Blackburn Creek Community Development District
3501 Quadrangle Boulevard, Suite 270, Orlando, FL 32817
Phone 407-723-5900; Fax 407-723-5901
www.blackburncreekcdd.com
The meeting of the Board of Supervisors for the Blackburn Creek Community Development District will be held Tuesday, July 9, 2024, at 11:00 a.m. located at 6853 Energy Ct, Lakewood Ranch, FL 34240. The following is the proposed agenda for this meeting.

Call in number: 1-844-621-3956 Passcode: 2538 286 6774 #
BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters
Call to Order
Roll Call
Public Comment Period [for any members of the public desiring to speak on any proposition before the Board]

General Business Matters
Consideration of the Minutes of the June 18, 2024, Board of Supervisors’ Meeting
District Engineer Project Update
Preventative Maintenance Plan
Review and Acceptance of FY 2023 Audit Report
Review of District Financial Statements
Other Business

Staff Reports
District Counsel
District Engineer
District Manager
District Accountant
Audience Comments
Supervisors Requests
Adjournment 

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Consideration of the Minutes of the June 18, 2024, Board of Supervisors’ Meeting

MINUTES OF MEETING

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS MEETING MINUTES
Tuesday, June 18, 2024, at 11:00 a.m.
6853 Energy Ct., Lakewood Ranch, FL 34240
Board Members Present via Speaker or in Person: Kevin Johnson	Chairperson
David Trast	Vice Chairperson
Kirk Fegley	Assistant Secretary
Phil Davis	Assistant Secretary James Sverapa	Assistant Secretary

Also Present via Speaker or in Person:

Venessa Ripoll	District Manager- PFM Group Consulting LLC Rick Montejano	Accountant - PFM Group Consulting LLC Andy Cohen	District Counsel
Robert Dvorak	District Engineer	(via phone)
FIRST ORDER OF BUSINESS	Organizational Matters Call to Order and Roll Call
The Board of Supervisors’ Meeting for the Blackburn Creek CDD was called to order at 11:00
a.m. by Ms. Ripoll. She proceeded with roll call and confirmed quorum. Those in attendance are outlined above either in person or via speaker phone.

Public Comment Period

There were no public comments at this time.

SECOND ORDER OF BUSINESS	General Business Matters

Consideration of the Minutes of the May 14, 2024, Board of Supervisors’ Meeting
The Board reviewed the minutes.

ON MOTION by Mr. Johnson, seconded by Mr. Trast, with all in favor, the Board approved the Minutes of the May 14, 2024, Board of Supervisors’ Meeting.

District Engineer Project Update
a) Preventative Maintenance Plan

Mr. Dvorak provided updates regarding the maintenance project. He stated that they have received a proposal from Finn Outdoors, a previously used vendor, in the amount of $20,250.00. Mr. Johnson approved the contract. Mr. Dvorak provided an estimated timeline of one to three weeks until project start.

Mr. Dvorak stated that there are approximately ten or eleven permits that are required to have reinspection and all, except for two or three, are currently in the name of various sub-HOA’s and need to be updated to the master HOA’s name. He stated that he would consult with the Water Management District to ensure he has everything in order to complete this. There was discussion regarding other changes in responsibility from the various neighborhoods to the master HOA.

Mr. Dvorak left the meeting at approximately 11:07 a.m.

Audit Report Update Ms. Ripoll stated that the audit report had been circulated earlier that morning. There was brief discussion regarding details of the report.
Ms. Ripoll stated that they will revisit this for approval at the next meeting.

Landscape Remediation Proposals

This item had already been covered in earlier discussion.

Discussion Regarding HOA Turnover

This item had already been covered in earlier discussion.

Review of District Financial Statements

The Board reviewed the Financial Statements as of May 2024.

There was discussion regarding moving money into a money market account.

ON MOTION by Mr. Davis, seconded by Mr. Sverapa, with all in favor, the Board approved the District Financial Statements.

THIRD ORDER OF BUSINESS	Staff Reports

District Counsel –	No report. There was discussion of setting a date for a September
workshop for required ethics training.	
District Engineer –	No report.	
District Manager –	Ms. Ripoll noted the next meeting is scheduled for July 9, 2024, and reminded the Board of the July 1 due date for the Form 1 filing.	
District Accountant-	No report.	

FOURTH ORDER OF BUSINESS	Audience	Comments	and	Supervisor
Requests

There were no comments at this time.

FIFTH ORDER OF BUSINESS	Adjournment

There was no additional business to discuss. Ms. Ripoll requested a motion to adjourn.

ON MOTION by Mr. Johnson, seconded by Mr. Trast, with all in favor, the June 18, 2024, Meeting of the Board of Supervisors of the Blackburn Creek Community Development District was adjourned at 11:20 a.m.

Secretary/Assistant Secretary	Chairperson/Vice Chairperson

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

District Engineer Project Update

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Review and Acceptance of FY 2023 Audit Report

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT
SARASOTA COUNTY, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT SARASOTA COUNTY, FLORIDA

TABLE OF CONTENTS

Page	
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-6	
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements: Statement of Net Position
Statement of Activities Fund Financial Statements:
Balance Sheet – Governmental Funds
Reconciliation of the Balance Sheet – Governmental Funds to the Statement of Net Position
Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities
Notes to Financial Statements	

7
8

9

10

11

12
13-21	
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – General Fund
Notes to Required Supplementary Information	

22
23	
OTHER INFORMATION
Data Elements required by FL Statute 218.39 (3) (c)	
24	
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	

25-26	
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	

27	
MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
28-29	

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors
Blackburn Creek Community Development District Sarasota County, Florida

951 Yamato Road ▪ Suite 280 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 Blackburn Creek Community Development District, Sarasota County, Florida (“District”) as of and for the fiscal year ended September 30, 2023, 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, 2023, and the respective changes in financial position thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
The District’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information Included in the Financial Report
Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with FL Statute 218.39 (3) (c), but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 17, 2024, 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 17, 2024

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Blackburn Creek Community Development District, Sarasota County, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2023. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.
FINANCIAL HIGHLIGHTS

The liabilities of the District exceeded its assets plus deferred outflows of resources at the close of the most recent fiscal year resulting in a net position deficit balance of ($2,454,280).

The change in the District’s total net position in comparison with the prior fiscal year was ($239,335), 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, 2023, the District’s governmental funds reported combined ending fund balances of $1,719,879, a decrease of ($1,083,670) in comparison with the prior fiscal year. The total fund balance is non-spendable for prepaid items, restricted for debt service and capital projects, 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 is intended to serve as the introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: government- wide financial statements, fund financial statements, and 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 special assessment revenues. 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.

Fund 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 outflow 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 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 government-wide and fund financial statements.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, liabilities exceeded assets plus deferred outflows of resources at the close of the most recent fiscal year.
Key components of the District’s net position are reflected in the following table:
NET POSITION SEPTEMBER 30,
	2023	2022	
Current and other assets	$ 1,774,919	$  2,808,535	
Capital assets, net of depreciation	19,945,104	20,195,928	
Total assets	21,720,023	23,004,463	
Def erred outflow s of resources	39,400	-	
Total assets and def erred outflow s of resourc	21,759,423	23,004,463	
Current liabilities	533,673	1,104,378	
Long-term liabilities	23,680,030	24,115,030	
Total liabilities	24,213,703	25,219,408	
Net position
Net investment in capital assets	
(3,734,926)	
3,615,475	
Restricted	1,140,674	649,664	
Unrestricted	139,972	(6,480,084)	
Total net position	$ (2,454,280)	$ (2,214,945)	

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:

CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
2023	2022
Revenues:
Program revenues
Charges for services	$ 2,133,746	$  2,131,433	
Operating grants and contributions	28,098	2,852	
Capital grants and contributions	129	34	
General revenues
Unrestricted investment earnings	
4,368	
-	
Miscellaneous	-	49	
Total revenues	2,166,341	2,134,368	
Expenses:
General government	
151,906	
121,286	
Maintenance and operations	834,525	658,776	
Interest	1,305,770	1,354,421	
Bond issue costs	113,475	-	
Total expenses	2,405,676	2,134,483	
Change in net position	(239,335)	(115)	
Net position - beginning	(2,214,945)	(2,214,830)	
Net position - ending	$ (2,454,280)	$ (2,214,945)	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2023 was $2,405,676. The costs of the District’s activities were primarily funded by program revenues. Program revenues are comprised primarily of assessments. Program revenues increased in the current fiscal year as a result of an increase in investment income. In total, expenses increased from the prior year. The majority of the increase was the result of an increase in professional services including removal of vegetation, debris and sediment from control structures, grated swale inlets and drainage swales and channels, repairs, as well as bond issue costs.
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, 2023.

Capital Assets
At September 30, 2023, the District had $22,908,636 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $2,963,532 has been taken, which resulted in a net book value of $ $19,945,104. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt
At September 30, 2023, the District had $21,847,000 Bonds outstanding and $1,833,030 in Developer advances 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

For the subsequent fiscal year, the District anticipates an increase in operations and maintenance assessments in order to fund reserves for stormwater management systems.

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 Blackburn Creek Community Development District’s Finance Department at 3501 Quadrangle Blvd., Suite 270, Orlando, Florida, 32817.

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT SARASOTA COUNTY, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2023

Governmental
	Activities		
ASSETS			
Cash	$	126,361	
Prepaid items		12,842	
Restricted assets:			
Investments		1,628,612	
Interest receivable		7,104	
Capital assets:			
Depreciable, net	  19,945,104 	
Total assets	  21,720,023 	
DEFERRED OUTFLOWS OF RESOURCES			
Deferred charge on refunding (debit)		    39,400 	
Total deferred outflows of resources		    39,400 	
LIABILITIES			
Accounts payable		53,565	
Accrued interest payable		478,633	
Unearned revenue		1,475	

Non-current liabilities:
Due within one year	
456,000	
Due in more than one year	  23,224,030 	
Total liabilities	  24,213,703 	

NET POSITION
Net investment in capital assets	

(3,734,926)	
Restricted for debt service	1,140,674	
Unrestricted		139,972 	
Total net position	 $ (2,454,280)	

See notes to the financial statements

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT SARASOTA COUNTY, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

Net (Expense) Revenue and Changes in Net
Program Revenues		Position Charges	Operating	Capital
for		Grants and		Grants and	Governmental Functions/Programs		Expenses	Services	Contributions	Contributions		Activities	 Primary government:
Governmental activities:
General government	$	151,906	$	151,906	$	-	$	-	$	-	
Maintenance and operations	834,525	8,316	-	129	(826,080)	
Interest on long-term debt	1,305,770	1,973,524	28,098	-	695,852	
Bond issuance costs			113,475		-		-		-	(113,475) Total governmental activities		2,405,676	2,133,746	28,098	129	(243,703)

General revenues:
Unrestricted investment earnings		4,368 	
Total general revenues		4,368 	
Change in net position	(239,335)	
Net position - beginning		(2,214,945)	
Net position - ending	 $	(2,454,280)	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2023

	Major Funds			Total	
		Debt		Capital	Governmental	
	General	Service		Projects	Funds	
ASSETS						
Cash	$	126,361	$	-	$	-	$	126,361	
Investments	-	1,612,275	16,337	1,628,612	
Interest receivable	-	7,032	72	7,104	
Prepaid items	12,842	-		-	12,842	

Total assets	$	139,203	$ 1,619,307	$	16,409	$ 1,774,919	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued expenses	

$	53,565	

$	-	

$	-	

$	53,565	
Unearned revenue	1,475	-	-	1,475	
Total liabilities	55,040	-	-	55,040	

Fund balances: Nonspendable:
Prepaid items	12,842	-	-	12,842	
Restricted for:					
Debt service	-	1,619,307	-	1,619,307	
Capital projects	-	-	16,409	16,409	
Unassigned	71,321	-	-	71,321	
Total fund balances	84,163	1,619,307	16,409	1,719,879	

Total liabilities and fund balances	
$	139,203	
$ 1,619,307	
$	16,409	
$ 1,774,919	

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2023			
Total fund balances - governmental funds	$	1,719,879	
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	22,908,636		
Accumulated depreciation		(2,963,532)	19,945,104	
Deferred charges on refunding of long-term debt are shown as deferred outflows/inflows of resources in the government- wide financial statements; however, this amount is expensed in the governmental fund financial statements.		

39,400	
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	(478,633)		
Developer advance	(1,833,030)		
Bonds payable	  (21,847,000)		(24,158,663)	
Net position of governmental activities	 $ 	(2,454,280)	

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

	Major Funds		Total
	
General	Debt
Service	Capital
Projects	Governmental
Funds	
REVENUES
Assessments	
$	160,222	
$  1,973,524	
$	-	
$  2,133,746	
Net investment earnings	4,368	28,098	129	32,595	
Total revenues	164,590	2,001,622	129	2,166,341	

EXPENDITURES
Current:
General government Maintenance and operations
Debt service: Principal Interest
Bond issuance costs Capital outlay
Total expenditures		

151,906		

-		

-		

151,906	
		70,904		-		-		70,904	
		-		702,000		-		702,000	
		-		1,384,529		-		1,384,529	
		-		-		113,475		113,475	
		-		-		512,797		512,797	
		222,810		2,086,529		626,272		2,935,611	

Excess (deficiency) of revenues over (under) expenditures		

(58,220)		

(84,907)		

(626,143)		

(769,270)	
OTHER FINANCING SOURCES (USES)
Transfers in (out) Bond proceeds
Payment to refunded bond escrow agent Redemption premium
Total other financing sources (uses)		
-		
126,397		
(126,397)		
-	
		-		3,535,241		129,759		3,665,000	
		-		(3,940,000)		-		(3,940,000)	
		-		(39,400)		-		(39,400)	
		-		(317,762)		3,362		(314,400)	

Net change in fund balances		
(58,220)		
(402,669)		
(622,781)		
(1,083,670)	
Fund balances - beginning		142,383		2,021,976		639,190		2,803,549	

Fund balances - ending	
$	
84,163	
$	
1,619,307	
$	
16,409	
$	
1,719,879	

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, 2023			
Net change in fund balances - total governmental funds	$	(1,083,670)	
Amounts reported for governmental activities in the statement of activities are different because:	
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.		
512,797	
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.		

(3,665,000)	
In connection with refunding of Series 2013A Bonds, the redemption premium is reported as a financing use when debt is first issued, whereas this amount is eliminated in the statement of activities and			
classified as a deferred outflow of resources in the statement of net			
position.		39,400	
Repayment of long-term liabilities are reported as expenditures in the governmental fund financial statements, but such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities.		

702,000	
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.		

78,759	
Governmental funds report amounts transferred to the escrow agent in connection with the issuance of refunding Bonds as a financing use, whereas these amounts are eliminated in the statement of activities and reduce long-term liabilities in the statement of net position.		

3,940,000	
Depreciation of capital assets is not recognized in the governmental fund financial statements, but is reported as an expense in the statement of activities.		

    (763,621)	
Change in net position of governmental activities	 $		(239,335)	

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY
Blackburn Creek Community Development District ("District") was created on November 9, 2010 by Ordinance 2010-070 of Sarasota County, Florida, 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 was later amended in December 2014 by Ordinance 2014-094 of the Sarasota County, Florida to expand its boundaries to approximately 908 acres. The District was again amended in March 2018 by Ordinances 2018-004 of the Sarasota County, Florida to expand its boundaries to approximately 1,027 acres.
The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.
The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected by the owners of the property within the District. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes.

The Board has the responsibility for:
Assessing and levying assessments.
Approving budgets.
Exercising control over facilities and properties.
Controlling the use of funds generated by the District.
Approving the hiring and firing of key personnel.
Financing improvements.
The financial statements were prepared in accordance with Governmental Accounting Standards Board (“GASB”) Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District is considered to be financially accountable, and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.

Government-Wide and Fund Financial Statements (Continued)
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 benefited lands within the District. Assessments are levied to pay for the operations and maintenance of the District. The fiscal year for which annual assessments are levied begins on October 1 with discounts available for payments through February 28 and become delinquent on April 1. The District’s annual assessments for operations and debt service are billed and collected by the County Tax Assessor/Collector. The amounts remitted to the District are net of applicable discounts or fees and include interest on monies held from the day of collection to the day of distribution.

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.

Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued)

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 debt covenants or other contractual restrictions.

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

The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.
Securities listed in paragraphs 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.

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

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

Capital Assets (Continued)
Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:
Assets	Years
Infrastructure	30

In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.
Refundings of Debt
For current refundings and advance refundings resulting in the defeasance of debt, the difference between the reacquisition price and the net carrying amount of the old debt is reported as a deferred outflow of resources and recognized ratably as a component of interest expense over the remaining life of the old debt or the life of the new debt, whichever is shorter. In connection with the refunding, no amount was recognized as a component of interest expense in the current fiscal year.

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

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

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

In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.
Fund Equity/Net Position
In the fund financial statements, governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.

Fund Equity/Net Position (Continued)
The District can establish limitations on the use of fund balance as follows:
Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.

Assigned fund balance – Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.
The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.

Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.
Other Disclosures

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

NOTE 3 – BUDGETARY INFORMATION
The District is required to establish a budgetary system and an approved Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year-end.

The District follows these procedures in establishing the budgetary data reflected in the financial statements.
Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
Public hearings are conducted to obtain 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.

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, 2023:

	Amortized cost	Credit Risk	Maturities	
U.S. Bank Gcts 0490	$	1,623,732	N/A	N/A
Weighted average	
First American Govt Obli Fd Cl Y	4,880	S&P AAAm	maturity: 24 days	
Total Investments	$	1,628,612			
Credit risk – For investments, credit risk is generally the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments.

Concentration risk – The District places no limit on the amount the District may invest in any one issuer.
Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates

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

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

Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. Accordingly, the District’s investments have been reported at amortized cost above.

Interfund transfers for the fiscal year ended September 30, 2023 were as follows:
Fund	Transfer in	Transfer out
Debt service	$	126,397	$	-	
Capital projects		-		126,397	
Total	$	126,397	$	126,397	
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 capital projects fund to the debt service fund were made in accordance with the Bond Indentures.

NOTE 6 – CAPITAL ASSETS
Capital asset activity for the fiscal year ended September 30, 2023 was as follows:

Beginning			Ending	
Balance	Additions	Reductions	Balance	

Governmental activities									
Capital assets, being depreciated									
Infrastructure	$	22,395,839	$	512,797	$	-	$	22,908,636	
Total capital assets, being depreciated		22,395,839		512,797		-		22,908,636	

Less accumulated depreciation for:									
Infrastructure		2,199,911		763,621		-		2,963,532	
Total accumulated depreciation		2,199,911		763,621		-		2,963,532	

Total capital assets, being depreciated, net		
20,195,928		
(250,824)		
-		
19,945,104	

Governmental activities capital assets, net	
$ 20,195,928	
$	
(250,824)	
$	
-	
$ 19,945,104	

Depreciation expense is charged to the maintenance and operations function in the statement of activities.
NOTE 7 – LONG-TERM LIABILITIES

At September 30, 2023, the District had the following outstanding bonds:

Series	Issuance Date	Par Amount	Interest Rate (%)	Interest Paym ents
Commencing	Principal Paym ents
Commencing	Maturity Date	
2015A-1	10/15/2015	$ 3,520,000	6.25 - 6.50	5/1/2016	5/1/2016	5/1/2045	
2015A-2	10/15/2015	5,245,000	6.25	5/1/2016	5/1/2018	5/1/2045	
2018A-1	2/22/2018	9,715,000	5.25 - 5.90	5/1/2018	5/1/2019	5/1/2048	
2018A-2	2/22/2018	2,880,000	5.90	5/1/2018	5/1/2021	5/1/2048	
2019A-1	2/11/2019	3,295,000	5.75 - 5.60	5/1/2019	5/1/2020	5/1/2049	
2019A-2	2/11/2019	1,445,000	5.60	5/1/2019	5/1/2020	5/1/2049	
2023	7/17/2023	3,665,000	4.84	11/1/2023	5/1/2024	5/1/2043	
The Series 2015A, 2018A, and 2019A Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. The Series 2023 were issued to refund the District’s outstanding Special Assessments Revenue Bonds, Series 2013A (the “Refunded Bonds”). For all the bonds, interest is to be paid semiannually on each May 1 and November 1. Principal on the Bonds is to be paid serially commencing on the dates shown above.

The Bonds are subject to redemption at the option of the District prior to maturity. The Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture. This occurred during the current fiscal year as the District collected prepaid assessments and prepaid $10,000 of the Series 2015A-2 Bonds,
$120,000 of the Series 2018A-1 Bonds, $40,000 of the Series 2018A-2 Bonds, $65,000 of the Series 2019A-1 Bonds, and $5,000 of the Series 2019A-2 Bonds. In addition, see Note – 12 Subsequent Events for extraordinary redemption amounts subsequent to fiscal year end.
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, 2023.
Refunded Bonds
The District current refunded the Series 2013A Special Assessment Revenue Bonds, which had an outstanding balance of $3,940,000 at the time of the current refunding with the proceeds from the Series 2023 Bonds. The refunding was a current refunding and resulted in a difference in cash flows required to pay the respective debt service of $1,112,093. The refunding resulted in an economic gain of $618,027. The refunded Bonds have been paid off as of September 30, 2023.

Developer Advance
In a prior year, the Developer advanced funds to the District to fund the construction of certain infrastructure improvements within the District. This resulted in a long-term Developer advance liability. The balance as of September 30, 2023 is $1,833,030.
Long-term Debt Activity
Changes in long-term liability activity for the fiscal year ended September 30, 2023 were as follows:

Beginning			Ending	Due Within	
Balance	Additions	Reductions	Balance	One Year	

Governmental activities									
Bonds payable:									
Series 2013A	$ 4,065,000	$	-	$ 4,065,000	$	-	$	-	
Series 2015A-1	2,715,000		-	55,000	2,660,000		55,000	
Series 2015A-2	975,000		-	30,000	945,000		20,000	
Series 2018A-1	8,917,000		-	275,000	8,642,000		162,000	
Series 2018A-2	1,622,000		-	67,000	1,555,000		28,000	
Series 2019A-1	3,145,000		-	120,000	3,025,000		55,000	
Series 2019A-2	1,385,000		-	30,000	1,355,000		25,000	
Series 2023	-	3,665,000	-	3,665,000		111,000	
Developer advance	1,833,030		-	-	1,833,030		-	
Total	$24,657,030	$ 3,665,000	$ 4,642,000	$23,680,030	$	456,000	

Long-term Debt Activity (Continued)
At September 30, 2023, the scheduled debt service requirements on the long-term debt were as follows:

Governmental Activities
Year ending
September 30:	Principal	Interest	Total
2024	$	456,000	$	1,201,638	$	1,657,638	
2025		483,000		1,214,857		1,697,857	
2026		510,000		1,189,197		1,699,197	
2027		542,000		1,162,031		1,704,031	
2028		565,000		1,133,160		1,698,160	
2029-2033		3,375,000		5,160,674		8,535,674	
2034-2038		4,452,000		4,101,376		8,553,376	
2039-2043		5,917,000		2,682,195		8,599,195	
2044-2048		5,237,000		988,052		6,225,052	
2049
Total	
$ 21	310,000
,847,000	
$	17,360
18,850,540	
$	327,360
40,697,540	

NOTE 8 – DEVELOPER TRANSACTIONS
The Developer owns a portion of land within the District; therefore, assessment revenues in the general and debt service funds include the assessments levied on those lots owned by the Developer. Additionally, during the current fiscal year, the District reimbursed the Developer a total of $459,473 for construction costs the Developer had paid on behalf of the District.

NOTE 9 – CONCENTRATION

A significant portion of the District’s activity is dependent upon the continued involvement of the Developer, the loss of which could have a material adverse effect on the District’s operations.
NOTE 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, 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 were no settled claims during the past three years.

NOTE 12 – SUBSEQUENT EVENTS

Bond Payments
Subsequent to fiscal year end, the District prepaid $50,000 of the Series 2015A-1 Bonds; $20,000 of the Series 2015A-2; $500,000 of the Series 2018A-1 Bonds; $30,000 of the Series 2018A-2 Bonds; $10,000 of the Series 2019A-1 Bonds; and $5,000 of the Series 2019A-2 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, 2023

Variance with
Budgeted		Final Budget -	
  Amounts		Actual	Positive	
Original & Final	Amounts	(Negative)	

REVENUES		
Assessments	$	144,755	$	160,222	$	15,467	
Interest	-	4,368	4,368	
Total revenues	144,755	164,590	19,835	
EXPENDITURES
Current:
General government	145,320	151,906	(6,586)	
Maintenance and operations	102,222	70,904	31,318	
Total expenditures	247,542	222,810		24,732	
Excess (deficiency) of revenues over (under) expenditures	
(102,787)	
(58,220)		
44,567	
OTHER FINANCING SOURCES
Carry forward
Total other financing sources (uses)	
102,787
102,787	
-
-		
(102,787)
(102,787)	

Net change in fund balances	
 $		
-		
(58,220)	
 $		
(58,220)	
Fund balance - beginning			142,383 			
Fund balance - ending		 $		84,163 			

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, 2023.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3)(C)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 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 w hom nonemployee compensation w as paid in the last month of the District’s fiscal year being reported.	
13	
Employee compensation	$0.00	
Independent contractor compensation	$137,902.15	
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 - $88.23
Debt service - $40.26 - $2,106.63	
Special assessments collected	$2,133,746.00	
Outstanding Bonds:	see Note 7 for details	

951 Yamato Road ▪ Suite 280 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
Blackburn Creek Community Development District Sarasota County, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of Blackburn Creek Community Development District, Sarasota County, Florida (“District”) as of and for the fiscal year ended September 30, 2023, 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 17, 2024.
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.
We noted certain matters that we reported to management of the District in a separate letter dated June 17, 2024.

The District’s Response to Findings
Government Auditing Standards requires the auditor to perform limited procedures on the District’s response to the findings identified in our audit and described in the accompanying Management Letter. The District’s response was not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the response.
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 17, 2024

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
Blackburn Creek Community Development District Sarasota County, Florida
We have examined Blackburn Creek Community Development District, Sarasota County, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2023. Management is responsible for the District’s compliance with those requirements. Our responsibility is to express an opinion on the 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, 2023.
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 Blackburn Creek Community Development District, Sarasota County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

June 17, 2024

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Blackburn Creek Community Development District Sarasota County, Florida
Report on the Financial Statements

We have audited the accompanying basic financial statements of Blackburn Creek Community Development District, Sarasota County, Florida ("District") as of and for the fiscal year ended September 30, 2023, and have issued our report thereon dated June 17, 2024.
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 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 17, 2024, 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 of 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 Blackburn Creek Community Development District, Sarasota County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

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

June 17, 2024

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS
2023-01 Compliance

Observation: Florida statutes requires public depositors to submit an annual report to the Chief Financial Officer by November 30. For the fiscal year ended September 30, 2023, The District was not in compliance as it submitted the report in January 2024.
Recommendation: The District should submit the Public Depositor Annual Report by November 30 of each year.

Management Response: Not filing the QPR report on time was an oversight by the District Accountant and procedures have been put in place to prevent future findings.

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, 2022.
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, 2023, except as noted above.
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, 2023.
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. 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 24.

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Review of District Financial Statements

Debt Service Fund - 2015	Debt Service Fund - 2018	Debt Service Fund - 2023	Cpaital Projects 2023	Long Term Debt Group	Total	

Assets

$325.87 226,875.00
81,406.25
275,239.08
2,428.12
4,544.89
5,244.42

$596,063.63	

$280,051.79 32,980.50
253,332.24
9,821.30
687.96
67,094.29

$643,968.08	

$109,124.09 2,094.98
645.23
325.25
$112,189.55	

$0.00	

$0.00	

$292,342.81 40,201.03
(1,808.34)
3,523.90
11,508.18
236.17
163,410.00
131,528.67
1,037.18
477.71
0.02
0.01
18,283.16
6,860.22
28,056.07
325.87
226,875.00
81,406.25
275,239.08
2,428.12
4,544.89
5,244.42
280,051.79
32,980.50
253,332.24
9,821.30
687.96
67,094.29
109,124.09
2,094.98
645.23
325.25
$2,047,878.05	

$0.00

$596,063.63	

$0.00

$643,968.08	

$0.00

$112,189.55	

$0.00

$0.00	
$1,600,140.44 19,118,859.56
$20,719,000.00

$20,719,000.00	
$1,600,140.44 19,118,859.56
$20,719,000.00

$22,766,878.05	

Blackburn Creek CDD Statement of Financial Position As of 6/30/2024

Current Assets

General Fund

Debt Service Fund 2019

General Checking Account	$292,342.81		
Money Market Account	40,201.03		
Assessments Receivable	(1,808.34)		
Prepaid Expenses	3,523.90		
Assessment Receivable - Off Roll	11,508.18		
Assessments Receivable			$236.17	
Debt Service Reserve 2019A Bond			163,410.00	
Revenue 2019A Bond			131,528.67	
Interest 2019A1 Bond			1,037.18	
Interest 2019A2 Bond			477.71	
Sinking Fund 2019A1 Bond			0.02	
Sinking Fund 2019A2 Bond			0.01	
Prepayment 2019A1 Bond			18,283.16	
Prepayment 2019A2 Bond			6,860.22	
Assessment Receivable - Off Roll			28,056.07	
Assessments Receivable				
Debt Service Reserve 2015A1 Bond				
Debt Service Reserve 2015A2 Bond				
Revenue 2015A Bond				
Prepayment 2015A1 Bond				
Prepayment 2015A2 Bond				
Assessment Receivable - Off Roll				
Revenue 2018A Bond				
Prepayment 2018A1 Bond				
Debt Service Reserve 2018A1 Bond				
Prepayment 2018A2 Bond				
Assessments Receivable				
Assessment Receivable - Off Roll				
Revenue 2023 Bond				
Prepayment 2023 Bond				
Interest 2023 Bond				
Assessment Receivable				
Total Current Assets	$345,767.58		$349,889.21	

      

Investments
Amount Available in Debt Service Funds Amount To Be Provided
Total Investments

Total Assets

       
$0.00	$0.00

$345,767.58	$349,889.21

       

Cpaital Projects 2023		Long Term Debt Group		Total	

$2,002.39	
				(1,808.34)	
				11,508.18	
				236.17	
				28,056.07	
				325.87	
				5,244.42	
				687.96	
				67,094.29	
				325.25	
$0.00		$0.00		$113,672.26	

$20,719,000.00		

$20,719,000.00	
$0.00		$20,719,000.00		$20,719,000.00	
$0.00		$20,719,000.00		$20,832,672.26	

($2,698.24)	
				86,860.93	
				249,902.66	
				333,037.59	
				(11,440.62)	
				583,696.99	
				6,796.35	
				637,006.45	
				(60,820.62)	
				65,566.83	
				46,297.47	
$0.00		$0.00		$1,934,205.79	
					
$0.00		$20,719,000.00		$22,766,878.05	

Statement of Financial Position As of 6/30/2024

General Fund

Debt Service	Debt Service	Debt Service Fund 2019		Fund - 2015		Fund - 2018

Liabilities and Net Assets

Debt Service Fund - 2023

Current Liabilities Accounts Payable Deferred Revenue
Deferred Revenue - Off Roll Deferred Revenue
Deferred Revenue - Off Roll Deferred Revenue
Deferred Revenue - Off Roll Deferred Revenue
Deferred Revenue - Off Roll Deferred Revenue
Total Current Liabilities

Long Term Liabilities
Revenue Bonds Payable - Long-Term Total Long Term Liabilities

Total Liabilities

Net Assets, Unrestricted	($2,698.24)	
Net Assets - General Government	86,860.93	
Current Year Net Assets - General Govt	249,902.66	

Net Assets

Net Assets, Unrestricted
Current Year Net Assets, Unrestricted
Net Assets, Unrestricted
Current Year Net Assets, Unrestricted
Net Assets, Unrestricted
Current Year Net Assets, Unrestricted
Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Total Net Assets

Total Liabilities and Net Assets

$2,002.39 (1,808.34)
11,508.18

$11,702.23

$0.00

$11,702.23

$334,065.35

$345,767.58

28,056.07		
$325.87 5,244.42		

$687.96 67,094.29	
$28,292.24		$5,570.29		$67,782.25	
$0.00		$0.00		$0.00	
$28,292.24		$5,570.29		$67,782.25	

$236.17

$325.25

$325.25

$0.00

$333,037.59 (11,440.62)		

$583,696.99 6,796.35		

$637,006.45 (60,820.62)	
$321,596.97		$590,493.34		$576,185.83	
					
$349,889.21		$596,063.63		$643,968.08	

$325.25

$65,566.83 46,297.47

$111,864.30

$112,189.55

	

General Fund		Debt Service Fund 2019		Debt Service Fund - 2015		Debt Service Fund - 2018		Debt Service Fund - 2023		Capital Project 2023		Long Term Debt Group		Total	

$327,464.65														

$327,464.65	
33,248.30														33,248.30	
		$207,044.88												207,044.88	
		88,341.09												88,341.09	
		20,707.18												20,707.18	
		(4,906.75)												(4,906.75)	
				$285,680.29										285,680.29	
				17,531.70										17,531.70	
						$603,110.30								603,110.30	
						102,526.13								102,526.13	
						609,140.76								609,140.76	
								$285,137.21						285,137.21	
								15,511.42						15,511.42	
										($10,604.67)				(10,604.67)	
$360,712.95		$311,186.40		$303,211.99		$1,314,777.19		$300,648.63		($10,604.67)		$0.00		$2,579,932.49	

$9,800.00														
$9,800.00	
2,943.00														2,943.00	
15,076.12														15,076.12	
27,225.00														27,225.00	
16,308.94														16,308.94	
11,250.00														11,250.00	
12,227.75														12,227.75	
15,000.00														15,000.00	
625.00														625.00	
4,800.00														4,800.00	
36.84														36.84	
1,261.50														1,261.50	
1,815.00														1,815.00	
175.00														175.00	
4,252.00														4,252.00	
		$65,000.00												65,000.00	
		30,000.00												30,000.00	
		164,473.75												164,473.75	
		75,740.00												75,740.00	
				$70,000.00										70,000.00	
				20,000.00										20,000.00	
				169,925.00										169,925.00	
				59,062.50										59,062.50	
						$661,000.00								661,000.00	
						161,000.00								161,000.00	
						497,831.25								497,831.25	
						89,753.75								89,753.75	
								$121,000.00						121,000.00	
								139,937.84						139,937.84	
										$5,925.00				5,925.00	
$122,796.15		$335,213.75		$318,987.50		$1,409,585.00		$260,937.84		$5,925.00		$0.00		$2,453,445.24	

Revenues

On-Roll Assessments Off-Roll Assessments On-Roll Assessments Off-Roll Assessments Other Assessments
Inter-Fund Group Transfers In On-Roll Assessments
Off-Roll Assessments On-Roll Assessments Off-Roll Assessments Other Assessments On roll Assessments Inter-Fund Transfer In Inter-Fund Transfer In
Total Revenues

Expenses

Supervisor Fees
Public Officials' Insurance Trustee Services Management  Engineering
Disclosure Agent District Counsel
Assessment Administration Reamortization Schedules Audit
Postage & Shipping Legal Advertising
Web Site Maintenance Dues, Licenses, and Fees General Insurance
Principal Payment - 2013A1, 2019A1 Principal Payment - 2019A2
Interest Payments - 2013A1, 2019A1 Interest Payments - 2019A2 Principal Payments - 2015A1 bond Principal Payments - 2015A2 bond Interest Payments - 2015A1 bond Interest Payments - 2015A2 bond Principal Payment - 2018A1 Bond Principal Payment - 2018A2 Bond Interest Payment - 2018A1 Bond Interest Payment - 2018A2 Bond Principal Payments S2023
Interest Payment - S2023 Trustee Fees
Total Expenses

General Fund		Debt Service Fund 2019		Debt Service Fund - 2015		Debt Service Fund - 2018		Debt Service Fund - 2023		Capital Project 2023		Long Term Debt Group		Total	
Other Revenues (Expenses) & Gains (Losses)

Interest Income Interest Income Interest Income Interest Income Interest income
Total Other Revenues (Expenses) & Gains (Losses)	

$11,985.86

$11,985.86		

$12,586.73

$12,586.73		

$22,571.86

$22,571.86		

$33,987.19

$33,987.19		

$6,586.68

$6,586.68		

$120.64

$120.64		

$0.00		

$11,985.86 12,586.73
22,571.86
33,987.19
6,707.32

$87,838.96	
Change In Net Assets	$249,902.66		($11,440.62)		$6,796.35		($60,820.62)		$46,297.47		($16,409.03)		$0.00		$214,326.21	

Net Assets At Beginning Of Year	$84,162.69		$333,037.59		$583,696.99		$637,006.45		$65,566.83		$16,409.03		$0.00		$1,719,879.58	

Net Assets At End Of Year	

$334,065.35		

$321,596.97		

$590,493.34		

$576,185.83		

$111,864.30		

$0.00		

$0.00		

$1,934,205.79	

Blackburn Creek CDD
Budget to Actual
For The Month Ending 6/30/2024

Year To Date
FY 2024

Actual

Budget	Variance	Adopted Budget

Revenues

On/Off Roll Assessments	$360,712.95		$277,499.97		$83,212.98		$370,000.00	
Carry Forward Revenue	100,010.96		75,008.25		25,002.71		100,010.96	
Net Revenues	$460,723.91		$352,508.22		$108,215.69		$470,010.96	
General & Administrative Expenses

Supervisor Fees	$9,800.00		$9,000.00		$800.00		$12,000.00	
Public Officials' Insurance	2,943.00		2,334.78		608.22		3,113.00	
Trustee Services	15,076.12		11,999.97		3,076.15		16,000.00	
Management	27,225.00		27,225.00		-		36,300.00	
Engineering	16,308.94		7,499.97		8,808.97		10,000.00	
Disclosure Agent	11,250.00		11,250.00		-		15,000.00	
District Counsel	12,227.75		15,000.03		(2,772.28)		20,000.00	
Assessment Administration	15,000.00		11,250.00		3,750.00		15,000.00	
Reamortization Schedules	625.00		749.97		(124.97)		1,000.00	
Audit	4,800.00		4,124.97		675.03		5,500.00	
Arbitrage Calculation	-		749.97		(749.97)		1,000.00	
Postage & Shipping	36.84		337.50		(300.66)		450.00	
Legal Advertising	1,261.50		2,625.03		(1,363.53)		3,500.00	
Bank Fees	-		187.47		(187.47)		250.00	
Miscellaneous	-		150.03		(150.03)		200.00	
Office Supplies	-		187.47		(187.47)		250.00	
Web Site Maintenance	1,815.00		2,115.00		(300.00)		2,820.00	
Dues, Licenses, and Fees	175.00		131.22		43.78		175.00	
Reserve Study	-		5,625.00		(5,625.00)		7,500.00	
Stormwater Reserve	-		161,816.22		(161,816.22)		215,755.00	
Stormwater Maintenance	-		52,343.01		(52,343.01)		69,790.67	
General Insurance	4,252.00		3,372.75		879.25		4,497.00	
Hardscape Maintenance	-		22,432.86		(22,432.86)		29,910.29	
Total General & Administrative Expenses	$122,796.15		$352,508.22		$(229,712.07)		$470,010.96	
Total Expenses		$122,796.15			$352,508.22			$(229,712.07)		  $470,010.96	
Income (Loss) from Operations	$337,927.76		$0.00		$337,927.76		$0.00	

Other Income (Expense)

Interest Income	$11,985.86		$0.00		$11,985.86		$0.00	
Total Other Income (Expense)	$11,985.86		$0.00		$11,985.86		$0.00	
Net Income (Loss)	$349,913.62		$0.00		$349,913.62		$0.00	

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