This graphic is probably overkill for a relatively small pond. But, it might lend some spice to your project's documentation. (Plus, I needed to test a method for laying a grid over a pond's outline.)

It sounds like much of the pond is prone to expansive plant-growth during the summer due to the nature of its depth-design and primary function. Also, since your budget is limited and frequent water-transitions are likely (rainfall run-off), the most cost-effective herbicide treatments would prove challenging. Manual thinning of the elodeo might be the best option. But, don't let it get too far ahead of you before using a rope and grapple-hook.