STOREY PARK COMMUNITY DEVELOPMENT DISTRICT CITY OF ORLANDO, FLORIDA FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024 STOREY PARK COMMUNITY DEVELOPMENT DISTRICT CITY OF ORLANDO, 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 13-23 REQUIRED SUPPLEMENTARY INFORMATION Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund 24 Notes to Required Supplementary Information 25 OTHER INFORMATION Data Elements required by FL Statute 218.39 (3) (c) 26 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 27-28 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 29 MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA 30-31 INDEPENDENT AUDITOR’S REPORT To the Board of Supervisors Storey Park Community Development District City of Orlando, Florida 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 Storey Park Community Development District, City of Orlando, Florida (“District”) as of and for the fiscal year ended September 30, 2024, 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, 2024, 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 Section 218.39(3)(c), Florida Statutes, 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 June 11, 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. June 11, 2025 MANAGEMENT’S DISCUSSION AND ANALYSIS Our discussion and analysis of Storey Park Community Development District, City of Orlando, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2024. 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 assets of the District exceeded its liabilities at the close of the most recent fiscal year resulting in a net position balance of $4,099,164. • The change in the District’s total net position in comparison with the prior fiscal year was ($108,700), a decrease. 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, 2024, the District’s governmental funds reported combined ending fund balances of $2,912,634, an increase of $369,073 in comparison with the prior period. A portion of fund balance is restricted for debt service and capital projects, non-spendable for prepaid items, assigned to subsequent year’s expenditures and other reserves, and the remainder is unassigned fund balance 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 assessments. The District does not have any business-type activities. The governmental activities of the District include the general government (management) and maintenance 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. OVERVIEW OF FINANCIAL STATEMENTS (Continued) 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 three 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, debt service fund and capital projects fund all of which are considered 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, assets exceeded liabilities at the close of the most recent fiscal year. Key components of the District’s net position are reflected in the following table: 20242023Current and other assets2,926,804$ 2,588,945$ Capital assets, net of depreciation25,312,230 26,266,907 Total assets28,239,034 28,855,852 Current liabilities375,550 332,653 Long-term liabilities23,764,320 24,315,335 Total liabilities24,139,870 24,647,988 Net positionNet investment in capital assets1,547,910 1,951,572 Restricted 1,623,141 1,516,541 Unrestricted928,113 739,751 Total net position4,099,164$ 4,207,864$ NET POSITIONSEPTEMBER 30, GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued) 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 decreased during the most recent fiscal year. The majority of the decrease represents the extent to which the cost of operations and depreciation expense exceeded ongoing program revenues. Key elements of the change in net position are reflected in the following table: 20242023Revenues: Program revenuesCharges for services2,930,793$ 2,909,828$ Operating grants and contributions101,404 82,370 Capital grants and contributions1,894 2,827,416 General revenues38,320 17,738 Total revenues3,072,411 5,837,352 Expenses: General government140,930 141,817 Maintenance and operations1,875,096 1,315,932 Interest1,165,085 1,029,524 Total expenses3,181,111 2,487,273 Change in net position(108,700) 3,350,079 Net position - beginning4,207,864 857,785 Net position - ending4,099,164$ 4,207,864$ CHANGES IN NET POSITIONFOR THE FISCAL YEAR END SEPTEMBER 30, As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2024 was $3,181,111. The costs of the District’s activities were primarily funded by program revenues. Program revenues are comprised primarily of assessments. The remainder of the current fiscal year revenue includes interest and miscellaneous revenues. The decrease in program revenues is due to the decrease in Developer contributions. Expenses increased from the prior year mainly due to the increase in depreciation expense. 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, 2024. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets At September 30, 2024, the District had $28,044,444 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $2,732,214 has been taken, which resulted in a net book value of $25,312,230. More detailed information about the District’s capital assets is presented in the notes of the financial statements. Capital Debt At September 30, 2024, the District had $23,605,000 in Bonds outstanding and $144,569 in leases payable for its governmental activities. More detailed information about the District’s capital debt is presented in the notes of the financial statements. ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS Subsequent to fiscal year end, the District is still in the process of contracting its boundaries. For the subsequent fiscal year, the District anticipates that the cost of general operations will increase. CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, land owners, customers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the Storey Park Community Development District’s Finance Department at 219 E. Livingston St., Orlando, Florida, 32801. STOREY PARK COMMUNITY DEVELOPMENT DISTRICT CITY OF ORLANDO, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30, 2024 ASSETSCash295,103$ Investments605,129 Prepaid items42,051 Restricted assets: Investments1,984,521 Capital assets: Depreciable, net 25,312,230 Total assets28,239,034 LIABILITIES Accounts payable 14,170 Accrued interest payable361,380 Non-current liabilities: Due within one year576,653 Due in more than one year23,187,667 Total liabilities24,139,870 NET POSITIONNet investment in capital assets1,547,910 Restricted for debt service1,600,031 Restricted for capital projects23,110 Unrestricted928,113 Total net position4,099,164$ Governmental Activities See notes to the financial statements STOREY PARK COMMUNITY DEVELOPMENT DISTRICT CITY OF ORLANDO, FLORIDA STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024 Functions/ProgramsExpensesPrimary government: Governmental activities: General government140,930$ -$ -$ -$ (140,930)$ Maintenance and operations1,875,096 1,232,533 - 1,894 (640,669) Interest on long-term debt1,165,085 1,698,260 101,404 - 634,579 Total governmental activities3,181,111 2,930,793 101,404 1,894 (147,020) General revenues: Unrestricted investment earnings36,489 Total general revenues 38,320 Change in net position(108,700) Net position - beginning 4,207,864 Net position - ending 4,099,164$ Program RevenuesNet (Expense) Revenue and Changes in Net PositionCharges for ServicesOperating Grants and ContributionsCapital Grants and ContributionsGovernmental Activities See notes to the financial statements STOREY PARK COMMUNITY DEVELOPMENT DISTRICT CITY OF ORLANDO, FLORIDA BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2024 GeneralASSETSCash295,103$ -$ -$ 295,103$ Investments605,129 1,961,411 23,110 2,589,650 Prepaid items42,051 - - 42,051 Total assets942,283$ 1,961,411$ 23,110$ 2,926,804$ LIABILITIES AND FUND BALANCESLiabilities: Accounts payable14,170$ -$ -$ 14,170$ Total liabilities14,170 - - 14,170 Fund balances: Nonspendable: Prepaid items42,051 - - 42,051 Restricted for: Debt service- 1,961,411 - 1,961,411 Capital projects- - 23,110 23,110 Assigned: Capital reserves149,726 - - 149,726 Subsequent year's expenditures186,047 - - 186,047 Unassigned550,289 - - 550,289 Total fund balances928,113 1,961,411 23,110 2,912,634 Total liabilities and fund balances942,283$ 1,961,411$ 23,110$ 2,926,804$ Total Governmental FundsMajor FundsDebt ServiceCapital Projects See notes to the financial statements STOREY PARK COMMUNITY DEVELOPMENT DISTRICT CITY OF ORLANDO, FLORIDA RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION SEPTEMBER 30, 2024 Fund balance - governmental funds $ 2,912,634 Amounts reported for governmental activities in the statement of net position are different because: Capitalassetsusedingovernmentalactivitiesarenotfinancialresourcesand,therefore,arenotreportedasassetsinthegovernmentalfunds.Thestatementofnetpositionincludesthosecapitalassets,netofanyaccumulateddepreciation,inthe net position of the government as a whole. Cost of capital assets 28,044,444 Accumulated depreciation (2,732,214) 25,312,230 Liabilitiesnotdueandpayablefromcurrentavailableresourcesarenotreportedasliabilitiesinthegovernmentalfundfinancialstatements.Allliabilities,bothcurrentandlong- term,arereportedinthegovernment-widefinancialstatements. Accrued interest payable (361,380) Bonds payable (23,764,320) (24,125,700) Net position of governmental activities $ 4,099,164 See notes to the financial statements STOREY PARK COMMUNITY DEVELOPMENT DISTRICT CITY OF ORLANDO, FLORIDA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024 GeneralREVENUESAssessments1,232,533$ 1,698,260$ -$ 2,930,793$ Interest 36,489 101,404 1,894 139,787 Miscellaneous revenue1,831 - - 1,831 Total revenues1,270,853 1,799,664 1,894 3,072,411 EXPENDITURESCurrent: General government140,930 - - 140,930 Maintenance and operations872,428 - - 872,428 Debt service: Principal16,001 535,000 - 551,001 Interest6,132 1,084,856 - 1,090,988 Capital outlay47,000- 991 47,991 Total expenditures1,082,491 1,619,856 991 2,703,338 Excess (deficiency) of revenuesover (under) expenditures188,362 179,808 903 369,073 OTHER FINANCING SOURCES (USES) Transfers in (out)- (14,136) 14,136 - Total other financing sources (uses)- (14,136) 14,136 - Net change in fund balances188,362 165,672 15,039 369,073 Fund balances - beginning739,751 1,795,739 8,071 2,543,561 Fund balances - ending928,113$ 1,961,411$ 23,110$ 2,912,634$ Total Governmental FundsMajor FundsDebt ServiceCapital Projects See notes to the financial statements STOREY PARK COMMUNITY DEVELOPMENT DISTRICT CITY OF ORLANDO, FLORIDA 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, 2024 Net change in fund balances - total governmental funds $ 369,073 Amounts reported for governmental activities in the statement of activities Depreciationoncapitalassetsisnotrecognizedinthegovernmentalfundfinancialstatementsbutisreportedasanexpense in the statement of activities. (954,677) Repaymentoflong-termliabilitiesarereportedasexpendituresinthegovernmentalfundfinancialstatementbutsuchrepaymentsreduceliabilitiesinthestatementfnetpositionandareeliminatedin the statement of activities. 551,001 AmortizationofBonddiscounts/premiumsisnotrecognizedinthegovernmentalfundfinancialstatements,butisreportedasanexpense in the statement of activities. 14 Thechangeinaccruedinterestonlong-termliabilitiesbetweenthecurrentandpriorfiscalyearisrecordedinthestatementofactivities but not in the fund financial statements. (74,111) Change in net position of governmental activities $ (108,700) are different because: See notes to the financial statements STOREY PARK COMMUNITY DEVELOPMENT DISTRICT CITY OF ORLANDO, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY Storey Park Community Development District ("District") was created on March 9, 2015 by Ordinance 2015-7 of the City of Orlando, Florida, amended by Ordinance 2019-50 and 2020-53 pursuant to 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 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. At September 30, 2024, one of the Board members was affiliated with Lennar Homes, LLC (the “Developer”). The Board has the responsibility for: 1. Allocating and levying assessments. 2. Approving budgets. 3. Exercising control over facilities and properties. 4. Controlling the use of funds generated by the District. 5. Approving the hiring and firing of key personnel. 6. 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 Board of Supervisors 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. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued) 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 benefited property within the District. Operating and maintenance assessments are based upon the 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 under 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 the 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 fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt. Capital Projects Fund This fund accounts for the financial resources to be used for the acquisition or construction of major infrastructure within the District and for the accumulation of funds for capital reserves. As a general rule, the effect of interfund 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. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Assets, Liabilities and Net Position or Equity (Continued) 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: a) The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act; b) Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency; c) Interest bearing time deposits or savings accounts in qualified public depositories; d) 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. In addition, surplus funds may be deposited into certificates of deposit which are insured and any unspent Bond proceeds are required to be held in investments as specified in the Bond Indenture. 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. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Assets, Liabilities and Net Position or Equity (Continued) 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 Infrastructure – roadways and streetlights 10 - 30 Infrastructure – stormwater management 30 Infrastructure – landscape and hardscape 30 Equipment 5 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. Leases The District is a lessee for several non-cancellable lease of equipment. The District recognizes a lease liability and an intangible right-to-use lease asset (lease asset) in the government-wide financial statements. The District recognizes lease liabilities with an initial, individual value of $5,000 or more. At the commencement of a lease, the District initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The leased asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the commencement date, plus certain direct costs. Subsequently, the leased asset is amortized on a straight-lie basis over its useful life. Key estimates and judgments related to leases include how the District determines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments. • The District uses the interest rate charged by the lessor as the discount rate. When the interest rate charged by the lessor is not provided, the District generally uses its estimated incremental borrowing rate as the discount rate for leases. • The lease term includes the noncancellable period of the lease. Lease payments included in the measurement of the lease liability are composed of fixed payments and purchase option price that the District is reasonably certain to exercise. The District monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and liability if certain changes occur that are expected to significantly affect the amount of the lease liability. Lease assets are reported with other capital assets and lease liabilities are reported with long-term debt on the statement of net position. 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. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Assets, Liabilities and Net Position or Equity (Continued) 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. 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 all governmental funds. All annual appropriations lapse at fiscal year-end. The District follows these procedures in establishing the budgetary data reflected in the financial statements. a) Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1. b) Public hearing is conducted to obtain public comments. c) Prior to October 1, the budget is legally adopted by the District Board. d) All budget changes must be approved by the District Board. e) The budgets are adopted on a basis consistent with generally accepted accounting principles. f) Unused appropriation for annually budgeted funds lapse at the end of the year. NOTE 4 – DEPOSITS AND INVESTMENTS Deposits 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, 2024: Amortized CostCredit RiskMaturitiesFidelityInvestmentsMoneyMarketGovernment Portfolio1,984,521$ S&P AAAmWeighted average maturity: 21 daysInvestmentinLocalGovernmentSurplusFundsTrustFund(FloridaPRIME) 605,129 S&P AAAmWeighted average maturity: 39 days2,589,650$ 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. NOTE 4 – DEPOSITS AND INVESTMENTS (Continued) Investments (Continued) 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. 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, 2024, 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 – INTERFUND TRANSFERS Interfund transfers for the fiscal year ended September 30, 2024 were as follows: FundTransfer in Transfer OutDebt service-$ 14,136$ Capital projects14,136 - Total 14,136$ 14,136$ Transfers are used to move revenues from the fund where collection occurs to the fund where funds have been reallocated for use. In the case of the District, transfers from the debt service fund to the capital projects fund were made in accordance with the Bond Indentures. NOTE 6 – CAPITAL ASSETS Capital asset activity for the fiscal year ended September 30, 2024 was as follows: AdditionsReductionsGovernmental activitiesCapital assets, being depreciatedInfrastructure - roadways and streetlights10,906,710$ -$ -$ 10,906,710$ Infrastructure - stormwater management12,749,734 - - 12,749,734 Infrastructure - landscape and hardscape4,159,518 - - 4,159,518 Right-to-use leased equipment182,172 - - 182,172 Equipment46,310 - - 46,310 Total capital assets, being depreciated28,044,444$ -$ -$ 28,044,444$ Less accumulated depreciation for: Infrastructure - roadways and streetlights654,502 363,557 - 1,018,059 Infrastructure - stormwater management800,488 424,991 - 1,225,479 Infrastructure - landscape and hardscape296,739 138,650 - 435,389 Right-to-use leased equipment25,808 18,217 - 44,025 Equipment- 9,262 - 9,262 Total accumulated depreciation1,777,537 954,677 - 2,732,214 Total capital assets, being depreciated, net26,266,907 (954,677) - 25,312,230 Governmental activities capital assets, net26,266,907$ (954,677)$ -$ 25,312,230$ Beginning BalanceEnding Balance Depreciation was charged to maintenance and operations. NOTE 7 – LONG-TERM LIABILITIES Series 2015 On September 10, 2015, the District issued $9,210,000 of Special Assessment Bonds (Assessment Area One Project), Series 2015 consisting of $750,000 Term Bonds due November 1, 2020 with a fixed interest rate of 4.000%, $1,215,000 Term Bonds due November 1, 2026 with a fixed interest rate of 4.500%, $2,610,000 due November 1, 2035 with a fixed interest rate of 5.000%, and $4,635,000 Term Bonds due November 1, 2045 with a fixed interest 5.125%. The Bonds were issued to acquire and/or construct a portion of the Assessment Area One Project. 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, 2016. The Series 2015 Bonds are subject to redemption prior to maturity at the option of the District, in whole or in part, on any date on or after November 1, 2025. The 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. 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, 2024. NOTE 7 – LONG-TERM LIABILITIES (Continued) Series 2018 On April 27, 2018, the District issued $3,865,000 of Special Assessment Bonds (Assessment Area Two Project), Series 2018 consisting of multiple term bonds with due dates ranging from June 15, 2023 – June 15, 2048 and fixed interest rates ranging from 3.75% to 5%. The Bonds were issued to acquire and/or construct a portion of the Assessment Area Two Project. Interest is to be paid semiannually on each December 15 and June 15. Principal on the Series 2018 Bonds is to be paid serially commencing June 15, 2019 through June 15, 2048. The Series 2018 Bonds are subject to redemption prior to maturity at the option of the District, in whole or in part, on any date on or after June 15, 2028. The 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. 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, 2024. Series 2019 On May 31, 2019, the District issued $3,995,000 of Special Assessment Bonds (Assessment Area Three Project), Series 2019 consisting of multiple term bonds with due dates ranging from June 15, 2024 to June 15, 2049 and fixed rates ranging from 3.5% to 4.375%. The Bonds were issued to acquire and/or construct a portion of the Assessment Area Three Project. Interest is to be paid semiannually on each June 15 and December 15 of each year, commencing June 15, 2019. Principal on the Series 2019 Bonds is to be paid serially commencing on June 15, 2020 through June 15, 2049. The Series 2019 Bonds are subject to redemption prior to maturity at the option of the District, in whole or in part, on any date on or after June 15, 2029. The Bonds are subject to mandatory sinking fund redemption and 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 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, 2024. Series 2021 On June 15, 2021, the District issued $6,030,000 of Special Assessment Bonds, Series 2021 consisting of Term Bonds between June 15, 2026 and June 15, 2051, with fixed interest rates ranging from 2.375% to 4.0%. 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 June 15 and December 15, commencing December 15, 2021 and the principal on the bonds is to be paid serially commencing June 15, 2022 through June 15, 2051. The Series 2021 Bonds are subject to redemption prior to maturity at the option of the District, in whole or in part, on any date on or after June 15, 2031. The Series 2021 Bonds are not subject to optional redemption. The 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. 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, 2024. NOTE 7 – LONG-TERM LIABILITIES (Continued) Series 2022 On September 15, 2022, the District issued $3,105,000 of Special Assessment Bonds, Series 2022 (Assessment Area Five Project), consisting of multiple term bonds due from June 15, 2027 to June 15, 2052 with interest rates ranging from 4.25% to 5.15%. The bonds were issued to finance a portion of the cost of the Assessment Area Five Project. Interest is to be paid semiannually on each June 15 and December 15. Principal on the Bonds is to be paid serially commencing June 15, 2023 through June 15, 2052. The Series 2022 Bonds are subject to redemption prior to maturity at the option of the District, in whole or in part, on any date on or after June 15, 2032. The Series 2022 Bonds are not subject to optional redemption. The Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture. The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District was in compliance with the requirements at September 30, 2024. Long-term Debt Activity Changes in long-term liability activity for the fiscal year ended September 30, 2024 were as follows: AdditionsReductionsGovernmental activitiesBonds payable: Series 20158,080,000$ -$ 200,000$ 7,880,000$ 205,000$ Less: Original issue discount(81,196) - (3,530) (77,666) - Series 20183,530,000 - 75,000 3,455,000 80,000 Series 20193,695,000 - 80,000 3,615,000 85,000 Less: Original issue discount(6,938) - (267) (6,671) - Series 20215,780,000 - 130,000 5,650,000 135,000 Plus: Original issue premium102,899 - 3,811 99,088 - Series 20223,055,000 - 50,000 3,005,000 55,000 Leases payable160,570 - 16,001 144,569 16,653 24,315,335$ -$ 551,015$ 23,764,320$ 576,653$ Beginning BalanceEnding BalanceDue Within One Year At September 30, 2024, the scheduled debt service requirements on the long-term debt were as follows: Principal Interest Total2025560,000$ 917,539$ 1,477,539$ 2026575,000 898,581 1,473,581 2027595,000 878,787 1,473,787 2028625,000 856,730 1,481,730 2029660,000 833,124 1,493,124 2030-20343,720,000 3,758,556 7,478,556 2035-20394,635,000 2,937,666 7,572,666 2040-20445,820,000 1,885,491 7,705,491 2045-20495,220,000 659,344 5,879,344 2050-20521,195,000 38,600 1,233,600 Total23,605,000$ 13,664,418$ 37,269,418$ Year ending September 30: Governmental Activities NOTE 8 – LEASES Streetlights In the prior fiscal year, the District entered into certain leases as a lessee for the use of streetlights that will terminate on April 30, 2033. As of September 30, 2024, the value of the lease liability was $144,569. The District is required to make total monthly fixed payments of $1,844. The value of the right-to-use asset as of September 30, 2024 was $182,172 with an accumulated amortization of $44,025. At the end of the lease term, the District may elect to execute a new agreement based on current estimated replacement cost. The Lessor will retain ownership of the streetlights. The scheduled payments for years ending after September 30, 2024 are as follows Principal Interest Total202516,653$ 5,480$ 22,133$ 202617,3324,80122,133 202718,0384,09522,133 202818,7733,36022,133 202919,5372,59522,132 2030-203254,2362,94157,177 Total144,569$ 23,272$ 167,841$ Year ending September 30: Governmental Activities NOTE 9 – INTERLOCAL The District and/or the Developer have conveyed certain rights-of-ways (the “City ROW”) to the City of Orlando, Florida (the “City”) and may or will convey others in the future (the “Future City ROW”). However, there are improvements within the City ROW and the Future City ROW that have been constructed by the District that will not be dedicated to the City (the “Improvements”). Therefore, in order to promote and improve the coordination, overall effectiveness and efficiency of governmental activities and services in and around the District, the District and the City entered into the Interlocal Agreement for Rights-of-Way Maintenance during a prior fiscal year. Per the Interlocal Agreement, the City agreed to perpetually maintain the Improvements at its sole cost. However, the District may, but is not obliged to, perform optional maintenance (landscaping, irrigation, fertilization, pest control, etc) on the Improvements at intervals more frequent than the City’s regular maintenance schedule to enhance the aesthetic quality of the rights-of-ways. NOTE 10 – MANAGEMENT COMPANY The District has contracted with a management company to perform management advisory services, which include financial and accounting 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. NOTE 11 – RISK MANAGEMENT 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 have been no settled claims over the past three years. STOREY PARK COMMUNITY DEVELOPMENT DISTRICT CITY OF ORLANDO, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024 Original & FinalREVENUESAssessments1,191,240$ 1,232,533$ 41,293$ Interest 5,000 36,489 31,489 Total revenues1,196,240 1,270,853 74,613 EXPENDITURESCurrent: General government166,643 140,930 25,713Maintenance and operations1,432,104 872,428 559,676Debt service: Principal- 16,001 (16,001) Interest- 6,132 (6,132) Capital outlay- 47,000 (47,000) Total expenditures1,598,747 1,082,491 516,256 Excess (deficiency) of revenuesover (under) expenditures(402,507) 188,362 590,869 OTHER FINANCING SOURCES (USES) Carryforward402,507 - (402,507)$ Total other financing sources (uses)402,507 - (402,507) Net change in fund balances-$ 188,362 188,362$ Fund balance - beginning739,751 Fund balance - ending928,113$ Variance with Final Budget - Positive (Negative) Actual AmountsBudgeted Amounts See notes to required supplementary information STOREY PARK COMMUNITY DEVELOPMENT DISTRICT CITY OF ORLANDO, FLORIDA 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 appropriations, is in the aggregate. Any budget amendment that increases 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, 2024. STOREY PARK COMMUNITY DEVELOPMENT DISTRICT CITY OF ORLANDO, FLORIDA OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3)(C) FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024 UNAUDITED ElementCommentsNumber of District employees compensated in the last pay period of the District’s fiscal year being reported.3Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being reported. 8Employee compensation$4,063Independent contractor compensation$1,152,878Construction projects to begin on or after October 1; ($65K)Not applicableBudget variance reportSee the Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General FundAd Valorem taxesNot applicableNon ad valorem special assessments; Special assessment rate for FYE 9/30/2024Operation & Maintenance: Townhome 20'$367.27Townhome 25'$459.09Single Family 32'$587.64Single Family 40'$734.55Single Family 50'$918.18Single Family 60'$1,101.82Debt Service: Series 2015Townhome 20'$506.38Townhome 25'$632.98Single Family 32'$809.57Single Family 40'$1,012.77Single Family 50'$1,265.96Single Family 60'$1,519.15Series 2018Townhome 25'$632.90Single Family 32'$810.12Single Family 40'$1,012.64Single Family 50'$1,265.81Single Family 60'$1,518.95Series 2019Single Family 40'$1,012.64Single Family 50'$1,265.81Single Family 60'$1,518.95Series 2021Townhome 25'$632.98Single Family 32'$809.57Single Family 40'$1,012.77Single Family 50'$1,265.96Single Family 60'$1,519.15Series 2022 Townhome 25'$632.35Single Family 32'$809.41Single Family 40'$1,011.76Single Family 50'$1,264.70Single Family 60'$1,517.64Special assessments collected$2,930,793Outstanding Bonds:see Note 7 for details 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 Storey Park Community Development District City of Orlando, 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 Storey Park Community Development District, City of Orlando, Florida (“District”) as of and for the fiscal year ended September 30, 2024, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated June 11, 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. June 11, 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 Storey Park Community Development District City of Orlando, Florida We have examined Storey Park Community Development District, City of Orlando, 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, 2024. 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. In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2024. 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 Storey Park Community Development District, City of Orlando, Florida and is not intended to be and should not be used by anyone other than these specified parties. June 11, 2025 MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA To the Board of Supervisors Storey Park Community Development District City of Orlando, Florida Report on the Financial Statements We have audited the accompanying basic financial statements of Storey Park Community Development District, City of Orlando, Florida ("District") as of and for the fiscal year ended September 30, 2024 and have issued our report thereon dated June 11, 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 June 11, 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: I. Current year findings and recommendations. II. Status of prior year findings and recommendations. III. 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 Storey Park Community Development District, City of Orlando, Florida and is not intended to be and should not be used by anyone other than these specified parties. We wish to thank Storey Park Community Development District, City of Orlando, 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. June 11, 2025 REPORT TO MANAGEMENT I. CURRENT YEAR FINDINGS AND RECOMMENDATIONS None II. PRIOR YEAR FINDINGS AND RECOMMENDATIONS None III. 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: 1. 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, 2023. 2. 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, 2024. 3. 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, 2024. 4. The name or official title and legal authority of the District are disclosed in the notes to the financial statements. 5. The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes. 6. We applied financial condition assessment procedures and no deteriorating financial conditions were noted. 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. 7. Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 26.