The following is the agenda for the Board of Supervisors Meeting for the Laurel Road Community Development District scheduled to be held Wednesday June 14, 2023, at 12:30 PM located at 5800 Lakewood Ranch Blvd, Sarasota, FL 34240. The following is the proposed agenda for this meeting.

Call in number: 1-844-621-3956 Passcode: 2536 634 0209
BOARD OF SUPERVISORS’ MEETING AGENDA

Administrative Matters

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

Consideration of the Minutes of the May 10, 2023, Board of Supervisors’ Meeting

Business Matters
Review and Acceptance of Fiscal Year 2022 Audit
Consideration of Advanced Aquatic Waterway Management Proposal
Ratification of Purchase Order No. 210511 for Vistera of Venice Phase 1
Ratification of Funding Requests Nos. 106 – 112
Ratification of Payment Authorizations Nos. 004 – 005
Review of District Financial Statements

Other Business

Staff Reports District Counsel District Engineer District Manager

Supervisor Requests and Audience Comments Adjournment

The following is the agenda for the Board of Supervisors Meeting for the Laurel Road Community Development District scheduled to be held Wednesday June 14, 2023, at 12:30 PM located at 5800 Lakewood Ranch Blvd, Sarasota, FL 34240. The following is the proposed agenda for this meeting.

Call in number: 1-844-621-3956 Passcode: 2536 634 0209
BOARD OF SUPERVISORS’ MEETING AGENDA

Administrative Matters

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

Consideration of the Minutes of the May 10, 2023, Board of Supervisors’ Meeting

Business Matters
Review and Acceptance of Fiscal Year 2022 Audit
Consideration of Advanced Aquatic Waterway Management Proposal
Consideration of FEDCO FPL Feeder and Primary Conduit System Installation Proposal – Vistera Phase 1A
Consideration of FEDCO FPL Feeder and Primary Conduit System Installation Proposal – Vistera Phase 1B
Ratification of Purchase Order No. 210511 for Vistera of Venice Phase 1
Ratification of Funding Requests Nos. 106 – 112
Ratification of Payment Authorizations Nos. 004 – 005
Review of District Financial Statements

Other Business

Staff Reports District Counsel District Engineer District Manager

Supervisor Requests and Audience Comments Adjournment

Laurel Road Community Development District

Minutes of the May 10, 2023, Board of Supervisors Meeting

LAUREL ROAD COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS MEETING
Wednesday, May 10, 2023, at 12:30 p.m. 5800 Lakewood Ranch Blvd,
Sarasota, FL 34240

Board Members present at roll call:

Pete Williams	Chairperson
Janice Snow	Vice Chairperson
John Blakley	Assistant Secretary John Leinaweaver	Assistant Secretary

Also present at roll call via speakerphone or in-person:

Vivian Carvalho	PFM Group Consulting LLC - District Manager		
Amanda Lane	PFM Group Consulting LLC - District Accountant	(via phone)	
Jorge Jimenez	PFM Group Consulting LLC - ADM	(via phone)	
Ed Vogler	Vogler Ashton - District Counsel	(via phone)	
Tom Panaseny	Neal Communities	(via phone)	
Jim Schier	Neal Communities	(via phone)	
John McKay	J. H. McKay, LLC		

FIRST ORDER OF BUSINESS	Administrative Matters

Roll Call

The Board of Supervisors’ Meeting for Laurel Road CDD was called to order at 12:30 p.m. Those in attendance are outlined above either in person or via speakerphone.

Public Comment Period

There were no public comments.

Consideration of the Minutes of the April 12, 2023, Board of Supervisors’ Meeting

The Board reviewed the minutes.

ON MOTION by Mr. Williams, seconded by Ms. Snow, with all in favor, the Board approved the Minutes of the April 12, 2023, Board of Supervisors’ Meeting.

Consideration of Resolution 2023-12, Approving a Preliminary Budget for Fiscal Year 2024, Declaring O&M Assessments, and Setting a Public Hearing Date [Suggested Date of August 9, 2023]

Ms. Carvalho reviewed the resolution; she noted that the budget was reviewed by District staff and the Developer. The total net revenue is $370,007.27.

ON MOTION by Mr. Williams, seconded by Mr. Blakely, with all in favor, the Board approved Resolution 2023-12, Approving a Preliminary Budget for Fiscal Year 2024, Declaring O&M Assessments, and Setting a Public Hearing Date for August 9, 2023, at 12:30PM at this location.

Letter from Supervisor of Elections, Sarasota County

Ms. Carvalho stated that there are 0 registered voters as of April 21, 2023.

ON MOTION by Mr. Williams, seconded by Mr. Leinaweaver, with all in favor, the Board accepted the Letter from Supervisor of Elections, Sarasota County.

Ratification of Change Order No. 15 for Vistera of Venice – Phase 1

Mr. Panaseny stated that there was an increase of $211,217.98 for the legal disposal of construction debris that was found onsite for this change order.

ON MOTION by Mr. Williams, seconded by Mr. Blakely, with all in favor, the Board ratified Change Order No. 15 for Vistera of Venice – Phase 1.

Ratification of Funding Requests Nos. 100 – 105

The Board reviewed the funding requests.

ON MOTION by Mr. Williams, seconded by Mr. Leinaweaver, with all in favor, the Board ratified funding requests Nos. 100 – 105.

Review of District Financial Statements

The Board reviewed the District Financial Statements as of March 31, 2023.

ON MOTION by Mr. Williams, seconded by Ms. Snow, with all in favor, the Board accepted the District Financial Statements.

THIRD ORDER OF BUSINESS	Other Business

Staff Reports

District Counsel –	No report. District Engineer –	Not present. District Manager –	No report.

Audience	Comments	and	Supervisor Requests

There were no audience comments or supervisor requests.

FOURTH ORDER OF BUSINESS	Adjournment

There were no other questions or comments.

ON MOTION by Ms. Snow, seconded by Mr. Blakely, with all in favor, the May 10, 2023, Board of Supervisors’ Meeting for the Laurel Road Community Development District was adjourned at 12:39 p.m.

Secretary / Assistant Secretary	Chairperson / Vice Chairperson

,

Laurel Road Community Development District

Fiscal Year 2022 Audit

LAUREL ROAD COMMUNITY DEVELOPMENT DISTRICT
CITY OF VENICE, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2022

LAUREL ROAD COMMUNITY DEVELOPMENT DISTRICT CITY OF VENICE, 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	13-19	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balance –
Budget and Actual – General Fund	
20	
Notes to Required Supplementary Information	21	
OTHER INFORMATION		
Data Elements required by FL Statute 218.39 (3) (c)	22	
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	

23-24	
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	

25	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
26-27	

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors
Laurel Road Community Development District City of Venice, 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 Laurel Road Community Development District, City of Venice, Florida ("District") as of and for the fiscal year ended September 30, 2022, 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, 2022, and the respective changes in financial position thereof for the fiscal year ended September 30, 2022 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 May 3, 2023 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.

May 3, 2023

MANAGEMENT’S DISCUSSION AND ANALYSIS

The management of the Laurel Road Community Development District, City of Venice, 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, 2022. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

FINANCIAL HIGHLIGHTS

The liabilities of the District exceeded its assets at the close of the most recent fiscal year resulting in a net position balance of ($977,101).

The change in the District’s total net position in comparison with the prior fiscal year was ($1,234,394), 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, 2022, the District’s governmental funds reported combined ending fund balances of
$7,701,300, an increase of $8,108,539 in comparison with the prior fiscal year. The total fund balance is restricted for debt service and capital projects.

OVERVIEW OF FINANCIAL STATEMENTS

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

Government-Wide Financial Statements

The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.

The statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the difference between the two 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 Developer contributions. 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, the 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 government-wide and fund financial statements.

GOVERNMENT-WIDE FINANCIAL ANALYSIS

As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, assets exceeded liabilities at the close of the most recent fiscal year.

Key components of the District’s net position are reflected in the following table:

NET POSITION
SEPTEMBER 30	
,		
	2022	2021	
Assets, excluding capital assets	$  9,324,823	$	321,367	
Capital assets, not being depreciated	14,190,978	664,532	
Total assets	23,515,801	985,899	
Liabilities, excluding long-term liabilities	1,934,691	728,606	
Long-term liabilities	22,558,211	-	
Total liabilities	24,492,902	728,606	
Net Position			
Net investment in capital assets	(1,531,476)	257,293	
Restricted	554,375	-	
Total net position	$	(977,101)	$	257,293	

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)

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

The District’s net position decreased during the most recent fiscal year. Most of the decrease was due to the costs associated with the issuance of bonds.

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,
2022	2021
Revenues:
Program revenues
Operating grants and contributions	$	86,611	$	86,585	
Capital grants and contributions	533	298,585	
Total revenues	87,144	385,170	
Expenses:
General government	
86,572	
127,877	
Interest	575,742	-	
Bond issuance costs	659,224	-	
Total expenses	1,321,538	127,877	
Change in net position	(1,234,394)	257,293	
Net position - beginning	257,293	-	
Net position - ending	$	(977,101)	$	257,293	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2022, was $1,321,538. The costs of the District’s activities were funded by Developer contributions.

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, 2022.

CAPITAL ASSETS

At September 30, 2022, the District had $14,190,978 invested in capital assets. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGET

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

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT

This financial report is designed to provide property 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 Laurel Road Community Development District’s Finance Department at 3501 Quadrangle Boulevard, Suite 270, Orlando, FL 32817.

LAUREL ROAD COMMUNITY DEVELOPMENT DISTRICT CITY OF VENICE, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2022

ASSETS
Cash

Governmental
	Activities	

$	3,083

Due from Developer	6,668
Interest receivable	39
Prepaid items	450
Restricted assets:
Investments	9,314,583
Capital assets:
Nondepreciable		14,190,978 
Total assets		23,515,801 

LIABILITIES		
Accounts payable	1,142,487	
Retainage payable	481,036	
Accrued interest payable	311,168	
Non-current liabilities:		
Due within one year	240,000	
Due in more than one year		22,318,211 	
Total liabilities		24,492,902 	

NET POSITION		
Net investment in capital assets	(1,531,476)	
Restricted for debt service		554,375 	
Total net position	 $	(977,101)	

See notes to the financial statements

LAUREL ROAD COMMUNITY DEVELOPMENT DISTRICT CITY OF VENICE, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022

Net (Expense) Revenue and Changes in Net
		Program Revenues	Position	 Operating	Capital
Grants and		Grants and	Governmental Functions/Programs	  Expenses	Contributions	Contributions		Activities	 Primary government:
Governmental activities:

General government

$	86,572	$

86,572	$

-	$	-

Maintenance and operations	-	-	533	533
Interest on long-term debt				575,742			39		-		(575,703) Bond issuance costs				659,224		-			-		(659,224) Total governmental activities			1,321,538	86,611	533	(1,234,394)

Change in net position	(1,234,394)	
Net position - beginning		257,293 	
Net position - ending	 $	(977,101)	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2022

	Major Funds	
Debt	Capital
General	Service	Projects

Total Governmental Funds

ASSETS		
Cash	$	3,083	$	-	$	-	$	3,083	
Investments	-	865,540	8,449,043	9,314,583	
Due from Developer	6,668	-	-	6,668	
Interest receivable	-	3	36	39	
Prepaid items	450	-	-	450	
Total assets	$	10,201	$	865,543	$	8,449,079	$	9,324,823	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	10,201	$	-	$	1,132,286	$	1,142,487	
Retainage payable	-	481,036	481,036	
Total liabilities	10,201	-	1,613,322	1,623,523	

Fund balances:				
Restricted for: Debt service		
-		
865,543		
-		
865,543	
Capital projects		-		-		6,835,757		6,835,757	
Total fund balances		-		865,543		6,835,757		7,701,300	

Total liabilities and fund balances	
$	
10,201	
$	
865,543	
$	
8,449,079	
$	
9,324,823	

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2022

Total fund balances - governmental funds	$
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in the governmental funds. The statement of net position includes those capital assets in the net position of the government as a whole.
Cost of capital assets	14,190,978

7,701,300

Accumulated depreciation		-		14,190,978

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		(311,168)	
Bonds payable		(22,350,000)	
Unamortized original issue discount			(208,211)	(22,869,379)	
Net position of governmental activities		 $	(977,101)	

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022

	Major Funds		Total

REVENUES

Debt	Capital
General	Service	Projects

Governmental Funds

Developer contributions

$	86,572	$

-	$	-	$

86,572

Interest income	-	39	533	572

Total revenues	86,572	39	533	87,144

EXPENDITURES
Current:
General government Debt service:
Interest	86,572

-	-

271,754	-

-	86,572

271,754	
Bond issue costs	-	447,000	212,224	659,224	
Capital outlay	-	-	13,526,446	13,526,446	
Total expenditures	86,572	718,754	13,738,670	14,543,996	

Excess (deficiency) of revenues over (under) expenditures	

-	

(718,715)	

(13,738,137)	

(14,456,852)	

OTHER FINANCING SOURCES (USES)
Bond premium / (discount)		

-		

-		

215,391		

215,391	
Bond proceeds		-		1,584,258		20,765,742		22,350,000	
Total other financing sources (uses)		-		1,584,258		20,981,133		22,565,391	

Net change in fund balances		
-		
865,543		
7,242,996		
8,108,539	
Fund balances - beginning		-		-		(407,239)		(407,239)	

Fund balances - ending	
$	
-	
$	
865,543	
$	
6,835,757	
$	
7,701,300	

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, 2022

are different because:		
Governmental funds report capital outlays as expenditures; however, in the statement of activities, the cost of those assets is eliminated and is capitalized in the statement of net position as capital assets.	

13,526,446	
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.	

(22,350,000)	
Governmental funds report the original issue discount/premium of Bonds issued 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.	

(215,391)	
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.	

7,180	
The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities but not in the fund financial statements.	

	(311,168)	
Change in net position of governmental activities	 $	(1,234,394)	

Net change in fund balances - total governmental funds	$ Amounts reported for governmental activities in the statement of activities

8,108,539

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

Laurel Road Community Development District ("District") was created on April 28, 2020 by Ordinance 2020- 13 of the City Commission of City of Venice, 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 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 exercises all general powers granted to the District pursuant to Chapter 190, Florida Statutes. At September 30, 2022, all of the Board members were appointed by Border Road Investments, LLC, (the “Developer”) and/or elected by the Developer-landowner entities.

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

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

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.

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

The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment. Operating-type special assessments for maintenance and debt service are treated as charges for services and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.

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

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting; however, debt service expenditures are recorded only when payment is due.

Assessments
Assessments are non-ad valorem assessments on all assessable property within the District. Assessments are levied to pay for the operations and maintenance and debt service of the District. The fiscal year for which annual assessments are levied begins on October 1 and, if collected using the Uniform Method of Collection, with discounts available for payments through February 28 and become delinquent on April 1. Alternatively, the District adopts a resolution providing for the collection dates and directly collects the assessments.

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.

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 District’s policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.

Assets, Liabilities and Net Position or Equity

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

Deposits and Investments
The District’s cash on hand and demand deposits are considered to be cash and cash equivalents.

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. In addition, surplus funds may be deposited into certificates of deposit which are insured and any unspent Bond proceeds are required to be held in investments as specified in the Bond Indenture.

The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.

Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.

Capital Assets
Capital assets which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the government activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation.

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

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.

Assets, Liabilities and Net Position or Equity (Continued)

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.

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 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.

NOTE 4 – DEPOSITS AND INVESTMENTS

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

Investments
The District’s investments were held as follows at September 30, 2022:

Amortized Cost	Credit Risk	Maturities

US Bank Mmkt 5 - Ct Total Investments

$	9,314,583
$	9,314,583

Not available	Not available

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.

NOTE 4 – DEPOSITS AND INVESTMENTS (Continued)

Investments (Continued)
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.

NOTE 5 – CAPITAL ASSETS

Capital asset activity for the fiscal year ended September 30, 2022 was as follows:

	Beginning
Balance	
Additions	
Reductions	Ending
Balance	
Governmental activities
Capital assets, not being depreciated Construction in progress	

$	664,532	

$ 13,526,446	

$	-	

$ 14,190,978	
Total capital assets, not being depreciated	664,532	13,526,446	-	14,190,978	
Governmental activities capital assets	$	664,532	$13,526,446	$	-	$14,190,978	
The infrastructure intended to serve the District, the capital improvement program (“CIP’), has been estimated at a total cost of approximately $47,850,000. The CIP includes roadways, drainage, water and wastewater, reclaimed/irrigation distribution, clearing and earthwork, landscaping, parks, recreation and community facilities, entry features and signs, offsite roadway improvements, and offsite utility improvements. A portion of the infrastructure will be owned and operated by other entities. The infrastructure will be constructed in multiple phases over time. The initial phase of the CIP, the Series 2021 Project, is estimated to cost approximately $27.06 million. Proceeds of the Series 2021A bonds will be used to acquire and/or construct a portion of the Series 2021 Project in the approximate amount of $20.8 million. The District intends to issue an additional Series of Bonds to fund additional portions of the Series 2021 Project and the remaining CIP. The Developer anticipates using equity to fund the remaining portions of the CIP not funded with proceeds of the Series 2021A Bonds or future Series of Bonds.

NOTE 6 – LONG-TERM LIABILITIES

Series 2021
On December 9, 2021, the District issued $22,350,000 of Capital Improvement Revenue Bonds, Series 2021A, consisting of $990,000 Term Bonds due on May 1, 2026, $1,410,000 Term Bonds due on May 1, 2031, $3,590,000 Term Bonds due on May 1, 2041, $5,810,000 Term Bonds due on May 1, 2052 and
$10,550,000 Term Bonds due on May 1, 2031 with fixed interest rates ranging from 2.6% to 4.0%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Bonds is to be paid serially commencing May 1, 2023 through May 1, 2052.

The Bonds are subject to optional, mandatory and extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occur 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, 2022.

NOTE 7 – DEVELOPER TRANSACTIONS AND CONCENTRATION

The Developer has agreed to fund the general operations of the District. In connection therewith, Developer contribution revenue reflected in the general fund for the current fiscal year was $86,572 which includes a receivable of $6,668.

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

NOTE 8 – 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.

NOTE 9 – RISK MANAGEMENT

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

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022

Budgeted Amounts

Actual

Variance with Final Budget - Positive

REVENUES

Original	Final	Amounts

(Negative)

Developer contributions	 $	121,355	$	121,355	$	86,572	$	(34,783)
Total revenues	121,355	121,355	86,572	(34,783)

EXPENDITURES
Current:
General government	121,355	121,355	86,572	34,783	
Total expenditures	121,355	121,355	86,572	34,783	

Excess (deficiency) of revenues over (under) expenditures	

 $	-	$	-		

-	 $	-		
Fund balance - beginning			-		
Fund balance - ending		 $	-		

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, 2022.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3)(C) UNAUDITED

Element	Comments
Number of district employees compensated at 9/30/2022	0	
Number of independent contractors compensated in September
2022	2	
Employee compensation for FYE 9/30/2022 (paid/accrued)	$0.00	
Independent contractor compensation for FYE 9/30/2022	$75,555.38	
Construction projects to begin on or after October 1; ($65K)	$0.00	
Budget variance report	See page 20 of annual financial report	
Non ad valorem special assessments;	N/A	
Special assessments collected FYE 9/30/2022	$0.00	
Outstanding Bonds:		
Series 2021, due May 1, 2052	see Note 6 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
Laurel Road Community Development District City of Venice, 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 Laurel Road Community Development District, City of Venice, Florida (“District”) as of and for the fiscal year ended September 30, 2022, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated May 3, 2023.
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 may exist that have not been 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.

May 3, 2023

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
Laurel Road Community Development District City of Venice, Florida

We have examined Laurel Road Community Development District, City of Venice, 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, 2022. Management is responsible for District’s compliance with those requirements. Our responsibility is to express an opinion on District’s compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the District’s compliance with specified requirements.

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2022
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 Laurel Road Community Development District, City of Venice, Florida and is not intended to be and should not be used by anyone other than these specified parties.

May 3, 2023

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA

To the Board of Supervisors
Laurel Road Community Development District City of Venice, Florida

Report on the Financial Statements

We have audited the accompanying basic financial statements of Laurel Road Community Development District, City of Venice, Florida ("District") as of and for the fiscal year ended September 30, 2022, and have issued our report thereon dated May 3, 2023.

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 May 3, 2023, 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 Laurel Road Community Development District, City of Venice, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Laurel Road Community Development District, City of Venice, 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.

May 3, 2023

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, 2021.

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, 2022.

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, 2022.

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, 2022. 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 22.

Laurel Road Community Development District

Advanced Aquatic Waterway Management Proposal

Waterway Management Proposal For
Laurel Road CDD

POND 600	POND 900

Pond 1000

Pond 1100

Pond 1200

June 1, 2023

Laurel Road CDD
c/o PFM Consulting Group, LLC
3501 Quadrangle Boulevard, Suite 270
Orlando, FL 32817
Attn: Ms. Vivian Carvalho, Senior District Manager Dear Vivian,
Thank you for the opportunity to submit our proposal for the management of your Stormwater ponds at Laurel Road CDD.
Advanced Aquatic is a Florida based company and has been in the waterway management business for over 30 years. We care for many of the finest golf courses, commercial properties and residential communities in Florida. Most of our Business has come to us by referrals from satisfied customers. When you decide to choose Advanced Aquatic as your service provider, you will be hiring a science based, customer first company that is serious about caring for your ponds.
We are on the cutting edge in our approach to weed control, water quality and littoral maintenance. Advanced Aquatic also offers consulting services to help design and create living shorelines of plants native to Florida. Our entire team at Advanced Aquatic will work diligently to earn your trust and transform your ponds into beautiful assets of which you will be proud. We look forward to working with you.

Sincerely,

Doug Agnew
Doug Agnew,
Senior Environmental Consultant

Our Philosophy Regarding Management of Natural Resources & Customer Relationship
The vision and management philosophy of Advanced Aquatic Services, Inc. (AAS) is based on Responsible Environmental Stewardship. Our sustainability goal is to use alternative methods of control whenever possible to reduce overall herbicide use in lakes and ponds and provide a balanced ecosystem for our customers.
Advanced Aquatic Services offers environmentally sound management plans to provide solutions for healthy and aesthetically pleasing waterways. AAS is a Future Forward Organization continually seeking contemporary innovations and strategies to enhance a sustainable future that leads to environmental, social, and economic improvements in the communities where we work.
Our science-based strategy to target the source of problematic lake & pond issues is outlined in our innovative environmental management plans—
Perform strategic water quality analysis on site by AAS Biologists to identify and diagnose any underlying ecological concerns.
Recommendation of bottom diffused aeration technology to aide in naturally reducing nutrient levels, thereby reducing algal blooms and the frequency and intensity of herbicide applications, all while improving water quality and enhancing fisheries.
Utilization of beneficial bacteria and enzymes to naturally improve water quality, water clarity and reduce bottom organic sediment (muck).
Stocking of sterile triploid grass carp to aide in naturally controlling submersed aquatic weeds, thereby lowering the reliance upon aquatic herbicides.
Use of sequestering agents (i.e., Alum) to lower nutrient levels with the purpose of reducing the severity and recurrence of algal blooms.
Lake/Pond Shading applications to diminish sunlight penetrating to a lake & pond bottom region. Helps to reduce overall algae and aquatic weed growth.
Creation of “Living Shorelines” of native aquatic plants to filter surface run-off of excess nutrients such as Nitrogen and Phosphorus. These valuable native plants will also provide wildlife habitats, aide in shoreline erosion control and enhance environmental aesthetics.
Employing state-of-the-art equipment, technology, and techniques allows AAS to provide proactive and sustainable solutions to the most challenging water quality concerns. Most importantly, our “Customer First” philosophy to client service and satisfaction is a vital part of the foundation of AAS.
At AAS, customer first is defined as 1- Always carefully identifying and listening to the goals and expectations of our customers. 2- Crafting everything we do with focus upon customers goals and expectations. 3- Maximizing communication with all customers so that we can be as proactive as possible with all recommendations. 4- Respond to all customer requests/phone calls/emails within 24 hrs.

Simply summarized, AAS places customers first in all our considerations and we treat all people the way we would like to be treated.

Laurel Road CDD

May 31, 2023

WATERWAY CHART

Client: Laurel Road CDD

Survey Date: May 2023

WATERWAY	PERIMETER:	ACREAGE:	Additional
Cost Per Pond	
Pond 100	1,408’	1.00	$100.00	
Pond 200	1,096’	1.74	$80.00	
Pond 300	1,383’	1.7	$100.00	
Pond 400	1,823’	3.45	$130.00	
Pond 500	2,251’	5.2	$160.00	
Pond 600	2,922’	4.16	included	
Pond 700	1,536’	2.9	$110.00	
Pond 800	4,429’	9.0	$315.00	
Pond 900	2,660’	4.63	included	
Pond 1000	663’	0.57	included	
Pond 1100	1,072’	1.24	included	
Pond 1200	1,200’	1.18	included	
Pond 1300	1,514’	1.55	$110.00	
Total: 13	23,957’	38.32		

REFERENCES

Bexley CDD	Bill Berthold	813-994-1001	
Meadow Pointe IV CDD	Darryl Adams	813-933-5571	
Reserve at Pradera CDD	Christina Newsome	813-533-2950	
Highlands CDD	Jennifer Goldyn	813-652-2454	
Riverbend West CDD	Bryan Schaub	813-533-5581	
Copperstone CDD	Christina Newsome	813-533-2950	
North River Ranch District	Pete Williams	813-625-4082	
Heritage Lake - New Port Richey	Ray Geroux	727-376-0021	
Villa Rosa	Katy Ricabel	813-600-1100	
Villages of Bayport - Tampa	Jeannie Spencer	813-855-1051	
Highland Lakes - Palm Harbor	Dan Kay	727-279-0201	
Lansbrook Master Assoc.	Ed Anderson	727-943-7076	
Bayou Club Community Association	Marty Burke	727-399-9672	
Feather Sound Country Club	Mike Strube	727-433-4552	
Carillon Park - Clearwater	Thomas White	727-290-9276	
Brighton Bay - St. Petersburg	Dee Dee Rodriguez	727-799-8982	
Placido Bayou - St. Petersburg	Fran Stifel	727-525-1147	
Ventura Bay - Riverview	Mary Fritzler	727-451-7900	

ENVIRONMENTAL SERVICES AGREEMENT
This agreement made the date set forth below, by and between Advanced Aquatic Services, Inc., a Florida Corporation, hereinafter called “AAS, Inc.”, and

Laurel Road CDD
c/o PFM Consulting Group, LLC
3501 Quadrangle Boulevard, Suite 270
Orlando, FL 32817

Attn: Ms. Vivian Carvalho, Senior District Manager
hereinafter called “CUSTOMER”. The parties hereto agree as follows:
AAS, Inc. agrees to manage Five (5) ponds (highlighted on the waterway chart) with a total shoreline of approximately 8,517 linear feet located at Laurel Road CDD in Venice, Florida.
A minimum of 12 inspections with treatment as required (1 visit per month).

CUSTOMER agrees to pay AAS, Inc., its agents or assigns, the following sum for specified environmental services:
Lakes:
Aquatic Weed and Algae Control	$640.00
Shoreline Weed Control	Included
Management Reporting	Included
Total Monthly Investment	$640.00
Payments shall be payable in equal and consecutive monthly installments of $640.00 Accepted payment methods are by check mailed to our Deerfield Beach office, Automated Clearing House (ACH), or by credit card (a 5% convenience fee will be added to credit card payments).

This agreement shall have as its effective date the first day of the month in which services are first rendered to the CUSTOMER under this agreement. The length of this contract is valid for one year from that date. This contract will automatically renew every year on the anniversary date for a one-year term, with a four percent (4%) escalation in the annual contract price each year, rounded to the nearest dollar, unless written notice is received by AAS, INC. through certified mail canceling the service sixty (60) days prior to the anniversary date. Service will begin within ten (10) days of receipt of the signed contract. Payment is required net thirty (30) days from invoice date. This agreement is void if not signed within forty-five (45) days.
This agreement is subject to the terms and conditions contained on pages 1-2 of this agreement.
If CUSTOMER requires AAS to enroll in any special third-party compliance programs invoicing or payment plans that charge AAS, those charges will be invoiced back to CUSTOMER.
It is the CUSTOMER’S responsibility to inform AAS, INC. of any and all work areas that are required mitigation area(s). AAS, INC. assumes no responsibility for damage to mitigation area(s) where the CUSTOMER has failed to inform AAS, INC. of said area(s).
Under shoreline grass control program AAS, Inc. will treat border grasses and brush. Certain plants such as grasses and cattails leave visible structure which may take several seasons to decompose. AAS, INC. is not responsible for such removal.

(Laurel Road CDD, 2 of 2)

CUSTOMER agrees that the services to be provided are for the benefit of CUSTOMER regardless of whether CUSTOMER has direct legal ownership of the water areas specified. In the event that CUSTOMER does not directly own the areas where services are to be provided, CUSTOMER warrants and represents that he had control of these areas to the extent that he may authorize the specified services and agrees to hold AAS, INC. harmless for the consequences of such services not arising out of AAS, INC.’s negligence.
Neither party shall be responsible in damages, penalties or otherwise for any failure to delay in the performance of any of its obligation hereunder caused by strikes, riots, war, acts of God, accidents, governmental order and regulation, curtailment or failure to obtain sufficient material or other cause (whether or not of the same class or kind as those set forth above) beyond its reasonable control and which by the exercise of due diligence, it is unable to overcome.
Sixty (60) day cancellation is allowed under this Agreement if CUSTOMER feels AAS, INC. is not performing up to its contractual obligations. CUSTOMER must notify AAS, INC. by US mail, of said cancellation. All monies must be paid to AAS, INC. that are owed through the last month of service.
AAS, INC. agrees to hold CUSTOMER harmless from any loss, damage or claims arising out of the negligence of AAS, INC., however, AAS, INC. shall in no event be liable to CUSTOMER, or others, for indirect, special or consequential damages resulting from any cause whatsoever.
Should it become necessary of AAS, INC. to bring action for collection of monies due and owing under the Agreement. CUSTOMER agrees to pay collection costs, including, but not limited to, reasonable attorneys’ fees (including those on appeal) and court costs, and all other expenses incurred by AAS, INC. resulting from such collection action. Palm Beach County shall be the venue for any dispute arising under this agreement.
CUSTOMER agrees to pay invoice promptly. If delinquent more than sixty (60) days AAS, INC. may cancel agreement.
AAS, INC. reserves the right, under special circumstances, to initiate surcharges relating to extraordinary increases of water treatment products and/or fuel.
This constitutes the entire Agreement of the parties; no oral or written changes may be made to this agreement unless authorized in writing by both parties.

Jack R. Anderson, President	Authorized Customer’s Signature	Title For: Advanced Aquatic Services, Inc.

Date: 	

Print Name: 	

Date: 	

Contract Start Date: 	

Laurel Road Community Development District

FEDCO Proposal Vistera Phase 1A

FEDCO Communications and Utilities, LLC
3480 Sunbeam Drive ∙ Sarasota, FL 34240 ∙ (941) 809-2914

PROPOSAL DATE:	01-17-2023
PROPOSAL #	FPL-VIS-001
LAUREL CDD	PROPOSAL AMOUNT:	$103,269.00
5824 LWR BLVD	FPL JOB#	11367557
SARASOTA, FL 34240
ATTN: Andy Richardson
PROPOSAL VISTERA PHASE 1A NOKOMIS, FL

RE: FPL FEEDER AND PRIMARY CONDUIT SYSTEM INSTALLATION

WE PROPOSE TO DO THE FOLLOWING WORK:
EXCAVATE AND INSTALL FPL FEEDER AND PRIMARY CONDUIT SYSTEM
CONNECT TO EXISTING ROAD CROSSINGS INSTALLED BY OTHERS
FOLLOW FPL DESIGN – BRIAN GARNER DATED 08-11-22 PAGES 1-11
INSTALL ALL CONDUITS, PADS, HANDHOLES, PRIMARY SPLICE BOXES, FEEDER SPLICE BOXES, AND FEEDER SWITCH CABINETS
BLOW OUT ALL FEEDER AND PRIMARY CONDUITS WITH AIR COMPRESSOR TO ENSURE CONTINUITY
PROVIDE ALL LABOR, EQUIPMENT, AND INSURANCES

NOTE:
FPL TO TRANSPORT ALL MATERIALS TO SITE
DEVELOPER TO PROVIDE LOT CORNER AND ROW STAKES WITH GRADE MARKS
DEVELOPER TO HAVE UTILITY EASEMENT TO GRADE
DEVELOPER TO COORDINATE WITH FEDCO TO COMPLETE TRENCHES PRIOR TO COMCAST, AND PRIOR TO SIDEWALKS BEING POURED
FEDCO TO PROVIDE DUMPTER(S) AND REMOVE MATERIAL DEBRIS
DIRECTIONAL BORING MAY BE REQUIRED DUE TO DEPTH OF STORM PIPES
DOES NOT INCLUDE ANY DIRECTIONAL BORES OR SOD RESTORATION

COST: $98,519.00

PAYMENT TERMS: PROGRESSIVE BILLING

Laurel Road Community Development District

FEDCO Proposal Vistera Phase 1B

FEDCO Communications and Utilities, LLC
3480 Sunbeam Drive ∙ Sarasota, FL 34240 ∙ (941) 809-2914

PROPOSAL DATE:	01-17-2023
PROPOSAL #	FPL-VIS-005
LAUREL CDD	PROPOSAL AMOUNT:	$111,625.85
5824 LWR BLVD	FPL JOB#	11367567
SARASOTA, FL 34240
ATTN: Andy Richardson
PROPOSAL VISTERA PHASE 1B NOKOMIS, FL

RE: FPL FEEDER AND PRIMARY CONDUIT SYSTEM INSTALLATION

WE PROPOSE TO DO THE FOLLOWING WORK:
EXCAVATE AND INSTALL FPL FEEDER AND PRIMARY CONDUIT SYSTEM
CONNECT TO EXISTING ROAD CROSSINGS INSTALLED BY OTHERS
FOLLOW FPL DESIGN – BRIAN GARNER DATED 08-11-22 PAGES 1-11
INSTALL ALL CONDUITS, PADS, HANDHOLES, PRIMARY SPLICE BOXES, FEEDER SPLICE BOXES, AND FEEDER SWITCH CABINETS
BLOW OUT ALL FEEDER AND PRIMARY CONDUITS WITH AIR COMPRESSOR TO ENSURE CONTINUITY
PROVIDE ALL LABOR, EQUIPMENT, AND INSURANCES

NOTE:
FPL TO TRANSPORT ALL MATERIALS TO SITE
DEVELOPER TO PROVIDE LOT CORNER AND ROW STAKES WITH GRADE MARKS
DEVELOPER TO HAVE UTILITY EASEMENT TO GRADE
DEVELOPER TO COORDINATE WITH FEDCO TO COMPLETE TRENCHES PRIOR TO COMCAST, AND PRIOR TO SIDEWALKS BEING POURED
FEDCO TO PROVIDE DUMPTER(S) AND REMOVE MATERIAL DEBRIS
DIRECTIONAL BORING MAY BE REQUIRED DUE TO DEPTH OF STORM PIPES
DOES NOT INCLUDE ANY DIRECTIONAL BORES OR SOD RESTORATION

COST: $106,875.85

PAYMENT TERMS: PROGRESSIVE BILLING

Laurel Road Community Development District

Purchase Order No. 210511 for Vistera of Venice Phase 1

PURCHASE ORDER No.	210511

Laurel Road Community Development District
c/o
Forsberg Construction, Inc.
645 Charlotte Street, Punta Gorda FL 33950 Phone: (941) 637-8500	Fax: (941) 639-1073

Vendor: Ferguson Waterworks Address: I 8305 Paulson Drive
 Port Charlotte, FL 33954	

Quantity	Unit	Description	Unit Price	Total Price	
						
I	
LS	Additional Valves due to Phasing Lines Exhibit "A"	$	5,830.37		$	5,830.37	

						

						
						
Total Project Subtotal	$	5,830.37	
Sales Tax @ 6 %	tax exempt	
Discretionary Tax @ 1.0 % on I st $5,000.00	tax exempt	
TOTAL	$	5,830.37	

Attention:  Tyler Evenson

Job No.: 21-05

P.O. Date: May 9, 2023

Project Name: Vistera of Venice Phase 1 Project Address: Laurel Road
Venice, Florida

Legal Desc.: Sec: 34,	Twp: 38S,	Range 19E		 County:  Sarasota			
Payment Terms: Net 30 days	

Vendor Phone: 941-624-3494 	  Vendor Fax:  941-627-35 I 9	

Ferguson Waterworks

05

9	2023

Vendor name

Tyler Evenson

Auffiorized Agent (signature)	Date
Authorized Aqent (printed/typed) Page	of	2

Laurel Road COD

Ch::ii· - 

! IMPORTANT!
* SEE SPECIAL PROVISIONS ABOVE

ADDITIONAL TERMS AND CONDITIONS ON PAGE 2

	TERMS AND CONDITIONS	
1.	All material shall be as specified and warranted in accordance to the Project specifications, plans and addenda.	
	Material shall be within accepted standards for workmanship and quality, and shall be satisfactory to meet	
	approval of the Owner, Owner's representative and Purchaser.	

When requested by Purchaser, Vendor will provide, at no additional cost to Purchaser, a complete set of shop	
drawings for Purchaser's review and approval. All items supplied without prior approval, that do not meet	
Project requirements, will be returned to Vendor, by Vendor, at no charge to Purchaser.	
Time is of the essence.	

2.

3.

Delivery of materials to be coordinated by Purchaser in order to accommodate unloading. Vendor shall notify	
Purchaser 24 hours in advance of arrival to jobsite to confirm delivery.	

4.

Material shall arrive in such time that it will allow for unloading before quitting time, or Vendor and/or transporter	
will be required to hold over until the following work day to be unloaded. Purchaser will not be responsible for	
any demurrage charge for such hold over.	

5.

Should the Vendor fail to provide material as scheduled by Purchaser and Vendor, the Purchaser, upon 3 day	
written notice to Vendor, shall have the right to procure said materials elsewhere without further responsibility	
to Vendor.	

6.

Quantities are approximate and subject to project requirements.

Vendor agrees to accept without charge to Purchaser, all extra, non-specialty materials in good condition which	
remain after completion of work and will issue full credit for same.	

Vendor shall sign and return Purchase Order within 10 days of Purchase Order date. Purchaser will return an	
executed Purchase Order to Vendor.	

To insure prompt payment, Purchase Order number must appear on all invoices and copies of signed delivery slips	
attached.	

Neither party will change, alter, nor substitute any part of this Purchase Order without consent of the opposite	
party. All changes so agreed to shall be initialed and dated by authorized agents of both parties.	

No invoices will be processed or paid by Purchaser without receipt of a properly signed and acceptable Purchase	
Order.	

Shipment of any materials, before signing this Purchase Order, will be considered an acceptance of this	
Purchase Order.	

If Vendor fails to properly execute and return Purchase Order within 10 days, Purchaser may consider offer	
rejected.	

This agreement shall be governed by the laws of the State of Florida with venue in Charlotte County, Florida.

The authorized agent signing this Purchase Order for the Vendor must be duly authorized to do so on behalf of	
the Vendor or on behalf of any such disclosed principal.	

In the event any of these terms are declared to be unenforceable by a court of competent jurisdiction, then	
Purchaser and Vendor intend for the remaining terms and conditions to remain in full force and effect.	

This Purchase Order is the only binding contract between Purchaser and Vendor for this project and the work	
described. This Purchase Order replaces all previous contracts and agreements, whether written or verbal,	
regarding this project. No other document will supersede the requirements of this Purchase Order unless signed	
by an authorized agent of each party subsequent to the date of this Purchase Order.

2 of	2	Ferguson Initial 	 Laurel Road CDD Intital 		

Page

Deliver To:
From:	Tyler A Evenson Comments:

FEL-PT. CHARLOTTE WW 1705 18305 PAULSON DRIVE
PORT CHARLOTTE, FL 33954-0000

Phone: 941-624-3494

EXHIBIT "A"

Fax: 941-627-3519

09:38:18 MAY 09 2023	Page 1 of 1	
		FEL-PORT CHARLOTTE #1705		
		Price Quotation		
		Phone: 941-624-3494		
		Fax: 941-627-3519		
Bid No:	B309860	Cust Phone:	407-723-5900	
Bid Date: Quoted By:	05/09/23
TAE	Terms:	NET 10TH PROX	
Customer:	LAUREL ROAD COMMUNITY DEV	Ship To:	LAUREL ROAD COMMUNITY DEV	
	VISTERA		VISTERA	
	3501 QUADRANGLE BLVD STE 27		3501 QUADRANGLE BLVD STE 27	
	ORLANDO, FL 32817		ORLANDO, FL 32817	

Cust PO#:	
ADDED GATE VALVES	
Job Name:	
VISTERA	

Item		Description		Quantity		Net Price		UM		Total		
AFC2608DLAFMM		8 DI MJ RW OL SS STEM VLV L/A		1		1543.410		EA		1543.41		
AFC2604DLAFMM		4 DI MJ RW OL SS STEM VLV L/A		1		759.850		EA		759.85		
MJELSSLAP12		4X12 MJ C153 LONG SLV SLD EPOX		2		89.430		EA		178.86		
DMJELSSLAX12		DOM 8X12 MJ C153 LONG SLV SLD EPOX		2		176.650		EA		353.30		
I461SR		2PC SC CI VLV BX 19-22 REUSE		2		90.000		EA		180.00		
SP-RBGVTMXIRR		3 BRS GATE VLV ID - 8 IRRIGATION		1		19.000		EA		19.00		
SP-RBGVTMPIRR		3 BRS GATE VLV ID - 4 IRRIGATION		1		19.000		EA		19.00		
SSLCE8		8 PVC WDG REST GLND *ONELOK		6		65.700		EA		394.20		
SSLCE4		4 PVC WDG REST GLND *ONELOK		6		36.490		EA		218.94		
SP-IMJBGP316SSX		8 MJ B&GSKT PACK L/GLAND 316SS		6		83.930		EA		503.58		
SP-PSMJBGP316SSP		4 MJ B&GSKT PACK L/GLAND 316SS		6		61.080		EA		366.48		
C14191030		12 PURP PLAS MTR BX PURP CVR CI RDR		15		86.250		EA		1293.75		

Net Total:	$5830.37	
Tax:	$0.00	
Freight:	$0.00	
Total:	$5830.37	

Quoted prices are based upon receipt of the total quantity for immediate shipment (48 hours). SHIPMENTS BEYOND 48 HOURS SHALL BE AT THE PRICE IN EFFECT AT TIME OF SHIPMENT UNLESS NOTED OTHERWISE. QUOTES FOR PRODUCTS SHIPPED FOR RESALE ARE NOT FIRM UNLESS NOTED OTHERWISE.

CONTRACTOR CUSTOMERS: IF YOU HAVE DBE/MBE/WBE//VBE/SDVBE/SBE GOOD FAITH EFFORTS DIVERSITY GOALS/ REQUIREMENTS ON A FEDERAL, STATE, LOCAL GOVERNMENT, PRIVATE SECTOR PROJECT, PLEASE CONTACT YOUR BRANCH SALES REPRESENATIVE IMMEDIATELY PRIOR TO RECEIVING A QUOTE/ORDER.
Seller not responsible for delays, lack of product or increase of pricing due to causes beyond our control, and/or based upon
Local, State and Federal laws governing type of products that can be sold or put into commerce. This Quote is offered contingent upon the Buyer's acceptance of Seller's terms and conditions, which are incorporated by reference and found either following this document, or
on the web at https://www.ferguson.com/content/website-info/terms-of-sale Govt Buyers: All items are open market unless noted otherwise.
LEAD LAW WARNING: It is illegal to install products that are not "lead free" in accordance with US Federal or other applicable law in potable water systems anticipated for human consumption. Products with *NP in the description are NOT lead free and can only be installed in non-potable applications. Buyer is solely responsible for product selection.
COVID-19 ORDER: ANY REFERENCE TO OR INCORPORATION OF EXECUTIVE ORDER 14042 AND/OR THE EO-IMPLEMENTING FEDERAL CLAUSES (FAR 52.223-99 AND/OR DFARS 252.223-7999) IS EXPRESSLY REJECTED BY SELLER AND SHALL NOT APPLY AS SELLER IS A MATERIALS SUPPLIER AND THEREFORE EXEMPT UNDER THE EXECUTIVE ORDER.

HOW ARE WE DOING? WE WANT YOUR FEEDBACK!
Scan the QR code or use the link below to complete a survey about your bids:
https://survey.medallia.com/?bidsorder&fc=1705&on=45073

Florida Admin Rule 12A-1.094 Public Works Contracts and FS Sec. 212.08:

Direct Purchase Order. The CDD must issue its purchase order in its name directly to the vendor supplying the materials the contractor will use and provide the vendor with a copy of the CDD’s Florida Consumer’s Certification of Exemption.

Direct Invoice. The vendor’s invoice must be issued to the CDD only, rather than to the contractor.

Direct Payment. The CDD must make payment directly to the vendor from public funds.

Passage of Title. The CDD must take title to the tangible personal property from the vendor at the time of purchase or delivery by the vendor (this means the CDD owns the property and all documentation, e.g. bill of sale, warranty materials, etc are in the name of the CDD as “Owner”).

Assumption of the Risk of Loss. Assumption of the risk of damage or loss by the CDD is a paramount consideration. The CDD will be deemed to have assumed the risk of loss if the CDD bears the economic burden of obtaining insurance covering damage or loss or directly enjoys the economic benefit of the proceeds of such insurance.

The CDD is required to issue a Certificate of Entitlement to each vendor and to the CDD’s contractor to affirm that the tangible personal property purchased from that vendor will go into or become a part of a public work. [Copy of Certificate of Entitlement is attached].

The CDD’s purchase order for tangible personal property to be incorporated into the public works project must be attached to the Certificate of Entitlement.

The CDD must issue a separate Certificate of Entitlement for each purchase order.

CERTIFICATE OF ENTITLEMENT
The undersigned authorized representative of the Laurel Road Community Development District, a local unit of special purpose government (hereinafter “Governmental Entity”), Florida Consumer’s Certificate of Exemption Number 85-8018367937C-5, affirms that the tangible personal property purchased pursuant to Purchase Order Number 210511 from Ferguson Waterworks (Vendor) on or after 05/09/23 (date) will be incorporated into or become a part of a public facility as part of a public works contract pursuant to contract # n/a with Forsberg Construction, Inc. (Name of Contractor) for the construction of Vistera of Venice Phase 1.

Governmental Entity affirms that the purchase of the tangible personal property contained in the attached Purchase Order meets the following exemption requirements contained in Section 212.08(6), F.S., and Rule 12A-1.094, F.A.C.:

PW

You must initial each of the following requirements.

PW

	 1. The attached Purchase Order is issued directly to the vendor supplying the tangible personal property the Contractor will use in the identified public works.
The vendor’s invoice will be issued directly to Governmental Entity.

PW

Payment of the vendor’s invoice will be made directly by Governmental Entity to the vendor from
public funds.

PW

PW

	4. Governmental Entity will take title to the tangible personal property from the vendor at the time of purchase or of delivery by the vendor.
	5. Governmental Entity assumes the risk of damage or loss at the time of purchase or delivery by the vendor.

Governmental Entity affirms that if the tangible personal property identified in the attached Purchase Order does not qualify for the exemption provided in Section 212.08(6), F.S. and Rule 12A-1.094, F.A.C., Governmental Entity will be subject to the tax, interest, and penalties due on the tangible personal property purchased. If the Florida Department of Revenue determines that the tangible personal property purchased tax-exempt by issuing this Certificate does not qualify for the exemption, Governmental Entity will be liable for any tax, penalty, and interest determined to be due.

I understand that if I fraudulently issue this certificate to evade the payment of sales tax I will be liable for payment of the sales tax plus a penalty of 200% of the tax and may be subject to conviction of a third degree felony.

Under the penalties of perjury, I declare that I have read the foregoing Certificate of Entitlement and the facts stated in it are true.

Pete Williams

Laurel Road Community Development District, a local unit of special purpose government

By: 	

Its: 	

Chairman

May 9, 2023

DATE: 	

86-2002770

Federal Employer Identification Number: 	

You must attach a copy of the Purchase Order to this Certificate of Entitlement.

Do not send to the Florida Department of Revenue. This Certificate of Entitlement must be retained in the
vendor’s and the contractor’s books and records.

Laurel Road Community Development District

Funding Requests Nos. 106 – 112

LAUREL ROAD COMMUNITY DEVELOPMENT DISTRICT	

Funding Request No. 106 - 112	

FR #	Description	Amount	Total	
				
106	Ferguson Waterworks	$	5,830.37		
		$	12,105.00		
				
			$17,935.37	
				
107	Supervisor Fees - 5/10/23			
	John Blakley	$	200.00		
	Pete Williams	$	200.00		
	Janice Snow	$	200.00		
	John Leinaweaver	$	200.00		
				
			$800.00	
				
108	Driggers Engineering Services	$	7,222.00		
		$	425.00		
				
			$7,647.00	
				
109	CA Florida Holdings	$	162.25		
				
			$162.25	
				
110	AM Engineering	$	7,108.53		
				
	Forsberg Construction	$	1,010,587.78		

			$1,017,696.31	
				
111	Prior Funding Requests	$	4,505.64		
		$	1,472.50		
		$	4,162.25		
		$	170.50		
		$	7,212.25		
		$	702.00		
		$	800.00		
		$	162.25		
				
	Forecasted Expenses	$	45,125.23		
				
	Reserve Funding	$	25,000.00		
				
			$89,312.62	
				
112	Ferguson Waterworks	$	850.00		
				
	LRK	$	1,600.00		
		$	1,722.50		
				
			$4,172.50	
				
		Total	$1,137,726.05	

LAUREL ROAD
C O M M U N I T Y	D E V E L O P M E N T	D I S T R I C T

Funding Request No. 106
5/5/2023

Item	Vendor	Invoice	Construction
No.	Number	Fund

Ferguson Waterworks
Vistera Construction Materials	1593218
Vistera Construction Materials	1593787

$	5,830.37
$	12,105.00

*

	 Final Approach Consulting	
  Vistera Pre-Con Services Through 03/31/2023 	1372

  $	3,400.00 

* duplicate from FR 102

TOTAL

Secretary / Assistant Secretary	Board Member

$17,935.37

  $	21,335.37 

Laurel Road CDD
c/o PFM Group Consulting 3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com // (407) 723-5925

Funding Request No. 107

5/12/2023		
Item No.	Vendor	Invoice Number	General Fund	

1	
Supervisor Fees - 05/10/2023 Meeting			
	John Blakley		$	200.00	
	Pete Williams		$	200.00	
	Janice Snow		$	200.00	
	John Leinaweaver		$	200.00	
		
TOTAL	
$	800.00	

!/��	

Secretary I Assistant Secretary	Board Member

RECEIVED

Funding Request No. 108

5/12/2023		
Item
No.	Vendor	Invoice
Number	Construction
Fund	

1	
Driggers Engineering Services			
	Vistera Phase 1 Materials Testing Through 04/30/2023	SAL16332	$	7,222.00	
	Vistera Phase 2 Materials Testing Through 04/30/2023	SAL16333	$	425.00	
		
TOTAL	
$	7,647.00	

1/

Secretary I Assistant Secretary

Laurel Road COD
c/o PFM Group Consulting
3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723-5925

RECEIVED

Funding Request No. 109

5/19/2023		
Item No.	Vendor	Invoice Number	General Fund	

1	
CA Florida Holdings			
	Legal Advertising on 04/05/2023 (Ad: 8635452)	5532648	$	162.25	
		
TOTAL	
$	162.25	

Secretary I Assistant Secretary	Board Member

Laurel Road COD
c/o PFM Group Consulting
3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com // (407) 723-5925

RECEIVED

COMMUNITY	DEVELOPMENT	DISTRICT

Funding Request No. 110
5/19/2023		
Item
No.	Vendor	Invoice
Number	Construction
Fund	

1	
AM Engineering			
	Phase 1 Construction Engineering Services Through 04/21/2023	53986	$	7,108.53	
2	Forsberg Construction			
	Vistera of Venice - Phase 1 Pay Application 21 Through 04/30/2023		$1,010,581.78	
		
TOTAL	
$ 1,017,690.31	

Secretary/ Assistant Secretary	Board Member

Laurel Road CDD
c/o PFM Group Consulting 3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com // (407) 723-5925

LAUREL ROAD
COMMUNITY	DEVELOPMENT	DISTRICT

Funding Request No. 111
	5/24/2023		
	Item No.	Vendor	Invoice Number	General Fund		
	
1	
Prior Funding Requests				
		FR 94 - dated 03/03/2023		$	4,505.64		
		FR 96 - dated 03/10/2023		$	1,472.50		
		FR 98 - dated 03/17/2023		$	4,162.25		
		FR 99 - dated 03/23/2023		$	170.50		
		FR 101 - dated 04/14/2023		$	7,212.25		
		FR 103 - dated 04/21/2023		$	702.00		
		FR 107 - dated 05/12/2023		$	800.00		
		FR 109 - dated 05/19/2023		$	162.25		
	2	Forecasted Expenses				
		See Pages 2 and 3		$  45,125.23		
	3	Reserve Funding				
		FY 2024 Reserve Funding for 3 Months		$  25,000.00		
		Will Be Refunded to Neal Land Upon Receipt				
		Of On-Roll Assessments from the County				
			
TOTAL	
$  89,312.62		

	IL
Secretary / Assistant Secretary

Laurel Road CDD
c/o PFM Group Consulting
3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723-5925

LAUREL ROAD
COMMUNITY	DEVELOPMENT	DISTRICT

Funding Request No. 112

5/26/2023		
Item	Vendor	Invoice	Construction	
No.		Number	Fund	

1	
Ferguson Waterworks
Vistera Construction Materials	

1547561-1	

$	850.00	
2	LRK			
	Vistera Entry Features Services Through 04/30/2023	04.21020.01-5	$	1,600.00	
	Vistera Amenity Services Through 04/30/2023	04.21020.10-9	$	1,722.50	
		
TOTAL	
$	4,172.50	

Secretary I Assistant Secretary	Board Member

Laurel Road COD
c/o PFM Group Consulting
3501 Quadrangle Blvd. Ste. 270

RECEIVED
By Amanda Lane at 8:39 am, May 30, 2023

Orlando, FL 32817
LaneA@pfm.com II (407) 723-5925

	Actual Through 05/24/2023		Anticipated 05/25/2023 -
09/30/2023	

Revenues				
On-Roll Assessments	$	-		$	-	
Off-Roll Assessments	13,502.85		-	
Developer Contributions	35,571.16		45,125.23	
Other Income & Other Financing Sources	0.64		-	
Net Revenues	$	49,074.65		$	45,125.23	

General & Administrative Expenses				
Supervisor Fees	$	7,000.00		$	4,000.00	
Public Officials' Liability Insurance	2,504.00		-	
Trustee Services	3,524.39		-	
Management	28,000.00		20,000.00	
Engineering	-		5,000.00	
Disclosure	-		1,000.00	
District Counsel Assessment Administration Reamortization Schedules Audit
Arbitrage Telephone
Postage & Shipping	3,353.00
-
- 5,500.00
-
- 5.64		1,839.24
-
-
-
-
- 2.84	
Legal Advertising
Miscellaneous Office Supplies	2,541.17
- 125.00		1,270.60
-
-	
Web Site Maintenance	3,950.00		1,350.00	
Dues, Licenses, and Fees Lifestyle Staff Maintenance Staff Resident Services	175.00
-
-
-		-
-
-
-	
Total General & Administrative Expenses	$	56,678.20		$	34,462.68	

Actual Through 05/24/2023

Anticipated 05/25/2023 -
09/30/2023

Field Expenses

Electric
Equipment Rental	-
-		-
-	
General Insurance	3,059.00		-	
Property & Casualty Insurance	-		-	
Water Reclaimed	-		-	
Mitigation	-		-	
Stormwater - Repair and Maintenance	-		-	
Irrigation - Repair and Maintenance	-		-	
Lake Maintenance	-		-	
Landscaping Maintenance & Material	-		-	
Landscape Improvements	-		-	
Wetland Mitigation	-		-	
Contingency	-		-	
Equipment Repair & Maintenance	-		-	
Street Sweeping	-		-	
Lighting	-		-	
Streetlights - Leasing	-		-	
Gate Maintenance	-		-	
Bike Share	-		-	
Total Field Expenses	$	3,059.00		$	-	

Vistera - Amenity
Clubhouse Electric	-	-
Clubhouse Water	-	-
Amenity - Telephone	-	-
Amenity - Cable TV / Internet / Wi-Fi	-	-
Amenity - Landscape Maintenance	-	-
Amenity - Irrigation Repairs	-	-
Amenity - Pool Maintenance	-	-
Amenity - Pool Equipment	-	-
Amenity - Exterior Cleaning	-	-
Amenity - Interior Cleaning	-	-
Amenity - Pest Control	-	-
Amenity - Fitness Equipment Leasing	-	-
Amenity - Security	-	-

Total Vistera - Amenity Expenses	$	-	$	-

Total Expenses

Net Income (Loss)

 $	59,737.20 

$	(10,662.55)

 $	34,462.68 

$	10,662.55

 

Laurel Road Community Development District

Payment Authorizations Nos. 004 – 005

LAUREL ROAD COMMUNITY DEVELOPMENT DISTRICT	
Payment Authorizations Nos. 004 - 005	

PA #	Description	Amount	Total	
				
4	PFM Group Consulting	$	4,000.00		
				
	Vogler Ashton	$	325.50		
				
			$4,325.50	
				
5	VGlobalTech	$	150.00		
				
			$150.00	

		Total	$4,475.50	

Payment Authorization No. 004
5/26/2023

	Item
No.	Vendor	Invoice
Number	General
Fund		
	
1	
PFM Group Consulting				
		DM Fee: May 2023	DM-05-2023-25	$	4,000.00		
	2	Vogler Ashton
District Counsel Through 04/18/2023	
745	
$	325.50		
			
TOTAL	
$	4,325.50		

Secretary I AssisiantSecretary	

Laurel Road COD
c/o PFM Group Consulting
3501 Quadrangle Blvd. Ste. 270

RECEIVED
By Amanda Lane at 8:39 am, May 30, 2023

Orlando, FL 32817
LaneA@pfm.com // (407) 723-5925

Payment Authorization No. 005

6/2/2023		
Item No.	Vendor	Invoice Number	General Fund	

1	
VGlobalTech			
	May Website Maintenance	5040	$	150.00	
		
TOTAL	
$	150.00	
//	

Secretary I Assistant Secretary	Board Member

Laurel Road COD
c/o PFM Group Consulting 3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com // (407) 723-5925	RECEIVED
By Amanda Lane at 2:01 pm, Jun 05, 2023

Laurel Road Community Development District

District Financial Statements

Statement of Financial Position As of 4/30/2023

General Fund	Debt Service Fund

Capital Projects Fund

Long-Term Debt	Total

	Assets		
Current Assets
General Checking Account	

$4,840.69							

$4,840.69	
Accounts Receivable - Due from Developer	18,225.14							18,225.14	
Prepaid Expenses	721.86							721.86	
Series 2021A1 Debt Service Reserve		$327,259.38						327,259.38	
Series 2021A2 Debt Service Reserve		164,843.75						164,843.75	
Series 2021A Revenue		613,403.29						613,403.29	
Series 2021A2 Interest		0.05						0.05	
Accounts Receivable - Due from Developer				$1,987,637.71				1,987,637.71	
Series 2021A Acquisition/Construction		
		4,836.33				4,836.33	
Total Current Assets	$23,787.69	$1,105,506.47		$1,992,474.04		$0.00		$3,121,768.20	

Investments

Amount Available in Debt Service Funds							$1,105,506.47		$1,105,506.47	
Amount To Be Provided							21,244,493.53		21,244,493.53	
Total Investments	$0.00		$0.00		$0.00		$22,350,000.00		$22,350,000.00	

Total Assets	$23,787.69	$1,105,506.47	$1,992,474.04	$22,350,000.00	$25,471,768.20

	Liabilities and Net Assets		
Current Liabilities
Accounts Payable	

$16,225.14		

$16,225.14	
Deferred Revenue	18,225.14		18,225.14	
Accounts Payable		$1,987,637.71	1,987,637.71	
Retainage Payable		925,874.36	925,874.36	
Deferred Revenue		1,987,637.71	1,987,637.71	
Total Current Liabilities	$34,450.28		$0.00		$4,901,149.78		$0.00		$4,935,600.06	

Long Term Liabilities
Revenue Bonds Payable - Long-Term							

$22,350,000.00		

$22,350,000.00	
Total Long Term Liabilities	$0.00		$0.00		$0.00		$22,350,000.00		$22,350,000.00	
Total Liabilities	$34,450.28		$0.00		$4,901,149.78		$22,350,000.00		$27,285,600.06	

Net Assets
Net Assets, Unrestricted	

($0.05)								

($0.05)	
Net Assets - General Government	0.01								0.01	
Current Year Net Assets - General Government	(10,662.55)								(10,662.55)	
Net Assets, Unrestricted			$865,543.13						865,543.13	
Current Year Net Assets, Unrestricted			239,963.34						239,963.34	
Net Assets, Unrestricted					$6,835,756.09				6,835,756.09	
Current Year Net Assets, Unrestricted					(9,744,431.83)				(9,744,431.83)	
Total Net Assets	($10,662.59)		$1,105,506.47		($2,908,675.74)		$0.00		($1,813,831.86)	
										
Total Liabilities and Net Assets	$23,787.69		$1,105,506.47		$1,992,474.04		$22,350,000.00		$25,471,768.20	

Statement of Activities As of 4/30/2023

General Fund	Debt Service Fund

Capital Projects Fund

Long-Term Debt

Total

Revenues

Off-Roll Assessments	$13,502.85								$13,502.85	
Developer Contributions	35,571.16								35,571.16	
Other Income & Other Financing Sources	0.64								0.64	
Other Assessments			$613,371.81						613,371.81	
Inter-Fund Group Transfers In			(21.08)						(21.08)	
Developer Contributions					$139,213.73				139,213.73	
Inter-Fund Transfers In					21.08				21.08	
Total Revenues	$49,074.65		$613,350.73		$139,234.81		$0.00		$801,660.19	

Expenses

Supervisor Fees	$7,000.00								$7,000.00	
Public Officials' Liability Insurance	2,504.00								2,504.00	
Trustee Services	3,524.39								3,524.39	
Management	28,000.00								28,000.00	
District Counsel	3,353.00								3,353.00	
Audit	5,500.00								5,500.00	
Postage & Shipping	5.64								5.64	
Legal Advertising	2,541.17								2,541.17	
Office Supplies	125.00								125.00	
Web Site Maintenance	3,950.00								3,950.00	
Dues, Licenses, and Fees	175.00								175.00	
General Insurance	3,059.00								3,059.00	
Interest Payments - A1 bond			$208,557.50						208,557.50	
Interest Payments - A2 bond			164,843.75						164,843.75	
Engineering					$54,725.63				54,725.63	
Contingency					9,829,049.82				9,829,049.82	
Total Expenses	$59,737.20		$373,401.25		$9,883,775.45		$0.00		$10,316,913.90	

Other Revenues (Expenses) & Gains (Losses)

Interest Income			$13.86						$13.86	
Interest Income					$108.81				108.81	
Total Other Revenues (Expenses) & Gains (Losses)	$0.00		$13.86		$108.81		$0.00		$122.67	

Change In Net Assets	($10,662.55)		$239,963.34		($9,744,431.83)		$0.00		($9,515,131.04)	

Net Assets At Beginning Of Year	
($0.04)		
$865,543.13		
$6,835,756.09		
$0.00		
$7,701,299.18	

Net Assets At End Of Year	

($10,662.59)		

$1,105,506.47		

($2,908,675.74)		

$0.00		

($1,813,831.86)	

Budget to Actual
For the Month Ending 4/30/2023

Year To Date

	Actual		Budget	Variance		FY 2023
Adopted Budget	

Revenues						
Off-Roll Assessments	$	13,502.85		$	-	$	13,502.85		$	-	
Developer Contributions	35,571.16		159,677.58	(124,106.42)		273,733.00	
Other Income & Other Financing Sources	0.64		-	0.64		-	
Net Revenues	$	49,074.65		 	
$	159,677.58	$  (110,602.93)		$	273,733.00	

General & Administrative Expenses						
Supervisor Fees	$	7,000.00		$	7,525.00		$	(525.00)		$	12,900.00	
Public Officials' Liability Insurance	2,504.00		-		2,504.00		-	
Trustee Services	3,524.39		3,500.00		24.39		6,000.00	
Management	28,000.00		28,000.00		-		48,000.00	
Engineering	-		8,750.00		(8,750.00)		15,000.00	
Dissemination Agent	-		583.33		(583.33)		1,000.00	
District Counsel	3,353.00		14,583.33		(11,230.33)		25,000.00	
Assessment Administration	-		3,208.33		(3,208.33)		5,500.00	
Audit	5,500.00		3,791.67		1,708.33		6,500.00	
Arbitrage Calculation	-		291.67		(291.67)		500.00	
Telephone	-		116.67		(116.67)		200.00	
Postage & Shipping	5.64		291.67		(286.03)		500.00	
Legal Advertising	2,541.17		4,666.67		(2,125.50)		8,000.00	
Miscellaneous	-		344.17		(344.17)		590.00	
Office Supplies	125.00		292.23		(167.23)		500.00	
Web Site Maintenance	3,950.00		533.75		3,416.25		915.00	
Dues, Licenses, and Fees	175.00		102.08		72.92		175.00	
Maintenance Staff	-		11,666.67		(11,666.67)		20,000.00	
Lifestyle Staff	-		11,666.67		(11,666.67)		20,000.00	
Total General & Administrative Expenses	$	56,678.20		$	99,913.91		$	(43,235.71)		$	171,280.00	

Field Operations Expenses

Electric	$	-		$	2,041.67		$	(2,041.67)		$	3,500.00	
Water Reclaimed	-		2,916.67		(2,916.67)		5,000.00	
Equipment Rental	-		3,500.00		(3,500.00)		6,000.00	
General Insurance	3,059.00		3,472.00		(413.00)		5,952.00	
Property & Casualty Insurance	-		2,975.00		(2,975.00)		5,100.00	
Irrigation	-		116.67		(116.67)		200.00	
Lake Maintenance	-		10,500.00		(10,500.00)		18,000.00	
Landscaping Maintenance & Material	-		14,583.33		(14,583.33)		25,000.00	
Landscape Improvements	-		1,458.33		(1,458.33)		2,500.00	
Contingency	-		5,833.33		(5,833.33)		10,000.00	
Gate - Repairs & Maintenance	-		583.33		(583.33)		1,000.00	
Street Sweeping	-		8,750.00		(8,750.00)		15,000.00	
Lighting	-		116.67		(116.67)		200.00	
Bike Share	-		2,916.67		(2,916.67)		5,000.00	
Total Field Operations Expenses	$	3,059.00		$	59,763.67		$	(56,704.67)		$	102,452.00	

Total Expenses

 $	59,737.20 

 $	159,677.58 

 $	(99,940.38)

 $	273,732.00 

  	 

Net Income (Loss)

$	(10,662.55)	$

-	$	(10,662.55)	$

1.00 *

* The prior management company did not balance the budget for the Board.	Page 1 of 1