Pine Ridge Plantation Community Development District

ANNUAL FINANCIAL REPORT

September 30, 2018

Pine Ridge Plantation Community Development District ANNUAL FINANCIAL REPORT
September 30, 2018 TABLE OF CONTENTS

Page Number
REPORT OF INDEPENDENT AUDITORS	1-2
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-8

BASIC FINANCIAL STATEMENTS
Government-wide Financial Statements Statement of Net Position Statement of Activities
Fund Financial Statements
Balance Sheet – Governmental Funds Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities Statement of Revenues, Expenditures and Changes in
Fund Balances – Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund
Notes to Financial Statements

9
10

11

12

13

14

15
16-29

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	30-31
MANAGEMENT LETTER	32-34
INDEPENDENT ACCOUNTANT’S REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	35

r�tt Berger, Toombs, Elam, CO:, Gaines & Frank
Certified Public Accountants	PL
600 Citrus Avenue
Suite 200
Fort Pierce, Florida 34950
772/461-6120 // 461-1155
FAX: 772/468-9278

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Pine Ridge Plantation Community Development District Clay County, Florida

Report on the Financial Statements

We have audited the accompanying basic financial statements of Pine Ridge Plantation Community Development District as of and for the year ended September 30, 2018, and the related notes to financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes 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.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.  We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the  financial statements 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 entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a

basis for our audit opinion.

Member AICPA

Fort Pierce / Stuart
- 1 -
Member AICPA Division For CPA Firms
Private Companies Practice Section

Member FICPA

��tt Berger, Toombs, Elam,
,OJ Gaines & Frank
CertifiedPublicAccountants PL

To the Board of Supervisors
Pine Ridge Plantation Community Development District

Opinion

In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities, and each major fund of Pine Ridge Plantation Community Development District as of September 30, 2018, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis be presented to supplement the basic financial statements. Such information, 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 a report dated June 12, 2019 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 and contracts.

The purpose of that report is 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 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 Pine Ridge Plantation Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 12, 2019

Management’s discussion and analysis of Pine Ridge Plantation Community Development District (the “District”) financial performance provides an objective and easily readable analysis of the District’s financial activities. The analysis provides summary financial information for the District and should be read in conjunction with the District’s financial statements.

OVERVIEW OF THE FINANCIAL STATEMENTS

The District’s basic financial statements comprise three components; 1) Government-wide financial statements, 2) Fund financial statements, and 3) Notes to financial statements. The Government-wide financial statements present an overall picture of the District’s financial position and results of operations. The Fund financial statements present financial information for the District’s major funds. The Notes to financial statements provide additional information concerning the District’s finances.

The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of the governmental activities and the change in net position. Governmental activities are primarily supported by special assessments.

The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Net position is reported in three categories; 1) net investment in capital assets, 2) restricted, and 3) unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.

The statement of activities presents information on all revenues and expenses of the District and the change in net position. Expenses are reported by major function and program revenues relating to those functions are reported, providing the net cost of all functions provided by the District. To assist in understanding the District’s operations, expenses have been reported as governmental activities. Governmental activities financed by the District include general government, physical environment, culture and recreation and interest on long term debt.

Fund financial statements present financial information for governmental funds. These statements provide financial information for the major funds of the District. Governmental fund financial statements provide information on the current assets and liabilities of the funds, changes in current financial resources (revenues and expenditures), and current available resources.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Fund financial statements include a balance sheet and a statement of revenues, expenditures and changes in fund balances for all governmental funds. A statement of revenues, expenditures, and changes in fund balances – budget and actual is provided for the District’s General Fund. Fund financial statements provide more detailed information about the District’s activities. Individual funds are established by the District to track revenues that are restricted to certain uses or to comply with legal requirements.

The government-wide financial statements and the fund financial statements provide different pictures of the District. The government-wide financial statements provide an overall picture of the District’s financial standing. These statements are comparable to private-sector companies and give a good understanding of the District’s overall financial health and how the District paid for the various activities, or functions, provided by the District. All assets of  the District, including land and improvements are reported in the statement of net position. All liabilities, including principal outstanding on bonds are included. The statement of activities includes depreciation on all long-lived assets of the District, but transactions between the different functions of the District have been eliminated in order to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long-lived assets are reported as expenditures and long-term liabilities, such as special assessment bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government- wide financial statements, reconciliation is provided from the fund financial statements to the government-wide financial statements.

Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, capital assets and long-term debt are some of the items included in the notes to financial statements.

Financial Highlights

The following are the highlights of financial activity for the year ended September 30, 2018.

The District’s total liabilities exceeded total assets by $(5,292,885) (net position). Unrestricted net position for Governmental Activities was $(4,483,265). Net investment in capital assets $(1,360,138). Net position restricted was $550,518.

Governmental activities revenues totaled $2,716,707, while governmental activities expenses totaled $1,467,279.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District

The following schedule provides a summary of the assets, liabilities and net position of the District and is presented by category for comparison purposes.

Net Position

	Governmental	Activities	
	2018	2017	
Current assets	$	963,688	$	632,106	
Restricted assets	1,243,545	481,202	
Capital assets	3,779,601	3,955,258	
Total Assets	5,986,834	5,068,566	
Current liabilities	605,067	597,046	
Non-current liabilities	10,674,652	11,013,833	
Total Liabilities	11,279,719	11,610,879	
Net investment in capital assets	(1,360,138)	(1,184,481)	
Net position - restricted	550,518	318,542	
Net position - unrestricted	(4,483,265)	(5,676,374)	
Total Net Position	$	(5,292,885)	$	(6,542,313)	

The increase in restricted assets is related to the delinquent assessments collected in the current year net of the authorized transfer from reserves to fund operations.

The decrease in capital assets is primarily due to depreciation in the current year.

The decrease in non-current liabilities is primarily due to principal payments on bonds in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District (Continued)

The following schedule provides a summary of the changes in net position of the District and is presented by category for comparison purposes.

Financial Activity	
		Government 2018	al  Activities
2017	
Program Revenues				
Charges for services	$	2,508,831	$	1,184,301	
General Revenues				
Investment earnings		11,979	5,404	
Miscellaneous		195,897	21,087	
Total Revenues		2,716,707	1,210,792	
Expenses				
General government		109,848	109,544	
Culture and recreation		333,690	314,964	
Physical environment		283,466	263,970	
Interest on long-term debt Total Expenses

Change in Net Position		740,275	672,802	
		1,467,279	1,361,280	
		1,249,428	(150,488)	
Net Position - Beginning of Year		(6,542,313)	(6,391,825)	
Net Position - End of Year	$	(5,292,885)	$	(6,542,313)	

The increase in charges for services is related to the collection of delinquent special assessments.

The increase in miscellaneous revenues is related to impact fees collected in the current year.

The increase in interest is related to other debt service costs in the current year related to the collection of the delinquent assessments.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of September 30, 2018 and 2017.

		Governmental Activities	
		2018	2017	
Description:			
Infrastructure	$	2,799,323	$	2,799,323	
Buildings and improvements		2,325,000	2,325,000	
Equipment		15,416	15,416	
Accumulated depreciation Total	
  $		 	(1,360,138)	 	(1,184,481) 3,779,601	 $		3,955,258 	

During the year, depreciation was $175,657.

General Fund Budgetary Highlights

During the year, budgeted expenditures and transfers exceeded actual amounts primarily because capital reserve expenditures were lower than anticipated.

The September 30, 2018 budget was not amended.

Debt Management

Governmental Activities debt includes the following:

In September 2006, the District issued $14,090,000 Series 2006A Capital Improvement Revenue Bonds. The Bonds are the first series of securities to be issued by the District and are being used to: (i) finance a portion of the Cost of the acquisition, construction, installation and equipping of certain Assessable Improvements and (ii) pay certain costs associated with the issuance of the Bonds. The balance outstanding for the Series 2006A Bonds at September 30, 2018 was $11,030,000.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Economic Factors and Next Year’s Budget

Pine Ridge Plantation Community Development District does not expect any economic factors to have a significant effect on the financial position or results of operations of the District in fiscal year 2019.

Request for Information

The financial report is designed to provide a general overview of Pine Ridge Plantation Community Development District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Pine Ridge Plantation Community Development District, 5385 N Nob Hill Road, Sunrise, FL 33351.

ASSETS
Current Assets:

Governmental Activities

Cash	$	550,854
Investments	396,828

Prepaid expenses
Total Current Assets Non-Current Assets:
Restricted assets:

 	16,006 
 	963,688 

Investments	1,243,545
Capital assets being depreciated:
Infrastucture	2,799,323	
Buildings and improvements	2,325,000	
Equipment	15,416	
Accumulated depreciation	 	(1,360,138)	
Total Non-Current Assets	 	5,023,146 	
Total Assets	 	5,986,834 	

LIABILITIES
Current Liabilities:
Accounts payable and accrued expenses	16,891	
Accrued interest	248,176	
Bonds payable	 	340,000 	
Total Current Liabilities
Non-Current Liabilities:	 	605,067 	
Bonds payable, net	 	10,674,652 	
Total Liabilities	 	11,279,719 	
NET POSITION
Net investment in capital assets	
(1,360,138)	
Restricted for debt service	-	
Restricted for capital projects	303,676	
Unrestricted	 	(4,236,423)	
Total Net Position	  $	(5,292,885)	

		Net (Expense)	
		Revenues and	
	Program	Changes in	
	Revenues	Net Position	
	Charges for	Governmental	
Functions/Programs
Governmental Activities	Expenses	Services	Activities	
General government	$	(109,848)	$	119,095	$	9,247	
Culture and recreation	(333,690)	260,451	(73,239)	
Physical environment	(283,466)	185,780	(97,686)	
Interest on long-term debt
Total Governmental Activities	(740,275)	1,943,505
 	
  $ (1,467,279)	 $	2,508,831 	1,203,230

1,041,552	

General revenues:		
	Investment earnings	11,979	
	Miscellaneous	195,897

207,876

1,249,428

(6,542,313)

  $	(5,292,885)	
	Total General Revenues		
	
Change in Net Position

Net Position - October 1, 2017
Net Position - September 30, 2018		

Pine Ridge Plantation Community Development District BALANCE SHEET
GOVERNMENTAL FUNDS
September 30, 2018

									Total	
		General			Debt		Capital		Governmental	
ASSETS

Cash	

$	Fund

265,544		

$	Service

-		Projects

$ 285,310		Funds

$	550,854	
Investments		396,828			-		-		396,828	
Due from other funds		-			-		15,000		15,000	
Prepaid expenses		16,006			-		-		16,006	
Restricted assets:										
Investments, at fair value		-			1,239,179		4,366		1,243,545	
Total Assets	  $		678,378 		  $ 	1,239,179 		  $ 304,676 		  $ 2,222,233 	

LIABILITIES AND FUND BALANCES										
LIABILITIES										
Accounts payable and accrued expenses	$	15,891		$	-		$	1,000		$	16,891	
Due to other funds		15,000			-		-		15,000

31,891	
Total Liabilities		30,891			-		1,000			

FUND BALANCES										
Restricted:										
Nonspendable for prepaids		16,006			-		-		16,006	
Debt service		-			1,239,179		-		1,239,179	
Capital projects		-			-		303,676		303,676	
Unassigned
Total Fund Balance

Total Liabilities and Fund Balances	

  $		631,481
647,487

678,378 		

  $ 	- 1,239,179

1,239,179 		- 303,676

  $ 304,676 		631,481

2,190,342

  $   2,222,233 	

See accompanying notes to financial statements.

Pine Ridge Plantation Community Development District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2018

Total Governmental Fund Balances	$	2,190,342	
Amounts reported for governmental activities in the statement of net position are different because:			
Capital assets being depreciated, infrastructure, $2,799,323, buildings
and improvements, $2,325,000, and equipment, $15,416, less accumulated depreciation, $(1,360,138), used in governmental activities are not financial resources and therefore, are not reported in the funds.		

3,779,601	
Long-term liabilities, including bonds payable, are not due and
payable in the current period and therefore, are not reported in the funds.		
(11,030,000)	
Bonds payable, net includes a bond discount, $42,700, which is reported net of accumulated amortization, $(27,352).		
15,348	
Accrued interest expense for long-term debt is not a financial use and; therefore, is not reported in the funds.		
(248,176)	

Net Position of Governmental Activities	
  $		
(5,292,885)	

See accompanying notes to financial statements.
- 12 -

Pine Ridge Plantation Community Development District
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS
For the Year Ended September 30, 2018

									Totals	
		
General		Debt Service			Capital Projects		Governmental Funds	
Revenues:										
Special assessments	$	565,326		$ 1,943,505		$	-		$	2,508,831	
Investment earnings		6,373		5,558			48		11,979	
Other income		195,897		-			-		195,897

2,716,707	
Total Revenues		767,596		1,949,063			48			

Expenditures:										
Current										
General government		109,848		-			-		109,848	
Culture and recreation		240,229		-			14,420		254,649	
Physical environment		171,356		-			15,494		186,850	
Debt service										
Principal		-		325,000			-		325,000	
Interest		-		613,170			-		613,170	
Other debt service		-		133,598			-		133,598

1,623,115

1,093,592	
Total Expenditures Revenues over/(under) expenditures
Other financing sources/(uses)		521,433

246,163		1,071,768

877,295			29,914

(29,866)			
Transfers in		115,000		-			15,000		130,000	
Transfers out
Total Other Financing Sources/(Uses)

Net change in fund balances		(15,000)
100,000

346,163		(115,000)

(115,000)

762,295			- 15,000

(14,866)		(130,000)

-

1,093,592	
Fund Balances - October 1, 2017

Fund Balances - September 30, 2018	

$	301,324

647,487		476,884

$ 1,239,179		

$	318,542

303,676		1,096,750

$	2,190,342	

See accompanying notes to financial statements.
- 13 -

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2018

Net Change in Fund Balances - Total Governmental Funds	$ 1,093,592	
Amounts reported for governmental activities in the Statement of Activities are		
different because:		
Governmental funds report capital outlays as expenditures. However, in the		
Statement of Activities, the cost of those assets is allocated over their estimated		
useful lives as depreciation. This is the amount of depreciation in the current year.	(175,657)	
Bond discounts are reported as expenditures in governmental funds, but are reported		
as a contra-liability in the Statement of Net Position and amortized over the life		
of the bonds. This is the amount of bond discount amortization in the current period.	(819)	
Principal payments are reported as expenditures in the governmental funds,		
but are reported as reductions of liabilities in the Statement of Net Position.	325,000	
In the Statement of Activities, interest is accrued on outstanding bonds;		
whereas in governmental funds, interest expenditures are reported when		
due. This is the change in accrued interest during the current period.

Change in Net Positon of Governmental Activities	7,312	
	
$ 1,249,428	

See accompanying notes to financial statements.

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND
For the Year Ended September 30, 2018

							Variance with	
	
Original Budget		
Final Budget		

Actual		Final Budget Positive (Negative)	
Revenues								
Special assessments	$ 537,569		$ 537,569		$ 565,326		$	27,757	
Investment income	1,000		1,000		6,373		5,373	
Other income	3,000		3,000		195,897		192,897	
Total Revenues	541,569		541,569		767,596		226,027	

Expenditures								
Current								
General government	117,562		117,562		109,848		7,714	
Culture and recreation	231,337		231,337		240,229		(8,892)	
Physical environment	157,670		157,670		171,356		(13,686)	
Capital outlay	35,000		35,000		-		35,000	
Total Expenditures	541,569		541,569		521,433		20,136	

Revenues over/(under) expenditures	
-		
-		
246,163		
246,163	
Other financing sources/(uses)								
Transfers in	-		-		115,000		115,000	
Transfers out	-		-		(15,000)		(15,000)	
Total other financing sources/(uses)	-		-		100,000		100,000	

Net change in fund balances	
-		
-		
346,163		
346,163	
Fund Balances - October 1, 2017	-		-		301,324		301,324	

Fund Balances - September 30, 2018	
$	-		
$	-		
$ 647,487		
$	647,487	

See accompanying notes to financial statements.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the District have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.

Reporting Entity

The District was established on March 8, 2006, pursuant to Clay County Ordinance Number 2006-05 and Chapter 190, Florida Statutes. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing or re-constructing, enlarging or extending, equipping, operating and maintaining water management, bridges or culverts, district roads, landscaping, street lights and other basic infrastructure projects within or outside the boundaries of the Pine Ridge Plantation Community Development District. The District is governed by a five-member Board of Supervisors who are elected for four year terms. The District operates within the criteria established by Chapter 190.

As required by GAAP, these financial statements present the Pine Ridge Plantation Community Development District (the primary government) as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.

Based upon the application of the above-mentioned criteria as set forth by the Governmental Accounting Standards Board, the District has identified no component units.

Measurement Focus and Basis of Accounting

The basic financial statements of the District are composed of the following:

Government-wide financial statements

Fund financial statements

Notes to financial statements

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

Government-wide Financial Statements

Government-wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.

Governmental activities are supported by developer contributions and interest. Program revenues include charges for services and payments made by parties outside of the reporting government’s citizenry if that money is restricted to a particular program. Program revenues are netted with program expenses in the Statement of Activities to present the net cost of each program.

Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as an other financing source.

Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.

Fund Financial Statements

The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.	Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds
The District classifies fund balance according to Governmental Accounting Standards Board Statement 54 – Fund Balance Reporting and Governmental Fund Type Definitions. The Statement requires the fund balance for governmental funds to be reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent.

The District has various policies governing the fund balance classifications.

Nonspendable Fund Balance – This classification consists of amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact.

Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by constitution, external resource providers, or through enabling legislation.

Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances can also be assigned by the District’s management company.

Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.

Fund Balance Spending Hierarchy – For all governmental funds except special revenue funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period. Revenues are considered to be available when they are collected within the current period or soon 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.

Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund  balance is considered to be a measure of “available spendable resources”. Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.

Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.

Amounts expended to acquire capital assets are recorded as expenditures in the year that resources are expended, rather than as fund assets. The proceeds of long-term debt are recorded as an other financing source rather than as a fund liability.

Debt service expenditures are recorded only when payment is due.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation

Governmental Major Funds

General Fund – The 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.

2006A Debt Service Fund – Accounts for debt service requirements to retire the capital improvement bonds which were used to finance the construction of District infrastructure improvements. The bond series is secured by a pledge of all available special assessment revenues in any fiscal year related to the improvements and a first lien on the special assessment revenues from the District’s liens on all benefited land within the District.

Capital Projects Fund – Accounts for the residuary 2006 capital projects monies and monies the Board has set aside for capital improvements.

Non-Current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such as land and buildings, and non-current governmental liabilities, such as general obligation bonds, be reported in the governmental activities column in the government-wide Statement of Net Assets.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Assets, Liabilities, and Net Position or Equity

Cash and Investments

Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.

The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:

Direct obligations of the United States Treasury;

The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;

Interest-bearing time deposits or savings accounts in authorized qualified public depositories;

Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.

For purposes of the statement of cash flows, cash equivalents include time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less and held in a qualified public depository as defined by Section 280.02, Florida Statutes.

Restricted Net Position

Certain net position of the District will be classified as restricted on the statement of net assets because their use is limited either by law through constitutional provisions or enabling legislation; or by restrictions imposed externally by creditors. In a fund with  both restricted and unrestricted net position, qualified expenses are considered to be paid first from restricted net position and then from unrestricted net position.

Capital Assets

Capital assets, which include construction in progress, are reported in governmental activities.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

4. Assets, Liabilities, and Net Assets or Equity (Continued)

Capital Assets (Continued)

The District defines capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of one year. The valuation basis for all assets is historical cost.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.

Major outlays for capital assets and improvements are capitalized as projects are constructed.
Depreciation of capital assets is computed and recorded by utilizing the straight-line method. Estimated useful lives of the various classes of depreciable capital assets are as follows:

Buildings and improvements	30 years
Infrastructure	15-30 years
Equipment	10 years

Unamortized Bond Discounts

Bond discounts associated with the issuance of revenue bonds are amortized according to the straight-line method of accounting. For financial reporting, unamortized bond discounts are netted against the applicable long-term debt.

Budgets

Budgets are prepared and adopted after public hearings for the governmental funds, pursuant to Chapter 190, Florida Statutes. The District utilizes the same basis of accounting for budgets as it does for revenues and expenditures in its various funds. Formal budgets are adopted for the general fund. The legal level of budgetary control is at the fund level. As a result, deficits in the budget columns of the accompanying financial statements may occur. All budgeted appropriations lapse at year end.

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS

Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position

“Total fund balances” of the District’s governmental funds, $2,190,342, differs from “net position” of governmental activities, $(5,292,885), reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the Statement of Net Position versus the current financial resources focus of the Governmental Fund Balance Sheet. The effect of the differences is illustrated below.

Capital related items

When capital assets (buildings and improvements, infrastructure, and equipment) that are to be used in governmental activities are purchased or constructed, the cost of those assets is reported as expenditures in governmental funds. However, the Statement of Net Position included those capital assets among the assets of the District as a whole.

Infrastructure	$	2,799,323	
Buildings and improvements	2,325,000	
Equipment	15,416	
Accumulated depreciation	 	(1,360,138)	
Total	$	3,779,601 	
Long-term debt transactions

Long-term liabilities applicable to the	

District’s governmental activities are not due and	
payable in the current period and accordingly are not reported as fund liabilities.  All liabilities (both current and long-term) are reported in the Statement of Net Position. Balances at September 30, 2018 were:

Bonds payable	$ (11,030,000)	
Bond discount, net	 	15,348 	
Total	$ (11,014,652)	

Accrued interest

Accrued liabilities in the Statement of Net Position differ from the amount reported in governmental funds due to the accrued interest on bonds.

Accrued interest	$	(248,176)

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)

Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities

The “net change in fund balances” for government funds, $1,093,592, differs from the “change in net position” for governmental activities, $1,249,428, reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated below.

Capital related items

When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, in the Statement of Activities, the costs of those assets is allocated over their estimated useful lives and reported as depreciation. As a result, fund balances decrease by the amount of financial resources expended, whereas net position decrease by the amount of depreciation charged for the period.

Depreciation	$	(175,657)

Long-term debt transactions

When bond discount costs used in governmental activities are expended, the resources expended for those assets are reported as expenditures in governmental funds. However,  in the Statement of Activities, the costs of those assets is allocated over their estimated useful lives and reported as amortization costs. As a result, net position decrease by the amount of amortization expense charged for the period.

Amortization	$	(819)

Repayments of bond principal are reported as an expenditure in the governmental funds and, thus, have the effect of reducing fund balance because current financial resources have been used.

Bond principal payments	$	325,000

Some expenses reported in the Statement of Activities do not require the use of current financial resources, therefore, are not reported as expenditures in governmental funds.

Change in accrued interest	$	7,312

NOTE C – CASH AND INVESTMENTS

All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments.

Custodial Credit Risk - Deposits

Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk, however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2018, the District's bank balance was $557,997 and the carrying value was $550,854. Exposure to custodial credit risk was as follows. The District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.

As of September 30, 2018, the District had the following investments and maturities:

Investment		Maturities	Fair Value	

First American Government						
Obligation Fund Z		20 days*		$	1,243,545	
Local Government Surplus						
Trust Fund Prime Fund

Total		33 days*	 	396,828 	
				  $		1,640,373 	
* Weighted Average Maturity						

The District categorizes its fair value measurements within the fair value hierarchy recently 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. The District uses a market approach in measuring fair value that uses prices and other relevant information generated by market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.

Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is based on quoted price 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.

Based on the criteria in the preceding paragraph, the investment in First American Government Obligation Fund Class Z is a Level 1 asset.

NOTE C – CASH AND INVESTMENTS (CONTINUED)

Investments

The District’s investment policy allows management to invest funds in investments permitted under Section 218.415, Florida Statutes. Among other investments, the policy allows  the District to invest in the State Board of Administration Local Government Surplus Trust Funds.

Cash placed with the State Board of Administration represents the District’s participation in the Local Government Surplus Trust Funds Investment Pool and is reported at fair value. As a pool participant, the District invests in pools of investments in which shares are owned in the pool rather than the underlying investments.

Interest Rate Risk

The District does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates.

Credit Risk

The District's investments in treasury funds and government loans are limited by state statutory requirements and bond compliance. The Local Government Surplus Funds Trust is an authorized investment under Section 218.415, Florida Statutes. The District's investments in  the state investment pool are limited by state statutory requirements and bond compliance. The District has monies invested with the Local Government Surplus Funds Trust Fund (Fund), at September 30, 2018. The Fund met the requirements of a “2a-7 like pool” as defined in Government Accounting Standards Board, Statement 31. The District has no investment policy that would further limit its investment choices.

Concentration of Credit Risk

The District places no limit on the amount it may invest in any one fund. The District's investments in the First American Government Obligation Fund are 76% of the District’s total investments. The District’s remaining investments are in the State Board Administration Trust Fund.

The types of deposits and investments and their level of risk exposure as of September 30, 2018 were typical of these items during the fiscal year then ended. The District's investment in the First American Government Obligation Fund Class Z was rated AAAm by Standard & Poor's. The District considers any decline in fair value for certain investments to be temporary.

NOTE D – SPECIAL ASSESSMENT REVENUES

Assessments are non-ad valorem assessments on benefitted property within the District. Operating and Maintenance Assessments are based upon adopted budget and levied annually. Debt Service Assessments are levied when bonds are issued and collected annually. The District may collect assessments directly or utilize the uniform method of collection (Chapter 197.3632, Florida Statutes). Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed by County Tax Collector on November 1 and due on or before March 31 of each year. Property owners may prepay a portion or all of the Debt Service Assessments on their property subject to various provisions in the bond documents.

Assessments and interest associated with the current fiscal period are 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.

NOTE E – CAPITAL ASSETS

Capital Asset activity for the year ended September 30, 2018 was as follows:

	Balance			Balance	
	October 1,			September 30,	
	 	2017		  Additions 	  Deletions 	 	2018		
Governmental Activities:					
Capital assets, being depreciated:					
Infrastructure	$ 2,799,323	$	-	$	-	$	2,799,323	
Buildings and improvements	2,325,000	-	-	2,325,000	
Equipment
Total Capital Assets, Being Depreciated	 	15,416
 	5,139,739	 	-
 	-	 	-
 	-	 	15,416
 	5,139,739	
Less accumulated depreciation for:					
Infrastructure	(635,153)	(96,616)	-	(731,769)	
Buildings and improvements	(541,111)	(77,500)	-	(618,611)	
Equipment
Total Accumulated Depreciation	 	(8,217)
 	(1,184,481)	 	(1,541)
 	(175,657)	 	-
 	-	 	(9,758)
 	(1,360,138)	
Governmental Activities Capital Assets	   $ 3,955,258	  $ (175,657)	   $	-	   $	3,779,601	

Depreciation of $96,616 was charged to physical environment and $79,041 was charged to culture/recreation.

NOTE F – LONG-TERM DEBT

The following is a summary of debt activity for the District for the year ended September 30, 2018.

Debt at October 1, 2017	$	11,355,000	
Bond payments	 	(325,000)	
Debt at September 30, 2018	11,030,000	
Less bond discount, net	 	(15,348)	
Net Bonds Payable at September 30, 2018	  $	11,014,652 	

Capital Improvement Revenue Bonds

$14,090,000 Series 2006A Bonds, interest at 5.4%, maturing through May 1, 2037, payable on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the
benefited property owners.	 $	11,030,000 

The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2018 are as follows:

Year Ending						
 	September 30, 

2019	 	Principal	

$	340,000	 	Interest		 	Total		
		$	595,620	$	935,620	
2020	360,000		577,260		937,260	
2021	380,000		557,820		937,820	
2022	400,000		537,300		937,300	
2023	425,000		515,700		940,700	
2024-2028	2,505,000		2,207,250		4,712,250	
2029-2033	3,280,000		1,452,600		4,732,600	
2034-2037

Totals	 	3,340,000 

  $ 11,030,000 	 	463,050 	 	3,803,050 	
		  $		6,906,600 	  $ 	17,936,600 	

NOTE F – LONG-TERM DEBT (CONTINUED)

Summary of Significant Bonds Resolution Terms and Covenants

Depository Funds – The bond resolution establishes certain funds and determines the order in which revenues are to be deposited into these funds. A description of the significant funds, including their purposes, is as follows:

1. Reserve Fund – The 2006A Reserve Account was funded from the proceeds of the Bonds in an amount equal to the one sixth annual interest payment of the 2006A Bonds. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.

The annual reserve requirement is as follows:

  Capital Improvement Bonds 	
	Reserve	Reserve	
	 	Balance		 Requirement	
Series 2006A Capital Improvement Revenue Bonds	  $	766,088 	  $	744,161 	

The bondholders authorized the use $115,000 of reserve funds to fund operations for 2017/18.

NOTE G – RISK MANAGEMENT

The government is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters for which the government carries commercial insurance.

r�tt Berger, Toombs, Elam, CO:, Gaines & Frank
Certified Public Accountants	PL
600 Citrus Avenue
Suite 200
Fort Pierce, Florida 34950
772/461-6120 // 461-1155
FAX: 772/468-9278

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
Pine Ridge Plantation Community Development District Clay County, FL

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 Pine Ridge Plantation Community Development District, as of and for the year ended September 30, 2018, and the related notes to the financial statements, and have issued our report thereon dated June 12, 2019.

Internal Control Over Financial Reporting

In planning and performing our audit, we considered Pine Ridge Plantation Community Development District's internal control over financial reporting 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 Pine Ridge Plantation Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Pine Ridge Plantation Community Development District's internal control over financial reporting.

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 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 over financial reporting 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.

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��tt Berger, Toombs, Elam,
,OJ Gaines & Frank
CertifiedPublicAccountants   PL

To the Board of Supervisors
Pine Ridge Plantation Community Development District Clay County, FL

Compliance and Other Matters

As part of obtaining reasonable assurance about whether Pine Ridge Plantation Community Development District's financial statements are free of 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 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.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants
Fort Pierce, Florida June 12, 2019

- 31 -

r�tt Berger, Toombs, Elam,
CO:, Gaines & Frank
Certified Public Accountants	PL
600  Citrus Avenue
Suite 200
Fort Pierce, Florida 34950
772/461-6120 // 461-1155
FAX: 772/468-9278

MANAGEMENT LETTER

To the Board of Supervisors
Pine Ridge Plantation Community Development District Clay County, FL
Report on the Financial Statements

We have audited the financial statements of the Pine Ridge Plantation Community Development District as of and for the year ended September 30, 2018, and have issued our report thereon dated June 12, 2019.
Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States; 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 Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals Standards, AT-C Section 315 regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in that report, which is dated June 12, 2019, should be considered in conjunction with this management letter.

Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding financial audit report. The following finding was made in the preceding financial audit report.

Finding 16-01

Finding: The District did not meet the reserve requirement of the Series 2006 Capital Improvement Revenue Bonds.

Recommendation: We recommend that the District collect assessments and fund the reserve to the required balance.
Response: The District is taking all actions to collect assessments to ensure fund are available to re-establish the reserve balance.

Current Status: The finding has been corrected as of September 30, 2018.

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To the Board of Supervisors

Pine Ridge Plantation Community Development District Finding 2017-01

Finding: The actual expenditures and transfers out exceeded the budgeted amounts for the General Fund in violation of Section 189.016, Florida Statutes. This appears to be an unusual incident in that the District prepared and approved a budget amendment, however, the amount transferred was greater than the approved budgeted amount.

Response: The District will prepare budget amendments that cover actual results in the future. Status: The finding was corrected in the current fiscal year.
Financial Condition and Management

Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, requires that we apply appropriate procedures and communicate the results of our determination as to whether or not Pine Ridge Plantation Community Development District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify of the specific conditions met. In connection with our audit, we determined that the Pine Ridge Plantation Community Development District did not meet any of the conditions described in Section 218.503(1), Florida Statutes

Pursuant to Sections 10.554(1)(i)5.c. and 10.556(8), Rules of the Auditor General, we applied financial conditions assessment procedures as of September 30, 2018 for Pine Ridge Plantation

           Community Development District. It is management’s responsibility to monitor the Pine Ridge Plantation Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same.

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.

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 have any findings or recommendations:

To the Board of Supervisors
Pine Ridge Plantation Community Development District

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.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 12, 2019

r�tt Berger, Toombs, Elam, CO:, Gaines & Frank
Certified Public Accountants	PL
600 Citrus Avenue
Suite 200
Fort Pierce, Florida 34950
772/461-6120 // 461-1155
FAX: 772/468-9278

INDEPENDENT ACCOUNTANT’S REPORT/COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES

To the Board of Supervisors
Pine Ridge Plantation Community Development District Clay County, FL

We have examined Pine Ridge Plantation Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2018. Management is responsible for Pine Ridge Plantation Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Pine Ridge Plantation Community Development 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, accordingly, included examining, on a test basis, evidence about Pine Ridge Plantation Community Development 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 Pine Ridge Plantation Community Development District’s compliance with the specified requirements.

In our opinion, Pine Ridge Plantation Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2018.
Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 12, 2019

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