Pine Ridge Plantation Community Development District

ANNUAL FINANCIAL REPORT

September 30, 2022

Pine Ridge Plantation Community Development District ANNUAL FINANCIAL REPORT
September 30, 2022 TABLE OF CONTENTS

Page Number

REPORT OF INDEPENDENT AUDITORS	1-3
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-9
BASIC FINANCIAL STATEMENTS
Government-wide Financial Statements
Statement of Net Position	10
Statement of Activities	11
Fund Financial Statements
Balance Sheet – Governmental Funds	12
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	13
Statement of Revenues, Expenditures and Changes in
Fund Balances – Governmental Funds	14
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	15
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	16
Notes to Financial Statements	17-31
INDEPENDENT AUDITORS’ 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	32-33
MANAGEMENT LETTER	34-36
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	37

REPORT OF INDEPENDENT AUDITORS

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

Report on Audit of the Financial Statements

Opinion

We have audited the financial statements of the governmental activities and each major fund of Pine Ridge Plantation Community Development District (the “District”), as of and for the year ended September 30, 2022, and the related notes to 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 and each major fund of Pine Ridge Plantation Community Development District as of September 30, 2022, and the respective changes in financial position and the 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 Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS), and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management 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; 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.

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To the Board of Supervisors
Pine Ridge Plantation Community Development District

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 one year beyond the financial statement date, including currently known information that may raise substantial doubt thereafter.

Auditor’s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. 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 Government Auditing Standards 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 could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements.

In performing an audit in accordance with GAAS and Government Auditing Standards, we:

Exercise professional judgement and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgement, 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.

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To the Board of Supervisors
Pine Ridge Plantation Community Development District

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that Management’s Discussion and Analysis be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge 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 July 25, 2023 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations 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 July 25, 2023

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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/recreation and debt service.

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 capital assets 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, 2022.

The District’s total liabilities exceeded total assets and deferred outflows of resources by
$(4,676,654) (net position).  Unrestricted net position for Governmental Activities was
$(3,995,696). Net investment in capital assets was $(717,767). Restricted net position was $36,809.

Governmental activities revenues totaled $1,489,238, while governmental activities expenses totaled $1,061,647.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District

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

Net Position

	Governmental Activities	
		2022			2021		
Current assets	$	1,123,028	$	1,156,315	
Restricted assets	1,481,224	2,316,251	
Capital assets		4,204,796 		3,300,327 	
Total Assets		6,809,048 		6,772,893 	
Deferred Outflows of Resources		240,323 		256,765 	
Current liabilities	1,030,956	798,014	
Non-current liabilities		10,695,069 		11,335,889 	
Total Liabilities		11,726,025 		12,133,903 	
Net investment in capital assets	(717,767)	(1,597,984)	
Net position - restricted	36,809	40,901	
Net position - unrestricted		(3,995,696)		(3,547,162)	
Total Net Position	 $ (4,676,654)	 $	(5,104,245)	

The decrease in current assets is mainly related to expenditures exceeding revenues at the fund level in the current year.

The increase in capital assets is primarily related to the increase in construction in progress in the current year.

The increase in current liabilities is related to the increase in accrued expenses and retainage payable in the current year.

The decrease in non-current liabilities is primarily due to the principal payments on long-term debt 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.

Changes in Net Position

	Governmental	Activities	
	2022	2021	
Program Revenues
Charges for services	

$	1,468,360	
$	1,470,109	
General Revenues Investment earnings	
10,294	
1,274	
Miscellaneous revenues		10,584 		10,075 	
Total Revenues		1,489,238 		1,481,458 	

Expenses
General government	

105,587	

91,441	
Physical environment	275,574	247,511	
Culture and recreation	355,170	356,150	
Interest and other charges		325,316 		357,175 	
Total Expenses		1,061,647 		1,052,277 	
Change in Net Position	427,591	429,181	
Net Position - Beginning of Year		(5,104,245)		(5,533,426)	
Net Position - End of Year	 $	(4,676,654)	 $	(5,104,245)	

The increase in general government is mainly related to the increase in supervisor, legal, and trustee fees in the current year.

The increase in physical environment is related to the increase in depreciation in the current year.

The decrease in interest and other charges is related to the reduction in long-term debt outstanding in the current year.

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, 2022 and 2021.

Governmental Activities
	2022		2021	
Description:				
Construction in progress	$	1,101,323		$	28,128	
Infrastructure	2,810,596		2,810,596	
Buildings and improvements	2,332,810		2,325,000	
Equipment	19,480		19,480	
Accumulated depreciation		(2,059,413)			(1,882,877)	
Total	 $	4,204,796 		 $	3,300,327 	

During the year, depreciation was $176,536, additions to buildings and improvements were
$7,810, and additions to construction in progress were $1,073,195.

General Fund Budgetary Highlights

During the year, budgeted expenditures exceeded actual amounts primarily because facility assistant, reserve and water-usage expenditures were lower than anticipated.

The September 30, 2022 budget was not amended.

Debt Management

Governmental Activities debt includes the following:

In September 2020, the District issued $9,545,000 Series 2020A-1 Senior Capital Improvement Revenue and Refunding Bonds and $2,890,000 2020A-2 Subordinate Capital Improvement Revenue and Refunding Bonds. These bonds were issued to refund and redeem the outstanding Series 2006A Capital Improvement Revenue Bonds and to finance improvements within the District. The balance outstanding of the Series 2020A-1 and Series 2020A-2 Bonds at September 30, 2022 was $8,610,000 and
$2,620,000, respectivley.

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 2023.

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, Governmental Management Services, 475 West Towne Place, Suite 114, St. Augustine, Florida 32092.

Pine Ridge Plantation Community Development District	
STATEMENT OF NET POSITION	
September 30, 2022	

ASSETS	
Current Assets:	
Cash	
Investments	
Prepaid expenses	
Total Current Assets	
Non-Current Assets:	
Restricted assets:	
Investments	
Capital assets not being depreciated:	
Construction in progress	
Capital assets being depreciated:	
Infrastructure	
Buildings and improvements	
Equipment	
Accumulated depreciation	
Total Non-Current Assets	
Total Assets	

Governmental	
Activities	

$	149,767	
952,762	
	20,499 	
	1,123,028 	

1,481,224	
1,101,323	
2,810,596	
2,332,810	
19,480	
	(2,059,413)	
	5,686,020 	
	6,809,048 	

DEFERRED OUTFLOWS OF RESOURCES		
Deferred amount on refunding, net		240,323 	

LIABILITIES		
Current Liabilities:		
Accounts payable and accrued expenses	194,036	
Retainage payable	90,233	
Accrued interest	126,687	
Bonds payable		620,000 	
Total Current Liabilities		1,030,956 	
Non-Current Liabilities:		
Bonds payable, net		10,695,069 	
Total Liabilities		11,726,025 	

NET POSITION		
Net investment in capital assets	(717,767)	
Restricted for debt service	36,809	
Unrestricted		(3,995,696)	
Total Net Position	 $	(4,676,654)	

Pine Ridge Plantation Community Development District	
STATEMENT OF ACTIVITIES	
For the Year Ended September 30, 2022	

$	(105,587)	
(275,574)	
(355,170)	
	(325,316)	
 $ (1,061,647)	

$	114,701	
161,406	
263,464	
	928,789 	
 $	1,468,360 	

$	9,114	
(114,168)	
(91,706)	
	603,473 	
406,713	

General revenues:	
Investment earnings	
Miscellaneous revenues	
Total General Revenues	

10,294	
10,584	
	20,878 	

Net (Expense)	
Revenues and	
Changes in	
Net Position	
Governmental	
Activities	

Program	
Revenues	
Charges for	
Services	

Functions/Programs	
Governmental Activities	
General government	
Physical environment	
Culture/recreation	
Interest and other charges	
Total Governmental Activities	

Expenses

Change in Net Position	427,591

Net Position - October 1, 2021	
Net Position - September 30, 2022	

	(5,104,245)	
 $	(4,676,654)	

Pine Ridge Plantation Community Development District	
BALANCE SHEET –	
GOVERNMENTAL FUNDS	
September 30, 2022	

Total	
Governmental	
Funds	

General	Debt	Capital	
Fund	Service	Projects	

Cash	
Investments	
Prepaid expenses	
Restricted assets:	
Investments, at fair value	
Total Assets	

$	90,166	
750,455	
20,499	

$	-	
-	
-	

$	59,601	
202,307	
-	

$	149,767	
952,762	
20,499	

ASSETS

-	451,698	1,029,526	1,481,224	
 $	861,120   $	451,698   $1,291,434   $ 2,604,252 	

LIABILITIES AND FUND BALANCES

LIABILITIES

Accounts payable and accrued expenses	
Retainage payable	
Total Liabilities	

$	38,118	$	-	$ 155,918	$	194,036	
-	-	90,233	90,233	
38,118	-	246,151	284,269	

   

FUND BALANCES

Nonspendable-prepaids	
Restricted:	
Debt service	
Capital projects	
Assigned-capital projects	
Unassigned	
Total Fund Balance	

20,499	-	-	20,499

-	451,698	-	451,698	
-	-	783,375	783,375	
-	-	261,908	261,908	
802,503	-	-	802,503	

823,002	451,698	
1,045,283	2,319,983	

Total Liabilities and Fund Balances

$	861,120

$	451,698

$1,291,434

$ 2,604,252

See accompanying notes to financial statements.
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Pine Ridge Plantation Community Development District	
RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES	
TO NET POSITION OF GOVERNMENTAL ACTIVITIES	
September 30, 2022	

Total Governmental Fund Balances	$

Amounts reported for governmental activities in the statement of net position	
are different because:	

Deferred outflow of resources are not current financial resources and therefore,	
are not reported at the fund level.	

Accrued interest expense for long-term debt is not a current financial use and	
therefore, is not reported in the funds.	

2,319,983

Capital assets, construction in progress, $1,101,323, infrastructure, $2,810,596,		
buildings and improvements, $2,332,810, and equipment, $19,480, less accumulated depreciation, $(2,059,413), used in governmental activities are not financial resources and therefore, are not reported in the funds.	

4,204,796	

Long-term liabilities, including bonds payable, $(11,230,000), and bond	
premium, net, $(85,069), are not due and payable in the current period	
and therefore, are not reported at the fund level.	(11,315,069)	

240,323

(126,687)

Net Position of Governmental Activities	 $	(4,676,654)

See accompanying notes to financial statements.
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Pine Ridge Plantation Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES –	
GOVERNMENTAL FUNDS	
For the Year Ended September 30, 2022	

Revenues:	
Special assessments	
Investment earnings	
Miscellaneous revenues	
Total Revenues	

$	539,571	
2,957	
	10,584 	
	553,112 	

$	928,789	
1,322	
	- 	
	930,111 	

$	-	
6,015	
       - 	
    6,015 	

$	1,468,360	
10,294	
     10,584 	
   1,489,238 	

Total	
Governmental	
	Funds		

Debt	
   Service		

Capital	
  Projects		

	General	

Expenditures:	
Current	
General government	
Physical environment	
Culture and recreation	
Capital outlay	
Debt service	
Principal	
Interest	
Total Expenditures	

105,587	
148,580	
242,529	
-	

-	
-	
-	
-	

105,587	
178,394	
275,814	
1,081,005	

- 29,814
33,285
1,081,005

-	
       - 	
   496,696 	

620,000	
    322,297 	
    942,297 	

-	
       - 	
  1,144,104 	

620,000	
    322,297 	
   2,583,097 	

Revenues over/(under) expenditures		56,416  	(12,186)	 (1,138,089)		(1,093,859)

Other Financing Sources/(Uses)	
Transfers in	
Transfers out	
Total Other Financing Sources/(Uses)	

-	
   (24,614)	
   (24,614)	

-	
       - 	
       - 	

24,614	
       - 	
    24,614 	

24,614	
     (24,614)	
        - 	

31,802	(12,186)	(1,113,475)	(1,093,859)	

Net change in fund balances

Fund Balances - October 1, 2021		791,200  	463,884  	2,158,758  	3,413,842 

 $	823,002 	 $	451,698 	 $ 1,045,283 	 $	2,319,983 	

Fund Balances - September 30, 2022

See accompanying notes to financial statements.
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Pine Ridge Plantation Community Development District	
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, 2022	

Net Change in Fund Balances - Total Governmental Funds

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 that depreciation, $(176,536),	
was exceeded by capital outlay, $1,081,005, in the current year.	

Principal payments are reported as expenditures in the governmental funds,	
but are reported as reductions of liabilities in the Statement of Net Position.	

The deferred amount on refunding is recognized as other debt service costs in the	
year of refunding at the fund level, however, at the government-wide level this cost	
is amortized over the life of the bonds.	

Bond premium is recognized as an other financing source in the year the bonds are	
issued at the fund level, however, the premium is combined with bonds payable	
at the government-wide level and amortized over the life of the bonds.	

$ (1,093,859)

904,469

620,000

(16,442)

5,820

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.		7,603 	

Change in Net Position of Governmental Activities	 $	427,591 

See accompanying notes to financial statements.

Pine Ridge Plantation Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND	
CHANGES IN FUND BALANCES – BUDGET AND ACTUAL –	
GENERAL FUND	
For the Year Ended September 30, 2022	

Variance with	
Final Budget	
Positive	
(Negative)	

Original	
Budget	

Final	
Budget	

Other Financing Sources/(Uses)	
Transfers out	

	43,187 	
 $	- 	

Actual

Revenues	
Special assessments	
Investment earnings	
Miscellaneous revenues	
Total Revenues	

 	
$ 538,283	
600	
	3,000 	
	541,883 	

	
$ 538,283	
600	
	3,000 	
	541,883 	

	
$ 539,571	
2,957	
	10,584 	
	553,112 	

	
$	1,288	
2,357	
	7,584 	
	11,229 	

Expenditures	
Current	
General government	
Physical environment	
Culture and recreation	
Total Expenditures	

121,734	
196,414	
  266,922 	
  585,070 	

121,734	
196,414	
  266,922 	
  585,070 	

105,587	
148,580	
   242,529 	
   496,696 	

16,147	
47,834	
    24,393 	
    88,374 	

Revenues over/(under) expenditures	(43,187)	(43,187)	56,416	99,603	
					
		- 		- 		(24,614)		(24,614)	
Net change in fund balances	(43,187)	(43,187)	31,802	74,989	
Fund Balances - October 1, 2021		43,187 			791,200 		748,013 	
Fund Balances - September 30, 2022	 $	- 		 $ 823,002 	 $	823,002 	

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, Florida Statutes.

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

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. 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 special assessments 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.

Debt Service Fund – Accounts for debt service requirements to retire the capital improvement bonds which were used to refund and retire an existing bond and 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 monies the Board has set aside for capital improvements and the construction of capital improvements within the District.

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, Deferred Outflows of Resources, 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.

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, infrastructure, buildings and improvements and equipment, are reported in governmental activities.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Assets, Deferred Outflows of Resources, 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 Premiums

Bond premiums associated with the issuance of revenue bonds are amortized according to the straight-line method of accounting. For financial reporting, unamortized bond premiums are netted with 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.

Deferred Outflow of Resources

Deferred outflow of resources is the consumption of net position by the government that is applicable to a future reported period. Deferred amount on refunding is amortized and recognized as a component of interest expense over the life of the bond.

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, $2,319,983, differs from “net position” of governmental activities, $(4,676,654), 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.

Construction in progress	$	1,101,323	
Infrastructure	2,810,596	
Buildings and improvements	2,332,810	
Equipment	19,480	
Accumulated depreciation		(2,059,413)	
Total
Deferred outflow of resources	$	4,204,796 	
Deferred outflow of resources applicable	to the District’s governmental activities are not	
current financial resources and therefore, are not reported as fund deferred outflow of resources:
Deferred amount on refunding, net	$	240,323
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, 2022 were:

Bonds payable	$	(11,230,000)
Bond premium, net		(85,069)
Total	$	(11,315,069)
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	$	(126,687)

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, $(1,093,859), differs from the “change in net position” for governmental activities, $427,591, 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	$	(176,536)	
Capital outlay		1,081,005 	
Total	$	904,469 	
Long-term debt transactions

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	$	620,000 

Bond premiums are amortized over the life of the bonds as interest. This is the current year amortization.

Bond premium amortization	$	5,820

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	$	7,603

Deferred amount on refunding amortization	$	(16,442)

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, 2022, the District's bank balance was $161,536 and the carrying value was $149,767. 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, 2022, the District had the following investments and maturities:

Investment	Maturities	Fair Value

U S Bank Managed Money Market	N/A	$	31,670	
First American Treasury Obligation Fund	9 days*	1,481,224	
Florida PRIME	21 days*		921,092 	

Total	 $	2,433,986 

* 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.

The investments in the First American Treasury Obligation Fund and U S Bank Managed Money Market are level 1 assets.

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. The investment in Florida PRIME is measured at amortized cost. Florida PRIME has established policies and guidelines regarding participant transactions and the authority to limit or restrict withdrawals or impose a penalty for an early withdrawal. As of September 30, 2021, there were no redemption fees, maximum transaction amounts, or any other requirement that would limit daily access to 100 percent of the account value.

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 are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. The District’s investments in the First American Treasury Obligations Fund and Florida PRIME were rated AAAm by Standard & Poor’s as of September 30, 2022.

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 Treasury Obligation Fund are 73% of the District’s total investments. The District’s investments in Florida PRIME are 21% of the District’s investments. The District also has 6% of its investments in the U S Bank Managed Money Market.

The types of deposits and investments and their level of risk exposure as of September 30, 2022 were typical of these items during the fiscal year then ended. 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, 2022 was as follows:

Governmental Activities:
Capital assets, not being depreciated:

Balance	Balance
October 1,	September 30,
	2021	  Additions   Deletions  	2022	

Construction in progress

 $	28,128 

 $ 1,073,195 

 $	- 

 $	1,101,323 

Capital assets, being depreciated:
Infrastructure	2,810,596	-	-	2,810,596	
Buildings and improvements	2,325,000	7,810	-	2,332,810	
Equipment		19,480 		- 		- 		19,480 	
Total Capital Assets, Being Depreciated		5,155,076 		7,810 		- 		5,162,886 	
Less accumulated depreciation for: Infrastructure	
(1,022,839)	
(97,180)	
-	
(1,120,019)	
Buildings and improvements	(851,111)	(77,717)	-	(928,828)	
Equipment		(8,927)		(1,639)		- 		(10,566)	
Total Accumulated Depreciation		(1,882,877)		(176,536)		- 		(2,059,413)	
Total Capital Assets, Being Depreciated, Net		3,272,199 		(168,726)		- 		3,103,473 	
Governmental Activities Capital Assets	 $	3,300,327 	 $	904,469 	 $	- 	 $	4,204,796 	

Depreciation of $97,180 was charged to physical environment and $79,356 was charged to culture/recreation.

NOTE F – LONG-TERM DEBT

The following is a summary of long-term debt activity for the District for the year ended September 30, 2022.

Long-term debt at October 1, 2021	 $	11,850,000 Principal payments			(620,000)
Long-term debt at September 30, 2022	$	11,230,000 Plus: bond premium			85,069
Bonds payable, net at September 30, 2022	$	11,315,069	
Long-term debt for Governmental Activities is comprised of the following:		
Capital Improvement Revenue and Refunding Bonds		
$9,545,000 Series 2020A-1 Senior Capital Improvement Revenue and Refunding Bonds are due in annual principal installments beginning May 2021 maturing May 2037. Interest at various rates between 2% and 3% is due May and November beginning November 2020. Current portion is $480,000.	

$	8,610,000	
$2,890,000 Series 2020A-2 Subordinate Capital Improvement Revenue and Refunding Bonds are due in annual principal installments beginning May 2021 and maturing May 2037. Interest at various rates between 2.75% and 3.75% is due May and November beginning November 2020. Current portion is
$140,000.	

	2,620,000	
Bonds Payable	$	11,230,000	

NOTE F – LONG-TERM DEBT (CONTINUED)

The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2022 are as follows:

Year Ending
  September 30, 	
	Principal		
	Interest		
	Total		

2023	
$	620,000	
$	304,049	
$	924,049	
2024	640,000	285,799	925,799	
2025	660,000	266,949	926,949	
2026	670,000	252,662	922,662	
2027	690,000	237,311	927,311	
2028-2032	3,695,000	936,106	4,631,106	
2033-2037		4,255,000 		391,750 		4,646,750 	
Totals	 $ 11,230,000 	 $  2,674,626 	 $ 13,904,626 	

Summary of Significant Bonds Resolution Terms and Covenants

Capital Improvement Revenue and Refunding Bonds

Significant Bond Provisions

The Series 2020 Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time after May 1, 2030 at a redemption price set forth in the Trust Indenture. The Series 2020 are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.

The Trust Indenture established certain amounts be maintained in a reserve account. In addition, the Trust 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 agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements.

NOTE F – LONG-TERM DEBT (CONTINUED)

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:

Reserve Fund – The Series 2020A-1 Reserve requirement is an amount equal to 50 percent the maximum annual debt service of the Series 2020A-1 Bonds. The Series 2020A-1 Reserve Account was funded as 50 percent of the requirement from the proceeds of the Series 2020A-1 Bonds and 50 percent the requirement is satisfied by the Reserve Insurance Policy. The Series 2020A-2 Reserve Account was funded from the proceeds of the Series 2020A-2 Bonds an amount equal to 50 percent of the maximum annual debt service of the Series 2020A-2 Bonds. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.

The following is a schedule of required reserve deposits as of September 30, 2022:

 Capital Improvement Revenue and Refunding Bonds		Reserve
  Balance		Reserve
 Requirement 	
Series 2020A-1 (Senior Bond)	$ 173,593	$	173,593	
Series 2020A-2 (Subordinate Bond)	$ 115,100	$	115,100	

NOTE G – INTERFUND ACTIVITY

Interfund transfers for the year ended September 30, 2022, consisted of the following:

Transfers In
Capital Projects Fund

Transfers Out

General Fund

 $	24,614 

Interfund transfers in the current year were made to increase capital reserves.

NOTE H – 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. The District has not filed any claims under this commercial coverage during the last three years.

INDEPENDENT AUDITORS’ 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, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements, as listed in the table of contents, of Pine Ridge Plantation Community Development District, as of and for the year ended September 30, 2022, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated July 25, 2023.

Report on 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 (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 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.

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 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 have not been identified.

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To the Board of Supervisors
Pine Ridge Plantation Community Development District

Report on 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 PL
Fort Pierce, Florida July 25, 2023

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MANAGEMENT LETTER

To the Board of Supervisors
Pine Ridge Plantation Community Development District Clay County, Florida
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, 2022, and have issued our report thereon dated July 25, 2023.
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 July 25, 2023, 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. There were no findings or recommendations in the preceding financial audit report.
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

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To the Board of Supervisors
Pine Ridge Plantation Community Development District

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial conditions assessment procedures as of September 30, 2022 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.

Specific Information

The information provided below was provided by management and has not been audited; therefore, we do not express an opinion or provide any assurance on the information.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Pine Ridge Plantation Community Development District reported:
The total number of district employees compensated in the last pay period of the District’s fiscal year: 5
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 11
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $8,866
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $534,671
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, 2021, together with the total expenditures for such project: The District had $1,081,005 in construction projects during the current year.
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 adopted budget under Section 189.016(6), Florida Statutes: The budget was not amended.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the Pine Ridge Plantation Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District: The General Fund, $776.99 and the Debt Service Fund, $1,242.12 - $1,511.72.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $1,468,360.
The total amount of outstanding bonds issued by the District and the terms of such bonds: Series 2020A-1 Bonds, $8,610,000 maturing May 2037, and Series 2020A-2 Bonds, $2,620,000, maturing May 2037.

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To the Board of Supervisors
Pine Ridge Plantation Community Development District

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.

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 July 25, 2023

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INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES

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

We have examined Pine Ridge Plantation Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2022. 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, 2022.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida July 25, 2023

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