Amelia Concourse Community Development District
ANNUAL FINANCIAL REPORT

September 30, 2025

Amelia Concourse Community Development District ANNUAL FINANCIAL REPORT
September 30, 2025 TABLE OF CONTENTS
Page Number
REPORT OF INDEPENDENT AUDITORS	1-3
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-9
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements:
Statement of Net Position	10
Statement of Activities	11
Fund Financial Statements:
Balance Sheet – Governmental Funds	12
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	13
Statement of Revenues, Expenditures and Changes in Fund
Balances – Governmental Funds	14
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	15
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	16
Notes to Financial Statements	17-31
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	32-33
MANAGEMENT LETTER	34-37
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	38

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, 2025, 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 referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2025, 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 audit 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 (Government Auditing Standards). 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 audit. 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 the 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 any currently known information that may raise substantial doubt shortly 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 opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore, is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

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

Exercise professional judgment 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 judgment, 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.

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis be presented to supplement the basic financial statements.

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To the Board of Supervisors
Amelia Concourse Community Development District

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 GAAS, 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 Information

Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with Florida Statutes 218.39(3)(c) but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated June 26, 2026 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 and grant agreements and other matters.

The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida
June 26, 2026
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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 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 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. 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, 2025.

The District’s total assets exceeded total liabilities by $4,873,464 (net position). Unrestricted net position was $806,397. Restricted net position was $254,751. Net investment in capital assets was $3,812,316.

Governmental activities revenues totaled $1,033,301 while governmental activities expenses totaled $882,321.

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	
	2025			2024		

Current assets	
$	825,677	
$	726,554	
Restricted assets	1,286,677	1,220,828	
Capital assets, net		7,883,145 		8,056,847 	
Total Assets		9,995,499 		10,004,229 	

Current liabilities	
272,035	
266,745	
Non-current liabilities		4,850,000 		5,015,000 	
Total Liabilities		5,122,035 		5,281,745 	

Net investment in capital assets	
3,812,316	
3,800,223	
Net position-restricted	254,751	210,693	
Net position-unrestricted		806,397 		711,568 	
Total Net Position	 $	4,873,464 	 $	4,722,484 	

The increase in current and restricted assets is related to revenues exceeding expenditures at the fund level in the current year.
The decrease in capital assets is mainly related to current year depreciation.

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
	2025		2024	
Program Revenues				
Charges for services	$	939,769		$	893,443	
General Revenues	
Investment earnings	92,262		98,138	
Other revenues	1,270		3,700	
Total Revenues	1,033,301		995,281	
Expenses	
General government	159,075		154,679	
Physical environment	260,149		232,902	
Culture/recreation	169,243		172,527	
Interest and other charges	293,854		303,152	
Total Expenses	882,321		863,260	

Change in Net Position	
150,980		
132,021	
Net Position - Beginning of Year	4,722,484		4,590,463	
Net Position - End of Year	$	4,873,464		$	4,722,484	

The increase in charges for services is related to the increase in operations and maintenance levied special assessments and debt service assessment prepayments received in the current year.

The increase in physical environment is primarily related to the increase in landscape expenses 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, 2025 and 2024.

	Governmental Activities	
	Description			2025			2024		
Land and improvements	$	719,533	$	719,533	
Construction in progress	5,116,775	5,115,833	
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		(2,218,267)		(2,043,623)	
Total Capital Assets (Net)	 $	7,883,145 	 $	8,056,847 	
During the year, depreciation was $174,644 and additions to construction in progress were
$942.
General Fund Budgetary Highlights

Final budgeted expenditures exceeded actual expenditures primarily because attorney fees, landscape, and facility maintenance expenditures were less than anticipated.
The September 30, 2025 budget was amended to closely reflect actual revenues and expenditures.

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 balance outstanding at September 30, 2025 was $990,000.

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 improvements for the benefit of Phase II of the District improvements. The balance outstanding at September 30, 2025 was $1,705,000.

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, 2025 was $2,290,000.
Economic Factors and Next Year’s Budget

Amelia Concourse Community Development District does not expect any economic factors to have any significant effect on the financial position or results of operations of the District in fiscal year 2026.
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.

September 30, 2025

LIABILITIES	
Current Liabilities	
Accounts payable and accrued expenses	
Accrued interest	
Bonds payable	
Total Current Liabilities	
Non-current Liabilities	
Bonds payable	
Total Liabilities	

ASSETS	
Current Assets	
Cash and cash equivalents	
Investments	
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	

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

See accompanying notes.

Governmental Activities

$	53,102	
722,498	
5,119	
4,590	
	40,368 	
	825,677 	

1,286,677

719,533	
5,116,775	

423,490	
1,526,077	
2,315,537	
   (2,218,267)	
    9,169,822 	
    9,995,499 	

16,781	
120,254	
     135,000 	
     272,035 	

	4,850,000 
	5,122,035 

3,812,316	
254,751	
	806,397 	
 $	4,873,464 	

Program	
Revenues	
Charges for
Services	

For the Year Ended September 30, 2025

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

Expenses

$	(159,075)	
(260,149)	
(169,243)	
	(293,854)	
 $	(882,321)	

	
$	184,084	
173,095	
110,628	
	471,962 	
 $	939,769 	

General Revenues	
Investment earnings	
Miscellaneous revenues	
Total General Revenues	

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

$	25,009	
(87,054)	
(58,615)	
	178,108 	
57,448	

92,262
	1,270 
	93,532 

Change in Net Position	150,980	
Net Position - October 1, 2024		4,722,484 	
Net Position - September 30, 2025	 $	4,873,464 	

See accompanying notes.

Amelia Concourse Community Development District BALANCE SHEET -
GOVERNMENTAL FUNDS

Total	
Governmental	
Funds	

September 30, 2025

Debt	
Service	

Capital	
Projects	

$	53,102	
421,473	
2,620	
4,590	
40,368	

$	-	
-	
2,499	
-	
-	

$	-	
301,025	
-	
-	
-	

$	53,102	
722,498	
5,119	
4,590	
40,368	

601,027	
$	603,526	

685,650	
$	986,675	

1,286,677	
$ 2,112,354	

General

ASSETS	
Cash and cash equivalents	
Investments	
Due from other governments	
Deposits	
Prepaid expenses	
Restricted assets	
Investments	
Total Assets	

	
-	
$	522,153	

LIABILITIES AND FUND BALANCES	
Liabilities	
Accounts payable and accrued expenses	

Fund Balances	
Nonspendable	
Deposits	
Prepaid expenses	
Restricted	
Debt service	
Capital projects	
Assigned-capital projects	
Unassigned	
Total Fund Balances	
Total Liabilities and Fund Balances	

-	
-	

603,526	
-	
-	
-	
603,526	
$	603,526	

-	
685,650	
301,025	
-	
986,675	
$	986,675	

See accompanying notes.

$	16,781	$

4,590	
40,368	

-	
-	
-	
460,414	
505,372	
$	522,153	

-	$	-

-	
-	

$	16,781

4,590	
40,368	

603,526	
685,650	
301,025	
460,414	
2,095,573	
$ 2,112,354	

RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2025

Total Governmental Fund Balances

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

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

$  2,095,573

Capital assets not being depreciated, land and improvements, $719,533, and	
construction in progress, $5,116,775, used in governmental activities are not	
current financial resources and, therefore, are not reported at the fund level.	

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, $(2,218,267), used in governmental activities are not current financial resources and therefore, are not reported at the fund
level.	

5,836,308

2,046,837

(4,985,000)

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

(120,254)

Net Position of Governmental Activities	 $ 4,873,464 

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS
For the Year Ended September 30, 2025
Total

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

154,651	
145,418	
92,939	
-	

4,424	
-	
-	
-	

-	
16,391	
-	
942	

159,075	
161,809	
92,939	
942	

Debt		Capital	Governmental General	Service	Projects		Funds

Revenues	
Special assessments	
Investment earnings	
Miscellaneous revenues	
Total Revenues	

	
$	467,807		$	471,962		$	-		$	939,769	
24,189		29,762		38,311		92,262	
1,270		-		-		1,270	
493,266		501,724		38,311		1,033,301	

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

-		-		79,664		79,664	
(75,000)		(4,664)		-		(79,664)	
(75,000)		(4,664)		79,664		-	

-		160,000		-		160,000	
-		297,708		-		297,708	
393,008		462,132		17,333		872,473	

Excess of revenues over/(under) expenditures	100,258	39,592	20,978	160,828

Net change in fund balances	25,258		34,928		100,642		160,828	
Fund Balances - October 1, 2024	480,114		568,598		886,033		1,934,745	
Fund Balances - September 30, 2025	$	505,372		$	603,526		$	986,675		$	2,095,573	

Amelia Concourse Community Development District RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2025

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 that depreciation, $(174,644),	
exceeded capital outlay, $942, in the current year.	(173,702)	

Net Change in Fund Balances - Total Governmental Funds

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

Repayments of bond principal are expenditures at the fund level, but		
the repayments reduce long-term liabilities in the Statement of Net Position.	160,000	

In the Statement of Activities, interest is accrued on outstanding bonds; whereas	
at the fund level, interest expenditures are reported when due. This is		
the change in accrued interest in the current period.	3,854	

Change in Net Position of Governmental Activities

$	160,828

$	150,980

Other Financing Sources/(Uses)	
Transfers out	

23,188	11,141	480,114	468,973	

$	-	$	-	$	505,372	$	505,372	

Amelia Concourse Community Development District STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND

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

For the Year Ended September 30, 2025

Revenues	
Special assessments	
Investment earnings	
Miscellaneous revenues	
Total Revenues	

$	459,139		
$	467,807		
$	467,807		
$	-	
5,000		24,189		24,189		-	
500		1,270		1,270		-	
464,639		493,266		493,266		-	

Expenditures	
Current	
General government	
Physical environment	
Culture/recreation	
Total Expenditures	

161,785		168,445		154,651		13,794	
150,800		158,481		145,418		13,063	
100,242		102,481		92,939		9,542	
412,827		429,407		393,008		36,399	

Excess of revenues over expenditures	51,812		63,859		100,258		36,399	
	
(75,000)		
(75,000)		
(75,000)		
-	
Net change in fund balances Fund Balances - October 1, 2024	
(23,188)		
(11,141)		
25,258		
36,399	

Fund Balances - September 30, 2025								

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 reconstructing, enlarging or extending, equipping, operating and maintaining water management, bridges or culverts, district roads, landscaping, streetlights 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 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

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 primarily supported by special assessments 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.

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. 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 classifies fund balance in accordance with 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.

2.	Measurement Focus and Basis of Accounting (Continued)

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.
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.

Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”. Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.
Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.

Amounts expended to acquire capital assets are recorded as expenditures in the year that resources 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.
Basis of Presentation

Governmental Major Funds

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

Debt Service Fund – 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.

Basis of Presentation (Continued)

Non-current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such as capital assets, and non-current governmental liabilities, such as long-term debt, be reported in the governmental activities column in the government-wide Statement of Net Position.
Assets, Liabilities, and Net Position or Equity

Cash and Investments

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

The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;
Interest bearing time deposits or savings accounts in authorized qualified public depositories;

Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.
Cash equivalents include time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less, and held in a qualified public depository as defined by Section 280.02, Florida Statutes.

Restricted Net Position
Certain 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.

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

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.
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 a public hearing 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.
Use of Estimates

The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the financial statement date and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS
Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position
“Total fund balances” of the District’s governmental funds, $2,095,573, differs from “net position” of governmental activities, $4,873,464, 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 (that are to be used in governmental activities) are purchased or constructed, the cost of those assets is reported as expenditures at the governmental fund level. However, the Statement of Net Position includes those capital assets among the assets of the District as a whole.

Land	$	719,533	
Construction in progress	5,116,775	
Improvements other than buildings	423,490	
Infrastructure	2,315,537	
Recreational facilities and amenities	1,526,077	
Accumulated depreciation		(2,218,267)	
Total	$	7,883,145 	
Long-term debt transactions
Long-term liabilities applicable to the District’s	

governmental activities are not due and	
payable in the current period and accordingly are not reported as fund liabilities. All liabilities (both current and long-term) are reported in the Statement of Net Position.
Bonds payable	$	(4,985,000)

Accrued interest
Accrued liabilities in the Statement of Net Position differ from the amount reported at the governmental fund level due to the accrued interest on bonds.
Accrued interest	$	(120,254)

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities
The “net change in fund balances” for government funds, $160,828, differs from the “change in net position” for governmental activities, $150,980, 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 at the governmental fund level. 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 was exceeded by depreciation in the current year.

Depreciation	$	(174,644)	
Capital outlay		942 	
Total	$	(173,702)	
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	$	160,000 

Some expenses reported in the Statement of Activities do not require the use of current financial resources, therefore, are not reported as expenditures at the governmental fund level.
Change in accrued interest payable	$	3,854 

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, 2025, the District’s bank balance was $55,949 and the carrying value was $53,102. 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 the Federal Deposit Insurance Corporation or collateralized under Chapter 280, Florida Statutes.

Investments
As of September 30, 2025, the District had the following investments and maturities:

	Investment	  Maturity  	Fair Value	

Florida PRIME	47 Days *	$	364,854	
First American Treasury Obligations Fund	48 Days *	671,073	
First American Government Obligations Fund	45 Days *	14,577	
U.S. Bank Money Market	N/A		958,671 	
Total		 $	2,009,175 	

* Weighted Average Maturity

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

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

Based on the criteria in the preceding paragraph, the investments in First American Treasury Obligations Fund and First American Government Obligations Fund, are Level 1 assets.

NOTE C – CASH AND INVESTMENTS (CONTINUED)
Investments (Continued)

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, 2025, there were no redemption fees, maximum transaction amounts, or any other requirement that would limit daily access to 100 percent of the account value.

Interest Rate Risk
The District 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, 2025, the District's investments in the First American Treasury Obligations Fund, First American Government Obligations Fund, and Florida PRIME were rated AAAm by Standard & Poor's. The District’s investments in U.S. Bank Money Market were not rated 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 Obligations Fund represents 33% of the District's total investments. The investment in Florida PRIME represents 18% of the District's total investments. The investments in U.S. Bank Money Market represents 48% of the District’s total investments. Less than 1% of the District’s total investments are invested in First American Government Obligations Fund.
The types of deposits and investments and their level of risk exposure as of September 30, 2025 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 TRANSFERS
Interfund transfers for the year ended September 30, 2025, consisted of the following:

	Transfers Out	
Debt Service
 Transfers In	  General Fund  	Fund	 	Total	

Capital Projects Fund

 $	75,000 

 $	4,664 

 $	79,664 

Transfers from the General Fund to the Capital Projects Fund relate to budgeted capital reserve funding. Transfers from the Debt Service Fund to the Capital Projects Fund were made 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 the 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, 2025 was as follows:

	Balance
October 1,						Balance
September 30,	
	2024		Additions		Deletions		2025	
Governmental Activities:
Capital assets, not being depreciated: Land and improvements	

$	719,533		

$	-		

$	-		

$	719,533	
Construction in progress	5,115,833		942		-		5,116,775	
Total Capital Assets, Not Being Depreciated	5,835,366		942		-		5,836,308	
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	
Total Capital Assets, Being Depreciated	4,265,104		-		-		4,265,104	

Less accumulated depreciation for:								
Improvements other than buildings	(148,225)		(21,175)		-		(169,400)	
Infrastructure	(653,747)		(77,165)		-		(730,912)	
Recreational facilities and amenities	(1,241,651)		(76,304)		-		(1,317,955)	
Total Accumulated Depreciation	(2,043,623)		(174,644)		-		(2,218,267)	
Total Capital Assets, Being Depreciated, Net	2,221,481		(174,644)		-		2,046,837	

Governmental Activities Capital Assets	
$	8,056,847		
$ (173,702)		
$	-		
$	7,883,145	
Depreciation	of	$174,644	was	charged	to	physical	environment,	$98,340,	and culture/recreation, $76,304.

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, 2025:

Long-term debt at October 1, 2024	$	5,145,000	
Principal payments		(160,000)	
Long-term debt at September 30, 2025	$	4,985,000 	
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. Current portion is $50,000.	

$	990,000	
$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. Current portion is $40,000.	

1,705,000	
$3,035,000 Series 2019A Capital Improvement Revenue Bonds due in annual principal installments beginning May 2020 and maturing May 1, 2049. Interest at a rate of 5.65% is due May and November beginning November 2019. Current portion is $45,000.	

	2,290,000	
Total Long-term Debt	$	4,985,000	

NOTE G – LONG-TERM DEBT (CONTINUED)
The annual requirements to amortize the principal and interest of long-term debt outstanding as of September 30, 2025 are as follows:

Year Ending
  September 30, 		Principal			Interest			Total		
2026	$	135,000	$	288,610	$	423,610	
2027	145,000	280,793	425,793	
2028	155,000	272,406	427,406	
2029	160,000	263,431	423,431	
2030	175,000	254,173	429,173	
2031-2035	1,035,000	1,107,677	2,142,677	
2036-2040	1,150,000	776,565	1,926,565	
2041-2045	1,145,000	461,831	1,606,831	
2046-2049		885,000 		114,383 		999,383 	
Totals	 $	4,985,000 	 $	3,819,869 	 $	8,804,869 	

Summary of Significant Bond Resolution Terms and Covenants Significant Bond Provisions
The District’s bonds are subject to redemption at the option of the District prior to maturity and extraordinary mandatory redemption prior to maturity if certain events occurred as outlined in the Trust Indentures.
The Trust Indentures have certain restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements.
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. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.

NOTE G – LONG-TERM DEBT (CONTINUED)
Summary of Significant Bonds Resolution Terms and Covenants (Continued) Significant Bond Provisions (Continued)
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. 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 balances and requirements:

Reserve Balance

Reserve Requirement

Series 2007 Capital Improvement Revenue Bonds Series 2016 Capital Improvement Revenue Bonds Series 2019A Capital Improvement Revenue Bonds

$	112,263
$	72,548
$	106,301

$	69,561
$	70,625
$	88,335

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. There have been no claims or settled claims from these risks exceeding commercial insurance coverage over the past three years.

NOTE I – SUBSEQUENT EVENT

In November 2025, the District made the following prepayments: $15,000 on the Capital Improvement Bonds, Series 2007, $5,000 on the Capital Improvement Revenue Bonds, Series 2016, and $5,000 on the Capital Improvement Revenue Bonds, Series 2019A.
In May 2026, the District made the following prepayments: $5,000 on the Capital Improvement Revenue Bonds, Series 2016, and $45,000 on the Capital Improvement Revenue Bonds, Series 2019A.

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 (Government Auditing Standards), 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, 2025, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated June 26, 2026.

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 were not identified.

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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 financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 26, 2026

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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 Amelia Concourse Community Development District as of and for the year ended September 30, 2025, and have issued our report thereon dated June 26, 2026.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of America; 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 Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated June 26, 2026, 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. There were no findings or recommendations in the preceding financial audit report.

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To the Board of Supervisors
Amelia Concourse Community Development District
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 Amelia Concourse Community Development District met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that Amelia Concourse Community Development District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for Amelia Concourse Community Development District. It is management’s responsibility to monitor Amelia Concourse Community Development District’s financial condition; and 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 below was provided by management and has not been audited by us; 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)7, Rules of the Auditor General, Amelia Concourse Community Development District reported:
The total number of District employees compensated in the last pay period of the District’s fiscal year as: 5
The total number of independent contractors, to whom nonemployee compensation was paid in the last month of the District’s fiscal year as: 10
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as: $4,200
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $348,103.79
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, 2024, together with the total expenditures for such project as: 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 amended by Resolution 2026-02. See Original Budget vs. Actual below:

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To the Board of Supervisors
Amelia Concourse Community Development District

Original
Budget	Actual

Variance with Original Budget Positive (Negative)

  

Revenues
Special assessments	
$	459,139		
$	467,807		
$	8,668	
Investment income	5,000		24,189		19,189	
Miscellaneous revenues	500		1,270		770	
Total Revenues	464,639		493,266		28,627	

Expenditures Current
General government	

161,785		

154,651		

7,134	
Physical environment	150,800		145,418		5,382	
Culture and recreation	100,242		92,939		7,303	
Total Expenditures	412,827		393,008		19,819	

Excess of revenues over(under) expenditures	
51,812		
100,258		
48,446	
Other Financing Sources/(Uses) Transfers out	
(75,000)		
(75,000)		
-	

Net changes in fund balance	
(23,188)		
25,258		
48,446	
Fund Balances - October 1, 2024	23,188		480,114		456,926	

Fund Balances - September 30, 2025	
$	-		
$	505,372		
$	505,372	
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)9, Rules of the Auditor General, Amelia Concourse Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District:
$1,077.94 for the General Fund and $103.74 - $1,729.57 for the Debt Service Fund
The amount of special assessments collected by or on behalf of the District: $913,894
The total amount of outstanding bonds issued by the District and the terms of such bonds are as follows: Series 2007 due May 1, 2038, $990,000; Series 2016 due May 1, 2047,
$1,705,000; Series 2019A due May 1, 2049, $2,290,000

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 fraud, waste, or abuse, that has occurred or is likely to have occurred, that has 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.

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To the Board of Supervisors
Amelia Concourse Community Development District
Purpose of this Letter

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 26, 2026

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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, 2025. 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, 2025.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 26, 2026

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