TOHOQUA
COMMUNITY DEVELOPMENT DISTRICT CITY OF ST. CLOUD, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024

TOHOQUA COMMUNITY DEVELOPMENT DISTRICT CITY OF ST. CLOUD, 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 Balance –
Budget and Actual – General Fund	
24	
Notes to Required Supplementary Information	25	
OTHER INFORMATION		
Data Elements Required by Florida 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
Tohoqua Community Development District City of St. Cloud, 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 Tohoqua Community Development District, City of St. Cloud, 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 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 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.

June 9, 2025

MANAGEMENT’S DISCUSSION AND ANALYSIS

The management of the Tohoqua Community Development District, City of St. Cloud, Florida (“District”) would like to offer the readers of the District’s financial statements this discussion and analysis 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 $1,215,385.

The change in the District’s total net position in comparison with the prior fiscal year was $22,795, 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, 2024, the District’s governmental funds reported combined ending fund balances of $7,401,033, an increase of $3,868,827 in comparison with the prior fiscal year. The total fund balance is restricted for debt service and capital projects, non-spendable for prepaid items, assigned to capital 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 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) 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.

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 balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains three governmental funds for external reporting. 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 basic 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 assets at the close of the fiscal year ended September 30, 2024.

Key components of the District’s net position are reflected in the following table:
NET POSITION SEPTEMBER 30,
	2024	2023	
Current and other assets	$	7,418,232	$	3,598,453	
Capital assets, net of depreciation	12,031,268	11,264,923	
Total assets	19,449,500	14,863,376	
Current liabilities	359,118	289,816	
Long-term liabilities	17,874,997	13,380,970	
Total liabilities	18,234,115	13,670,786	
Net position			

Net investment in capital assets	(115,769)	121,371	
Restricted	789,295	652,027	
Unrestricted	541,859	419,192	
Total net position	
$	1,215,385	$	1,192,590	
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.

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)

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 ongoing program revenues exceeded the cost of operations.

Key elements of the change in net position are reflected in the following table:
CHANGES IN NET POSITION
FOR THE FISCAL YEAR END SEPTEMBER 30,
	2024	2023	
Revenues:
Program revenues
Charges for services	$	2,062,492	$	1,732,061	
Operating grants and contributions	59,122	38,278	
Capital grants and contributions	125,023	35,785	
General revenues
Unrestricted investment earnings			-		- Miscellaneous		12,420	18,088 
Total revenues		2,259,057	1,824,212  Expenses:
General government	164,052	146,594	
Maintenance and operations	795,012	1,081,330	
Recreation	264,987	-	
Interest	699,811	459,381	
Bond issue costs		312,400	603,750 
Total expenses		2,236,262	2,291,055 
Change in net position	22,795	(466,843)
Net position - beginning		1,192,590	1,659,433 
Net position - ending	 $	1,215,385  $	1,192,590 
As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2024 was $2,236,262. The costs of the District’s activities were primarily funded by program revenues. Program revenues of the District are comprised of assessments, Developer contributions, investment income, and miscellaneous revenue in the current fiscal year. The increase in revenues is due to an increase in assessments and interest income. The slight decrease in expenses is the due to the decrease in bond issue costs during the current fiscal year.

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 $12,031,268 invested in capital assets for its governmental activities. No depreciation has been taken as the infrastructure improvements are under construction. 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 $17,845,000 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

It is anticipated that the general operations of the District will continue to increase as the District is built out.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, 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 Tohoqua Community Development District’s Finance Department at 219 East Livingston Street, Orlando FL 32801.

TOHOQUA COMMUNITY DEVELOPMENT DISTRICT CITY OF ST. CLOUD, FLORIDA STATEMENT OF NET POSITION
SEPTEMBER 30, 2024

	Governmental
	Activities		
ASSETS		
Cash	$	492,194	
Assessments receivable	13,235	
Due from Developer	2,940	
Prepaid items	56,874	
Restricted assets:		
Investments Capital assets:	6,852,989	
Nondepreciable		12,031,268 	
Total assets		19,449,500 	

LIABILITIES		
Accounts payable	17,199	
Accrued interest payable	341,919	
Noncurrent liabilities:		
Due within one year	310,000	
Due in more than one year		17,564,997 	
Total liabilities		18,234,115 	

NET POSITION		
Net investment in capital assets	(115,769)	
Restricted for debt service	789,295	
Unrestricted		541,859 	
Total net position	 $	1,215,385 	

See notes to the financial statements

STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024

	Net (Expense) Revenue and Changes in Net
Program Revenues	Position	
	Charges	Operating	Capital Grants	
	for	Grants and	and	Governmental	
Functions/Programs	Expenses	Services	Contributions	Contributions	Activities	
Primary government:			
Governmental activities:			
General government	$	164,052	$ 164,052	$	13,788	$	-	$	13,788	
Maintenance and operations	795,012	1,140,437	-	125,023	470,448	
Recreation	264,987	-	-	-	(264,987)	
Interest on long-term debt	699,811	758,003	45,334	-	103,526	
Bond issue costs	312,400	-	-	-	(312,400)	
Total governmental activities	2,236,262	2,062,492	59,122	125,023	10,375	

General revenues:		
Miscellaneous	12,420	
Unrestricted investment earnings		-		
Total general revenues		12,420 	
Change in net position	22,795	
Net position - beginning		1,192,590 	
Net position - ending	 $	1,215,385 	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2024

	Major Funds		Total

General

Debt Service

Capital Projects

Governmental Funds

ASSETS		
Cash	$	465,151	$	-	$	27,043	$	492,194	
Investments	-	1,125,029	5,727,960	6,852,989	
Assessments receivable	7,050	6,185	-	13,235	
Due from Developer	2,940	-	-	2,940	
Prepaid items	56,874	-	-	56,874	
Total assets	 $	532,015	$ 1,131,214	$ 5,755,003	$ 7,418,232 

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	17,199	$	-	$	-	$	17,199	
Total liabilities	17,199	-	-	17,199	

Fund balances:
Nonspendable:
Prepaid items	56,874	-	-	56,874	
Restricted for:					
Debt service	-	1,131,214	-	1,131,214	
Capital projects	-	-	5,727,960	5,727,960	
Assigned to:					
Capital reserves	-	-	27,043	27,043	
Unassigned:	457,942	-	-	457,942	
Total fund balances	514,816	1,131,214	5,755,003	7,401,033	

Total liabilities and fund balances	
$	532,015	
$ 1,131,214	
$ 5,755,003	
$ 7,418,232	

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2024

Total fund balances - governmental funds	$  7,401,033

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	12,031,268
Accumulated depreciation		-	12,031,268 
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund
statements.	All liabilities, both current and long-term,	are		
reported in the government-wide financial statements.			
Accrued interest payable		(341,919)	
Original issue discount/premium		(29,997)	
Bonds payable		  (17,845,000)	(18,216,916) 	
Net position of governmental activities	 $ 1,215,385 

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024

	Major Funds		Total
Governmental

REVENUES

General	Debt Service

Capital Projects

Funds

Assessments	$ 1,304,489	$	758,003	$	-	$ 2,062,492	
Developer contributions	13,788	-	-	13,788	
Interest income	-	45,334	124,798	170,132	
Miscellaneous	12,420	-	225	12,645	
Total revenues	1,330,697	803,337	125,023	2,259,057	

EXPENDITURES
Current:
General government	164,052	-	-	164,052	
Maintenance and operations	795,012	-	-	795,012	
Recreation	264,987	-	-	264,987	
Debt Service:
Principal	
-	
215,000	
-	
215,000	
Interest	-	582,946	-	582,946	
Bond issue costs	-	-	312,400	312,400	
Capital outlay	-	-	766,345	766,345	
Total expenditures	1,224,051	797,946	1,078,745	3,100,742	

Excess (deficiency) of revenues
over (under) expenditures	106,646	

5,391	

(953,722)	

(841,685)	

OTHER FINANCING SOURCES (USES)
Transfers in	

-	

-	

22,310	

22,310	
Transfers out	(11,022)	(11,288)	-	(22,310)	
Bond proceeds	-	261,515	4,458,485	4,720,000	
Original issue discount	-	-	(9,488)	(9,488)	
Total other financing sources (uses)	(11,022)	250,227	4,471,307	4,710,512	

Net change in fund balances	
95,624	
255,618	
3,517,585	
3,868,827	
Fund balances - beginning	419,192	875,596	2,237,418	3,532,206	

Fund balances - ending	
$	514,816	
$ 1,131,214	
$	5,755,003	
$ 7,401,033	

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, 2024

Net change in fund balances - total governmental funds	$	3,868,827	
Amounts reported for governmental activities in the statement of activities are different because:		
Governmental funds report the face amount of Bonds issued as financial resources when debt is first issued, whereas these amounts are eliminated in the statement of activities and recognized as long- term liabilities in the statement of net position.	

(4,720,000)	
In connection with the issuance of the Bonds, the original issue		
discount is reported as a financing use when debt is first issued,		
whereas the amount is eliminated in the statement of activities and		
reduces long-term liabilities in the statement of net position.	9,488	
The change in accrued interest on long-term liabilities between the current and prior fiscal years is recorded in the statement of activities,		
but not in the governmental fund financial statements.	(118,350)	
Repayment of long-term liabilities are reported as expenditures in the governmental fund statement but such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities.	

215,000	
Amortization of Bond discounts/premiums is not recognized in the governmental fund financial statements, but is reported as an expense in the statement of activities.o	

1,485	
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.	

	766,345 	
Change in net position of governmental activities	 $	22,795 	

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

Tohoqua Community Development District ("the District") was created on August 14, 2017 pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes, by Osceola County Ordinance 2017-57, subsequently annexed into the City of St. Cloud on May 24, 2018 by Ordinance 2017-53, and expanded and contracted by Ordinance 2024-15 on February 19, 2024. 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 ("the District") which is composed of five members. The Supervisors are elected by landowners of the District. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes. Certain Board members are affiliated with Tohoqua Development Group, LLC (the “Developer”) as of September 30, 2024.

The District has the final responsibility for:
Assessing and levying maintenance taxes and special 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 District (“GASB”) Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the 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.

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 May 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 and repairs and maintenance within the District.
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.
Deposits and Investments
The government’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.

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.

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.

No depreciation has been taken in the current fiscal year as the District’s infrastructure and other capital assets are under construction.

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

Long-Term Obligations
In the basic financial statements, long-term debt and other long-term obligations are reported as liabilities statement of net position. Bond premiums and discounts are deferred and amortized ratably over the life of the Bonds. Bonds payable are reported net of the 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.

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.

Fund Equity/Net Position (Continued)
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 public 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.

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 Security for Public Deposits Act" its compliance with Chapter 280, Florida Statutes, 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 Cost	Credit Risk	Maturities	
US Bank Money Market	 $	6,852,989 	N/A	N/A	
Total Investments	$	6,852,989			
Concentration risk – The District places no limit on the amount the District may invest in any one issuer.
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.

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. Accordingly, the District’s investments have been reported at amortized cost above.

NOTE 5 – INTERFUND TRANSFERS

Interfund transfers for the fiscal year ended September 30, 2024 were as follows:

 Fund	Transfer in	Transfer out 
General	$	-	$	11,022	
Debt service	-	11,288	
Capital projects		22,310	-		
Total	 $	22,310	$	22,310 	

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. Transfers from the general fund to the capital projects fund were made in order to fund the capital reserves.

Capital asset activity for the fiscal year ended September 30, 2024 was as follows:

Governmental activities
Capital assets, not being depreciated

Beginning Balance

Additions	Reductions

Ending Balance

Construction in progress	$	11,264,923	766,345	$	-	$	12,031,268	
Total capital assets, not being depreciated	11,264,923	766,345	-	12,031,268	

Governmental activities capital assets	
$  11,264,923	
$	766,345	
$	-	$  12,031,268	
The infrastructure intended to serve the District has been estimated at a total cost of about $71,870,000. The Capital Improvement Program (“CIP”) will be built out in phases. The infrastructure will include roads, stormwater management, utilities, community facilities, and off-site improvements. A portion of the project costs are to be funded with the proceeds from the issuance of Bonds and the remainder is intended to be funded by the Developer. The remaining project costs will be funded by a combination of Developer contributions or future bond issues. Upon completion, certain assets will be conveyed for ownership and maintenance. During the current year, the District paid $759,339 to the Developers for the acquisition of infrastructure.

NOTE 7 – LONG-TERM LIABILITIES

Series 2018
On February 8, 2018, the District issued $2,165,000 of Special Assessment Revenue Bonds, Series 2018, consisting of $1,090,000 Term Bonds due on May 1, 2038 with a fixed interest rate of 4.7% and
$1,075,000 Term Bonds due on May 1, 2048 with a fixed interest rate of 4.8%. The Bonds were issued to repay the developer for financing the construction improvements to the District. Interest is to be paid semiannually on each May 1st and November 1st. Principal on the Bonds is to be paid serially commencing May 1, 2019 through May 1, 2048.
The Series 2018 Bonds are subject to redemption at the option of the District prior to their maturity. 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 2021 Phase 2 Bonds
On March 5, 2021, the District issued $2,580,000 of Special Assessment Revenue Bonds, Series 2021 “Phase 2 Bonds”, consisting of various Term Bonds with due dates from May 1, 2026 to May 1, 2051 and fixed interest rates ranging from 2.375% to 4%. The Bonds were issued to finance the construction and acquisition of infrastructure improvements for the District. Interest is to be paid semiannually on each May 1st and November 1st. Principal on the Bonds is to be paid serially commencing May 1, 2022 through May 1, 2051.
The Series 2021 Phase 2 Bonds are subject to redemption at the option of the District prior to their maturity. 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.

Series 2021 Phase 2 Bonds 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, 2024.

Series 2021 Phase 4A/5A Bonds
On March 19, 2021, the District issued $2,660,000 of Special Assessment Revenue Bonds, Series 2021 “Phase 4A/5A Bonds”, consisting of various Term Bonds with due dates from May 1, 2026 to May 1, 2051 and fixed interest rates ranging from 2.5% to 4%. The Bonds were issued to finance the construction and acquisition of infrastructure improvements for the District. Interest is to be paid semiannually on each May 1st and November 1st. Principal on the Bonds is to be paid serially commencing May 1, 2022 through May 1, 2051.

The Series 2021 Phase 4A/5A Bonds are subject to redemption at the option of the District prior to their maturity. 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 2022 Phase 3/6 Bonds
On November 4, 2022, the District issued $2,120,000 of Special Assessment Revenue Bonds, Series 2022 “Phase 3/6 Bonds”, consisting of various Term Bonds with due dates from May 1, 2032 to May 1, 2053 and fixed interest rates ranging from 5% to 5.85%. The Bonds were issued to repay the Developer for financing the construction improvements for the District. Interest is to be paid semiannually on each May 1st and November 1st. Principal on the Bonds is to be paid serially commencing May 1, 2023 through May 1, 2053.

The Series 2022 Phase 3/6 Bonds are subject to redemption at the option of the District prior to their maturity. 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. Upon satisfaction of certain conditions, a portion of the original reserve requirements will be released to the Developer for construction costs paid on behalf of the District; this did not occur during the current fiscal year. The District was in compliance with the requirements at September 30, 2024.
Series 2023 Phase 4B/5B Bonds
On March 15, 2023, the District issued $2,230,000 of Special Assessment Revenue Bonds, Series 2023 “Phase 4B/5B Bonds”, consisting of various Term Bonds with due dates from May 1, 2030 to May 1, 2053 and fixed interest rates ranging from 4.5% to 5.6%. The Bonds were issued finance a portion of the construction improvements for the District. Interest is to be paid semiannually on each May 1st and November 1st. Principal on the Bonds is to be paid serially commencing May 1, 2023 through May 1, 2053.

Series 2023 Phase 4B/5B Bonds (Continued)
The Series 2023 Phase 4B/5B Bonds are subject to redemption at the option of the District prior to their maturity. 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. Upon satisfaction of certain conditions, a portion of the original reserve requirements will be released to the Developer for construction costs paid on behalf of the District; this did not occur during the current fiscal year. The District was in compliance with the requirements at September 30, 2024.
Series 2023 Phase 4C Bonds
On September 28, 2023, the District issued $1,990,000 of Special Assessment Revenue Bonds, Series 2023 “Phase 4C Project”, consisting of various Term Bonds with due dates from May 1, 2033 to May 1, 2054 and fixed interest rates ranging from 5% to 5.9%. The Bonds were issued finance the construction improvements for the District. Interest is to be paid semiannually on each May 1st and November 1st. Principal on the Bonds is to be paid serially commencing May 1, 2025 through May 1, 2054.
The Series 2023 Phase 4C Bonds are subject to redemption at the option of the District prior to their maturity. 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. Upon satisfaction of certain conditions, a portion of the original reserve requirements will be released to the Developer for construction costs paid on behalf of the District; this did not occur during the current fiscal year. The District was in compliance with the requirements at September 30, 2024.
Series 2024 Phase 7 Bonds
On June 11, 2024, the District issued $4,720,000 of Special Assessment Revenue Bonds, Series 2024 “Phase 7 Project”, consisting of various Term Bonds with due dates from May 1, 2031 to May 1, 2054 and fixed interest rates ranging from 4.5% to 5.65%. The Bonds were issued finance the construction improvements for the District. Interest is to be paid semiannually on each May 1st and November 1st. Principal on the Bonds is to be paid serially commencing November 1, 2023 through May 1, 2054.
The Series 2024 Phase 7 Bonds are subject to redemption at the option of the District prior to their maturity. 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. Upon satisfaction of certain conditions, a portion of the original reserve requirements will be released to the Developer for construction costs paid on behalf of the District; this did not occur during the current fiscal year. The District was in compliance with the requirements at September 30, 2024.

Long-term Debt Activity
Changes in long-term liabilities for the fiscal year ended September 30, 2024 were as follows:

Beginning Balance	
Additions	
Reductions	
Ending Balance	Due Within One
Year	
Governmental activities						
Series 2018 Bonds	$	1,980,000	$	-	$	45,000	$	1,935,000	$	45,000	
Series 2021 Phase 2	2,470,000	-	55,000	2,415,000	55,000	
Plus: Original issue premium	30,930	-	1,105	29,825	-	
Series 2021 Phase 4A/5A	2,550,000	-	55,000	2,495,000	55,000	
Plus: Original issue premium	19,014	-	679	18,335	-	
Series 2022 Phase 3/6	2,120,000	-	30,000	2,090,000	30,000	
Series 2023 Phase 4B/5B	2,230,000	-	30,000	2,200,000	35,000	
Less: Original issue discount	(5,720)	-	(191)	(5,529)	-	
Series 2023 Phase 4C	1,990,000	-	-	1,990,000	25,000	
Less: Original issue discount	(3,254)	-	(108)	(3,146)	-	
Series 2024 Phase 7	-	4,720,000	-	4,720,000	65,000	
Less: Original issue discount	-	(9,488)	-	(9,488)	-	
Total	$	13,380,970	$	4,710,512	$	216,485	$	17,874,997	$	310,000	

At September 30, 2024, the scheduled debt service requirements on the long - term liabilities were as follows:
	Governmental Activities	
Year ending
	September 30:	Principal	Interest	Total	
2025	$	310,000	$	848,708	$	1,158,708	
2026	330,000	865,329	1,195,329	
2027	345,000	852,625	1,197,625	
2028	350,000	838,476	1,188,476	
2029	375,000	824,038	1,199,038	
2030-2034	2,130,000	3,868,879	5,998,879	
2035-2039	2,685,000	3,323,133	6,008,133	
2040-2044	3,410,000	2,611,825	6,021,825	
2045-2049	4,265,000	1,660,115	5,925,115	
2050-2054		3,645,000	552,502	4,197,502 	
	 $  17,845,000	$  16,245,630	$  34,090,630 	

NOTE 8 – DEVELOPER TRANSACTIONS AND CONCENTRATION
Assessments in the general and debt service funds include amounts owned on Developer owned lots. The District’s activities are dependent on the continued involvement of the Developer, the loss 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 (Board appointed non-voting positions) of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, and other administrative costs.

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.

NOTE 11 – SUBSEQUENT EVENTS

Bond Payments
Subsequent to fiscal year end, the District prepaid a total of $10,000 of the Series 2023 Phase 4B/5B Bonds. The prepayments were considered extraordinary mandatory redemptions as outlined in the Bond Indenture.

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024

	
Budgeted
	Amounts	 Original & Final	

Actual Amounts	Variance with Final Budget - Positive
(Negative)	
REVENUES
Assessments	
$	1,294,360	
$	1,304,489	
$	10,129	
Developer contributions	301,982	13,788	(288,194)	
Miscellaneous	12,000	12,420	420	
Total revenues	1,608,342	1,330,697	(277,645)	

EXPENDITURES
Current:
General government	177,523	164,052	13,471	
Maintenance expenditures	1,182,925	795,012	387,913	
Recreation	236,872	264,987	(28,115)	
Total expenditures	1,597,320	1,224,051	373,269	

Excess (deficiency) of revenues over (under) expenditures	

11,022	

106,646	

95,624	

OTHER FINANCING SOURCES (USES)
Transfer in (out)	(11,022)	(11,022)	-	
Total other financing sources (uses)	(11,022)	(11,022)	-	

Net change in fund balance	
 $	-		
95,624  $	95,624 	
Fund balance - beginning			419,192 	
Fund balance - ending		 $	514,816 	

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, 2024.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3)(C)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024 UNAUDITED

Element	Comments
Number of District employees compensated in the last pay period of
the District’s fiscal year being reported.	0	
Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s
fiscal year being reported.	
0	
Employee compensation	$2,600	
Independent contractor compensation	$1,221,251	
Construction projects to begin on or after October 1; ($65K)	Not applicable	

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	Operations and maintenance - $498 - $1,278
Debt service - $300.00 - $1,423.65	
Special assessments collected	$2,062,492	
Outstanding Bonds:	see Note 7 for details	

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
Tohoqua Community Development District City of St. Cloud, 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 Tohoqua Community Development District, City of St. Cloud, 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 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.

June 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
Tohoqua Community Development District City of St. Cloud, Florida
We have examined Tohoqua Community Development District, City of St. Cloud, 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.

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, 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 Tohoqua Community Development District, City of St. Cloud, Florida and is not intended to be and should not be used by anyone other than these specified parties.

June 9, 2025

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Tohoqua Community Development District City of St. Cloud, Florida

Report on the Financial Statements
We have audited the accompanying basic financial statements of Tohoqua Community Development District ("District") as of and for the fiscal year ended September 30, 2024 and have issued our report thereon dated June 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 June 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 Tohoqua Community Development District, City of St. Cloud, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Tohoqua Community Development District, City of St. Cloud, 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 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, 2023.
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.
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.
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, 2024. 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 26.