3330 l
(954) 764-7150
(954) 764-7279 FAX

PGA NATIONAL OFFICE CENTER
300 AVENUE OF THE CHAMPIONS, SUITE 270 PALM BEACH GARDENS, FLORIDA 33418
(561) 659-5970
(561) 659-6173 FAX

CHRISTINE A, BROWN GABRIELLA A. FERNANDEZ PEREZ
MARLENE E. GONZALEZ LORI B. LEWELLEN LIZA E. SMOKER LUCAS A. WILLIAMS

OF COUNSEL: CLARK J. COCHRAN, JR.
SUSAN F. OELEGAL DENNISE. LYLES BRUCE M. RAMSEY

HAYWARD D. GAY (1943-2007)		

RICHARD T, WOULFE

WWW.BI LL! NGCOCHRAN .COM PLEASE REPLY TO: FORT LAUDERDALE

February 3, 2026

VIA E-MAIL ONLY- pwinkeljohn@gmssf.com Mr. Paul Winkeljohn
District Manager
Governmental Management Services 5385 N. Nob Hill Road
Sunrise, FL 33351

Re:		Adjustment to District Counsel Fee Structure Portofino Springs Community Development District Our File: 800.05731
Dear Paul:
This firm's current fee structure has been in place since 2023. Although we are certainly mindful of the necessity to keep increases in the District's expenses, including the cost of legal services, to a minimum, it has become necessary for us to adjust our hourly rates effective, October 1, 2026, as follows:

Attorneys/Partners:
Attorneys/Associates:

$300.00 per hour
$250.00 per hour

This hourly fee structure will be adjusted on a periodic basis in connection with the District's budget process no later than every third Fiscal Year to reflect changes in the Consumer Price Index published by the U.S. Department of Labor.

Mr. Paul Winkeljohn February 3, 2026 Page2

,1

Naturally, should you feel you have any questions or require any further information in support of this adjustment you should feel free to contact me at your convenience. As I think you are aware, we very much appreciate the opportunity to serve as District Counsel as well as your courtesy and cooperation with regard to the necessity of what we believe to be both infrequent and reasonable adjustments to our schedule of professional fees.

MJP/jmp
cc: Jennifer McConnell, GMS (via email only)

Memorandum To:	Portoﬁno Springs Board of Supervisors
From: District Management
Date: October 1, 2025
RE:	HB7013 – Special Districts Performance Measures and Standards-FINAL Report

To enhance accountability and transparency, new regulations were established for all special districts, by the Florida Legislature, during their 2024 legislative session. Starting on October 1, 2024, or by the end of the ﬁrst full ﬁscal year after its creation (whichever comes later), each special district must establish goals and objectives for each program and activity, as well as develop performance measures and standards to assess the achievement of these goals and objectives. Additionally, by December 1 each year (initial report due on December 1, 2025), each special district is required to publish an annual report on its website, detailing the goals and objectives achieved, the performance measures and standards used, and any goals or objectives that were not achieved.
District Management has identiﬁed the following key categories to focus on for Fiscal Year 2025 and develop statutorily compliant goals for each:
Community Communication and Engagement
Infrastructure and Facilities Maintenance
Financial Transparency and Accountability
Additionally, special districts must provide an annual reporting form to share with the public that reﬂects whether the goals & objectives were met for the year. District Management has streamlined these requirements into a single document that meets both the statutory requirements for goal/objective setting and annual reporting.
The proposed goals/objectives and the annual reporting form are attached as exhibit A to this memo. District Management recommends that the Board of Supervisors adopt these goals and objectives to maintain compliance with HB7013 and further enhance their commitment to the accountability and transparency of the District.

Exhibit A:
Goals, Objectives and Annual Reporting Form

Community Development District Performance Measures/Standards & Annual Reporting Form
October 1, 2024 – September 30, 2025

 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 meetings in accordance with Florida Statutes, 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 per Florida 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/Vice Chair:		Date:	 Print Name:	 
Portoﬁno Springs Community Development District

District Manager:		Date:	 Print Name:	 
Portoﬁno Springs Community Development District

Portofino Springs	
COMMUNITY DEVELOPMENT DISTRICT	

Fiscal Year 2026	
Check Register	
5/1/25 - 12/31/25

Date

check #'s

Amount

5/1 - 5/31	608 - 610	$5,215.39	

6/1 - 6/30	611	$2,501.02	

7/1 - 7/31	612 - 617	$6,543.79	

8/1 - 8/31	618 - 619	$2,531.80	

9/1 - 9/30	620 - 622	$11,796.07	

10/1 - 10/31	623 - 625	$3,376.98	

11/1 - 11/30	626 -630	$24,303.92	

12/1 - 12/31	631 -634	$90,142.50	

TOTAL	$	146,411.47	

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	1/28/26	PAGE	1
*** CHECK DATES 05/01/2025 - 12/31/2025 ***	PORTOFINO SPRINGS - GF
BANK A PORT SPRINGS - GF
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
5/13/25 00004	4/30/25 193071	202504 310-51300-31500	*	500.00
APR 25 - ATTORNEY FEES
BILLING COCHRAN, P.A.	500.00 000608

5/13/25 00001	5/01/25	
	5/01/25	
	5/01/25	
	5/01/25	
	5/01/25	
	5/01/25	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
227	202505 310-51300-34000	*	2,106.58
MAY 25 - MGMT FEES
227	202505 310-51300-35100	*	87.50
MAY 25 - COMPUTER TIME
227	202505 310-51300-31300	*	218.75
MAY 25 - DISSEMINATION
227	202505 310-51300-35110	*	87.50
MAY 25 - WEBSITE ADMIN
227	202505 310-51300-51000	*	.15
MAY 25 - OFFICE SUPPLIES
227	202505 310-51300-42000	*	6.18
MAY 25 - POSTAGE
GMS-SF, LLC	2,506.66 000609
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/16/25 00017	5/15/25 05152025 202505 300-20700-10100	*	2,208.73
TRANSFER OF TAX RECEIPTS
PORTOFINO SPRINGS CDD C/O REGIONS	2,208.73 000610

6/05/25 00001	6/01/25	
	6/01/25	
	6/01/25	
	6/01/25	
	6/01/25	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
228	202506 310-51300-34000	*	2,106.58
JUN 25 - MGMT FEES
228	202506 310-51300-35100	*	87.50
JUN 25 - COMPUTER TIME
228	202506 310-51300-31300	*	218.75
JUN 25 - DISSEMINATION
228	202506 310-51300-35110	*	87.50
JUN 25 - WEBSITE ADMIN
228	202506 310-51300-42000	*	.69
JUN 25 - POSTAGE
GMS-SF, LLC	2,501.02 000611
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
7/01/25 00004	5/31/25 193506	202505 310-51300-31500	*	605.00
MAY 25 - ATTORNEY FEES
BILLING COCHRAN, P.A.	605.00 000612
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
7/01/25 00001	7/01/25 229	202507 310-51300-34000	*	2,106.58
JUL 25 - MGMT FEES
7/01/25 229	202507 310-51300-35100	*	87.50
JUL 25 - COMPUTER TIME
7/01/25 229	202507 310-51300-31300	*	218.75
JUL 25 - DISSEMINATION
7/01/25 229	202507 310-51300-35110	*	87.50
JUL 25 - WEBSITE ADMIN
PSPR PORT SPRINGS	SRINKUS

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	1/28/26	PAGE	2
*** CHECK DATES 05/01/2025 - 12/31/2025 ***	PORTOFINO SPRINGS - GF
BANK A PORT SPRINGS - GF
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
7/01/25 229	202507 310-51300-42000	*	2.07
JUL 25 - POSTAGE
GMS-SF, LLC	2,502.40 000613
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
7/01/25 00017	7/01/25 07012025 202507 300-20700-10100	*	743.46
TRANSFER OF TAX RECEIPTS
PORTOFINO SPRINGS CDD C/O REGIONS	743.46 000614
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
7/15/25 00004	6/30/25 194035	202506 310-51300-31500	*	500.00
JUN 25 - ATTORNEY FEES
BILLING COCHRAN, P.A.	500.00 000615
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
7/15/25 00006	7/08/25 8-917-30 202507 310-51300-48000	*	29.12
SERVICE THRU 7/3/25
FEDEX	29.12 000616
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
7/15/25 00017	7/15/25 07152025 202507 300-20700-10100	*	2,163.81

PORTOFINO SPRINGS CDD C/O REGIONS	2,163.81	000617	
- - - - - - - -	- - - - - - - - -	- - - - - - - - - - - - - - - - - -	- - - -	- - - - -	-	-	- -	-	-	-	-	-	-	- - - -	- - - - -	- - -	
8/05/25 00006	7/29/25	8-937-85	202507 310-51300-48000	*	29.00	
SERVICE	THRU 7/21/25	
FEDEX	29.00	000618	
- - - - - - - -	- - - - - - -	- -	- - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	-	- - - -	- - - - -	- - -	
230	202508 310-51300-34000	*	2,106.58	
AUG	25	- MGMT FEES	
230	202508 310-51300-35100	*	87.50	
AUG	25	- COMPUTER TIME	
230
AUG	25	202508 310-51300-31300	*	218.75	
230	202508 310-51300-35110	*	87.50	
AUG	25	- WEBSITE ADMIN	
230	202508 310-51300-42000	*	2.17	
AUG	25	- POSTAGE	
230	202508 310-51300-42500	*	.30	
AUG	25	- COPIES	

TRANSFER OF TAX RECEIPTS

8/05/25 00001	8/01/25	
	8/01/25	
	8/01/25	
	8/01/25	
	8/01/25	
	8/01/25	

- DISSEMINATION

GMS-SF, LLC	2,502.80 000619
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/18/25 00004	7/31/25 194544	202507 310-51300-31500	*	500.00
JUL 25 - ATTORNEY FEES
8/31/25 194974	202508 310-51300-31500	*	500.00
AUG 25 - ATTORNEY FEES
BILLING COCHRAN, P.A.	1,000.00 000620
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/18/25 00015	9/15/25 29217	202509 300-15500-10000	*	8,295.00
FY 2026 LIA INSURANCE
EGIS INSURANCE ADVISORS, LLC	8,295.00 000621
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	1/28/26	PAGE	3
*** CHECK DATES 05/01/2025 - 12/31/2025 ***	PORTOFINO SPRINGS - GF
BANK A PORT SPRINGS - GF
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#

9/18/25 00001	9/01/25	
	9/01/25	
	9/01/25	
	9/01/25	
	9/01/25	

231	202509 310-51300-34000	*	2,106.58
SEP 25 - MGMT FEES
231	202509 310-51300-35100	*	87.50
SEP 25 - COMPUTER TIME
231	202509 310-51300-31300	*	218.75
SEP 25 - DISSEMINATION
231	202509 310-51300-35110	*	87.50
SEP 25 - WEBSITE ADMIN
231	202509 310-51300-42000	*	.74
SEP 25 - POSTAGE
GMS-SF, LLC	2,501.07 000622
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/13/25 00004	9/30/25 195514	202509 310-51300-31500	*	500.00
SEP 25 - ATTORNEY FEES
BILLING COCHRAN, P.A.	500.00 000623
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/13/25 00022	9/30/25 7353221	202509 310-51300-48000	*	225.08
NOTICE OF MEETINGS
GANNETT FLORIDA LOCALIQ	225.08 000624

10/13/25 00001	10/01/25	
	10/01/25	
	10/01/25	
	10/01/25	
	10/01/25	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
232	202510 310-51300-34000	*	2,233.00
OCT 25 - MGMT FEES
232	202510 310-51300-35100	*	92.75
OCT 25 - COMPUTER TIME
232	202510 310-51300-31300	*	231.92
OCT 25 - DISSEMINATION
232	202510 310-51300-35110	*	92.75
OCT 25 - WEBSITE ADMIN
232	202510 310-51300-42000	*	1.48

GMS-SF,	LLC	2,651.90	000625	
- - - - - - - -	- - - - - - -	- -	- - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	-	- - - -	- - - - -	- - -	
11/06/25 00023	10/01/25	93065	202510 310-51300-54000	*	175.00	
FY 2026	DISTRICT FEES	
FLORIDACOMMERCE	175.00	000626	
- - - - - - - -	- - - - - - -	- -	- - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	-	- - - -	- - - - -	- - -	
234	202511 310-51300-34000	*	2,233.00	
NOV	25	- MGMT FEES	
234	202511 310-51300-35100	*	92.75	
NOV	25	- COMPUTER TIME	
234	202511 310-51300-31300	*	231.92	
NOV	25	- DISSEMINATION	
234	202511 310-51300-35110	*	92.75	
NOV	25	- WEBSITE ADMIN	
234	202511 310-51300-42000	*	1.48	
NOV	25	- POSTAGE	

OCT 25 - POSTAGE

11/06/25 00001	11/01/25	
	11/01/25	
	11/01/25	
	11/01/25	
	11/01/25	
GMS-SF, LLC	2,651.90 000627
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	1/28/26	PAGE	4
*** CHECK DATES 05/01/2025 - 12/31/2025 ***	PORTOFINO SPRINGS - GF
BANK A PORT SPRINGS - GF
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
11/18/25 00004 10/31/25 195933	202510 310-51300-31500	*	500.00
OCT 25 - ATTORNEY FEES
BILLING COCHRAN, P.A.	500.00 000628
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/18/25 00016 11/04/25 013289	202511 310-51300-49000	*	203.00
2025 NON AD VALOREM ROLL
LEE COUNTY PROPERTY APPRAISER OFFIC	203.00 000629
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/25/25 00017 11/25/25 11252025 202511 300-20700-10100	*	20,774.02
TRANSFER OF TAX RECEIPTS
PORTOFINO SPRINGS CDD C/O REGIONS	20,774.02 000630
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/10/25 00004 11/30/25 196245	202511 310-51300-31500	*	500.00

- -
*	-	-	-	-	-	-	- - - -
31.64	-	500.00
- - - -	000631
- - -	

- -	
-	
-	
-	
-	
-	
- - - - -	
-	31.64
- - - -	000632
- - -	
*						2,233.00				
*	92.75			
*	231.92			
*	92.75			
*	2.22			

NOV 25 - ATTORNEY FEES
BILLING COCHRAN, P.A.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/10/25 00006 12/02/25 9-087-57 202511 310-51300-42000
SERVICE THRU 11/26/25
FEDEX

12/10/25 00001	12/01/25	
	12/01/25	
	12/01/25	
	12/01/25	
	12/01/25	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
235	202512 310-51300-34000
DEC 25 - MGMT FEES
235	202512 310-51300-35100
DEC 25 - COMPUTER TIME
235	202512 310-51300-31300
DEC 25 - DISSEMINATION
235	202512 310-51300-35110
DEC 25 - WEBSITE ADMIN
235	202512 310-51300-42000
DEC 25 - POSTAGE

-	-	-	-	-	- - - - -	
			86,958.22	
-	-	-	- - - - - - - 146,411.47	
			146,411.47	

GMS-SF, LLC	2,652.64 000633

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/10/25 00017 12/10/25 12102025 202512 300-20700-10100	* TRANSFER OF TAX RECEIPTS

- - - - - - - -

PORTOFINO SPRINGS CDD C/O REGIONS	86,958.22 000634

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A TOTAL FOR REGISTER

- - - - - - - -

PSPR PORT SPRINGS	SRINKUS

Portofino Springs	
Community Development District	

Unaudited Financial Reporting	
December 31, 2025	

Table of Contents

	Balance Sheet

	General Fund

	Debt Service Fund Series 2007A

	Capital Project Fund Series 2007A

	Month to Month

	Long Term Debt Report

	Assessment Receipt Schedule

Portofino Springs	
Community Development District	
Combined Balance Sheet	
December 31, 2025	

General	Debt Service	Capital Project	Totals	
Fund	Fund	Fund	Governmental Funds	

Assets:	
Cash:	
Operating Account	
Due from General Fund	

$	91,703	
-	

$	-	
6,211	

$	-	
-	

$	91,703	
6,211	

Investments:

Series 2007A	
Reserve	
Interest	
Revenue	
Sinking	
Prepayment	
Construction	

-	
-	
-	
-	
-	
-	

25,501	
15	
170,935	
17	
2,874	
-	

-	
-	
-	
-	
-	
4	

-	
25,501	
15	
170,935	
17	
2,874	
4	

Total Assets	$	91,703	$	205,552	$	4	$	297,259	
Liabilities:	
Accounts Payable	$	500	$	-		$	-		$	500	
Due to Debt Service	6,211		-		-	6,211	

Total Liabilites	$	6,711	$	-	$	-	$	6,711

Fund Balance:	
Restricted for:	
Debt Service	
Capital Project	
Unassigned	

$	-	
4	
-	

$	205,552	
4	
84,992	

$	-	$	205,552

84,992	-

Total Liabilities & Fund Balance	$	91,703	$	205,552	$	4	$	297,259

Total Fund Balances	$	84,992	$	205,552	$	4	$	290,548

Portofino Springs	
Community Development District	
General Fund	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending December 31, 2025	

Adopted	Prorated Budget	Actual	
Budget	Thru 12/31/25	Thru 12/31/25	Variance	

Revenues:		
Special Assessments - Tax Roll	$	53,838	

$	45,646	$	45,646	$	-

Total Revenues	$	53,838	$	45,646	$	45,646	$	-	

Expenditures:					
General & Administrative:					
Supervisor Fees	$	7,200	$	1,800	$	-	$	1,800	
PR-FICA	551	138	-	138	
Engineering	1,000	250	-	250	
Attorney	10,000	2,500	1,500	1,000	
Annual Audit	3,700	-	-	-	
Dissemination Agent	2,783	696	696	-	
Trustee Fees	3,500	-	-	-	
Management Fees	26,796	6,699	6,699	-	
Information Technology	1,113	278	278	-	
Website Maintenance	1,113	278	278	-	
Postage & Delivery	100	25	37	(12)	
Insurance General Liability	9,304	9,304	8,295	1,009	
Printing & Binding	200	50	-	50	
Legal Advertising	2,000	500	-	500	
Other Current Charges	1,000	250	288	(38)	
Office Supplies	25	6	-	6	
Dues, Licenses & Subscriptions	175	175	175	-	
First Quarter Operating	13,720	3,430	-	3,430	
Total General & Administrative	$	84,279	$	26,379	$	18,246	$	8,133	

Total Expenditures	$	84,279	$	26,379	$	18,246	$	8,133	

Excess (Deficiency) of Revenues over Expenditures	$	(30,441)	$	19,267	$	27,400	$	8,133	

Net Change in Fund Balance	$  (30,441)	$	19,267	$	27,400	$	8,133	
	
Fund Balance - Beginning	$	37,528		$	57,592		
	
Fund Balance - Ending	$	7,087		$	84,992		

Portofino Springs	
Community Development District	
Debt Service Fund Series 2007A	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending December 31, 2025	

Adopted	Prorated Budget	Actual	
Budget	Thru 12/31/25	Thru 12/31/25	Variance	

Revenues:		
Special Assessments - Tax Roll	$  134,391	
Interest Income	2,000	

$	113,943	
500	

$  113,943	
1,143	

$	-	
643	

Total Revenues	$ 136,391	$	114,443	$ 115,086	$	643	
Expenditures:		
Interest - 11/1	$	33,550	$	33,550	$	33,550	$	-	
Interest - 5/1	33,550	-	-	-	
Principal - 5/1	65,000	-	-	-	
Total Expenditures	$ 132,100	$	33,550	$	33,550	$	-	

Excess (Deficiency) of Revenues over Expenditures	$	4,291	$	80,893	$	81,536	$	643	

Net Change in Fund Balance	$	4,291	$	80,893	$	81,536	$	643	
		
Fund Balance - Beginning	$	81,542	$  124,015	
		
Fund Balance - Ending	$	85,833	$  205,552	

Portofino Springs	
Community Development District	
Capital Projects Fund Series 2007A	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending December 31, 2025	

Adopted	Prorated Budget	Actual	
Budget	Thru 12/31/25	Thru 12/31/25	Variance	

Revenues		
Interest Income	$	-	

$	-	$	0	$	0

Total Revenues	$	-	$	-	$	0	$	0	

Expenditures:		
Capital Outlay	$	-	$	-	$	-	$	-	
Total Expenditures	$	-	$	-	$	-	$	-	

Excess (Deficiency) of Revenues over Expenditures	$	-	$	-	$	0	$	0	

Net Change in Fund Balance	$	-	$	0	
		
Fund Balance - Beginning	$	-	$	4	
		
Fund Balance - Ending	$	-	$	4	

Portofino Springs	
Community Development District	
Month to Month	

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

Revenues:														
Special Assessments - Tax Roll	$	-	$	8,322	$  37,324	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  45,646	

Total Revenues	$	-	$	8,322	$  37,324	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  45,646	

Expenditures:														
General & Administrative:														
Supervisor Fees	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
PR-FICA	-	-	-	-	-	-	-	-	-	-	-	-	-	
Engineering	-	-	-	-	-	-	-	-	-	-	-	-	-	
Attorney	500	500	500	-	-	-	-	-	-	-	-	-	1,500	
Annual Audit	-	-	-	-	-	-	-	-	-	-	-	-	-	
Dissemination Agent	232	232	232	-	-	-	-	-	-	-	-	-	696	
Trustee Fees	-	-	-	-	-	-	-	-	-	-	-	-	-	
Management Fees	2,233	2,233	2,233	-	-	-	-	-	-	-	-	-	6,699	
Information Technology	93	93	93	-	-	-	-	-	-	-	-	-	278	
Website Maintenance	93	93	93	-	-	-	-	-	-	-	-	-	278	
Postage & Delivery	1	33	2	-	-	-	-	-	-	-	-	-	37	
Insurance General Liability	8,295	-	-	-	-	-	-	-	-	-	-	-	8,295	
Printing & Binding	-	-	-	-	-	-	-	-	-	-	-	-	-	
Legal Advertising	-	-	-	-	-	-	-	-	-	-	-	-	-	
Other Current Charges	22	232	35	-	-	-	-	-	-	-	-	-	288	
Office Supplies	-	-	-	-	-	-	-	-	-	-	-	-	-	
Dues, Licenses & Subscriptions	175	-	-	-	-	-	-	-	-	-	-	-	175	
First Quarter Operating	-	-	-	-	-	-	-	-	-	-	-	-	-	
Total General & Administrative	$  11,644	$	3,415	$	3,187	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  18,246	

Total Expenditures	$  11,644	$	3,415	$	3,187	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  18,246	

Excess (Deficiency) of Revenues over Expe	$  (11,644)	$	4,907	$  34,137	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  27,400	

Net Change in Fund Balance	$ (11,644)	$	4,907	$  34,137	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  27,400	

Page 5

Portofino Springs	
Community Development District	
Long Term Debt Report	

Series 2007A, Special Assessment Bonds

Interest Rate:	5.500%	
Maturity Date:	5/1/2038		
Reserve Fund Definition	6.88% of aggregate pincipal amount of oustadni	
Reserve Fund Requirement	$234,838		
Reserve Fund Balance	25,501		
Original Bond Issuance - 6/13/2007		$3,415,000	
Less: Principal Payment - 5/1/9		($45,000)	
Less: Principal Payment - 5/1/10		($50,000)	
Less: Principal Payment - 5/1/12		($1,365,000)	
Less: Principal Payment - 5/1/13		($90,000)	
Less: Principal Payment - 5/1/14		($35,000)	
Less: Principal Payment - 5/1/15		($40,000)	
Less: Principal Payment - 5/1/16		($40,000)	
Less: Principal Payment - 5/1/17		($40,000)	
Less: Special Call - 11/1/17		($50,000)	
Less: Principal Payment - 5/1/18		($45,000)	
Less: Principal Payment - 5/1/19		($45,000)	
Less: Principal Payment - 5/1/20		($50,000)	
Less: Principal Payment - 5/1/21		($55,000)	
Less: Special Call - 5/1/21		($5,000)	
Less: Principal Payment - 5/1/22		($55,000)	
Less: Principal Payment - 5/1/23		($60,000)	
Less: Principal Payment - 5/1/24		($60,000)	
Less: Principal Payment - 5/1/25		($65,000)	
Current Bonds Outstanding		$1,220,000	

Page 6

Portofino Springs
COMMUNITY DEVELOPMENT DISTRICT

Gross Assessments	$	57,274.42	$	142,968.75	$	200,243.17	
Net Assessments	$	53,837.95	$	134,390.63	$	188,228.58	
allocation in %	28.60%	71.40%	100.00%	

Special Assessment Receipts - Lee County Fiscal Year 2026

ON ROLL ASSESSMENTS

Date	
Distribution	
Gross Amount	Discount/
(Penalty)	
Commission	
Interest	
Net Receipts	
O&M Portion	2007	Debt
Service	
Total	

11/12/25	
10/1-10/31/25	
$	1,360.07	
$	45.77	
$	373.52	
$	-	
$	940.78	
$	269.09	
$	671.69	
$	940.78	
11/20/25	11/1-11/15/25	29,328.68	1,173.19	-	-	28,155.49	8,053.16	20,102.33	28,155.49	
12/10/25	11/16-11/30/25	126,869.32	5,074.95	-	-	121,794.37	34,836.15	86,958.22	121,794.37	
12/24/25	12/1-12/15/25	8,997.19	298.44	-	-	8,698.75	2,488.05	6,210.70	8,698.75	
						-	-	-	-	
	TOTAL	$	166,555.26	$	6,592.35	$	373.52	$	-	$	159,589.39	$	45,646.45	$	113,942.94	$	159,589.39	

83.18%
$	33,687.91

Percent Collected Balance Remaining to Collect

Page 7