Amelia Concourse Community Development District

ANNUAL FINANCIAL REPORT

September 30, 2022

Amelia Concourse Community Development District ANNUAL FINANCIAL REPORT
September 30, 2022 TABLE OF CONTENTS
Page Number
FINANCIAL SECTION

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
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – Special Purpose Entity	17
Notes to Financial Statements	18-33
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	34-35
MANAGEMENT LETTER	36-39
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	40

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Amelia Concourse Community Development District Nassau 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 Amelia Concourse 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 Amelia Concourse 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
Amelia Concourse 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
Amelia Concourse Community Development District

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that Management’s Discussion and Analysis be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated July 5, 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 Amelia Concourse Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida July 5, 2023

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Management’s discussion and analysis of Amelia Concourse 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 the private-sector. 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 are 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 funded by the District include general government, physical environment, culture and recreation, and interest on long-term debt.

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

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Fund financial statements include a balance sheet and a statement of revenues, expenditures and changes in fund balances for all governmental funds. A statement of revenues, expenditures, and changes in fund balances – budget and actual, is provided for the District’s General Fund and SPE 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.

Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near- term inflows and outflows of spendable resources, as well as balances of spendable resources available at the end of the year. Such information may be useful in evaluating a government's near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District's near-term financing decisions. Both the governmental fund balance sheet and the statement of revenues, expenditures, and changes in fund balances provide reconciliations to facilitate this comparison between governmental funds and governmental activities.

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

Financial Highlights:

The following are the highlights of financial activity for the year ended September 30, 2022.

The District’s total assets exceeded total liabilities by $3,733,592 (net position). Unrestricted net position was $1,348,460. Restricted net position-debt service was
$4,079,447. Net investment in capital assets was $(1,694,315).

Governmental activities revenues totaled $4,797,881 while governmental activities expenses totaled $1,464,169.

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.

Net Position

Governmental Activities
	2022		2021	

Current assets	
$	1,747,234		
$	1,238,206	
Restricted assets	4,328,788		5,712,745	
Capital assets, net of depreciation		8,397,425 			8,572,089 	
Total Assets		14,473,447 			15,523,040 	
Current liabilities	799,855		2,998,160	
Non-current liabilities		9,940,000 			12,125,000 	
Total Liabilities		10,739,855 			15,123,160 	
Net investment in capital assets	(1,694,315)		(1,519,651)	
Net position-restricted	4,079,447		2,704,161	
Net position-unrestricted		1,348,460 			(784,630)	
Total Net Position	 $	3,733,592 		 $	399,880 	

The increase in current assets is related to the increase in cash in the Special Revenue Fund.

The decrease in restricted assets and current liabilities is related to the increase in payments made for matured interest and matured principal in the current year.

The decrease in non-current liabilities is related to the debt service payments that were made 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.

Change in Net Position

Governmental Activities
	2022		2021	
Program Revenues				
Charges for services	$	2,242,386		$	3,024,911	
Operating grants and contributions
General Revenues	21,809		18,000	
Investments earnings	8,686	480	
Other revenues		2,525,000 		2,562,714 	
Total Revenues		4,797,881 		5,606,105 	

Expenses				
General government	210,044	168,675	
Physical environment	218,525	206,475	
Culture/recreation	108,430	122,746	
Interest and other charges		927,170 		839,996 	
Total Expenses		1,464,169 		1,337,892 	
Change in Net Position	3,333,712	4,268,213	
Net Position - Beginning of Year		399,880 		(3,868,333)	
Net Position - End of year	 $	3,733,592 	 $	399,880 	

The decrease in charges for services is related to the decrease in the special assessment prepayments in the current year.

The increase in general government is related to the increase in engineering and legal fees in the current year.

The increase in interest and other charges is related to the principal payments in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Capital Assets Activity

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

Governmental Activities
Description	2022	2021

Land and improvements	$	719,533	$	719,533	
Construction in progress	5,107,103	5,107,103	
Improvements other than buildings	423,490	423,490	
Infrastructure	2,315,537	2,315,537	
Recreation facilities and amenities	1,526,077	1,526,077	
Accumulated depreciation		(1,694,315)		(1,519,651)	

Total Capital Assets (Net)

 $	8,397,425 

 $	8,572,089 

 	

During the year, depreciation was $174,664.

General Fund Budgetary Highlights

The budget exceeded actual expenditures primarily because facility maintenance expenditures were less than anticipated.

There were no amendments to the September 30, 2022 General Fund Budget.

Debt Management

Governmental Activities debt includes the following:

In July 2007, the District issued $7,350,000 Series 2007 Capital Improvement Revenue Bonds. The bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. The District has $585,000 in matured bonds outstanding and the remaining balance outstanding at September 30, 2022 was
$5,150,000.

In June 2016, the District issued $3,385,000 Series 2016 Capital Improvement Revenue Bonds. The bonds were issued to finance the acquisition, construction, equipping and installation of certain improvement for the benefit of Phase II of the District improvements. The balance outstanding at September 30, 2022 was $1,865,000.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Debt Management (Continued)

In March 2019, the District issued $3,035,000 Series 2019A Capital Improvement Revenue Bonds. The bonds were issued to finance a portion of the cost of acquisition, construction, installation, and equipping of the Phase III Project. The balance outstanding at September 30, 2022 was $2,520,000.

In March 2019, the District issued $1,920,000 Series 2019B-1 Capital Improvement Revenue Bonds. The bonds were issued to finance a portion of the cost of acquisition, construction, installation, and equipping of the Phase III Project. The balance outstanding at September 30, 2022 was $395,000.

In March 2019, the District issued $1,415,000 Series 2019B-2 Capital Improvement Revenue Bonds. The bonds were issued to finance a portion of the cost of acquisition, construction, installation, and equipping of the Phase III Project. The balance outstanding at September 30, 2022 was $295,000.

Economic Factors and Next Year’s Budget

The District’s financial condition has changed since last year. In June 2016, the District issued 2016 Capital Improvement Revenue Bonds amounting to $3,385,000. However, the District is still in default on the Series 2007 Bonds outstanding balance, however, the majority of the matured principal and all of the matured interest was paid during the year. The District issued new debt in fiscal year 2019 and began a new capital project. The effect of the above on the September 30, 2023 budget cannot be determined.

Request for Information

The financial report is designed to provide a general overview of Amelia Concourse 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 Amelia Concourse Community Development District, Governmental Management Services, 475 West Town Place, Suite 114, St. Augustine, Florida 32092.

Amelia Concourse Community Development District STATEMENT OF NET POSITION
September 30, 2022

ASSETS	
Current Assets	
Cash and cash equivalents	
Investments	
Assessments receivable	
Due from other governments	
Deposits	
Prepaid expenses	
Total Current Assets	
Non-Current Assets	
Restricted assets	
Investments	
Capital assets, not being depreciated	
Land and improvements	
Construction in progress	
Capital assets, being depreciated	
Improvements other than buildings	
Recreation facilities and amenities	
Infrastructure	
Less: accumulated depreciation	
Total Non-Current Assets	
Total Assets	

Governmental Activities

$	1,255,803	
442,259	
13,968	
2,447	
2,475	
	30,282 	
	1,747,234 	

4,328,788

719,533	
5,107,103	

423,490	
1,526,077	
2,315,537	
   (1,694,315)	
   12,726,213 	
   14,473,447 	

28,595	
8,982	
252,278	
225,000	
     285,000 	
     799,855 	

LIABILITIES	
Current Liabilities	
Accounts payable and accrued expenses	
Due to other governments	
Accrued interest	
Matured bonds payable	
Bonds payable	
Total Current Liabilities	
Non-Current Liabilities	
Bonds payable	
Total Liabilities	

	9,940,000 
	10,739,855 

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

(1,694,315)	
4,079,447	
	1,348,460 	
 $	3,733,592 	

See accompanying notes.
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Amelia Concourse Community Development District STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2022

Program Revenues	

Charges for Services	Operating Grants and Contributions	

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

Expenses

$	(210,044)	
(218,525)	
(108,430)	
	(927,170)	
 $ (1,464,169)	

$	207,383	
112,379	
36,008	
	1,886,616 	
 $	2,242,386 	

$	21,809	
-	
-	
	- 	
 $	21,809 	

General Revenues	
Investment earnings	
Miscellaneous revenues	
Total General Revenues	

Net (Expense)	
Revenues and	
Changes in	
Net Position	

Governmental Activities	

$	19,148	
(106,146)	
(72,422)	
	959,446 	
800,026	

8,686
	2,525,000 
	2,533,686 

Change in Net Position	3,333,712	
Net Position - October 1, 2021		399,880 	
Net Position - September 30, 2022	 $	3,733,592 	

See accompanying notes.

Amelia Concourse Community Development District BALANCE SHEET -
GOVERNMENTAL FUNDS
September 30, 2022

	General	

Debt	Capital

Total	
Governmental	
	Funds		

Special Purpose	
	Entity		

	Service			Projects	

	- 	
 $	448,927 	

	- 	
 $	1,195,395 	

	3,641,539 	
 $ 4,841,897 	

	687,249 	
 $	805,381 	

	4,328,788 	
 $ 7,291,600 	

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

 	
$	60,408	
324,127	
-	
1,053	
30,582	
2,475	
30,282	

 	
$	1,195,395	
-	
-	
-	
-	
-	
-	

	
$	-	
-	
13,968	
1,394	
1,184,996	
-	
-	

	
$	-	
118,132	
-	
-	
-	
-	
-	

	
$ 1,255,803	
442,259	
13,968	
2,447	
1,215,578	
2,475	
30,282	

LIABILITIES AND FUND BALANCES	
Liabilities:	
Accounts payable and accrued expenses	
Due to other funds	
Due to other governments	
Matured bonds payable	
Total Liabilities	

$	24,042	
2,914	
-	
        - 	
    26,956 	

$	4,553	
1,182,082	
8,982	
	- 	
	1,195,617 	

$	-	
12,935	
-	
	225,000 	
	237,935 	

$	-	
17,647	
-	
	- 	
	17,647 	

$	28,595	
1,215,578	
8,982	
	225,000 	
	1,478,155 	

Fund Balances:	
Nonspendable	
Deposits and prepaid expenses	
Restricted	
Debt service	
Special purpose	
Assigned-capital projects	
Unassigned	
Total Fund Balances	
Total Liabilities and Fund Balances	

32,757	-	-	-	32,757

-	
-	
-	
	389,214 	
	421,971 	
 $	448,927 	

-	
-	
-	
	(222)	
	(222)	
 $	1,195,395 	

4,603,962	
-	
-	
	- 	
	4,603,962 	
 $ 4,841,897 	

-	
-	
4,797,881	
	(4,010,147)	
	787,734 	
 $	805,381 	

4,603,962	
-	
4,797,881	
	(3,621,155)	
	5,813,445 	
 $ 7,291,600 	

See accompanying notes.

Amelia Concourse 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 not being depreciated, land and improvements, $719,533, and	
construction in progress, $5,107,103, used in governmental activities are not	
current financial resources and, therefore, are not reported at the fund level.	

Long-term liabilities, including bonds payable, are not due and payable in the	
current period and; therefore, are not reported at the fund level.	

$  5,813,445

Capital assets being depreciated, infrastructure, $2,315,537, improvements other	
than buildings, $423,490, and recreation facilities and amenities, $1,526,077, net of accumulated depreciation, $(1,694,315), used in governmental activities
are not financial resources and therefore, are not reported at the fund level.	

5,826,636

2,570,789

(10,225,000)

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

	(252,278)

Net Position of Governmental Activities	 $  3,733,592 

See accompanying notes.

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

Total
Special Purpose	Debt	Capital	Governmental

Revenues	
Special assessments	
Bondholder contributions	
Investment earnings	
Miscellaneous revenues	
Total Revenues	

$	355,770	
-	
230	
	400 	
	356,400 	

$	-	
21,809	
-	
	38 	
	21,847 	

$	1,886,616	
-	
5,403	
   2,524,562 	
   4,416,581 	

$	-	
-	
3,053	
        - 	
      3,053 	

$	2,242,386	
21,809	
8,686	
    2,525,000 	
    4,797,881 	

Expenditures	
Current	
General government	
Physical environment	
Culture/recreation	
Debt service	
Principal	
Interest	
Other	
Total Expenditures	

185,026	
100,264	
32,126	

22,140	
-	
-	

2,878	
-	
-	

-	
19,901	
-	

210,044	
120,165	
32,126	

	General	 	Entity	 	Service	 	Projects	 	Funds	

-	
-	
       - 	
   317,416 	

-	
-	
         - 	
      22,140 	

2,170,000	
996,735	
      6,138 	
   3,175,751 	

-	
-	
        - 	
     19,901 	

2,170,000	
996,735	
       6,138 	
    3,535,208 	

Excess of revenues over expenditures		38,984  	(293)		1,240,830  	(16,848)		1,262,673 

Other financing sources/(uses)	
Operating transfers in	
Operating transfers out	
Total Other Financing Sources/(Uses)	

-	-	-	26,979	26,979
	(26,754)		-  	(225)		-  	(26,979)
	(26,754)		-  	(225)		26,979  	- 

Net change in fund balances	12,230	(293)	1,240,605	10,131	1,262,673

Fund Balances - October 1, 2021		409,741  	71  	3,363,357  	777,603  	4,550,772 

Fund Balances - September 30, 2022 See accompanying notes.

 $	421,971 

 $	(222)

 $	4,603,962 

 $	787,734 

 $	5,813,445 

- 14 -

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

Net Change in Fund Balances - Total Governmental Funds	$  1,262,673

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 are allocated over their estimated		
useful lives as depreciation. This is the amount of depreciation in the current year.	(174,664)	

Repayments of bond principal are expenditures at the fund level, but		
the repayments reduce long-term liabilities in the Statement of Net Position.	2,170,000	

In the Statement of Activities, interest is accrued on outstanding bonds; whereas	
in the fund level interest expenditures are reported when due. This is		
the change in accrued interest in the current period.		75,703 	

Change in Net Position of Governmental Activites	 $ 3,333,712 

	-  	409,741  	409,741 	
 $	-   $	421,971   $	421,971 	

FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND
For the Year Ended September 30, 2022

	Variance with	
	Final Budget	
Original	Final		Positive	
Budget	Budget	Actual	(Negative)	

Revenues	
Special assessments	
Investment earnings	
Miscellaneous revenues	
Total Revenues	

 	

$	348,677	
50	
	500 	
349,227	

 

$	348,677	
50	
	500 	
349,227	

 

$	355,770	
230	
	400 	
356,400	

 

$	7,093	
180	
	(100)	
7,173	

Expenditures	
Current	
General government	
Physical environment	
Culture/recreation	
Total Expenditures	

146,464	146,464	
111,926	111,926	
    64,083  	64,083  		
322,473	322,473	

(38,562)	
11,662	
	31,957 	
5,057	

185,026
100,264
32,126 

Other Financing Sources/(Uses)	
Transfer out	

317,416

Excess of revenues over expenditures		26,754 		26,754 		38,984 		12,230 	
					
		(26,754)		(26,754)		(26,754)		- 	
Net change in fund balances

Fund Balances - October 1, 2021	-

	- 	-	12,230	12,230	
Fund Balances - September 30, 2022	 $	- 	

	

FUND BALANCES – BUDGET AND ACTUAL – SPECIAL PURPOSE ENTITY
For the Year Ended September 30, 2022

Variance with	
Final Budget	
Positive	
ual	(Negative)	

Original	Final
Budget	Budget	Act

Revenues	
Bondholder contributions	
Miscellaneous revenues	
Total Revenues	

$	25,650	$

25,650	$

21,809	$

(3,841)

	-  	-  	38  	38 

Expenditures	
Current	
General government	

	25,650  	25,650  	21,847  	(3,803)

	25,650  	25,650  	22,140  	3,510 

-	-	(293)	

Net change in fund balances	(293)

	-  	71  	71 	
 $	-   $	(222)	 $	(222)	

Fund Balances - October 1, 2021		- 

Fund Balances - September 30, 2022	 $	- 

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 July 10, 2006, by Ordinance 2006-58 of Nassau County, Florida, pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing or re-constructing, enlarging or extending, equipping, operating and maintaining water management, bridges or culverts, district roads, landscaping, street lights and other basic infrastructure projects within or without the boundaries of the Amelia Concourse Community Development District. The District is governed by a five-member Board of Supervisors who are elected for four year terms. The District operates within the criteria established by Chapter 190, Florida Statutes.

As required by GAAP, these financial statements present the Amelia Concourse Community Development District (the primary government) as a local unit of special-purpose 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. To be includable within the District’s financial statements, the component unit must be financially accountable or the exclusion of the nature and significance of their relationship with the District would cause the financial statements to be misleading or incomplete. Blended component units must be financially accountable to the District; there must be a financial burden/benefit relationship and the entity, although legally separate, must operate like a fund of the District.

Based upon the application of the above-mentioned criteria as set forth in Governmental Accounting Standards Board, the District has identified one blended component unit.

The blended component unit is a legally separate entity. It is reported as a Special Revenue Fund. The blended component unit of the District is as follows:

Reporting Entity (Continued)

Amelia Concourse SPE, LLC – The Company is a Special Purpose Entity (the “SPE”) that was created to own, manage, maintain, and sell and/or dispose of the Property for the benefit of the District based upon an agreement between the Company, the District, and the U.S. Bank National Association (the "Trustee"). The Company has sold all the property subject to the agreement to the Developer. The Developer and SPE entered into a Real Estate Sales Agreement that requires the Developer to remit a % of each home sale to the Company based upon the sale price. Whenever the Company receives cash from the sale of the property to end user, the net proceeds are remitted to the Trustee to apply pursuant to the Series 2007 Trust Indenture.

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

a. Government-wide Financial Statements

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Government-wide financial statements report all non-fiduciary information about the reporting government as a whole and its blended component unit. These statements include all the governmental activities of the primary government and its component unit. The effect of interfund activity has been removed from these statements.

Governmental activities are supported by special assessments, developer contributions, intergovernmental revenues and interest. 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.

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. 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 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. The classifications include non-spendable, restricted, committed, assigned and unassigned.

The District has various policies governing the fund balance classifications.

Non-spendable 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.

Committed Fund Balance – This classification consists of amounts that can only be used for specific purposes pursuant to the constraints imposed by a formal action of the government’s highest level of decision making authority.

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.

Governmental Funds (Continued)

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 – 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.

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. In addition, the proceeds of long-term debt are recorded as an other financing source rather than as a fund liability.

Debt service expenditures are recorded only when payment is due.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation

Governmental Major Funds

General Fund – The General Fund is the District’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.

Special Purpose Entity Fund – The Special Purpose Entity Fund is a Special Revenue Fund that accounts for the activities of the SPE, a blended component unit of the government. The SPE owns, manages, maintains, and will sell and/or dispose of the property for the benefit of the District.

Debt Service Fund – The Debt Service Fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt.

Capital Projects Fund – Accounts for construction of infrastructure improvements within the District.

Non-current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such as infrastructure and improvements, 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 or Equity

a.	Cash and Investments

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

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

Cash and Investments (Continued)

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

Direct obligations of the United States Treasury;

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

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

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

Cash equivalents include time deposits and certificates of deposit with original maturities of three months or less and held in a qualified public depository as defined by Section 280.02, Florida Statutes.

Restricted Assets

Certain assets of the District and a corresponding liability or portion of net position is classified as restricted 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.

Capital Assets

Capital assets, which include land and improvements, construction in progress, improvements other than buildings, recreational facilities and amenities, and infrastructure, are reported in the governmental activities column in the government-wide statements.

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.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

Capital Assets (Continued)

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	20 years
Improvements other than buildings	20 years
Recreational facilities and amenities	30 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.

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, $5,813,445, differs from “net position” of governmental activities, $3,733,592, 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 (infrastructure and recreational facilities 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	$	719,533	
Construction in progress	5,107,103	
Improvements other than buildings	1,526,077	
Infrastructure	2,315,537	
Recreational facilities	423,490	
Accumulated depreciation		(1,694,315)	
Total	$	8,397,425	

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	$	(10,225,000)

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	$	(252,278)

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

The “net change in fund balances” for government funds, $1,262,673, differs from the “change in net position” for governmental activities, $3,333,712, reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated below.

Capital related items

When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, in the Statement of Activities, the costs of those assets are allocated over their estimated useful lives as depreciation. The following is the amount that capital outlay exceeded depreciation in the current year.

Depreciation	$	(174,664)

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

2. Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities (Continued)

Long-term debt transactions

Repayments of bond principal are expenditures at the fund level but reduce liabilities in the Statement of Net Position. The issuance of new debt is an other financing source at the fund level but it increases long-term liabilities in the Statement of Net Position.

Principal payments	$	2,170,000

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

Change in accrued interest payable	$	75,703

NOTE C – CASH AND INVESTMENTS

All deposits are held in qualified public depositories and are included on the accompanying balance sheet and statement of net position 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. The investment policy of the District follows the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2022, the District’s bank balance was $1,258,524 and the carrying value was $1,255,803. The District controls its exposure to custodial credit risk because it 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

The District’s investment policy allows management to invest funds in investments permitted under Section 218.415, Florida Statutes. The investment in Florida PRIME is measured at amortized cost. Florida PRIME has established policies and guidelines regarding participant transactions and the authority to limit or restrict withdrawals or impose a penalty for an early withdrawal. As of September 30, 2022, there were no redemption fees, maximum transaction amounts, or any other requirement that would limit daily access to 100 percent of the account value.

As of September 30, 2022, the District had the following investments and maturities:

	Investment	  Maturity    Fair Value	

Florida PRIME	21 Days *	$	118,132	
First American Treasury Obligation	18 Days *	607,191	
First American Government Obligation	9 Days *	272	
U.S. Bank Managed Money Market	N/A		4,045,452 	
Total		 $  4,771,047 	

* Weighted Average Maturity

The District categorizes its fair value measurements within the fair value hierarchy recently established by generally accepted accounting principles. The fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The District uses a market approach in measuring fair value that uses prices and other relevant information generated by market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.

Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtaining quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant unobservable inputs that uses the best information available under the circumstances, which includes the District’s own data in measuring unobservable inputs.

Based on the criteria in the preceding paragraph, the investment in First American Treasury Obligation, First American Government Obligation, and U.S. Bank Managed Money Market are Level 1 assets.

Interest Rate Risk

The District monitors 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, 2022, the District's investment in the First American Treasury Obligation, First American Government Obligation, and Florida PRIME were rated AAAm by Standard & Poor's.

Concentration of Credit Risk

The District places no limit on the amount it may invest in any one issuer. The investment in First American Treasury Obligation represents 13% of the District's total investments. The investment in Florida PRIME represents 2% of the District's total investments. The investments in U.S. Bank Managed Money Market Account represents 85% 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. The District considers any decline in fair value for certain investments to be temporary. In addition, the District has the ability to hold investments to maturity that have fair values less than cost. The District’s investments are recorded at book value.

NOTE D – INTERFUND ACTIVITY

Interfund balances at September 30, 2022, consisted of the following:

Payable Fund

Receivable Fund		
General Fund		Special Purpose
Entity		Debt Service
Fund		Capital Projects
Fund		

Total	
General Fund		$	-		$	-		$ 12,935		$ 17,647		$	30,582	
Debt Service Fund			2,914 			1,182,082 			- 			- 			1,184,996	
		 $	2,914 		 $ 1,182,082 		 $ 12,935 		 $ 17,647 		 $ 1,215,578	

The amount due to the General Fund from the Debt Service Fund and Capital Projects Fund is related to property appraisal fees paid by the General Fund. The amount due to the Debt Service Fund from the Special Purpose Entity is related to land sale proceeds and true up revenue received but not yet remitted to the Debt Service Fund at fiscal year-end.

NOTE D – INTERFUND ACTIVITY (CONTINUED)

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

	Transfers Out	

 Transfers In	

General Fund

Debt Service
Fund	Total

Capital Projects Fund

 $	26,754 

 $	225 

$ 26,979

The amount transferred to the Capital Projects Fund relate to funds received from the General Fund for capital reserve funding. Amounts transferred from the Debt Service Fund to the Capital Projects Fund are in accordance with the Trust Indenture.

NOTE E – SPECIAL ASSESSMENT REVENUES

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

Assessments and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

NOTE F – CAPITAL ASSETS

Capital Asset activity for the year ended September 30, 2022 was as follows:

Governmental Activities:
Capital assets, not being depreciated:

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

Land and improvements

$	719,533	$	-	$

-	$	719,533

Construction in progress		5,107,103  	-  	-  	5,107,103  Total Capital Assets, Not Being Depreciated		5,826,636  	-  	-  	5,826,636 

Capital assets, being depreciated:
Improvements other than buildings			423,490	-	-		423,490 Infrastructure		2,315,537	-	-	2,315,537 Recreational facilities and amenities	  1,526,077  	-  	-    1,526,077 

Improvements other than buildings	(84,700)	(21,175)	-	(105,875)	
Infrastructure	(422,212)	(77,185)	-	(499,397)	
Recreational facilities and amenities		(1,012,739)		(76,304)		-  	(1,089,043)	
Total Accumulated Depreciation		(1,519,651)		(174,664)		-  	(1,694,315)	
Total Capital Assets, Being Depreciated, net	 $	2,745,453 	 $ (174,664)	 $	-   $	2,570,789 	

Total Capital Assets, Being Depreciated	 4,265,104  	-  	-    4,265,104  Less accumulated depreciation for:

Depreciation of $98,360 was charged to physical environment and $76,304 was charged to culture/recreation.

NOTE G – LONG-TERM DEBT

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

Long-term debt at October 1, 2021	$	12,395,000	
Principal payments		(2,170,000)	
Long-term debt at September 30, 2022	$	10,225,000	
Long-term debt is comprised of the following:		
Capital Improvement Revenue Bonds		
$7,350,000 Series 2007 Capital Improvement Revenue Bonds due in annual principal installments beginning May 2009 and maturing May 1, 2038. Interest at a rate of 5.75% is due May and November beginning November 2007.	

$	5,150,000	
$3,385,000 Series 2016 Capital Improvement Revenue Bonds due in annual principal installments beginning May 2018 and maturing May 1, 2047. Interest at a rate of 6.00% is due May and November beginning November 2016.	

1,865,000	
$3,035,000 Series 2019A Capital Improvement Revenue		
Bonds due in annual principal installments beginning May		
2020 and maturing May 1, 2049. Interest is at a rate of		
5.650% is due May and November beginning May 2019.	2,520,000	
$1,920,000 Series 2019B-1 Capital Improvement Revenue		
Bonds due in one balloon payment May 2029. Interest at a		

rate of 5.250% is due May and November beginning May 2019.

$1,415,000 Series 2019B-2 Capital Improvement Revenue Bonds due in one balloon payment May 2029. Interest at a rate of 7.250% is due May and November beginning May

395,000

2019.		295,000

Total Long-term Debt	$	10,225,000

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

Year Ending
	September 30, 		Principal			Interest			Total		
2023	$	285,000	$	605,469	$	890,469	
2024	305,000	589,034	894,034	
2025	320,000	571,454	891,454	
2026	340,000	552,999	892,999	
2027	355,000	533,399	888,399	
2028-2032	2,835,000	2,205,360	5,040,360	
2033-2037	2,850,000	1,426,053	4,276,053	
2038-2042	1,265,000	691,231	1,956,231	
2043-2047	1,330,000	337,298	1,667,298	
2048-2049		340,000 		29,098 		369,098 	
Totals	 $	10,225,000 	 $	7,541,395 	 $	17,766,395 	

Summary of Significant Bonds Resolution Terms and Covenants

Depository Funds – The bond resolution establishes certain funds and determines the order in which revenues are to be deposited into these funds. A description of the significant funds, including their purposes, is as follows:
Reserve Fund – The 2007 Reserve Account is funded from the proceeds of the Bonds in an amount equal to the reserve percentage, 7.0264%, times the deemed outstanding amount. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.
Reserve Fund – The 2016 Reserve Account is funded from the proceeds of the Bonds in an amount equal to 50% of the maximum annual debt service requirement for the Series 2016 Bonds, which amount initially equals $123,050. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.
Reserve Fund – The 2019A Reserve Account is funded from the proceeds of the Bonds in an amount equal to 50% of the maximum annual debt service requirement for the Series 2019A Bonds, which initially equals $106,301. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.
Reserve Fund – The 2019B-1 and 2019B-2 Reserve Account is funded from the proceeds of the Bonds in an amount equal to 50% of the annual interest requirement for the Series 2019B-1 Bonds and Series 2019B-2 Bonds, which amount initially equals $50,400 and
$51,294 respectively. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.

The following is a schedule for the reserve requirements:

Capital Improvement
	Revenue Bonds	

Reserve
	Balance	

Reserve
 Requirement 

Series 2007 Capital Improvement Revenue Bonds Series 2016 Capital Improvement Revenue Bonds Series 2019A Capital Improvement Revenue Bonds Series 2019B-1 Capital Improvement Revenue Bonds Series 2019B-2 Capital Improvement Revenue Bonds

$	85,747
$	73,299
$	106,301
$	14,831
$	15,225

$	377,669
$	73,250
$	92,177
$	10,369
$	10,694

NOTE H – 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. These risks are covered by commercial insurance from independent third parties. Settled claims from these risks have not exceeded commercial insurance coverage over the past three years.

NOTE I – SUBSEQUENT EVENT

In November 2022, the District made the following prepayments: $15,000 on the Capital Improvement Revenue Bonds, Series 2016, $20,000 on the Capital Improvement Revenue Bonds, Series 2019A, $155,000 on the Capital Improvement Revenue Bonds, Series 2019B-1, and $115,000 on the Capital Improvement Revenue Bonds, Series 2019B-2.

In February 2023, the District made the following prepayments: $170,000 on the Capital Improvement Revenue Bonds, Series 2019B-1, and $125,000 on the Capital Improvement Revenue Bonds, Series 2019B-2.

In May 2023, the District made the following prepayments: $20,000 on the Capital Improvement Revenue Bonds, Series 2016, $35,000 on the Capital Improvement Revenue Bonds, Series 2019A, $35,000 on the Capital Improvement Revenue Bonds, Series 2019B-1, and $25,000 on the Capital Improvement Revenue Bonds, Series 2019B-2.

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
Amelia Concourse Community Development District Nassau 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 Amelia Concourse Community Development District, as of and for the year ended September 30, 2022, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated July 5, 2023.

Report on Internal Control Over Financial Reporting

In planning and performing our audit, we considered Amelia Concourse 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 Amelia Concourse Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Amelia Concourse 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.

- 34 -

To the Board of Supervisors
Amelia Concourse Community Development District

Report on Compliance and Other Matters

As part of obtaining reasonable assurance about whether Amelia Concourse 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.

We noted certain matters that we reported to management of the District in a separate letter dated July 5 2023. (See pages 36-39)

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida July 5, 2023

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MANAGEMENT LETTER
To the Board of Supervisors
Amelia Concourse Community Development District Nassau County, Florida
Report on the Financial Statements

We have audited the financial statements of the Amelia Concourse Community Development District as of and for the year ended September 30, 2022, and have issued our report thereon dated July 5, 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 Reports and Schedule

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals Standards, AT-C Section 315 regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in that report, which is dated July 5, 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 made to address findings and recommendations made in the preceding financial audit report. The following findings or recommendations were made in the preceding financial audit report:

Findings and Recommendations

2012-01/2013-01/2014-01 Reserve Requirement

Finding: The Debt Service Reserve Requirement for 2007 Bond was not met at fiscal year end.

Recommendation: The District should make the necessary arrangements to ensure funds are available to make debt service payments.

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To the Board of Supervisors
Amelia Concourse Community Development District

Management Response: The District is working directly with the Trustee and Bondholders to resolve all financial issues related to the non-payment of assessments which resulted in foreclosure of property, insufficient funds to meet debt service requirements, fund balance deficits and failure to meet Debt Service Reserve Fund requirements.
Current Status: This finding has not been corrected as of September 30, 2022. 2012-02/2013-02/2014-02 Financial Condition Assessment
Finding: The District’s financial conditions continue to deteriorate and the future of the project remains uncertain. The Debt Service Fund has reported deficit fund balances at the end of the fiscal year for six years. Nonpayment of assessments by the former Developer caused there to be insufficient funds available to make the required debt service payments on the Series 2007 bond beginning with the scheduled payment due on May 1, 2009. As a result, the interest portion of the May 1, 2009 debt service payment for the Series 2007 Bonds was made, in part, by a draw on the Debt Service Reserve Account and the May 1, 2009 principal payment was not made until March 12, 2013. Additional debt service payments were not made. However, the District did not make the current year principal payment, any of the past due interest nor did they make full payment of the current year interest due. The failures by the District to pay its debt service on 2007 Bond are considered events of default. The District remains obligated with respect to the principal and interest on the Series 2007 Bonds.
Recommendation: The District should take the necessary steps to improve the deteriorating financial condition.
Management Response: The District is working directly with the Trustee and Bondholders to resolve all financial issues related to the non-payment of assessments which resulted in foreclosure of property, insufficient funds to meet debt service requirements, fund balance deficits and failure to meet Debt Service Reserve Fund requirements.
Current Status: The District paid substantially all of the matured principal and all of the matured interest during the year.

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To the Board of Supervisors
Amelia Concourse Community Development District

Financial Condition
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 Amelia Concourse 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 Amelia Concourse Community Development District met one of the conditions described in Section 218.503(1), Florida Statutes (See finding above).

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 Amelia Concourse Community Development District. It is management’s responsibility to monitor the Amelia Concourse 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 Amelia Concourse 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: 8
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: $379,527
Each construction project with a total cost of at least $65,000 approved by the District that is scheduled to begin on or after October 1, 2021, together with the total expenditures for such project: The District had no construction projects during the year.
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the District amends a final adopted budget under Section 189.016(6), Florida Statutes: The budget was not amended.

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To the Board of Supervisors
Amelia Concourse Community Development District

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the Amelia Concourse Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District: General Fund, $818.61 and Debt Service Fund, $571.74 - $2,379.41
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $2,242,386.
The total amount of outstanding bonds issued by the District and the terms of such bonds: See page 31, Note G.

Additional Matters

Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we did not 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 July 5, 2023

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

To the Board of Supervisors
Amelia Concourse Community Development District Nassau County, Florida

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

In our opinion, Amelia Concourse Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2022.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida July 5, 2023

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