Cedar Pointe Community Development District
ANNUAL FINANCIAL REPORT

September 30, 2023

Cedar Pointe Community Development District ANNUAL FINANCIAL REPORT
September 30, 2023 TABLE OF CONTENTS
Page Number
FINANCIAL SECTION
REPORT OF INDEPENDENT AUDITORS	1-3
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-8
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements:
Statement of Net Position	9
Statement of Activities	10
Fund Financial Statements:
Balance Sheet – Governmental Funds	11
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	12
Statement of Revenues, Expenditures and Changes in Fund
Balances – Governmental Funds	13
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	14
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	15
Notes to Financial Statements	16-28
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	29-30
MANAGEMENT LETTER	31-33
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION
218.415, FLORIDA STATUTES	34

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Cedar Pointe Community Development District Jacksonville, Florida

Report on Audit of the Financial Statements
Opinion

We have audited the financial statements of the governmental activities and each major fund of Cedar Pointe Community Development District (the “District”), as of and for the year ended September 30, 2023, 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 Cedar Pointe Community Development District as of September 30, 2023, 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
Cedar Pointe 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 would influence the judgment made by a reasonable user based on the 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
Cedar Pointe 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 June 17, 2024 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 the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Cedar Pointe Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 17, 2024

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Management’s discussion and analysis of Cedar Pointe Community Development District's (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 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 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 construction in progress, and infrastructure 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 general obligation bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, a 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, 2023.

The District’s total assets were exceeded by total liabilities by $(1,416,377) (net position). Net investment in capital assets was $(1,685,567), restricted net position was
$235,826 and unrestricted net position was $33,364.

Governmental activities revenues totaled $536,048 while governmental activities expenses totaled $387,758.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District

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

		Governmental Activities	
		2023	2022	
Current assets	
$	
115,198	
$	99,190	
Restricted assets		497,781	493,722	
Capital assets		1,618,838 		1,717,989 	
Total Assets		2,231,817 		2,310,901 	
Current liabilities		303,194	295,568	
Non-current liabilities		3,345,000 		3,580,000 	
Total Liabilities		3,648,194 		3,875,568 	
Net investment in capital assets		(1,685,567)	(1,586,416)	
Net position - restricted		235,826	210,934	
Net position - unrestricted		33,364 		(189,185)	
Net Position	 $		(1,416,377)	 $	(1,564,667)	

The increase in current assets is related to the increase in assessments receivable in the current year.

The decrease in capital assets is related to depreciation in the current year.
The decrease in non-current liabilities was related to the debt principal payment 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.
Change in Net Position

		Governmental Activities	
		2023	2022	
Program Revenues			
Charges for services	$	515,261	$	498,986	
General Revenues			
Investment earnings		20,787  	1,741 
	536,048  	500,727 	
Total Revenues		
Expenses			
General government		55,728	53,266	
Physical environment		133,894	128,907	
Interest and other charges		198,136  	209,603 	
Total Expenses

Change in Net Position		387,758  	391,776 

148,290	108,951	
Net Position - Beginning of Year		(1,564,667)		(1,673,618)	
Net Position - End of Year	 $		(1,416,377)	 $	(1,564,667)	

The increase in charges for services is related to the increase in special assessments levied in the current year.
The decrease in interest and other charges is related to the reduction in bonds 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, 2023 and 2022.

Description
Construction in progress	Governmental Activities 2023	2022
$	825,638	$	825,638	
Infrastructure		2,478,767		2,478,767	
Accumulated depreciation		(1,685,567)		(1,586,416)	
Total Capital Assets, net	 $ 	1,618,838 	 $ 	1,717,989 	

Capital asset activity for the current year consisted of depreciation of $99,151.
General Fund Budgetary Highlights
Actual expenditures were less than budgeted expenditures primarily due to lower contingency expenditures than were anticipated in the current year.
The September 30, 2023 budget was not amended.
Debt Management
In May 2005, the District issued $6,090,000 Series 2005A Capital Improvement Revenue Bonds. These bonds were issued to finance a portion of the cost of acquisition, construction, installation, and equipping of the Series 2005A Project. The balance outstanding on the Series 2005A Bonds at September 30, 2023 was $3,560,000.
Economic Factors and Next Year’s Budget
Cedar Pointe Community Development District does not expect any economic factors to have any significant effect on the financial position or results of operations of the District in fiscal year 2024.
Request for Information
The financial report is designed to provide a general overview of Cedar Pointe 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 Cedar Pointe Community Development District, PFM Group Consulting, LLC, 3501 Quadrangle Boulevard, Suite 270, Orlando, Florida 32817.

September 30, 2023

	Governmental
Activities	
ASSETS		
Current Assets
Cash	
$	48,593	
Investments	8,893	
Assessments receivable	55,535	
Interest receivable		2,177 	
Total Current Assets		115,198 	
Non-current Assets Restricted assets
Investments	497,781
Capital assets, not being depreciated
Construction in progress	825,638
Capital assets, being depreciated
Infrastructure	2,478,767	
Accumulated depreciation		(1,685,567)	
Total Non-current Assets		2,116,619 	
Total Assets		2,231,817 	

LIABILITIES
Current Liabilities
Accounts payable and accrued expenses	8,465	
Bonds payable	215,000	
Accrued interest		79,729 	
Total Current Liabilities		303,194 	
Non-current liabilities		
Bonds payable		3,345,000 	
Total Liabilities		3,648,194 	
NET POSITION		
Net investment in capital assets	(1,685,567)	
Restricted for debt service	110,283	
Restricted for capital projects	125,543	
Unrestricted		33,364 	
Net Position	 $	(1,416,377)	

See accompanying notes to financial statements.

For the Year Ended September 30, 2023

	Net (Expense)	
	Revenues and	
Program		Changes in	
Revenues		Net Position	

Charges for
Functions/Programs	Expenses	Services		Governmental
Activities	
Governmental Activities					
General government		$	(55,728)	$	62,668	$	6,940	
Physical environment		(133,894)	39,070	(94,824)	
Interest and other charges			(198,136)		413,523 		215,387 	
Total Governmental Activities		 $	(387,758)	 $	515,261 	127,503	

General Revenues
Investment earnings			20,787  Change in Net Position		148,290
Net Position - October 1, 2022		(1,564,667)
Net Position - September 30, 2023	 $	(1,416,377)

See accompanying notes to financial statements.

Cedar Pointe Community Development District	
BALANCE SHEET –	
GOVERNMENTAL FUNDS	
September 30, 2023	

	General		

 Debt Service	
Capital
	Projects		Total Governmental
	Funds		
SSETS
Cash	$	48,593	$	-	$	-	$	48,593	
Investments	8,893	-	-	8,893	
Accrued interest receivable	-	1,639	538	2,177	
Assessments receivable	-	55,535	-	55,535	
Restricted assets Investments	
	- 	
	372,776 	
	125,005 	
	497,781 	
Total Assets	 $	57,486 	 $  429,950 	 $	125,543 	 $	612,979 	

A

LIABILITIES AND FUND BALANCES

Liabilities
Accounts payable and accrued expenses

 $	8,465 

 $	- 

 $	- 

 $	8,465 

Fund Balances
Restricted for debt service	-	429,950	-	429,950	
Restricted for capital projects	-	-	125,543	125,543	
Unassigned		49,021 		- 		- 		49,021 	
Total Fund Balances		49,021 		429,950 		125,543 		604,514 	
Total Liabilities and Fund Balances	 $	57,486 	 $  429,950 	 $	125,543 	 $	612,979 	

See accompanying notes to financial statements.

Cedar Pointe Community Development District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES
TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2023

Total Governmental Fund Balances	$	604,514

Amounts reported for governmental activities in the Statement of Net Position are different because:

Capital assets, construction in progress, $825,638, infrastructure, $2,478,767, net of accumulated depreciation, $(1,685,567), used in governmental activities are not current financial resources and therefore, are not reported
at the fund level.	1,618,838

Long-term liabilities, including bonds payable, are not due and payable
in the current period and therefore, are not reported at the fund level.	(3,560,000)

Accrued interest for long-term debt is not a current financial use and therefore, is not reported at the fund level.

	(79,729)

Net Position of Governmental Activities	 $ (1,416,377)

Cedar Pointe Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES	
IN FUND BALANCES – GOVERNMENTAL FUNDS	
For the Year Ended September 30, 2023	

Total
Capital	Governmental
	General	  Debt Service  	Projects	 	Funds	
REVENUES
Special assessments	$	101,738	$	413,523	$	-	$	515,261	
Interest income		694 		14,471 		5,622 		20,787 	
Total Revenues		102,432 		427,994 		5,622 		536,048 	

EXPENDITURES

General government	55,728	-	-	55,728	
Physical environment	34,743	-	-	34,743	
Principal	-	225,000	-	225,000	
Interest		- 		203,175 		- 		203,175 	
Total Expenditures		90,471 		428,175 		- 		518,646 	

Excess of revenues over/(under) expenditures	11,961	
(181)	
5,622	
17,402	
Other Financing Sources/(Uses)
Transfers in	-	
-	
7,576	
7,576	
Transfers out		- 		(7,576)		- 		(7,576)	
Total Other Financing Sources/(Uses)		- 		(7,576)		7,576 		- 	
Net Change in Fund Balances	11,961	(7,757)	13,198	17,402	
Fund Balances - October 1, 2022		37,060 		437,707 		112,345 		587,112 	
Fund Balances - September 30, 2023	 $	49,021 	 $	429,950 	 $	125,543 	 $	604,514 	

Current

Debt service

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, 2023

Net Change in Fund Balances - Total Governmental Funds	$	17,402

Amounts reported for governmental activities in the Statement of Activities are different because:

Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives as depreciation. This is the amount of depreciation
in the current year.	(99,151)

Principal payments on long-term debt are recorded as expenditures at the fund
level, however, the payments reduce liabilities at the government-wide level.	225,000

In the Statement of Activities, interest is accrued on outstanding bonds; whereas in governmental funds, interest expenditures are reported when due. This is the net amount between the prior year and current year accruals.

	5,039 

Change in Net Position of Governmental Activities	 $	148,290 

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND
For the Year Ended September 30, 2023

Original Budget	

Final Budget	

Actual	Variance with Final Budget Positive
(Negative)	
Revenues
Special assessments	

$	101,518	

$	101,518	

$	101,738	

$	220	
Investment income		- 		- 		694 		694 	
Total Revenues		101,518 		101,518 		102,432 		914 	

Expenditures Current
General government	

69,488	

69,488	

55,728	

13,760	
Physical environment		32,030 		32,030 		34,743 		(2,713)	
Total Expenditures		101,518 		101,518 		90,471 		11,047 	
Net Change in Fund Balances	-	-	11,961	11,961	
Fund Balances - October 1, 2022		- 		- 		37,060 		37,060 	
Fund Balances - September 30, 2023	 $	- 	 $	- 	 $	49,021 	 $	49,021 	

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of Cedar Pointe Community Development District (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 in on November 16, 2004 by Ordinance 2004-970-E of the City of Jacksonville, Florida, under the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act"), as a Community Development District. 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 governed by a five-member Board of Supervisors. The District operates within the criteria established by Chapter 190, Florida Statutes. The Board has the responsibility for assessing and levying assessments, approving budgets, exercising control over facilities and properties, controlling the use of funds generated by the District, approving the hiring and firing of key personnel, and financing improvements.
The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility. Oversight responsibility includes, but is not limited to, financial interdependency, designation of management, significant ability to influence operations and accountability for fiscal matters. As required by GAAP, these financial statements present the Cedar Pointe Community Development District (the primary government) as a stand-alone government.
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 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.

Governmental Funds
The District has implemented the 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.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2. Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
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 the state 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.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. 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.

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.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
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 were 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.

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 certain capital improvement revenue bonds which were used to finance the construction of District infrastructure improvements and finance certain additional improvements.

Capital Projects Fund – This fund was established to account for capital projects of the District.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)

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 special assessment bonds, be reported in the governmental activities column in the government-wide Statement of Net Position.

Assets, Liabilities and Net Position or Equity
Cash and Investments

Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.
The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:

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

Interest-bearing time deposits or savings accounts in authorized qualified public depositories;
Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.
Restricted Assets

Certain net position of the District are classified as restricted assets on the Statement of Net Position 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 assets, qualified expenses are considered to be paid first from restricted net position and then from unrestricted net position.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

Capital Assets
Capital assets, which includes construction in progress and infrastructure, are reported in the applicable governmental activities column.

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:

Infrastructure	25 years

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. The legal level of budgetary control is at the fund level. All budgeted appropriations lapse at year end. Formal budgets are adopted for the general and debt service funds. As a result, deficits in the budget variance columns of the accompanying financial statements may occur.

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, $604,514, differs from “net position” of governmental activities, $(1,416,377), 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 (land and infrastructure 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		$	825,638	
Infrastructure		2,478,767	
Accumulated depreciation			(1,685,567)	
Total		$	1,618,838	
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.
Bonds payable	$	(3,560,000)

Accrued interest

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

Accrued interest	$	(79,729)

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, $17,402, differs from the “change in net position” for governmental activities, $148,290, 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, the cost of those assets are capitalized at the government wide level and 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 changes by the amount of capital additions net of any depreciation charged for the year.
Depreciation	$	(99,151)

Long-term debt transactions

The principal payments on debt are recognized as expenditures at the fund level but have the effect of decreasing liabilities at the government-wide level.
Principal payments	$	225,000

Some expenses reported in the Statement of Activities do not require the use of current financial resources, therefore, are not reported as expenditures in governmental funds.
Net change in accrued interest payable	$	5,039

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, 2023, the District's bank balance was $51,093 and the carrying value was $48,593. 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.
Investments
As of September 30, 2023, the District had the following investments and maturities:

	Investment		 Maturities 		Fair Value		
U.S. Bank Money Market	N/A	$	380,627	
Florida PRIME	35 Days*		    126,047 	
Total		 $		506,674 	
*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 use the best information available under the circumstances, which includes the District’s own data in measuring unobservable inputs.

Based on the criteria in the preceding paragraph, the investment in U.S. Bank Money Market is a Level 1 asset.

NOTE C – CASH AND INVESTMENTS (CONTINUED)
Investments (Continued)
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, 2023, there were no redemption fees, maximum transaction amounts, or any other requirements 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. As of September 30, 2023, the District’s investments in Florida PRIME were rated AAAm by Standard & Poor’s. The District’s investment in U.S. Bank Money Market was not rated.
Concentration of Credit Risk
The District places no limit on the amount it may invest in any one fund. The investments in
U.S. Bank Money Market are 75% of the District’s total investments and the investment in Florida PRIME represented 25% of the District’s total investments.
The types of deposits and investments and their level of risk exposure as of September 30, 2023 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. Operation and Maintenance Assessments are based upon adopted budget and levied annually at a public hearing by the District. Debt Service Assessments are levied when bonds are issued and collected annually. The District may collect assessments directly or utilize the uniform method of collections (Chapter 197.3632, Florida Statues). Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are due and payable on November 1 or as soon as the assessment roll is certified and delivered to the Tax Collector. Per Section 197.162, Florida Statutes discounts are allowed for early payment at the rate of 4% in November, 3% in December, 2% in January, and 1% in February. Taxes paid in March are without discount.
Assessments and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the government.

NOTE E – CAPITAL ASSETS
Capital Asset activity for the year ended September 30, 2023 was as follows:

		Balance				Balance	
	October 1,				September 30,	
		2022			Additions		  Deletions 		2023		
Governmental Activities:					
Capital assets, not being depreciated							
Construction in progress	 $		825,638 	 $		- 	 $	- 	 $	825,638 	
Capital assets, being depreciated:					
Infrastructure		2,478,767		-	-	2,478,767	
Accumulated depreciation
Total Capital Assets, Being Depreciated Total Capital Assets, Net		   (1,586,416)
    892,351 
1,717,989 		    (99,151)
    (99,151)
(99,151)		- 		(1,685,567)
	793,200 
 $	1,618,838 	
						- 		
	 $			 $			 $	- 		

Depreciation of $99,151 was charged to physical environment.
NOTE F – LONG-TERM DEBT
The following is a summary of activity for long-term debt of the District for the year ended September 30, 2023:

Long-term debt at October 1, 2022	$	3,785,000	
Principal payments		(225,000)	
Long-term debt at September 30, 2023	$	3,560,000	
In May 2005, the District issued $6,090,000 Series 2005A Capital Improvement Revenue Bonds, due in annual principal installments beginning May 2006, maturing May 2035. Interest is due semi- annually on May 1 and November 1, beginning November 2005, at a rate of 5.375%. Current portion is $215,000.	

$	3,560,000	

NOTE F – LONG-TERM DEBT (CONTINUED)
The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2023 are as follows:

Year Ending							
  September 30,			Principal			Interest			Total		
2024	$	215,000	$	191,350	$	406,350	
2025		230,000		179,794		409,794	
2026		240,000		167,431		407,431	
2027		255,000		154,531		409,531	
2028		270,000		140,825		410,825	
2029-2033		1,590,000		470,044		2,060,044	
2034-2035		760,000 		61,813 		821,813 	
Totals	 $		3,560,000 	 $		1,365,788 	 $		4,925,788 	
Summary of Significant Bonds Resolution Terms and Covenants Significant Bond Provisions
The Series 2005A 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, 2014 at a redemption price equal to the principal amount of the Series 2005A Bonds to be redeemed, together with accrued interest to the date of redemption. The Series 2005A Bonds 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:
1. Reserve Fund – The 2005A Reserve Accounts are funded from the proceeds of the Series 2005A Bonds in amounts equal to the reserve account percentage times the deemed outstanding principal amount. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.

Reserve	Reserve	
Balance	Requirement
 
Series 2005A Capital Improvement Revenues Bonds  $	254,438 	 $	239,938 	
NOTE G – RELATED PARTY TRANSACTIONS
Three of the voting members of the Board of Supervisors are employed by the Developer or a related entity.
NOTE H – ECONOMIC DEPENDENCY
A significant portion of the District's activity is dependent upon continued involvement of the Developer, the loss which could have a material adverse effect on the District's operations.
NOTE I – 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. There were no claims or settled claims from these risks that exceeded commercial insurance coverage in the last three years.
NOTE J – INTERFUND TRANSFERS
Interfund transfers for the year ended September 30, 2023, consisted of the following:

Transfers Out
Debt Service
Transfers In	Fund
Capital Projects Fund	 $	7,576 

Interfund transfers were made in accordance with the Trust Indenture.
NOTE K – SUBSEQUENT EVENT
In May 2024, the District made a $15,000 prepayment on the Series 2005A Capital Improvement Bonds.

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
Cedar Pointe Community Development District Jacksonville, 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 Cedar Pointe Community Development District, as of and for the year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated June 17, 2024.

Report on Internal Control Over Financial Reporting
In planning and performing our audit, we considered Cedar Pointe 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 Cedar Pointe Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Cedar Pointe 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
Cedar Pointe Community Development District

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether Cedar Pointe 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 June 17, 2024

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MANAGEMENT LETTER
To the Board of Supervisors
Cedar Pointe Community Development District Jacksonville, Florida
Report on the Financial Statements
We have audited the financial statements of the Cedar Pointe Community Development District as of and for the year ended September 30, 2023, and have issued our report thereon dated June 17, 2024.
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 those reports, which are dated June 17, 2024, 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, require us to apply appropriate procedures and communicate the results of our determination as to whether or not Cedar Pointe Community Development District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection with our audit, we determined that Cedar Pointe 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
Cedar Pointe Community Development District
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for Cedar Pointe Community Development District. It is management’s responsibility to monitor the Cedar Pointe 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 as of September 30, 2023.
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 Cedar Pointe Community Development District reported:
The total number of district employees compensated in the last pay period of the District’s fiscal year: 0
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 5
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $0
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $335,714
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, 2022, together with the total expenditures for such project. N/A
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 Cedar Pointe Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District. General Fund $288.06, Debt Service $1,165.35.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $515,261.
The total amount of outstanding bonds issued by the District and the terms of such bonds. Series 2005 Bonds, $3,560,000 maturing in May 2035.

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To the Board of Supervisors
Cedar Pointe 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 warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings.
Purpose of this Letter

Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Board of Supervisors, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 17, 2024

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

To the Board of Supervisors
Cedar Pointe Community Development District Jacksonville, Florida

We have examined Cedar Pointe Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2023. Management is responsible for Cedar Pointe Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Cedar Pointe 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 Cedar Pointe 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 Cedar Pointe Community Development District’s compliance with the specified requirements.

In our opinion, Cedar Pointe Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2023.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 17, 2024

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