SHINGLE CREEK AT BRONSON 

COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

FINANCIAL REPORT 

FOR THE FISCAL YEAR ENDED 

SEPTEMBER 30, 2023 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

 

 

TABLE OF CONTENTS 

 

 

Page 



INDEPENDENT AUDITOR’S REPORT 

1-2 

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS 

3-6 

 

 

BASIC FINANCIAL STATEMENTS 

 

Government-Wide Financial Statements: 

 

Statement of Net Position 

7 

 Statement of Activities 

8 

Fund Financial Statements: 

 

 Balance Sheet – Governmental Funds 

9 

 Reconciliation of the Balance Sheet – Governmental Funds 

 

 to the Statement of Net Position 

10 

 Statement of Revenues, Expenditures and Changes in Fund Balances – 

 Governmental Funds 

11 

 Reconciliation of the Statement of Revenues, Expenditures and Changes in 

 Fund Balances of Governmental Funds to the Statement of Activities 

 

12 

Notes to Financial Statements 

13-20 

 

 

REQUIRED SUPPLEMENTARY INFORMATION 

 

Schedule of Revenues, Expenditures and Changes in Fund Balance – 

Budget and Actual – General Fund 

 

21 

Notes to Required Supplementary Information 

22 

 

 

OTHER INFORMATION 

 

Data Elements required by FL Statute 218.39 (3) (c) 

23 

 

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL 

REPORTING AND COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT 

OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH 

GOVERNMENT AUDITING STANDARDS 

24-25 

 

 

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS 

OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) 

OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA 

 

 

26 

 

 

MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES 

OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA 

27-28 



 

 


INDEPENDENT AUDITOR’S REPORT 

 

To the Board of Supervisors 

Shingle Creek at Bronson Community Development District 

Osceola County, Florida 

 

Report on the Audit of the Financial Statements 

Opinions 

We have audited the accompanying financial statements of the governmental activities and each major 
fund of Shingle Creek at Bronson Community Development District, Osceola County, Florida (“District”) 
as of and for the fiscal year ended September 30, 2023, and the related notes to the financial statements, 
which collectively comprise the District’s basic financial statements as listed in the table of contents. 

In our opinion, the 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, 2023, and the respective changes in financial position thereof for the fiscal year then 
ended in accordance with accounting principles generally accepted in the United States of America. 

Basis for Opinions 

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. 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 opinions. 

Responsibilities of Management for the Financial Statements 

The District’s 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. 

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 twelve months beyond the financial statement date, including any currently known 
information that may raise substantial doubt shortly thereafter. 

Auditor’s Responsibilities 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 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, 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 and budgetary comparison information 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 we 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 Included in the Financial Report 

Management is responsible for the other information included in the financial report. The other information 
comprises the information for compliance with FL Statute 218.39 (3) (c) but does not include the financial 
statements and our auditor's report thereon. Our opinions on the 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 financial statements, our responsibility is to read the other information and consider 
whether a material inconsistency exists between the other information and the 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 our report dated June 21, 2024, 
on our consideration of the District’s internal control over financial reporting and on our tests of its 
compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. 
The purpose of that report is solely 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. 

 

 

 

June 21, 2024 


MANAGEMENT’S DISCUSSION AND ANALYSIS 

 

Our discussion and analysis of Shingle Creek at Bronson Community Development District, Osceola 
County, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal 
year ended September 30, 2023. Please read it in conjunction with the District’s Independent Auditor’s 
Report, basic financial statements, accompanying notes and supplementary information to the basic 
financial statements. 

 

FINANCIAL HIGHLIGHTS 

 

• The assets of the District exceeded its liabilities at the close of the most recent fiscal year 
resulting in a net position balance of $3,967,187. 


 

• The change in the District’s total net position in comparison with the prior fiscal year was 
$445,245, an increase. The key components of the District’s net position and change in net 
position are reflected in the table in the government-wide financial analysis section. 


 

• At September 30, 2023, the District’s governmental funds reported combined ending fund 
balances of $1,043,526, a decrease of ($481,081) in comparison with the prior fiscal year. The 
total fund balance is non spendable for prepaids items, assigned for subsequent year’s 
expenditures, restricted for debt service and capital projects, and the remainder is unassigned 
fund balance which is available for spending at the Districts discretion. 


 

OVERVIEW OF FINANCIAL STATEMENTS 

 

This discussion and analysis are intended to serve as the introduction to the District’s financial 
statements. The District’s basic financial statements are comprised of three components: 1) government-
wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This 
report also contains other supplementary information in addition to the basic financial statements 
themselves. 

 

Government-Wide Financial Statements 

 

The government-wide financial statements are designed to provide readers with a broad overview of the 
District’s finances, in a manner similar to a private-sector business. 

 

The statement of net position presents information on all the District’s assets, deferred outflows of 
resources, liabilities, and deferred inflows of resources with the residual amount being reported as net 
position. Over time, increases or decreases in net position may serve as a useful indicator of whether the 
financial position of the District is improving or deteriorating. 

 

The statement of activities presents information showing how the government’s net position changed 
during the most recent fiscal year. All changes in net position are reported as soon as the underlying 
event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues 
and expenses are reported in this statement for some items that will only result in cash flows in future 
fiscal periods. 

 

The government-wide financial statements include all governmental activities that are principally 
supported by assessments. The District does not have any business-type activities. The governmental 
activities of the District include the general government (management) and maintenance functions. 

 

Fund Financial Statements 

 

A fund is a grouping of related accounts that is used to maintain control over resources that have been 
segregated for specific activities or objectives. The District, like other state and local governments, uses 
fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The 
District has one fund category: governmental funds. 

 


OVERVIEW OF FINANCIAL STATEMENTS (Continued) 

 

Governmental Funds 

 

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 on balances of spendable resources available at the end of the fiscal year. Such 
information may be useful in evaluating a District’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 governmental fund statement of revenues, 
expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison between 
governmental funds and governmental activities. 

 

The District maintains three governmental funds for external reporting. Information is presented 
separately in the governmental fund balance sheet and the governmental fund statement of revenues, 
expenditures, and changes in fund balances for the general fund, debt service fund and capital projects 
fund, all of which are considered major funds. 

 

The District adopts an annual appropriated budget for its general fund. A budgetary comparison schedule 
has been provided for the general fund to demonstrate compliance with the budget. 

 

Notes to the Financial Statements 

 

The notes provide additional information that is essential to a full understanding of the data provided in 
the government-wide and fund financial statements. 

 

GOVERNMENT-WIDE FINANCIAL ANALYSIS 

 

As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In 
the case of the District, assets exceeded liabilities at the close of the most recent fiscal year. 

Key components of the District’s net position are reflected in the following table: 

 
20232022Current and other assets1,044,746$ 1,532,813$ 
Capital assets, net of depreciation16,630,578 16,001,744 
Total assets17,675,324 17,534,557 
Current liabilities142,934 152,034 
Long-term liabilities13,565,203 13,860,581 
Total liabilities13,708,137 14,012,615 
Deferred inflows of resources- - 
Net positionNet investment in capital assets3,074,183 2,755,188 
Restricted 539,170 508,844 
Unrestricted353,834 257,910 
Total net position3,967,187$ 3,521,942$ 
NET POSITIONSEPTEMBER 30, 

 


GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued) 

 

The District’s net position reflects its investment in capital assets (e.g. land, land improvements, and 
infrastructure) less any related debt used to acquire those assets that is still outstanding. These assets 
are used to provide services to residents; consequently, these assets are not available for future 
spending. Although the District’s investment in capital assets is reported net of related debt, it should be 
noted that the resources needed to repay this debt must be provided from other sources, since the capital 
assets themselves cannot be used to liquidate these liabilities. 

 

The restricted portion of the District’s net position represents resources that are subject to external 
restrictions on how they may be used. The remaining balance of unrestricted net position may be used to 
meet the District’s other obligations 

The District’s net position increased during the most recent fiscal year. The majority of the increase 
represents the extent to which ongoing program revenues exceeded the cost of operations. 

 

Key elements of the change in net position are reflected in the following table: 

 
20232022Revenues:
Program revenuesCharges for services1,082,700$ 1,083,151$ 
Operating grants and contributions34,527 1,882 
Capital grants and contributions9,000 8,050,669 
General revenuesInvestment earnings8 - 
Total revenues1,126,235 9,135,702 
Expenses:
General government86,168 84,731 
Maintenance and operations109,189 61,286 
Conveyance of infrastructure- 4,407,891 
Interest485,633 457,966 
Total expenses680,990 5,011,874 
Change in net position445,245 4,123,828 
Net position - beginning3,521,942 (601,886) 
Net position - ending3,967,187$ 3,521,942$ 
CHANGES IN NET POSITIONFOR THE FISCAL YEAR ENDED SEPTEMBER 30, 

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal 
year ended September 30, 2023, was $680,990. The costs of the District’s activities were primarily 
funded by program revenues which were comprised primarily of assessments. The remainder of the 
current fiscal year revenue includes interest revenue. The decrease in expenses results from absence of 
conveyance of infrastructure expenses during the current fiscal year. 

 

GENERAL BUDGETING HIGHLIGHTS 

 

An operating budget was adopted and maintained by the governing board for the District pursuant to the 
requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used 
in preparation of the fund financial statements. The legal level of budgetary control, the level at which 
expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the 
aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund 
expenditures did not exceed appropriations for the fiscal year ended September 30, 2023. 

 


CAPITAL ASSETS AND DEBT ADMINISTRATION 

 

Capital Assets 

 

At September 30, 2023, the District had $16,630,578 invested in capital assets. In the government-wide 
financial statements, no depreciation has been taken, which resulted in a net book value of 16,630,578. 
More detailed information about the District’s capital assets is presented in the notes of the financial 
statements. 

 

Debt Administration 

 

At September 30, 2023, the District had $13,420,000 Bonds outstanding for its governmental activities. 
More detailed information about the District’s capital debt is presented in the notes of the financial 
statements. 

 

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS 

 

It is anticipated that the general operations of the District will continue to increase as the District is built 
out. 

 

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT 

 

This financial report is designed to provide our citizens, land owners, customers, investors and creditors 
with a general overview of the District’s finances and to demonstrate the District’s accountability for the 
financial resources it manages and the stewardship of the facilities it maintains. If you have questions 
about this report or need additional financial information, contact the Shingle Creek at Bronson 
Community Development District’s Finance Department at 219 E. Livingston Street, Orlando, Florida, 
32801. 


SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

STATEMENT OF NET POSITION 

SEPTEMBER 30, 2023 

 

 

 
ASSETSCash and cash equivalents346,920$ 
Assessments receivable8,733 
Prepaid items5,785 
Restricted assets:
Investments683,308 
Capital assets:
Nondepreciable16,630,578 
Total assets17,675,324 
LIABILITIES 
Accounts payable 1,220 
Accrued interest payable141,714 
Non-current liabilities:
Due within one year295,000 
Due in more than one year13,270,203 
Total liabilities13,708,137 
NET POSITIONNet investment in capital assets3,074,183 
Restricted for debt service539,170 
Unrestricted353,834 
Total net position 3,967,187$ 
Governmental 
Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements 


SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

STATEMENT OF ACTIVITIES 

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 

 

 

 
ChargesCapitalforGrants andFunctions/ProgramsExpensesServicesContributionsGovernmental activities:
General government86,168$ 86,168$ -$ -$ -$ 
Maintenance and operations109,189 205,105 - 9,000 104,916 
Interest on long-term debt485,633 791,427 34,527 - 340,321 
Total governmental activities680,990 1,082,700 34,527 9,000 445,237 
General revenues:
Investment earnings8 
Total general revenues8 
Change in net position445,245 
Net position - beginning 3,521,942 
Net position - ending 3,967,187$ 
Program RevenuesNet (Expense) 
Revenue and 
Changes in 
Net PositionOperating 
Grants and 
ContributionsGovernmental 
Activities

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements 


SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

BALANCE SHEET 

GOVERNMENTAL FUNDS 

SEPTEMBER 30, 2023 

 

 

 
DebtGeneralServiceASSETSCash and cash equivalents346,920$ -$ -$ 346,920$ 
Investments- 674,5008,808 683,308 
Assessments receivable2,349 6,384 - 8,733 
Prepaid items5,785 - - 5,785 
Total assets355,054$ 680,884$ 8,808$ 1,044,746$ 
LIABILITIES AND FUND BALANCESLiabilities:
Accounts payable1,220$ -$ -$ 1,220$ 
Total liabilities1,220 - - 1,220 
Fund balances:
Nonspendable:
Prepaid items5,785 - - 5,785 
Restricted for:
Debt service- 680,884 - 680,884 
Capital projects - - 8,808 8,808 
Assigned to:
Subsequent year's expenditures104,801 - - 104,801 
Unassigned243,248 - - 243,248 
Total fund balances 353,834 680,884 8,808 1,043,526 
Total liabilities and fund balances355,054$ 680,884$ 8,808$ 1,044,746$ 
Total 
Governmental 
FundsMajor FundsCapital 
Projects

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements


SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS 

TO THE STATEMENT OF NET POSITION 

SEPTEMBER 30, 2023 

 

 

 
Fund balance - governmental funds $ 1,043,526 
Amounts reported for governmental activities in the statement of 
Cost of capital assets 16,630,578 
Accumulated depreciation - 16,630,578 
Accrued interest payable (141,714)
Bonds payable (13,565,203) (13,706,917)
Net position of governmental activities $ 3,967,187 
Capitalassetsusedingovernmentalactivitiesarenotfinancialresourcesand,therefore,arenotreportedasassetsinthegovernmentalfunds.Thestatementofnetpositionincludesthosecapitalassets,netofanyaccumulateddepreciation,inthenetpositionofthegovernmentasawhole.
Liabilitiesnotdueandpayablefromcurrentavailableresourcesarenotreportedasliabilitiesinthegovernmentalfundstatements.Allliabilities,bothcurrentandlong-term,
are reported in the government-wide financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements


SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

STATEMENT OF REVENUES, EXPENDITURES, 

AND CHANGES IN FUND BALANCES 

GOVERNMENTAL FUNDS 

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 

 

 

 
DebtGeneralServiceREVENUESSpecial assessments291,273$ 791,427$ -$ 1,082,700$ 
Interest earnings834,527 9,000 43,535 
Total revenues291,281 825,954 9,000 1,126,235 
EXPENDITURESCurrent:
General government86,168 - - 86,168 
Maintenance and operations109,189 - - 109,189 
Debt service:
Principal- 290,000 - 290,000 
Interest- 493,125 - 493,125 
Capital outlay- - 628,834628,834 
Total expenditures195,357 783,125 628,834 1,607,316 
Excess (deficiency) of revenuesover (under) expenditures95,924 42,829 (619,834) (481,081) 
OTHER FINANCING SOURCES (USES)
Transfers in (out)- (14,617) 14,617 - 
Total other financing sources (uses)- (14,617) 14,617 - 
Net change in fund balances95,924 28,212 (605,217) (481,081) 
Fund balances - beginning257,910 652,672 614,025 1,524,607 
Fund balances - ending353,834$ 680,884$ 8,808$ 1,043,526$ 
Major FundsTotal 
Governmental 
FundsCapital Projects

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements


SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN 

FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES 

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 

 

 

 
Net change in fund balances - total governmental funds $ (481,081)
Amounts reported for governmental activities in the statement of activitiesare different because: 
628,834 
290,000 
5,378 
2,114 
$ 445,245 
Governmentalfundsreportcapitaloutlaysasexpenditures;however,
thecostofthoseassetsiseliminatedinthestatementofactivitiesand capitalized in the statement of net position.
Repaymentoflong-termliabilitiesarereportedasexpendituresinthegovernmentalfundstatements,butsuchrepaymentsreduceliabilitiesin the statement of net position and are eliminated in the statement of 
activities.
AmortizationofBonddiscounts/premiumsisnotrecognizedinthegovernmentalfundfinancialstatements,butisreportedasanexpense in the statement of activities.
Thechangeinaccruedinterestonlong-termliabilitiesbetweenthecurrentandpriorfiscalyearisrecordedinthestatementofactivitiesbut not in the governmental fund financial statements.
Change in net position of governmental activities 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements


SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

NOTES TO FINANCIAL STATEMENTS 

 

 

NOTE 1 - NATURE OF ORGANIZATION AND REPORTING ENTITY 

 

Shingle Creek at Bronson Community Development District (the "District") was established by the Board 
of County Commissioners of Osceola County’s approval of Ordinance No. 2019-113 effective on 
December 16, 2019, pursuant to the Uniform Community Development District Act of 1980, otherwise 
known as Chapter 190, Florida Statutes. The Act provides among other things, the power to manage 
basic services for community development, power to borrow money and issue bonds, and to levy and 
assess non-ad valorem assessments for the financing and delivery of capital infrastructure. 

 

The District was established for the purposes of financing and managing the acquisition, construction, 
maintenance and operation of a portion of the infrastructure necessary for community development within 
the District. 

 

The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The 
Supervisors are elected on an at large basis by the owners of the property within the District. The Board 
exercises all powers granted to the District pursuant to Chapter 190, Florida Statutes. As of September 
30, 2023, all the Board members are affiliated with Lennar Homes (“Developer”). 

 

The Board has the responsibility for: 

1. Allocating and levying assessments. 

2. Approving budgets. 

3. Exercising control over facilities and properties. 

4. Controlling the use of funds generated by the District. 

5. Approving the hiring and firing of key personnel. 

6. Financing improvements. 

 

The financial statements were prepared in accordance with Governmental Accounting Standards Board 
(“GASB”) Statements. Under the provisions of those standards, the financial reporting entity consists of 
the primary government, organizations for which the District is considered to be financially accountable 
and other organizations for which the nature and significance of their relationship with the District are 
such that, if excluded, the financial statements of the District would be considered incomplete or 
misleading. There are no entities considered to be component units of the District; therefore, the financial 
statements include only the operations of the District. 

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

 

Government-Wide and Fund Financial Statements 

The basic financial statements include both government-wide and fund financial statements. 

 

The government-wide financial statements (i.e., the statement of net position and the statement of 
activities) report information on all of the non-fiduciary activities of the primary government. For the most 
part, the effect of interfund activity has been removed from these statements. 

 

The statement of activities demonstrates the degree to which the direct expenses of a given function or 
segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a 
specific function or segment. Program revenues include: 1) charges to customers who purchase, use, or 
directly benefit from goods, services, or privileges provided by a given function or segment; operating-
type special assessments for maintenance and debt service are treated as charges for services and 2) 
grants and contributions that are restricted to meeting the operational or capital requirements of a 
particular function or segment. Other items not included among program revenues are reported instead 
as general revenues. 

 


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

 

Measurement Focus, Basis of Accounting and Financial Statement Presentation 

The government-wide financial statements are reported using the economic resources measurement 
focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are 
recorded when a liability is incurred, regardless of the timing of related cash flows. Assessments are 
recognized as revenues in the year for which they are levied. Grants and similar items are to be 
recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. 

 

Governmental fund financial statements are reported using the current financial resources measurement 
focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both 
measurable and available. Revenues are considered to be available when they are collectible within the 
current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the 
government considers revenues to be available if they are collected within 60 days of the end of the 
current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. 
However, debt service expenditures are recorded only when payment is due. 

 

Assessments 

Assessments are non-ad valorem assessments on benefited property within the District. Operating and 
maintenance assessments are based upon the adopted budget and levied annually at a public hearing of 
the District. Debt service assessments are levied when Bonds are issued and assessed and collected on 
an annual basis. The District may collect assessments directly or utilize the uniform method of collection 
under 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 considered to be susceptible to 
accrual and so have been recognized as revenues of the current fiscal period. The portion of 
assessments receivable due within the current fiscal period is considered to be susceptible to accrual as 
revenue of the current period. 

 

The District reports the following major governmental funds: 

 

General Fund 

The general fund is the general operating fund of the District. It is used to account for all financial 
resources 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 

This fund accounts for the financial resources to be used for the acquisition or construction of major 
infrastructure within the District. 

 

As a general rule, the effect of interfund activity has been eliminated from the government-wide financial 
statements. 

 

When both restricted and unrestricted resources are available for use, it is the government’s policy to use 
restricted resources first for qualifying expenditures, then unrestricted resources as they are needed. 

 


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

 

Assets, Liabilities and Net Position or Equity 

 

Restricted Assets 

These assets represent cash and investments set aside pursuant to Bond covenants or other contractual 
restrictions. 

 

Deposits and Investments 

The District’s cash and cash equivalents are considered to be cash on hand and demand deposits 
(interest and non-interest bearing). 

 

The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section 
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following: 

 

a) The Local Government Surplus Trust Funds, or any intergovernmental investment pool 
authorized pursuant to the Florida Interlocal Cooperation Act; 
b) Securities and Exchange Commission registered money market funds with the highest credit 
quality rating from a nationally recognized rating agency; 
c) Interest bearing time deposits or savings accounts in qualified public depositories; 
d) Direct obligations of the U.S. Treasury. 


 

Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as 
they come due. 

 

The District records all interest revenue related to investment activities in the respective funds. 
Investments are measured at amortized cost or reported at fair value as required by generally accepted 
accounting principles. 

 

Prepaid Items 

Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as 
prepaid items in both government-wide and fund financial statements. 

 

Capital Assets 

Capital assets which include property, plant and equipment, and infrastructure assets (e.g., roads, 
sidewalks and similar items) are reported in the government activities columns in the government-wide 
financial statements. Capital assets are defined by the government as assets with an initial, individual 
cost of more than $5,000 and an estimated useful life in excess of two years. Such assets are recorded 
at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are 
recorded at acquisition value at the date of donation. 

 

The costs of normal maintenance and repairs that do not add to the value of the asset or materially 
extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized 
as projects are constructed. 

 

In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are 
reported as fund expenditures. No depreciation has been taken in the current fiscal year as the District’s 
infrastructure and other capital assets are under construction. 

 

Unearned Revenue 

Governmental funds report unearned revenue in connection with resources that have been received, but 
not yet earned. 

 

 

 


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

 

Assets, Liabilities and Net Position or Equity (Continued) 

 

Long-Term Obligations 

In the government-wide financial statements long-term debt and other long-term obligations are reported 
as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized 
over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond 
issuance costs are expensed when incurred. 

 

In the fund financial statements, governmental fund types recognize premiums and discounts, as well as 
issuance costs, during the current period. The face amount of debt issued is reported as other financing 
sources. Premiums received on debt issuances are reported as other financing sources while discounts 
on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the 
actual debt proceeds received, are reported as debt service expenditures. 

 

Deferred Outflows/Inflows of Resources 

In addition to assets, the statement of financial position will sometimes report a separate section for 
deferred outflows of resources. This separate financial statement element, deferred outflows of 
resources, represents a consumption of net position that applies to a future period(s) and so will not be 
recognized as an outflow of resources (expense/expenditure) until then. 

 

In addition to liabilities, the statement of financial position will sometimes report a separate section for 
deferred inflows of resources. This separate financial statement element, deferred inflows of resources, 
represents an acquisition of net position that applies to a future period(s) and so will not be recognized as 
an inflow of resources (revenue) until that time. 

 

Fund Equity/Net Position 

In the fund financial statements, governmental funds report non spendable and restricted fund balance for 
In the fund financial statements, governmental funds report non spendable and restricted fund balance for 
amounts that are not available for appropriation or are legally restricted by outside parties for use for a 
specific purpose. Assignments of fund balance represent tentative management plans that are subject to 
change. 

 

The District can establish limitations on the use of fund balance as follows: 

 

Committed fund balance – Amounts that can be used only for the specific purposes determined by a 
formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by 
the Board of Supervisors taking the same formal action (resolution) that imposed the constraint 
originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in 
this category. 

 

Assigned fund balance – Includes spendable fund balance amounts established by the Board of 
Supervisors that are intended to be used for specific purposes that are neither considered restricted 
nor committed. The Board may also assign fund balance as it does when appropriating fund balance 
to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated 
budget. Assignments are generally temporary and normally the same formal action need not be taken 
to remove the assignment. 

 


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

 

Assets, Liabilities and Net Position or Equity (Continued) 

 

Fund Equity/Net Position (Continued) 

The District first uses committed fund balance, followed by assigned fund balance and then unassigned 
fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted 
fund balance classifications could be used. 

 

Net position is the difference between assets and deferred outflows of resources less liabilities and 
deferred inflows of resources. Net position in the government-wide financial statements are categorized 
as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents 
net position related to infrastructure and property, plant and equipment. Restricted net position 
represents the assets restricted by the District’s Bond covenants or other contractual restrictions. 
Unrestricted net position consists of the net position not meeting the definition of either of the other two 
components. 

 

Other Disclosures 

 

Use of Estimates 

The preparation of 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 date of the financial statements, and the 
reported amounts of revenues and expenditures during the reporting period. Actual results could differ 
from those estimates. 

 

NOTE 3 - BUDGETARY INFORMATION 

 

The District is required to establish a budgetary system and an approved Annual Budget. Annual 
Budgets are adopted on a basis consistent with generally accepted accounting principles for the general 
fund. All annual appropriations lapse at fiscal year-end. 

 

The District follows these procedures in establishing the budgetary data reflected in the financial 
statements. 

 

a) Each year the District Manager submits to the District Board a proposed operating budget for the 
fiscal year commencing the following October 1. 

b) Public hearings are conducted to obtain comments. 

c) Prior to October 1, the budget is legally adopted by the District Board. 

d) All budget changes must be approved by the District Board. 

e) The budgets are adopted on a basis consistent with generally accepted accounting principles. 

f) Unused appropriations for annually budgeted funds lapse at the end of the year. 

 

NOTE 4 – DEPOSITS AND INVESTMENTS 

 

Deposits 

The District’s cash balances were entirely covered by federal depository insurance or by a collateral pool 
pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", 
requires all qualified depositories to deposit with the Treasurer or another banking institution eligible 
collateral equal to various percentages of the average daily balance for each month of all public deposits 
in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. 
Governmental and agency securities, state or local government debt, or corporate bonds) to public 
deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the 
event of a failure of a qualified public depository, the remaining public depositories would be responsible 
for covering any resulting losses. 

 


NOTE 4 – DEPOSITS AND INVESTMENTS (Continued) 

 

Investments 

The District’s investments were held as follows at September 30, 2023: 

 

 
Amortized CostCredit RiskMaturities683,308$ 
Weighted average of the 
fund portfolio: 24 daysFirst American Government Obligation 
Fd Cl DS&P AAAm683,308$ 

Credit risk – For investments, credit risk is generally the risk that an issuer of an investment will not fulfill 
its obligation to the holder of the investment. This is measured by the assignment of a rating by a 
nationally recognized statistical rating organization. Investment ratings by investment type are included in 
the preceding summary of investments. 

 

Concentration risk – The District places no limit on the amount the District may invest in any one issuer. 

 

Interest rate risk – The District does not have a formal policy that limits investment maturities as a means 
of managing exposure to fair value losses arising from increasing interest rates. 

 

However, the Bond Indenture limits the type of investments held using unspent proceeds. 

 

Fair Value Measurement – When applicable, the District measures and records its investments using fair 
value measurement guidelines established in accordance with GASB Statements. The framework for 
measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques. 

 

These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows: 

• Level 1: Investments whose values are based on unadjusted quoted prices for identical 
investments in active markets that the District has the ability to access; 
• Level 2: Investments whose inputs - other than quoted market prices - are observable either 
directly or indirectly; and, 
• Level 3: Investments whose inputs are unobservable. 


 

The fair value measurement level within the fair value hierarchy is based on the lowest level of any input 
that is significant to the entire fair value measurement. Valuation techniques used should maximize the 
use of observable inputs and minimize the use of unobservable inputs. 

 

Money market investments that have a maturity at the time of purchase of one year or less and are held 
by governments other than external investment pools should be measured at amortized cost. Accordingly, 
the District’s investments have been reported at amortized cost above. 

 

NOTE 5 – INTERFUND TRANSFERS 

 

Interfund transfers for the fiscal year ended September 30, 2023, were as follows: 

 

 
FundTransfer in Transfer outDebt service-$ 14,617$ 
Capital projects14,617 - 
Total 14,617$ 14,617$ 

 

Transfers are used to move revenues from the fund where collection occurs to the fund where funds have 
been reallocated for use. In the case of the District, transfers from the debt service fund to the capital 
projects fund were made in accordance with the Bond Indentures. 

 

 

 

 

 


NOTE 6 – CAPITAL ASSETS 

 

Capital asset activity for the fiscal year ended September 30, 2023, was as follows: 

 

 
AdditionsReductionsGovernmental activitiesCapital assets, not being depreciatedLand1,550,335$ -$ -$ 1,550,335$ 
Infrastructure under construction14,451,409 628,834 - 15,080,243 
Total capital assets, not being depreciated16,001,744 628,834 - 16,630,578 
Governmental activities capital assets, net16,001,744$ 628,834$ -$ 16,630,578$ 
Beginning 
BalanceEnding 
Balance

The infrastructure intended to serve the District has been estimated at a total cost of approximately 
$39,479,220. The infrastructure will include roadways, potable water and wastewater systems, and land 
improvements. A portion of the project costs was expected to be financed with the proceeds from the 
issuance of Bonds with the remainder to be funded by the Developer and conveyed to the District. Upon 
completion, the public roads, water, and sanitary sewer are to be conveyed to others for ownership and 
maintenance responsibilities. During the current fiscal year, the District paid the Developer $625,605 for 
the acquisition of infrastructure improvements. 

 

NOTE 7 – LONG-TERM LIABILITIES 

 

Series 2021 

During April 2021, the District issued $13,990,000 of Special Assessment Bonds, Series 2021 consisting 
of Term Bonds due ranging from June 15, 2026, to June 15, 2051, and fixed interest rates ranging from 
2.5% to 4.0%. The Bonds were issued to finance the acquisition and construction of certain 
improvements for the benefit of the District. Interest is to be paid semiannually on each June 15 and 
December 15, commencing December 15, 2021, and the principal on the bonds is to be paid serially 
commencing June 15, 2022, through June 15, 2051. 

 

The Series 2021 Bonds are subject to optional redemption, mandatory sinking fund and extraordinary 
mandatory redemption at the times, in the amounts, and at the redemption prices more fully described in 
the Redemption Provisions as outlined in the Bond Indenture. 

 

The Bond Indenture established a debt service reserve requirement as well as other 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. The District was in compliance with the requirements at September 30, 2023. 

 

Long-term Debt Activity 

Changes in long-term liability activity for the fiscal year ended September 30, 2023 were as follows: 

 

 
AdditionsReductionsGovernmental activitiesSeries 202113,710,000$ -$ 290,000$ 13,420,000$ 295,000$ 
Plus: original issue premium150,581 - 5,378 145,203 - 
Total13,860,581$ -$ 295,378$ 13,565,203$ 295,000$ 
Beginning 
BalanceEnding 
BalanceDue Within 
One Year

 

 

 

 

 

 

 


NOTE 7 – LONG-TERM LIABILITIES (Continued) 

 

Long-term Debt Activity 

At September 30, 2023, the scheduled debt service requirements on the long-term debt were as follows: 

 

 
PrincipalInterestTotal2024295,000$ 485,876$ 780,876$ 
2025305,000 478,500 783,500 
2026310,000 470,876 780,876 
2027320,000 463,124 783,124 
2028330,000 453,204 783,204 
2029-20331,810,000 2,104,718 3,914,718 
2034-20382,150,000 1,773,878 3,923,878 
2039-20432,570,000 1,366,800 3,936,800 
2044-20483,125,000 826,000 3,951,000 
2049-20512,205,000 178,800 2,383,800 
13,420,000$ 8,601,776$ 22,021,776$ 
Governmental ActivitiesYear ending 
September 30:

 

NOTE 8 - DEVELOPER TRANSACTIONS 

 

The Developer owns a portion of land within the District; therefore, assessment revenues in the general 
and debt service funds include the assessments levied on those lots owned by the Developer. 

 

NOTE 9 - CONCENTRATION 

 

The District’s activity is dependent upon the continued involvement of the Developer the loss of which 
could have a material adverse effect on the District’s operations. 

 

NOTE 10 - MANAGEMENT COMPANY 

 

The District has contracted with a management company to perform services which include financial and 
accounting advisory services. Certain employees of the management company also serve as officers of 
the District. Under the agreement, the District compensates the management company for management, 
accounting, financial reporting, computer and other administrative costs. 

 

NOTE 11 - 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. The District has obtained commercial insurance from 
independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. 
There were no settled claims during the past three years. 

 

 

 


SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN 

FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND 

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 

 

 

 
Original & FinalREVENUESAssessments287,180$ 291,273$ 4,093$ 
Interest earnings- 8 8 
Total revenues287,180 291,281 4,101 
EXPENDITURESCurrent:
General government114,434 86,168 28,266 
Maintenance and operations351,109 109,189 241,920 
Total expenditures465,543 195,357 270,186 
Excess (deficiency) of revenuesover (under) expenditures(178,363) 95,924 274,287 
OTHER FINANCING SOURCES (USES)
Carry forward178,363 - (178,363) 
Total other financing sources (uses)178,363 - (178,363) 
Net change in fund balances-$ 95,924 95,924$ 
Fund balance - beginning257,910 
Fund balance - ending353,834$ 
Variance with 
Final Budget - 
Positive 
(Negative)
Actual 
AmountsBudgeted 
Amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to required supplementary information 


SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION 

 

 

The District is required to establish a budgetary system and an approved Annual Budget for the general 
fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures 
which are approved by the Board. The budget approximates a basis consistent with accounting principles 
generally accepted in the United States of America (generally accepted accounting principles). 

 

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the 
aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be 
approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations 
for the fiscal year ended September 30, 2023. 

 

 

 

 

 

 


SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

OTHER INFORMATION – DATA ELEMENTS 

REQUIRED BY FL STATUTE 218.39(3)(C) 

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 

UNAUDITED 

 

 

 
ElementCommentsNumber of District employees compensated in the last pay period of the 
District’s fiscal year being reported.4Number of independent contractors compensated to whom nonemployee 
compensation was paid in the last month of the District’s fiscal year being 
reported.
6Employee compensation$5,171.60Independent contractor compensation$178,912.44Construction projects to begin on or after October 1; ($65K)$0Budget variance reportSee the Schedule of Revenues, Expenditures 
and Changes in Fund Balance - Budget and 
Actual - General FundNon ad valorem special assessments;Not applicableSpecial assessment rateOperations and maintenance - $384 - $614Debt service - $1,042 - $1,668Special assessments collected$1,082,700Outstanding Bonds:see Note 7 for details

 

 


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 

 

To the Board of Supervisors 

Shingle Creek at Bronson Community Development District 

Osceola County, Florida 

 

We have audited, in accordance with the auditing standards generally accepted in the United States of 
America and the standards applicable to financial audits contained in Government Auditing Standards 
issued by the Comptroller General of the United States, the financial statements of the governmental 
activities and each major fund of Shingle Creek at Bronson Community Development District, Osceola 
County, Florida (“District”) as of and for the fiscal year ended September 30, 2023, and the related notes 
to the financial statements, which collectively comprise the District’s basic financial statements, and have 
issued our opinion thereon dated June 21, 2024 

Report on Internal Control Over Financial Reporting 

In planning and performing our audit of the financial statements, we considered the District’s internal 
control over financial reporting (internal control) to determine the 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 the District’s internal control. Accordingly, we do 
not express an opinion on the effectiveness of the 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 a 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. 

Report on Compliance and Other Matters 

As part of obtaining reasonable assurance about whether the District’s financial statements are free from 
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, 
contracts, and agreements, noncompliance with which could have a direct and material effect on the 
determination of financial statement amounts. However, providing an opinion on compliance with those 
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The 
results of our tests disclosed no instances of noncompliance or other matters that are required to be 
reported under Government Auditing Standards. 


Purpose of this Report 

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

 

 

June 21, 2024 

 


INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE 

REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY 

RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA 

 

To the Board of Supervisors 

Shingle Creek at Bronson Community Development District 

Osceola County, Florida 

 

We have examined Shingle Creek at Bronson Community Development District, Osceola County, 
Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance 
with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended 
September 30, 2023. Management is responsible for District’s compliance with those requirements. Our 
responsibility is to express an opinion on 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. Those standards require that we plan and perform the 
examination to obtain reasonable assurance about whether the District complied, in all material respects, 
with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves 
performing procedures to obtain evidence about whether the District complied with the specified 
requirements. The nature, timing, and extent of the procedures selected depend on our judgment, 
including an assessment of the risks of material noncompliance, whether due to fraud or error. We 
believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our 
opinion. Our examination does not provide a legal determination on the District’s compliance with 
specified requirements. 

 

We are required to be independent and to meet our other ethical responsibilities in accordance with 
relevant ethical requirements relating to the examination engagement. 

 

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the 
fiscal year ended September 30, 2023. 

 

This report 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, 
management, and the Board of Supervisors of Shingle Creek at Bronson Community Development 
District, Osceola County, Florida and is not intended to be and should not be used by anyone other than 
these specified parties. 

 

 

 

June 21, 2024 

 

 

 

 


MANAGEMENT LETTER PURSUANT TO THE RULES OF 

THE AUDITOR GENERAL FOR THE STATE OF FLORIDA 

 

To the Board of Supervisors 

Shingle Creek at Bronson Community Development District 

Osceola County, Florida 

 

Report on the Financial Statements 

 

We have audited the accompanying basic financial statements of Shingle Creek at Bronson Community 
Development District, Osceola County, Florida ("District") as of and for the fiscal year ended September 
30, 2023 and have issued our report thereon dated June 21, 2024 

 

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 Reporting Requirements 

 

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on 
Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance 
with Government Auditing Standards; and 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 21, 2024 should be considered in conjunction with this management letter. 

 

Purpose of this Letter 

 

The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the 
Auditor General for the State of Florida. Accordingly, in connection with our audit of the financial 
statements of the District, as described in the first paragraph, we report the following: 

 

I. Current year findings and recommendations. 

II. Status of prior year findings and recommendations. 

III. Compliance with the Provisions of the Auditor General of the State of Florida. 

 

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, as applicable, management, and the Board of Supervisors 
of Shingle Creek at Bronson Community Development District, Osceola County, Florida and is not 
intended to be and should not be used by anyone other than these specified parties. 

 

We wish to thank Shingle Creek at Bronson Community Development District, Osceola County, Florida 
and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well 
as future engagements, and the courtesies extended to us. 

 

 

 

June 21, 2024 

 


REPORT TO MANAGEMENT 

 

 

I. CURRENT YEAR FINDINGS AND RECOMMENDATIONS 

 

 None 

 

II. PRIOR YEAR FINDINGS AND RECOMMENDATIONS 

 

None 

 

III. COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF 
FLORIDA 

 

Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, 
the management letter shall include, but not be limited to the following: 

 

1. A statement as to whether or not corrective actions have been taken to address findings 
and recommendations made in the preceding annual financial audit report. 


There were no significant findings and recommendations made in the preceding annual financial 
audit report for the fiscal year ended September 30, 2022. 

2. Any recommendations to improve the local governmental entity's financial management. 


There were no such matters discovered by, or that came to the attention of, the auditor, to be 
reported for the fiscal year ended September 30, 2023. 

3. 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. 


There were no such matters discovered by, or that came to the attention of, the auditor, to be 
reported, for the fiscal year ended September 30, 2023. 

4. The name or official title and legal authority of the District are disclosed in the notes to the 
financial statements. 
5. The District has not met one or more of the financial emergency conditions described in Section 
218.503(1), Florida Statutes. 


 

6. We applied financial condition assessment procedures and no deteriorating financial conditions 
were noted. It is management’s responsibility to monitor financial condition, and our financial 
condition assessment was based in part on representations made by management and the 
review of financial information provided by same. 


 

7. Management has provided the specific information required by Section 218.39(3)(c) in the Other 
Information section of the financial statements on page 23.