Paseo Community Development District

Financial Statements (Unaudited)

September 30, 2017

Prepared by: Rizzetta & Company, Inc.

paseocdd.org rizzetta.com

Paseo Community Development DistrictBalance Sheet

As of 9/30/2017(In Whole Numbers)

General Fund Reserve Fund FundDebt Service

FundsGovernmental

Total

GroupAssets Account General Fixed

Account GroupLong-Term Debt

General

AssetsCash In Bank 19,072 0 0 19,072 0 0 Investments 803,312 0 3,880,555 4,683,867 0 0 Investments--Reserves 0 100,909 0 100,909 0 0 Accounts Receivable 0 0 0 0 0 0 Allowance for Doubtful Accounts 0 0 0 0 0 0 Accounts Receivable Other 0 0 0 0 0 0 Bond Prepayments Receivable 0 0 0 0 0 0 Prepaid Expenses 27,192 0 0 27,192 0 0 Deposits 12,966 0 0 12,966 0 0 Due From Other Funds 0 0 0 0 0 0 Amount Available in Debt Service 0 0 0 0 0 3,880,555 Amount To Be Provided Debt Service 0 0 0 0 0 32,143,422 Fixed Assets 0 0 0 0 47,939,009 0

Total Assets 862,541 100,909 3,880,555 4,844,005 47,939,009 36,023,977

LiabilitiesAccounts Payable 48,165 0 0 48,165 0 0 Accrued Expenses Payable 31,980 0 0 31,980 0 0 Other Current Liabilities 38 0 0 38 0 0 Due To Other Funds 0 0 0 0 0 0 Debt Service Obligations - Current 0 0 0 0 0 0 Revenue Bonds Payable--Long Term 0 0 0 0 0 36,023,977

Total Liabilities 80,182 0 0 80,182 0 36,023,977

Fund Equity & Other CreditsBeginning Fund Balance 610,688 75,554 3,968,294 4,654,536 47,939,009 0 Net Change in Fund Balance 171,671 25,355 (87,739) 109,287 0 0

Total Fund Equity & Other Credits 782,359 100,909 3,880,555 4,763,823 47,939,009 0

Total Liabilities & Fund Equity 862,541 100,909 3,880,555 4,844,005 47,939,009 36,023,977

See Notes to Unaudited Financial Statements

Paseo Community Development DistrictStatement of Revenues and Expenditures

001 - General FundFrom 10/1/2016 Through 9/30/2017

(In Whole Numbers)

Annual Budget YTD Budget YTD Actual YTD Variance RemainingBudget

Percent Annual

RevenuesInterest Earnings

Interest Earnings 0 0 3,109 3,109 0.00%Special Assessments

Tax Roll 1,479,864 1,479,864 1,493,563 13,699 (0.92)%Other Miscellaneous Revenues

Miscellaneous Revenues 5,500 5,500 4,921 (579) 10.52%Total Revenues 1,485,364 1,485,364 1,501,594 16,230 (1.09)%

ExpendituresLegislative

Supervisor Fees 12,000 12,000 11,000 1,000 8.33%Financial & Administrative

Administrative Services 9,200 9,200 9,200 (0) 0.00%District Management 34,846 34,846 34,846 0 0.00%District Engineer 32,000 32,000 72,905 (40,905) (127.82)%Disclosure Report 5,000 5,000 5,000 0 0.00%Trustees Fees 15,000 15,000 13,775 1,225 8.16%Tax Collector/Property Appraiser Fees

1,152 1,152 1,146 6 0.52%

Financial & Revenue Collections 10,000 10,000 10,000 (0) 0.00%Accounting Services 20,500 20,500 20,500 0 0.00%Auditing Services 4,100 4,100 4,100 0 0.00%Arbitrage Rebate Calculation 650 650 1,000 (350) (53.84)%Public Officials Liability Insurance

3,575 3,575 3,250 325 9.09%

Legal Advertising 750 750 2,240 (1,490) (198.68)%Dues, Licenses & Fees 2,500 2,500 429 2,071 82.83%Website Fees & Maintenance 2,100 2,100 2,130 (30) (1.42)%

Legal CounselDistrict Counsel 47,000 47,000 41,368 5,632 11.98%

Law EnforcementDeputy 24,000 24,000 0 24,000 100.00%

Security OperationsGate Facility Maintenance 11,000 11,000 9,863 1,137 10.33%Access System Transponders 6,000 6,000 6,078 (78) (1.30)%Guardhouse Maintenance 5,000 5,000 3,096 1,904 38.08%Misc. Operating Supplies 2,000 2,000 2,101 (101) (5.03)%Security Services and Patrols 173,000 173,000 165,175 7,825 4.52%

Electric Utility ServicesUtility-Entry Gate System 14,500 14,500 13,417 1,083 7.46%Utility-Fountains 70,600 70,600 63,098 7,502 10.62%Utility-Trash Compactor 300 300 349 (49) (16.40)%

See Notes to Unaudited Financial Statements

Paseo Community Development DistrictStatement of Revenues and Expenditures

001 - General FundFrom 10/1/2016 Through 9/30/2017

(In Whole Numbers)

Annual Budget YTD Budget YTD Actual YTD Variance RemainingBudget

Percent Annual

Utility-Irrigation 40,000 40,000 35,993 4,007 10.01%Street Lights 40,000 40,000 32,459 7,541 18.85%

Garbage/Solid Waste Control Services

Garbage - Compactor/Recycle 47,500 47,500 44,817 2,683 5.64%Stormwater Control

Fountain Maintenance Contract 13,500 13,500 10,634 2,866 21.22%Fountain Service Repairs 16,000 16,000 11,080 4,920 30.75%Preserve/Wetland Maintenance 38,800 38,800 20,400 18,400 47.42%Water Use/Quality Monitoring 18,500 18,500 25,660 (7,160) (38.70)%Lake/Pond Bank Maintenance 25,000 25,000 21,600 3,400 13.60%Aquatic Maintenance 25,000 25,000 24,492 508 2.03%

Other Physical EnvironmentProperty & General Liability Insurance

28,000 28,000 19,849 8,151 29.11%

Entry & Walls Maintenance 8,000 8,000 0 8,000 100.00%Landscape Maintenance 312,000 312,000 224,483 87,517 28.05%Irrigation Repairs 20,000 20,000 31,646 (11,646) (58.22)%Landscape - Mulch 92,000 92,000 92,693 (693) (0.75)%Field Operations Services 6,000 6,000 6,000 0 0.00%Handyman/Field Manager 30,500 30,500 19,001 11,499 37.70%Landscape Miscellaneous 15,000 15,000 834 14,166 94.44%Landscape Replacement Plants, Shrubs, Trees

30,000 30,000 28,286 1,715 5.71%

Landscape-Annual Flower Program

7,500 7,500 3,024 4,476 59.68%

Ornamental Lighting & Maintenance

15,000 15,000 2,560 12,440 82.93%

Misc. Maintenance & Repair 0 0 2,623 (2,623) 0.00%Holiday Decorations 7,000 7,000 7,000 0 0.00%Reserve Study 5,000 5,000 3,700 1,300 26.00%

Road & Street FacilitiesGate Phone/Internet 4,700 4,700 6,091 (1,391) (29.59)%Street Light/Decorative Light Maintenance

35,000 35,000 31,077 3,923 11.20%

Roadway Repair & Maintenance 7,000 7,000 5,169 1,831 26.15%Sidewalk Repair & Maintenance 15,000 15,000 3,975 11,025 73.50%Street/Sidewalk Cleaning 18,000 18,000 22,568 (4,568) (25.37)%Street Sign Repair & Replacement

5,000 5,000 710 4,290 85.80%

Parks & RecreationWildlife Management Services 10,000 10,000 3,000 7,000 70.00%

See Notes to Unaudited Financial Statements

Paseo Community Development DistrictStatement of Revenues and Expenditures

001 - General FundFrom 10/1/2016 Through 9/30/2017

(In Whole Numbers)

Annual Budget YTD Budget YTD Actual YTD Variance RemainingBudget

Percent Annual

Misc. Maintenance & Repair 1,500 1,500 1,013 487 32.48%Furniture Repair/Replacement 3,500 3,500 1,718 1,782 50.92%Fishing Pier & Pavilion Maintenance/Repairs

4,000 4,000 4,000 0 0.00%

ContingencyMiscellaneous Contingency 22,091 22,091 22,605 (514) (2.32)%Capital Outlay 12,500 12,500 8,194 4,306 34.44%Capital Projects Irrigation Repairs

35,000 35,000 12,625 22,375 63.92%

Capital Projects Street Lighting Replacement

252,521 252,521 0 252,521 100.00%

Capital Projects Fishing Pier Repairs

30,805 30,805 34,805 (4,000) (12.98)%

Furniture Replacement 30,472 30,472 3,360 27,112 88.97%Pier and Gazebo Lighting 12,500 12,500 0 12,500 100.00%Field Services/Tools 63,250 63,250 4,116 59,134 93.49%

Total Expenditures 1,909,912 1,909,912 1,329,922 579,990 30.37%

Excess of Revenues Over (Under) Expenditures

(424,548) (424,548) 171,671 596,219 140.43%

Other Financing Sources (Uses)Carry Forward Fund Balance 424,548 424,548 0 (424,548) 100.00%

Excess of Rev./Other Sources Over (Under) Expend./Other Uses

0 0 171,671 171,671 0.00%

Fund Balance, Beginning of Period0 0 610,688 610,688 0.00%

Fund Balance, End of Period 0 0 782,359 782,359 0.00%

See Notes to Unaudited Financial Statements

Paseo Community Development DistrictStatement of Revenues and Expenditures

005 - Reserve FundFrom 10/1/2016 Through 9/30/2017

(In Whole Numbers)

Annual Budget ActualCurrent Period

VarianceBudget To Actual

RemainingBudget Percent

RevenuesInterest Earnings

Interest Earnings 0 355 355 0.00%Special Assessments

Tax Roll 25,000 25,000 0 0.00%Total Revenues 25,000 25,355 355 1.42%

ExpendituresContingency

Capital Reserves 25,000 0 25,000 100.00%Total Expenditures 25,000 0 25,000 100.00%

Excess of Revenues Over (Under) Expenditures

0 25,355 25,355 0.00%

Excess Of Rev./Other Sources Over (Under) Expend./Other Uses

0 25,355 25,355 0.00%

Fund Balance, Beginning of Period0 75,554 75,554 0.00%

Fund Balance, End of Period 0 100,909 100,909 0.00%

See Notes to Unaudited Financial Statements

Paseo Community Development DistrictStatement of Revenues and Expenditures

200 - Debt Service Fund S2005From 10/1/2016 Through 9/30/2017

(In Whole Numbers)

Annual Budget ActualCurrent Period

VarianceBudget To Actual

RemainingBudget Percent

RevenuesInterest Earnings

Interest Earnings 0 0 0 0.00%Total Revenues 0 0 0 0.00%

Excess of Revenues Over (Under) Expenditures

0 0 0 0.00%

Excess Of Rev./Other Sources Over (Under) Expend./Other Uses

0 0 0 0.00%

Fund Balance, Beginning of Period0 56 56 0.00%

Fund Balance, End of Period 0 57 57 0.00%

See Notes to Unaudited Financial Statements

Paseo Community Development DistrictStatement of Revenues and Expenditures

201 - Debt Service Fund S2006From 10/1/2016 Through 9/30/2017

(In Whole Numbers)

Annual Budget ActualCurrent Period

VarianceBudget To Actual

RemainingBudget Percent

RevenuesInterest Earnings

Interest Earnings 0 0 0 0.00%Total Revenues 0 0 0 0.00%

Excess of Revenues Over (Under) Expenditures

0 0 0 0.00%

Excess Of Rev./Other Sources Over (Under) Expend./Other Uses

0 0 0 0.00%

Fund Balance, Beginning of Period0 25 25 0.00%

Fund Balance, End of Period 0 25 25 0.00%

See Notes to Unaudited Financial Statements

Paseo Community Development DistrictStatement of Revenues and Expenditures

202 - Debt Service Fund S2011From 10/1/2016 Through 9/30/2017

(In Whole Numbers)

Annual Budget ActualCurrent Period

VarianceBudget To Actual

RemainingBudget Percent

RevenuesInterest Earnings

Interest Earnings 0 20,013 20,013 0.00%Special Assessments

Tax Roll 806,309 814,306 7,997 0.99%Off Roll 0 48,546 48,546 0.00%Debt Service Prepayments 0 979,203 979,203 0.00%

Total Revenues 806,309 1,862,068 1,055,759 130.94%

ExpendituresFinancial & Administrative

Management Contract 0 15,000 (15,000) 0.00%Legal Counsel

Trustee Counsel 0 1,423 (1,423) 0.00%Debt Service Payments

Interest 706,309 192,780 513,529 72.70%Principal 100,000 1,740,604 (1,640,604) (1,640.60)%

Total Expenditures 806,309 1,949,807 (1,143,498) (141.82)%

Excess of Revenues Over (Under) Expenditures

0 (87,739) (87,739) 0.00%

Excess Of Rev./Other Sources Over (Under) Expend./Other Uses

0 (87,739) (87,739) 0.00%

Fund Balance, Beginning of Period0 3,968,212 3,968,212 0.00%

Fund Balance, End of Period 0 3,880,473 3,880,473 0.00%

See Notes to Unaudited Financial Statements

Balance as of Account Investment September 30, 2017

The Bank of Tampa Money Market Account 195,671$

The Bank of Tampa ICS Program:Bank of China, New York, NY Money Market Account 218,152 Flushing Bank Money Market Account 76 Pinnacle Bank Money Market Account 245,161 Western Alliance Bank Money Market Account 144,252

Total General Fund Investments 803,312$

The Bank of Tampa ICS Capital Reserve:Western Alliance Bank Money Market Account 100,909$

Total Reserve Fund Investments 100,909$

US Bank Series 2005 Revenue Fidelity Govt Port CI III 57$ US Bank Series 2006 Revenue Fidelity Govt Port CI III 25 US Bank Series 2011A-1 Prepayment First American Treasury Obligation Fund Class Z 38 US Bank Series 2011A-1 Reserve First American Treasury Obligation Fund Class Z 30,153 US Bank Series 2011A-1 Revenue First American Treasury Obligation Fund Class Z 630,767 US Bank Series 2011A-1 Redemption First American Treasury Obligation Fund Class Z 4,668 US Bank Series 2011A-2 Prepayment First American Treasury Obligation Fund Class Z 309,986 US Bank Series 2011A-2 Revenue First American Treasury Obligation Fund Class Z 1,616,484 US Bank Series 2011A-2 Remedial Expense First American Treasury Obligation Fund Class Z 1,004,979 US Bank Series 2011A-2 Restructuring Expense First American Treasury Obligation Fund Class Z 283,398

Total Debt Service Fund Investments 3,880,555$

Paseo Community Development District Investment Summary

September 30, 2017

Paseo Community Development DistrictAged Payables by Invoice Date

Aging Date - 8/1/2017001 - General Fund

From 9/1/2017 Through 9/30/2017

Vendor Name Invoice Date Invoice Number Invoice Description Current Balance

Pinnacle Landscapes, Inc.

8/24/2017 9144 Plant Replacement 1,000.00

Crystal Clean Inc. 9/1/2017 25884 Gatehouse Janitorial Services 9/17

180.00

CenturyLink 9/13/2017 311416420 8/17 & 9/17 Telephone Service 8/17 & 9/17 1,263.13 Modular Space Corporation

9/13/2017 502161642 ModSpace Rental 9/17 240.79

Cypress Access Systems, Inc.

9/15/2017 4805 Preventive Maintenance 10/17 269.20

Latham, Shuker, Eden & Beaudine, LLP

9/18/2017 78107 Legal Services 8/17 7,285.91

Pinnacle Landscapes, Inc.

9/18/2017 9201 Remove & Replace Outside Furniture

3,360.00

The Daily Breeze 9/20/2017 107871 09/20/17 Legal Advertising 9/17 44.50 Sweeperman of SW FL Inc

9/22/2017 502PAS Vacuum Swept-Hurricane Irma & Flooding

3,000.00

Steven A. Brown-Cestero

9/25/2017 SB092517 Board of Supervisors Meeting 9/25/17

200.00

Suntech Electrical Contractors, Inc.

9/25/2017 6986 Street Light Repairs 1,015.00

Suntech Electrical Contractors, Inc.

9/25/2017 6989 Street Light Repairs 715.00

Lyle L. Hicks 9/25/2017 LH092517 Board of Supervisors Meeting 9/25/17

200.00

Emmanuel P. Samson 9/25/2017 MS092517 Board of Supervisors Meeting 9/25/17

200.00

James A. Heether 9/25/2017 JH092517 Board of Supervisors Meeting 9/25/17

200.00

John J. Strohm 9/25/2017 JS092517 Board of Supervisors Meeting 9/25/17

200.00

Johnson Engineering, Inc.

9/25/2017 20097877-001 Inv 2 SFWMD Water Use Permit Renewal

907.50

Sliderman, LLC 9/26/2017 25718-40402-107 Maintenance on Guardhouse 259.00 Vertex Water Features 9/27/2017 880023828 Fountain Repair - 7.5&5HP

Tritier412.84

Keystone Interlocking Paving Contractor, Inc.

9/28/2017 29224 Repair at Bridge & Bridge Walkway

7,725.00

Johnson Engineering, Inc.

9/29/2017 20097877-017-5 WUP Compliance Monitoring Svcs through 9/17/17

1,232.50

Pinnacle Landscapes, Inc.

9/30/2017 9176 General Maintenance 9/17 16,835.00

Pinnacle Landscapes, Inc.

9/30/2017 9225 Irrigation Repairs 1,220.90

Rizzetta Amenity Services, Inc.

9/30/2017 INV00000000004109 Out of Pocket Expenses 9/17 198.32

Paseo Community Development DistrictAged Payables by Invoice Date

Aging Date - 8/1/2017001 - General Fund

From 9/1/2017 Through 9/30/2017

Vendor Name Invoice Date Invoice Number Invoice Description Current Balance

Total 001 - General Fund

48,164.59

Report Total 48,164.59

Paseo Community Development District Notes to Unaudited Financial Statements

September 30, 2017 Balance Sheet

1. Trust statement activity has been recorded through 9/30/17. 2. See EMMA (Electronic Municipal Market Access) at http://www.emma.msrb.org for Municipal

Disclosures and Market Data. 3. For presentation purposes, the Reserves are shown in a separate fund titled Reserve Fund.