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. 




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. 

 


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 


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 longterm 
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. 

 

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 2 40,323 2 56,765 
Current liabilities 1 ,030,956 7 98,014 
Non-current liabilities 1 0,695,069 1 1,335,889 
Total Liabilities 1 1,726,025 1 2,133,903 
Net investment in capital assets ( 717,767) (1,597,984) 
Net position - restricted 3 6,809 4 0,901 
Net position - unrestricted ( 3,995,696) (3,547,162) 
Total Net Position $ ( 4,676,654) $ (5,104,245) 
Governmental Activities 
Net Position 


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. 

 

 

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. 

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) 
Governmental Activities 
Changes in Net Position 


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. 

 

 

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 

 

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 
Governmental Activities 
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 

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 

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 

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 

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 

$ (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 

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 
Fund 

Debt 
Service 

Capital 
Projects 

ASSETS 

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

$ 9 0,166 
750,455 
20,499 

$ - 
-
- 

$ 5 9,601 
202,307
- 

$ 1 49,767 
952,762 
20,499 

- 
$ 8 61,120 

451,698 
$ 4 51,698 

1,029,526 
$ 1,291,434 

1,481,224 
$ 2 ,604,252 

LIABILITIES AND FUND BALANCES 

LIABILITIES 

Accounts payable and accrued expenses 
Retainage payable 
Total Liabilities 

$ 3 8,118
- 
38,118 

$ - 
-
- 

$ 1 55,918 
90,233 
246,151 

$ 1 94,036 
90,233 
284,269 

FUND BALANCES 

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

20,499 

- 

- 

20,499 

-
-
- 
802,503 
823,002 

451,698
-
- 
- 
451,698 

- 
783,375 
261,908 
- 
1,045,283 

451,698 
783,375 
261,908 
802,503 
2,319,983 

Total Liabilities and Fund Balances $ 8 61,120 

$ 4 51,698 

$ 1,291,434 

$ 2 ,604,252 


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 

$ 2,319,983 

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

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) 

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

240,323 

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

( 126,687) 

Net Position of Governmental Activities 

$ (4,676,654) 

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

Total 
Governmental 
Funds 

Debt 
Service 

 Capital 
Projects 

General 

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 

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

 
105,587 
148,580 
242,529
- 

-
-
-
- 

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

105,587 
178,394 
275,814 
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) 
- 

Net change in fund balances 

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

Fund Balances - October 1, 2021 

791,200 

463,884 

2,158,758 

3,413,842 

Fund Balances - September 30, 2022 

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


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 

$ (1,093,859) 

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. 

904,469 

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

620,000 

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. 

( 16,442) 

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. 

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 


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 

Actual 

Revenues 
Special assessments 
Investment earnings 
Miscellaneous revenues 
Total Revenues 

$ 538,283 
600 
3,000 
541,883 

$ 538,283 
600 
3,000 
541,883 

$ 5 39,571 
2,957 
1 0,584 
5 53,112 

$ 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 

Other Financing Sources/(Uses) 
Transfers out 

- 

- 

(24,614) 

(24,614) 

Net change in fund balances 

(43,187) 

(43,187) 

31,802 

74,989 

Fund Balances - October 1, 2021 

43,187 

43,187 
$ - 


791,200 

748,013 

Fund Balances - September 30, 2022 

$ - 

$ 823,002 

$ 823,002 


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. 

 

1. 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. 

 

2. 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) 

 

2. Measurement Focus and Basis of Accounting (Continued) 

 

 a. 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. 

 

 b. 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) 

 

2. 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) 

 

3. Basis of Presentation 

 

 a. 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. 

 

 b. 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) 

 

4. Assets, Deferred Outflows of Resources, Liabilities, and Net Position or Equity 

 

 a. 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: 

 

1. Direct obligations of the United States Treasury; 


 

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


 

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


 

4. 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. 

 

 b. 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. 

 

 c. 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) 

 

4. Assets, Deferred Outflows of Resources, Liabilities, and Net Assets or Equity 
(Continued) 

 

 c. 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 

 

d. 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. 

 

 e. 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. 

 

 f. 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 

 

1. 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 $ 4,204,796 

 

Deferred outflow of resources 

 

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) 

 

2. 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: 

 

 

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. 

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
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: 

 

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

 

Balance Balance 
October 1, September 30, 
2021 Additions Deletions 2022 
Governmental Activities: 
Capital assets, not being depreciated: 
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
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: 

 

 

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. 

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 


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: 

 

 

 

NOTE G – INTERFUND ACTIVITY 

 

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

 
Transfers Out 
General Fund 
$ 24,614 
Transfers In 
Capital Projects Fund 


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

 

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


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 

 


 

 

 

 

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 


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: 

 

1) The total number of district employees compensated in the last pay period of the 
District’s fiscal year: 5 
2) The total number of independent contractors to whom nonemployee compensation was 
paid in the last month of the District’s fiscal year: 11 
3) All compensation earned by or awarded to employees, whether paid or accrued, 
regardless of contingency: $8,866 
4) All compensation earned by or awarded to nonemployee independent contractors, 
whether paid or accrued, regardless of contingency: $534,671 
5) 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. 
6) 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: 

 

1) 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. 
2) The amount of special assessments collected by or on behalf of the District: Total 
special assessments collected was $1,468,360. 
3) 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. 


 


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 


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