Bellagio
	Community Development District	

www.bellagiocdd.com

Eduardo Lavin, Chairman Edwin Rivera, Vice Chairman Luis Pena, Assistant Secretary Maria Pinos, Assistant Secretary

March 11, 2026

Seat 1: Eduardo Lavin – C.		
Seat 2: Edwin Rivera – V.C.		
Seat 5: Luis Pena – A.S.		
Seat 3: Maria Pinos – A.S.		
Seat 4: Open Seat		

Bellagio
Community Development District
Agenda
Wednesday	Aragon Clubhouse
March 11, 2026	8700 West 35th Court Hialeah, Florida 33178 9:00 a.m.		Join the meeting now
Meeting ID: 233 013 045 657 17 and Passcode: L9r8Qw6V
1 872-240-4685 and Phone Conference ID: 779 375 37#

Roll Call

Organizational Matters
Consideration of Appointment of Supervisor to Unexpired Term of Office – Seat #4 (11/2028)

Oath of Office for Newly Appointed Supervisor(s) – Page 4

Consideration of Electing Officer(s)
Approval of the Minutes of the November 12, 2025 Meeting – Page 5
Consideration of Resolution #2026-02 Approving the Proposed Fiscal Year 2027 Budget and Setting the Public Hearing – Page 10
Acceptance of Audit for Fiscal Year Ending in September 30, 2025 – Page 24
Discussion of Procedures for the General Election – Page 60
Staff Reports
Attorney – Consideration of Request for Adjustment to District Counsel Fee Structure – Page 61

Engineer

Clubhouse –
Discussion of
Regarding Diamond Brite for Pool

Aragon Club Rules and Regulations – Page 63

EcoLawn Invoice – Page 77

USA Onasis Tile LLC Invoice – Page 78

Manager

Financial Reports
Acceptance of Check Register – Page 79

Acceptance of Unaudited Financials – Page 93

Supervisors Requests and Audience Comments

Adjournment

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

Oath of Office

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

Signature			 Home Address		

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

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

Notary Public State of Florida

Print Name

My Commission expires Personally known 	 or produced identification 	
Type of identification	

MINUTES OF MEETING BELLAGIO
COMMUNITY DEVELOPMENT DISTRICT

A regular meeting of the Board of Supervisors for the Bellagio Community Development District was held on November 12, 2025 at 9:00 a.m. at the Aragon Clubhouse, 8700 West 35th Court, Hialeah, Florida.

Present and constituting a quorum were:

Eduardo Lavin	Chairman
Edwin Rivera	Vice Chairman
Luis Pena	Assistant Secretary
Maria Pinos	Assistant Secretary Also present were:
Ben Quesada	District Manager
Ginger Wald	District Attorney
Gabriella Fernandez Perez	Billings, Cochran, Lyles
Emily Diestro	Club Manager

FIRST ORDER OF BUSINESS	Roll Call

Mr. Quesada called the meeting to order, called the role and led the Pledge of Allegiance.

SECOND ORDER	Organizational Matters
Consideration of Appointment of Supervisor to Unexpired Term of Office – Seat #4 (11/2028)
Oath of Office for Newly Appointed Supervisor(s)
Consideration of Electing Officer(s)
Mr. Quesada presented the Organizational Matters and asked the Board if they had anyone that they wanted to nominate for that unexpired term of office, Seat #4. The Board did not so the item was tabled.

THIRD ORDER OF BUSINESS	Approval of the Minutes of the
September 10, 2025, Meeting

Mr. Quesada presented the minutes of the September 10, 2025 meeting, asked for any comments or corrections, upon hearing none asked for a motion to approve the minutes.

On MOTION by Mr. Lavin seconded by Mr. Rivera with all in favor, the Minutes of the September 10, 2025, Meeting were approved.

FOURTH ORDER OF BUSINESS	Consideration	of	Resolution
#2026-011 Declaring Club Rule Void and Unenforceable
Ms. Ferandez-Perez presented and reviewed Resolution #2026-01 Declaring Club Rule Void and Unenforceable. She explained that as a local governmental entity you are not allowed to pass rules or enforce rules that deal with fire regulations besides what is allowed by the state. Rule 3.6 of the Club rules says that firearms are not allowed in the Clubhouse and are prohibited, which will have to be removed from the club rules. This resolution is the first step in removing that rule after which the Board will go through the formal rule-making process to remove the rule from the Club rules.
Ms. Ferandez-Perez asked the Board if they had any questions. After a brief discussion a motion was made to approve Resolution #2026-01.

On MOTION by Mr. Lavin seconded by Mr. Rivera with all in favor, Resolution #2026-01 Declaring Club Rune Void and Unenforceable was approved.

FIFTH ORDER OF BUSINESS	Staff Reports
Attorney
Ms. Fernandez-Perez reminded the Board that the four hours of ethics training is due on December 31, 2025 and recommended that when they do complete the training to send Mr. Ben Quesada an email stating that they had completed the training.
Engineer
Mr. Quesada stated that there was nothing to report under the engineer.
Clubhouse
Discussion of:

Club Staff Compensation
Gym Preventive Maintenance Agreement with The Fitness Solutions, Inc.
Approval of Service Agreement for Pool & Maintenance with ADN Pool Service Corp.
Ms. Diestro presented a proposal from Miami Management to the Board with a rate increase of $.50 for the club attendants and housekeeper. The monthly amount would go from $7,543 to $7,765 for the club attendants and from $3,057 to $3,142 for the housekeeper.
After a brief discussion, a motion was made to accept the rate increase.

On MOTION by Mr. Lavin seconded by Mr. Rivera with all in favor, an amendment to the Miami Management, Inc. agreement for a rate increase of $.50 for club attendants and housekeeper in substantial final form was approved.

Ms. Diestro presented and reviewed the gym preventive maintenance agreement with The Fitness Solutions, Inc. with the Board with an increase of $25 and asked the Board for a motion to approve.

On MOTION by Mr. Lavin seconded by Mr. Rivera with all in favor, the Gym Preventive Maintenance Agreement with The Fitness Solutions, Inc. was approved.

Mr. Quesada presented and discussed the service agreement for pool & maintenance with AND Pool Service Corp indicating that it was requested to have the pool company come 7 days a week to control the algae in the pool with the cost being between $4,000 to $8,000 until the leaking is resolved. He stated that there was money in unassigned cash in the budget to cover that expenditure.
Mr. Quesada also indicated that he had spoken to Ms. Fernandez-Perez and a bond counsel representative in regard to a time period for the bond closing and stated that the District has an agreement with the builder that is expanding the District that there will be some additional funds, but the District is well funded for some of the costs.

Mr. Lavin stated that the District was still getting proposals for redoing the pool’s diamond Brite and quotes indicate that the cost will be around $120,000 and asked if they needed to issue a check before the next meeting how they would go about doing that.
Mr. Quesada told the Board that they could do a not to exceed amount to be able to work within the timeline needed along with an executed small project agreement prepared by the District counsel.
Mr. Lavin proposed to do a not to exceed amount of $120,000 for the pool diamond Brite replacement.
After a brief discussion by the Board, a motion for a not to exceed $120,000 was
made.

On MOTION by Mr. Lavin seconded by Mr. Rivera with all in favor, a not to exceed amount of $120,000 for pool Diamond Brite replacement subject to the Club manager providing proposals to be used as an exhibit to an agreement drafted by District counsel was approved.

The service agreement for Pool & Maintenance with ADN Pool Service Corp. was tabled.
Manager – Final Approval of the FY2024 - FY2025 Report Performance Measures and Standards
Mr. Quesada presented the Fiscal Year 2024-2025 Performance Measures and Standards for final approval and stated that the District met their goals for the year and are in compliance and asked for a motion to approve the report.

On MOTION by Mr. Lavin seconded by Mr. Rivera with all in favor, the Final Approval of the FY2024 – FY2025 Report Performance Measures and Standards was approved.

SIXTH ORDER OF BUSINESS	Financial Reports
Acceptance of Check Register
Acceptance of Unaudited Financials
Mr. Quesada presented the check register and the unaudited financials, asked for any comments or questions, and asked for a motion to approve them.

On MOTION by Mr. Lavin seconded by Mr. Rivera with all in favor, the Check Register and Unaudited Financials were approved.

SEVENTH ORDER OF BUSINESS	Supervisors	Requests	and
Audience Comments
Mr. Quesada asked if there were any Supervisor requests or audience comments. There is no audience present or online. Not hearing any requests from the Board, asked for a motion to adjourn the meeting.

EIGHTH ORDER OF BUSINESS	Adjournment

On MOTION by Mr. Lavin seconded by Mr. Rivera with all in favor, the meeting was adjourned.

Assistant Secretary/Secretary	Chairman/Vice Chairman

RESOLUTION 2026-02
A RESOLUTION OF THE BELLAGIO COMMUNITY DEVELOPMENT DISTRICT APPROVING THE DISTRICT’S PROPOSED BUDGET FOR FISCAL YEAR 2027 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW
WHEREAS, the District Manager has prepared the proposed budget for the Fiscal Year
2027; and

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

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE BELLAGIO COMMUNITY DEVELOPMENT DISTRICT:
The proposed budget for Fiscal Year 2027 is hereby approved for the purpose of conducting a public hearing to adopt said budget.
A public hearing on said approved budget is hereby declared and set for the following date, hour and place:

Date: 	 Hour: 	 Place: 	

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

Chairman/Vice Chairman

Secretary/Assistant Secretary

Bellagio
Community Development District

Proposed Budget
FY 2027

Table of Contents

1-2

3-6

7-8

9-10

	General Fund

	Narratives

	Debt Service Fund Series 2013

	Debt Service Fund Series 2016

11		Assessment Schedule

	Adopted
Budget	Actuals Thru	Projected Next	Projected Thru	Proposed
Budget	
Description	FY2026	1/31/26	8 Months	9/30/26	FY 2027	

REVENUES:						
Special Assessments - On Roll	$	483,346	$	433,167	$	50,179	$	483,346	$	518,642	
Interest income	15,000	7,663	15,337	23,000	15,000	
Clubhouse Revenues	-	-	1,800	1,800	-	
Other Revenues	-	-	100,000	100,000	-	
Carry Forward Surplus	35,141	88,997	34,693	123,690	34,693	
TOTAL REVENUES	$	533,487	$	529,827	$	202,008	$	731,836	$	568,335	

EXPENDITURES:						
Administrative:
Supervisor Fees	
$	5,000	
$	800	
$	4,000	
$	4,800	
$	5,000	
FICA Taxes	383	61	306	367	383	
Engineering	5,000	-	5,000	5,000	5,000	
Attorney	15,000	6,108	8,893	15,000	15,000	
Annual Audit	3,600	3,600	-	3,600	3,700	
Assessment Administration	2,120	2,120	-	2,120	2,247	
Arbitrage Rebate	650	-	650	650	650	
Dissemination Agent	2,194	731	1,463	2,194	2,326	
Trustee Fees	7,000	3,500	3,500	7,000	7,000	
Management Fees	37,375	12,458	24,916	37,375	39,618	
Information Technology	557	186	371	557	590	
Website Maintenance	1,242	414	828	1,242	1,317	
Telephone	105	-	-	-	-	
Postage & Delivery	750	116	234	350	400	
Insurance General Liability	9,121	8,123	-	8,123	9,121	
Printing & Binding	1,500	-	100	100	500	
Legal Advertising	1,000	-	1,500	1,500	1,500	
Other Current Charges	650	216	784	1,000	1,000	
Office Supplies	150	-	50	50	50	
Dues, Licenses & Subscriptions	175	175	-	175	175	
TOTAL ADMINISTRATIVE	$	93,571	$	38,609	$	52,594	$	91,202	$	95,576	

Operations & Maintenance						
Field						
Stormwater Drainage System Mantenance	$	-	$	-	$	-	$	-	$	15,000	
TOTAL DRAINAGE	$	-	$	-	$	-	$	-	$	15,000	

Adopted
Budget	Actuals Thru	Projected Next	Projected Thru	Proposed
Budget	
FY2026	1/31/26	8 Months	9/30/26	FY 2027	

Description

Clubhouse Expenditures
Management Fees - Front Desk & Director	
$	140,642	
$	51,436	
$	103,963	
$	155,398	
$	157,304	
Pool Attendants	13,000	-	13,000	13,000	13,000	
Access Control	2,000	-	2,000	2,000	2,000	
Cable/Internet Services	7,800	2,626	5,440	8,066	8,160	
Utilities - Electric	30,000	10,015	21,600	31,615	33,000	
Utilities - Water	5,000	673	2,627	3,300	3,500	
Copier Lease	2,000	431	861	1,292	2,000	
Property Insurance	45,396	42,925	-	42,925	47,218	
Repairs & Maintenance	49,897	4,500	20,500	25,000	25,000	
Pool & Spa Maintenance	30,000	16,400	32,800	49,200	49,200	
Pool & Spa Repairs	2,400	79,256	86,914	166,170	15,000	
Pool & Spa Permit	600	-	501	501	501	
Landscape Maintenance	9,900	3,300	6,600	9,900	9,900	
Landscape Replacement	6,000	-	6,000	6,000	6,000	
Replacements annuals	10,000	-	10,000	10,000	10,000	
Janitorial Services	36,691	12,315	25,140	37,456	37,710	
Janitorial Supplies	3,600	-	-	-	-	
Fitness Equipment Maintenance	1,080	360	720	1,080	1,080	
Fitness Equipment Repair/Replacements	5,000	1,099	3,901	5,000	5,000	
Pest Control	1,686	562	1,124	1,686	1,686	
Contingencies	7,168	2,000	-	2,000	2,000	
Refuse Service	6,056	1,987	4,696	6,683	7,000	
Special Events	3,000	-	-	-	-	
Office/Clubhouse Supplies	16,000	4,719	11,281	16,000	18,000	
Alarm Monitoring	1,500	-	1,500	1,500	-	
Air Conditioning Maintenance	3,500	462	1,386	1,848	3,500	
Capital Outlay	-	8,321	-	8,321	-	
TOTAL AMENITY EXPENDITURES	$	439,916	$	243,387	$	362,553	$	605,940	$	457,759	
						
TOTAL EXPENDITURES	$	533,487	$	281,995	$	415,147	$	697,143	$	568,335	
						
EXCESS REVENUES (EXPENDITURES)	$	-	$	247,832	$	(213,139)	$	34,693	$	-	

Product

Assessable Units

Total Gross Assessment

FY26
Gross Per Unit

FY27
Gross Per Unit

Increase/ (Decrease)

Single Family	209	$ 181,771.48	$	869.72	$	869.72	$	0.00	
Townhomes	206	$ 179,162.42	$	869.72	$	869.72	$	0.00	
Villas	170	$ 147,852.48	$	869.72	$	869.72	$	0.00	
Annexation	178	$	37,152.04	$	-	$	208.72	$	208.72	
Total	763	$	545,938				
Less: Discounts & Collections 5%			27,297 				
Net Assessments		 $	518,642 				

REVENUES	

Special Assessments-Tax Roll	
The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the operating expenditures during the Fiscal Year.	
Interest	
The District earns interest on the monthly average collected balance for each of their operating accounts.	

Expenditures - Administrative	

Supervisors Fees	
Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated
$200 per meeting in which they attend. The budgeted amount for the fiscal year is based on all supervisors attending 5	
FICA Taxes	
Payroll taxes on Board of Supervisor’s compensation. The budgeted amount for the fiscal year is calculated at 7.65% of the total Board of Supervisor’s payroll expenditures.	
Engineering	
The District's engineer will provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review of invoices, and other specifically requested assignments.	
Attorney	
The District’s Attorney, will be providing general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.	
Annual Audit	
The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from the previous year engagement plus anticipated increase.	
Assessment Roll Administration	
GMS SF, LLC provides assessment services for closing lot sales, assessment roll services with the local Tax Collector and financial advisory services.	
Arbitrage Rebate	
The District has contracted with its independent auditors to annually calculate the arbitrage rebate liability on its bonds.	
Dissemination Agent	
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.	
Trustee Fees	
The District bonds will be held and administered by a Trustee. This represents the trustee annual fee.	
Management Fees	
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-South Florida, LLC. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement.	
Information Technology	
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.	

Expenditures - Administrative (continued)	
Website Maintenance				
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated monthly.	
Communication - Telephone				
New internet and Wi-Fi service for Office.				
Postage and Delivery				
Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence.	
Insurance General Liability				
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.	
Printing and Binding				
Copies used in the preparation of agenda packages, required mailings, and other special projects.	
Legal Advertising				
The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation.	
Other Current Charges				
This includes monthly bank charges and any other miscellaneous expenses that incur during the year.	
Office Supplies				
Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects.	
Due, Licenses & Subscriptions				
The District is required to pay an annual fee to the Florida Department of Commerce for $175.	
Expenditures – Clubhouse (continued)				
Management Fees - Front Desk & Director	
The District is currently contracted with Miami Management, Inc. for the onsite management of the Clubhouse. The current contract is being revised by the board and includes the following responsibilities	
Description	Vendor	Monthly	Total	
Admin Mgmt.	Miami Mgmt Inc.	$1,230	$14,760	
Clubhouse Attendant	Miami Mgmt Inc.	7,765	93,184	
On Site Manager	Miami Mgmt Inc.	4,000	48,000	
Health insurance and cell phone	Miami Mgmt Inc.	30	360	
Greeter	Miami Mgmt Inc.			0		1,000	
	Total	$13,025	$157,304	
Pool Attendants				
Pool attendants in summer season.				
Description	Vendor		Total	
Pool attendants	Miami Mgmt Inc.		$13,000	
Access Control				
This represents the cost of Key Fobs for the residents to gain access to the clubhouse.	
Internet/Cable Services				
The District is contracted with Comcast to provide service to the Clubhouse.	
Utilities - Electric				
The District currently has an account with Florida Powers & Light for electric service at 8700 W 35 Court.	
Description	Vendor	Monthly	Total	
Fountain	FPL	$1,250	$15,000	
Clubhouse	FPL			1,250		15,000	
	Total	$2,500	$30,000	

Expenditures – Clubhouse (continued)	
Utilities - Water				
The District currently has an account with The City of Hialeah for water service at 8700 W 35 Court.	
Location	Vendor	Quarterly	Total	
8700 W 35 Ct	City of Hialeah	$875	$3,500	
Copier Lease				
This represents costs for a copier lease.				
Description	Vendor	Monthly	Total	
Copier Lease	Ricoh USA	$108	$1,292	
Additional copies	Ricoh USA				100	
	Total	$108	$1,392	
Property Insurance				
The District's property insurance is with Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.	
Repairs & Maintenance				
Represents routine repairs to the Clubhouse.	
Pool & Spa Maintenance				
The District is contracted with a pool service company. for the maintenance of the clubhouse pool.	
Description	Vendor	Monthly	Total	
Pool service	ADN Pool Services	$4,100	$49,200	
Pool & Spa Repairs				
This represents cost for repairs of the pool and the spa.	
Landscape Maintenance				
The District has a contract with a landscape company for monthly services.	
Description	Vendor	Monthly	Total	
Landscape Maintenance	EcoLawn Service	$825	$9,900	
Landscape Replacement				
This represents costs for any mulch and sod replacements.	
Replacements Annuals				
This represents replacements of annuals throughout the District.	
Janitorial Services				
Janitorial services are contracted by Miami Management, Inc. as mentioned in Management Fees above.	
Description	Vendor	Monthly	Total	
Housekeeping	Miami Mgmt Inc.	$3,143	$37,710	
Janitorial Supplies				
This represents any cleaning supplies.				
Fitness Equipment Maintenance				
The District is contracted with The Fitness Solution for the regular maintenance of the fitness equipment.	
Description	Vendor	Bi-monthly	Total	
Rout Prevention Maintenance	The Fitness Solution	$180	$1,080	
Fitness Equipment Repair/Replacement		
The District is contracted with The Fitness Solution for repairs as needed.		

Expenditures – Clubhouse (continued)	
Pest Control				
The District will contract a company for pest control services.	
Description	Vendor	Bi-monthly	Total	
Pest Control	Power Exterminators	$231	$1,386	
Indoor Pest Control	Power Exterminators		50		300	
	Total	$281	$1,686	
Contingency				
Represents any expenditures not mentioned above during the Fiscal Year.	
Refuse Service				
The District is contracted with Great Waste & Recycling for refuse removal.	
Description	Vendor	Monthly/Quarte	Total	
Waste	Great Waste&Recycling	$407	$4,882	
Dumpster cleaning	Great Waste&Recycling		0		0	
	Total	$407	$4,882	
Special Events				
Represents the cost of any social events at the clubhouse.	
Office/Clubhouse Supplies				
Miscellaneous supplies as needed				
Description	Vendor	Monthly	Total	
Operating Supplies	Unline Inc	$1,500	$18,000	
Alarm Monitoring				
The District has a contract for fire alarm monitoring.	
Air Conditioning Maintenance				
The District will contract a company to repair and maintain the A/C of the clubhouse	
Description	Vendor	Quarterly	Total	
A/C Maintenance	Keeping it Cool HVAC	$342	$1,368	
Repairs	Keeping it Cool HVAC		                 2,132	
	Total	$342	$3,500	

Bellagio	
Community Development District	
Proposed Budget	
Debt Service Series 2013 Special Assessment Bonds	

Adopted
Budget	Actuals Thru	Projected Next	Projected Thru	Proposed
Budget	
Description	FY2026	1/31/26	8 Months	9/30/26	FY 2027	

REVENUES:

Special Assessments-On Roll	$	658,673	$	588,344	$	70,328	$	658,673	$	658,673	
Interest Earnings	20,000	11,935	8,065	20,000	20,000	
Carry Forward Surplus (1)	64,475	668,290	-	668,290	697,913	

TOTAL REVENUES	$	743,147	$  1,268,570	$	78,393	$	1,346,963	$  1,376,585	

EXPENDITURES:

Interest 11/1	$	227,525	$	227,525	$	-	$	227,525	$	221,525	
Principal - 11/1	200,000	200,000	-	200,000	215,000	
Interest - 5/1	221,525	-	221,525	221,525	215,075	

TOTAL EXPENDITURES	$	649,050	$	427,525	$	221,525	$	649,050	$	651,600	

EXCESS REVENUES (EXPENDITURES)	$	94,097	$	841,045	$	(143,132)	$	697,913	$	724,985	

Interest Due 11/1/27	$	215,075	
Principal Due 11/1/27		225,000 	
	 $	440,075 	

(1) Carry Forward is Net of Reserve Requirement

Product	Assessable Units	Total Gross Assessment	FY26
Gross Per Unit	FY27
Gross Per Unit	Increase/ (Decrease)	

Single Family	204	$ 258,882.12	$	1,269.03	$	1,269.03	$	-	
Townhomes	205	$ 242,279.25	$	1,181.85	$	1,181.85	$	-	
Villas	170	$ 192,178.20	$	1,130.46	$	1,130.46	$	-	

Total	579	$	693,340	
Less: Discounts & Collections 5%			34,667 	
Net Assessments		 $	658,673 	

Bellagio	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2013, Special Assessment Bonds	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

05/01/14	$	8,730,000	6.000%	$	-	$	279,645	$	-	
11/01/14	8,730,000	6.000%	105,000	278,100	662,745	
05/01/15	8,625,000	6.000%	-	274,950	-	
11/01/15	8,625,000	6.000%	115,000	274,950	664,900	
05/01/16	8,510,000	6.000%	-	271,500	-	
11/01/16	8,510,000	6.000%	120,000	271,500	663,000	
05/01/17	8,390,000	6.000%	-	267,900	-	
11/01/17	8,390,000	6.000%	130,000	267,900	665,800	
05/01/18	8,260,000	6.000%	10,000	264,000	-	
11/01/18	8,250,000	6.000%	135,000	264,000	673,000	
05/01/19	8,115,000	6.000%	30,000	260,031	-	
11/01/19	8,085,000	6.000%	145,000	258,650	693,681	
05/01/20	7,940,000	6.000%	-	254,300	-	
11/01/20	7,940,000	6.000%	150,000	254,300	658,600	
05/01/21	7,790,000	6.000%	-	249,800	-	
11/01/21	7,790,000	6.000%	160,000	249,800	659,600	
05/01/22	7,630,000	6.000%	15,000	245,000	-	
11/01/22	7,615,000	6.000%	170,000	244,538	674,538	
05/01/23	7,445,000	6.000%	-	239,438	-	
11/01/23	7,445,000	6.000%	180,000	239,438	658,875	
05/01/24	7,265,000	6.000%	10,000	234,038	-	
11/01/24	7,255,000	6.000%	205,000	233,713	682,750	
05/01/25	7,050,000	6.000%	-	227,525		
11/01/25	7,050,000	6.000%	200,000	227,525	655,050	
05/01/26	6,850,000	6.000%	-	221,525		
11/01/26	6,850,000	6.000%	215,000	221,525	658,050	
05/01/27	6,635,000	6.000%	-	215,075		
11/01/27	6,635,000	6.000%	225,000	215,075	655,150	
05/01/28	6,410,000	6.500%	-	208,325		
11/01/28	6,410,000	6.500%	240,000	208,325	656,650	
05/01/29	6,170,000	6.500%	-	200,525		
11/01/29	6,170,000	6.500%	255,000	200,525	656,050	
05/01/30	5,915,000	6.500%	-	192,238		
11/01/30	5,915,000	6.500%	270,000	192,238	654,475	
05/01/31	5,645,000	6.500%	-	183,463		
11/01/31	5,645,000	6.500%	290,000	183,463	656,925	
05/01/32	5,355,000	6.500%	-	174,038		
11/01/32	5,355,000	6.500%	310,000	174,038	658,075	
05/01/33	5,045,000	6.500%	-	163,963		
11/01/33	5,045,000	6.500%	330,000	163,963	657,925	
05/01/34	4,715,000	6.500%	-	153,238		
11/01/34	4,715,000	6.500%	350,000	153,238	656,475	
05/01/35	4,365,000	6.500%	-	141,863		
11/01/35	4,365,000	6.500%	370,000	141,863	653,725	
05/01/36	3,995,000	6.500%	-	129,838		
11/01/36	3,995,000	6.500%	395,000	129,838	654,675	
05/01/37	3,600,000	6.500%	-	117,000		
11/01/37	3,600,000	6.500%	420,000	117,000	654,000	
05/01/38	3,180,000	6.500%	-	103,350		
11/01/38	3,180,000	6.500%	450,000	103,350	656,700	
05/01/39	2,730,000	6.500%	-	88,725		
11/01/39	2,730,000	6.500%	480,000	88,725	657,450	
05/01/40	2,250,000	6.500%	-	73,125		
11/01/40	2,250,000	6.500%	510,000	73,125	656,250	
05/01/41	1,740,000	6.500%	-	56,550		
11/01/41	1,740,000	6.500%	545,000	56,550	658,100	
05/01/42	1,195,000	6.500%	-	38,838		
11/01/42	1,195,000	6.500%	580,000	38,838	657,675	
05/01/43	615,000	6.500%	-	19,988		
11/01/43	615,000	6.500%	615,000	19,988	654,975	

TOTAL	$	8,730,000	$	11,095,864	$	19,825,864	

Bellagio	
Community Development District	
Proposed Budget	
Debt Service Series 2016 Special Assessment Bonds	

Adopted
Budget	Actuals Thru	Projected Next	Projected Thru	Proposed
Budget	
Description	FY2026	1/31/26	8 Months	9/30/26	FY 2027	

REVENUES:

Special Assessments-On Roll	$	398,409	$	355,869	$	42,539	$	398,409	$	398,409	
Interest Earnings	13,000	7,485	5,515	13,000	13,000	
Carry Forward Surplus (1)	416,753	410,339	-	410,339	428,579	

TOTAL REVENUES	$	828,161	$	773,693	$	48,054	$	821,748	$	839,987	

EXPENDITURES:

Interest 11/1	$	112,859	$	112,859	$	-	$	112,859	$	110,309	
Principal - 11/1	170,000	170,000	-	170,000	175,000	
Interest - 5/1	110,309	-	110,309	110,309	107,575	

TOTAL EXPENDITURES	$	393,169	$	282,859	$	110,309	$	393,169	$	392,884	

EXCESS REVENUES (EXPENDITURES)	$	434,993	$	490,834	$	(62,255)	$	428,579	$	447,103	

Interest Due 11/1/27	$	107,575	
Principal Due 11/1/27		180,000 	
	 $	287,575 	

(1) Carry Forward is Net of Reserve Requirement

Product	Assessable Units	Total Gross Assessment	FY26
Gross Per Unit	FY27
Gross Per Unit	Increase/ (Decrease)	

Single Family	206	$ 148,694.92	$	721.82	$	721.82	$	-	
Townhomes	205	$ 147,973.10	$	721.82	$	721.82	$	-	
Villas	170	$ 122,709.40	$	721.82	$	721.82	$	-	

Total	581	$	419,377	
Less: Discounts & Collections 5%			20,969 	
Net Assessments		 $	398,409 	

Bellagio	
Community Development District	
AMORTIZATION SCHEDULE	
Debt Service Series 2016, Special Assessment Bonds	

Period	Outstanding Balance	Coupons	Principal	Interest	Annual Debt Service	

11/01/16	6,950,000	2.000%	-	146,575	146,575	
05/01/17	6,950,000	2.000%	-	128,075		
11/01/17	6,950,000	2.000%	145,000	128,075	401,150	
05/01/18	6,805,000	2.000%	-	126,623		
11/01/18	6,805,000	2.000%	145,000	126,625	398,248	
05/01/19	6,660,000	2.000%	20,000	125,175		
11/01/19	6,640,000	2.000%	150,000	124,803	419,978	
05/01/20	6,490,000	2.000%	-	123,303		
11/01/20	6,490,000	2.250%	150,000	123,303	396,606	
05/01/21	6,340,000	2.250%	-	121,616		
11/01/21	6,340,000	2.250%	155,000	121,616	398,231	
05/01/22	6,185,000	2.250%	-	119,872		
11/01/22	6,185,000	2.500%	155,000	119,872	394,744	
05/01/23	6,030,000	2.500%	-	117,934		
11/01/23	6,030,000	2.750%	170,000	117,934	405,869	
05/01/24	5,860,000	2.750%	-	115,528		
11/01/24	5,860,000	3.000%	175,000	115,528	406,056	
05/01/25	5,685,000	3.000%	-	112,859		
11/01/25	5,685,000	3.000%	170,000	112,859	395,719	
05/01/26	5,515,000	3.000%	-	110,309		
11/01/26	5,515,000	3.125%	175,000	110,309	395,619	
05/01/27	5,340,000	3.125%	-	107,575		
11/01/27	5,340,000	3.750%	180,000	107,575	395,150	
05/01/28	5,160,000	3.750%	-	104,200		
11/01/28	5,160,000	3.750%	190,000	104,200	398,400	
05/01/29	4,970,000	3.750%	-	100,638		
11/01/29	4,970,000	3.750%	195,000	100,638	396,275	
05/01/30	4,775,000	3.750%	-	96,981		
11/01/30	4,775,000	3.750%	200,000	96,981	393,963	
05/01/31	4,575,000	3.750%	-	93,231		
11/01/31	4,575,000	3.750%	210,000	93,231	396,463	
05/01/32	4,365,000	3.750%	-	89,294		
11/01/32	4,365,000	4.000%	215,000	89,294	393,588	
05/01/33	4,150,000	4.000%	-	84,994		
11/01/33	4,150,000	4.000%	225,000	84,994	394,988	
05/01/34	3,925,000	4.000%	-	80,494		
11/01/34	3,925,000	4.000%	235,000	80,494	395,988	
05/01/35	3,690,000	4.000%	-	75,794		
11/01/35	3,690,000	4.000%	245,000	75,794	396,588	
05/01/36	3,445,000	4.000%	-	70,894		
11/01/36	3,445,000	4.000%	255,000	70,894	396,788	
05/01/37	3,190,000	4.000%	-	65,794		
11/01/37	3,190,000	4.125%	265,000	65,794	396,588	
05/01/38	2,925,000	4.125%	-	60,328		
11/01/38	2,925,000	4.125%	275,000	60,328	395,656	
05/01/39	2,650,000	4.125%	-	54,656		
11/01/39	2,650,000	4.125%	285,000	54,656	394,313	
05/01/40	2,365,000	4.125%	-	48,778		
11/01/40	2,365,000	4.125%	300,000	48,778	397,556	
05/01/41	2,065,000	4.125%	-	42,591		
11/01/41	2,065,000	4.125%	310,000	42,591	395,181	
05/01/42	1,755,000	4.125%	-	36,197		
11/01/42	1,755,000	4.125%	325,000	36,197	397,394	
05/01/43	1,430,000	4.125%	-	29,494		
11/01/43	1,430,000	4.125%	335,000	29,494	393,988	
05/01/44	1,095,000	4.125%	-	22,584		
11/01/44	1,095,000	4.125%	350,000	22,584	395,169	
05/01/45	745,000	4.125%	-	15,366		
11/01/45	745,000	4.125%	365,000	15,366	395,731	
05/01/46	380,000	4.125%	-	7,838		
11/01/46	380,000	4.125%	380,000	7,838	395,675	

TOTAL	$	6,950,000	$	5,124,232	$	12,074,232	

Bellagio	
Community Development District	
Non-Ad Valorem Assessments Comparison	
2026-2027	

Neighborhood	O&M Units	Bonds Units
2013	Bonds Units
2016	
Annual Maintenance Assessments	
Annual Debt Assessments	
Total Assessed Per Unit	
	
FY 2027	
FY 2026	Increase/ (decrease)	
FY 2027	
FY 2026	Increase/ (decrease)	
FY 2027	
FY 2026	Increase/ (decrease)	
				Admin	Clubhouse	Total	Admin	Clubhouse	Total		Series 2013	Series 2016	Series 2013	Series 2016		Total	Total	Total	

Single Family	
209	
204	
206	
$120.01	
$749.71	
$869.72	
$168.67	
$701.05	
$869.72	
$0.00	
$1,269.03	
$721.82	
$1,269.03	
$721.82	
$0.00	
$2,860.57	
$2,860.57	
$0.00	
Townhomes	206	205	205	$120.01	$749.71	$869.72	$168.67	$701.05	$869.72	$0.00	$1,181.85	$721.82	$1,181.85	$721.82	$0.00	$2,773.39	$2,773.39	$0.00	
Villas	170	170	170	$120.01	$749.71	$869.72	$168.67	$701.05	$869.72	$0.00	$1,130.46	$721.82	$1,130.46	$721.82	$0.00	$2,722.00	$2,722.00	$0.00	
Annexation	178	0	0	$208.72	$0.00	$208.72	$0.00	$0.00	$0.00	$208.72	$0.00	$0.00	$0.00	$0.00	$0.00	$208.72	$0.00	$208.72	
Total	763	579	581										

Page 11

December 9, 2025

To the Board of Supervisors
Bellagio Community Development District Miami-Dade County, Florida

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

We have audited the financial statements of Bellagio Community Development District (“District”) as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated December 9, 2025. Professional standards require that we advise you of the following matters relating to our audit.
We have also examined the District’s compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2025 which was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.

Our Responsibility in Relation to the Financial Statement Audit

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

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

We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process.

However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.

Any findings regarding significant deficiencies or material weaknesses in internal control over financial reporting, material noncompliance, or other matters noted during our audit, if any, are communicated in separate reports included in the District’s financial report—titled Independent Auditor’s Report on Internal Control Over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida.

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

Compliance with All Ethics Requirements Regarding Independence

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

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

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

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

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

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

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

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

Financial Statement Disclosures

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

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

Circumstances Affecting the Auditor’s Report

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

Significant Difficulties Encountered during the Audit

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

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

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

Representations Requested from Management

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

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

Other Significant Matters, Findings, or Issues

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

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

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

Grau & Associates

BELLAGIO
COMMUNITY DEVELOPMENT DISTRICT MIAMI-DADE COUNTY, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

BELLAGIO COMMUNITY DEVELOPMENT DISTRICT MIAMI-DADE COUNTY, FLORIDA

TABLE OF CONTENTS

	  Page		
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-6	
BASIC FINANCIAL STATEMENTS		
Government-Wide Financial Statements:		
Statement of Net Position	7	
Statement of Activities	8	
Fund Financial Statements:		
Balance Sheet – Governmental Funds	9	
Reconciliation of the Balance Sheet – Governmental Funds
to the Statement of Net Position	
10	
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds	
11	
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities	
12	
Notes to the Financial Statements	13-22	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balances –
Budget and Actual – General Fund	
23	
Notes to Required Supplementary Information	24	
OTHER INFORMATION		
Data Elements required by FL Statute 218.39 (3) (c)	25	
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	

26-27	
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	

28	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
29-30	

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors
Bellagio Community Development District Miami-Dade County, Florida

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

Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities and each major fund of Bellagio Community Development District, Miami-Dade County, Florida (“District”) as of and for the fiscal year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2025, and the respective changes in financial position thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
The District’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information Included in the Financial Report
Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with FL Statute 218.39 (3) (c) but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 9, 2025, on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

December 9, 2025

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Bellagio Community Development District, Miami-Dade County, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2025. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

FINANCIAL HIGHLIGHTS

The liabilities of the District exceeded its assets at the close of the most recent fiscal year resulting in a net position deficit balance of ($3,373,602).

The change in the District’s total net position in comparison with the prior fiscal year was $106,252, an increase. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2025, the District’s governmental funds reported combined ending fund balances of
$2,183,208, an increase of $73,716 in comparison with the prior fiscal year. The total fund balance is non spendable for prepaid items, restricted for debt service, assigned to subsequent year’s expenditures and the remainder is unassigned fund balance in the general fund which is available for spending at the District’s discretion.
OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as the introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.
Government-Wide Financial Statements

The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.
The statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.

The government-wide financial statements include all governmental activities that are principally supported by assessment revenues. The District does not have any business-type activities. The governmental activities of the District include the general government (management), maintenance and recreation functions.

Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental funds.

Governmental Funds
Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains two individual governmental funds. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund and debt service fund which are both considered to be major funds.

The District adopts an annual appropriated budget for its general fund. A budgetary comparison schedule has been provided for the general fund to demonstrate compliance with the budget.

Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, liabilities exceeded assets at the close of the most recent fiscal year.
Key components of the District’s net position are reflected in the following table:

NET POSITION SEPTEMBER 30,
	2025	2024	
Current and other assets	$	2,191,248	$	2,119,976	
Capital assets, net of depreciation	7,461,843	7,816,688	
Total assets	9,653,091	9,936,664	
Current liabilities	291,693	301,518	
Long-term liabilities	12,735,000	13,115,000	
Total liabilities	13,026,693	13,416,518	
Net position	
Net investment in capital assets	(5,273,157)	(5,298,312)	
Restricted	1,361,576	1,287,262	
Unrestricted	537,979	531,196	
Total net position	$	(3,373,602)	$	(3,479,854)	

The District’s net position reflects its investment in capital assets (e.g. land, land improvements, and infrastructure); less any related debt used to acquire those assets that is still outstanding. These assets are used to provide services to residents; consequently, these assets are not available for future spending. Although the District’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

The restricted portion of the District’s net position represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the District’s other obligations.
The District’s net position increased during the most recent fiscal year. The majority of the increase represents the extent to which the ongoing program revenues exceeded cost of operations and depreciation expense.

Key elements of the change in net position are reflected in the following table:

CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
2025	2024

Revenues:
Program revenues
Charges for services	$	1,557,708	$	1,592,631	
Operating grants and contributions	70,068	78,949	
General revenues	
Investment earnings	27,847	29,451	
Total revenues	1,655,623	1,701,031	
Expenses:	
General government	77,075	75,948	
Recreation	617,542	561,434	
Maintenance and operations	172,509	172,509	
Interest	682,245	700,162	
Total expenses	1,549,371	1,510,053	
Change in net position	106,252	190,978	
Net position - beginning	(3,479,854)	(3,670,832)	
Net position - ending	$	(3,373,602)	$	(3,479,854)	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2025 was $1,549,371. The costs of the District’s activities were partially funded by program revenues. Program revenues, comprised primarily of assessments, decreased during the fiscal year as a result of a decrease in prepaid assessments and a decrease in investment earnings. In total, expenses increased from the prior year primarily as a result of an increase in maintenance expenses.

GENERAL BUDGETING HIGHLIGHTS
An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

Capital Assets
At September 30, 2025, the District had $10,922,006 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $3,460,163 has been taken, which resulted in a net book value of $7,461,843. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt
At September 30, 2025, the District had $12,735,000 in Bonds outstanding for its governmental activities. More detailed information about the District’s capital debt is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS
The District does not anticipate any major projects or significant changes to its infrastructure maintenance program for the subsequent fiscal year.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, landowners, customers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the Bellagio Community Development District’s Finance Department at 5385 N. Nob Hill Road, Sunrise, Florida, 33351.

BELLAGIO COMMUNITY DEVELOPMENT DISTRICT MIAMI-DADE COUNTY, FLORIDA STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

	Governmental
	Activities		
ASSETS		
Cash and cash equivalents	$	11,699	
Investments	480,958	
Accounts receivable	1,090	
Deposits	399	
Prepaid items	51,873	
Restricted assets:		
Investments	1,645,229	
Capital assets:		
Depreciable, net		7,461,843 	
Total assets		9,653,091 	
LIABILITIES		
Accounts payable	8,040	
Accrued interest payable	283,653	
Non-current liabilities:		
Due within one year	370,000	
Due in more than one year		12,365,000 	
Total liabilities		13,026,693 	
NET POSITION		
Net investment in capital assets	(5,273,157)	
Restricted for debt service	1,361,576	
Unrestricted		537,979 	
Total net position	 $	(3,373,602) 	

See notes to the financial statements

BELLAGIO COMMUNITY DEVELOPMENT DISTRICT MIAMI-DADE COUNTY, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

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

Charges for

Operating Grants and

Governmental

Functions/Programs		Expenses	Services	Contributions	Activities	 Governmental activities:

General government

$	77,075	$

77,075	$	-	$	-

Maintenance and operations	172,509	412,337	-	239,828	
Recreation	617,542	1,805	-	(615,737)	
Interest on long-term debt		682,245	1,066,491	70,068	454,314 
Total governmental activities		1,549,371	1,557,708	70,068	78,405 

General revenues:		
Interest income		27,847 	
Total general revenues		27,847 	
Change in net position		106,252 	
Net position - beginning		(3,479,854) 	
Net position - ending	 $  (3,373,602) 	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2025

	Major Funds		Total
Governmental

General

Debt Service

Funds

ASSETS		
Cash and cash equivalents	$	11,699	$	-	$	11,699	
Investments	480,958	1,645,229	2,126,187	
Accounts receivable	1,090	-	1,090	
Deposits	399	-	399	
Prepaid items	51,873	-	51,873	
Total assets	 $	546,019	$ 1,645,229	$  2,191,248 

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	8,040	$	-	$	8,040	
Total liabilities	8,040	-	8,040	

Fund balances:
Nonspendable:
Prepaid items and deposits	52,272	-	52,272	
Restricted for:				
Debt service	-	1,645,229	1,645,229	
Assigned to:	
Subsequent year's expenditures		35,141	-		35,141	
Unassigned		450,566	-		450,566	
Total fund balances		537,979	1,645,229		2,183,208	

Total liabilities and fund balances	
$	
546,019	
$ 1,645,229	
$	
2,191,248	

See notes to the financial statements

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

Fund balance - governmental funds	$
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in the governmental funds. The statement of net position includes those capital assets, net of any accumulated depreciation, in the net position of the government as a whole.
Cost of capital assets	10,922,006

2,183,208

Accumulated depreciation		(3,460,163) 	7,461,843
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund financial
statements.	All liabilities, both current and long-term,	are		
reported in the government-wide financial statements.			
Accrued interest payable		(283,653)	
Bonds payable		  (12,735,000)	(13,018,653) 	
Net position of governmental activities		 $	(3,373,602) 	

See notes to the financial statements

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

	Major Funds	

Total Governemntal

	General	Debt Service	Funds	
REVENUES
Assessments	
$	489,412	
$	1,066,491	
$  1,555,903	
Rental revenue	1,805	-	1,805	
Interest	27,847	70,068	97,915	
Total revenues	519,064	1,136,559	1,655,623	

EXPENDITURES
Current:
General government	77,075	-	77,075	
Recreation	402,362	-	402,362	
Debt service:
Principal	
-	
380,000	
380,000	
Interest	-	689,626	689,626	
Capital outlay	32,844	-	32,844	
Total expenditures	512,281	1,069,626	1,581,907	

Excess (deficiency) of revenues over (under) expenditures	

6,783	

66,933	

73,716	
Fund balances - beginning	531,196	1,578,296	2,109,492	

Fund balances - ending	
$	537,979	
$	1,645,229	
$  2,183,208	

See notes to the financial statements

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

Net change in fund balances - total governmental funds	$	73,716	
Amounts reported for governmental activities in the statement of activities are different because:		
Depreciation on capital assets is not recognized in the governmental fund statements, but is reported as an expense in the statement of activities.	
(387,689)	
Repayment of long-term liabilities are reported as expenditures in the governmental fund financial statements, but such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities.	

380,000	
The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities but not in the fund financial statements.	

7,381	
Governmental funds report capital outlays as expenditures; however, the cost of capital assets is eliminated in the statement of activities and capitalized in the statement of net position.	

	32,844 	
Change in net position of governmental activities	 $	106,252 	

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

Bellagio Community Development District ("the District") was created on June 28, 2013 pursuant to Ordinance No. 13-59 of Miami-Dade County, Florida, under the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue Bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.

The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.
The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected by the owners of the property within the District. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes. As of September 30, 2025, four of the Supervisors have been publicly elected and one seat is part of the landowners’ election process.

The Board has the final responsibility for:
Assessing and levying assessments.
Approving budgets.
Exercising control over facilities and properties.
Controlling the use of funds generated by the District.
Approving the hiring and firing of key personnel.
Financing improvements.

The financial statements were prepared in accordance with Governmental Accounting Standards Board (“GASB”) Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District is considered to be financially accountable and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment; operating-type special assessments for maintenance and debt service are treated as charges for services and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.

Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and similar items are to be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.
Assessments
Assessments are non-ad valorem assessments on benefitted property within the District. Operating and Maintenance Assessments are based upon adopted budget and levied annually at a public hearing of the District. Debt Service Assessments are levied when Bonds are issued and assessed and collected on an annual basis. The District may collect assessments directly or utilize the uniform method of collection (Chapter 197.3632, Florida Statutes). Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed by County Tax Collector on November 1 and due on or before March 31 of each year. Property owners may prepay a portion or all of the Debt Service Assessments on their property subject to various provisions in the Bond documents.

Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

The District reports the following major governmental funds:

General Fund
The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.

Debt Service Fund
The debt service funds are used to account for the accumulation of resources for the annual payment of principal and interest on debt.
As a general rule, the effect of inter-fund activity has been eliminated from the government-wide financial statements.

When both restricted and unrestricted resources are available for use, it is the government’s policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.

Assets, Liabilities and Net Position or Equity

Restricted Assets
These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions

Deposits and Investments
The District’s cash and cash equivalents are considered to be cash on hand and demand deposits (interest and non-interest bearing).
The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:

The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.
The State Board of Administration’s (“SBA”) Local Government Surplus Funds Trust Fund (“Florida PRIME”) is a “2a-7 like” pool. A “2a-7 like” pool is an external investment pool that is not registered with the Securities and Exchange Commission (“SEC”) as an investment company, but nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC’s Rule 2a-7 of the Investment Company Act of 1940, which comprises the rules governing money market funds. Thus, the pool operates essentially as a money market fund. The District has reported its investment in Florida PRIME at amortized cost for financial reporting purposes.

Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due.

The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.
Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.
Capital Assets
Capital assets which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the government activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

Capital Assets (Continued)
Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:

Assets	Years	
Water management system
Entrance features and other improvements Recreational facility
Furniture, fixtures and equipment
Other recreational improvements	30
20
30
10
30	

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

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

Long-Term Obligations
In the government-wide financial statements long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond issuance costs are expensed when incurred.

In the fund financial statements, governmental fund types recognize premiums and discounts, as well as issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.
Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.

In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.

Fund Equity/Net Position
In the fund financial statements, governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.

Fund Equity/Net Position (Continued)
The District can establish limitations on the use of fund balance as follows:

Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.
Assigned fund balance – Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.

The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.
Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.

Other Disclosures

Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

NOTE 3 – BUDGETARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year-end.

The District follows these procedures in establishing the budgetary data reflected in the financial statements.
Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
Public hearings are conducted to obtain comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriation for annually budgeted funds lapse at the end of the year.

The District’s cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.
Investments
The District’s investments were held as follows at September 30, 2025:

 Amortized Cost	Credit Risk	Maturities	
Weighted average of the fund

Fidelity Government Portfolio	$

1,645,229

S&P AAAm

portfolio: 34 days Weighted average of the fund

Florida Prime		480,958 	S&P AAAm	
Total	 $	2,126,187 		

portfolio: 47 days

Credit risk – For investments, credit risk is generally the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments.

Concentration risk – The District places no limit on the amount the District may invest in any one issuer.

Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates.
However, the Bond Indenture limits the type of investments held using unspent proceeds.

Fair Value Measurement – When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with GASB Statements. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques.

These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
Level 1: Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
Level 3: Investments whose inputs are unobservable.
The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.

Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. For external investment pools that qualify to be measured at amortized cost, the pool’s participants should also measure their investments in that external investment pool at amortized cost for financial reporting purposes. Accordingly, the District’s investments have been reported at amortized cost above.

NOTE 4 – DEPOSITS AND INVESTMENTS (Continued)

Investments (Continued)
External Investment Pool – With regard to redemption gates, Chapter 218.409(8)(a), Florida Statutes, states that “The principal, and any part thereof, of each account constituting the trust fund is subject to payment at any time from the moneys in the trust fund. However, the Executive Director may, in good faith, on the occurrence of an event that has a material impact on liquidity or operations of the trust fund, for 48 hours limit contributions to or withdrawals from the trust fund to ensure that the Board can invest moneys entrusted to it in exercising its fiduciary responsibility. Such action must be immediately disclosed to all participants, the Trustees, the Joint Legislative Auditing Committee, the Investment Advisory Council, and the Participant Local Government Advisory Council. The Trustees shall convene an emergency meeting as soon as practicable from the time the Executive Director has instituted such measures and review the necessity of those measures. If the Trustees are unable to convene an emergency meeting before the expiration of the 48-hour moratorium on contributions and withdrawals, the moratorium may be extended by the Executive Director until the Trustees are able to meet to review the necessity for the moratorium. If the Trustees agree with such measures, the Trustees shall vote to continue the measures for up to an additional 15 days. The Trustees must convene and vote to continue any such measures before the expiration of the time limit set, but in no case may the time limit set by the Trustees exceed 15 days.” With regard to liquidity fees, Florida Statute 218.409(4) provides authority for the SBA to impose penalties for early withdrawal, subject to disclosure in the enrollment materials of the amount and purpose of such fees. At present, no such disclosure has been made.

As of September 30, 2025, there were no redemption fees or maximum transaction amounts, or any other requirements that serve to limit a participant’s daily access to 100% of their account value.

NOTE 5 – CAPITAL ASSETS

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

Beginning Balance

Increases	Decreases

Ending Balance

Governmental activities
Capital assets, being depreciated		
Water management system	$	3,795,191	$	-	$	-	$ 3,795,191	
Entrance features and other improvements	920,059	-	-	920,059	
Recreational facility	5,795,852	-	-	5,795,852	
Furniture, fixtures and equipment	109,685	32,844	-	142,529	
Other recreational improvements	268,375	-	-	268,375	
Total capital assets, being depreciated	10,889,162	32,844	-	10,922,006	

Less accumulated depreciation for: Water management system	

(1,012,048)	

(126,506)	

-	

(1,138,554)	
Entrance features and other improvements	(368,024)	(46,003)	-	(414,027)	
Recreational facility	(1,542,972)	(193,569)	-	(1,736,541)	
Furniture, fixtures and equipment	(84,270)	(12,665)	-	(96,935)	
Other recreational improvements	(65,160)	(8,946)	-	(74,106)	
Total accumulated depreciation	(3,072,474)	(387,689)	-	(3,460,163)	

Total capital assets, being depreciated, net	
7,816,688	
(354,845)	
-	
7,461,843	

Governmental activities capital assets	
$	7,816,688	
$	(354,845)	
$	-	
$ 7,461,843	

Depreciation expense was charged to function/programs as follows:
Governmental activities:
Maintenance and operations	$	172,509	
Recreation		215,180 	
Total depreciation expense	 $	387,689 	

In connection with the 2013 project, if the amount by which the cost of the 2013 project or portion thereof to be conveyed by the Developer to the District pursuant to the Acquisition Agreement exceeds the amount actually paid by the District for the 2013 project or portion thereof from proceeds of the Series 2013 Bonds, it may be determined that deferred obligations exist. Upon completion of the project, certain funds available from the Bonds may be used to pay deferred obligations, as outlined in the Bond Indenture. At September 30, 2025, the District has not yet determined if a liability exists for deferred obligations.

NOTE 6 – LONG TERM LIABILITIES
Series 2013
On October 8, 2013, the District issued $8,730,000 of Special Assessment Bonds, Series 2013 Bonds consisting of $2,250,000 Term Bonds Series 2013 due on November 1, 2027 with a fixed interest rate of 6% and $6,480,000 Term Bonds Series 2013 due in November 1, 2043 with a fixed interest rate of 6.5%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Bonds is to be paid serially commencing November 1, 2014 through November 1, 2043.

The Series 2013 Bonds are subject to optional redemption prior to maturity at the redemption prices outlined in the Bond Indenture. The Series 2013 Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture. For the Series 2013 Bonds, this occurred during the current fiscal year as the District collected prepaid assessments and prepaid $15,000 of the Bonds.

The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District was in compliance with those requirements of the Bond Indenture at September 30, 2025.
Series 2016
On March 23, 2016, the District issued $6,950,000 of Special Assessment Bonds, Series 2016 Bonds consisting of $1,575,000 Term Bonds Series 2016 due on November 1, 2026 with fixed interest rates ranging from 2.000-3.125%, $980,000 Term Bonds Series 2016 due on November 1, 2031 with a fixed interest rate of 3.750%, $1,180,000 Term Bonds Series 2016 due on November 1, 2036 with a fixed interest rate of 4.000%, and $3,215,000 Term Bonds Series 2016 due November 1, 2046 with a fixed interest rate of 4.125%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Bonds is to be paid serially commencing November 1, 2017 through November 1, 2046.

The Series 2016 Bonds are subject to redemption at the option of the District prior to maturity. The Series 2016 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture. For the Series 2016 Bonds, this occurred during the current fiscal year as the District collected prepaid assessments and prepaid $10,000 of the Bonds.

Series 2016 (Continued)
The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District was in compliance with the requirements at September 30, 2025.

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

	Beginning
Balance	
Additions	
Reductions	
Ending Balance	Due Within
One Year	
Governmental activities Bonds payable:
Series 2013	

$	7,255,000	

$	-	$	

205,000	

$	7,050,000	

$	200,000	
Series 2016	5,860,000	-	175,000	5,685,000	170,000	
Total	$	13,115,000	$	-	$	380,000	$ 12,735,000	$	370,000	
At September 30, 2025, the scheduled debt service requirements on the long-term debt were as follows:
	Governmental Activities	
Fiscal year ending
  September 30:	Principal	Interest	Total	
2026	$	370,000	$	672,218	$	1,042,218	
2027	390,000	654,484	1,044,484	
2028	405,000	635,175	1,040,175	
2029	430,000	613,688	1,043,688	
2030	450,000	590,382	1,040,382	
2031-2035	2,635,000	2,552,306	5,187,306	
2036-2040	3,440,000	1,720,730	5,160,730	
2041-2045	3,870,000	629,753	4,499,753	
2046-2047		745,000	31,042	776,042 	
Total	 $  12,735,000	$	8,099,778	$  20,834,778 	

NOTE 7 – DEVELOPER TRANSACTIONS

The Developer owns a portion of land within the District; therefore, assessment revenues in the general and debt service funds include the assessments levied on those lots owned by the Developer.
NOTE 8 – CONCENTRATION

The District’s activity is dependent upon the continued involvement of the Developer, the loss of which could have a material adverse effect on the District’s operations.
NOTE 9 – MANAGEMENT COMPANY

The District has contracted with a management company to perform management advisory services, which include financial and accounting advisory services. Certain employees of the management company also serve as officers of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, computer and other administrative costs.

In addition, the District has contracted for clubhouse management services for the operation and management of its amenity center. Pursuant to the agreement, the District incurred expenditures of approximately $180,132 in the current fiscal year.

The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There were no settled claims during the past three years.

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

	
Budgeted
	Amounts	 Original & Final	

Actual Amounts	Variance with Final Budget - Positive
(Negative)	
REVENUES
Assessments	
$	483,346	
$	489,412	
$	6,066	
Rental revenue	-	1,805	1,805	
Interest	10,000	27,847	17,847	
Total revenues	493,346	519,064	25,718	

EXPENDITURES
Current:
General government	90,837	77,075	13,762	
Recreation	428,366	402,362	26,004	
Total expenditures	519,203	512,281	6,922	

Excess (deficiency) of revenues over (under) expenditures	

(25,857)	

6,783	

32,640	
OTHER FINANCING SOURCES
Carry forward	
25,857	
-	
(25,857)	
Total other financing sources	25,857	-	(25,857)	

Net change in fund balances	
 $	-		
6,783	
 $	6,783 	

Fund balance - beginning		531,196 

Fund balance - ending	 $	537,979 

See notes to required supplementary information

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget for the general fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles).

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

OTHER INFORMATION - DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3)(C)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 UNAUDITED

Element	Comments
Number of District employees compensated in the last pay period
of the District’s fiscal year being reported.	4	
Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the
District’s fiscal year being reported.	
17	
Employee compensation	$2,400	
Independent contractor compensation	$513,610	
Construction projects to begin on or after October 1, ($65,000)	No construction project	

Budget variance report	See the Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual - General Fund	
		
Ad Valorem Taxes:	Not applicable	
		
Non Ad valorem special assessments:		
Special assessment rate	Operation and Maintenance	
	Administrative - $168.67	
	Clubhouse - $701.05	
		
	Debt Service series 2013	
	Single Family - $1,269.03	
	Townhomes - $1,181.85	
	Villas - $1,130.46	
		
	Debt Service series 2016	
	Single Family - $721.82	
	Townhomes - $721.82	
	Villas - $721.82	
		
Special assessment collected - Operations & Maintenance	$489,412	
Special assessment collected - Debt Service	$1,066,491	
		
Outstanding Bonds:		
Series 2013, due November 1, 2043	$7,050,000	
Series 2016, due November 1, 2046	$5,685,000	

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

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors
Bellagio Community Development District Miami-Dade County, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of Bellagio Community Development District, Miami-Dade County, Florida (“District”) as of and for the fiscal year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated December 9, 2025.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

December 9, 2025

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
To the Board of Supervisors
Bellagio Community Development District Miami-Dade County, Florida
We have examined Bellagio Community Development District, Miami-Dade County, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2025. Management is responsible for District’s compliance with those requirements. Our responsibility is to express an opinion on District’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the District’s compliance with specified requirements.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2025.
This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Board of Supervisors of Bellagio Community Development District, Miami-Dade County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

December 9, 2025

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Bellagio Community Development District Miami-Dade County, Florida
Report on the Financial Statements

We have audited the accompanying basic financial statements of Bellagio Community Development District, Miami-Dade County, Florida ("District") as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated December 9, 2025.
Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated December 9, 2025, should be considered in conjunction with this management letter.

Purpose of this Letter
The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General for the State of Florida. Accordingly, in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following:

Current year findings and recommendations.
Status of prior year findings and recommendations.
Compliance with the Provisions of the Auditor General of the State of Florida.

Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, as applicable, management, and the Board of Supervisors of Bellagio Community Development District, Miami-Dade County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Bellagio Community Development District, Miami-Dade County, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us.

December 9, 2025

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS
None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None
COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA

Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following:

A statement as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report.

There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2024.
Any recommendations to improve the local governmental entity's financial management.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2025.
Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2025.

The name or official title and legal authority of the District are disclosed in the notes to the financial statements.
The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.
We applied financial condition assessment procedures and no deteriorating financial conditions were noted as of September 30, 2025. It is management’s responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.

Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 25.

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

Notice is hereby given that the qualifying period for candidates for the office of Supervisor of the Bellagio Community Development District will commence at noon on June 8, 2026, and close at noon on June 12, 2026. Candidates must qualify for the office of Supervisor with the Miami-Dade County Supervisor of Elections, 2700 NW 87 Avenue, Doral, Florida 33172; telephone: 305-499-8683 / 305-499-8410. All candidates shall qualify for individual seats in accordance with Section 99.061, Florida Statutes, and must also be qualified electors of the District. A qualified elector is any person at least 18 years of age who is a citizen of the United States, a legal resident of the State of Florida and of the District, and who is registered to vote with the Miami-Dade County Supervisor of Elections. Campaigns shall be conducted in accordance with Chapter 106, Florida Statutes.
The Bellagio Community Development District has two seats up for election, specifically Seat #1, and Seat #2. Each seat carries a four-year term of office. Elections are nonpartisan and will be held at the same time as the general election on November 3, 2026, in the manner prescribed by law for general elections.
For additional information, please contact the Miami-Dade County Supervisor of Elections.

LAW OFFICES
BILLING<» COCHRAN
ESTABLISHED 1977

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

STEVEN F. BILLING (1947·1998) HAYWARD D. GAY (1943·2007)

BILLING COCHRAN, P.A.
LASOLAS SQUARE, SUITE 600
515 EAST LAS OLAS BOULEVARD FORT LAUDERDALE, FLORIDA 33301
(954) 764-7150
(954) 764·7279 FAX

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

CHRISTINE A. BROWN GABRIELLA A. FERNANDEZ PEREZ
MARLENE E. GONZALEZ
LORI B. LEWELLEN LIZA E. SMOKER LUCAS A. WILLIAMS
OF COUNSEL: CLARK J. COCHRAN, JR.
SUSAN F. DELEGAL DENNISE. LYLES BRUCE M. RAMSEY RICHARDT. WOULFE

WWW .BILLINGCOCHRAN.COM PLEASE REPLY TO: FORT LAUDERDALE

February 3, 2026

VIA E-MAIL ONLY- B0uesada@gmssf.com Mr. Ben Quesada
District Manager
Governmental Management Services 5385 N. Nob Hill Road
Sunrise, FL 33351

Re:		Adjustment to District Counsel Fee Structure Bellagio Community Development District Our File: 848.06395
Dear Ben:
This firm's current fee structure has been in place since 2013. Although we are certainly mindful of the necessity to keep increases in the District's expenses, including the cost of legal services, to a minimum, it has become necessary for us to adjust our hourly rates effective, October I, 2026, as follows:

Attorneys/Partners:
Attorneys/Associates:

$300.00 per hour
$250.00 per hour

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

Mr. Ben Quesada February 3, 2026
Page 2

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

Very trul

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

BELLAGIO
COMMUNITY DEVELOPMENT DISTRICT

ARAGON CLUB RULES AND REGULATIONS

Adopted April 4, 2016 (Resolution 2016-11)

TABLE OF CONTENTS
Page
Membership.	1
Members	1
Lessees	1
Annual Members	2
Corporate and Partnership Members	2
Immediate Family Members	2
Supplemental Members	2
Guests	3
Membership Cards	4
The Club Facilities.	4
Supplemental Rules	4
The Clubhouse	4
Special Functions and Parties	4
Alcoholic Beverages	4
Smoking	4
Attire	5
Minors	5
Hours of Operation	5
General Rules.	5
Advertisements and Pamphlets	5
Bikes and SkatesBicycles, Scooters, and Similar Devices 	5
Club Employees	5
Pets	5
Parking Areas	5
CoolersGuns	6
Responsibility for Personal Property and Persons	6
Cars and Personal Property	6
Activities	6
Property Belonging to the Club	6
Obligation to Pay Club Assessments and Dues	6
Grace Period and Late Fee	6
Bills and Coupon Books	7
Suspension	7
Pools.	7
Presentation of Membership Cards	7
Risk of Use	7

Equipment and Towels.	7
Hours of Use	7
Showers	7
Aqua Classes	8
Swimming Instructors	8
Restrictions	8
Attire	8
Radios and Compact Disk Players	9
Trash	9
Pets. No pets are permitted in the pool area at any time.	9
Exercise Room	9
Hours of Operation	9
Membership Cards	9
Equipment and Towels	9
Attire	9
Minors	9
Personal Trainers	10
Cancellation Policy	10
Violation of the Club Rules	10
Basis for Suspension	10
Type of Suspension	10
Efective Date	10
Authority to Promulgate and Amend Rules	11
Application of Rules and Regulations	11
Club Dues, Fees, and Charges	11

BELLAGIO COMMUNITY DEVELOPMENT DISTRICT
ARAGON CLUB RULES AND REGULATIONS
Bellagio Community Development District (“District”) adopts these Aragon Club Rules and Regulations (the “Club Rules and Regulations”, “Club Rules”, or “Rules and Regulations”). The rights and obligations of each user of Aragon Club (the “Club”) are set forth in the Amended and Restated Aragon Club Plan, as amended from time to time (the “Club Plan”), and in these Rules and Regulations. All initially capitalized terms shall have the meanings set forth in the Club Plan.
Membership.
Members. Every Owner (other than an Owner who has leased his Home to a Lessee) and every Lessee shall be a Member; provided, however, for the purposes of Membership, there shall be only one Owner or Lessee per Home. A person shall continue to be a Member until he or she ceases to be an Owner, or ceases to be a Lessee legally entitled to possession of a rental Home. Once an Owner leases a Home, only the Lessee shall be entitled to exercise the privileges of a Member with respect to such Home, unless Owner otherwise notifies the Club Manager in writing; however, the Owner and Lessee shall be jointly and severally liable for all Club fees and charges.
Lessees. “Lessee” shall mean the lessee named in any written lease respecting a Home who is legally entitled to possession of any rental Home within the Community and who has obtained the prior approval of the Association. If there is more than one
(1) Lessee of a Home, only one (1) of the persons occupying the Home shall be considered a Member. A Lessee may not exercise his or her rights as a Member until such Lessee’s lease of a Home has been submitted to District Manager. An Owner who has leased his or her Home remains liable for Club Assessments but will not have membership rights at any time his or her Home is leased, unless Owner has notified the Club Manager pursuant to Section 1.1. A Lessee, for purposes of these Rules and Regulations, shall be a person or persons who obtained the prior approval of the respective homeowners or property owners association to lease a Home within the boundaries of the District pursuant to the rules, regulations, or covenants of said association entity having jurisdiction thereof.
Application. Each Lessee must submit an application to District Manager along with a copy of his or her lease, and Lease Certificate of Approval from the neighborhood community and obtain a membership card (“Membership Card”) before his or her membership rights will be recognized. Each Lessee shall notify the Club of any changes in the terms of such lease.
Administrative Charges. The District may, from time to time, establish the amount to be charged for processing of the application of a Lessee to exercise his or her membership rights.
Expiration of Lease. A Lessee’s status as a Member will terminate upon the earlier of the expiration of the lease or termination of Lessee’s rights of occupancy

under such lease. The Owner shall notify the District Manager in writing of the expiration of the lease or termination of Lessee’s rights of occupancy under such lease, absent which the Owner shall not be deemed a Member.
Annual Members. Annual Memberships shall run from the date of acceptance of an application for membership by the District Manager until the end of the Club fiscal year, September 30. Annual Membership renewals shall run from the beginning of the renewal Club fiscal year, October 1, to September 30 of the succeeding year. Annual Dues shall be payable by the Annual Member in advance of the Club fiscal year, which shall be prorated for applications accepted during the initial fiscal year.
Corporate and Partnership Members. When a Member or Annual Member is a corporation, partnership or other legal entity (“Entity”), the Entity must notify the District Manager in writing of the one (1) person to be designated to exercise the rights of the Entity with respect to the membership (“Designees”). Only the one (1) person designated will be considered as the Member.
Application. Each Designee must submit an application to the District Manager and obtain a Membership Card before his or her membership rights will be recognized.
Administrative Charges. The District Manager may, from time to time, establish the amount to be charged for processing of the application of a Designee to exercise his or her membership rights.
Immediate Family Members. Immediate Family Members shall mean the spouse or domestic partner of the Member or Annual Member, and all unmarried children of either under the age of twenty-two (22) years of age and up to two (2) family members related to a Member by birth, adoption or marriage and who reside at the same Home as the Member. If a Member or Annual Member is unmarried, he or she may designate up to two (2) persons related by birth or adoption who are living with such Member or Annual Member as Immediate Family Members. By way of example, if a Member is single and her twelve year old daughter and her mother live with such Member, the Member may designate her mother and daughter as Immediate Family Members. If a Member is single and lives with his son and his father and mother in a Home, the Member may designate his son and his father as an Immediate Family Member, and his mother as a Supplemental Member (hereinafter defined) (upon payment of all applicable fees). Notwithstanding the foregoing, a minor or person shall not qualify as an Immediate Family Member unless such person is living with the Member or Annual Member. Notwithstanding the foregoing, a minor who only lives with an adult parent Member during part of the year as a result of divorce, or a child of a Member or Annual Member who is serving in the Armed Services, or is currently pursuing educational opportunities at an institution of higher learning (e.g. college, university or technical school) may be deemed an Immediate Family Member. No person may claim the status of Immediate Family Member until designated by the Member or Annual Member in writing to District Manager.
Supplemental Members. A Member or Annual Member may have persons other than Immediate Family Members living with such Member or Annual Member designated

as a supplemental member (“Supplemental Member”). A Supplemental Member may be designated by the payment of an annual fee to the District.
Guests. A person shall be deemed a guest (“Guest”) if he or she enters the Club Facilities at the invitation of a Member, Annual Member, Immediate Family Member or Supplemental Member or the District. Each Member (per Home) and each Annual Member (per Annual Membership) shall be entitled to have up to four (4) guests per visit accompany such Member or Annual Member when utilizing the Club Facilities. Additional Guest Passes may be purchased by the Member or Annual Member at the rate set forth in the current fee schedule. Guests may be required to sign a waiver form before using the Club Facilities. All Guests must be sixteen (16) years of age or older, or be accompanied by a Member, Annual Member, Supplemental Member and Immediate Family Member who is sixteen (16) years of age or older. All Guests must be accompanied by a Member, Annual Member, Immediate Family Member or Supplemental Member when using the Club Facilities. A Guest Pass is nontransferable. GUEST PRIVILEGES FOR A GUEST MAY BE CHANGED AT ANY TIME BY THE DISTRICT
MANAGER. Nothing herein shall prohibit the District Board of Supervisors from implementing
(1) a temporary guest policy by resolution to address long-term guests of Members or (2) a policy limiting the number of Guests per Home on a specified day, time of year, or time of day.
Caregiver Pass. A caregiver or other person who provides medical, nursing or child care to a Member, Annual Member, Immediate Family Member or Supplemental Member while within the Club Facilities is deemed to be a Guest; however, there will be no additional fee or charge provided that the caregiver accompanies and remains in the company of the Member, Annual Member, Intermediate Family Member, or Supplemental Member, as the case may be, providing caregiver services while that person is using the Club Facilities.. A Member must obtain a caregiver pass (“Caregiver Pass”) from Club staff for use of the Club Facilities. Only one Caregiver Pass is permitted per household. Persons utilizing such Caregiver Passes are not permitted to utilize the Club Facilities other than to accompany the persons under their care. The Caregiver Pass is non-transferable. Only one Caregiver Pass is permitted per Home.
Guest Passes. Guest Passes give Guests access to the Club Facilities. Guest Passes may be purchased at the Club’s office. A person may be a Guest for no more than thirty (30) days in a calendar year.
Personal Trainer. A Member, Annual Member, Immediate Family Member, or Supplemental Member may be accompanied in the Exercise Room or Pool by a personal trainer, who is retained for the purpose of providing physical fitness or exercise training, education or guidance to the Member, Annual Member, Immediate Family Member, or Supplemental Member (“Personal Trainer”). The Personal Trainer shall be required to pay a fee of $10.00 for each training session, which training session shall be no more than three (3) hours in duration. A training session is defined as the providing of training to one (1) individual. Personal Trainers shall not solicit business within the Clubhouse or on the grounds of the Clubhouse, shall leave the Clubhouse when the training session is completed, and shall not utilize the Clubhouse facilities for personal business use.

Membership Cards. A maximum of four (4) Membership Cards will be issued to each Home or Annual Membership at no additional charge. Membership Cards shall only be issued to Members, Annual Members, Supplemental Members and Immediate Family Members who are sixteen (16) years of age or older. Additional Membership Cards may be purchased for Immediate Family Members for a fee.
Requirement to Present Card. Membership Cards, Caregiver Passes, and Guest Passes must be presented when requested for use of the Club Facilities.
Transfer of Membership Cards. Membership Cards are not transferable. A Membership Card may not be used by any person other than the person to whom it is issued. Membership Cards are the property of the Club.
Lost Cards. You must immediately notify the Club in writing of a lost or stolen Membership Card. The replacement fee for a Membership Card shall be established from time to time by the District. If an unauthorized person uses the Membership Card, the Member or Annual Member shall be liable for any loss, damage, or expense resulting from such unauthorized use.
The Club Facilities.
Supplemental Rules. Before using the various Club Facilities, users should inquire about supplemental Rules and Regulations. For example, District Manager may promulgate supplemental or additional rules respecting the clubhouse meeting rooms, pools and the fitness center from time to time. The District Manager shall have reasonable discretion to police the Club Facilities to maintain proper order and the safe and healthy use of the Club Facilities.
The Clubhouse. The Clubhouse shall be open on the days and during the hours established by the District, provided the District Manager shall have reasonable discretion to temporarily vary such hours as necessary from time to time.
Special Functions and Parties. Certain Club Facilities may be used for private functions, subject to availability, only with the prior consent of District Manager, upon execution of a license agreement and upon payment of all applicable fees, deposits and costs therefor. The sponsor of the private party shall be responsible for any damage to the Club Facilities and for the payment of any charges not paid by individuals attending the private party.
Alcoholic Beverages. No person may enter or leave the Club Facilities with any alcoholic beverage. It is the intent of these Rules that the possession or consumption of alcoholic beverages at or within the Club Facilities is prohibited unless previously approved in connection with an approved (in accordance with Section 2.3 above) event, function or party.
Smoking. Smoking, including cigarette, cigar, and pipe smoking, vaping, the use of electronic cigarettes or similar devices, and the use of smokeless tobacco, is not permitted within any of the Club Facilities, including, but not limited to, the pool or playground areas.

Attire. Shirts and shoes must be worn at all times when on the Club Facilities, except in the pools and adjacent patio areas.
Minors. Minors sixteen (16) years and older are permitted to use the Club Facilities (other than the fitness center) without adult supervision. Minors sixteen (16) years of age and older may use the fitness center either with adult supervision or without adult supervision if such minor’s parent or legal guardian releases the District from liability for such use pursuant to consent form(s) provided by the District from time to time; provided, however, parents are responsible for the actions and safety of such minors and any damages to the equipment in the fitness center caused by such minors. Minors under sixteen (16) years of age are not permitted to use the fitness center. Minors under eighteen sixteen (186) years of age are not permitted to use the pools without adult supervision. Parents are responsible for the actions and safety of such minors and any damages to the pools caused by such minors. Notwithstanding the foregoing, if minors use the Club Facilities without the proper execution of a consent form or without adult supervision, the District is not liable for the actions of such minors.
Hours of Operation. The District shall set the scheduled hours of operation for the Club Facilities. The District Manager shall have reasonable discretion to temporarily vary such hours as necessary from time to time. No person shall be permitted to use the Club Facilities other than during such hours of operation.
General Rules.
Advertisements and Pamphlets. Commercial advertisements, private announcements, pamphlets, and solicitations shall not be posted or circulated in the Club without the prior written approval of District Manager.
Bikes and Skates. Skates, in-line skates, skateboards, and bikesbicycles, scooters, electric scooters, Segways, hoverboards, and similar wheeled or motorized personal transportation devices may be used on paved driveways and sidewalks only solely for access to the entrances to the Club Facilities. None of the foregoing may be used in within the Club Facilities at any time. All bikes bicycles must be stored in designated bike storage areas. Bike racks must be used if provided by The District., and bike racks shall be used if provided by the District. Notwithstanding the foregoing, any such items left within the Club Facilities, bikes left within the Club Facilities, bike storage areas, and/or bike racks (if provided) are stored at such person’s own risk.
Club Employees. Persons using the Club Facilities may not abuse any of the employees of the Club, verbally or otherwise. All service employees are under the supervision of the District Manager and no person shall reprimand or discipline any employee or send any employee outside of the Club for any reason.
Pets. No pets (with the exception of those assisting persons with disabilities) are permitted on any portion of the Club Property including, without limitation, the pool area and any other areas of the Club Facilities.
Parking Areas. Self parking is permitted in Parking Areas identified as such. No parking will be allowed on grassed areas or along, over, or beyond curbed areas. “No

Parking” signs must be observed. Overnight parking in the Parking Areas is prohibited. Overnight Parking is defined as the parking of a vehicle or trailer in the Parking Areas at anytime between the hours of 1:00 AM and 5:00 AM. Any vehicles parked in violation of this section are subject to being towed without notice or warning.
Guns. Firearms and other weapons of any kind are not permitted on the Club Property at any time, except as expressly provided in any applicable Florida Statutes.
3.67 Coolers. Any coolers or similar forms or food or beverage storage brought to the Club Facilities are subject to inspection by the district manager, club manager or club staff at anytime.
Responsibility for Personal Property and Persons. Each person using the Club Facilities assumes sole responsibility for the health, safety and welfare of such person, his or her Immediate Family Members, Supplemental Members and Guests, and the personal property of all of the foregoing.
Cars and Personal Property. The Club is not responsible for any loss or damage to any private property used or stored on the Club Facilities. Without limiting the foregoing, any person parking a car within the Parking Areas assumes all risk of loss with respect to (i) his or her car in the Parking Areas or Common Areas of the Association, and (ii) equipment, wallets, bags, jewelry, clothing, books, personal items or other possessions stored in lockers (if lockers are provided by the District), on bicycles, within cars, or left in the pool and recreation areas.
Activities. Any person who, in any manner, makes use of, or accepts the use of, any apparatus, appliance, facility, privilege or service whatsoever owned, leased or operated by the Club, or who engages in any contest, game, function, exercise, competition or other activity operated, organized, arranged or sponsored by the Club, either on or off the Club Property, shall do so at their own risk. Every person shall be liable for any property damage and/or personal injury at the Club, or at any activity or function operated, organized, arranged or sponsored by the Club, caused by such person. All Members, Annual Members, Immediate Family Members and Supplemental Members shall be jointly and severally liable to the District in connection with the foregoing.
Property Belonging to the Club. Property, furniture and equipment belonging to the Club shall not be removed from the room or area in which it is located or from the Club Facilities.
Obligation to Pay Club Assessments and Dues. Each Member shall pay Club Assessments when due in accordance with law. Each Annual Member shall pay Annual Club Dues in advance to the District. Each other person shall pay such Club Dues and Fees as established from time to time by the District.
Grace Period and Late Fee. A monthly or annual payment of Club Dues and Fees shall be deemed past due if received after the 15th of the month or 15 days after the day payment is due. A late fee of a maximum of $25.00 per month shall be payable for each past due payment in order to cover the administrative costs of the Club in processing such late payment.

Bills and Coupon Books. Annually, the District Manager, or his or her designee, may, in its discretion, send bills or coupon books with instructions for payment of Club Dues and Fees.
Suspension. Notwithstanding any suspension of Membership, an Owner shall remain liable for Club Dues. A Member’s use of the Club Facilities shall be suspended in the event Club Assessments and Club Fees are not paid when due and shall remain suspended until such time as the Club Assessments are paid in full. An Annual Member’s use of the Club Facilities shall be suspended in the event Club Dues and Club Fees are not paid when due and shall remain suspended until such time as the Club Dues and Club Fees are paid in full.
Pools.
Presentation of Membership Cards. Everyone must register and present Membership Cards and/or Guest Passes or Monthly Guest Passes to Club attendants prior to entering the pools and the adjacent patio areas. For purposes of these Club Rules and unless otherwise specified, all references to “pool” or “pools” shall include the swimming pool, the hot tub, and any other recreational water facility or feature intended for use by patrons. Users of Club Facilities shall keep Membership Cards, Guest Passes or Monthly Guest Passes with them and present the Membership Card, Guest Pass or Monthly Guest Pass to any staff member upon request. There shall be NO EXCEPTIONS to this rule.
Risk of Use. Use of the pools is at the swimmer’s own risk. Without limiting any other provision of these Rules and Regulations, each person is personally liable for any injury to his or her Immediate Family Members, Supplemental Members and Guests using the pools.

towels.

Equipment and Towels.
Towels. Users of the Club Facilities are required to bring their own

Equipment and Furniture. All equipment used for water classes (if

provided) is the property of the Club and should be returned to the Club. Chaise lounges are available for use at no charge. All persons using pool furniture must cover the furniture with a towel when using suntan lotions. The use of these lotions could stain or damage the furniture. Damage caused by such products must be repaired by the responsible user.
Hours of Use. Swimming is permitted only during published open hours of the pools, which are subject to change. The pools are also officially closed when a “Closed” sign is posted; however, the absence of a posted “Closed” sign does not authorize use of the pools after hours. Any person swimming or using the pools facility outside of the published open hours of the pools may be suspended from using the facility.
Showers. Showers are required prior to entering the pools to remove all suntan oils and lotions.

Aqua Classes. From time to time, classes (including, without limitation, so called “Aqua Classes”) may be offered by the Club or upon payment of a fee for participation. When participating in scheduled classes, please check in on time, follow the directions of the instructor, and stay for the entire class.
Swimming Instructors. Persons may not bring an independent swimming instructor into the pools as a Guest or otherwise.
Restrictions.
Glass objects and sharp objects are not permitted in the pool area.
Food or beverages may be brought into the pool areas, however, any foods or snacks shall be eaten, distributed, or consumed only in those food areas so designated by the district manager or the club manager. Such food, beverages, and any garbage or trash resulting therefrom shall be properly removed or disposed of after use. Alcoholic beverages are not permitted in any pool or pool area at any time. Under no circumstances, shall any food or beverages be possessed or consumed in pool or within ten (10’) feet of the water’s edge of the pool.
Running, ball playing and noisy or hazardous activity will not be permitted in the pool areas. The throwing of any object is not permitted at any time within the pools or pool areas. Pushing, dunking, and dangerous games are not permitted.
Only floats or rafts smaller than eighteen (18) square feet, snorkels, dive sticks, flotation devices, and toys (collectively, “Pool Toys”) designed for use in swimming areas may be utilized in District pools. The use of such Pool Toys may be suspended at the club manager’s discretion when there are more than fifty (50) persons at the pool, during weekends and holidays, or during other heavy use of the pools and pool areas. Where the use of Pool Toys is suspended, the club manager will post a sign at the club entrance informing members and the public of the restriction. The use of masks, goggles, or certified personal flotation devices (PFDs) is not prohibited. Radio-controlled watercraft or other similar devices are not permitted in the Pools at anytime. Diving equipment such as scuba tanks, are not to be used in the pools except as part of an organized course of instruction permitted by the club manager.

No diving is permitted in any of the pools.
Attire. All swimmers must wear appropriate swimming attire. Thong swimsuit bottoms, cut-offs and shorts are not considered appropriate swimwear. Long hair should be tied up or placed in a bathing cap. Children under two (2) years of age, and those

individuals who are not reliably toilet trained must wear rubber-lined swim diapers, as well as a swimsuit over the swim diaper, to reduce health risks associated with human waste in the pools and adjacent deck areas.
Radios and Compact Disk Players. Radios, IPods, MP3 Players, compact disk players, tape players and similar audio or video devices may only be used with earphones. Playing music or other audio out loud through speakers, phones, or any other device is not permitted.
Trash. All persons using the pool areas are urged to cooperate in keeping the pool areas clean by properly disposing of towels, cans and all other trash. Notwithstanding the foregoing, all cigarettes must be extinguished and properly disposed of prior to entering the Club Facilities.
Pets. No pets are permitted in the pool area at any time.
Minors. Minors under sixteen (16) years of age are not permitted to use the pools without adult supervision. Persons under the age of fourteen (14) years of age are prohibited from using the hot tub.

Exercise Room.
Hours of Operation. The hours of operation of the exercise room located at the Club (“Exercise Room”) will be established from time to time by the District.
Membership Cards. Membership Cards and Guest Passes must be presented before any person will be given access to the Exercise Room. Guests, when accompanied by a Member, Immediate Family Member or Supplemental Family Member, are only permitted to use the Exercise Room on weekends and between the non-peak hours of 10:00
a.m. and 6:00 p.m. on weekdays.
Equipment and Towels. When others are waiting to use equipment, use of cardio equipment is limited to thirty (30) minutes per person. Use of all equipment is at your own risk. Persons using the Exercise Room must bring their own towels and wipe down equipment after use.
Attire. Proper attire is required; shirts or tank tops shall be worn at all times. Those utilizing the Exercise Room equipment and facilities shall not wear sandals or open-toed shoes.
Minors. Persons under sixteen (16) years of age are not permitted in the Exercise Room under any circumstances. Minors sixteen (16) years of age and older may use the fitness center either with adult supervision or without adult supervision if such minor’s parent or legal guardian releases Club Owner from liability for such use pursuant to consent form(s) provided by Club Owner from time to time; provided, however, parents are responsible for the actions and safety of such minors and any damages to the equipment in the fitness center caused by such minors.

Personal Trainers. Except as provided in Section 1.7.3 above, persons using the Exercise Room may not train another person in the Exercise Room. Personal trainers may be made available through the Club upon prior reservation and at charges to be set by the District Manager.
Cancellation Policy. Persons using the Exercise Room must cancel appointments for special services at least 12 hours prior to the scheduled appointment or the responsible user will be charged the full amount of the service. If a person has prepaid for the services, and properly cancels, that person may reschedule within the same month at no additional charge.
Violation of Club Rules.
Basis For Suspension. Membership rights and Club Facilities use rights of any person (and the benefits for their Guests) may be suspended by Club Manager if, in the sole judgment of Club Manager:
a person submits false information on the Application for Membership;
the person violates one or more of these Rules and Regulations;
the person has injured or harmed or threatened to injure or harm any other person within the Club Facilities, or harmed, destroyed or stolen any personal property on the Club Property or within the Club Facilities, whether belonging to a third party or to Club Owner.
Types of Suspension. Club Manager may restrict or suspend, for cause or causes described in the preceding section, privileges of any person to use any or all of the Club Facilities, for such period of time as reasonably determined by Club Manager. In addition, Club Manager may suspend some membership rights while allowing a Member to continue to exercise other membership rights. For example, Club Manager may suspend the rights of a particular Member (and/or Immediate Family Member), or Club Manager may prohibit a Member (and/or Immediate Family Member) from using the pools or other Club Facilities. No person whose Membership privileges have been fully or partially suspended shall on account of any such restriction or suspension be entitled to any refund of Club Assessments, Club Dues, Club Fees or any other fees and charges. During the restriction or suspension, Club Assessments, Club Dues and Club Fees shall continue to accrue and be payable for each billing period. Under no circumstance will a person be reinstated until all amounts due to the Club are paid in full.
Effective Date. Prior to the effective date of a suspension, the District Manager shall provide notice and an opportunity to be heard to the person proposed to be suspended. If the person does not submit a request to be heard in writing within the time frame set forth in the notice, the suspension shall become effective immediately upon the date provided in the notice for submitting a request to be heard; otherwise, the suspension, as may be adjusted by the District Manager after hearing, shall become effective as of the end of business on the date of the hearing.

Authority to Promulgate and Amend Rules. THESE RULES AND REGULATIONS ARE SUBJECT TO CHANGE AT ANY TIME. ALL USERS OF THE CLUB FACILITIES ARE SUBJECT TO THE RULES AND REGULATIONS OF THE CLUB AS
PROMULGATED BY THE DISTRICT. These Rules and Regulations may be amended from time to time by the District without the joinder or consent of any other person or entity. All changes to these Rules and Regulations shall be available at the Club Facilities. All Rules and Regulations promulgated by the District shall become effective on the date determined by the District.
Application of Rules and Regulations. All of these Rules and Regulations shall apply to all persons on or about the Club Property even if not specifically stated in portions hereof. The District Manager, in its reasonable discretion, shall be permitted, but not required, to grant relief to one or more persons from specific Rules and Regulations upon a written request and a showing of good cause that shall be determined in the sole discretion of the District Manager.
Club Dues, Fees, and Charges. The Club dues, fees, and charges, including but not limited to fees for Annual Members, Supplemental Members, Caregivers, Personal Trainers, and Guests, and for card replacement, rentals and deposits shall be established by Resolution of the District Board of Supervisors in accordance with Section 190.035, Florida Statutes.

Ecolawn Services Inc
P.O. Box 832377
Miami, FL 33283 United States
(305) 903-1194
AR@ecolawnusa.com

ECOLAWN

INVOICE		
BILL TO	INVOICE	4944	
BellagioCDD	DATE	02/06/2026	
5385 N Nob Hill Rd			
Sunrise			
Fl			
33351			

ACTIVITY	QTY	

RATE	

AMOUNT	
Palm Removal	4
Removal of four triple palms with root ball manual labor	500.00	2,000.00	
Labor	4
Removal 5 feet of roots/soil compressed in circle planter.	1,850.00	7,400.00	
Debris Removal
Disposal of roots stones, soil and palms 2 truckloads	800.00	800.00	
Irrigation	4	200.00	800.00	

Re due Irrigation in four Planters

RAI.Af\!CF [){Jf="

. -- - � -----
$11,000.00

All materials is guaranteed to IJe as specified. All worl< to be concluctecl in a professional manner according to standarcl policies. Any alteration or deviation from t11e above specifications involving additional costs will be done only upon a written change order. The costs will be come an extra charge over and above tlie estimate. All elements of this agreement are contingent upon strikes, accidents,
Page 1 of 1

! 4d N.IE. 12 AVIE HOMESTEAD, Fl 33030

EINl\f©O<CIE t$ 0 --"-l=-5-=-'cr----'('---S_'-----
DimL±/a---/4-b

Bellagio	
COMMUNITY DEVELOPMENT DISTRICT	

Check Register

Date

check #'s

Amount

10/1 - 10/31/25	2047-2055	$32,910.89	

11/1 - 11/30/25	2056-2066	$29,439.48	

12/1 - 12/31/25	2067-2086	$1,282,859.54	

1/1 - 1/31/26	2087-2105	$123,273.89	

TOTAL CHECKS	$1,468,483.80	

Date

ACH

Amount

10/1 - 10/31/25	80005-80006	$3,316.23	

11/1 - 11/30/25	80007-80010	$6,155.51	

12/1 - 12/31/25	N/A	$0.00	

1/1 - 1/31/26	80011-80014	$6,537.65	

TOTAL ACH	$16,009.39	

TOTAL	$1,484,493.19	

CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
10/03/25 00098	9/26/25 17531	202509 330-57200-46110	*	490.00
FALLEN TILES/REGROUT TILE
ADN POOL SERVICES CORP	490.00 002040
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/03/25 00039	9/29/25 092525	202509 330-57200-34600	*	140.00
GUARD FOR ACCESS CONTROL
ARAGON HOA	140.00 002041
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/03/25 00019	9/23/25 192476-0 202508 330-57200-43100	*	604.30
W/S 6/27-8/27/25
CITY OF HIALEAH	604.30 002042
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/03/25 00002	9/15/25 160	202510 310-51300-31800	*	2,120.00
ASSESSMENT ROLL FY 2026
10/01/25 161	202510 310-51300-34000	*	3,114.58
OCT 25 - MGMT FEES
10/01/25 161	202510 310-51300-35100	*	46.42
OCT 25 - COMPUTER TIME
10/01/25 161	202510 310-51300-31300	*	182.83
OCT 25 - DISSEMINATION
10/01/25 161	202510 310-51300-49500	*	103.50
OCT 25 - WEBSITE ADMIN
10/01/25 161	202510 310-51300-42000	*	10.36
OCT 25 - POSTAGE
GMS-SF, LLC	5,577.69 002043
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/03/25 00096	9/20/25 09202025 202509 330-57200-46600	*	342.00
A/C MAINTENANCE
KEEPING IT COOL HVAC SERVICES	342.00 002044

10/03/25 00024	10/01/25	
	10/01/25	
	10/01/25	
	10/01/25	
	10/01/25	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - C-923253 202510 330-57200-34000	*	4,000.00
OCT 25 - ON SITE MANAGER
C-923253 202510 330-57200-34000	*	7,543.47 OCT 25 - CLUB ATTENDANT
C-923253 202510 330-57200-34000	*	30.00
OCT 25 - CELL PHONE
C-923253 202510 330-57200-34000	*	1,230.00 OCT 25 - SVC ADMN MGMT
C-923253 202510 330-57200-46300	*	3,057.60 OCT 25 - HOUSEKEEPING
MIAMI MANAGEMENT, INC.	15,861.07 002045
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/03/25 00072	9/25/25 1086040	202509 330-57200-46700	*	231.00
QRT PEST CONTROL
POWER EXTERMINATORS, INC	231.00 002046
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BELL --BELLAGIO--	TCESSNA

CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
10/20/25 00007	9/30/25 195434	202509 310-51300-31500	*	1,790.00
LEGAL SV THRU 9/30/25
BILLING, COCHRAN, LYLES, MAURO &	1,790.00 002047
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/20/25 00004 10/01/25 93242	202510 310-51300-54000	*	175.00
SPECIAL DISTRICT FEE FY26
FLORIDACOMMERCE	175.00 002048
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/20/25 00028 10/01/25 622313	202510 330-57200-49300	*	406.80
OCT 25 - WASTE
GREAT WASTE & RECYCLING	406.80 002049
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/20/25 00095	9/30/25 50924	202509 310-51300-48000	*	438.41
NOTICE MEETING FY26
MCCLATCHY COMPANY LLC	438.41 002050

10/20/25	00018	10/10/25	
- - - - - - - -
10/23/25 00098	- - - -
10/01/25	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
50721773 202510 330-57200-44000	*	107.63
COPIER LEASE 10/10-11/9
RICOH USA, INC.	107.63 002051
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
17594	202510 330-57200-46100	*	4,100.00
OCT 25 - POOL SERVICE
ADN POOL SERVICES CORP	4,100.00 002052
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/27/25 00074 10/22/25 4768	202511 330-57200-46200	*	825.00
NOV 25 - LAWN MAINT
ECOLAWN SRVICES INC	825.00 002053
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/27/25 00097	8/27/25 20220565 202508 330-57200-49300	*	180.00
AUG 25- DUMPSTER CLEANING
JB RENOVATION SERVICES	180.00 002054
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/27/25 00075 10/01/25 19869774 202510 330-57200-52000	*	1,641.99
VARIOUS SUPPLIES
ULINE INC.	1,641.99 002055
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	32,910.89

BELL --BELLAGIO--	TCESSNA

CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS	NAME	STATUS		AMOUNT	....CHECK..... AMOUNT	#	
10/03/25 00020	9/10/25 84956002 202510 330-57200-41500
COMCAST (AUTO PAY)		*		633.42	
633.42 080005	
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/03/25 00021	9/16/25 92637-87 202509 330-57200-43000
9/16/25 99723-67 202509 330-57200-43000	- - - - -	- - - - - - -
*
*	- - - -	- - - - - -

1,415.51	- - - - - - - -	
CLUBH 08/15-9/16/25
FPL (AUTO PAY)					2,682.81 080006	
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - -	- - - - - - -	- - - -	- - - - - -	- - - - - - - -	
	TOTAL FOR	BANK Z		3,316.23		
	TOTAL FOR	REGISTER		36,227.12		

TV/INTERNET 9/20-10/19/25

FOUNTAIN 08/15-9/16/25

1,267.30

BELL --BELLAGIO--	TCESSNA

CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
11/05/25 00019 10/24/25 192476-0 202509 330-57200-43100	*	78.00
BASE 8/16-10/15/25
CITY OF HIALEAH	78.00 002056

11/05/25 00002	11/01/25	
	11/01/25	
	11/01/25	
	11/01/25	
	11/01/25	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
163	202511 310-51300-34000	*	3,114.58
NOV 25 - MGMT FEES
163	202511 310-51300-35100	*	46.42
NOV 25 - COMPUTER TIME
163	202511 310-51300-31300	*	182.83
NOV 25 - DISSEMINATION
163	202511 310-51300-49500	*	103.50
NOV 25 - WEBSITE ADMIN
163	202511 310-51300-42000	*	11.84
NOV 25 - POSTAGE
GMS-SF, LLC	3,459.17 002057

11/05/25 00024	11/01/25	
	11/01/25	
	11/01/25	
	11/01/25	
	11/01/25	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - C-102725 202511 330-57200-34000	*	4,000.00
NOV 25 - ON SITE MANAGER
C-102725 202511 330-57200-34000	*	7,543.47 NOV 25 - CLUB ATTENDANT
C-102725 202511 330-57200-34000	*	30.00
NOV 25 - CELL PHONE
C-102725 202511 330-57200-34000	*	1,230.00 NOV 25 - SVC ADMN MGMT
C-102725 202511 330-57200-46300	*	3,057.60 NOV 25 - HOUSEKEEPING
MIAMI MANAGEMENT, INC.	15,861.07 002058
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/05/25 00072 10/29/25 1094325	202510 330-57200-46700	*	50.00
OCT 25 - PEST CONTROL
POWER EXTERMINATORS, INC	50.00 002059
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/10/25 00098 11/01/25 17685	202511 330-57200-46100	*	4,100.00
NOV 25 - POOL SERVICE
ADN POOL SERVICES CORP	4,100.00 002060
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/10/25 00014 11/04/25 28200	202511 310-51300-32200	*	2,000.00
AUDIT FYE 9/30/2024
GRAU AND ASSOCIATES	2,000.00 002061
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/10/25 00097 11/03/25 20220622 202510 330-57200-49300	*	180.00
OCT 25 - DUMPSTER CLEAN
JB RENOVATION SERVICES	180.00 002062
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/10/25 00095 11/02/25 IN64156	202510 310-51300-48000	*	1,063.08 NOTICE OF PH & SPEC MTG
MCCLATCHY COMPANY LLC	1,063.08 002063
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BELL --BELLAGIO--	TCESSNA

CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#

11/21/25 00007 10/31/25 196037	202510 310-51300-31500			*					1,200.00		
LEGAL SV THRU 10/31/25
BILLING, COCHRAN, LYLES,	MAURO &								1,200.00	002064	
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - -	-	- -	-	-	-	-	- - - - - -	- - - - -	- - -	
11/21/25 00018 11/10/25 50723237 202511 330-57200-44000			*					107.63			
COPIER LEASE 11/10-12/9											
RICOH USA, INC.									107.63	002065	
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - -	-	- -	-	-	-	-	- - - - - -	- - - - -	- - -	
11/21/25 00075 11/11/25 20045808 202511 330-57200-52000			*					1,340.53			
VARIOUS SUPPLIES											
ULINE INC.									1,340.53	002066	
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL	- - - - - -
FOR BANK A	-	- -	-	-	-	-	- - - - - -
29,439.48	- - - - -	- - -	

BELL --BELLAGIO--	TCESSNA

CHECK	VEND# DATE	.....INVOICE..... ...EXPENSED TO...		VENDOR DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS	NAME	STATUS		AMOUNT	....CHECK..... AMOUNT	#	
11/05/25 00020	10/10/25 84956002 202511 330-57200-41500
COMCAST (AUTO PAY)		*		655.96	
655.96 080007	
- - - - - - - - 11/05/25 00021	- - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/16/25 92637-87 202510 330-57200-43000
10/16/25 99723-67 202510 330-57200-43000	- - - - -	- - - - - - -
*
*	- - - -	- - - - - -

1,269.29	- - - - - - - -	
	CLUBH 09/16-10/16/25
FPL (AUTO PAY)					2,460.72 080008	
- - - - - - - - 11/21/25 00020	- - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/10/25 84956002 202512 330-57200-41500
COMCAST (AUTO PAY)	- - - - -	- - - - - - -
*	- - - -	- - - - - -	- - - - - - - -

655.96 080009	
- - - - - - - - 11/21/25 00021	- - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/14/25 92637-87 202511 330-57200-43000
11/14/25 99723-67 202511 330-57200-43000	- - - - -	- - - - - - -
*
*	- - - -	- - - - - -

1,199.89	- - - - - - - -	
	CLUBH 10/16-11/14/25
FPL (AUTO PAY)					2,382.87 080010	
- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - -	- - - - - - -	- - - -	- - - - - -	- - - - - - - -	
		TOTAL FOR	BANK Z		6,155.51		
		TOTAL FOR	REGISTER		35,594.99		

TV/INTERNET 10/20-11/19

FOUNTAIN 09/16-10/16/25

1,191.43

TV/INTERNET 11/20-12/19

655.96

FOUNTAIN 10/16-11/14/25

1,182.98

BELL --BELLAGIO--	TCESSNA

CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
12/03/25 00098 11/25/25 17715	202511 330-57200-46110	*	120.00
POOL THERMOSTAT
11/25/25 17715	202511 330-57200-46110	*	3,750.60
D.E. FILTERS
11/25/25 17715	202511 330-57200-46110	*	1,620.00
PUMP CHLORINE INJECTION
11/25/25 17715	202511 330-57200-46110	*	119.00
ELECTRICAL BOX
ADN POOL SERVICES CORP	5,609.60 002067
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/03/25 00019 11/25/25 192476-0 202510 330-57200-43100	*	283.45
W/S 8/27-10/24/25
CITY OF HIALEAH	283.45 002068
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/03/25 00074 11/20/25 4821	202512 330-57200-46200	*	825.00

ECOLAWN SRVICES INC	825.00	002069	
- - - - - - - -	- - - - - - -	- -	- - - - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	-	- - - -	-	- - - -	- - -	
164	202512 310-51300-34000	*	3,114.58	
DEC	25	- MGMT FEES	
164	202512 310-51300-35100	*	46.42	
DEC	25	- COMPUTER TIME	
164	202512 310-51300-31300	*	182.83	
DEC	25	- DISSEMINATION	
164	202512 310-51300-49500	*	103.50	
DEC	25	- WEBSITE ADMIN	
164	202512 310-51300-42000	*	11.10	
DEC	25	- POSTAGE	

DEC 25 - LAWN MAINT

12/03/25 00002	12/01/25	
	12/01/25	
	12/01/25	
	12/01/25	
	12/01/25	
GMS-SF, LLC	3,458.43 002070
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/03/25 00014 12/01/25 28283	202512 310-51300-32200	*	1,600.00
AUDIT FYE 9/30/2025
GRAU AND ASSOCIATES	1,600.00 002071

12/03/25 00024	12/01/25	
	12/01/25	
	12/01/25	
	12/01/25	
	12/01/25	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - C-112125 202512 330-57200-34000	*	4,000.00
DEC 25 - ON SITE MANAGER
C-112125 202512 330-57200-34000	*	7,543.47 DEC 25 - CLUB ATTENDANT
C-112125 202512 330-57200-34000	*	30.00
DEC 25 - CELL PHONE
C-112125 202512 330-57200-34000	*	1,230.00 DEC 25 - SVC ADMN MGMT
C-112125 202512 330-57200-46300	*	3,057.60 DEC 25 - HOUSEKEEPING
MIAMI MANAGEMENT, INC.	15,861.07 002072
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BELL --BELLAGIO--	TCESSNA

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	1/06/26	PAGE	2
*** CHECK DATES 12/01/2025 - 12/31/2025 ***	BELLAGIO CDD - 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	#
12/03/25 00037 11/20/25 69553	202511 330-57200-46100	*	175.00
SVC CALL/MACHINE DOWN

-	-	-	-	-	-	

-	
-	
-	
-	
-	
-	

-	
-	
-	
-	
-	
-	

-	
-	
-	
-	
-	
-	

-	
-	
-	
-	
-	
-	

THE FITNESS SOLUTION, INC.	175.00 002073
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - - - - - - - - - - - - - - - -
12/05/25 00010 12/05/25 12052025 202512 300-20700-10200	*	551,214.41
TXFER TAX COLLECTION
BELLAGIO CDD - SERIES 2013	551,214.41 002074
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - - - - - - - - - - - - - - - -
12/05/25 00060 12/05/25 12052025 202512 300-20700-10200	*	333,410.77
TXFER TAX COLLECTION
BELLAGIO CDD - SERIES 2016	333,410.77 002075
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - - - - - - - - - - - - - - - -
12/05/25 00071 12/05/25 12052025 202512 300-15100-10000	*	350,000.00
TXFER EXCESS FUNDS TO SBA
BELLAGIO CDD	350,000.00 002076
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - - - - - - - - - - - - - - - -
12/10/25 00098 12/01/25 17779	202512 330-57200-46100	*	4,100.00
DEC 25 - POOL SERVICE
ADN POOL SERVICES CORP	4,100.00 002077
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - - - - - - - - - - - - - - - -
12/10/25 00028 11/01/25 629207	202511 330-57200-49300	*	406.80
NOV 25 - WASTE
12/01/25 635880	202512 330-57200-49300	*	406.80
DEC 25 - WASTE
GREAT WASTE & RECYCLING	813.60 002078
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/10/25 00037 10/15/25 69302	202510 330-57200-46401	*	180.00
ROUT PREV MAINT 10/15/25
12/02/25 70130	202512 330-57200-46401	*	180.00
ROUT PREV MAINT 12/2/25
12/02/25 70131	202512 330-57200-46400	*	553.63

THE	FITNESS SOLUTION, INC.	913.63	002079	
- - - -	- - -	-	- - - -	- - - -	- - - - - - - - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	-	-	-	-	- - -	-	-	- - - -	- - -	
12/16/25	00007	11/30/25	196432	202511	310-51300-31500	*	3,120.00	
LEGAL	SV THRU 11/30/25	
BILLING COCHRAN, P.A.	3,120.00	002080	
- - - -	- - -	-	- - - -	- - - -	-	- - - - - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	- - - -	-	- - - - -	- - -	
12/16/25	00074	9/17/25	4712	202510 330-57200-49000	*	2,000.00	
INST OF	CHRISTMAS LIGHTS	
ECOLAWN SRVICES INC	2,000.00	002081	
- - - -	- - -	-	- - - -	- - - - -	- - - - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	- - -	-	- - - - -	- - -	
12/16/25	00072	11/11/25	1104264	202511 330-57200-46700	*	231.00	
NOV 25 BI MNTH PEST CONTR	
12/09/25	1112779	202512 330-57200-46700	*	50.00	
DEC 25 - PEST CONTROL	
POWER EXTERMINATORS,	INC	281.00	002082	
- - - -	- - -	-	- - - -	- - - - - - - - - - - - - - - - - - - - - - - - -	- -	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	- - -	-	- - - - -	- - -	

PARTS-PARAMOUNT LEG EXT

BELL --BELLAGIO--	TCESSNA

AP300R
*** CHECK DATES	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER
BANK A GENERAL FUND		RUN	1/06/26	PAGE	3	
CHECK	VEND# DATE	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS		AMOUNT	....CHECK..... AMOUNT	#	
12/16/25 00018	12/10/25 50724719 202512 330-57200-44000	*
RICOH USA, INC.		107.63	
107.63 002083	
- - - - - - - - 12/16/25 00075	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/04/25 20141674 202512 330-57200-52000	*
ULINE INC.	-	- - - - - - -	- - - - - - - -

725.95 002084	
- - - - - - - - 12/16/25 00003	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/16/25 9-104-96 202512 310-51300-42000	*
FEDEX	-	- - - - - - -	- - - - - - - -

38.95 002085	
- - - - - - - - 12/17/25 00102	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
8/19/25 254	202512 330-57200-60000	*
ADVANCED MULTIMEDIA INC	-	- - - - - - -	- - - - - - - -

8,321.05 002086	
- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	-	- - - - - - -	- - - - - - - -	
	TOTAL FOR BANK A		1,282,859.54		
	TOTAL FOR REGISTER		1,282,859.54		

12/01/2025 - 12/31/2025 ***	BELLAGIO CDD - GENERAL FUND

COPIER LEASE 12/10-1/9

VARIOUS SUPPLIES

725.95

DELIVERIES THRU 12/05/25

38.95

40% AI ACCESS CTR SYS

8,321.05

BELL --BELLAGIO--	TCESSNA

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	2/03/26	PAGE	1
*** CHECK DATES 01/01/2026 - 01/31/2026 ***	BELLAGIO CDD - 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	#
1/02/26 00098 12/18/25 17805	202512 330-57200-46110	*	1,610.00
POOL LADDER STEP/EYEBALLS
ADN POOL SERVICES CORP	1,610.00 002087
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/02/26 00010	1/02/26 01022026 202601 300-20700-10200	*	11,462.57
TXFER TAX COLLECTIONS
BELLAGIO CDD - SERIES 2013	11,462.57 002088
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/02/26 00060	1/02/26 01022026 202601 300-20700-10200	*	6,933.32
TXFER TAX COLLECTIONS
BELLAGIO CDD - SERIES 2016	6,933.32 002089
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/02/26 00074 12/23/25 4859	202601 330-57200-46200	*	825.00
JAN 26 - LAWN MAINT
ECOLAWN SRVICES INC	825.00 002090

1/02/26	00096	12/13/25	
- - - - - - - - - - -
1/02/26 00024	1/01/26	
	1/01/26	
	1/01/26	
	1/01/26	
	1/01/26	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12132025 202512 330-57200-46600	*	462.00
BLOWER BELT REPLACED
KEEPING IT COOL HVAC SERVICES	462.00 002091
-	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - C-122425 202601 330-57200-34000	*	4,000.00
JAN 26 - ON SITE MANAGER
C-122425 202601 330-57200-41000	*	30.00
JAN 26 - CELL PHONE
C-122425 202601 330-57200-34000	*	1,230.00 JAN 26 - SVC ADMN MGMT
C-122425 202601 330-57200-46300	*	3,142.53 JAN 26 - HOUSEKEEPING
C-122425 202601 330-57200-34000	*	7,765.33 JAN 26 - CLUB ATTENDANT
MIAMI MANAGEMENT, INC.	16,167.86 002092
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/02/26 00037 12/15/25 70221	202512 330-57200-46100	*	150.00
SVC CALL/MACHINE DOWN
12/19/25 70246	202512 330-57200-46400	*	545.41
PARTS-LAT PULL PARAMOUNT
THE FITNESS SOLUTION, INC.	695.41 002093
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/12/26 00098	1/01/26 17868	202601 330-57200-46100	*	4,100.00
JAN 26 - POOL SERVICE
ADN POOL SERVICES CORP	4,100.00 002094
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/12/26 00019 12/29/25 192476-0 202512 330-57200-43100	*	78.00
W/S 10/16-12/15/25
CITY OF HIALEAH	78.00 002095
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BELL --BELLAGIO--	TCESSNA

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	2/03/26	PAGE	2
*** CHECK DATES 01/01/2026 - 01/31/2026 ***	BELLAGIO CDD - 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	#
1/12/26 00002	1/01/26 165	202601 310-51300-34000	*	3,114.58
JAN 26 - MGMT FEES
1/01/26 165	202601 310-51300-35100	*	46.42
JAN 26 - COMPUTER TIME
1/01/26 165	202601 310-51300-31300	*	182.83
JAN 26 - DISSEMINATION
1/01/26 165	202601 310-51300-49500	*	103.50
JAN 26 - WEBSITE ADMIN
1/01/26 165	202601 310-51300-42000	*	13.32
JAN 26 - POSTAGE
GMS-SF, LLC	3,460.65 002096
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/12/26 00097	1/06/26 20220669 202601 330-57200-49300	*	180.00
JAN 26 - DUMPSTER CLEAN
JB RENOVATION SERVICES	180.00 002097
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/12/26 00072	1/02/26 1122119	202601 330-57200-46700	*	231.00

POWER EXTERMINATORS,	INC	231.00	002098	
- - - -	- - -	-	- - - -	- - - - -	- - - - - - - - - - - - - - - - - -	- -	- -	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	- - -	-	-	- - - -	- - -	
1/12/26	00066	12/31/25	128485	202512 310-51300-32300	*	3,500.00	
TRUSTEE	FEES - S2013	
REGIONS	3,500.00	002099	
- - - -	- - -	-	- - - -	- - - - -	- - - - - - - - - - - - - - - - - -	- -	- -	-	-	-	-	-	-	-	-	- - -	-	- - - - -	- - -	
1/12/26	00103	12/15/25	3608500	202601 330-57200-49300	*	406.80	
WASTE 1/1-1/31/26	
WASTE CONNECTIONS OF	FLORIDA	406.80	002100	
- - - -	- - -	-	- - - -	- - - - - - - - - - - - - - - - - - - - - - -	- -	- - - -	-	-	-	-	-	-	- - -	-	-	- - - -	- - -	
1/22/26	00007	12/31/25	1968392	202512 310-51300-31500	*	905.00	
BILLING COCHRAN,	P.A.	905.00	002101	
- - - -	- - -	-	- - - -	- - - - - - - - - - - - - - - - - - - - - - -	- -	-	-	-	-	-	-	-	-	-	-	- - -	-	-	- - - -	- - -	
1/22/26	00003	1/13/26	9-136-49 202601 310-51300-42000	*	30.45	
DELIVERY THRU 1/02/26	
FEDEX	30.45	002102	
- - - -	- - -	-	- - - -	- - - - - - - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	-	-	- - -	-	-	- - - -	- - -	
1/22/26	00018	1/14/26	90335053 202601 330-57200-44000	*	107.63	
COPIER LEASE 1/10-2/9/26	
RICOH USA, INC.	107.63	002103	
- - - -	- - -	-	- - - -	- - - - - - - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	-	-	- - -	-	-	- - - -	- - -	
1/22/26	00103	1/15/26	3630331W 202602 330-57200-49300	*	406.80	
WASTE 2/1-2/28/26	
WASTE CONNECTIONS OF	FLORIDA	406.80	002104	
- - - -	- - -	-	- - - -	- - - - -	- - - - - - - - - - - - - - - - - -	- -	- - - -	-	-	-	-	-	-	-	-	-	-	-	-	-	- - -	-	-	- - - -	- - -	
1/26/26	00104	11/18/25	19501	202601 330-57200-46110	*	71,711.40	
60% DEP	POOL RESURFACE	
USA ONASIS TILE LLC	71,711.40	002105	
- - - -	- - -	-	- - - -	- - - - -	- - - - - - - - - - - - - - - - - - - -	- - - -	-	-	-	-	-	-	-	-	-	-	-	- - - - -	-	- - - - -	- - -	
TOTAL FOR	BANK A	123,273.89	
BELL --BELLAGIO--	TCESSNA	

- - - - - - -	

- - - - - - -	

- - - - - - -	

- - - - - - -	

-	
-	
-	
-	
-	
-	
-	

JAN 26 BI MNTH PEST CONTR

LEGAL SV THRU 12/31/25

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	2/03/26	PAGE	3
*** CHECK DATES 01/01/2026 - 01/31/2026 ***	BELLAGIO CDD - 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	#

BELL --BELLAGIO--	TCESSNA

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	2/03/26	PAGE	4
*** CHECK DATES 01/01/2026 - 01/31/2026 ***	BELLAGIO CDD - GENERAL FUND
BANK Z GENERAL FUND	AUTOPY
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#

	TV/INTERNET 12/20-1/19
COMCAST (AUTO PAY)																		680.34	080011	
- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	- - - - -	- - - - -	- - -	
1/02/26 00021	12/13/25 92637-87 202512 330-57200-43000											*						1,245.39			
	FOUNTAIN 11/14-12/13/25																				
	12/13/25 99723-67 202512 330-57200-43000											*						1,226.64			
	CLUBH 11/14-12/13/25																				
	FPL (AUTO PAY)																		2,472.03	080012	
- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	- - - - -	- - - - -	- - -	
1/22/26 00020	1/10/26 84956002 202602 330-57200-41500											*						686.08			
	TV/INTERNET 1/20-2/19/26																				
	COMCAST (AUTO PAY)																		686.08	080013	
- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	- -	-	-	-	-	-	- - - - -	- - - - -	- - -	
1/22/26 00021	1/14/26 92637-87 202601 330-57200-43000											*						1,385.53			
	FOUNTAIN 12/13-1/14/26																				
	1/14/26 99723-67 202601 330-57200-43000											*						1,313.67			
	CLUBH 12/13-1/14/26																				
	FPL (AUTO PAY)																		2,699.20	080014	
- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - -	- -	- - - -	- - -	- - - - - - - - - - - - - - -	- - -	
		TOTAL	FOR	BANK Z		6,537.65		
		TOTAL	FOR	REGISTER		129,811.54		

1/02/26 00020 12/10/25 84956002 202601 330-57200-41500	*	680.34

BELL --BELLAGIO--	TCESSNA

Bellagio	
Community Development District	

Unaudited Financial Reporting	
January 31, 2026	

Table of Contents

1		Balance Sheet	

2-3	
	General Fund	

4	
	Debt Service Fund Series 2013	

5	
	Debt Service Fund Series 2016	

6-7	
	Month to Month	

8	
	Long Term Debt Report	

9	
	Assessment Receipt Schedule	

Bellagio		
Community Development District	
Combined Balance Sheet	
January 31, 2026		
General	Debt Service	Totals	
Fund	Fund	Governmental Funds	

Assets:	
Cash:	
Operating Account	
Due from General Fund	

$	84,599	
-	

$	-	
41,193	

$	84,599	
41,193	

Investments:	
State Board of Administration (SBA)	

658,621	-	658,621

Series 2013	
Reserve	
Revenue	
Interest	
Sinking Fund	
Prepayment	

-	
-	
-	
-	
-	

337,325	
812,825	
150	
133	
2,269	

337,325	
812,825	
150	
133	
2,269	

Series 2016	
Reserve	
Revenue	
Interest	
Sinking Fund	
Prepayment	

-	
-	
-	
-	
-	

229,273	
472,460	
75	
113	
2,661	

229,273	
472,460	
75	
113	
2,661	

Deposits	399	-	399

Total Assets	$	743,619	$	1,898,476	$	2,642,095	
Liabilities:	
Accounts Payable	$	5,612	$	-		$	5,612	
Due to Debt Service	41,193		-	41,193	

Total Liabilites	$	46,805	$	-	$	46,805

Fund Balance:	
Nonspendable:	
Deposits	
Restricted for:	
Debt Service	
Unassigned	

$	399	$	-	$	399

-	
696,415	

1,898,476	1,898,476
-	696,415

Total Liabilities & Fund Balance	$	743,619	$	1,898,476	$	2,642,095

Total Fund Balances	$	696,814	$	1,898,476	$	2,595,290

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

Revenues:		
Special Assessments - Tax Roll	$	483,346	
Interest	15,000	

	
$	433,167	
5,000	

	
$	433,167	
7,663	

	
$	-	
2,663	

Total Revenues	$	498,346	$	438,167	$	440,830	$	2,663	
Expenditures:					
General & Administrative:					
Supervisor Fees	$	5,000	$	1,000	$	800	$	200	
PR-FICA	383	77	61	15	
Engineering	5,000	1,667	-	1,667	
Attorney	15,000	5,000	6,108	(1,108)	
Annual Audit	3,600	3,600	3,600	-	
Assessment Administration	2,120	2,120	2,120	-	
Arbitrage Rebate	650	-	-	-	
Dissemination Agent	2,194	731	731	0	
Trustee Fees	7,000	3,500	3,500	-	
Management Fees	37,375	12,458	12,458	(0)	
Information Technology	557	186	186	(0)	
Website Maintenance	1,242	414	414	-	
Telephone	105	35	-	35	
Postage & Delivery	750	250	116	134	
Insurance General Liability	9,121	9,121	8,123	998	
Printing & Binding	1,500	500	-	500	
Legal Advertising	1,000	333	-	333	
Other Current Charges	650	217	216	0	
Office Supplies	150	50	-	50	
Dues, Licenses & Subscriptions	175	175	175	-	
Total General & Administrative	$	93,571	$	41,433	$	38,609	$	2,825	

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

Operations & Maintenance

Clubhouse Expenditures		
Management Fees - Front Desk & Director	$	140,642	
Pool Attendants	13,000	
Access Control	2,000	
Cable/Internet Services	7,800	
Utilities - Electric	30,000	
Utilities - Water	5,000	
Copier Lease	2,000	
Property Insurance	45,396	
Repairs & Maintenance	49,897	
Pool & Spa Maintenance	30,000	
Pool & Spa Repairs	2,400	
Pool & Spa Permit	600	
Landscape Maintenance	9,900	
Landscape Replacement	6,000	
Replacements annuals	10,000	
Janitorial Services	36,691	
Janitorial Supplies	3,600	
Fitness Equipment Maintenance	1,080	
Fitness Equipment Repair/Replacements	5,000	
Pest Control	1,686	
Contingencies	7,168	
Refuse Service	6,056	
Special Events	3,000	
Office/Clubhouse Supplies	16,000	
Alarm Monitoring	1,500	
Air Conditioning Maintenance	3,500	
Capital Outlay	-	

$	46,881	
-	
667	
2,600	
10,000	
1,667	
667	
45,396	
16,632	
10,000	
2,400	
-	
3,300	
2,000	
3,333	
12,230	
1,200	
360	
1,667	
562	
2,389	
2,019	
1,000	
5,333	
500	
1,167	
-	

$	51,436	
-	
-	
2,626	
10,015	
673	
431	
42,925	
4,500	
16,400	
79,256	
-	
3,300	
-	
-	
12,315	
-	
1,099	
360	
562	
2,000	
1,987	
-	
4,719	
-	
462	
8,321	

$	(4,555)	
-	
667	
(26)	
(15)	
993	
236	
2,471	
12,132	
(6,400)	
(76,856)	
-	
-	
2,000	
3,333	
(85)	
1,200	
(739)	
1,307	
-	
389	
31	
1,000	
5,333	
500	
705	
(8,321)	

Subtotal Clubhouse Expenditures	$	439,916	$	173,969	$	243,387	$	(64,698)	

Total Operations & Maintenance	$	439,916	$	173,969	$	243,387	$	(64,698)	

Total Expenditures	$	533,487	$	215,403	$	281,995	$	(61,874)	

Excess (Deficiency) of Revenues over Expenditure	$	(35,141)	$	222,764	$	158,835	$	(59,210)	

Net Change in Fund Balance	$	(35,141)	$	222,764	$	158,835	$	(59,210)	
	
Fund Balance - Beginning	$	35,141		$	537,979		
	
Fund Balance - Ending	$	-		$	696,814		

Bellagio	
Community Development District	
Debt Service Fund Series 2013	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending January 31, 2026	

Revenues:		
Special Assessments - Tax Roll	$	658,673	
Interest	20,000	

	
$	588,344	
6,667	

	
$	588,344	
11,935	

	
$	-	
5,268	

Total Revenues	$	678,673	$	595,011	$	600,280	$	5,268	
Expenditures:		
Interest - 11/1	$	227,525	$	227,525	$	227,525	$	-	
Principal - 11/1	200,000	200,000	200,000	-	
Interest - 5/1	221,525	-	-	-	
Total Expenditures	$	649,050	$	427,525	$	427,525	$	-	

Excess (Deficiency) of Revenues over Expenditure	$	29,623	$	167,486	$	172,755	$	5,268	

Net Change in Fund Balance	$	29,623	$	167,486	$	172,755	$	5,268	
		
Fund Balance - Beginning	$	64,475	$	1,005,615	
		
Fund Balance - Ending	$	94,097	$  1,178,369	

Bellagio	
Community Development District	
Debt Service Fund Series 2016	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending January 31, 2026	

Revenues:		
Special Assessments - Tax Roll	$	398,409	
Interest	13,000	

	
$	355,869	
4,333	

	
$	355,869	
7,485	

	
$	-	
3,151	

Total Revenues	$	411,409	$	360,203	$	363,354	$	3,151	
Expenditures:		
Interest - 11/1	$	112,859	$	112,859	$	112,859	$	-	
Principal - 11/1	170,000	170,000	170,000	-	
Interest - 5/1	110,309	-	-	-	
Total Expenditures	$	393,169	$	282,859	$	282,859	$	-	

Excess (Deficiency) of Revenues over Expenditure	$	18,240	$	77,343	$	80,495	$	3,151	

Net Change in Fund Balance	$	18,240	$	77,343	$	80,495	$	3,151	
		
Fund Balance - Beginning	$	416,753	$	639,612	
		
Fund Balance - Ending	$	434,993	$	720,107	

Bellagio	
Community Development District	
Month to Month	

Revenues:	Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total	
Special Assessments - Tax Roll	$	-	$  67,431	$  345,472	$	20,264	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	433,167	
Interest	1,650	1,420	2,166	2,427	-	-	-	-	-	-	-	-	7,663	
Clubhouse Revenues	-	-	-	-	-	-	-	-	-	-	-	-	-	
Total Revenues	$	1,650	$ 68,851	$ 347,638	$  22,691	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  440,830	
Expenditures:														
General & Administrative:														
Supervisor Fees	$	-	$	800	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	800	
PR-FICA	-	61	-	-	-	-	-	-	-	-	-	-	61	
Engineering	-	-	-	-	-	-	-	-	-	-	-	-	-	
Attorney	1,200	3,120	905	883	-	-	-	-	-	-	-	-	6,108	
Annual Audit	2,000	1,600	-	-	-	-	-	-	-	-	-	-	3,600	
Assessment Administration	2,120	-	-	-	-	-	-	-	-	-	-	-	2,120	
Arbitrage Rebate	-	-	-	-	-	-	-	-	-	-	-	-	-	
Dissemination Agent	183	183	183	183	-	-	-	-	-	-	-	-	731	
Trustee Fees	-	-	3,500	-	-	-	-	-	-	-	-	-	3,500	
Management Fees	3,115	3,115	3,115	3,115	-	-	-	-	-	-	-	-	12,458	
Information Technology	46	46	46	46	-	-	-	-	-	-	-	-	186	
Website Maintenance	104	104	104	104	-	-	-	-	-	-	-	-	414	
Telephone	-	-	-	-	-	-	-	-	-	-	-	-	-	
Postage & Delivery	10	12	50	44	-	-	-	-	-	-	-	-	116	
Insurance General Liability	8,123	-	-	-	-	-	-	-	-	-	-	-	8,123	
Printing & Binding	-	-	-	-	-	-	-	-	-	-	-	-	-	
Legal Advertising	-	-	-	-	-	-	-	-	-	-	-	-	-	
Other Current Charges	83	94	40	-	-	-	-	-	-	-	-	-	216	
Office Supplies	-	-	-	-	-	-	-	-	-	-	-	-	-	
Dues, Licenses & Subscriptions	175	-	-	-	-	-	-	-	-	-	-	-	175	
Total General & Administrative	$ 17,159	$	9,134	$	7,942	$	4,374	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	38,609	

Bellagio	
Community Development District	
Month to Month	

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

Operations & Maintenance														
Clubhouse Expenditures														
Management Fees - Front Desk & Director	$  12,803	$  12,803	$	12,803	$	12,995	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	51,406	
Pool Attendants	-	-	-	-	-	-	-	-	-	-	-	-	-	
Access Control	-	-	-	-	-	-	-	-	-	-	-	-	-	
Cable/Internet Services	633	656	656	680	-	-	-	-	-	-	-	-	2,626	
Utilities - Electric	2,461	2,383	2,472	2,699	-	-	-	-	-	-	-	-	10,015	
Utilities - Water	283	-	78	312	-	-	-	-	-	-	-	-	673	
Copier Lease	108	108	108	108	-	-	-	-	-	-	-	-	431	
Property Insurance	42,925	-	-	-	-	-	-	-	-	-	-	-	42,925	
Repairs & Maintenance	-	-	-	4,500	-	-	-	-	-	-	-	-	4,500	
Pool & Spa Maintenance	4,100	4,100	4,100	4,100	-	-	-	-	-	-	-	-	16,400	
Pool & Spa Repairs	-	5,785	1,760	71,711	-	-	-	-	-	-	-	-	79,256	
Pool & Spa Permit	-	-	-	-	-	-	-	-	-	-	-	-	-	
Landscape Maintenance	825	825	825	825	-	-	-	-	-	-	-	-	3,300	
Landscape Replacement	-	-	-	-	-	-	-	-	-	-	-	-	-	
Replacements annuals	-	-	-	-	-	-	-	-	-	-	-	-	-	
Janitorial Services	3,058	3,058	3,058	3,143	-	-	-	-	-	-	-	-	12,315	
Janitorial Supplies	-	-	-	-	-	-	-	-	-	-	-	-	-	
Fitness Equipment Maintenance	-	-	1,099	-	-	-	-	-	-	-	-	-	1,099	
Fitness Equipment Repair/Replacements	180	-	180	-	-	-	-	-	-	-	-	-	360	
Pest Control	50	231	50	231	-	-	-	-	-	-	-	-	562	
Contingencies	2,000	-	-	-	-	-	-	-	-	-	-	-	2,000	
Refuse Service	587	407	407	587	-	-	-	-	-	-	-	-	1,987	
Special Events	-	-	-	-	-	-	-	-	-	-	-	-	-	
Office/Clubhouse Supplies	1,642	1,341	726	1,011	-	-	-	-	-	-	-	-	4,719	
Alarm Monitoring	-	-	-	-	-	-	-	-	-	-	-	-	-	
Air Conditioning Maintenance	-	-	462	-	-	-	-	-	-	-	-	-	462	
Capital Outlay	-	-	8,321	-	-	-	-	-	-	-	-	-	8,321	
Subtotal Amenity Expenditures	$ 71,655	$ 31,695	$	37,105	$ 102,902	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  243,357	

Total Operations & Maintenance	$ 71,655	$ 31,695	$	37,105	$ 102,902	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  243,357	

Total Expenditures	$ 88,814	$ 40,830	$	45,047	$ 107,275	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  281,965	

Excess (Deficiency) of Revenues over E	$ (87,163)	$  28,022	$  302,591	$  (84,585)	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	158,865	
														
Net Change in Fund Balance	$ (87,163)	$ 28,022	$ 302,591	$ (84,585)	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  158,865	

Bellagio	
Community Development District	
Long Term Debt Report	

Series 2

Interest Rate:	013, Special Assessment Revenue Bonds

6.000%, 6.500%	
Maturity Date:	11/1/2043	
Reserve Fund Definition	Lesser of:	
	(i) Max Annual Debt Service for Bonds Outstanding	
	(ii) 125% of Average Debt Service for Bonds Outstanding	
	(iii) 10% of Original proceeds	
Reserve Fund Requirement	$332,913	
Reserve Fund Balance

Bonds Outstanding - 10/1/2013 Less: Principal Payment - 11/1/14 Less: Principal Payment - 11/1/15 Less: Principal Payment - 11/1/16 Less: Principal Payment - 11/1/17 Less: Principal Payment - 11/1/18 Special Call - 2/28/19
Special Call - 5/1/19 Special Call - 8/1/19
Less: Principal Payment - 11/1/19 Less: Principal Payment - 11/1/20 Less: Principal Payment - 11/1/21 Special Call - 5/1/22
Less: Principal Payment - 11/1/22 Less: Principal Payment - 11/1/23 Special Call - 5/1/24
Less: Principal Payment - 11/1/24 Less: Special Call - 11/1/24
Less: Principal Payment - 11/1/25	337,325

$8,730,000 ($105,000) ($115,000) ($120,000) ($130,000) ($135,000) ($10,000)
($15,000)
($15,000) ($145,000) ($150,000) ($160,000) ($15,000) ($170,000) ($180,000) ($10,000) ($190,000) ($15,000) ($200,000)	
Current Bonds Outstanding	$6,850,000	

Series 20

Interest Rate:	16, Special Assessment Revenue Bonds

2.000%, 2.250%, 2.500%, 2.750%, 3.000%, 3.125%, 3.75%,
4.000%, 4.125%	
Maturity Date:	11/1/2046	
Reserve Fund Definition	50% of Maximum Annual Debt Service	
Reserve Fund Requirement	$200,575	
Reserve Fund Balance

Bonds Outstanding - 2/1/2016 Less: Principal Payment - 11/1/17 Less: Principal Payment - 11/1/18 Special Call - 5/1/19
Less: Principal Payment - 11/1/19 Less: Principal Payment - 11/1/20 Less: Principal Payment - 11/1/21 Less: Principal Payment - 11/1/22 Less: Principal Payment - 11/1/23 Special Call - 11/1/23
Less: Principal Payment - 11/1/24 Less: Special Call - 11/1/24
Less: Principal Payment - 11/1/25	229,273

$6,950,000 ($145,000) ($145,000) ($20,000) ($150,000) ($150,000) ($155,000) ($155,000) ($160,000) ($10,000) ($165,000) ($10,000) ($170,000)	
Current Bonds Outstanding	$5,515,000	

Page 8

Bellagio
COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Receipts - Miami-Dade County Fiscal Year 2026

	Gross Assessments	$	508,786.20	$	693,339.57	$	419,377.42	$  1,621,503.19	
	Net Assessments	$	483,346.89	$	658,672.59	$	398,408.55	$  1,540,428.03	
ON ROLL ASSESSMENTS	
allocation in %	
31.38%	
42.76%	
25.86%	
100.00%	

Date	
Distribution	
Gross Amount	Discoumt/
Penalty	
Commission	
Interest	
Net Receipts	O&M Portion	2013 Debt
Service	2016 Debt
Service	
Total	

11/19/25	
11/1-11/10/25	
$	104,753.15	
$	4,190.11	
$	1,005.63	
$	-	
$	99,557.41	
$	31,238.57	
$	42,569.82	
$	25,749.03	
$	99,557.42	
11/21/25	06/01-10/31/25	19,759.48	959.16	188.00	-	18,612.32	5,840.07	7,958.45	4,813.80	18,612.32	
11/28/25	11/11-11/20/25	$	101,782.70	$	4,071.30	$	977.12	-	96,734.28	30,352.74	41,362.67	25,018.87	96,734.28	
12/09/25	11/21-11/30/25	1,130,274.63	45,210.86	10,850.64	-	1,074,213.13	337,060.59	459,323.47	277,829.07	1,074,213.13	
12/24/25	12/01-12/15/25	28,118.41	1,040.30	270.77	-	26,807.34	8,411.46	11,462.57	6,933.32	26,807.35	
01/09/26	12/16-12/31/25	62,509.75	1,875.26	606.35		60,028.14	18,835.29	25,667.47	15,525.38	60,028.14	
01/26/26	interest	-	-	-	1,428.24	1,428.24	1,428.24	-	-	1,428.24	
	TOTAL	$ 1,447,198.12	$	57,346.99	$	13,898.51	$	1,428.24	$ 1,377,380.86	$	433,166.96	$	588,344.45	$	355,869.47	$ 1,377,380.88	

89.25%
$	174,305.07

Percent Collected Balance Remaining to Collect

Page 9