Highland Meadows West Community Development District

Meeting Agenda March 17, 2026

Highland Meadows West
Community Development District

219 E. Livingston St., Orlando, Florida 32801 Phone: 407-841-5524 – Fax: 407-839-1526
March 10, 2026
Board of Supervisors Highland Meadows West
Community Development District
A meeting of the Board of Supervisors of the Highland Meadows West Community Development District will be held Tuesday, March 17, 2026 at 10:00 AM at the Offices of Prime Community Management – 375 Avenue A SE, Winter Haven, FL.

Those wishing to attend the meeting remotely can do so using the information below:
Zoom Video Link: https://us06web.zoom.us/j/88233656477
Call-In Information: +13052241968	Meeting ID: 882 3365 6477
Roll Call
Public Comment Period
Approval of Minutes of the January 20, 2026 Board of Supervisors Meeting
Ratification of Polk County Contract Agreement
Presentation of Arbitrage Reports
AA2
AA3
Staff Reports
Attorney
Engineer
Field Manager’s Report
Right of Way Tree Update
District Manager’s Report
Approval of Check Register
Balance Sheet and Income Statement
Other Business
Supervisors Requests
Adjournment

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MINUTES OF MEETING HIGHLAND MEADOWS WEST
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Highland Meadows West Community Development District was held on Tuesday, January 20, 2026, at 10:00 a.m. at The Holiday Inn – Winter Haven, 200 Cypress Gardens Blvd., Winter Haven, Florida and by Zoom.

Present and constituting a quorum:

Bobbie Shockley	Chairperson
Lindsey Roden	Vice Chairperson
Jessica Spencer	Assistant Secretary
Kristin Cassidy by Zoom	Assistant Secretary Also, present were:
Katie O’Rourke	District Manager, GMS
Savannah Hancock by Zoom	District Counsel, KVW Law
Joey Duncan by Zoom	District Engineer, Dewberry
Chace Arrington by Zoom	District Engineer, Dewberry
Marshall Tindall	Field Services Manager, GMS

The following is a summary of the discussions and actions taken at the January 20, 2026,
Highland Meadows West Community Development District’s Board of Supervisors Meeting.

FIRST ORDER OF BUSINESS	Roll Call
Ms. O’Rourke called the meeting to order. Three Supervisors were present constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period
Ms. O’Rourke opened up the meeting for public comments. Hearing no comments, the next item followed.

THIRD ORDER OF BUSINESS	Approval of Minutes of the October 21,
2025 Board of Supervisors Meeting
Ms. O’Rourke presented the minutes of the October 21, 2025 Board of Supervisors meeting and asked for any comments, corrections, or changes. The Board had no changes to the minutes.

FOURTH ORDER OF BUSINESS	Public Hearing
Ms. O’Rourke asked for a motion to open the public hearing.

A. Consideration of Resolution 2026-03 Adopting Amended and Restated Rules of Procedure
Ms. O’Rourke presented Resolution 2026-03. She stated these are administrative updates to the Rules of Procedure as a result of some statutory changes that were passed this legislative session.

Ms. O’Rourke asked to close the public hearing.

SIXTH ORDER OF BUSINESS	Consideration of Data Sharing and Usage
Agreement with Polk County Property Appraiser
Ms. O’Rourke stated this agreement is on page 80 of the agenda package for review. She noted the agreement is administrative in nature and essentially indicates that they will adhere to

the statutory guidelines regarding exempt professions and agreed to keep their personal information confidential if they received a public records request.

SIXTH ORDER OF BUSINESS	Staff Reports
A. Attorney
Ms. Hancock stated she didn’t have anything to report but was happy to answer any
questions.

B. Engineer
Mr. Duncan stated they have no report today but were happy to answer any questions.

C. Field Manager’s Report
Mr. Tindall reviewed the Field Manager’s report. He reviewed the contracted services, which included overall site maintenance is satisfactory, holiday lights were installed as approved, landscaper is keeping up with the property and beds are neat and detailed, plant fill-ins and mulch were done at entrances, and crepe myrtles received winter pruning. He reviewed the in progress item, which was assessing ROW trees with vendor for warranty items and next round of replacements where needed.

D. District Manager’s Report
Approval of Check Register
Ms. O’Rourke presented the check register from October 11, 2025 through January 9, 2026 totaling $598,037.07. Immediately following is a detailed run summary of the checks written. All of these have been reviewed for accuracy but happy to answer any questions on checks or invoices.

Board.
Balance Sheet and Income Statement
Ms. O’Rourke presented the unaudited financial statements. No action is required by the

SEVENTH ORDER OF BUSINESS	Other Business
There being no comments, the next item followed.

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

NINTH ORDER OF BUSINESS	Adjournment

Secretary/Assistant Secretary	Chairman/Vice Chairman

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Docusign Envelope ID: B7A2D6B8-49FC-4F12-9BE3-D14C4AB0CA65
CONTRACT AGREEMENT
This Agreement made and entered into on Wednesday, January 14, 2026 by and between the Highlands Meadows West Community Development District, a local unit of special purpose government of the State of Florida hereinafter referred to as the 'Special District', and Neil Combee, Polk County Property Appraiser, a Constitutional Officer of the State of Florida, whose address is 255 North Wilson Ave., Bartow, FL 33830, hereinafter referred to as the 'Property Appraiser'.
Section 197.3632 Florida Statutes, provides that special assessments of non-ad valorem taxes levied by the Special District may be included in the assessment rolls of the County and collected in conjunction with ad valorem taxes as assessed by the Property Appraiser. Pursuant to that option, the Property Appraiser and the Special District shall enter into an agreement providing for reimbursement to the Property Appraiser of administrative costs, including costs of inception and maintenance, incurred as a result of such inclusion.
The parties herein agree that, for the 2026 tax year assessment roll, the Property Appraiser will include on the assessment rolls such special assessments as are certified to her by the Highlands Meadows West Community Development District.
The term of this Agreement shall commence on January 1, 2026 or the date signed below, whichever is later, and shall run until December 31, 2026, the date of signature by the parties notwithstanding. This Agreement shall not automatically renew.
The Special District shall meet all relevant requirements of Section 197.3632 & 190.021 Florida Statutes.
The Special District shall furnish the Property Appraiser with up-to-date data concerning its boundaries and proposed assessments, and other information as requested by the Property Appraiser to facilitate in administering the non-ad valorem assessment in question. Specifically, if assessments will be included on the 2026 TRIM Notice, the Special District shall provide proposed assessments no later than Friday, July 10, 2026. The Special District’s assessments shall, as far as practicable, be uniform (e.g. one uniform assessment for maintenance, etc.) to facilitate the making of the assessments by the mass data techniques utilized by the Property Appraiser.
The Special District shall certify to the Property Appraiser the Special District’s annual installment and levy no later than Tuesday, September 15, 2026. The Property Appraiser shall, using the information provided by the Special District, place the Special District’s non ad-valorem special assessments on properties within the district for inclusion on the 2026 tax roll.
The Property Appraiser shall be compensated by the Special District for the administrative costs incurred in carrying out this Agreement at the rate of 1% of the amount levied on the TRIM Notice or if the TRIM Notice is not used, the rate shall be 1% of the amount levied on the 2026 tax roll. For the TRIM Notice, the Property Appraiser will require payment on or before Tuesday, September 15, 2026 for processing within the Property Appraiser budget year (October 1st – September 30th).
If the actual costs of performing the services under this agreement exceed the compensation provided for in Paragraph 7, the amount of compensation shall be the actual costs of performing the services under this agreement.
If tax roll corrections are requested by the Special District, the Property Appraiser shall be compensated by the Special District for the administrative costs incurred at the rate of $5.00 for each tax roll correction exceeding ten (10) corrections per tax
year.
The Special District shall indemnify and hold harmless, to the extent permitted by Florida law and without waiving its right of any applicable sovereign immunity, the Property Appraiser and all respective officers, employees, agents and instrumentalities from any and all liability, losses or damages, including attorneys' fees and costs of defense, which the Property Appraiser and all respective officers, employees, agents or instrumentalities may incur as a result of claims, demands, suits, causes of actions or proceedings of any kind or nature arising out of, relating to or resulting from the negligent or intentional acts or omissions of the Special District or its employees, agents, servants, partners, principals, or subcontractors arising out of, relating to, or resulting from the performance of the Agreement. The Special District shall pay all claims and losses in connection therewith and shall investigate and defend all claims, suits or actions of any kind or nature in the name of the Property Appraiser where applicable, including appellate proceedings, and shall pay all costs, judgments, and attorneys' fees which may issue thereon.

Print name

Bobbie Shockley

1-27-26
Chair
Neil Combee
Polk County Property Appraiser By:

Neil Combee, Property Appraiser
Title	Date

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REBATE REPORT
$2,770,000
Highland Meadows West Community Development District
(Haines City, Florida)
Special Assessment Bonds, Series 2020A (Assessment Area 2 Project)

Dated: February 18, 2020
Delivered: February 18, 2020

Rebate Report to the Computation Date February 18, 2030
Reflecting Activity To January 31, 2026

TABLE OF CONTENTS

AMTEC Opinion	3	
Summary of Rebate Computations	4	
Summary of Computational Information and Definitions	5	
Methodology	7	
Sources and Uses	8	
Proof of Arbitrage Yield	9	
Bond Debt Service	11	
Arbitrage Rebate Calculation Detail Report – Acquisition & Construction Fund	13	
Arbitrage Rebate Calculation Detail Report – Debt Service Reserve Fund	15	
Arbitrage Rebate Calculation Detail Report – Capitalized Interest Fund	17	
Arbitrage Rebate Calculation Detail Report – Cost of Issuance Fund	18	
Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits	19	

February 13, 2026

Highland Meadows West Community Development District c/o Ms. Katie Costa
Director of Operations – Accounting Division Government Management Services – CF, LLC 6200 Lee Vista Boulevard, Suite 300
Orlando, FL 32822

Re:	$2,770,000 Highland Meadows West Community Development District (Haines City, Florida),
Special Assessment Bonds, Series 2020A, (Assessment Area 2 Project)	

Dear Ms. Costa:
AMTEC has prepared certain computations relating to the above referenced bond issue (the “Bonds”) at the request of the Highland Meadows West Community Development District (the “District”).
The scope of our engagement consisted of preparing the computations shown in the attached schedules to determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, Section 148(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and all applicable Regulations issued thereunder. The methodology used is consistent with current tax law and regulations and may be relied upon in determining the rebate liability. Certain computational methods used in the preparation of the schedules are described in the Summary of Computational Information and Definitions.

Our engagement was limited to the computation of Rebatable Arbitrage based upon the information furnished to us by the District. In accordance with the terms of our engagement, we did not audit the information provided to us, and we express no opinion as to the completeness, accuracy or suitability of such information for purposes of calculating the Rebatable Arbitrage.

We have scheduled our next Report as of January 31, 2027. Thank you and should you have any questions, please do not hesitate to contact us.

Very truly yours,

Michael J. Scarfo
Senior Vice President	Trong M. Tran
Assistant Vice President	
SUMMARY OF REBATE COMPUTATIONS
Our computations, contained in the attached schedules, are summarized as follows: For the February 18, 2030 Computation Date
Reflecting Activity from February 18, 2020 through January 31, 2026

Fund Description	Taxable Inv Yield	Net Income	Rebatable Arbitrage	
Acquisition & Construction Fund	0.301038%	1,860.39	(31,054.00)	
Debt Service Reserve Fund	1.873024%	11,812.30	(16,079.79)	
Capitalized Interest Fund	0.138601%	59.27	(2,237.12)	
Cost of Issuance Fund	0.562122%	24.43	(202.69)	
Totals	1.052357%	$13,756.39	$(49,573.60)	
Bond Yield	3.809420%			
Rebate Computation Credits	(12,683.54)			
Net Rebatable Arbitrage	$(62,257.14)			

Based upon our computations, no rebate liability exists.
SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS
COMPUTATIONAL INFORMATION

For purposes of computing Rebatable Arbitrage, investment activity is reflected from February 18, 2020, the date of the closing, to January 31, 2026, the Computation Period. All nonpurpose payments and receipts are future valued to the Computation Date of February 18, 2030.
Computations of yield are based on a 360-day year and semiannual compounding on the last day of each compounding interval. Compounding intervals end on a day in the calendar year corresponding to Bond maturity dates or six months prior.
For investment cash flow, debt service and yield computation purposes, all payments and receipts are assumed to be paid or received respectively, as shown on the attached schedules.
Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction.
During the period between February 18, 2020 and January 31, 2026, the District made periodic payments into the Debt Service Fund that were used, along with the interest earned, to provide the required debt service payments.
Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year. The fund must be depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year.
We have reviewed the Debt Service Funds and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement.

DEFINITIONS

Computation Date
February 18, 2030.

Computation Period
The period beginning on February 18, 2020, the date of the closing, and ending on January 31, 2026.
Bond Year
Each one-year period (or shorter period from the date of issue) that ends at the close of business on the day in the calendar year that is selected by the Issuer. If no day is selected by the Issuer before the earlier of the final maturity date of the issue or the date that is five years after the date of issue, each bond year ends at the close of business on the anniversary date of the issuance.
Bond Yield
The discount rate that, when used in computing the present value of all the unconditionally payable payments of principal and interest with respect to the Bonds, produces an amount equal to the present value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds.

Taxable Investment Yield
The discount rate that, when used in computing the present value of all receipts of principal and interest to be received on an investment during the Computation Period, produces an amount equal to the fair market value of the investment at the time it became a nonpurpose investment.

Issue Price
The price determined on the basis of the initial offering price at which price a substantial amount of the Bonds was sold.

Rebatable Arbitrage
The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments over the amount that would have been earned if such nonpurpose investments were invested at the Bond Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield.

Funds and Accounts
The Funds and Accounts activity used in the compilation of this Report was received from the District and U.S. Bank, Trustee, as follows:

Name	Number	
Acquisition & Construction Fund	259444005	
Debt Service Reserve Fund	259444003	
Capitalized Interest Fund	259444001	
Cost of Issuance Fund	259444006	
Prepayment Subaccount	259444004	
Revenue Fund	259444000	
Sinking Fund	259444002	
METHODOLOGY
Bond Yield
The methodology used to calculate the bond yield was to determine the discount rate that produces the present value of all payments of principal and interest through the maturity date of the Bonds.

Investment Yield and Rebate Amount
The methodology used to calculate the Rebatable Arbitrage, as of January 31, 2026, was to calculate the future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond proceeds, at the yield on the Bonds, to February 18, 2030. This figure was then compared to the future value of the deposit of bond proceeds into the various investment accounts at the same yield. The difference between the future values of the two cash flows, on February 18, 2030, is the Rebatable Arbitrage.
$2,770,000
Highland Meadows West Community Development District (Haines City, Florida)
Special Assessment Bonds, Series 2020A, (Assessment Area 2 Project) Delivered: February 18, 2020

Par Amount	$2,770,000.00	
Net Original Issue Discount	-2,862.00	
Total	$2,767,138.00	

Acquisition & Construction	$2,342,083.37	
Debt Service Reserve Fund	157,456.26	
Capitalized Interest Fund	71,318.77	
Cost of Issuance Fund	140,879.60	
Underwriter’s Discount	55,400.00	
Total	$2,767,138.00	

PROOF OF ARBITRAGE YIELD
$2,770,000
Highland Meadows West Community Development District (Haines City, Florida)
Special Assessment Bonds, Series 2020A, (Assessment Area 2 Project)

Date	
Debt Service	Present Value to 02/18/2020
@ 3.8094198776%	
05/01/2020	20,578.14	20,421.28	
11/01/2020	50,740.63	49,412.68	
05/01/2021	105,740.63	101,048.57	
11/01/2021	49,950.00	46,841.36	
05/01/2022	104,950.00	96,578.89	
11/01/2022	49,159.38	44,392.73	
05/01/2023	109,159.38	96,732.47	
11/01/2023	48,296.88	41,998.72	
05/01/2024	108,296.88	92,414.19	
11/01/2024	47,434.38	39,721.14	
05/01/2025	107,434.38	88,283.08	
11/01/2025	46,571.88	37,554.65	
05/01/2026	111,571.88	88,287.75	
11/01/2026	45,515.63	35,343.70	
05/01/2027	110,515.63	84,213.34	
11/01/2027	44,459.38	33,245.00	
05/01/2028	109,459.38	80,319.62	
11/01/2028	43,403.13	31,253.27	
05/01/2029	113,403.13	80,131.85	
11/01/2029	42,265.63	29,307.13	
05/01/2030	112,265.63	76,390.34	
11/01/2030	41,128.13	27,462.26	
05/01/2031	116,128.13	76,092.27	
11/01/2031	39,909.38	25,661.61	
05/01/2032	114,909.38	72,505.36	
11/01/2032	38,550.00	23,869.58	
05/01/2033	118,550.00	72,032.36	
11/01/2033	37,100.00	22,121.05	
05/01/2034	117,100.00	68,516.39	
11/01/2034	35,650.00	20,469.29	
05/01/2035	120,650.00	67,979.25	
11/01/2035	34,109.38	18,859.43	
05/01/2036	124,109.38	67,338.77	
11/01/2036	32,478.13	17,292.48	
05/01/2037	122,478.13	63,992.72	
11/01/2037	30,846.88	15,815.72	
05/01/2038	125,846.88	63,317.82	
11/01/2038	29,125.00	14,379.88	
05/01/2039	129,125.00	62,561.24	
11/01/2039	27,312.50	12,985.61	
05/01/2040	127,312.50	59,398.78	
11/01/2040	25,500.00	11,674.88	
05/01/2041	130,500.00	58,631.16	
11/01/2041	23,400.00	10,316.67	
05/01/2042	133,400.00	57,714.55	
11/01/2042	21,200.00	9,000.59	
05/01/2043	136,200.00	56,743.75	
11/01/2043	18,900.00	7,726.96	
05/01/2044	138,900.00	55,725.59	
11/01/2044	16,500.00	6,495.94	
05/01/2045	141,500.00	54,666.39	
11/01/2045	14,000.00	5,307.59	
05/01/2046	144,000.00	53,572.00	
11/01/2046	11,400.00	4,161.85	
05/01/2047	146,400.00	52,447.88	
11/01/2047	8,700.00	3,058.52	
05/01/2048	148,700.00	51,299.05	

PROOF OF ARBITRAGE YIELD
$2,770,000
Highland Meadows West Community Development District (Haines City, Florida)
Special Assessment Bonds, Series 2020A, (Assessment Area 2 Project)
Present Value to 02/18/2020
Date	Debt Service  @ 3.8094198776%

11/01/2048	5,900.00	1,997.36
05/01/2049	150,900.00	50,130.16
11/01/2049	3,000.00	978.00
05/01/2050	153,000.00	48,945.50

4,715,590.78	2,767,138.00

Proceeds Summary

Delivery date	02/18/2020	
Par Value	2,770,000.00	
Premium (Discount)	-2,862.00	
Target for yield calculation	2,767,138.00	

BOND DEBT SERVICE
$2,770,000
Highland Meadows West Community Development District (Haines City, Florida)
Special Assessment Bonds, Series 2020A, (Assessment Area 2 Project)

Period Ending	Principal	Coupon	Interest	Debt Service	Annual Debt Service	
02/18/2020						
05/01/2020			20,578.14	20,578.14	20,578.14	
11/01/2020			50,740.63	50,740.63		
05/01/2021	55,000	2.875%	50,740.63	105,740.63	156,481.26	
11/01/2021			49,950.00	49,950.00		
05/01/2022	55,000	2.875%	49,950.00	104,950.00	154,900.00	
11/01/2022			49,159.38	49,159.38		
05/01/2023	60,000	2.875%	49,159.38	109,159.38	158,318.76	
11/01/2023			48,296.88	48,296.88		
05/01/2024	60,000	2.875%	48,296.88	108,296.88	156,593.76	
11/01/2024			47,434.38	47,434.38		
05/01/2025	60,000	2.875%	47,434.38	107,434.38	154,868.76	
11/01/2025			46,571.88	46,571.88		
05/01/2026	65,000	3.250%	46,571.88	111,571.88	158,143.76	
11/01/2026			45,515.63	45,515.63		
05/01/2027	65,000	3.250%	45,515.63	110,515.63	156,031.26	
11/01/2027			44,459.38	44,459.38		
05/01/2028	65,000	3.250%	44,459.38	109,459.38	153,918.76	
11/01/2028			43,403.13	43,403.13		
05/01/2029	70,000	3.250%	43,403.13	113,403.13	156,806.26	
11/01/2029			42,265.63	42,265.63		
05/01/2030	70,000	3.250%	42,265.63	112,265.63	154,531.26	
11/01/2030			41,128.13	41,128.13		
05/01/2031	75,000	3.250%	41,128.13	116,128.13	157,256.26	
11/01/2031			39,909.38	39,909.38		
05/01/2032	75,000	3.625%	39,909.38	114,909.38	154,818.76	
11/01/2032			38,550.00	38,550.00		
05/01/2033	80,000	3.625%	38,550.00	118,550.00	157,100.00	
11/01/2033			37,100.00	37,100.00		
05/01/2034	80,000	3.625%	37,100.00	117,100.00	154,200.00	
11/01/2034			35,650.00	35,650.00		
05/01/2035	85,000	3.625%	35,650.00	120,650.00	156,300.00	
11/01/2035			34,109.38	34,109.38		
05/01/2036	90,000	3.625%	34,109.38	124,109.38	158,218.76	
11/01/2036			32,478.13	32,478.13		
05/01/2037	90,000	3.625%	32,478.13	122,478.13	154,956.26	
11/01/2037			30,846.88	30,846.88		
05/01/2038	95,000	3.625%	30,846.88	125,846.88	156,693.76	
11/01/2038			29,125.00	29,125.00		
05/01/2039	100,000	3.625%	29,125.00	129,125.00	158,250.00	
11/01/2039			27,312.50	27,312.50		
05/01/2040	100,000	3.625%	27,312.50	127,312.50	154,625.00	
11/01/2040			25,500.00	25,500.00		
05/01/2041	105,000	4.000%	25,500.00	130,500.00	156,000.00	
11/01/2041			23,400.00	23,400.00		
05/01/2042	110,000	4.000%	23,400.00	133,400.00	156,800.00	
11/01/2042			21,200.00	21,200.00		
05/01/2043	115,000	4.000%	21,200.00	136,200.00	157,400.00	
11/01/2043			18,900.00	18,900.00		
05/01/2044	120,000	4.000%	18,900.00	138,900.00	157,800.00	
11/01/2044			16,500.00	16,500.00		
05/01/2045	125,000	4.000%	16,500.00	141,500.00	158,000.00	
11/01/2045			14,000.00	14,000.00		
05/01/2046	130,000	4.000%	14,000.00	144,000.00	158,000.00	
11/01/2046			11,400.00	11,400.00		
05/01/2047	135,000	4.000%	11,400.00	146,400.00	157,800.00	
11/01/2047			8,700.00	8,700.00		
05/01/2048	140,000	4.000%	8,700.00	148,700.00	157,400.00	

BOND DEBT SERVICE
$2,770,000
Highland Meadows West Community Development District (Haines City, Florida)
Special Assessment Bonds, Series 2020A, (Assessment Area 2 Project)

Period Ending	Principal	Coupon	Interest	Debt Service	Annual Debt Service	
11/01/2048			5,900.00	5,900.00		
05/01/2049	145,000	4.000%	5,900.00	150,900.00	156,800.00	
11/01/2049			3,000.00	3,000.00		
05/01/2050	150,000	4.000%	3,000.00	153,000.00	156,000.00	
	2,770,000		1,945,590.78	4,715,590.78	4,715,590.78	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(3.809420%)

02/18/20	Beg	Bal	-2,342,083.37	-3,415,761.14	
03/06/20			7,700.00	11,208.73	
03/06/20			19,146.25	27,870.80	
03/06/20			14,358.84	20,901.87	
03/06/20			3,426.81	4,988.34	
03/06/20			9,595.00	13,967.24	
03/06/20			6,647.76	9,677.01	
03/06/20			60,253.00	87,709.05	
03/06/20			9,500.00	13,828.95	
03/06/20			11,095.75	16,151.85	
03/06/20			2,688.75	3,913.96	
03/13/20			1,550.00	2,254.65	
03/13/20			2,215.92	3,223.30	
03/17/20			866.50	1,259.89	
03/20/20			43,455.51	63,164.53	
03/20/20			2,215.92	3,220.94	
03/26/20			9,835.00	14,286.62	
03/26/20			30,827.85	44,781.48	
03/26/20			1,196.50	1,738.07	
04/01/20			429,533.16	623,626.16	
04/01/20			190,345.00	276,356.13	
04/14/20			70,040.38	101,551.03	
04/14/20			7,757.37	11,247.35	
04/14/20			42,733.89	61,959.55	
04/14/20			124,189.97	180,062.11	
04/14/20			65,495.27	94,961.10	
04/14/20			22,374.11	32,440.06	
04/14/20			2,215.92	3,212.85	
04/14/20			252,068.80	365,472.68	
04/27/20			-65.75	-95.20	
06/01/20			140.00	201.99	
06/01/20			4,363.48	6,295.49	
06/01/20			74.06	106.85	
06/01/20			983.15	1,418.46	
06/01/20			4,431.84	6,394.11	
06/01/20			49,993.98	72,129.67	
06/01/20			23,825.00	34,373.92	
06/09/20			18,462.21	26,614.34	
06/09/20			19,713.00	28,417.43	
06/09/20			5,390.00	7,770.00	
06/09/20			160.13	230.84	
06/09/20			21,492.00	30,981.96	
06/09/20			4,431.84	6,388.75	
07/22/20			-500.00	-717.54	
07/23/20			42,661.42	61,215.91	
07/23/20			97,479.37	139,875.51	
07/23/20			4,207.78	6,037.85	

	ARBITRAGE REBATE CALCULATION DETAIL REPORT		
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(3.809420%)	
07/23/20	38,036.67	54,579.74	
07/23/20	2,215.92	3,179.68	
07/23/20	7,060.00	10,130.57	
07/23/20	4,431.84	6,359.35	
07/23/20	250.00	358.73	
08/03/20	104,655.85	150,015.89	
08/05/20	3,750.00	5,374.20	
08/05/20	437.50	626.99	
08/05/20	600.00	859.87	
08/05/20	75.00	107.48	
08/17/20	106,552.00	152,509.89	
09/01/20	50,273.45	71,851.82	
09/01/20	6,053.03	8,651.11	
09/01/20	16,894.00	24,145.24	
09/01/20	9,551.37	13,651.01	
09/01/20	163.02	232.99	
09/01/20	4,431.84	6,334.07	
09/11/20	144,685.36	206,570.56	
09/11/20	3,357.50	4,793.58	
09/11/20	13,500.00	19,274.26	
09/11/20	63.00	89.95	
09/11/20	2,215.92	3,163.72	
09/11/20	8,338.58	11,905.18	
09/11/20	51,202.55	73,103.04	
09/11/20	11,900.00	16,989.90	
09/25/20	126.00	179.63	
10/06/20	343.75	489.50	
10/26/20	29.00	41.21	
11/19/20	58.00	82.22	
12/21/20	243.75	344.38	
01/26/21	11,875.19	16,716.24	
12/21/21	-78,728.13	-107,110.71	
02/22/22	27,678.99	37,417.63	
02/22/22	51,049.40	69,010.74	
01/31/23	de minimis	0.67	0.87	
02/18/30	TOTALS:	1,860.39	-31,054.00	

ISSUE DATE:	02/18/20	
REBATABLE ARBITRAGE:	
-31,054.00	
COMP DATE:	02/18/30	NET INCOME:	1,860.39	
BOND YIELD: 3.809420%	TAX INV YIELD:	0.301038%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(3.809420%)

02/18/20	Beg	Bal	-157,456.26	-229,638.70	
03/03/20			61.35	89.33	
04/02/20			64.94	94.27	
05/04/20			0.79	1.14	
06/02/20			0.81	1.17	
07/02/20			0.77	1.11	
08/04/20			0.80	1.15	
09/02/20			0.80	1.14	
10/02/20			0.77	1.10	
11/03/20			0.80	1.14	
12/02/20			0.78	1.10	
01/05/21			0.80	1.13	
02/02/21			0.80	1.13	
03/02/21			0.73	1.02	
04/02/21			0.80	1.12	
05/04/21			0.78	1.09	
06/02/21			0.80	1.11	
07/02/21			0.77	1.07	
08/03/21			0.80	1.10	
09/02/21			0.81	1.11	
10/04/21			0.77	1.06	
11/02/21			0.80	1.09	
12/02/21			0.78	1.06	
12/21/21			78,728.13	107,110.71	
12/31/21			0.01	0.01	
01/04/22			0.66	0.90	
02/02/22			0.40	0.54	
03/02/22			0.36	0.49	
04/04/22			0.40	0.54	
05/03/22			0.39	0.52	
06/02/22			19.85	26.55	
07/05/22			45.32	60.42	
08/02/22			79.12	105.18	
09/02/22			119.19	157.95	
10/04/22			136.15	179.82	
11/02/22			178.33	234.84	
12/02/22			217.33	285.30	
01/04/23			245.53	321.24	
02/02/23			261.43	341.04	
03/02/23			250.58	325.86	
04/04/23			283.25	367.11	
05/02/23			286.03	369.63	
06/02/23			311.17	400.85	
07/05/23			304.57	390.99	
08/02/23			318.21	407.35	
09/05/23			330.40	421.49	
10/03/23			319.95	406.97	

	ARBITRAGE REBATE CALCULATION DETAIL REPORT		
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(3.809420%)	
11/02/23	331.27	420.09	
12/04/23	321.33	406.12	
12/22/23	0.08	0.10	
01/03/24	331.94	418.25	
02/02/24	330.34	414.97	
03/04/24	307.74	385.29	
04/02/24	328.27	409.79	
05/02/24	317.00	394.48	
06/04/24	327.72	406.45	
07/02/24	317.06	392.08	
08/02/24	327.17	403.31	
09/04/24	325.83	400.31	
10/02/24	304.64	373.18	
11/04/24	297.19	362.84	
12/03/24	277.50	337.77	
01/03/25	277.84	337.12	
02/04/25	267.68	323.74	
03/04/25	240.51	289.97	
04/02/25	264.00	317.35	
05/02/25	254.82	305.36	
06/03/25	262.08	313.04	
07/02/25	252.92	301.18	
08/04/25	261.37	310.20	
09/03/25	260.68	308.44	
10/02/25	246.27	290.51	
11/04/25	247.50	290.98	
12/02/25	231.67	271.57	
01/05/26	228.19	266.57	
01/31/26	Bal	78,728.13	91,728.32	
01/31/26	Acc	221.01	257.50	
02/18/30	TOTALS:	11,812.30	-16,079.79	

ISSUE DATE:	02/18/20	
REBATABLE ARBITRAGE:	
-16,079.79	
COMP DATE:	02/18/30	NET INCOME:	11,812.30	
BOND YIELD: 3.809420%	TAX INV YIELD:	1.873024%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(3.809420%)

02/18/20	Beg	Bal	-71,318.77	-104,013.33	
03/03/20			27.79	40.47	
04/02/20			29.41	42.70	
05/01/20			20,578.14	29,782.97	
05/04/20			0.36	0.52	
06/02/20			0.26	0.38	
07/02/20			0.25	0.36	
08/04/20			0.26	0.37	
09/02/20			-4,213.01	-6,020.69	
09/02/20			0.26	0.37	
10/02/20			0.27	0.38	
11/02/20			50,740.63	72,057.30	
11/03/20			0.28	0.40	
12/02/20			0.03	0.04	
01/05/21			0.02	0.03	
02/02/21			0.02	0.03	
03/02/21			0.02	0.03	
04/02/21			0.02	0.03	
05/03/21			-46,527.62	-64,832.56	
05/03/21			50,740.63	70,703.06	
05/04/21			0.02	0.03	
02/18/30	TOTALS:	59.27	-2,237.12		

ISSUE DATE:	02/18/20	
REBATABLE ARBITRAGE:	
-2,237.12			
COMP DATE:	02/18/30	NET INCOME:	59.27			
BOND YIELD: 3.809420%	TAX INV YIELD:	0.138601%			

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(3.809420%)

02/18/20	Beg	Bal	-140,879.60	-205,462.82	
02/18/20			46,848.32	68,324.93	
02/18/20			4,461.74	6,507.13	
02/18/20			31,604.03	46,092.22	
02/18/20			1,115.44	1,626.79	
02/18/20			22,308.72	32,535.67	
03/11/20			3,996.98	5,815.27	
03/13/20			26,355.79	38,337.44	
09/02/20			4,213.01	6,020.69	
02/18/30	TOTALS:	24.43	-202.69		

ISSUE DATE:	02/18/20	
REBATABLE ARBITRAGE:	
-202.69			
COMP DATE:	02/18/30	NET INCOME:	24.43			
BOND YIELD: 3.809420%	TAX INV YIELD:	0.562122%			

	ARBITRAGE REBATE CALCULATION DETAIL REPORT		
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(3.809420%)	
02/18/21	-1,780.00	-2,499.87	
02/18/22	-1,830.00	-2,474.91	
02/18/23	-1,960.00	-2,552.56	
02/18/24	-2,070.00	-2,595.98	
02/18/25	-2,120.00	-2,560.23	
02/18/30	TOTALS:	-9,760.00	-12,683.54	

ISSUE DATE:	02/18/20	REBATABLE ARBITRAGE: -12,683.54 COMP DATE:	02/18/30
BOND YIELD: 3.809420%

!!"#$%& b)
REBATE REPORT
$955,000
Highland Meadows West Community Development District
(Haines City, Florida)
Special Assessment Bonds, Series 2020A (Assessment Area 3 Project)

Dated: February 18, 2020
Delivered: February 18, 2020

Rebate Report to the Computation Date February 18, 2030
Reflecting Activity To January 31, 2026

TABLE OF CONTENTS

AMTEC Opinion	3	
Summary of Rebate Computations	4	
Summary of Computational Information and Definitions	5	
Methodology	7	
Sources and Uses	8	
Proof of Arbitrage Yield	9	
Bond Debt Service	11	
Arbitrage Rebate Calculation Detail Report – Acquisition & Construction Fund	13	
Arbitrage Rebate Calculation Detail Report – Debt Service Reserve Fund	15	
Arbitrage Rebate Calculation Detail Report – Capitalized Interest Fund	17	
Arbitrage Rebate Calculation Detail Report – Cost of Issuance Fund	18	
Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits	19	

February 13, 2026

Highland Meadows West Community Development District c/o Ms. Katie Costa
Director of Operations – Accounting Division Government Management Services – CF, LLC 6200 Lee Vista Boulevard, Suite 300
Orlando, FL 32822

Re:	$955,000 Highland Meadows West Community Development District (Haines City, Florida),
Special Assessment Bonds, Series 2020A, (Assessment Area 3 Project)	

Dear Ms. Costa:
AMTEC has prepared certain computations relating to the above referenced bond issue (the “Bonds”) at the request of the Highland Meadows West Community Development District (the “District”).
The scope of our engagement consisted of preparing the computations shown in the attached schedules to determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, Section 148(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and all applicable Regulations issued thereunder. The methodology used is consistent with current tax law and regulations and may be relied upon in determining the rebate liability. Certain computational methods used in the preparation of the schedules are described in the Summary of Computational Information and Definitions.

Our engagement was limited to the computation of Rebatable Arbitrage based upon the information furnished to us by the District. In accordance with the terms of our engagement, we did not audit the information provided to us, and we express no opinion as to the completeness, accuracy or suitability of such information for purposes of calculating the Rebatable Arbitrage.

We have scheduled our next Report as of January 31, 2027. Thank you and should you have any questions, please do not hesitate to contact us.

Very truly yours,

Michael J. Scarfo
Senior Vice President	Trong M. Tran
Assistant Vice President	
SUMMARY OF REBATE COMPUTATIONS
Our computations, contained in the attached schedules, are summarized as follows: For the February 18, 2030 Computation Date
Reflecting Activity from February 18, 2020 through January 31, 2026

Fund Description	Taxable Inv Yield	Net Income	Rebatable Arbitrage	
Acquisition & Construction Fund	0.343953%	621.76	(8,963.95)	
Debt Service Reserve Fund	1.873014%	4,183.96	(5,696.80)	
Capitalized Interest Fund	0.138684%	20.45	(771.50)	
Cost of Issuance Fund	0.564800%	8.44	(69.65)	
Totals	1.140356%	$4,834.61	$(15,501.90)	
Bond Yield	3.809782%			
Rebate Computation Credits	(12,683.85)			
Net Rebatable Arbitrage	$(28,185.75)			

Based upon our computations, no rebate liability exists.
SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS
COMPUTATIONAL INFORMATION

For purposes of computing Rebatable Arbitrage, investment activity is reflected from February 18, 2020, the date of the closing, to January 31, 2026, the Computation Period. All nonpurpose payments and receipts are future valued to the Computation Date of February 18, 2030.
Computations of yield are based on a 360-day year and semiannual compounding on the last day of each compounding interval. Compounding intervals end on a day in the calendar year corresponding to Bond maturity dates or six months prior.
For investment cash flow, debt service and yield computation purposes, all payments and receipts are assumed to be paid or received respectively, as shown on the attached schedules.
Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction.
During the period between February 18, 2020 and January 31, 2026, the District made periodic payments into the Debt Service Fund that were used, along with the interest earned, to provide the required debt service payments.
Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year. The fund must be depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year.
We have reviewed the Debt Service Funds and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement.

DEFINITIONS

Computation Date
February 18, 2030.

Computation Period
The period beginning on February 18, 2020, the date of the closing, and ending on January 31, 2026.
Bond Year
Each one-year period (or shorter period from the date of issue) that ends at the close of business on the day in the calendar year that is selected by the Issuer. If no day is selected by the Issuer before the earlier of the final maturity date of the issue or the date that is five years after the date of issue, each bond year ends at the close of business on the anniversary date of the issuance.
Bond Yield
The discount rate that, when used in computing the present value of all the unconditionally payable payments of principal and interest with respect to the Bonds, produces an amount equal to the present value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds.

Taxable Investment Yield
The discount rate that, when used in computing the present value of all receipts of principal and interest to be received on an investment during the Computation Period, produces an amount equal to the fair market value of the investment at the time it became a nonpurpose investment.

Issue Price
The price determined on the basis of the initial offering price at which price a substantial amount of the Bonds was sold.

Rebatable Arbitrage
The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments over the amount that would have been earned if such nonpurpose investments were invested at the Bond Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield.

Funds and Accounts
The Funds and Accounts activity used in the compilation of this Report was received from the District and U.S. Bank, Trustee, as follows:

Name	Number	
Acquisition & Construction Fund	268457005	
Debt Service Reserve Fund	268457003	
Capitalized Interest Fund	268457001	
Cost of Issuance Fund	268457006	
Prepayment Subaccount	268457004	
Revenue Fund	268457000	
Sinking Fund	268457002	
METHODOLOGY
Bond Yield
The methodology used to calculate the bond yield was to determine the discount rate that produces the present value of all payments of principal and interest through the maturity date of the Bonds.

Investment Yield and Rebate Amount
The methodology used to calculate the Rebatable Arbitrage, as of January 31, 2026, was to calculate the future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond proceeds, at the yield on the Bonds, to February 18, 2030. This figure was then compared to the future value of the deposit of bond proceeds into the various investment accounts at the same yield. The difference between the future values of the two cash flows, on February 18, 2030, is the Rebatable Arbitrage.
$955,000
Highland Meadows West Community Development District (Haines City, Florida)
Special Assessment Bonds, Series 2020A, (Assessment Area 3 Project) Delivered: February 18, 2020

Par Amount	$955,000.00	
Net Original Issue Discount	-990.00	
Total	$954,010.00	

Acquisition & Construction	$805,974.89	
Debt Service Reserve Fund	55,771.88	
Capitalized Interest Fund	24,592.83	
Cost of Issuance Fund	48,570.40	
Underwriter’s Discount	19,100.00	
Total	$954,010.00	

PROOF OF ARBITRAGE YIELD
$955,000
Highland Meadows West Community Development District (Haines City, Florida)
Special Assessment Bonds, Series 2020A, (Assessment Area 3 Project)

Date	
Debt Service	Present Value to 02/18/2020
@ 3.8097819341%	
05/01/2020	7,095.95	7,041.85	
11/01/2020	17,496.88	17,038.92	
05/01/2021	37,496.88	35,832.87	
11/01/2021	17,209.38	16,138.26	
05/01/2022	37,209.38	34,241.18	
11/01/2022	16,921.88	15,280.93	
05/01/2023	36,921.88	32,718.25	
11/01/2023	16,634.38	14,464.98	
05/01/2024	36,634.38	31,261.16	
11/01/2024	16,346.88	13,688.51	
05/01/2025	36,346.88	29,867.12	
11/01/2025	16,059.38	12,949.71	
05/01/2026	36,059.38	28,533.46	
11/01/2026	15,734.38	12,217.74	
05/01/2027	35,734.38	27,229.04	
11/01/2027	15,409.38	11,522.22	
05/01/2028	40,409.38	29,650.92	
11/01/2028	15,003.13	10,802.96	
05/01/2029	40,003.13	28,265.71	
11/01/2029	14,596.88	10,121.18	
05/01/2030	39,596.88	26,942.44	
11/01/2030	14,190.63	9,475.07	
05/01/2031	39,190.63	25,678.41	
11/01/2031	13,784.38	8,862.94	
05/01/2032	38,784.38	24,471.05	
11/01/2032	13,331.25	8,254.14	
05/01/2033	38,331.25	23,289.42	
11/01/2033	12,878.13	7,678.27	
05/01/2034	42,878.13	25,087.16	
11/01/2034	12,334.38	7,081.71	
05/01/2035	42,334.38	23,851.67	
11/01/2035	11,790.63	6,518.80	
05/01/2036	41,790.63	22,673.29	
11/01/2036	11,246.88	5,987.87	
05/01/2037	41,246.88	21,549.47	
11/01/2037	10,703.13	5,487.33	
05/01/2038	45,703.13	22,993.30	
11/01/2038	10,068.75	4,970.91	
05/01/2039	45,068.75	21,834.38	
11/01/2039	9,434.38	4,485.22	
05/01/2040	44,434.38	20,729.77	
11/01/2040	8,800.00	4,028.68	
05/01/2041	43,800.00	19,677.02	
11/01/2041	8,100.00	3,570.88	
05/01/2042	48,100.00	20,808.48	
11/01/2042	7,300.00	3,099.01	
05/01/2043	47,300.00	19,704.54	
11/01/2043	6,500.00	2,657.20	
05/01/2044	46,500.00	18,653.83	
11/01/2044	5,700.00	2,243.86	
05/01/2045	50,700.00	19,585.42	
11/01/2045	4,800.00	1,819.58	
05/01/2046	49,800.00	18,525.26	
11/01/2046	3,900.00	1,423.65	
05/01/2047	48,900.00	17,516.76	
11/01/2047	3,000.00	1,054.56	
05/01/2048	53,000.00	18,282.30	

PROOF OF ARBITRAGE YIELD
$955,000
Highland Meadows West Community Development District (Haines City, Florida)
Special Assessment Bonds, Series 2020A, (Assessment Area 3 Project)
Present Value to 02/18/2020
Date	Debt Service  @ 3.8097819341%

11/01/2048	2,000.00	677.00
05/01/2049	52,000.00	17,273.01
11/01/2049	1,000.00	325.96
05/01/2050	51,000.00	16,313.42

1,626,646.13	954,010.00

Proceeds Summary

Delivery date	02/18/2020	
Par Value	955,000.00	
Premium (Discount)	-990.00	
Target for yield calculation	954,010.00	

BOND DEBT SERVICE
$955,000
Highland Meadows West Community Development District (Haines City, Florida)
Special Assessment Bonds, Series 2020A, (Assessment Area 3 Project)

Period Ending	Principal	Coupon	Interest	Debt Service	Annual Debt Service	
02/18/2020						
05/01/2020			7,095.95	7,095.95	7,095.95	
11/01/2020			17,496.88	17,496.88		
05/01/2021	20,000	2.875%	17,496.88	37,496.88	54,993.76	
11/01/2021			17,209.38	17,209.38		
05/01/2022	20,000	2.875%	17,209.38	37,209.38	54,418.76	
11/01/2022			16,921.88	16,921.88		
05/01/2023	20,000	2.875%	16,921.88	36,921.88	53,843.76	
11/01/2023			16,634.38	16,634.38		
05/01/2024	20,000	2.875%	16,634.38	36,634.38	53,268.76	
11/01/2024			16,346.88	16,346.88		
05/01/2025	20,000	2.875%	16,346.88	36,346.88	52,693.76	
11/01/2025			16,059.38	16,059.38		
05/01/2026	20,000	3.250%	16,059.38	36,059.38	52,118.76	
11/01/2026			15,734.38	15,734.38		
05/01/2027	20,000	3.250%	15,734.38	35,734.38	51,468.76	
11/01/2027			15,409.38	15,409.38		
05/01/2028	25,000	3.250%	15,409.38	40,409.38	55,818.76	
11/01/2028			15,003.13	15,003.13		
05/01/2029	25,000	3.250%	15,003.13	40,003.13	55,006.26	
11/01/2029			14,596.88	14,596.88		
05/01/2030	25,000	3.250%	14,596.88	39,596.88	54,193.76	
11/01/2030			14,190.63	14,190.63		
05/01/2031	25,000	3.250%	14,190.63	39,190.63	53,381.26	
11/01/2031			13,784.38	13,784.38		
05/01/2032	25,000	3.625%	13,784.38	38,784.38	52,568.76	
11/01/2032			13,331.25	13,331.25		
05/01/2033	25,000	3.625%	13,331.25	38,331.25	51,662.50	
11/01/2033			12,878.13	12,878.13		
05/01/2034	30,000	3.625%	12,878.13	42,878.13	55,756.26	
11/01/2034			12,334.38	12,334.38		
05/01/2035	30,000	3.625%	12,334.38	42,334.38	54,668.76	
11/01/2035			11,790.63	11,790.63		
05/01/2036	30,000	3.625%	11,790.63	41,790.63	53,581.26	
11/01/2036			11,246.88	11,246.88		
05/01/2037	30,000	3.625%	11,246.88	41,246.88	52,493.76	
11/01/2037			10,703.13	10,703.13		
05/01/2038	35,000	3.625%	10,703.13	45,703.13	56,406.26	
11/01/2038			10,068.75	10,068.75		
05/01/2039	35,000	3.625%	10,068.75	45,068.75	55,137.50	
11/01/2039			9,434.38	9,434.38		
05/01/2040	35,000	3.625%	9,434.38	44,434.38	53,868.76	
11/01/2040			8,800.00	8,800.00		
05/01/2041	35,000	4.000%	8,800.00	43,800.00	52,600.00	
11/01/2041			8,100.00	8,100.00		
05/01/2042	40,000	4.000%	8,100.00	48,100.00	56,200.00	
11/01/2042			7,300.00	7,300.00		
05/01/2043	40,000	4.000%	7,300.00	47,300.00	54,600.00	
11/01/2043			6,500.00	6,500.00		
05/01/2044	40,000	4.000%	6,500.00	46,500.00	53,000.00	
11/01/2044			5,700.00	5,700.00		
05/01/2045	45,000	4.000%	5,700.00	50,700.00	56,400.00	
11/01/2045			4,800.00	4,800.00		
05/01/2046	45,000	4.000%	4,800.00	49,800.00	54,600.00	
11/01/2046			3,900.00	3,900.00		
05/01/2047	45,000	4.000%	3,900.00	48,900.00	52,800.00	
11/01/2047			3,000.00	3,000.00		
05/01/2048	50,000	4.000%	3,000.00	53,000.00	56,000.00	

BOND DEBT SERVICE
$955,000
Highland Meadows West Community Development District (Haines City, Florida)
Special Assessment Bonds, Series 2020A, (Assessment Area 3 Project)

Period Ending	Principal	Coupon	Interest	Debt Service	Annual Debt Service	
11/01/2048			2,000.00	2,000.00		
05/01/2049	50,000	4.000%	2,000.00	52,000.00	54,000.00	
11/01/2049			1,000.00	1,000.00		
05/01/2050	50,000	4.000%	1,000.00	51,000.00	52,000.00	
	955,000		671,646.13	1,626,646.13	1,626,646.13	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(3.809782%)

02/18/20	Beg	Bal	-805,974.89	-1,175,498.51	
03/06/20			12,000.00	17,468.77	
03/06/20			973.75	1,417.52	
03/06/20			1,724.00	2,509.68	
03/06/20			2,352.24	3,424.23	
03/06/20			42,163.00	61,377.98	
03/06/20			27,437.96	39,942.28	
03/06/20			4,950.00	7,205.87	
03/06/20			1,262.50	1,837.86	
03/06/20			19,865.75	28,919.18	
03/13/20			784.08	1,140.57	
03/16/20			866.50	1,260.07	
03/18/20			12,717.24	18,489.60	
03/20/20			784.08	1,139.74	
03/24/20			710.00	1,031.62	
03/26/20			6,446.23	9,364.32	
04/01/20			87,976.67	127,735.14	
04/14/20			14,345.62	20,800.34	
04/14/20			4,959.63	7,191.18	
04/14/20			8,752.73	12,690.96	
04/14/20			25,436.50	36,881.48	
04/14/20			41,874.03	60,714.97	
04/14/20			14,304.76	20,741.09	
04/14/20			784.08	1,136.87	
04/14/20			161,584.84	234,288.85	
05/14/20			64,189.00	92,778.17	
05/21/20			4,910.16	7,091.89	
05/29/20			8,752.73	12,631.23	
05/29/20			-8,752.73	-12,631.23	
06/01/20			560.00	807.98	
06/01/20			17,453.92	25,182.81	
06/01/20			296.26	427.45	
06/01/20			346.50	499.94	
06/01/20			1,568.16	2,262.57	
06/01/20			83,896.16	121,046.79	
06/01/20			10,818.75	15,609.47	
06/03/20			3,932.62	5,672.86	
06/09/20			5,925.65	8,542.46	
06/09/20			6,571.00	9,472.80	
06/09/20			1,500.00	2,162.41	
06/09/20			1,568.16	2,260.67	
07/07/20			189.00	271.67	
07/07/20			4,152.00	5,968.01	
07/07/20			784.08	1,127.02	
07/07/20			6,210.00	8,926.14	
07/07/20			2,690.22	3,866.87	
07/07/20			24,318.53	34,955.02	

	ARBITRAGE REBATE CALCULATION DETAIL REPORT		
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(3.809782%)	
08/03/20	66,344.94	95,103.45	
08/05/20	1,568.16	2,247.44	
08/05/20	218.75	313.51	
09/25/20	-57,816.20	-82,427.20	
09/29/20	5,104.40	7,274.17	
09/29/20	6,106.62	8,702.42	
09/29/20	104.22	148.52	
09/29/20	250.00	356.27	
09/29/20	17,632.50	25,127.70	
09/29/20	1,568.16	2,234.75	
10/07/20	8,043.01	11,452.31	
10/07/20	20,534.23	29,238.37	
01/26/21	-11,875.19	-16,716.78	
03/26/21	-67,133.87	-93,912.23	
04/05/21	45.00	62.89	
04/06/21	784.25	1,095.92	
04/08/21	11,642.60	16,266.12	
04/29/21	58,600.28	81,691.66	
05/05/21	1,467.05	2,043.85	
06/08/21	2,100.00	2,915.56	
07/09/21	156.25	216.23	
12/21/21	-27,885.94	-37,940.31	
02/22/22	32,100.08	43,395.48	
01/31/23	de minimis	0.99	1.29	
02/18/30	TOTALS:	621.76	-8,963.95	

ISSUE DATE:	02/18/20	REBATABLE ARBITRAGE:	-8,963.95	
COMP DATE:	02/18/30	NET INCOME:	621.76	
BOND YIELD:	3.809782%	TAX INV YIELD:	0.343953%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(3.809782%)

02/18/20	Beg	Bal	-55,771.88	-81,342.19	
03/03/20			21.73	31.64	
04/02/20			23.00	33.39	
05/04/20			0.28	0.41	
06/02/20			0.29	0.42	
07/02/20			0.27	0.39	
08/04/20			0.28	0.40	
09/02/20			0.28	0.40	
10/02/20			0.27	0.38	
11/03/20			0.28	0.40	
12/02/20			0.28	0.40	
01/05/21			0.28	0.40	
02/02/21			0.28	0.39	
03/02/21			0.26	0.36	
04/02/21			0.28	0.39	
05/04/21			0.28	0.39	
06/02/21			0.28	0.39	
07/02/21			0.27	0.37	
08/03/21			0.28	0.39	
09/02/21			0.29	0.40	
10/04/21			0.27	0.37	
11/02/21			0.28	0.38	
12/02/21			0.28	0.38	
12/21/21			27,885.94	37,940.31	
01/04/22			0.23	0.31	
02/02/22			0.14	0.19	
03/02/22			0.13	0.18	
04/04/22			0.14	0.19	
05/03/22			0.14	0.19	
06/02/22			7.03	9.40	
07/05/22			16.05	21.40	
08/02/22			28.03	37.26	
09/02/22			42.22	55.95	
10/04/22			48.23	63.70	
11/02/22			63.17	83.19	
12/02/22			76.98	101.06	
01/04/23			86.97	113.79	
02/02/23			92.60	120.80	
03/02/23			88.76	115.43	
04/04/23			100.33	130.04	
05/02/23			101.31	130.92	
06/02/23			110.22	141.99	
07/05/23			107.88	138.49	
08/02/23			112.71	144.29	
09/05/23			117.03	149.30	
10/03/23			113.33	144.16	
11/02/23			117.34	148.80	

	ARBITRAGE REBATE CALCULATION DETAIL REPORT		
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(3.809782%)	
12/04/23	113.82	143.86	
12/22/23	0.03	0.04	
01/03/24	117.57	148.14	
02/02/24	117.01	146.99	
03/04/24	109.00	136.47	
04/02/24	116.28	145.16	
05/02/24	112.28	139.72	
06/04/24	116.08	143.97	
07/02/24	112.30	138.87	
08/02/24	115.88	142.85	
09/04/24	115.41	141.79	
10/02/24	107.91	132.19	
11/04/24	105.26	128.51	
12/03/24	98.29	119.64	
01/03/25	98.41	119.41	
02/04/25	94.81	114.67	
03/04/25	85.19	102.71	
04/02/25	93.51	112.41	
05/02/25	90.26	108.16	
06/03/25	92.83	110.88	
07/02/25	89.59	106.69	
08/04/25	92.58	109.88	
09/03/25	92.33	109.25	
10/02/25	87.23	102.90	
11/04/25	87.67	103.07	
12/02/25	82.06	96.19	
01/05/26	80.83	94.43	
01/31/26	Bal	27,885.94	32,491.15	
01/31/26	Acc	78.28	91.21	
02/18/30	TOTALS:	4,183.96	-5,696.80	

ISSUE DATE:	02/18/20	
REBATABLE ARBITRAGE:	
-5,696.80	
COMP DATE:	02/18/30	NET INCOME:	4,183.96	
BOND YIELD: 3.809782%	TAX INV YIELD:	1.873014%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(3.809782%)

02/18/20	Beg	Bal	-24,592.83	-35,868.16	
03/03/20			9.58	13.95	
04/02/20			10.14	14.72	
05/01/20			7,095.96	10,270.42	
05/04/20			0.12	0.17	
06/02/20			0.09	0.13	
07/02/20			0.09	0.13	
08/04/20			0.09	0.13	
09/02/20			-1,452.51	-2,075.81	
09/02/20			0.09	0.13	
10/02/20			0.09	0.13	
11/02/20			17,496.88	24,848.32	
11/03/20			0.10	0.14	
12/02/20			0.01	0.01	
01/05/21			0.01	0.01	
02/02/21			0.01	0.01	
03/02/21			0.01	0.01	
04/02/21			0.01	0.01	
05/03/21			-16,044.38	-22,357.27	
05/03/21			17,496.88	24,381.28	
05/04/21			0.01	0.01	
02/18/30	TOTALS:	20.45	-771.50		

ISSUE DATE:	02/18/20	
REBATABLE ARBITRAGE:	
-771.50			
COMP DATE:	02/18/30	NET INCOME:	20.45			
BOND YIELD: 3.809782%	TAX INV YIELD:	0.138684%			

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(3.809782%)

02/18/20	Beg	Bal	-48,570.40	-70,838.97	
02/18/20			16,151.68	23,556.91	
02/18/20			1,538.26	2,243.52	
02/18/20			10,895.97	15,891.56	
02/18/20			384.56	560.87	
02/18/20			7,691.28	11,217.58	
03/11/20			1,378.02	2,004.97	
03/13/20			9,086.56	13,217.88	
09/01/20			1,452.51	2,076.03	
02/18/30	TOTALS:	8.44	-69.65		

ISSUE DATE:	02/18/20	
REBATABLE ARBITRAGE:	
-69.65			
COMP DATE:	02/18/30	NET INCOME:	8.44			
BOND YIELD: 3.809782%	TAX INV YIELD:	0.564800%			

	ARBITRAGE REBATE CALCULATION DETAIL REPORT		
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(3.809782%)	
02/18/21	-1,780.00	-2,499.95	
02/18/22	-1,830.00	-2,474.98	
02/18/23	-1,960.00	-2,552.62	
02/18/24	-2,070.00	-2,596.04	
02/18/25	-2,120.00	-2,560.27	
02/18/30	TOTALS:	-9,760.00	-12,683.85	

ISSUE DATE:	02/18/20	REBATABLE ARBITRAGE: -12,683.85 COMP DATE:	02/18/30
BOND YIELD: 3.809782%

!!"#$%& 6

!!"#$%& "
March 17, 2026
Highland Meadows West CDD
Field Management Report

Completed Items
General maintenance items have been done.
Work includes the following: Bench repairs at Tortugas St park area, sidewalk repair along trail, minor fence repairs, re-bolting shade pavilion,
maintenance of idling signs, and pressure washing some sidewalk areas.

Contracted Services
Overall site maintenance is satisfactory.
Landscaper is keeping up with the property and beds are neat and detailed.
Crepe myrtles pruning was finished.

In Progress
Assessing ROW trees with vendor for warranty items and next round of replacements where needed.
Some trees are still struggling following warranty periods and landscaper is reviewing options for final recommendations to improve outcome.
Assessing frost damaged plants. Plants will be
inventoried and replacement plans prepared as we enter into Spring.
General fence repairs are scheduled where needed.

Highland Meadows West CDD | Marshall Tindall – Field Manager | mtindall@gmscfl.com | 407-346-2453

!!"#$%& "

!!"#$%& i

Summary of Check Register

	January 10, 2026 to March	6, 2026		
Fund	Date	Check No.'s	Amount	

 General Fund					
	1/15/26	763-767	$	554,602.99	
	1/22/26	768-769	$	567.00	
	2/4/26	770	$	4,838.00	
	2/12/26	771	$	320.00	
	2/18/26	772-774	$	11,593.35	
	3/5/26	775-777	$	1,613.50	
		Autodrafts	$	5,209.93	
			 $	578,744.77 	
 Supervisors - January 2026					
	Jessica M Spencer	50020	$	184.70	
	Kristin K Cassidy	50021	$	184.70	
	Lindsey E Roden	50022	$	184.70	
	Bobbie J Shockley	50023	$	184.70	

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	3/09/26	PAGE	1
*** CHECK DATES 01/10/2026 - 03/06/2026 ***	HIGHLAND MEADOWS WEST-GF
BANK A HIGHLAND MEADOW WEST
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
1/15/26 00054 12/31/25 00750508 202512 310-51300-48000	*	387.99
NOT OF RULEMAKING
12/31/25 00750508 202512 310-51300-48000	*	641.86
NOT OF RULE DEVELOPMENT
GANNETT FLORIDA LOCALIQ	1,029.85 000763
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
265	202512 320-53800-46500	*	885.42
TREE INSPECTION-DEC25
268	202601 320-53800-46500	*	885.42
TREE INSPECTION-JAN26
269	202601 320-53800-12000	*	858.33
FIELD MANAGEMENT-JAN26
270	202601 310-51300-34000	*	3,862.50
MANAGEMENT FEES-JAN26
270	202601 310-51300-35200	*	108.17
WEBSITE ADMIN-JAN26
270	202601 310-51300-35100	*	162.25
INFORMATION TECH-JAN26
1/01/26 270	202601 310-51300-31300	*	540.75
DISSEMINATION SVCS-JAN26
1/01/26 270	202601 310-51300-51000	*	.09
OFFICE SUPLIES
1/01/26 270	202601 310-51300-42000	*	9.91
POSTAGE
GOVERNMENTAL MANAGEMENT SERVICES-CF	7,312.84 000764
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/15/26 00058	1/15/26 01152026 202601 300-15100-10000	*	540,000.00
TSFR EXCESS FUNDS TO SBA

LANDSCAPE MAINT-JAN26

PRINCE & SONS INC.	5,020.96 000767
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/22/26 00037 11/19/25 22469240 202510 310-51300-31100	*	425.00
ENGINEERING SVCS-OCT25
DEWBERRY ENGINEERS, INC	425.00 000768
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
HIMW --HIGH WEST--	BOH
AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	3/09/26	PAGE	2
*** CHECK DATES 01/10/2026 - 03/06/2026 ***	HIGHLAND MEADOWS WEST-GF
BANK A HIGHLAND MEADOW WEST
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
1/22/26 00036	1/13/26 14033	202512 310-51300-31500	*	142.00
ATTORNEY SVCS-DEC25
KILINSKI VAN WYK PLLC	142.00 000769
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/04/26 00026	2/01/26 22158	202602 320-53800-46200	*	4,838.00
LANDSCAPE MAINT-FEB26
PRINCE & SONS INC.	4,838.00 000770
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/12/26 00052 12/19/25 16786	202512 320-53800-48200	*	320.00
CLEANING SVCS-DEC25
CLEAN STAR SERVICES OF CENTRAL FL	320.00 000771
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/18/26 00029	2/13/26 6408-02- 202602 310-51300-31200	*	450.00
SPCL ASSESS BOND S2020AA2
AMTEC	450.00 000772
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
272	202602 320-53800-46500	*	885.42
TREE INSPECTION-FEB26
273	202602 320-53800-12000	*	858.33
FIELD MANAGEMENT-FEB26
274	202602 310-51300-34000	*	3,862.50
MANAGEMENT FEES-FEB26
274	202602 310-51300-35200	*	108.17
WEBSITE ADMIN-FEB26
274	202602 310-51300-35100	*	162.25
INFORMATION TECH-FEB26
274	202602 310-51300-31300	*	540.75
DISSEMINATION SVCS-FEB26
274	202602 310-51300-51000	*	.33
OFFICE SUPLIES
274	202602 310-51300-42000	*	8.17
POSTAGE
GOVERNMENTAL MANAGEMENT SERVICES-CF	6,425.92 000773
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/18/26 00024	2/16/26 02162026 202602 300-20700-10200	*	2,838.99
ASSESSMENT TXF SER-2019
2/16/26 02162026 202602 300-20700-10200	*	1,387.48
ASSESSMENT TXF S-2020 A-2
2/16/26 02162026 202602 300-20700-10200	*	490.96
ASSESSMENT TXF S-2020 A-3
HIGHLAND MEADOWS WEST CDD CO	4,717.43 000774
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/05/26 00037	2/19/26 22480238 202601 310-51300-31100	*	300.00
ENGINEERING SVCS-JAN26
DEWBERRY ENGINEERS, INC	300.00 000775
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
HIMW --HIGH WEST--	BOH
AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	3/09/26	PAGE	3
*** CHECK DATES 01/10/2026 - 03/06/2026 ***	HIGHLAND MEADOWS WEST-GF
BANK A HIGHLAND MEADOW WEST

FIX & REINSTALL SIGNS

ATTORNEY SVCS-JAN26
708.50

HIMW --HIGH WEST--	BOH
AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	3/09/26	PAGE	4
*** CHECK DATES 01/10/2026 - 03/06/2026 ***	HIGHLAND MEADOWS WEST-GF
BANK Z GENERAL FUND AUTOPAY
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
1/13/26 00020 12/31/25 9041-12. 202512 320-53800-43200	*	199.07
1141 CATSKILL DR-DEC.25
CITY OF HAINES CITY	199.07 080027
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/13/26 00020 12/31/25 9042-12. 202512 320-53800-43200	*	104.68
809 TETON ST-DEC.25
CITY OF HAINES CITY	104.68 080028
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/13/26 00021 12/29/25 0039-12. 202512 320-53800-43000	*	296.57
2500 ORCHID DR-DEC.25
DUKE ENERGY	296.57 080029
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - - - - - - - - - - - - - - - -
1/13/26 00021 12/29/25 0740-12. 202512 320-53800-43000	*	221.49
2501 ORDHID DR-DEC.25
DUKE ENERGY	221.49 080030
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - - - - - - - - - - - - - - - -
1/13/26 00021	1/06/26 0526-12. 202512 320-53800-43100	*	1,423.12
0 ORCHID DR-DEC.25
DUKE ENERGY	1,423.12 080031
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - - - - - - - - - - - - - - - -
1/27/26 00021	1/13/26 0279-12. 202512 320-53800-43000	*	341.57
407 TORTUGAS ST-DEC.25
DUKE ENERGY	341.57 080032
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - - - - - - - - - - - - - - - -
1/27/26 00021	1/13/26 7019-12. 202512 320-53800-43000	*	33.03
103 DENALI ST-DEC.25
DUKE ENERGY	33.03 080033
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - - - - - - - - - - - - - - - -
1/27/26 00021	1/14/26 9771-12. 202512 320-53800-43100	*	164.20
00 ORCHID DR LITE-DEC.25
DUKE ENERGY	164.20 080034
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - - - - - - - - - - - - - - - -
2/03/26 00020	1/30/26 9041-01. 202601 320-53800-43200	*	134.55
1141 CATSKILL-JAN.26
CITY OF HAINES CITY	134.55 080035
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/03/26 00020	1/30/26 9042-01. 202601 320-53800-43200	*	75.02
809 TETON-JAN.26
CITY OF HAINES CITY	75.02 080036
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/03/26 00021	1/28/26 0039-01. 202601 320-53800-43000	*	319.44
2500 ORCHID DR-JAN.26
DUKE ENERGY	319.44 080037
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
2/03/26 00021	1/28/26 0740-01. 202601 320-53800-43000	*	197.04
2501 ORCHID DR-JAN.26
DUKE ENERGY	197.04 080038
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
HIMW --HIGH WEST--	BOH
AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	3/09/26	PAGE	5
*** CHECK DATES 01/10/2026 - 03/06/2026 ***	HIGHLAND MEADOWS WEST-GF
BANK Z GENERAL FUND AUTOPAY

0 ORCHID DR-JAN.26

407 TORTUGAS ST-JAN.26
128.90

103 DENALI ST-JAN.26
32.66

00 ORCHID DR LITE-JAN.26
159.35

TOTAL FOR BANK Z		5,209.93 TOTAL FOR REGISTER	578,744.77

HIMW --HIGH WEST--	BOH

!!"#$%& ii

Highland Meadows West
Community Development District

Unaudited Financial Reporting
February 28, 2026
Table of Contents

1		Balance Sheet	

2-3	
	General Fund	

4	
	Debt Service Fund Series 2019	

5	
	Debt Service Fund Series 2020 A2	

6	
	Debt Service Fund Series 2020 A3	

7	
	Capital Reserve Fund	

8-9	
	Month to Month	

10	
	Long Term Debt Report	

11	
	Assessment Receipt Schedule	
Combined Balance Sheet February 28, 2026

	General		Debt Service		Capital Reserve		Totals		
	Fund		Fund		Fund	Governmental Funds			
Assets:
Cash:
Operating Account	

$	

125,475	

$	

-	

$	

-	

$	

125,475	
State Board Administration	$	744,984	$	-	$	-	$	744,984	
Money Market Funds Investments:
Series 2019
Reserve	$

$	-

-	$

$	-

160,125	$

$	158,963

-	$

$	158,963

160,125	
Revenue	$	-	$	414,499	$	-	$	414,499	
Prepayment
Series 2020A2	$	-	$	1,197	$	-	$	1,197	
Reserve	$	-	$	78,728	$	-	$	78,728	
Revenue	$	-	$	199,944	$	-	$	199,944	
Prepayment	$	-	$	1	$	-	$	1	
Series 2020A3
Reserve	
$	
-	
$	
27,886	
$	
-	
$	
27,886	
Revenue	$	-	$	78,449	$	-	$	78,449	
Prepayment	$	-	$	1	$	-	$	1	
Total Assets	$	870,459	$	960,831	$	158,963	$	1,990,253	
Liabilities:
Accounts Payable	

$	

106,250	

$	

-	

$	

-	

$	

106,250	
Employee FICA	$	122	$	-	$	-	$	122	
Total Liabilites	$	106,372	$	-	$	-	$	106,372	
Fund Balance:
Restricted for:
Debt Service - Series 2019	

$	

-	

$	

575,822	

$	

-	

$	

575,822	
Debt Service - Series 2020A2	$	-	$	278,673	$	-	$	278,673	
Debt Service - Series 2020A3	$	-	$	106,336	$	-	$	106,336	
Assigned for:
Capital Reserves	
$	
-	
$	
-	
$	
158,963	
$	
158,963	
Unassigned	$	764,087	$	-	$	-	$	764,087	
Total Fund Balances	$	764,087	$	960,831	$	158,963	$	1,883,881	
									
Total Liabilities & Fund Balance	$	870,459	$	960,831	$	158,963	$	1,990,253	

Adopted	Prorated Budget	Actual		
Budget	Thru 02/28/26	Thru 02/28/26	Variance	

Revenues:					
Assessments - Tax Roll	$	588,462	$	579,375	$	579,375	$	-	
Interest Income	$	4,768	$	4,768	$	6,264	$	1,496	
Total Revenues	$	593,229	$	584,143	$	585,639	$	1,496	

Expenditures:					
General & Administrative:					
Supervisor Fees	$	12,000	$	5,000	$	1,600	$	3,400	
Employer FICA Expense	$	918	$	383	$	122	$	260	
Engineering	$	15,000	$	6,250	$	725	$	5,525	
District Counsel	$	18,961	$	7,900	$	2,123	$	5,777	
Annual Audit	$	3,100	$	-	$	-	$	-	
Assessment Administration	$	5,408	$	5,408	$	5,408	$	(1)	
Arbitrage	$	900	$	450	$	450	$	-	
Dissemination	$	6,489	$	2,704	$	2,704	$	-	
Trustee Fees	$	11,141	$	4,840	$	4,840	$	-	
Management Fees	$	46,350	$	19,313	$	19,313	$	-	
Information Technology	$	1,947	$	811	$	811	$	(0)	
Website Maintenance	$	1,298	$	541	$	541	$	(0)	
Postage & Delivery	$	970	$	404	$	66	$	338	
Office Supplies	$	500	$	208	$	1	$	207	
Copies	$	500	$	208	$	44	$	164	
Insurance	$	7,626	$	7,626	$	7,029	$	597	
Legal Advertising	$	2,500	$	1,042	$	1,310	$	(268)	
Other Current Charges	$	972	$	405	$	104	$	302	
Dues, Licenses & Subscriptions	$	175	$	175	$	175	$	-	
Subtotal General & Administrative	$	136,754	$	63,667	$	47,365	$	16,301	

Adopted	Prorated Budget	Actual		
Budget	Thru 02/28/26	Thru 02/28/26	Variance	

Operations & Maintenance					
Field Expenditures
Property Insurance	
$	7,907	
$	7,907	
$	4,878	
$	3,029	
Field Management	$	10,300	$	4,292	$	4,292	$	-	
Interlocal Amenity Agreement	$	104,336	$	104,336	$	104,336	$	-	
Landscape Maintenance	$	57,938	$	24,141	$	24,039	$	102	
Landscape Replacement	$	18,000	$	7,500	$	12,665	$	(5,165)	
Right of Way Tree Inspections	$	10,625	$	4,427	$	4,427	$	(0)	
Right of Way Tree Replacements	$	133,000	$	55,417	$	-	$	55,417	
Streetlights	$	22,869	$	9,529	$	6,276	$	3,253	
Electric	$	7,928	$	3,303	$	2,895	$	408	
Water & Sewer	$	5,940	$	2,475	$	950	$	1,525	
Sidewalk & Asphalt Maintenance	$	2,500	$	1,042	$	-	$	1,042	
Irrigation Repairs	$	6,000	$	2,500	$	796	$	1,704	
General Repairs & Maintenance	$	18,000	$	7,500	$	605	$	6,895	
Janitorial	$	3,600	$	1,500	$	820	$	680	
Holiday Decorations	$	6,500	$	6,500	$	6,500	$	-	
Contingency	$	7,500	$	3,125	$	5	$	3,120	
Subtotal Operations & Maintenance	$	422,942	$	245,493	$	173,484	$	72,009	
					
Total Expenditures	$	559,696	$	309,159	$	220,849	$	88,310	
					
Excess (Deficiency) of Revenues over Expenditures	$	33,533	$	274,984	$	364,790	$	(86,814)	

Other Financing Sources/(Uses):					
Transfer In/(Out) - Capital Reserves	$	(33,533)	$	-	$	-	$	-	
Total Other Financing Sources/(Uses)	$	(33,533)	$	-	$	-	$	-	
					
Net Change in Fund Balance	$	-		$	364,790		
					
Fund Balance - Beginning	$	-		$	399,297		
					
Fund Balance - Ending	$	-		$	764,087		

Revenues:

Assessments	$	322,524	$	317,544	$	317,544	$	-	
Interest Income	$	8,056	$	3,357	$	5,721	$	2,364	
Total Revenues	$	330,580	$	320,901	$	323,265	$	2,364	

Expenditures:									
Interest - 11/1	$	109,319	$	109,319	$	109,319	$	-	
Principal - 11/1	$	100,000	$	100,000	$	100,000	$	-	
Interest - 5/1	$	107,256	$	-	$	-	$	-	
Total Expenditures	$	316,575	$	209,319	$	209,319	$	-	
									
Excess (Deficiency) of Revenues over Expenditures	$	14,005	$	111,582	$	113,947	$	2,364	
									
Net Change in Fund Balance	$	14,005			$	113,947			
									
Fund Balance - Beginning	$	298,981			$	461,875			
									
Fund Balance - Ending	$	312,986			$	575,822			

Revenues:

Assessments	$	157,625	$	155,191	$	155,191	$	-	
Interest Income	$	3,566	$	1,486	$	2,397	$	911	
Total Revenues	$	161,190	$	156,676	$	157,587	$	911	

Expenditures:									
Interest - 11/1	$	46,572	$	46,572	$	46,572	$	-	
Principal - 5/1	$	65,000	$	-	$	-	$	-	
Interest - 5/1	$	46,572	$	-	$	-	$	-	
Total Expenditures	$	158,144	$	46,572	$	46,572	$	-	
									
Excess (Deficiency) of Revenues over Expenditures	$	3,046	$	110,105	$	111,015	$	911	
									
Net Change in Fund Balance	$	3,046			$	111,015			
									
Fund Balance - Beginning	$	88,087			$	167,658			
									
Fund Balance - Ending	$	91,133			$	278,673			

Revenues:

Assessments	$	55,775	$	54,914	$	54,914	$	-	
Interest Income	$	1,370	$	571	$	960	$	389	
Total Revenues	$	57,145	$	55,485	$	55,873	$	389	

Expenditures:									
Interest - 11/1	$	16,059	$	16,059	$	16,059	$	-	
Principal - 5/1	$	20,000	$	-	$	-	$	-	
Interest - 5/1	$	16,059	$	-	$	-	$	-	
Total Expenditures	$	52,119	$	16,059	$	16,059	$	-	
									
Excess (Deficiency) of Revenues over Expenditures	$	5,027	$	39,425	$	39,814	$	389	
									
Net Change in Fund Balance	$	5,027			$	39,814			
									
Fund Balance - Beginning	$	38,317			$	66,522			
									
Fund Balance - Ending	$	43,343			$	106,336			

Revenues												
Interest Income	$	2,075	$	865	$	2,177	$	1,313								
Total Revenues	$	2,075	$	865	$	2,177	$	1,313								

Expenditures:

Captial Outlay	

$	-	

$	-	

$	-	

$	-								
Total Expenditures	$	-	$	-	$	-	$	-								
												
Excess (Deficiency) of Revenues over Expenditures	$	2,075	$	865	$	2,177	$	1,313								
Other Financing Sources/(Uses)												
Transfer In/(Out)	$	33,533	$	-	$	-	$	-								
Total Other Financing Sources (Uses)	$	33,533	$	-	$	-	$	-								
												
Net Change in Fund Balance	$	35,608		$	2,177									
												
Fund Balance - Beginning	$	146,233		$	156,786									
												
Fund Balance - Ending	$	181,841		$	158,963									
Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total	

Revenues:

Assessments - Tax Roll	$	-	$	20,202	

$	552,632	

$	2,416	

$	4,125	

$	-	

$	-	

$	-	

$	-	

$	-	

$	-	

$	-	

$	579,375	
Interest Income	$	1,004  $	727	$	684	$	1,456	$	2,393	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	6,264	
Total Revenues	$	1,004  $	20,929	$	553,317	$	3,872	$	6,518	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	585,639	

Expenditures:												
General & Administrative:												
Supervisor Fees	$	800	$	-	$	-	$	800	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	1,600						
Employer FICA Exp	$	61	$	-	$	-	$	61	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	122						
Engineering	$	425	$	-	$	-	$	300	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	725						
District Counsel	$	1,136	$	137	$	142	$	709	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	2,123						
Annual Audit	$	-	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-						
Assessment Administration	$	5,408	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	5,408						
Arbitrage	$	-	$	-	$	-	$	-	$	450	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	450						
Dissemination	$	541	$	541	$	541	$	541	$	541	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	2,704						
Trustee Fees	$	4,840	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	4,840						
Management Fees	$	3,863	$	3,863	$	3,863	$	3,863	$	3,863	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	19,313						
Information Technology	$	162	$	162	$	162	$	162	$	162	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	811						
Website Maintenance	$	108	$	108	$	108	$	108	$	108	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	541						
Postage & Delivery	$	33	$	9	$	5	$	10	$	8	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	66						
Office Supplies	$	0	$	0	$	0	$	0	$	0	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	1						
Printing & Binding	$	26	$	18	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	44						
Insurance	$	7,029	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	7,029						
Legal Advertising	$	280	$	-	$	1,030	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	1,310						
Other Current Charges	$	-	$	-	$	18	$	44	$	41	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	104						
Dues, Licenses & Subscriptions	$	175	$	-	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	175						
Total General & Administrative	$	24,887	$	4,839	$	5,869	$	6,598	$	5,174	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	47,365						

Operations & Maintenance

Field Expenditures Property Insurance Field Management
Interlocal Amenity Agreement Landscape Maintenance Landscape Replacement Right of Way Tree Inspections
Right of Way Tree Replacements Streetlights
Electric
Water & Sewer Irrigation Repairs Janitorial
General Repairs & Maintenance Holiday Decorations Contingency

$	4,878  $
$	858  $
$	-  $
$	4,687  $
$	12,665  $
$	885  $
$	-  $
$	1,575  $
$	629  $
$	265  $
$	124  $
$	100  $
$	-  $
$	6,500  $
$	-  $

-  $
858  $
-  $
4,838  $
-  $
885  $
-  $
1,575  $
696  $
172  $
489  $
100  $
-  $
-  $
5  $

-  $
858  $
-  $
4,838  $
-  $
885  $
-  $
1,587  $
893  $
304  $
183  $
320  $
330  $
-  $
-  $

-  $
858  $
-  $
4,838  $
-  $
885  $
-  $
1,539  $
678  $
210  $
-  $
300  $
275  $
-  $
-  $

-  $
858  $
104,336  $
4,838  $
-  $
885  $
-  $
-  $
-  $
-  $
-  $
-  $
-  $
-  $
-  $

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

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

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

-  $	4,878
-  $	4,292
-  $	104,336
-  $	24,039
-  $	12,665
-  $	4,427
-  $	-
-  $	6,276
-  $	2,895
-  $	950
-  $	796
-  $	820
-  $	605
-  $	6,500
-  $	5

Highland Meadows West
Community Development District Long Term Debt Report

SERIES 2019, SPECIAL ASSESSMENT REVENUE BONDS

INTEREST RATE:	4.000%, 4.125%, 4.875%, 5.000% MATURITY DATE:		11/1/2049
RESERVE FUND DEFINITION	50% MAXIMUM ANNUAL DEBT SERVICE RESERVE FUND REQUIREMENT		$160,125
RESERVE FUND BALANCE	$160,125

BONDS OUTSTANDING - 04/25/19	$6,385,000
LESS: SPECIAL CALL - 05/01/20	($500,000)
LESS: SPECIAL CALL - 08/01/20	($885,000)
LESS: PRINCIPAL PAYMENT - 11/01/20	($105,000)
LESS: SPECIAL CALL - 11/01/20	($30,000)
LESS: PRINCIPAL PAYMENT - 11/01/21	($85,000)
LESS: PRINCIPAL PAYMENT - 11/01/22	($90,000)
LESS: PRINCIPAL PAYMENT - 11/01/23	($90,000)
LESS: PRINCIPAL PAYMENT - 11/01/24	($95,000)
LESS: PRINCIPAL PAYMENT - 11/01/25	($100,000)	
CURRENT BONDS OUTSTANDING	$4,405,000	

SERIES 2020 ASSESSMENT AREA 2, SPECIAL ASSESSMENT REVENUE BONDS

INTEREST RATE:	2.875%, 3.250%, 3.625%, 4.000% MATURITY DATE:		5/1/2050
RESERVE FUND DEFINITION	50% MAXIMUM ANNUAL DEBT SERVICE RESERVE FUND REQUIREMENT		$78,728
RESERVE FUND BALANCE	$78,728

BONDS OUTSTANDING - 02/18/20	$2,770,000
LESS: PRINCIPAL PAYMENT - 05/01/22	($55,000)
LESS: PRINCIPAL PAYMENT - 05/01/22	($55,000)
LESS: PRINCIPAL PAYMENT - 05/01/23	($60,000)
LESS: PRINCIPAL PAYMENT - 05/01/24	($60,000)
LESS: PRINCIPAL PAYMENT - 05/01/25	($60,000)	
CURRENT BONDS OUTSTANDING	$2,480,000	

SERIES 2020 ASSESSMENT AREA 3, SPECIAL ASSESSMENT REVENUE BONDS

INTEREST RATE:	2.875%, 3.250%, 3.625%, 4.000% MATURITY DATE:		5/1/2050
RESERVE FUND DEFINITION	50% MAXIMUM ANNUAL DEBT SERVICE RESERVE FUND REQUIREMENT		$27,886
RESERVE FUND BALANCE	$27,886

BONDS OUTSTANDING - 02/18/20	$955,000
LESS: PRINCIPAL PAYMENT - 05/01/21	($20,000)
LESS: PRINCIPAL PAYMENT - 05/01/22	($20,000)
LESS: PRINCIPAL PAYMENT - 05/01/23	($20,000)
LESS: PRINCIPAL PAYMENT - 05/01/24	($20,000)
LESS: PRINCIPAL PAYMENT - 05/01/25	($20,000)	
CURRENT BONDS OUTSTANDING	$855,000	
HIGHLAND MEADOWS WEST CDD
COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Receipts Fiscal Year 2026

ON ROLL ASSESSMENTS

Gross Assessments	$  632,753.94	$	346,800.16	$	169,488.80	$	59,972.96	$ 1,209,015.86	
Net Assessments	$  588,461.16	$	322,524.15	$	157,624.58	$	55,774.85	$ 1,124,384.75	

52.34%	28.68%	14.02%	4.96%	100.00%

Date	
Distribution	
Gross Amount	
Discount/Penalty	
Commission	
Interest	
Net Receipts	
General Fund	
2019 Debt Service	2020 Debt Service AA2	2020 Debt Service AA3	
Total	

11/14/25	
10/01-10/31/25	
$2,735.33	
($109.42)	
($52.52)	
$0.00	
$2,573.39	
$1,346.82	
$738.16	
$360.76	
$127.65	
$2,573.39	
11/21/25	11/01-11/07/25	$27,353.30	($1,094.09)	($525.18)	$0.00	$25,734.03	$13,468.23	$7,381.68	$3,607.59	$1,276.53	$25,734.03	
11/26/25	11/08-11/15/25	$10,941.32	($437.64)	($210.07)	$0.00	$10,293.61	$5,387.30	$2,952.67	$1,443.03	$510.61	$10,293.61	
12/08/25	11/16-11/25/25	$27,353.30	($3,720.01)	($472.67)	$0.00	$23,160.62	$12,121.40	$6,643.51	$3,246.83	$1,148.88	$23,160.62	
12/17/25	INV#4652305	($5,762.62)	$0.00	$0.00	$0.00	($5,762.62)	($3,015.94)	($1,652.98)	($807.85)	($285.85)	($5,762.62)	
12/17/25	INV#4652306	($6,327.54)	$0.00	$0.00	$0.00	($6,327.54)	($3,311.60)	($1,815.02)	($887.04)	($313.88)	($6,327.54)	
12/19/25	11/26-11/30/25	$1,099,602.66	($43,982.43)	($21,112.40)	$0.00	$1,034,507.83	$541,422.93	$296,743.40	$145,024.97	$51,316.53	$1,034,507.83	
12/31/25	12/01-12/15/25	$10,941.32	($382.95)	($211.17)	$0.00	$10,347.20	$5,415.34	$2,968.04	$1,450.55	$513.27	$10,347.20	
01/09/26	12/16-12/31/25	$2,735.33	($82.08)	($53.07)	$0.00	$2,600.18	$1,360.84	$745.85	$364.51	$128.98	$2,600.18	
01/29/26	10/01-12/31/25	$0.00	$0.00	$0.00	$2,016.29	$2,016.29	$1,055.25	$578.36	$282.66	$100.02	$2,016.29	
02/13/26	01/01-01/30/26	$8,205.99	($164.12)	($160.84)	$0.00	$7,881.03	$4,124.64	$2,260.63	$1,104.82	$390.94	$7,881.03	
	TOTAL	$	1,177,778.39	$	(49,972.74)	$	(22,797.92)	$	2,016.29	$ 1,107,024.02	$  579,375.21	$	317,544.30	$	155,190.83	$	54,913.68	$ 1,107,024.02