Windsor Cay Community Development District

Meeting Agenda May 27, 2026

Agenda

Windsor Cay
Community Development District

219 East Livingston Street, Orlando, Florida 32801 Phone: 407-841-5524 – Fax: 407-839-1526
May 20, 2026

Board of Supervisors Windsor Cay
Community Development District

Dear Board Members:

The Special meeting of the Board of Supervisors of the Windsor Cay Community Development District will be held on Wednesday, May 27, 2026 at 2:00 PM, or shortly thereafter as reasonably possible, at The Cooper Memorial Library, 2525 Oakley Seaver Drive, Clermont, FL 34711. Following is the advance agenda for the meeting:

Roll Call
Public Comment Period
Approval of Minutes of the March 25, 2026 Meeting
Consideration of Resolution 2026-07 Approving the Proposed Fiscal Year 2027 Budget and Setting a Public Hearing
Ratification of Series 2025 Requisition #8
Staff Reports
Attorney
Engineer
District Manager’s Report
Approval of Check Register
Balance Sheet and Income Statement
Presentation of Number of Registered Voters - 66
Field Manager’s Report
Discussion of Landscape Maintenance Fuel Surcharge Request
Other Business
Supervisors Requests
Adjournment

The balance of the agenda will be discussed at the meeting. In the meantime, if you should have any questions, please contact me.

Sincerely,
George S. Flint
George S. Flint District Manager

Cc:	Tucker Mackie, District Counsel Bill Whitegon, District Engineer

Enclosures

Minutes

MINUTES OF MEETING WINDSOR CAY
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Windsor Cay Community Development District was held on Wednesday, March 25, 2026 at 2:00 p.m. at the Cooper Memorial Library, 2525 Oakley Seaver Drive, Clermont, Florida.

Present and constituting a quorum were:

Aaron Struckmeyer	Chairman
Bernard Sullivan	Vice Chairman
Justin Booth	Assistant Secretary Also present were:
George Flint	District Manager
Ryan Dugan by phone	District Counsel
Bill Whitegon by phone	District Engineer
Ashley Hilyard	Field Manager

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

SECOND ORDER OF BUSINESS	Public Comment Period
There were no members of the public present to provide comment.

THIRD ORDER OF BUSINESS	Organizational Matters
Acceptance of Resignation of Eric Baker and Appointment of Individual to Fulfill the Board Vacancy with a Term Ending November 2027
Mr. Flint presented the resignation of Eric Baker and appointment of individual to fulfill the Board vacancy with a term ending November 2027 to the Board. He asked the Board for a motion to accept Eric Baker’s resignation.

On MOTION by Mr. Struckmeyer, seconded by Mr. Sullivan, with all in favor, Accepting the Resignation of Eric Baker, was approved.

March 25, 2026	Windsor Cay CDD

Mr. Flint explained that seat has a term ending in November 2027. He asked the Board if there were any nominations to fill that seat at that time. Mr. Struckmeyer nominated Mary Burns to fill the vacant seat.

On MOTION by Mr. Struckmeyer, seconded by Mr. Sullivan, with all in favor, Appointment of Mary Burns to Fulfill the Board Vacancy with a Term Ending November 2027, was approved.

Administration of Oath of Office to Newly Appointed Board Member
Mr. Flint noted that since Mary Burns was not present, they would administer the Oath of Office to her at a future meeting.

Consideration of Resolution 2026-06 Electing Officers.
The Board discussed the officer positions and noted who currently held each office. The Board agreed to keep everything the same except make Mary Burns the new Vice Chair, replacing Eric. Mr. Flint asked for a motion to approve the updated resolution.

On MOTION by Mr. Sullivan, seconded by Mr. Struckmeyer, with all in favor, Resolution 2026-06 Electing Officers as slated above, was approved.

FOURTH ORDER OF BUSINESS	Approval of Minutes of the October 22,
2025 and November 18, 2025 Board of Supervisor Meetings and Acceptance of Minutes of November 4, 2025 Landowners’ Meeting
Mr. Flint presented the minutes of the October 22, 2025, and November 18, 2025, Board of Supervisor meetings and the minutes of November 4, 2025, Landowner’s meeting to the Board. He asked if there were any comments or corrections to any of the meeting minutes. With no comments or corrections, he asked for a motion to approve the two Board meeting minutes and accept the landowner meeting minutes.

On MOTION by Mr. Sullivan, seconded by Mr. Struckmeyer, with all in favor, the Minutes of the October 22, 2025, and November 18, 2025, Board of Supervisor Meetings were approved as presented, and the Minutes of the November 4, 2025, Landowner’s Meeting, were accepted.

March 25, 2026	Windsor Cay CDD

FIFTH ORDER OF BUSINESS	Review and Acceptance of Draft Fiscal
Year 2025 Audit Report
Mr. Flint presented the draft Fiscal Year 2025 Audit Report to the Board. Mr. Flint explained that the CDD is required to complete an annual independent audit. The report showed no issues or findings, meaning it was a clean audit and met all required standards.

On MOTION by Mr. Struckmeyer, seconded by Mr. Sullivan, with all in favor, Accepting the Draft Fiscal Year 2025 Audit Report, was approved.

SIXTH ORDER OF BUSINESS	Ratification of Series 2024 Requisitions
#20 – #22
Mr. Flint presented the Series 2024 Requisitions #20-#22, explaining they had already been signed and were just being presented for the Board to approve. The Board briefly discussed the construction funds, noting there was still money left and ongoing costs like Engineer reviews.

On MOTION by Mr. Struckmeyer, seconded by Mr. Sullivan, with all in favor, Series 2024 Requisitions #20 – #22, were ratified.

SEVENTH ORDER OF BUSINESS	Ratification of Series 2025 Requisitions #2
– #7
Mr. Flint reviewed Requisitions #2-#7 for the Series 2025 bonds with the Board, noting they mostly covered engineering, legal work, and some property-related costs, including a payment to Pulte for work product.

On MOTION by Mr. Struckmeyer, seconded by Mr. Sullivan, with all in favor, Series 2025 Requisitions #2 – #7, were ratified.

EIGHTH ORDER OF BUSINESS	Staff Reports
Attorney
Mr. Dugan stated that he had nothing to report and offered to answer any questions.

Engineer
Mr. Whitegon stated he had nothing to report and offered to answer any questions.

District Managers Report
Approval of Check Register

March 25, 2026	Windsor Cay CDD

Mr. Flint presented the check register from November 6, 2025, through December 10, 2025, for $25,520.91 and then the check register from December 11, 2025, through January 14, 2026, for $583,347.57. He noted that most of that is Windsor Cay CDD care of US Bank, which is moving the debt service assessment revenue they receive from the County to the Trustee. He stated that those are just moving the debt assessment funds, not a true expense.
Mr. Flint also presented the third check register from January 15, 2026, through March 13, 2026, for $281,650.81. He noted that there was a $240,000 check for State Board of Administration, and that is the District’s investment account. He stated that is moving money into an interest-bearing investment account that is managed by the State Board of Administration. He asked the Board if there were any questions on the three check registers. With no questions or comments, a motion was made to approve all three check registers.

On MOTION by Mr. Struckmeyer, seconded by Mr. Sullivan, with all in favor, the Check Register, was approved.

Balance Sheet and Income Statement
Mr. Flint presented the unaudited financials. There is no action required.

Presentation of Arbitrage Rebate Calculation Report for the Series 2024 Bonds
Mr. Flint presented the Arbitrage Rebate Calculation Report for the Series 2024 Bonds to the Board. He stated that it indicates a negative rebatable arbitrage of $14,237.11. He noted that there is no arbitrage issue and asked for a motion of approval.

On MOTION by Mr. Sullivan, seconded by Mr. Struckmeyer, with all in favor, Accepting the Arbitrage Rebate Calculation Report for the Series 2024 Bonds, was approved.

Field Manager’s Report
Ms. Hilyard presented the Field Manager’s report which was provided in the agenda package for review.
Approval of Proposal for Sabal Palm Replacement and Trimming
Ms. Hilyard stated that they got an update from the Field Manager, who said the erosion repairs in the dry ponds had been finished and would be monitored during storm season. The Board also talked about landscaping, noting some plants might not recover from the freeze and that

March 25, 2026	Windsor Cay CDD

proposals would come next meeting. She stated that maintenance work was continuing without issues. The Board discussed a visible palm tree that hadn’t recovered despite treatment and agreed it should be replaced.

On MOTION by Mr. Struckmeyer, seconded by Mr. Sullivan, with all in favor, the Proposal for Sabal Palm Replacement and Trimming, was approved.

NINTH ORDER OF BUSINESS	Other Business
There being no other business, the next item followed.

TENTH ORDER OF BUSINESS	Supervisors Requests
There being no comments, the next item followed.

ELEVENTH ORDER OF BUSINESS	Adjournment
Mr. Flint asked for a motion to adjourn the meeting.

On MOTION by Mr. Sullivan, seconded by Mr. Booth, with all in favor, the meeting was adjourned.

Secretary/Assistant Secretary	Chairman/Vice Chairman

Section IV

RESOLUTION 2026-07

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2026/2027 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW; ADDRESSING TRANSMITTAL, POSTING AND PUBLICATION REQUIREMENTS; ADDRESSING SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the District Manager has heretofore prepared and submitted to the Board of Supervisors (“Board”) of the Windsor Cay Community Development District (“District”) prior to June 15, 2026, a proposed budget (“Proposed Budget”) for the fiscal year beginning October 1, 2026 and ending September 30, 2027 (“Fiscal Year 2026/2027”); and

WHEREAS, the Board has considered the Proposed Budget and desires to set the required public hearing thereon.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT:

PROPOSED BUDGET APPROVED. The Proposed Budget prepared by the District Manager for Fiscal Year 2026/2027 attached hereto as Exhibit A is hereby approved as the basis for conducting a public hearing to adopt said Proposed Budget.

SETTING A PUBLIC HEARING. A public hearing on said approved Proposed Budget is hereby declared and set for the following date, hour and location:

DATE:	August 26, 2026

HOUR:	2:00 P.M., or shortly thereafter

LOCATION:	Cooper Memorial Library 2525 Oakley Seaver Drive, Clermont, FL 34711

TRANSMITTAL	OF	PROPOSED	BUDGET	TO	LOCAL	GENERAL	PURPOSE
GOVERNMENT. The District Manager is hereby directed to submit a copy of the Proposed Budget to Lake County at least 60 days prior to the hearing set above.

POSTING OF PROPOSED BUDGET. In accordance with Section 189.016, Florida Statutes, the District’s Secretary is further directed to post the approved Proposed Budget on the District’s website at least two days before the budget hearing date as set forth in Section 2, and shall remain on the website for at least 45 days.

PUBLICATION OF NOTICE. Notice of this public hearing shall be published in the manner prescribed in Florida law.

SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof.

EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption.

PASSED AND ADOPTED THIS 27TH DAY OF MAY 2026.

ATTEST:	WINDSOR CAY COMMUNITY
DEVELOPMENT DISTRICT

By:	
Secretary/Assistant Secretary	Its:	

Windsor Cay
Community Development District

Proposed Budget
FY2027

Table of Contents

1-2	General Fund	

3-6	

General Fund Narrative	

7	

Series 2024 Debt Service Fund	

8-9	

Series 2024 Amortization Schedule	

10	

Series 2025 Debt Service Fund	

11-12	

Series 2025 Amortization Schedule	

Windsor Cay
Community Development District Proposed Budget
General Fund

	Adopted Budget	Actuals Thru		Projected Next	Projected Thru	Proposed Budget	
Description	FY2026	3/31/26		6 Months	9/30/26	FY2027	

Revenues							
Assessments	$	297,894	$	271,352	$	26,542	$	297,894	$	463,244	
Developer Contributions	$	43,098	$	-	$	-	$	-	$	-	
Interest	$	-	$	1,888	$	472	$	2,359	$	1,180	
Total Revenues	$	340,993	$	273,240	$	27,014	$	300,254	$	464,424	

Expenditures							
General & Administrative							
Engineering	$	10,000	$	568	$	5,000	$	5,568	$	10,000	
Attorney	$	25,000	$	8,473	$	12,500	$	20,973	$	25,000	
Annual Audit	$	6,300	$	-	$	6,300	$	6,300	$	6,300	
Assessment Administration	$	5,408	$	5,408	$	-	$	5,408	$	5,570	
Arbitrage	$	900	$	-	$	900	$	900	$	900	
Dissemination	$	6,150	$	2,825	$	3,078	$	5,903	$	6,335	
Disclosure Software	$	-	$	2,500	$	-	$	2,500	$	2,500	
Trustee Fees	$	9,000	$	2,477	$	6,523	$	9,000	$	9,000	
Management Fees	$	43,775	$	21,888	$	21,888	$	43,776	$	45,088	
Information Technology	$	1,854	$	927	$	927	$	1,854	$	1,910	
Website Maintenance	$	1,236	$	618	$	618	$	1,236	$	1,273	
Telephone	$	300	$	-	$	50	$	50	$	300	
Postage & Delivery	$	1,000	$	30	$	100	$	130	$	1,000	
Insurance	$	6,351	$	5,512	$	-	$	5,512	$	6,063	
Printing & Binding	$	1,000	$	17	$	50	$	67	$	1,000	
Legal Advertising	$	5,000	$	377	$	2,500	$	2,877	$	5,000	
Other Current Charges	$	1,750	$	781	$	969	$	1,750	$	1,750	
Office Supplies	$	625	$	1	$	20	$	21	$	625	
Travel Per Diem	$	660	$	-	$	330	$	330	$	660	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative	$	126,484	$	52,578	$	61,753	$	114,330	$	130,449	

Windsor Cay
Community Development District Proposed Budget
General Fund

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description	FY2026	3/31/26	6 Months	9/30/26	FY2027	

Operations & Maintenance						
Field Expenditures						
Field Management	$	15,450	$	7,725	$	7,725	$	15,450	$	16,223	
Property Insurance	$	7,253	$	6,333	$	-	$	6,333	$	7,253	
Landscape Maintenance	$	80,000	$	38,397	$	38,964	$	77,361	$	190,000	
Pond Disking	$	8,190	$	3,900	$	3,900	$	7,800	$	16,000	
Landscape Replacement	$	15,000	$	4,642	$	7,500	$	12,142	$	30,000	
Tree Trimming	$	27,300	$	-	$	13,650	$	13,650	$	-	
Mulch	$	26,000	$	-	$	13,000	$	13,000	$	-	
Electric	$	3,500	$	-	$	1,750	$	1,750	$	1,500	
Water & Sewer	$	7,200	$	261	$	240	$	501	$	3,000	
Irrigation Repairs	$	7,500	$	-	$	3,750	$	3,750	$	7,500	
Fountain Maintenance	$	6,300	$	3,000	$	3,000	$	6,000	$	6,700	
General Repairs & Maintenance	$	7,500	$	12,822	$	3,750	$	16,572	$	10,000	
Contingency	$	3,316	$	-	$	1,658	$	1,658	$	45,800	
Total Operations & Maintenance	$	214,509	$	77,081	$	98,887	$	175,968	$	333,976	
						
Total Expenditures	$	340,993	$	129,659	$	160,640	$	290,298	$	464,424	
						
Excess Revenues/(Expenditures)	$	-	$	143,581	$	(133,626)	$	9,956	$	-	
			
Net Assessments		
$	463,244	

Add: Discount & Collections 6% Gross Assessments

 $	29,569 
 $	492,813 

Product Type	ERU	Assessable Units	Total ERU	Net Assessment	Net Per Unit	Gross Per Unit	
Townhouse - 25'	0.5	230	115.00	$	79,750	$	346.74	$	368.87	
Single Family - 40'	0.8	257	205.60	$	142,579	$	554.78	$	590.20	
Single Family - 50'	1	255	255.00	$	176,837	$	693.48	$	737.74	
Single Family - 70'	1.4	66	92.40	$	64,078	$	970.87	$	1,032.84	
		808	668	$	463,244.47			

Windsor Cay
Community Development District
General Fund Budget

Revenues:

Assessments

The District will levy a non-ad valorem assessment on all the assessable property within the District to pay for operating expenditures during the fiscal year.

Expenditures:

General & Administrative:

Engineering

The District's engineer, Donald W. McIntosh Associates, Inc., provides general engineering services to the District, e.g., attendance and preparation for monthly board meetings, review invoices and various projects as directed by the District Manager.

Attorney

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

Annual Audit

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

Assessment Administration

The District is contracted with Governmental Management Services – Central Florida, LLC to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on its Series 2024 and Series 2025 bonds.

Dissemination

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

Disclosure Software

The District has contracted with DTS to provide software platform for filing various reports required in accordance with the Continuing Disclosure Agreements for the bond Series 2024 and 2025.

Trustee Fees

The District will incur trustee related costs with the Series 2024 and 2025 bonds.

Windsor Cay
Community Development District
General Fund Budget

Management Fees

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

Information Technology

Represents various cost of information technology for the District such as video conferencing, cloud storage and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc. Governmental Management Services – Central Florida, LLC provides these systems.

Website Maintenance

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

Telephone

Telephone and fax machine.

Postage & Delivery

The District incurs charges for mailing, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability and public official’s liability insurance coverage is provided by the Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Printing & Binding

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

Legal Advertising

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

Other Current Charges

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

Office Supplies

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

Windsor Cay
Community Development District
General Fund Budget

Travel Per Diem

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

Dues, Licenses & Subscriptions

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

Field Expenditures:

Field Management

Represents the estimated costs of contracting services that provide onsite field management of contracts for the District such as landscape and lake maintenance. Services can include onsite inspections, meetings
with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Landscape Maintenance

Represents the estimated maintenance of the landscaping within the common areas of the District after the installation of landscape material has been completed.

Pond Disking

Represents the estimated cost to disk pond floors within the District.

Landscape Replacement

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

Electric

Represents electric charges of common areas throughout the District.

Water & Sewer

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

Irrigation Repairs

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

Fountain Maintenance

Represents cost to maintain fountains for three days each week.

General Repairs & Maintenance

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

Windsor Cay
Community Development District
General Fund Budget

Contingency

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

Windsor Cay
Community Development District
Proposed Budget
Series 2024 Debt Service Fund

Description	Adopted Budget FY2026	Actuals Thru 3/31/26	Projected Next
6 Months	Projected Thru 9/30/26	Proposed Budget FY2027	

Revenues						
Special Assessments	$	665,243	$	605,969	$	59,273	$	665,243	$	665,243	
Interest	$	13,146	$	11,261	$	2,815	$	14,077	$	7,038	
Carry Forward	$	289,555	$	587,312	$	-	$	587,312	$	591,890	
Total Revenues	$	967,943	$	1,204,542	$	62,088	$	1,266,631	$	1,264,171	

Expenditures						
Interest Expense - 11/1	$	261,789	$	261,789	$	-	$	261,789	$	258,454	
Principal Expense - 5/1	$	145,000	$	-	$	145,000	$	145,000	$	150,000	
Interest Expense - 5/1	$	261,789	$	-	$	261,789	$	261,789	$	258,454	
Total Expenditures	$	668,578	$	261,789	$	406,789	$	668,578	$	666,908	

Other Financing Sources/(Uses)						

Transfer In/(Out)	
$	-	$	(6,163)	
$	-	
$	(6,163)	
$	-	
Total Other Financing Sources/(Uses)	$	-	$	(6,163)	$	-	$	(6,163)	$	-	

Excess Revenues/(Expenditures)	$	299,366	$	936,591	$	(344,700)  $	591,890	$	597,264

Interest Expense 11/1/27	 $	255,004 
Total	$	255,004

Product	
Assessable Units	Total Net Assessments	Net Assessment Per Unit	Gross Assessment Per Unit	
Townhouse - 25'	230	$	176,787	$	768.64	$	817.70	
Single Family - 40'	153	$	213,895	$	1,398.00	$	1,487.24	
Single Family - 50'	157	$	274,561	$	1,748.79	$	1,860.42	
	540	$	665,243			

Windsor Cay Community Development District Series 2024 Special Assessment Bonds
Amortization Schedule

Date		Balance		Prinicpal		Interest		Total	
									
11/01/26	$	9,335,000.00	$	-	$	258,453.75	$	665,242.50	
05/01/27	$	9,335,000.00	$	150,000.00	$	258,453.75			
11/01/27	$	9,185,000.00	$	-	$	255,003.75	$	663,457.50	
05/01/28	$	9,185,000.00	$	155,000.00	$	255,003.75			
11/01/28	$	9,030,000.00	$	-	$	251,438.75	$	661,442.50	
05/01/29	$	9,030,000.00	$	165,000.00	$	251,438.75			
11/01/29	$	8,865,000.00	$	-	$	247,643.75	$	664,082.50	
05/01/30	$	8,865,000.00	$	170,000.00	$	247,643.75			
11/01/30	$	8,695,000.00	$	-	$	243,733.75	$	661,377.50	
05/01/31	$	8,695,000.00	$	180,000.00	$	243,733.75			
11/01/31	$	8,515,000.00	$	-	$	239,593.75	$	663,327.50	
05/01/32	$	8,515,000.00	$	190,000.00	$	239,593.75			
11/01/32	$	8,325,000.00	$	-	$	234,416.25	$	664,010.00	
05/01/33	$	8,325,000.00	$	200,000.00	$	234,416.25			
11/01/33	$	8,125,000.00	$	-	$	228,966.25	$	663,382.50	
05/01/34	$	8,125,000.00	$	210,000.00	$	228,966.25			
11/01/34	$	7,915,000.00	$	-	$	223,243.75	$	662,210.00	
05/01/35	$	7,915,000.00	$	220,000.00	$	223,243.75			
11/01/35	$	7,695,000.00	$	-	$	217,248.75	$	660,492.50	
05/01/36	$	7,695,000.00	$	235,000.00	$	217,248.75			
11/01/36	$	7,460,000.00	$	-	$	210,845.00	$	663,093.75	
05/01/37	$	7,460,000.00	$	250,000.00	$	210,845.00			
11/01/37	$	7,210,000.00	$	-	$	204,032.50	$	664,877.50	
05/01/38	$	7,210,000.00	$	260,000.00	$	204,032.50			
11/01/38	$	6,950,000.00	$	-	$	196,947.50	$	660,980.00	
05/01/39	$	6,950,000.00	$	275,000.00	$	196,947.50			
11/01/39	$	6,675,000.00	$	-	$	189,453.75	$	661,401.25	
05/01/40	$	6,675,000.00	$	290,000.00	$	189,453.75			
11/01/40	$	6,385,000.00	$	-	$	181,551.25	$	661,005.00	
05/01/41	$	6,385,000.00	$	310,000.00	$	181,551.25			
11/01/41	$	5,750,000.00	$	-	$	173,103.75	$	664,655.00	
05/01/42	$	5,040,000.00	$	325,000.00	$	173,103.75			
11/01/42	$	5,040,000.00	$	-	$	164,247.50	$	662,351.25	
05/01/43	$	5,040,000.00	$	345,000.00	$	164,247.50			
11/01/43	$	5,040,000.00	$	-	$	154,846.25	$	664,093.75	
05/01/44	$	5,040,000.00	$	365,000.00	$	154,846.25			
11/01/44	$	5,040,000.00	$	-	$	144,900.00	$	664,746.25	

Windsor Cay Community Development District Series 2024 Special Assessment Bonds
Amortization Schedule

Date		Balance		Prinicpal		Interest		Total	

05/01/45	
$	
5,040,000.00	
$	
385,000.00	
$	
144,900.00			
11/01/45	$	4,655,000.00	$	-	$	133,831.25	$	663,731.25	
05/01/46	$	4,655,000.00	$	405,000.00	$	133,831.25			
11/01/46	$	4,250,000.00	$	-	$	122,187.50	$	661,018.75	
05/01/47	$	4,250,000.00	$	430,000.00	$	122,187.50			
11/01/47	$	3,820,000.00	$	-	$	109,825.00	$	662,012.50	
05/01/48	$	3,820,000.00	$	455,000.00	$	109,825.00			
11/01/48	$	3,365,000.00	$	-	$	96,743.75	$	661,568.75	
05/01/49	$	3,365,000.00	$	485,000.00	$	96,743.75			
11/01/49	$	2,880,000.00	$	-	$	82,800.00	$	664,543.75	
05/01/50	$	2,880,000.00	$	510,000.00	$	82,800.00			
11/01/50	$	2,370,000.00	$	-	$	68,137.50	$	660,937.50	
05/01/51	$	2,370,000.00	$	540,000.00	$	68,137.50			
11/01/51	$	1,830,000.00	$	-	$	52,612.50	$	660,750.00	
05/01/52	$	1,830,000.00	$	575,000.00	$	52,612.50			
11/01/52	$	1,255,000.00	$	-	$	36,081.25	$	663,693.75	
05/01/53	$	1,255,000.00	$	610,000.00	$	36,081.25	$	-	
11/01/53	$	645,000.00	$	-	$	18,543.75	$	664,625.00	
05/01/54	$	645,000.00	$	645,000.00	$	18,543.75	$	663,543.75	
			$	9,335,000.00	$	9,480,865.00	$	19,222,653.75	

Windsor Cay
Community Development District
Proposed Budget
Series 2025 Debt Service Fund

Description	Adopted Budget FY2026	Actuals Thru 3/31/26	Projected Next
6 Months	Projected Thru 9/30/26	Proposed Budget FY2027	

Revenues

Assessments Interest
Carry Forward	

$	-	$
$	-	$
$	-	$	

289,593
1,985
-	

$	180,375
$	496
$	-	

$	469,968
$	2,482
$	-	

$	473,751
$	1,241
$	180,871	
Total Revenues	$	-	$	291,578	$	180,871	$	472,450	$	655,863	

Expenditures						

Interest Expense - 11/1 Principal Expense - 5/1 Interest Expense - 5/1	
$	-	$	-	$	-
$	-	$	-	$	140,000
$	-	$	-	$	149,593	
$	-
$	140,000
$	149,593	
$	180,375
$	115,000
$	180,375	
Total Expenditures	$	-	$	-	$	289,593	$	289,593	$	475,750	

Other Financing Sources/(Uses)				

Bond Proceeds Transfer In/(Out)	
$	-	$	236,875
$	-	$	(1,985)	
$	-	$	236,875
$	-	$	(1,985)	
$	-
$	-	
Total Other Financing Sources/(Uses)	$	-	$	234,890	$	-	$	234,890	$	-	

Excess Revenues/(Expenditures)	$	-	$	526,468	$	(108,722)  $	417,746	$	180,113

Interest Expense 11/1/27	 $	178,075 
Total	$	178,075

Product

Assessable Units

Total Net
Assessments

Net Assessment Per	Gross Assessment
Unit	Per Unit

Single Family - 40'	104	$
Single Family - 50'	98	$
Single Family - 70'	66	$

145,361
171,344
157,046

$	1,397.70  $	1,486.91
$	1,748.41  $	1,860.01
$	2,379.48  $	2,531.36

268	$	473,751

Windsor Cay Community Development District Series 2025 Special Assessment Bonds
Amortization Schedule

Date		Balance		Prinicpal		Interest		Total	
									
11/01/26	$	6,470,000.00	$	-	$	180,375.00	$	469,967.92	
05/01/27	$	6,470,000.00	$	115,000.00	$	180,375.00			
11/01/27	$	6,470,000.00	$	-	$	178,075.00	$	473,450.00	
05/01/28	$	6,470,000.00	$	120,000.00	$	178,075.00			
11/01/28	$	6,470,000.00	$	-	$	175,675.00	$	473,750.00	
05/01/29	$	6,470,000.00	$	120,000.00	$	175,675.00			
11/01/29	$	6,470,000.00	$	-	$	173,275.00	$	468,950.00	
05/01/30	$	6,470,000.00	$	125,000.00	$	173,275.00			
11/01/30	$	6,470,000.00	$	-	$	170,775.00	$	469,050.00	
05/01/31	$	6,470,000.00	$	130,000.00	$	170,775.00			
11/01/31	$	5,750,000.00	$	-	$	168,012.50	$	468,787.50	
05/01/32	$	5,750,000.00	$	140,000.00	$	168,012.50			
11/01/32	$	5,750,000.00	$	-	$	165,037.50	$	473,050.00	
05/01/33	$	5,750,000.00	$	145,000.00	$	165,037.50			
11/01/33	$	5,750,000.00	$	-	$	161,956.25	$	471,993.75	
05/01/34	$	5,750,000.00	$	150,000.00	$	161,956.25			
11/01/34	$	5,750,000.00	$	-	$	158,768.75	$	470,725.00	
05/01/35	$	5,750,000.00	$	155,000.00	$	158,768.75			
11/01/35	$	5,750,000.00	$	-	$	155,475.00	$	469,243.75	
05/01/36	$	5,750,000.00	$	165,000.00	$	155,475.00			
11/01/36	$	5,585,000.00	$	-	$	151,143.75	$	471,618.75	
05/01/37	$	5,585,000.00	$	175,000.00	$	151,143.75			
11/01/37	$	5,410,000.00	$	-	$	146,550.00	$	472,693.75	
05/01/38	$	5,410,000.00	$	185,000.00	$	146,550.00			
11/01/38	$	5,225,000.00	$	-	$	141,693.75	$	473,243.75	
05/01/39	$	5,225,000.00	$	195,000.00	$	141,693.75			
11/01/39	$	5,030,000.00	$	-	$	136,575.00	$	473,268.75	
05/01/40	$	5,030,000.00	$	205,000.00	$	136,575.00			
11/01/40	$	4,825,000.00	$	-	$	131,193.75	$	472,768.75	
05/01/41	$	4,825,000.00	$	215,000.00	$	131,193.75			
11/01/41	$	4,385,000.00	$	-	$	125,550.00	$	471,743.75	
05/01/42	$	3,630,000.00	$	225,000.00	$	125,550.00			
11/01/42	$	3,630,000.00	$	-	$	119,643.75	$	470,193.75	
05/01/43	$	3,630,000.00	$	240,000.00	$	119,643.75			
11/01/43	$	3,630,000.00	$	-	$	113,343.75	$	472,987.50	
05/01/44	$	3,630,000.00	$	250,000.00	$	113,343.75			
11/01/44	$	3,630,000.00	$	-	$	106,781.25	$	470,125.00	
05/01/45	$	3,630,000.00	$	265,000.00	$	106,781.25			
11/01/45	$	3,630,000.00	$	-	$	99,825.00	$	471,606.25	
05/01/46	$	3,630,000.00	$	280,000.00	$	99,825.00			
11/01/46	$	3,350,000.00	$	-	$	92,125.00	$	471,950.00	

Windsor Cay Community Development District Series 2025 Special Assessment Bonds
Amortization Schedule

Date		Balance		Prinicpal		Interest		Total	

05/01/47	
$	
3,350,000.00	
$	
295,000.00	
$	
92,125.00			
11/01/47	$	3,055,000.00	$	-	$	84,012.50	$	471,137.50	
05/01/48	$	3,055,000.00	$	310,000.00	$	84,012.50			
11/01/48	$	2,745,000.00	$	-	$	75,487.50	$	469,500.00	
05/01/49	$	2,745,000.00	$	330,000.00	$	75,487.50			
11/01/49	$	2,415,000.00	$	-	$	66,412.50	$	471,900.00	
05/01/50	$	2,415,000.00	$	350,000.00	$	66,412.50			
11/01/50	$	2,065,000.00	$	-	$	56,787.50	$	473,200.00	
05/01/51	$	2,065,000.00	$	370,000.00	$	56,787.50			
11/01/51	$	1,695,000.00	$	-	$	46,612.50	$	473,400.00	
05/01/52	$	1,695,000.00	$	390,000.00	$	46,612.50			
11/01/52	$	1,305,000.00	$	-	$	35,887.50	$	472,500.00	
05/01/53	$	1,305,000.00	$	410,000.00	$	35,887.50	$	-	
11/01/53	$	895,000.00	$	-	$	24,612.50	$	470,500.00	
05/01/54	$	895,000.00	$	435,000.00	$	24,612.50	$	-	
11/01/54	$	460,000.00	$	-	$	12,650.00	$	472,262.50	
05/01/55	$	460,000.00	$	460,000.00	$	12,650.00	$	472,650.00	
			$	6,950,000.00	$	6,908,625.00	$	14,148,217.92	

Section V

EXHIBIT C FORMS OF REQUISITIONS
WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2025 (ASSESSMENT AREA TWO PROJECT)
(Acquisition and Construction)

The undersigned, a Responsible Officer of the Windsor Cay Community Development District (the “District”) hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), dated as of April 1, 2024, as supplemented by that certain Second Supplemental Trust Indenture dated as of November 1, 2025 (collectively, the “Indenture”) (all capitalized terms used herein shall have the meaning ascribed to such term in the Indenture):
Requisition Number: 8
Identify Acquisition Agreement, if applicable;
Name of Payee: Kutak Rock LLP
Amount Payable: $383.50
Purpose for which paid or incurred (refer also to specific contract if amount is due and payable pursuant to a contract involving progress payments): Invoice # 3673753 - Construction Services for Nov 2025
Fund or Account and subaccount, if any, from which disbursement to be made:
Series 2025 Acquisition and Construction Account of the Acquisition and Construction Fund.
The undersigned hereby certifies that:
obligations in the stated amount set forth above have been incurred by the District,
each disbursement set forth above is a proper charge against the Series 2025 Acquisition and Construction Account;
each disbursement set forth above was incurred in connection with the Cost of the Assessment Area Two Project; and
each disbursement represents a Cost of Assessment Area Two Project which has not previously been paid.

The undersigned hereby fu1ther certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set fo1th above, which has not been released or will not be released simultaneously with the payment hereof.
The undersigned hereby fu1ther ce1tifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.
Originals or copies of the invoice(s) from the vendor of the property acquired or the services rendered with respect to which disbursement is hereby requested are on file with the District.
WINDSOR CAY COMMUNITY
DEVE�

By:
Responsible Officer
Date:	�¼

CONSULTING ENGINEER'S APPROVAL FOR
NON-COST OF ISSUANCE OR NON-OPERATING COSTS REQUESTS ONLY
The undersigned Consulting Engineer hereby certifies that this disbursement is for the Cost of the Assessment Area Two Project and is consistent with: (i) the Acquisition Agreement: and (ii) the report of the Consulting Engineer, as such report shall have been amended or modified.

C-2

K U T A K  R O C K  L L P
TALLAHASSEE, FLORIDA
Telephone 404-222-4600
Facsimile 404-222-4654

Federal ID 47-0597598

December 17, 2025

Check Remit To: Kutak Rock LLP PO Box 30057
Omaha, NE 68103-1157

ACH/Wire Transfer Remit To:
ABA #104000016
First National Bank of Omaha
Kutak Rock LLP A/C # 24690470
Reference: Invoice No. 3673753 Client Matter No. 30423-3
Notification Email: eftgroup@kutakrock.com

Mr. George Flint Windsor Cay CDD
c/o Governmental Management Services - Central Florida, LLC 219 East Livingston Street
Orlando, FL 32801	Invoice No. 3673753
30423-3

Re:	Construction
For Professional Legal Services Rendered

11/26/25    R. Dugan	1.30	383.50	Review   property   conveyance
documentation related to phase 3 land acquisition; prepare acquisition documents regarding same; correspondence regarding same
TOTAL HOURS	1.30
TOTAL FOR SERVICES RENDERED	$383.50
TOTAL CURRENT AMOUNT DUE	$383.50

PRIVILEGED AND CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION AND/OR WORK PRODUCT

Section VI

Section C

Section 1

Windsor Cay Community Development District

Summary of Check Register

	March 14, 2026 to May	13, 2026		
Fund	Date	Check No.'s		Amount	

General Fund					
	3/17/26	206-208	$	21,718.02	
	3/24/26	209	$	192.00	
	3/31/26	210	$	168.75	
	4/17/26	211	$	29,731.68	
	4/21/26	212-213	$	6,216.17	
	4/28/26	214	$	976.00	
	5/5/26	215	$	500.00	

5/12/26	216

 $	6,305.00 
 $	65,807.62 

General Fund- Auto Pays

3/30/26-5/5/26	80006 80007

 $	41.27 
 $	41.27 

Total Amount	$	65,848.89

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	5/19/26	PAGE	1
*** CHECK DATES 03/14/2026 - 05/13/2026 ***	WINDSOR CAY-GENERAL FUND
BANK A GENERAL FUND
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
3/17/26 00017	3/02/26 59644	202603 320-53800-46200	*	6,494.15
LANDSCAPE MAINT MAR 26
EXCLUSIVE LANDSCAPING GROUP, INC	6,494.15 000206

3/17/26 00001	3/01/26	
	3/01/26	
	3/01/26	
	3/01/26	
	3/01/26	
	3/01/26	
	3/01/26	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
66	202603 320-53800-34000	*	1,287.50
FIELD MANAGEMENT MAR 26
67	202603 310-51300-34000	*	3,647.92
MANAGEMENT FEES MAR 26
67	202603 310-51300-35200	*	103.00
WEBSITE ADMIN MAR 26
67	202603 310-51300-35100	*	154.50
INFORMATION TECH MAR 26
67	202603 310-51300-31300	*	512.50
DISSEMINATION SVC MAR 26
67	202603 310-51300-51000	*	.12
OFFICE SUPPLIES
67	202603 310-51300-42000	*	2.96
POSTAGE
GOVERNMENTAL MANAGEMENT SERVICES-CF	5,708.50 000207
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/17/26 00018	3/11/26 03112026 202603 300-20700-10000	*	9,515.37
DEBT SERVICE TSFR S2024
WINDSOR CAY CDD C/O US BANK	9,515.37 000208
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/24/26 00004	3/20/26 3717096	202602 310-51300-31500	*	192.00
GENERAL COUNSEL FEB 26
KUTAK ROCK LLP	192.00 000209
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/31/26 00010	3/25/26 A0251765 202603 310-51300-49000	*	168.75
ROOM RENTAL 3/25/26
LAKE SUMTER STATE COLLEGE	168.75 000210
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/17/26 00018	4/17/26 04172026 202604 300-20700-10000	*	29,731.68
DEBT SVC TSFR SER 2024
WINDSOR CAY CDD C/O US BANK	29,731.68 000211
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/21/26 00001	4/01/26 68	202604 320-53800-34000	*	1,287.50
FIELD MANAGEMENT APR 26
4/01/26 69	202604 310-51300-34000	*	3,647.92
MANAGEMENT FEES APR 26
4/01/26 69	202604 310-51300-35200	*	103.00
WEBSITE ADMIN APR 26
4/01/26 69	202604 310-51300-35100	*	154.50
INFORMATION TECH APR 26
4/01/26 69	202604 310-51300-31300	*	512.50
DISSEMINATION SVC APR 26
WCCD WINDSOR CAY CD CWRIGHT

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	5/19/26	PAGE	2
*** CHECK DATES 03/14/2026 - 05/13/2026 ***	WINDSOR CAY-GENERAL FUND
BANK A GENERAL FUND
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#

	4/01/26 69	202604 310-51300-51000		*					.15		
	OFFICE SUPPLIES
4/01/26 69	202604 310-51300-42000		*					3.70		
	POSTAGE									
	4/01/26 69	202604 310-51300-42500		*					6.90		
	COPIES									
	GOVERNMENTAL MANAGEMENT SERVICES-CF								5,716.17	000212	
- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	-	- -	-	-	-	-	- - - - - -	- - - - -	- - -	
4/21/26 00015	4/01/26 31299	202604 320-53800-46900		*					500.00			
	FOUNTAIN MAINT APR 26										
	MCDONNELL CORPORATION DBA RESORT								500.00	000213	
- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	-	- -	-	-	-	-	- - - - - -	- - - - -	- - -	
4/28/26 00004	4/27/26 3732113	202603 310-51300-31500		*					976.00			
	GENERAL COUNSEL MAR 26										
	KUTAK ROCK LLP								976.00	000214	
- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	-	- -	-	-	-	-	- - - - - -	- - - - -	- - -	
5/05/26 00015	5/01/26 31712	202605 320-53800-46900		*					500.00			
	FOUNTAIN MAINT MAY 26										
	MCDONNELL CORPORATION DBA RESORT								500.00	000215	
- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	-	- -	-	-	-	-	- - - - - -	- - - - -	- - -	
5/12/26 00017	4/01/26 62006	202604 320-53800-46200		*					6,305.00			
	LANDSCAPE MAINT APR 26										
	EXCLUSIVE LANDSCAPING GROUP, INC								6,305.00	000216	
- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	-	- -	-	-	-	-	- - - - - -
65,807.62	- - - - -	- - -	

WCCD WINDSOR CAY CD CWRIGHT

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	5/19/26	PAGE	3
*** CHECK DATES 03/14/2026 - 05/13/2026 ***	WINDSOR CAY-GENERAL FUND

CHECK	VEND# DATE	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS	STATUS		AMOUNT	....CHECK..... AMOUNT	#	
3/30/26 00016	3/26/26 2329-03. 202603 320-53800-43200
SOUTHLAKE UTILITIES	*		21.14	
21.14 080006	
- - - - - - - - 5/05/26 00016	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/29/26 2329-04. 202604 320-53800-43200
SOUTHLAKE UTILITIES	- - - - - - -
*	- - - -	- - - - - - -	- - - - - - -

20.13 080007	
- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - - -	- - - -	- - - - - - -	- - - - - - -	
	TOTAL FOR	BANK Z		41.27		
	TOTAL FOR	REGISTER		65,848.89		

BANK Z GENERAL FUND AUTOPAY

0 WINDSOR CAY BLVD MAR 26

0 WINDSOR CAY BLVD APR 26

20.13

WCCD WINDSOR CAY CD CWRIGHT

Section 2

Windsor Cay
Community Development District

Unaudited Financial Reporting
March 31, 2026

Table of Contents

1		Balance Sheet	

2-3	
	General Fund	

4	
	Series 2024 Debt Service Fund	

5	
	Series 2025 Debt Service Fund	

6	
	Series 2024 Capital Projects 	

7	
	Series 2025 Capital Projects	

8	
	Month to Month	

9	
	Long Term Debt Report	

10	
	Assessment Receivable Schedule	

Windsor Cay
Community Development District Combined Balance Sheet
March 31, 2026

General Fund

Debt Service Fund

Capital Projects Fund

Totals Governmental Funds

Assets:
Cash:
Operating Account	$	87,921	$	-	$	-	$	87,921	
State Board of Administration	$	241,007	$	-	$	-	$	241,007	
Assessment Receivable	$	51,897	$	-	$	-	$	51,897	
Series 2024:
Reserve	
$	-	$	332,621	
$	-	$	332,621	
Revenue	$	-	$	607,499	$	-	$	607,499	
Construction	$	-	$	-	$	41,106	$	41,106	
Series 2025:
Reserve	
$	-	$	236,875	
$	-	$	236,875	
Revenue	$	-	$	289,593	$	-	$	289,593	
Construction	$	-	$	-	$	1,585,059	$	1,585,059	
Cost of Issuance	$	-	$	-	$	1,113	$	1,113	
Due from General Fund	$	-	$	29,732	$	-	$	29,732	

Total Assets	$	380,825	$	1,496,320	$	1,627,278	$	3,504,423	
Liabilities:
Accounts Payable	
$	976	
$	-	$	-	$	976	
Due to Debt Service	$	29,732	$	-	$	-	$	29,732	
Total Liabilites	$	30,708	$	-	$	-	$	30,708	
Fund Balance:
Assigned:
Debt Service - Series 2024	

$	-	

$	969,852	$	-	$	969,852	
Debt Service - Series 2025	$	-	$	526,468	$	-	$	526,468	
Capital Projects Series 2024	$	-	$	-	$	41,106	$	41,106	
Capital Projects Series 2025	$	-	$	-	$	1,586,172	$	1,586,172	
Unassigned	$	350,117	$	-	$	-	$	350,117	
Total Fund Balances	$	350,117	$	1,496,320	$	1,627,278	$	3,473,715	
					
Total Liabilities & Fund Balance	$	380,825	$	1,496,320	$	1,627,278	$	3,504,423	

Windsor Cay
Community Development District General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending March 31, 2026

	Adopted	Prorated Budget	Actual		
	Budget	Thru 03/31/26	Thru 03/31/26	Variance	

Revenues:					
Assessments - Tax Roll	$	297,894	$	271,352	$	271,352	$	-	
Developer Contributions	$	43,098	$	-	$	-	$	-	
Interest	$	-	$	-	$	1,888	$	1,888	
Total Revenues	$	340,993	$	271,352	$	273,240	$	1,888	

Expenditures:					
General & Administrative:					
Engineering	$	10,000	$	5,000	$	568	$	4,433	
Attorney	$	25,000	$	12,500	$	8,473	$	4,027	
Audit	$	6,300	$	-	$	-	$	-	
Assessment Administration	$	5,408	$	5,408	$	5,408	$	-	
Arbitrage	$	900	$	-	$	-	$	-	
Dissemination	$	6,150	$	3,075	$	2,825	$	250	
Disclosure Software	$	-	$	-	$	2,500	$	(2,500)	
Trustee Fees	$	9,000	$	2,477	$	2,477	$	-	
Management Fees	$	43,775	$	21,888	$	21,888	$	-	
Information Technology	$	1,854	$	927	$	927	$	-	
Website Maintenance	$	1,236	$	618	$	618	$	-	
Telephone	$	300	$	150	$	-	$	150	
Postage & Delivery	$	1,000	$	500	$	30	$	470	
Insurance	$	6,351	$	6,351	$	5,512	$	839	
Printing & Binding	$	1,000	$	500	$	17	$	483	
Legal Advertising	$	5,000	$	2,500	$	377	$	2,123	
Other Current Charges	$	1,750	$	875	$	781	$	94	
Office Supplies	$	625	$	313	$	1	$	311	
Travel Per Diem	$	660	$	330	$	-	$	330	
Dues, Licenses & Subscriptions	$	175	$	175	$	175	$	-	
Total Administrative	$	126,484	$	63,586	$	52,578	$	11,008	

Windsor Cay
Community Development District General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending March 31, 2026

	Adopted	Prorated Budget	Actual		
	Budget	Thru 03/31/26	Thru 03/31/26	Variance	

Field Expenditures
Operations & Maintenance					
Field Management	$	15,450	$	7,725	$	7,725	$	-	
Property Insurance	$	7,253	$	7,253	$	6,333	$	920	
Landscape Maintenance	$	80,000	$	40,000	$	38,397	$	1,603	
Pond Disking	$	8,190	$	4,095	$	3,900	$	195	
Landscape Replacement	$	15,000	$	7,500	$	4,642	$	2,858	
Tree Trimming	$	27,300	$	13,650	$	-	$	13,650	
Mulch	$	26,000	$	13,000	$	-	$	13,000	
Electric	$	3,500	$	1,750	$	-	$	1,750	
Water & Sewer	$	7,200	$	3,600	$	261	$	3,339	
Irrigation Repairs	$	7,500	$	3,750	$	-	$	3,750	
Fountain Maintenance	$	6,300	$	3,150	$	3,000	$	150	
General Repairs & Maintenance	$	7,500	$	7,500	$	12,822	$	(5,322)	
Contingency	$	3,316	$	1,658	$	-	$	1,658	
Total Operations & Maintenance	$	214,509	$	114,631	$	77,081	$	41,214	
					
Total Expenditures	$	340,993	$	178,217	$	129,659	$	52,223	
					
Excess (Deficiency) of Revenues over Expenditures	$	-		$	143,581		
					
Fund Balance - Beginning	$	-		$	206,536		
					
Fund Balance - Ending	$	-		$	350,117		

Windsor Cay
Community Development District Debt Service Fund Series 2024
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending March 31, 2026

Adopted	Prorated Budget	Actual	
Budget	Thru 03/31/26	Thru 03/31/26	Variance	

Revenues:		
Assessments - Tax Roll	$	665,243	$	605,969	$	605,969	$	-	
Interest	$	13,146	$	11,261	$	11,261	$	-	
Total Revenues	$	678,388	$	617,231	$	617,231	$	-	

Expenditures:					
Interest Expense - 11/1	$	261,789	$	261,789	$	261,789	$	-	
Principal Expense - 5/1	$	145,000	$	-	$	-	$	-	
Interest Expense - 5/1	$	261,789	$	-	$	-	$	-	
Total Expenditures	$	668,578	$	261,789	$	261,789	$	-	
					
Excess (Deficiency) of Revenues over Expendi	$	9,811		$	355,442		

Other Financing Sources/(Uses):					
Transfer In/(Out)	$	-	$	-	$	(6,163)	$	(6,163)	
Total Other Financing Sources/(Uses)	$	-	$	-	$	(6,163)	$	(6,163)	
					
Net Change in Fund Balance	$	9,811		$	349,279		
					
Fund Balance - Beginning	$	289,555		$	620,573		
					
Fund Balance - Ending	$	299,366		$	969,852		

Windsor Cay
Community Development District Debt Service Fund Series 2025
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending March 31, 2026

Adopted	Prorated Budget	Actual	
Budget	Thru 03/31/26	Thru 03/31/26	Variance	

Revenues:		
Assessments - Direct	$	-	$	-	$	289,593	$	289,593	
Interest	$	-	$	-	$	1,985	$	1,985	
Total Revenues	$	-	$		-	$	291,578	$	291,578	

Expenditures:						
Interest Expense - 11/1 Principal Expense - 5/1 Interest Expense - 5/1	$
$
$	$
$
$		-	$	-
-	$	-
-	$	-	$	-
$	-
$	-	
Total Expenditures	$	-	$		-	$	-	$	-	
						
Excess (Deficiency) of Revenues over Expendi	$	-		$	291,578		

Other Financing Sources/(Uses):						
Bond Proceeds	$	-	$		-	$	236,875	$	236,875	
Transfer In/(Out)	$	-	$		-	$	(1,985)	$	(1,985)	
Total Other Financing Sources/(Uses)	$	-	$		-	$	234,890	$	234,890	
						
Net Change in Fund Balance	$	-		$	526,468		
						
Fund Balance - Beginning	$	-		$	-		
						
Fund Balance - Ending	$	-		$	526,468		

Windsor Cay
Community Development District Capital Projects Fund Series 2024
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending March 31, 2026

	Adopted	Prorated Budget	Actual		
		Budget	Thru 03/31/26	Thru 03/31/26	Variance	

Revenues:					
Interest	$		-	$	-	$	709	$	709	
Total Revenues	$		-	$	-	$	709	$	709	

Expenditures:

Capital Outlay	

$		

-	$	-	$	1,252	

$	(1,252)	
Total Expenditures	$		-	$	-	$	1,252	$	(1,252)	
					
Excess (Deficiency) of Revenues over Expenditures	$		-	$	(543)		

Other Financing Sources/(Uses):					
Transfer In/(Out)	$		-	$	-	$	6,163	$	6,163	
Total Other Financing Sources/(Uses)	$		-	$	-	$	6,163	$	6,163	
					
Net Change in Fund Balance	$		-	$	5,620		
					
Fund Balance - Beginning	$		-	$	35,486		
					
Fund Balance - Ending	$		-	$	41,106		

Windsor Cay
Community Development District Capital Projects Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending March 31, 2026

		Adopted	Prorated Budget	Actual		
		Budget	Thru 03/31/26	Thru 03/31/26	Variance	

Revenues:					
Interest	$		-	$	-	$	17,045	$	17,045	
Total Revenues	$		-	$	-	$	17,045	$	17,045	

Expenditures:					
Capital Outlay	$		-	$	-	$	4,925,470	$	(4,925,470)	
Capital Outlay - Cost of Issuance	$		-	$	-	$	197,550	$	(197,550)	
Total Expenditures	$		-	$	-	$	5,123,020	$	(5,123,020)	
					
Excess (Deficiency) of Revenues over Expenditures	$		-	$	(5,105,975)		

Other Financing Sources/(Uses):					
Bond Proceed	$		-	$	-	$	6,690,162	$	6,690,162	
Transfer In/(Out)	$		-	$	-	$	1,985	$	1,985	
Total Other Financing Sources/(Uses)	$		-	$	-	$	6,692,148	$	6,692,148	
					
Net Change in Fund Balance	$		-	$	1,586,172		
					
Fund Balance - Beginning	$		-	$	-		
					
Fund Balance - Ending	$		-	$	1,586,172		

Windsor Cay
Community Development District Month to Month

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

Revenues:

Assessments Tax Roll Developer Contributions Interest

$	-  $
$	-  $
$	-  $

39,080  $
-  $
-  $

214,697  $
-  $
1  $

-  $
-  $
369  $

4,261  $
-  $
608  $

13,314  $
-  $
910  $

-  $	-  $
-  $	-  $
-  $	-  $

-  $	-  $
-  $	-  $
-  $	-  $

-  $	-  $
-  $	-  $
-  $	-  $

271,352
- 1,888

Total Revenues	$	-  $	39,080  $	214,698  $	369  $	4,869  $	14,224  $	-  $	-  $	-  $	-  $	-  $	-  $  273,240

Expenditures:

General & Administrative:

Engineering	$	-	$	105	$	463	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	568	
Attorney	$	4,462	$	1,365	$	1,414	$	64	$	192	$	976	$	-	$	-	$	-	$	-	$	-	$	-	$	8,473	
Audit	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Assessment Administration	$	5,408	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	5,408	
Arbitrage	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Dissemination	$	429	$	429	$	429	$	513	$	513	$	513	$	-	$	-	$	-	$	-	$	-	$	-	$	2,825	
Disclosure Software	$	-	$	2,500	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	2,500	
Trustee Fees	$	2,477	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	2,477	
Management Fees	$	3,648	$	3,648	$	3,648	$	3,648	$	3,648	$	3,648	$	-	$	-	$	-	$	-	$	-	$	-	$	21,888	
Information Technology	$	155	$	155	$	155	$	155	$	155	$	155	$	-	$	-	$	-	$	-	$	-	$	-	$	927	
Website Maintenance	$	103	$	103	$	103	$	103	$	103	$	103	$	-	$	-	$	-	$	-	$	-	$	-	$	618	
Telephone	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Postage & Delivery	$	6	$	7	$	6	$	4	$	4	$	3	$	-	$	-	$	-	$	-	$	-	$	-	$	30	
Insurance	$	5,512	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	5,512	
Copies	$	-	$	2	$	15	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	17	
Legal Advertising	$	268	$	109	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	377	
Property Appraiser Fee	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Boundary Amendment Expense	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Contingencies	$	183	$	329	$	3	$	34	$	31	$	201	$	-	$	-	$	-	$	-	$	-	$	-	$	781	
Office Supplies	$	0	$	0	$	0	$	0	$	0	$	0	$	-	$	-	$	-	$	-	$	-	$	-	$	1	
Travel Per Diem	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Dues, Licenses & Subscriptions	$	175	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	175	
Total Administrative	$	22,825	$	8,753	$	6,235	$	4,521	$	4,646	$	5,598	$	-	$	-	$	-	$	-	$	-	$	-	$	52,578	

Field Expenditures								
Operations & Maintenance								
Field Management	$	1,288	$	1,288	$	1,288	$	1,288	$	1,288	$	1,288	$	-  $	-  $	-  $	-  $	-  $	-  $	7,725	
Landscape Maintenance	$	6,305	$	6,305	$	6,305	$	6,494	$	6,494	$	6,494	$	-  $	-  $	-  $	-  $	-  $	-  $	38,397	
Property Insurance	$	6,333	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	6,333	
Pond Disking	$	1,300	$	-	$	1,300	$	-	$	1,300	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	3,900	
Landscape Replacement	$	4,642	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	4,642	
Tree Trimming	$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
Mulch	$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
Electric	$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
Water & Sewer	$	20	$	19	$	21	$	40	$	139	$	21	$	-  $	-  $	-  $	-  $	-  $	-  $	261	
Irrigation Repairs	$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
Fountain Maintenance	$	500	$	500	$	500	$	500	$	500	$	500	$	-  $	-  $	-  $	-  $	-  $	-  $	3,000	
General Repairs & Maintenance	$	-	$	-	$	12,822	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	12,822	
Contingency	$	-	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	
Total Operations & Maintenance	$	20,388	$	8,112	$	22,236	$	8,322	$	9,721	$	8,303	$	-  $	-  $	-  $	-  $	-  $	-  $	77,081	
								
Total Expenditures	$	43,213	$	16,865	$	28,471	$	12,843	$	14,367	$	13,901	$	-	$	-	$	-	$	-	$	-	$	-	$  129,659	

Excess (Deficiency) of Revenues over Expenditures	$	(43,213)  $	22,216  $	186,227  $	(12,474)  $	(9,498)  $	323  $	-  $	-  $	-  $	-  $	-  $	-  $  143,581

Windsor Cay
Community Development District Long Term Debt Report

Series 2024, Special Assessment Revenue Bonds

Interest Rate:	4.600%, 5.450%, 5.750% Maturity Date:		5/1/2054
Reserve Fund Definition	50% Maximum Annual Debt Service Reserve Fund Requirement		$332,621
Reserve Fund Balance	$332,621

Bonds Outstanding - 5/2/24	$9,615,000
Less: Principal Payment 5/1/25	($135,000)	
Current Bonds Outstanding	$9,480,000	

Series 2025, Special Assessment Revenue Bonds

Interest Rate:	4.000%, 4.250%, 5.250%, 5.500%
Maturity Date:	5/1/2055
Reserve Fund Definition	50% Maximum Annual Debt Service Reserve Fund Requirement		$236,875
Reserve Fund Balance	$236,875

Bonds Outstanding - 12/4/25	$7,090,000	
Current Bonds Outstanding	$7,090,000	

Windsor Cay
COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Receipts Fiscal Year 2026

Gross Assessments	$	316,909.33	$	707,704.66	$ 1,024,613.99	
Net Assessments	$	297,894.77	$	665,242.38	$	963,137.15	
	30.93%	69.07%	100.00%	

ON ROLL ASSESSMENTS

Date	
Distribution	
Gross Amount	
iscount/Penalt	
Commission	
Interest	
Net Receipts	
General Fund	2024 Debt Service	
Total	

11/18/25	
10/01-10/31/25	
$3,466.22	
($138.64)	
($66.55)	
$0.00	
$3,261.03	
$1,008.62	
$2,252.41	
$3,261.03	
11/18/25	10/01-10/31/25	$8,555.74	($342.24)	($164.27)	$0.00	$8,049.23	$2,489.60	$5,559.63	$8,049.23	
11/28/25	11/01-11/15/25	$37,936.65	($1,517.39)	($728.39)	$0.00	$35,690.87	$11,039.05	$24,651.82	$35,690.87	
11/28/25	11/01-11/15/25	$84,344.36	($3,373.90)	($1,619.41)	$0.00	$79,351.05	$24,542.99	$54,808.06	$79,351.05	
12/19/25	11/16-11/21/25	$56,643.79	($2,265.33)	($1,087.57)	$0.00	$53,290.89	$16,482.68	$36,808.21	$53,290.89	
12/19/25	11/16-11/21/25	$117,573.70	($4,703.16)	($2,257.40)	$0.00	$110,613.14	$34,212.24	$76,400.90	$110,613.14	
12/31/25	11/22-11/30/25	$391,615.14	($15,665.14)	($7,519.01)	$0.00	$368,430.99	$113,954.35	$254,476.64	$368,430.99	
12/31/25	11/22-11/30/25	$171,994.72	($6,879.64)	($3,302.30)	$0.00	$161,812.78	$50,048.10	$111,764.68	$161,812.78	
02/02/26	12/01-12/15/25	$4,227.92	$0.00	($84.56)	$0.00	$4,143.36	$1,281.53	$2,861.83	$4,143.36	
02/02/26	12/01-12/15/25	$9,829.58	$0.00	($196.59)	$0.00	$9,632.99	$2,979.45	$6,653.54	$9,632.99	
03/02/26	12/16-12/31/25	$4,960.21	($148.82)	($96.22)	$0.00	$4,715.17	$1,458.38	$3,256.79	$4,715.17	
03/02/26	12/16-12/31/25	$10,707.00	($321.22)	($207.72)	$0.00	$10,178.06	$3,148.04	$7,030.02	$10,178.06	
03/31/26	01/01-01/31/26	$8,641.93	($177.39)	($169.29)	$0.00	$8,295.25	$2,565.69	$5,729.56	$8,295.25	
03/31/26	01/01-01/31/26	$20,684.12	($421.87)	($405.24)	$0.00	$19,857.01	$6,141.70	$13,715.31	$19,857.01	
	TOTAL	$ 931,181.08	$ (35,954.74)	$ (17,904.52)	$	-	$	877,321.82	$	271,352.42	$	605,969.40	$	877,321.82	

91%
$85,815.33

Net Percent Collected
Balance Remaining to Collect

Section 3

www.lakevotes.gov

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

May 22, 2026

Stacie Vanderbilt, Recording Secretary 219 E. Livingston St.
Orlando FL 32801 Re: District Counts
The number of registered voters within the Windsor Cay Community Development District as of April 15, 2026 is 66.

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

Sincerely,

Alan Hays
Lake County Supervisor of Elections

Section D

May 27, 2026

Windsor Cay CDD
Field Management Report

Contracted Services
Landscape maintenance has returned to weekly servicing. On site crews will focus on weed control as rainfall increases.
Dry pond discing continues bimonthly with no interruptions to service.
Site Items
The failed Sabal palm on the boulevard has been replaced and two additional palms are scheduled for warranty replacement.
In Progress
Monitoring the landscape for recovery from freeze damage. A recommendation for removal/replacement will be available at the next meeting.

1

Windsor Cay CDD | Ashley Hilyard - Field Manager | ahilyard@gmscfl.com |407-577-0918

Section 1

Monthly Fuel Surcharge Request

To whom it may concern
We appreciate your continued trust and support. We are writing to inform you of a temporary change to our billing structure due to the ongoing increase in fuel costs.
As you may be aware, gas prices have risen significantly and continue to impact transportation and operational expenses across our industry. In order to continue providing the reliable service and quality you expect, we will be implementing a temporary fuel surcharge of $50 per month, effective June 1st 2026.
This surcharge will remain in place only until gas prices have remained under $3.95 at which time the fee will be removed.
We understand that any increase in costs can be difficult, and this decision was not made lightly. Our goal is to remain transparent while continuing to serve you without compromising the quality and dependability of our services.
We sincerely appreciate your understanding and continued business. If you have any questions, please feel free to contact us directly.
Thank you again for your support.

Simon McDonnell VP of Operations Resort Pool Services 321-689-6210