Storey Creek Community Development District
ANNUAL FINANCIAL REPORT

September 30, 2022

Storey Creek 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	17-30
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	31-32
MANAGEMENT LETTER	33-35
INDEPENDENT ACCOUNTANTS’ REPORT / COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	36

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Storey Creek Community Development District Osceola 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 Storey Creek 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 Storey Creek Community Development District as of September 30, 2022, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.

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

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

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To the Board of Supervisors
Storey Creek Community Development District

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for one year beyond the financial statement date, including currently known information that may raise substantial doubt thereafter.

Auditor’s Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore, is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:

Exercise professional judgement and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgement, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

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To the Board of Supervisors
Storey Creek 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 November 17, 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 Storey Creek Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida November 17, 2023

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Management’s discussion and analysis of Storey Creek 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.

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 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, reconciliations are 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 assets exceeded liabilities by $(1,696,561) (net position). Net investment in capital assets was $(304,203). Restricted net position was $178,768 and unrestricted net position was $(1,571,126).

Governmental activities revenues totaled $858,334, while governmental activities expenses and conveyances totaled $3,021,638.

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	
	2022			2021		

Current assets	
$	103,736	
$	134,267	
Restricted assets	6,416,450	582,077	
Capital assets		6,212,756 		8,091,345 	
Total Assets		12,732,942 		8,807,689 	

Current liabilities	
437,041	
267,373	
Non-current liabilities		13,992,462 		8,073,573 	
Total Liabilities		14,429,503 		8,340,946 	

Net Position
Net investment in capital assets	

(304,203)	

98,459	
Restricted net position	178,768	243,895	
Unrestricted		(1,571,126)		124,389 	
Net Position	 $ (1,696,561)	 $	466,743 	

The increase in restricted assets is related to the issuance of long-term debt in the current year. The decrease in capital assets is related to the conveyance of assets in the current year.
The increase in non-current liabilities is related to the issuance of new long-term debt in the current year.

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
	2022		2021	
Program Revenues				
Special assessments	$	820,932		$	1,080,252	
Operating contributions	-		38,344	
Capital contributions	33,125		-	
Investment income		4,277 			26 	
Total Revenues		858,334 			1,118,622 	

Expenses				
General government	100,159	81,195	
Physical environment	513,489	106,097	
Interest and other charges		750,341 		327,501 	
Total Expenses		1,363,989 		514,793 	
Conveyance of assets		(1,657,649)		- 	
Change in Net Position	(2,163,304)	603,829	
Net Position - Beginning of Period		466,743 		(137,086)	
Net Position - End of Period	 $	(1,696,561)	 $	466,743 	

The decrease in special assessments is related to the decrease in assessments in the current year.
The increase in general government is the result of the increase in legal and engineering expenses in the current year.
The increase in physical environment expenses is related to the increase in depreciation and landscape maintenance expenses in the current year.
The increase in interest and other charges is related to the cost of issuance of the long-term debt issued in the current year.

Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of September 30, 2022 and 2021.

Governmental Activities
Description		2022		2021	
Land		$	33,125		$	-	
Construction in progress		9,669		8,091,345	
Improvements other than buildings		239,473		-	
Infrastucture		6,194,223		-	
Less: accumulated depreciation			(263,734)			- 	
Total		 $	6,212,756 		 $	8,091,345 	

The activity for the year consisted of $9,669 in construction in progress additions, transfers from construction in progress of $8,091,345, additions of $33,125 to land, additions of $6,194,223 to infrastructure, additions of $239,473 to improvements other than buildings, conveyances of
$1,657,649 and depreciation of $263,734.

General Fund Budgetary Highlights
Actual expenditures were less than the final budget because there were lower landscape maintenance and streetlight expenditures than anticipated.
The September 30, 2022 budget was not amended.
Debt Management
Governmental Activities debt includes the following:
In December 2019, the District issued $8,445,000 Series 2019 Special Assessment Bonds. These bonds were issued to finance a portion of the cost of acquiring and/or constructing a portion of the Assessment Area One Project. The balance outstanding on the Series 2019 Bonds at September 30, 2022 was $8,120,000.

In July 2022, the District issued $6,170,000 Series 2022 Special Assessment Bonds. These bonds were issued to finance a portion of the cost of acquiring and/or constructing a portion of the Assessment Area Two Project. The balance outstanding on the Series 2022 Bonds at September 30, 2022 was $6,170,000.
Economic Factors and Next Year’s Budget

Storey Creek Community Development District anticipates the continuation of construction of Series 2022 project for the year ended September 30, 2023.

Request for Information

The financial report is designed to provide a general overview of Storey Creek 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 Storey Creek Community Development District, Governmental Management Services – CF, LLC, 219 East Livingston Street, Orlando, Florida 32801.

September 30, 2022

ASSETS	
Current Assets	
Cash	
Assessments receivable	
Due from others	
Prepaid expenses	
Deposits	
Total Current Assets	
Non-current Assets	
Restricted assets	
Investments	
Capital Assets, not being depreciated	
Land	
Construction in progress	
Capital Assets, being depreciated	
Improvements other than buildings	
Infrastructure	
Accumulated depreciation	
Total Non-current Assets	
Total Assets	

LIABILITIES	
Current Liabilities	
Accounts payable and accrued expenses	
Due to developer	
Bonds payable	
Accrued interest	
Total Current Liabilities	
Non-current Liabilities	
Bonds payable, net	
Total Liabilities	

NET POSITION	
Net investment in capital assets	
Restricted for debt service	
Unrestricted	
Total Net Position	

See accompanying notes to financial statements.

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Governmental Activities

$	78,477	
6,536	
235	
13,473	
	5,015 	
	103,736 	

6,416,450

33,125	
9,669	

239,473	
6,194,223	
      (263,734)	
     12,629,206 	
     12,732,942 	

4,616	
740	
260,000	
       171,685 	
437,041	

	13,992,462 
	14,429,503 

(304,203)	
178,768	
	(1,571,126)	
 $	(1,696,561)	

Storey Creek Community Development District STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2022

Net (Expenses)	
Revenues and	
Changes in	
Revenues	Net Position	
Capital	Governmental	
Contributions	Activities	

Program Charges for

$	(100,159)	
(513,489)	
	(750,341)	
 $	(1,363,989)	

$	92,285	
$	-	
$	(7,874)	
230,121	33,125	(250,243)	
	498,526 		- 		(251,815)	
 $	820,932 	 $	33,125 	(509,932)	

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

Expenses	Services

General Revenues	
Investment income	

	4,277 

Conveyance of capital assets		(1,657,649)

Change in Net Position	(2,163,304)

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

	466,743 
 $  (1,696,561)

See accompanying notes to financial statements.

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Storey Creek Community Development District BALANCE SHEET –
GOVERNMENTAL FUNDS
September 30, 2022

	Total	
	Debt	Capital	Governmental	
	General			Service			Projects			Funds		

$	78,477	
2,567	
2,267	
235	
13,473	
5,015	

$	-	
3,969	
-	
-	
-	
-	

$	-	
-	
-	
-	
-	
-	

$	78,477	
6,536	
2,267	
235	
13,473	
5,015	

ASSETS	
Cash	
Assessments receivable	
Due from other funds	
Due from other	
Prepaid expenses	
Deposits	
Restricted assets	
Investments, at fair value	
Total Assets	

  5,483,928 	
$5,483,928	

	6,416,450 	
$	6,522,453	

	-  	932,522 

LIABILITIES AND FUND BALANCES	
LIABILITIES	
Accounts payable and accrued expenses	
Due to other funds	
Due to developer	
Total Liabilities	

$	4,413	
-	
       740 	
      5,153 	

$	-	
-	
       - 	
       - 	

$	203	
2,267	
	- 	
	2,470 	

$	4,616	
2,267	
        740 	
       7,623 	

$	102,034	$  936,491

FUND BALANCES	
Nonspendable-deposits/prepaids	
Restricted for debt service	
Restricted for capital projects	
Unassigned	

18,488	
-	
-	
     78,393 	

-	
936,491	
-	
       - 	

-	
-	
5,481,458	
       - 	

18,488	
936,491	
5,481,458	
      78,393 	

Total Fund Balances		96,881  	936,491   5,481,458 		6,514,830 

Total Liabilities and Fund Balances

$	102,034

$  936,491

$5,483,928

$	6,522,453

Storey Creek Community Development District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES
TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2022

Total Governmental Fund Balances

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

Capital assets, land, $33,125, construction in progress, $9,669, improvements	
other than buildings, $239,473, and infrastructure, $6,194,223, net of	
accumulated depreciation, $(263,734), used in governmental activities are not	
current financial resources and therefore, are not reported at the fund level.	

Long-term liabilities, including bonds payable, $(14,290,000), net of bond discount	
net, $44,781, and bond premium, net, $(7,243), are not due and payable	
in the current period and therefore, are not reported at the fund level.	

$	6,514,830

6,212,756

(14,252,462)

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

	(171,685)

Net Position of Governmental Activities	 $ (1,696,561)

Storey Creek 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	Capital

Revenues	
Special assessments	
Investment income	
Total Revenues	

$  498,526	$	-	$	820,932	
	644 		3,633 		4,277 	
	499,170 		3,633 		825,209 	

Expenditures		
Current		
General government	100,159	
Physical environment	249,755	
Capital outlay	-	
Debt Service		
Principal	-	
Interest	-	
Other		- 	
Total Expenditures		349,914 	

165,000	
322,234	
       - 	
   487,234 	

	General		
$  322,406	
	- 	
	322,406 	

-	
-	
-	

-	
-	
9,669	

100,159	
249,755	
9,669	

	Service			Projects	

-	
-	
   349,616 	
   359,285 	

165,000	
322,234	
    349,616 	
   1,196,433 	

Excess of revenues over/(under) expenditures 		(27,508)	

	11,936 		(355,652)		(371,224)

Other Financing Sources/(Uses)		
Issuance of long-term debt	-	
Bond premium	-	
Transfers in	-	
Transfers out			- 	
Total Other Financing Sources/(Uses)			- 	

340,372	
-	
30	
     (145)	
   340,257 	

5,829,628	
7,346	
145	
      (30)	
  5,837,089 	

6,170,000	
7,346	
175	
      (175)	
   6,177,346 	

Net change in fund balances	(27,508)	

352,193	5,481,437	5,806,122

Fund Balances - October 1, 2021		124,389 	

	584,298 		21 		708,708 

Fund Balances - September 30, 2022

 $	96,881 

 $  936,491 

 $5,481,458 

 $ 6,514,830 

 		

See accompanying notes to financial statements.

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2022

Net Change in Fund Balances - Total Governmental Funds	$

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

The issuance of long-term debt, $(6,170,000), and bond premium, $(7,346), are	
recognized as other financing sources at the fund level, however, at the	
government-wide level they increase liabilities.	

The contribution of land does not affect current resources, so it is recognized at	
the government-wide level.	

The conveyance of capital assets does not affect current resources, and	
therefore, is not recognized at the fund level, however, at the	
government wide-level it decreases assets.	

Repayment of bond principal is an expenditure in the governmental funds,	
but the repayment reduces long-term liabilities in the Statement of Net Position.	

5,806,122

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 capital outlay,		
$9,669, was exceeded by depreciation, $(263,734), in the current period.	(254,065)	

(6,177,346)

33,125

(1,657,649)

165,000

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 change in accrued interest in the current period.	(76,948)	

Governmental funds report bond discounts and premiums as an other financing	
use. However, at the government-wide level, the cost is amortized over the	
life of the bonds as interest expense.	

	(1,543)

Change in Net Position of Governmental Activities	 $	(2,163,304)

See accompanying notes to financial statements.

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND
For the Year Ended September 30, 2022

Variance with	
Final Budget	
Positive	
(Negative)	

Original	
Budget	

Final	
Budget	

Actual

Revenues	
Special assessments	
Developer contributions	
Total Revenues	

$ 317,697

$ 317,697

$ 322,406	$

4,709

	452,722 		452,722 		- 		(452,722)

Expenditures	
Current	
General government	
Physical environment	
Total Expenditures	

	770,419 		770,419 		322,406 		(448,013)

109,826	109,826	100,159	9,667
	660,593 		660,593 		249,755 		410,838 
	770,419 		770,419 		349,914 		420,505 

(27,508)	(27,508)	

Net Change in Fund Balances	-	-

Fund Balances - October 1, 2022		- 		- 		124,389 		124,389 

Fund Balances - September 30, 2022

 $	- 

 $	- 

 $  96,881 

 $	96,881 

See accompanying notes to financial statements.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the District have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.
Reporting Entity
The District was established on June 17, 2019, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, (the "Act"), by Ordinance No. 19-56 of the Board of County Commissioners of Osceola County adopted on June 17, 2019, effective as of June 19, 2019, 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 authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing district roads, landscaping, and other basic infrastructure projects within or outside the boundaries of the Storey Creek Community Development District. The District is governed by a five member Board of Supervisors. All Supervisors are employed by the Developer. The District operates within the criteria established by Chapter 190, Florida Statutes.
As required by GAAP, these financial statements present the Storey Creek 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 in Governmental Accounting Standards, the District has identified no component units.
Measurement Focus and Basis of Accounting

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

Government-wide financial statements

Fund financial statements

Notes to financial statements

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

Government-wide Financial Statements
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Government- wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.
Governmental activities are supported by special assessments. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program.

Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as an other financing source.
Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.
Fund Financial Statements

The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self- balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.
Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2. Measurement Focus and Basis of Accounting (Continued)

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

The District has various policies governing the fund balance classifications.

Nonspendable Fund Balance – This classification consists of amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact.
Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by constitution, external resource providers, or through enabling legislation.

Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances can also be assigned by the District’s management company.
Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.
Fund Balance Spending Hierarchy – For all governmental funds except special revenue funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

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

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.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)

Governmental Major Funds (Continued)

Debt Service Fund – The Debt Service Fund accounts for debt service requirements to retire Special Assessment Bonds, which were used to finance the construction of certain improvements within the District.

Capital Projects Fund – The Capital Projects Fund accounts for construction of infrastructure improvements within the boundaries of the District.
Non-current Governmental Assets/Liabilities

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

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;

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Liabilities, and Net Position (Continued)
Cash and Investments (Continued)

Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.
Cash and cash equivalents include time deposits, certificates of deposit, money market funds, and all highly liquid debt instruments with original maturities of three months or less.
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 net position, qualified expenses are considered to be paid first from restricted net position and then from unrestricted net position.
Capital Assets
Capital assets, which includes construction in progress, are reported in the 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:

Improvements other than buildings	15 years Infrastructure	25 years

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

Bond Discounts/Premiums

Bond discounts and premiums associated with the issuance of bonds are amortized over the life of the bonds using the straight-line method of accounting.

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 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, $6,514,830, differs from “net position” of governmental activities, $(1,696,561), 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, 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.

Land	$	33,125	
Construction in progress	9,669	
Improvements other than buildings	239,473	
Infrastructure	6,194,223	
Accumulated depreciation		(263,734)	
Total	$ 6,212,756	

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position (Continued)
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	$ (14,290,000)	
Bond discount/premium, net		37,538	
Total	$ (14,252,462)	
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	$	(171,685)

Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities
The “net change in fund balances” for government funds, $5,806,122, differs from the “change in net position” for governmental activities, $(2,163,304), 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 cost 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 year.

Capital outlay	$	9,669	
Depreciation	(263,734)	
Conveyance		(1,657,649)	
Total	$	(1,911,714)	

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 (Continued)

Long-term debt transactions

When long-term debt is issued for governmental activities, the resources obtained are recognized as an other financing source at the fund level. At the government-wide level, however, the new debt increases non-current liabilities. Also, interest is recognized when due at the fund level, but is accrued at the government-wide level.

Issuance of long-term debt	$	(6,170,000)	
Bond premium	$	(7,346)	
Principal payments	$	165,000	
Accrued interest	$	(76,948)	
Amortization of the bond discount	does not require the use of current resources and	
therefore is not reported in the governmental funds.
Amortization of bond discount/premium	$	(1,646)
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 its own policy for custodial credit risk, however, the District has adopted by Resolution the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2022, the District's bank balance was $78,662 and the carrying value was $78,477. 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.

NOTE C – CASH AND INVESTMENTS (CONTINUED)
Investments
As of September 30, 2022, the District had the following investments and maturities:
Investment	Maturity Date	Fair Value
US Bank Money Market	N/A	 $ 6,416,450 
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 investments listed above is a Level 1 asset.
The District’s investment policy allows management to invest funds in investments permitted under Section 218.415(17) Florida Statutes. Among other investments, the policy allows the District to invest in Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency.
Interest Rate Risk
The District does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates.
Credit Risk
The District's investments in US Bank Money Market are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices
Concentration of Credit Risk
The District places no limit on the amount it may invest in any one fund. The investments in US Bank Money Market represents 100% of the District's total investments.
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.

NOTE D – SPECIAL ASSESSMENT REVENUES
Assessments are non-ad valorem assessments on benefitted property within the District. Debt Service Assessments are levied when bonds are issued and collected annually for the term of the bond. The District may collect assessments directly or utilize the uniform method of collection (Chapter 197.3632, Florida Statutes). Directly 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. 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, 2022 was as follows:

	Balance						Balance	
	10/1/21		Additions		Deletions		09/30/22	
Governmental Activities:								
Capital assets, not being depreciated:								
Land	$	-		$	33,125		$	-		$	33,125	
Construction in progress		8,091,345 			9,669 			(8,091,345)			9,669 	
Total Capital Assets, not depreciated		8,091,345 			42,794 			(8,091,345)			42,794 	
Capital assets, being depreciated								
Improvements other than buildings	-		239,473		-		239,473	
Infrastructure	-		6,194,223		-		6,194,223	
Accumulated depreciation		- 			(263,734)			- 			(263,734)	
Total capital assets being depreciated, net		- 			6,169,962 			- 			6,169,962 	
Total Capital Assets, net	 $	8,091,345 		 $	6,212,756 		 $	(8,091,345)		 $	6,212,756 	

Depreciation of $263,734 was charged to physical environment.

NOTE F – LONG-TERM DEBT
Governmental Activities
In December 2019, the District issued $8,445,000 Series 2019 Special Assessment Bonds due in annual principal installments beginning December 15, 2020, maturing December 2049. Interest is due semi-annually on June 15 and December 15, beginning June 15, 2020, at a fixed interest rate ranging from 3.125% to 4.125%. The balance outstanding on the Series 2019 Bonds at September 30, 2022 is $8,120,000.
In July 2022, the District issued $6,170,000 Series 2022 Special Assessment Bonds due in annual principal installments beginning June 2023, maturing June 2052. Interest is due semi- annually on June 15 and December 15, beginning December 15, 2022, at a fixed interest rate ranging from 4.300% to 5.375%. The balance outstanding on the Series 2022 Bonds at September 30, 2022 is $6,170,000.
The following is a summary of activity for long-term debt of the District for the year ended September 30, 2022:

Long-term debt at October 1, 2021	$	8,120,000	
Issuance of long-term debt	6,170,000	
Principal payments		(165,000)	
Long-term debt at September 30, 2022	14,290,000	
Less bond discount/premium, net		(37,538)	
Total long-term debt, net at September 30, 2022	$  14,252,462

The annual requirements to amortize the principal and interest of bonded debt outstanding as of:

Year Ending
  September 30,		
	Principal		
	Interest		
	Total		
2023	$	260,000	$	611,807	$	871,807	
2024	270,000	628,376	898,376	
2025	280,000	618,744	898,744	
2026	290,000	608,741	898,741	
2027	300,000	597,891	897,891	
2028-2032	1,700,000	2,793,906	4,493,906	
2033-2037	2,110,000	2,387,018	4,497,018	
2038-2042	2,625,000	1,865,416	4,490,416	
2043-2047	3,300,000	1,197,703	4,497,703	
2048-2052		3,155,000 		386,284 		3,541,284 	
Totals	 $	14,290,000 	 $	11,695,886 	 $	25,985,886 	

NOTE F – LONG-TERM DEBT (CONTINUED)

Summary of Significant Bond Resolution Terms and Covenants

The District levies special assessments pursuant to Section 190.022, Florida Statutes and the assessment rolls are approved by resolutions of the District Board. The collections are to be strictly accounted for and applied to the debt service of the bond series for which they were levied. The District covenants to levy special assessments in annual amounts adequate to provide for payment of principal and interest on the bonds. Payment of principal and interest is dependent on the money available in the debt service fund and the District’s ability to collect special assessments levied.
The Series 2019 Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time after December 15, 2029 at a redemption price equal to the principal amount of the Series 2019 Bonds to be redeemed, plus accrued interest to the date of redemption. The Series 2019 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 Series 2022 Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time after June 15, 2032 at a redemption price equal to the principal amount of the Series 2022 Bonds to be redeemed, plus accrued interest to the date of redemption. The Series 2022 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 bond indentures provide for Debt Service Reserve Funds, which shall be held by the Trustee separate and apart from all other funds. The following is a schedule of the reserve requirement and balance in the reserve account at September 30, 2022:

Special Assessment
		Bonds			 Reserve			Reserve Balance		Requirement

Series 2019
Series 2022

$	245,666
$	205,883

$	245,666
$	205,883

NOTE G – RISK MANAGEMENT

The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters for which the government carries commercial insurance. Settled claims from these risks have not exceeded commercial insurance coverage over the past three years.

NOTE H – ECONOMIC DEPENDENCY

A substantial portion of the District's activity is dependent upon the continued involvement of the developers and significant landowner, the loss of which could have a materially adverse effect on the District. As of September 30, 2022, all board members were affiliated with the Developers.

NOTE I – SUBSEQUENT EVENT

In November 2022, the District was conveyed real property with an approximate value of
$17,250.

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
Storey Creek Community Development District Osceola 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 Storey Creek 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 November 17, 2023.

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

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether Storey Creek 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 November 17, 2023

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MANAGEMENT LETTER

To the Board of Supervisors
Storey Creek Community Development District Osceola County, Florida
Report on the Financial Statements
We have audited the financial statements of the Storey Creek Community Development District as of and for the year ended September 30, 2022, and have issued our report thereon dated November 17, 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 November 17, 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 us to apply appropriate procedures and communicate the results of our determination as to whether or not Storey Creek 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 the Storey Creek 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
Storey Creek 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 the Storey Creek Community Development District. It is management’s responsibility to monitor the Storey Creek 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 Storey Creek Community Development District reported:
The total number of district employees compensated in the last pay period of the District’s fiscal year: 6
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 6
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $3,879
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $305,629
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: 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 Storey Creek Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District: The General Fund, $672.59 – $1,008.88 and the Debt Service Fund, $1040.00 - $1,560.00.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $820,932.
The total amount of outstanding bonds issued by the District and the terms of such bonds: Series 2019 Bonds, $8,120,000 maturing December 2049 and Series 2022 Bonds, $6,170,000 maturing June 2052

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To the Board of Supervisors
Storey Creek 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 noted no 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 November 17, 2023

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

To the Board of Supervisors
Storey Creek Community Development District Osceola County, Florida

We have examined Storey Creek Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2022. Management is responsible for Storey Creek Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Storey Creek 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 Storey Creek 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 Storey Creek Community Development District’s compliance with the specified requirements.

In our opinion, Storey Creek 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 November 17, 2023

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