Financial Statements
September 30, 2024

The Crossings at Fleming Island Community
Development District

The Crossings at Fleming Island Community Development District
Table of Contents

	Page
Financial Section:
Independent Auditor's Report	1
Management's Discussion and Analysis	3
Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position	8
Statement of Activities	9
Fund Financial Statements:
Balance Sheet - Governmental Funds	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
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - General Fund	13
Statement of Net Position - Proprietary Funds	14
Statement of Revenues, Expenses and Changes in Net Position -
Proprietary Funds	15
Statement of Cash Flows - Proprietary Funds	16
Notes to Financial Statements	17
Compliance Section:
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	30
Management Letter	32
Independent Accountant's Report on Compliance with the Requirements
of Section 218.415, Florida Statutes	36

INDEPENDENT AUDITOR'S REPORT

1800 Pembrook Drive, Suite 170
Orlando, Florida 32810
407-843-5406
www.mcdirmitdavis.com

To the Board of Supervisors
The Crossings at Fleming Island Community Development District

Report on the Audit of the Financial Statements Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type activities, and each major fund of The Crossings at Fleming Island Community Development District (the “District”), as of and for the year ended September 30, 2024, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, and each major fund of the District as of September 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof and the respective budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards (GAS), 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 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 and GAS 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 judgement made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS and GAS, 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.
the trusted partner

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 starting on page 3, 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 Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 24, 2025, on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of 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.

Orlando, Florida June 24, 2025

Our discussion and analysis of The Crossings at Fleming Island Community Development District (the “District”) financial accomplishments provide an overview of the District’s financial activities for the year ended September 30, 2024. Please read it in conjunction with the District’s Independent Auditor’s Report, financial statements and accompanying notes.

This information is being presented to provide additional information regarding the activities of the District and to meet the disclosure requirements of Government Accounting Standards Board Statement (GASB) No. 34, Basic Financial Statements - and Management’s Discussion and Analysis - for State and Local Governments issued June 1999.

Financial Highlights

The liabilities of the District exceeded its assets and deferred outflows at September 30, 2024 by $2,437,093, an increase in net position of $3,838,439 in comparison with the prior year.
At September 30, 2024, the District’s governmental funds reported a combined fund balance of $8,936,061, an increase of
$1,070,885 in comparison with the prior year.

Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to The Crossings at Fleming Island Community Development District’s financial statements. The District’s financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements and 3) notes to financial statements.

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 of the District’s assets, deferred outflows of resources, and liabilities, with the difference 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.

Both of the government-wide financial statements distinguish functions of the District that are principally supported by assessments (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the District include general (administration, finance, and community services), physical environment (maintenance and operations) and culture and recreation. The business-type activities of the District include the Utility (water and sewer) and Golf Course operation.
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 two fund categories: Governmental and Proprietary Funds.
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 government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains two individual governmental funds. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances for the general fund, and debt service fund which are considered to be 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.

Proprietary Funds
The District maintains one type of proprietary fund: enterprise. The District maintains two enterprise funds. An enterprise fund is used to report the same functions presented as business-type activities in the government-wide financial statements. The District uses an enterprise fund to account for the operations of the water and sewer utility services and golf services within the District. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide information for the utility and golf funds, which are considered major funds.

Notes to 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
Statement of Net Position
The District’s net position was $(2,437,093) at September 30, 2024. The following analysis reflects the condensed statement of financial position for the current and prior year.

Governmental Activities	Business-Type Activities	Total Primary Government
2024	2023	2024	2023	2024	2023	
Assets
Current and other assets	$  9,464,678	
$  8,214,225	
6,258,434	
$  6,600,828	
$ 15,723,112	
$ 14,815,053	
Capital assets, net	10,283,245	10,378,790	12,536,201	12,763,014	22,819,446	23,141,804	
Total assets	19,747,923	18,593,015	18,794,635	19,363,842	38,542,558	37,956,857	
Deferred Outflows	739,317	776,937	1,040,964	1,125,940	1,780,281	1,902,877	
Liabilities							
Current liabilities	888,320	743,523	7,623,719	7,824,613	8,512,039	8,568,136	
Long-term liabilities	15,916,439	17,713,358	18,331,454	19,853,772	34,247,893	37,567,130	
Total liabilities	16,804,759	18,456,881	25,955,173	27,678,385	42,759,932	46,135,266	
Net Position							
Net investment in capital assets	
(4,893,877)		
(6,557,631)	
(8,819,289)	
(9,584,818)	
(13,713,166)	
(16,142,449)	
Restricted	2,595,634		2,250,930	1,836,163	2,292,660	4,431,797	4,543,590	
Unrestricted	5,980,724		5,219,772	863,552	103,555	6,844,276	5,323,327	
Total net position	$  3,682,481	$	913,071	$ (6,119,574)	$ (7,188,603)	$ (2,437,093)	$ (6,275,532)	

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.

Statement of Activities
The following is a summary of the changes in net position for the fiscal years ended September 30, 2024 and 2023.

Governmental Activities	Business-Type Activities	Total Primary Government

2024	2023	2024	2023	2024	2023	
Revenues
Program revenues:
Charges for services	$ 7,795,647	

$  7,335,025	

$ 9,159,677	

$	11,050,365	

$ 16,955,324	

$	18,385,390	
contributions	180,071	138,109	-	-	180,071	138,109	
Investment earnings	590,356	225,020	236,030	189,136	826,386	414,156	
Total revenues	8,566,074	7,698,154	9,395,707	11,239,501	17,961,781	18,937,655	
Expenses						
Governmental activities:						
General government	291,406	279,479	-	-	291,406	279,479	
Physical environment	2,173,138	1,891,360	-	-	2,173,138	1,891,360	
Recreation	2,197,767	2,023,345	-	-	2,197,767	2,023,345	
Interest	923,196	1,009,672	-	-	923,196	1,009,672	
Business - type activities:							
Water and sewer	-	-	4,208,642	5,836,786	4,208,642	5,836,786	
Golf and restaurant	-	-	4,329,193	4,503,524	4,329,193	4,503,524	
Total expenses	5,585,507	5,203,856	8,537,835	10,340,310	14,123,342	15,544,166	
Increase (Decrease) in							
Net Position Before Transfers	2,980,567	2,494,298	857,872	899,191	3,838,439	3,393,489	
Transfers	(211,157)	(103,105)	211,157	103,105	-	-	
Increase (Decrease) in							
Net Position	2,769,410	2,391,193	1,069,029	1,002,296	3,838,439	3,393,489	
Net position, beginning	913,071	(1,478,122)	(7,188,603)	(8,190,899)	(6,275,532)	(9,669,021)	
Net position, end	$ 3,682,481	$	913,071	$ (6,119,574)	$	(7,188,603)	$ (2,437,093)	$	(6,275,532)	

Operating grants and General revenues:

Governmental Activities
As noted above and in the statement of activities, the cost of all governmental activities during the year ended September 30, 2024 was $5,585,507. The majority of these costs are comprised of physical environment and recreation expenditures.

Business-Type Activities
The cost of the business-type activities was $8,537,835, a 17.4% decrease from the prior year. The costs of those activities were paid for by charges for services, which accounted for 97% of total business-type revenues. Charges for services decreased $1,890,688 or 17% from the prior year.

Financial Analysis of the Government’s Funds
Governmental Funds
The District uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. The focus of the District’s governmental funds is to provide information on near-term inflows, outflows and balances of spendable resources. Such information is useful in assessing the District’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. At September 30, 2024, the District’s governmental funds reported combined ending fund balances of $8,936,061. Of this total, $164,612 is nonspendable, $2,955,337 is restricted, and $5,816,112 is unassigned.
The fund balance of the general fund increased $760,952, primarily due to assessments and charges for services in excess of expenditures. The debt service fund balance increased $309,933 due to a decrease in expenditures.

Proprietary Funds
The District’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail.
The Water and Sewer Fund reported operating income of $1,559,348, which is a decrease of $112,871 from the previous year. Of the total net position in the amount of $(3,871,124), $1,836,163 is restricted for renewal, replacement, and debt service.

The Golf Course Fund reported an operating loss of $(47,079), which is a decrease of $69,385 from the previous year operating income.

General Fund Budgetary 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. There were no amendments to the September 30, 2024 general fund budget. The legal level of budgetary control is at the fund level.
Capital Asset and Debt Administration
Capital Assets
At September 30, 2024, the District had $22,819,446 invested in capital assets. More detailed information about the District’s capital assets is presented in the notes to the financial statements.

Governmental Activities	Business-Type Activities	Total Primary Government
	2024	2023	2024	2023	2024	2023	
Land	$ 2,298,612	$ 2,298,612	$ 3,599,131	$ 3,599,131	$ 5,897,743	$ 5,897,743	
Improvements and equipment	13,031,347	12,672,809	107,569	107,569	13,138,916	12,780,378	
Water and sewer facilities	-	-	20,995,694	20,609,252	20,995,694	20,609,252	
Golf course and improvements	-	-	3,562,559	3,351,402	3,562,559	3,351,402	
Leased asset	-	-	347,601	347,601	347,601	347,601	
Accumulated depreciation	(5,046,714)	(4,592,631)	(16,076,353)	(15,251,941)	(21,123,067)	(19,844,572)	
Total	  $10,283,245	 $10,378,790	$ 12,536,201	$12,763,014	$ 22,819,446	$ 23,141,804	

Capital Debt
At September 30, 2024, the District had $38,730,000 in bonds outstanding, including matured bonds payable of $4,065,000. The District also had lease liabilities of $12,956. More detailed information about the District’s capital debt is presented in the notes to the financial statements.

Economic Factors and Next Year’s Budget
It is difficult to predict what significant effect the current economic condition and the matured bonds payable will have on the financial position or results of operations of the District in fiscal year 2025.

Requests for Information
If you have questions about this report or need additional financial information, contact The Crossings at Fleming Island Community Development District’s Finance Department at 5385 N. Nob Hill Road, Sunrise, Florida 33351.

FINANCIAL STATEMENTS

Statement of Net Position
September 30, 2024

Assets	Governmental
Activities		Business-type
Activities		
Total	
Cash	$	1,193,632		$	346,132		$	1,539,764	
Investments	5,019,024		3,033,230		8,052,254	
Internal balances	139,405		(139,405)		-	
Accounts receivable, net	78,468		481,787		560,255	
Inventories	39,808		145,677		185,485	
Prepaid costs	2,206		68,353		70,559	
Deposits Restricted Assets:
Temporarily restricted investments	36,798

2,955,337		7,146

2,315,514		43,944

5,270,851	
Capital Assets:						
Capital assets not being depreciated	2,298,612		3,599,131		5,897,743	
Capital assets being depreciated, net	7,984,633		8,937,070		16,921,703	
Total assets	19,747,923		18,794,635		38,542,558	
Deferred Outflows of Resources:						
Deferred amount on refunding	739,317		1,040,964		1,780,281	
Total Assets and Deferred Outflows of Resources	20,487,240		19,835,599		40,322,839	
Liabilities
Accounts payable and accrued expenses	
427,189		
434,969		
862,158	
Accrued interest payable	359,703		392,223		751,926	
Matured bonds payable	-		4,065,000		4,065,000	
Matured interest payable	-		2,691,283		2,691,283	
Unearned revenue	86,855		39,339		126,194	
Customer deposits Noncurrent Liabilities:
Due within one year	14,573

1,795,000		905

1,472,956		15,478

3,267,956	
Due in more than one year	14,121,439		16,858,498		30,979,937	
Total liabilities	16,804,759		25,955,173		42,759,932	
Net Position
Net investment in capital assets	
(4,893,877)		
(8,819,289)		
(13,713,166)	
Restricted for debt service	2,595,634		1,547,738		4,143,372	
Restricted for renewal and replacement	-		288,425		288,425	
Unrestricted	5,980,724		863,552		6,844,276	
Total net position	$	3,682,481		$	(6,119,574)		$	(2,437,093)	

The Crossings at Fleming Island Community Development District
Statement of Activities
Year Ended September 30, 2024

Program Revenue	Net (Expense) Revenue and Changes in Net Position
	Charges		Operating Grants				Primary Government	
	for		and		Governmental		Business-type	
Functions/Programs	Expenses		Services		Contributions		Activities		Activities	Total	
Governmental Activities:									 	
General government	$	291,406		$	265,208		$	-		$	(26,198)		$	-	$	(26,198)	
Physical environment	2,173,138		1,921,390		-		(251,748)		-	(251,748)	
Recreation	2,197,767		2,724,301		-		526,534		-	526,534	
Interest on long-term debt	923,196		2,884,748		180,071		2,141,623		-	2,141,623	
Total governmental activities	5,585,507	7,795,647	180,071	2,390,211	-	2,390,211	
Business-type Activities:											
Water and sewer	4,208,642		4,922,211		-	-		713,569		713,569	
Golf and restaurant	4,329,193		4,237,466		-	-		(91,727)		(91,727)	
Total business-type activities	8,537,835		9,159,677		-	-		621,842		621,842	
Total primary government	$	14,123,342		$	16,955,324		$	180,071	2,390,211		621,842		3,012,053	
	General Revenues:											
Investment and other income	590,356		236,030		826,386	
Transfers	(211,157)		211,157		-	
Total general revenues and transfers	379,199		447,187		826,386	
Change in net position	2,769,410		1,069,029		3,838,439	
Net assets, beginning	913,071		(7,188,603)		(6,275,532)	
Net assets, ending	$	3,682,481		$	(6,119,574)		$	(2,437,093)	

Balance Sheet - Governmental Funds
September 30, 2024

Assets	

General		

Debt Service		Total Governmental
Funds	
Cash	$	1,193,632		$	-		$	1,193,632	
Investments	5,019,024		2,955,337		7,974,361	
Accounts receivable	78,468		-		78,468	
Inventory	39,808		-		39,808	
Prepaid costs	2,206		-		2,206	
Due from other funds	53,605		-		53,605	
Advance to other fund	85,800		-		85,800	
Deposits	36,798		-		36,798	
Total assets	$	6,509,341		$	2,955,337		$	9,464,678	
Liabilities and Fund Balances
Liabilities:						
Accounts payable and accrued expenses	$	427,189		$	-	$	427,189	
Unearned revenue	86,855		-	86,855	
Deposits	14,573		-	14,573	
Total liabilities	528,617		-	528,617	
Fund Balances:					
Nonspendable	164,612		-	164,612	
Restricted for debt service	-		2,955,337	2,955,337	
Unassigned	5,816,112		-	5,816,112	
Total fund balances	5,980,724		2,955,337	8,936,061	
Total liabilities and fund balances	$	6,509,341		$	2,955,337		
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		
in the funds.	10,283,245	
Deferred amounts on refunding are not financial resources and, therefore, are not reported in the funds.	739,317	
Liabilities not due and payable from current available resources are not reported in governmental fund		
statements. All liabilities, both current and long-term, are reported in the government-wide statements.		
Accrued interest payable	(359,703)		
Bonds payable	(15,916,439)	(16,276,142)	
Net position of governmental activities	$	3,682,481	

Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds
Year Ended September 30, 2024

General	Debt Service

Total Governmental
Funds

Revenues		
Special assessments	$	4,122,203		$	2,884,748		$	7,006,951	
Charges for services	788,696		-		788,696	
Investment and other income		590,356 		180,071 		770,427 	
Total revenues		5,501,255 		3,064,819 		8,566,074 	
Expenditures
Current:
General government	253,786	-	253,786	
Physical environment	1,674,277	-	1,674,277	
Recreation	2,197,767	-	2,197,767	
Debt Service:				
Interest	-	944,886	944,886	
Principal	-	1,810,000	1,810,000	
Capital outlay		614,473 		- 		614,473 	
Total expenditures		4,740,303 		2,754,886 		7,495,189 	
Excess (Deficit) of Revenues Over Expenditures	
	760,952 	
	309,933 	
	1,070,885 	
Net change in fund balances	760,952	309,933	1,070,885	
Fund balances, beginning of year		5,219,772 		2,645,404 		7,865,176 	
Fund balances, end of year	 $	5,980,724 	 $	2,955,337 	 $	8,936,061 	

Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities
Year Ended September 30, 2024

Amounts reported for governmental activities in the statement of activities are different because:		
Net change in fund balances - total governmental funds		$	1,070,885	
Governmental funds report outlays for capital assets as expenditures because such outlays use current			
financial resources; however, in the statement of net position the cost of those assets is recorded as capital			
assets.		358,538	
Depreciation on capital assets is not recognized in the governmental fund statement; however, it is			
reported as an expense in the statement of activities.		(454,083)	
Repayments of long-term liabilities are reported as expenditures in governmental funds, while repayments			
reduce long-term liabilities in the statement of net position.		1,810,000	
Some expenses reported in the statement of activities do not require the use of current financial resources			
and, therefore, are not reported as expenditures in governmental funds.			
Change in accrued interest	34,771
Amortization of bond discount	(13,081)
Amortization of deferred amount on refunding	(37,620)		

(15,930)	

Change in net position of governmental activities		
$	2,769,410	

Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - General Fund
Year Ended September 30, 2024

Budgeted Amounts Original	Final

Actual Amounts

Variance with Final Budget
Positive (Negative)

Revenues		
Special assessments	$	4,108,232		$	4,108,232		$	4,122,203		$	13,971	
Charges for services	692,000		692,000		788,696		96,696	
Investment and other income	56,000		56,000		590,356		534,356	
Total revenues	4,856,232		4,856,232		5,501,255		645,023	
Expenditures
Current:
General government	400,707		400,707		253,786		146,921	
Physical environment	1,494,478		1,494,478		1,674,277		(179,799)	
Recreation	2,216,350		2,216,350		2,197,767		18,583	
Capital outlay	619,697		619,697		614,473		5,224	
Total expenditures	4,731,232		4,731,232		4,740,303		(9,071)	
Excess (Deficit) of Revenues Over Expenditures	
125,000		
125,000		
760,952		
635,952	
Net change in fund balance	125,000		125,000		760,952		635,952	
Fund balance, beginning	5,219,772		5,219,772		5,219,772		-	
Fund balance, ending	$	5,344,772		$	5,344,772		$	5,980,724		$	635,952	

Statement of Net Position - Proprietary Funds
September 30, 2024

	Enterprise Funds	
	Water and Sewer		Golf Course		Total	
Assets						
Current Assets:						
Cash and cash equivalents	$	120,479		$	225,653		$	346,132	
Investments	5,245,705		103,039		5,348,744	
Accounts receivable, net	461,178		20,609		481,787	
Inventories	-		145,677		145,677	
Prepaid expenses and deposits	-		75,499		75,499	
Total current assets	5,827,362		570,477		6,397,839	
Noncurrent Assets: Capital Assets:
Land and improvements	

20,719,211		

3,598,831		

24,318,042	
Equipment and furniture	276,783		4,017,729		4,294,512	
Less accumulated depreciation	(13,484,523)		(2,591,830)		(16,076,353)	
Total noncurrent assets	7,511,471		5,024,730		12,536,201	
Total assets	13,338,833		5,595,207		18,934,040	
Deferred Outflows of Resources						
Deferred amount on refunding	1,040,964		-		1,040,964	
Total Assets and Deferred Outflow of Resources	14,379,797		5,595,207		19,975,004	
Liabilities
Current Liabilities:
Accounts payable and accrued expenses	

27,220		

407,749		

434,969	
Accrued interest payable	376,548		15,675		392,223	
Due to other funds	2,750		50,855		53,605	
Customer deposits	905		-		905	
Unearned revenue	-		39,339		39,339	
Matured interest payable	-		2,691,283		2,691,283	
Matured bonds payable	-		4,065,000		4,065,000	
Bonds, notes and loans payable	985,000		487,956		1,472,956	
Total current liabilities	1,392,423		7,757,857		9,150,280	
Noncurrent Liabilities: Advance from other funds	
-		
85,800		
85,800	
Bonds, notes and loans payable	16,858,498		-		16,858,498	
Total noncurrent liabilities	16,858,498		85,800		16,944,298	
Total liabilities	18,250,921		7,843,657		26,094,578	
Net Position						
Net investment in capital assets	(9,291,063)		471,774		(8,819,289)	
Restricted for debt service	1,547,738		-		1,547,738	
Restricted for other purposes	288,425		-		288,425	
Unrestricted	3,583,776		(2,720,224)		863,552	
Total net position	$	(3,871,124)		$	(2,248,450)		$	(6,119,574)	

Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds
Year Ended September 30, 2024

Enterprise Funds

	Water and Sewer			Golf Course			Total	
Operating Revenues
Charges for services	
$	
4,922,211		
$	
4,237,466		
$	
9,159,677	
Total operating revenues		4,922,211			4,237,466			9,159,677	

Operating Expenses
Water and sewer		

2,764,713			

-			

2,764,713	
Golf and restaurant		-			4,058,283			4,058,283	
Depreciation		598,150			226,262			824,412	
Total operating expenses		3,362,863			4,284,545			7,647,408	
Operating income (loss)		1,559,348			(47,079)			1,512,269	

Nonoperating Revenues (Expenses)
Interest and investment revenue		

231,431			

4,599			

236,030	
Interest expense		(845,779)			(44,648)			(890,427)	
Total nonoperating revenue (expenses)		(614,348)			(40,049)			(654,397)	
Income (loss) before transfers		945,000			(87,128)			857,872	
Capital contribution		-			211,157			211,157	
Change in net position		945,000			124,029			1,069,029	
Total net position, beginning		(4,816,124)			(2,372,479)			(7,188,603)	
Total net position, ending	$	(3,871,124)		$	(2,248,450)		$	(6,119,574)	

Statement of Cash Flows - Proprietary Funds
Year Ended September 30, 2024

Cash Flows from Operating Activities	Water and Sewer		
Golf Course		
Total	
Receipts from customers and users	$	4,460,093		$	4,248,490		$	8,708,583	
Payments to suppliers of goods and services	(3,122,872)		(4,071,283)		(7,194,155)	
Net cash provided (used) by operating activities	1,337,221		177,207		1,514,428	
Cash Flows from Non-Capital Financing Activities
Due to other funds	
-		
37,257		
37,257	
Net cash provided (used) by non-capital financing activities	-		37,257		37,257	
Cash Flows from Capital and Related Financing Activities
Principal paid on debt	
(960,000)		
(125,026)		
(1,085,026)	
Purchase of capital assets	(386,442)		-		(386,442)	
Interest paid on debt	(768,376)		(13,298)		(781,674)	
Net cash used by capital and related financing activities	(2,114,818)		(138,324)		(2,253,142)	
Cash Flows from Investing Activities
Interest earnings	
231,431		
4,599		
236,030	
Sale (purchase) of investments	8,852		(4,971)		3,881	
Net cash provided (used) by investing activities	240,283		(372)		239,911	
Net increase (decrease) in cash and cash equivalents	(537,314)		75,768		(461,546)	
Cash and cash equivalents, beginning	657,793		149,885		807,678	
Cash and cash equivalents, ending	$	120,479		$	225,653		$	346,132	

Reconciliation of Operating Income (Loss) to Net Cash						
Provided (Used) By Operating Activities
Operating income (loss)	
$	1,559,348		
$	(47,079)		
$	1,512,269	
Adjustments Not Affecting Cash						
Depreciation and amortization	598,150		226,262		824,412	
Change in Assets and Liabilities						
(Increase) decrease in accounts receivable	(164,493)		16,239		(148,254)	
(Increase) decrease in prepaids / inventory	-		(12,036)		(12,036)	
Increase (decrease) in accounts payable	(358,159)		(964)		(359,123)	
Increase (decrease) in customer deposits	(297,625)		-		(297,625)	
Increase (decrease) in unearned revenue	-		(5,215)		(5,215)	
Total adjustments	(222,127)		224,286		2,159	
Net cash provided (used) by operating activities	$	1,337,221		$	177,207		$	1,514,428	
Noncash Capital and Financing Activities:						
Contribution of capital assets from governmental activities	$	-		$	211,157		$	211,157	

NOTES TO FINANCIAL STATEMENTS

NOTE 1	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Reporting Entity
The Crossings at Fleming Island Community Development District, (the “District”) was established in November 1989 by the Florida Land and Water Adjudicatory Commission Chapter 42H-1 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, the power to borrow money and issue bonds, and the power to levy and collect non-ad valorem assessments for the financing and delivery of capital infrastructure. The District was established for the purpose of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.

The District is governed by the Board of Supervisors (the “Board”), which is composed of five members. At present, the Supervisors are elected on an at large basis by qualified electors of the District. The Board of Supervisors of the District exercises all powers granted to the District pursuant to Chapter 190, Florida Statutes.

The Board has the final responsibility for, among other things:
Allocating 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 14, 39, and 61. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District Board of Supervisors is considered to be financially accountable, and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.

Government-Wide and Fund Financial Statements
The 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; 2) grants, contributions and investment income that are restricted to meeting the operational or capital requirements of a particular function or segment and 3) operating-type special assessments that are treated as charges for services (including assessments for maintenance and debt service). Other items not included among program revenues are reported instead as general revenues.

Separate financial statements are provided for governmental funds and proprietary funds. The major governmental and major individual enterprise funds are reported as separate columns in the fund financial statements.

NOTE 1	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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 recognized as revenues as soon as all eligibility requirements imposed by the provider have been met. Unbilled service revenue is accrued in the enterprise funds.
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 District 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, including debt service assessments and operation and maintenance assessments, are non-ad valorem assessments imposed on all lands located within the District and benefited by the District’s activities. Operation and maintenance assessments are levied by the District prior to the start of the fiscal year which begins October 1st and ends on September 30th. These assessments are imposed upon all benefited lands located in the District. Debt service special assessments are imposed upon certain lots and lands as described in each resolution imposing the special assessment for each series of bonds issued by the District. Certain debt service assessments are collected upon the closing of those lots subject to short term debt and are used to prepay a portion of the bonds outstanding.

Assessments and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the District.

The District reports the following major governmental funds:

General Fund - is the District’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.
Debt Service Fund - accounts for the accumulation of resources for the annual payment of principal and interest on long-term debt. The District reports the following major proprietary funds:
Water and Sewer Fund - This enterprise fund is used to account for the operations of the water and sewer utility services within the District. The costs of providing services to the residents are recovered primarily through user charges.

Golf Course Fund - This enterprise fund is used to account for the operations of the golf course, pro shop and restaurant within the District. The costs of providing services to the residents and public are recovered primarily through user charges.

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, then unrestricted resources as they are needed.

NOTE 1	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net Position/Fund Balance Restricted Assets
These assets represent cash and investments set aside pursuant to bond covenants.

Deposits and Investments
The District’s cash and cash equivalents are considered to be cash on hand and demand deposits.
Investments of the District are reported at fair value and are categorized within the fair value hierarchy established in accordance with GASB Statement No. 72, Fair Value Measurement and Application. The District’s investments consist of investments authorized in accordance with Section 218.415, Florida Statutes.
Inventories
Inventories are valued at cost which approximates market value using the first-in, first-out (FIFO) method.

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.

Receivables and Payables
During the course of operations, transactions occur between individual funds. Any residual balances outstanding between governmental activities and business-type activities for internal borrowing are reported in the government-wide statements as “internal balances”.
Accounts receivable and assessments receivable are shown net of an allowance for uncollectible amounts. All balances are considered collectible at September 30, 2024. These receivables will be recognized as revenue as they are collected.

Capital Assets
Capital assets, which include property, golf course, recreation facilities, water and sewer improvements, equipment and infrastructure assets (e.g., utilities system, stormwater system, landscaping and similar items), are reported in the applicable governmental activities column 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 and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.
Property, plant, and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:

Assets		Years	
Land improvements		10-20	
Buildings		30	
Stormwater system		30	
Improvements other than buildings		40	
Roadways and other		30	
Equipment		5-10	
Lease assets		4-5	

In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.

NOTE 1	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Long-Term Obligations
In the government-wide and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities or proprietary fund type statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the straight-line method. Bonds payable are reported net of premiums or discounts.

In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond 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 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 assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The District has one item that qualifies for reporting in this category. It is the deferred charge on refunding reported in the government-wide statement of net position. A deferred charge on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt.

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 assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The District does not have any item that qualifies for reporting in this category for the year ended September 30, 2024.

Net Position Flow Assumptions
Sometimes the District will fund outlays for a particular purpose from both restricted and unrestricted resources. In order to calculate the amounts to report as restricted net position and unrestricted net position in the government-wide financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the District’s policy to consider restricted net position to have been depleted before unrestricted net position is applied.
Fund Balance Flow Assumptions
Sometimes the District will fund outlays for a particular purpose from both restricted and unrestricted resources (total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which the resources are considered to be applied. It is the District’s policy to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last.

Fund Balance Policies
Fund balance of governmental funds is reported in various categories based on the nature of any limitations requiring the use of resources for specific purposes. The District itself can establish limitations on the use of resources through either commitment (committed fund balance) or an assignment (assigned fund balance).

The committed fund balance classification includes fund balance amounts that can be used only for the specific purposes determined by a formal action of the government’s highest level of decision-making authority. The Board of Supervisors is the highest level of decision-making authority for the government that can, by adoption of an ordinance or resolution prior to the end of the fiscal year, commit fund balance. Once adopted, the limitation imposed by the ordinance or resolution remains in place until a similar action is taken to remove or revise the limitation.

NOTE 1	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Amounts in the assigned fund balance classification are intended to be used by the government for specific purposes but do not meet the criteria to be classified as committed. The Board of Supervisors has authorized the District Manager to assign amounts for specific purposes. The Board of Supervisors may also assign fund balance as it does when appropriating fund balance to cover a gap between estimated revenue and appropriations in the subsequent year’s appropriated budget. Unlike commitments, assignments generally only exist temporarily. In other words, an additional action does not normally have to be taken for the removal of an assignment. Conversely, as discussed above an additional action is essential to either remove or revise a commitment.
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.
New Accounting Standards
In fiscal year 2024, the District has not implemented any new accounting standards with a material effect on the District’s financial statements.

NOTE 2	STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
Budgetary Information
The District is required to establish a budgetary system and an approved annual budget for the General Fund. Annual budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America. All annual appropriations lapse at the fiscal year end. The legal level of budgetary control is at the fund level. Any budget amendments that increase the aggregate budgeted appropriations, at the fund level, must be approved by the Board of Supervisors.
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 proposed budgets for the fiscal year commencing the following October 1.
A public hearing is conducted to obtain public comments.
Prior to October 1, the budget is legally adopted by the District Board.
Subject to certain limited exceptions set forth in the District’s appropriation resolutions adopted each year, all budget changes must be approved by the District Board.
The budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America.
Unused appropriation for annually budgeted funds lapse at the end of the year.

Excess Expenditures Over Appropriations
For the year ended September 30, 2024, expenditures exceeded appropriations in the general fund. These over expenditures were funded by greater than anticipated revenues and available fund balance.

NOTE 3	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.

NOTE 3	DEPOSITS AND INVESTMENTS (CONTINUED)

Restricted cash
Included in cash and investments for the water and sewer fund is restricted cash of $289,330 for customer deposits and renewal and replacement reserves.

Investments
The District categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the fair value of the asset.

Under GASB 72, assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is based on quoted prices for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtaining quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable, and uses significant unobservable inputs that uses the best information available under the circumstances, which includes the District’s own data in measuring unobservable inputs.
The District has the following recurring fair value measurements as of September 30, 2024:

Money market mutual funds of $5,359,851 are valued using Level 2 inputs.

The District’s investment policy is governed by State Statutes and the District Trust Indenture. This policy allows investments in any financial institution that is a qualified public depository of the State of Florida as identified by the State Treasurer, in accordance with Chapter 280 of the Florida Statutes. Authorized investments are:

The State Board of Administration Local Government Investment Pool (SBA);
Securities and Exchange Commission Registered Money Market Funds with the highest credit quality rating from a nationally recognized rating agency;
Interest-bearing savings accounts and certificates of deposit in state-certified qualified public depositories;
Direct obligations of the U.S. Treasury.
The SBA is not a registrant with the Securities and Exchange Commission (SEC); however, the State of Florida does provide oversight. The Board has adopted operating procedures consistent with the requirements for a 2a-7-like fund for the Florida Prime Fund; therefore, the pool net asset value per share can be used as fair value for financial reporting.

Investments made by the District at September 30, 2024 are summarized below:

 Investment Type		
Fair Value		Credit
Rating		Weighted
Average Maturity	
First American Government Obligation Fund-Class Y	$	3,660,136		AAAm		31 days	
First American Government Obligation Fund-Class Z	2,327,525		AAAm		31 days	
US Bank Money Market
Local Government Investment Pool:	102,804		n/a		n/a	
Florida Prime	7,232,639		AAAm		39 days	
 $	13,323,104 

NOTE 3	DEPOSITS AND INVESTMENTS (CONTINUED)

Credit Risk
The District’s investment policy limits credit risk by restricting authorized investments to those described. Investments in U.S. Government securities and agencies must be backed by the full faith and credit of the United States Government. Short term bond funds shall be rated by a nationally recognized ratings agency and shall maintain the highest credit quality rating.

Custodial Credit Risk
In the case of deposits, this is the risk that, in the event of a bank failure, the District’s deposits may not be returned to it. The District’s investment policy requires that bank deposits be secured as provided by Chapter 280, Florida Statutes. This law requires local governments to deposit funds only in financial institutions designated as qualified public depositories by the Chief Financial Officer of the State of Florida, and creates the Public Deposits Trust Fund, a multiple financial institution pool with the ability to assess its member financial institutions for collateral shortfalls if a default or insolvency has occurred. At September 30, 2024, all of the District’s bank deposits were in qualified public depositories.

For an investment, this is the risk that, in the event of the failure of the counterparty, the government will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. At September 30, 2024, none of the investments listed are exposed to custodial credit risk because their existence is not evidenced by securities that exist in physical or book entry form.

Concentration of Credit Risk
The District’s investment policy does not specify limits on the amount the District may invest in any one issuer.

Interest Rate Risk
The District’s investment policy does not specifically address interest rate risk; however, the general investment policy is to apply the prudent-person rule: Investments are made as a prudent person would be expected to act, with discretion and intelligence, to seek reasonable income, preserve capital, and in general, avoid speculative investments. The District manages its exposure to declines in fair values by investing primarily in pooled investments that have a weighted average maturity of less than three months.

NOTE 4	INTERFUND, RECEIVABLES, PAYABLES AND TRANSFERS

Interfund receivables and payables at September 30, 2024 were as follows:

	Receivable Fund	
General		Payable Fund	
Golf Course		Amount	
 $	50,855 	
General	Water and Sewer	 $	2,750 	
Advances: General	
Golf Course	
 $	85,800 	

The outstanding balances between funds result primarily from the time lag between the dates that transactions are recorded in the accounting system and payments between funds are made. Balances between funds are for services paid by the General Fund to be reimbursed. In August 2009, the General Fund loaned the Golf Fund $85,800 to cover the Golf Fund debt service payment. The advance is to be repaid in 30 annual installments of $2,860. During the fiscal year ended September 30, 2024, no payments were made to the General Fund.
During the year ended September 30, 2024, governmental activities contributed assets of $211,157 to the golf fund.

NOTE 5	CAPITAL ASSETS

Capital asset activity for the year ended September 30, 2024 was as follows:
Beginning
Balance	Additions	Disposals

Ending Balance

Governmental Activities
Capital assets, not being depreciated: Land

 $  2,298,612   $	-   $	-   $  2,298,612 

Total capital assets, not being depreciated		2,298,612  	-  	-  	2,298,612 

Capital assets being depreciated:
Improvements and equipment		12,672,809  	358,538  	-  	13,031,347 
Total capital assets, being depreciated	12,672,809	358,538	-	13,031,347

Less accumulated depreciation for:		
Improvements and equipment		(4,592,631)		(454,083)		-  	(5,046,714)	
Total accumulated depreciation		(4,592,631)		(454,083)		-  	(5,046,714)	
Total capital assets being depreciated, net	8,080,178	(95,545)	-	7,984,633	
Governmental activities capital assets, net	 $ 10,378,790 	 $	(95,545)	 $	-   $ 10,283,245 	

Governmental activities depreciation expense is charged to physical environment.

NOTE 5	CAPITAL ASSETS (CONTINUED)

Beginning
Balance	Additions	Disposals

Ending Balance

Business-Type Activities
Capital assets, not being depreciated:		
Land	3,599,131	-	-	3,599,131	
Total capital assets, not being depreciated	3,599,131	-	-	3,599,131	
Capital assets being depreciated:				
Water and sewer facilities	20,609,252	386,442		20,995,694	
Golf course and improvements	3,351,402	211,157	-	3,562,559	
Improvements and equipment	107,569	-	-	107,569	
Lease asset	347,601	-	-	347,601	
Total capital assets, being depreciated	24,415,824	597,599	-	25,013,423	
Less accumulated depreciation for: Water and sewer facilities	
(12,886,373)	
(598,150)	
-	
(13,484,523)	
Golf course and improvements	(2,045,035)	(100,444)	-	(2,145,479)	
Improvements and equipment	(107,569)	-	-	(107,569)	
Lease asset	(212,964)	(125,818)	-	(338,782)	
Total accumulated depreciation	(15,251,941)	(824,412)	-	(16,076,353)	
Total capital assets being depreciated, net	9,163,883	(226,813)	-	8,937,070	

Business-type activities capital assets, net	
$ 12,763,014	
$	(226,813)	
$	-	
$ 12,536,201	

Depreciation of $598,150 is charged to the water and sewer fund and $226,262 is charged to the golf fund.

NOTE 6	LONG-TERM LIABILITIES

Special Assessment Revenue Refunding Bonds, Series 2014 - Public Offering
In August 2014, the District issued $37,005,000 of Special Assessment Revenue Refunding Bonds, Series 2014 due on November 1, 2044 with a variable interest rate. The Bonds were issued to refund the Special Assessment Refunding Bonds, Series 2000 and to finance the acquisition and construction of certain improvements for the benefit of the property within the District. Interest is paid semiannually on each May 1 and November 1. Principal is payable annually commencing May 1, 2014 through May 1, 2044.

The Series 2014 Bonds are subject to redemption at the option of the District, in whole or in part at a redemption price set forth in the Bond Indenture. The Series 2014 Bonds are subject to optional and extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Indenture.

The Bond Indenture requires that the District maintain adequate funds in a reserve account to meet the debt service reserve requirement as defined in the Indenture. This requirement was met at September 30, 2024.

The Bond Indenture has certain 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 agreed to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. Payment of principal and interest on the 2014 Bonds is secured by a pledge of and a first lien upon the pledged special assessment revenue. The District is in compliance with the requirements of the Bond Indenture.
Total principal and interest remaining on the Series 2014 Bonds at September 30, 2024 is $20,792,890. For the year ended September 30, 2024, principal and interest of $2,690,326 was paid. Special assessment revenue of $2,817,422 was pledged for the year ended September 30, 2024.

Special Assessment Revenue Bonds, Series 2017 - Public Offering
In May 2017, the District issued $870,000 of Special Assessment Revenue Bonds, Series 2017 due on May 1, 2044 with a fixed interest rate of 5.75%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the property within the District and pay issuance costs. Interest is paid semiannually on each May 1 and November 1. Principal is payable annually commencing May 1, 2019 through May 1, 2044.

The Series 2017 Bonds are subject to redemption at the option of the District, in whole or in part at a redemption price set forth in the Bond Indenture. The Series 2017 Bonds are subject to optional and extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Indenture. In the event of default, all principal and interest of the Bond will become immediately due and payable.
The Bond Indenture requires that the District maintain adequate funds in a reserve account to meet the debt service reserve requirement as defined in the Indenture. This requirement was met at September 30, 2024.

The Bond Indenture has certain 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 agreed to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. Payment of principal and interest on the 2017 Bonds is secured by a pledge of and a first lien upon the pledged special assessment revenue. The District is in compliance with the requirements of the Bond Indenture.

Total principal and interest remaining on the Series 2017 Bonds at September 30, 2024 is $1,291,191. For the year ended September 30, 2024, principal and interest of $64,562 was paid. Special assessment revenue of $67,326 was pledged for the year ended September 30, 2024.

NOTE 6	LONG-TERM LIABILITIES (CONTINUED)

Utility Refunding Revenue Bonds, Series 2016 - Public Offering
In December 2016, the District issued $24,045,000 of Utility Refunding Revenue Bonds, Series 2016 due October 1, 2037 with an interest rate ranging from 4.5% to 4.875%. The Bonds were issued to refund the outstanding Utility Revenue Refunding Bonds, Series 2007. Interest is paid semiannually on each April 1 and October 1. Principal is payable annually commencing October 1, 2017 through October 1, 2037.

The Bond Indenture has certain 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 agreed to establish rates in an amount adequate to provide payment of debt service and to meet certain trust indenture provisions. The District was in compliance with these provisions in the current fiscal year. In the event of default, all principal and interest of the Bond will become immediately due and payable.
Total principal and interest remaining on the Series 2016 Bonds at September 30, 2024 is $24,002,546. For the year ended September 30, 2024, principal and interest of $1,728,376 was paid. Revenue of $2,157,498 was pledged for the year ended September 30, 2024.

Golf Course Revenue Bonds, Series 1999 - Public Offering
In March 1999, the District issued $7,835,000 of Golf Course Revenue Bonds, Series 1999 due October 1, 2024 with an interest rate of 6.6%. The Bonds were issued to finance the acquisition and construction of certain public infrastructure with the District. The bonds are secured by a pledge of certain revenues derived as a result of operations on the golf course. Interest is paid semiannually on each April 1 and October 1. Principal is payable annually commencing October 1, 2000 through October 1, 2024.
The Bonds are secured by a pledge of certain revenues derived as a result of operations of the golf course. The District has not made a debt service payment on the Golf Course Revenue Bonds, Series 1999 since April 1, 2011 and is not in compliance with the Trust Indenture. In the event of default, all principal and interest of the Bonds will become immediately due and payable.

Total principal and interest remaining on the Series 1999 Bonds at September 30, 2024 is $7,246,958, which includes matured bonds payable of $4,065,000 and matured interest payable of $2,691,283. For the year ended September 30, 2024, no principal and interest was paid ($445,000 of principal was added to matured bonds payable and $46,035 of interest was added to matured interest payable). Revenue of $4,237,466 was pledged for the year ended September 30, 2024.
At September 30, 2024, the scheduled debt service requirements on the bonds payable were as follows:

	Governmental Activities			Business-Type Activities	
Year Ending September 30,	Principal	Interest	Principal	Interest
2025				$	1,795,000		$	863,289		$	1,460,000		$	752,051	
2026				1,880,000		774,039		1,020,000		701,566	
2027				1,985,000		680,489		1,060,000		664,113	
2028				2,085,000		581,451		1,095,000		623,047	
2029				2,190,000		477,314		1,140,000		578,401	
2030	-	2034		3,055,000		1,315,767		6,460,000		2,112,787	
2035	-	2039		1,355,000		855,241		6,255,000		571,256	
2040	-	2044			1,830,000 			361,491 			-				-		
				 $	16,175,000 		 $	5,909,081 		 $	18,490,000 		 $	6,003,221	

NOTE 6	LONG-TERM LIABILITIES (CONTINUED)

Leases
The District has entered into agreements to lease certain equipment. The lease agreements qualify as other than short-term leases under GASB 87 and, therefore, have been recorded at the present value of the future minimum lease payments as of the date of their inception.

Individual lease terms range from 48 to 60 months. These leases require monthly payments ranging from $442 to $7,349. The lease liability is measured at a discount rate of 2%, which is the District’s incremental borrowing rate. As a result of the leases, the District has recorded a right to use asset with a net book value of $8,819 at September 30, 2024.

Future minimum lease payments as of September 30, 2024, were as follows:

Year Ending September 30,

	Business-Type Activities	 Principal	Interest

2025

 $	12,956 

 $	46 

$	12,956	$	46

Long-term debt activity for the year ended September 30, 2024 was as follows:

Governmental Activities	Beginning Balance		
Increases	
Decreases	Ending Balance	Due Within One Year	
Bonds Payable:							
Series 2014	$  17,210,000		$	-	$  (1,790,000)	$  15,420,000	$	1,775,000	
Discount	(271,642)		-	13,081	(258,561)	-	
Series 2017		775,000 			- 		(20,000)		755,000 		20,000 	

Governmental activity long- term liabilities
Business-Type Activities
Bonds Payable:

 $  17,713,358   $	-   $  (1,796,919)

 $  15,916,439   $	1,795,000 

Water and sewer, series 2016	$  18,975,000	$	-	$	(960,000)	$  18,015,000	985,000	
Discount	(179,210)	-	7,708	(171,502)	-	
Golf course, series 1999	920,000	-	(445,000)	475,000	475,000	
Lease liability	137,982	-	(125,026)	12,956	12,956	
Business-type long-term
liabilities	 $  19,853,772 		 $	-   $  (1,522,318)	 $  18,331,454   $	1,472,956 	

The $445,000 reduction above for the Golf Course, Series 1999 Bonds was not paid, but was accrued to matured bonds payable. The beginning balance is reduced by $3,620,000 which was also not paid, but accrued to matured bonds payable in prior years. At year end, total matured bonds payable is $4,065,000.

NOTE 7	MANAGEMENT COMPANY

District Operations
The District has contracted with a management company (“GMS”) to perform management services, which include financial and accounting services. Certain employees of GMS 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.

Recreation Operations
The District employees manage and staff the recreation operations of the District. Such operations include management, marketing, operations and maintenance of the District’s recreational assets.

Golf Operations
The District entered into a management agreement in June 2008, with Hampton Golf, Inc. to supervise, direct and control the management, development, marketing and operation of the Eagle Harbor Golf Club. The agreement has no ending date and provides that either party may terminate the agreement with a 90-day notice. The monthly management fee is $7,000 per month. During fiscal year 2024, the District paid $84,000 to Hampton Golf, Inc. as management fees under these agreements.
NOTE 8	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. These risks are covered by commercial insurance from independent third parties. Settled claims from these risks have not exceeded commercial insurance coverage in the previous three years.
NOTE 9	SUBSEQUENT EVENTS
The District was not able to make the October 2024 and April 2025 debt service payments on the Golf Course Revenue Bonds, Series 1999.

Subsequent to year end, the District entered into a lease for use of equipment valued at approximately $569,000, with monthly payments of $11,273.

COMPLIANCE SECTION

1800 Pembrook Drive, Suite 170
Orlando, Florida 32810
Tel. 407-843-5406
www.mcdirmitdavis.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
The Crossings at Fleming Island Community Development District

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 (Government Auditing Standards), the financial statements of the governmental activities, business-type activities and each major fund of The Crossings at Fleming Island Community Development District (the “District”) as of and for the year ended September 30, 2024, which collectively comprise the District’s financial statements and have issued our report thereon dated June 24, 2025.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit, we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. 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 instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. See Appendix A.

We noted certain other matters that we reported to management of the District, in a separate letter dated June 24, 2025. The District’s response to our findings identified in our audit are included in this report. We did not audit the District’s response, and accordingly, we express no opinion on it.

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 District’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 District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Orlando, Florida June 24, 2025

MANAGEMENT LETTER

1800 Pembrook Drive, Suite 170
Orlando, Florida 32810
Tel. 407-843-5406
www.mcdirmitdavis.com

To the Board of Supervisors
The Crossings at Fleming Island Community Development District

Report on the Financial Statements
We have audited the financial statements of The Crossings at Fleming Island Community Development District (the “District”), as of and for the fiscal year ended September 30, 2024, and have issued our report thereon dated June 24, 2025.

Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Auditor General.

Other Reporting Requirements
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 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 these reports, which are dated June 24, 2025, should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, require that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding financial audit report. Corrective actions have been taken to address findings and recommendations made in the preceding financial report, except as noted below.

Tabulation of Uncorrected Audit Findings	
Current Year Finding #	2022-23 FY Finding #	2021-22 FY Finding #	
15-01	15-01	15-01	
15-02	15-02	15-02	

Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. This information has been disclosed in the notes to the financial statements.

Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify of the specific condition(s) met. In connection with our audit, we determined that the District met one of the conditions described in Section 218.503(1), Florida Statutes, as listed in Appendix B.
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the District. It is management’s responsibility to monitor the District’s 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. Deteriorating financial conditions were noted as indicated in Appendix B.

Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.

Specific Information (Unaudited)
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)7., Rules of the Auditor General, the District reported:
The total number of District employees compensated in the last pay period of the District’s fiscal year as 176.
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year as 3.
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $955,686.
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $54,183.
Each construction project with a total cost of at least $65,000 approved by the District that is scheduled to begin on or after October 1 of the fiscal year being reported, together with the total expenditures for such project as:
Golf facilities- $103,103 Aquatic facilities- $172,192 Reclaimed water- $196,671 Security- $74,793
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the District amends a final budget under Section 189.016(6), Florida Statutes, as included in the general fund budget statement.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)9., Rules of the Auditor General, the District reported:
The rate or rates of non-ad valorem special assessments imposed by the District as $675.73- $127,369.18.
The total amount of special assessments collected by or on behalf of the District as $7,006,951.
The total amount of outstanding bonds issued by the District and the terms of such bonds as disclosed in the notes.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate 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. In connection with our audit, we did not note any such findings.
Purpose of this Letter
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, the Board of Supervisors and applicable management, and is not intended to be and should not be used by anyone other than these specified parties.

Orlando, Florida June 24, 2025

Appendix A - Compliance, Violations of Laws, Regulations and Contractual Provisions
September 30, 2024

- Failure to Make Debt Service Payments When Due
Criteria
The Golf Course Revenue Bonds Series 1999 require semiannual interest payments and annual principal payments as per the Bond Indenture.
Condition
In the current and prior years, the District did not pay the entire principal and interest due on the Series 1999 Bonds.
Cause
Operating revenues are insufficient.

Effect
At September 30, 2024, the District was in default per Article VIII Section 8.02a of the Trust Indenture.

Recommendation
We recommend the District utilize all remedies available to bring debt service payments current.

Management Response
The District’s Golf Course Bonds are Revenue Bonds secured solely by the Pledged Revenues generated by the Golf Course which have been insufficient to pay the operating costs and debt service payments on the Golf Course Bonds for the past ten years. The District has made capital improvements, hired an independent golf course consultant to evaluate the golf course facilities and operations, hired a professional golf course management company along with various other actions to improve the financial condition of the Golf Course Enterprise Fund. However, golf as an industry continues to struggle financially and it will be extremely difficult for the District to meet its financial obligations based upon the diminishing interest in the sport for the foreseeable future.

- Failure to Meet Debt Service Reserve Account Requirement
Criteria
The Trust Indenture requires the District to maintain a minimum balance in the Debt Service Reserve Account.

Condition
At September 30, 2024, the Debt Service Reserve Account was deficient.
Cause
The balance in the Debt Service Reserve Account was used to pay debt service expenditures.
Effect
At September 30, 2024, the District was in default per Article VIII Section 8.02e of the Trust Indenture.

Recommendation
We recommend the District utilize all remedies available to replenish the Debt Service Reserve Account.
Management Response
The District’s Golf Course Bonds are Revenue Bonds secured solely by the Pledged Revenues generated by the Golf Course which have been insufficient to pay the operating costs and debt service payments on the Golf Course Bonds for the past ten years. The District has made capital improvements, hired an independent golf course consultant to evaluate the golf course facilities and operations, hired a professional golf course management company along with various other actions to improve the financial condition of the Golf Course Enterprise Fund. However, golf as an industry continues to struggle financially and it will be extremely difficult for the District to meet its financial obligations based upon the diminishing interest in the sport for the foreseeable future.

Appendix B - Conditions of Financial Emergency
September 30, 2024

- Failure to Make Debt Service Payments When Due
In the current and prior years, the District did not pay all of the principal and interest due on the Series 1999 Bonds due to lack of funds; therefore the District meets Section 218.503(1)(a) as a financial emergency condition.

1800 Pembrook Drive, Suite 170
Orlando, Florida 32810
Tel. 407-843-5406
www.mcdirmitdavis.com

INDEPENDENT ACCOUNTANT’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES

To the Board of Supervisors
The Crossings at Fleming Island Community Development District

We have examined The Crossings at Fleming Island Community Development District’s (the “District”) compliance with the requirements of Section 218.415, Florida Statutes, during the year ended September 30, 2024. Management is responsible for the District’s compliance with those requirements. Our responsibility is to express an opinion on the District’s compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and the standards applicable to attestation engagements contained in Government Auditing Standards issued by the Comptroller General of the United States, and, accordingly, included examining, on a test basis, evidence about the District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides 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 year ended September 30, 2024.

Orlando, Florida June 24, 2025

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