July 29, 2024 Board of Supervisors Shingle Creek at Bronson Community Development District Dear Board Members: The meeting of the Board of Supervisors of the Shingle Creek at Bronson Community Development District will be held Monday, August 5, 2024 at 12:00 p.m. at the Oasis Club at ChampionsGate, 1520 Oasis Club Blvd., ChampionsGate, FL 33896. Following is the advance agenda for the regular meeting: 1. Roll Call 2. Public Comment Period 3. Approval of Minutes of the June 3, 2024 Meeting 4. Consideration of Agreement for Professional Engineering Services with Dewberry Engineers, Inc. 5. Review and Acceptance of Fiscal Year 2023 Audit Report 6. Staff Reports A. Attorney i. Memorandum Regarding Recently Enacted Legislation B. Engineer i. Presentation of Annual Engineer’s Report C. District Manager’s Report i. Approval of Check Register ii. Balance Sheet and Income Statement iii. Adoption of District Goals and Objectives iv. Approval of Fiscal Year 2025 Meeting Schedule v. Presentation of Series 2021 Arbitrage Rebate Calculation Report 7. Other Business 8. Supervisor’s Requests 9. Adjournment The balance of the agenda will be discussed at the meeting. In the meantime, if you should have any questions, please contact me. Sincerely, Jeremy LeBrun Jeremy LeBrun District Manager Cc: Jan Carpenter, District Counsel David Reid, District Engineer MINUTES OF MEETING SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT The regular meeting of the Board of Supervisors of the Shingle Creek at Bronson Community Development District was held on Monday, June 3, 2024 at 12:00 p.m. at the Oasis Club at ChampionsGate, 1520 Oasis Club Blvd. ChampionsGate, Florida. Present and constituting a quorum were: Adam Morgan Chairman Rob Bonin Vice Chairman Brent Kewley Assistant Secretary Seth Yawn Assistant Secretary Also present were: Jeremy LeBrun District Manager Kristen Trucco District Counsel Dave Reid by phone District Engineer Alan Scheerer Field Manager FIRST ORDER OF BUSINESS Roll Call Mr. LeBrun called the meeting to order and called the roll. Mr. LeBrun noted that they have four Supervisors present constituting a quorum. SECOND ORDER OF BUSINESS Public Comment Period Mr. LeBrun noted that there are no members of the public present, just Board and staff. THIRD ORDER OF BUSINESS Approval of Minutes of the May 6, 2024 Meeting This item was not discussed and will be added to a future meeting agenda for approval. FOURTH ORDER OF BUSINESS Ranking of Proposals for District Engineering Services and Selection of District Engineer Mr. LeBrun noted that at the last meeting the Board was informed that their engineer would be resigning from the District. They sought proposals for District Engineering services after their prior meeting and received one response from Dewberry. Mr. Morgan noted that he has worked with Dewberry before at a different District and stated that they do a good job. The Board discussed only having one proposal. Board discussion ensued, and the Board ranked Dewberry with 95 points and ranked them as the #1 proposer. On MOTION by Mr. Morgan seconded by Mr. Bonin, with all in favor, the Proposal for District Engineering Services and Selection of Dewberry as District Engineer and Authorizing staff to Draft an Agreement, was approved. FIFTH ORDER OF BUSINESS Public Hearing Mr. LeBrun asked for a motion to open the public hearing. On MOTION by Mr. Morgan seconded by Mr. Bonin, with all in favor, Opening the Public Hearing, was approved. A. Consideration of Resolution 2024-03 Adopting the Fiscal Year 2025 Budget and Relating to the Annual Appropriations Mr. LeBrun reviewed Resolution 2024-03 and 2024-04 for the Board and noted that the budget had not changed much from the prior year. There was no increase in assessment costs. On MOTION by Mr. Morgan seconded by Mr. Bonin, with all in favor, Resolution 2024-03 Adopting the Fiscal Year 2025 Budget and Relating to the Annual Appropriations, was approved. B. Consideration of Resolution 2024-04 Imposing Special Assessments and Certifying an Assessment Roll On MOTION by Mr. Morgan seconded by Mr. Bonin, with all in favor, Resolution 2024-04 Imposing Special Assessments and Certifying an Assessment Roll, was approved. Mr. LeBrun asked for a motion to close the public hearing. On MOTION by Mr. Morgan seconded by Mr. Kewley, with all in favor, Closing the Public Hearing, was approved. SIXTH ORDER OF BUSINESS Staff Reports A. Attorney Ms. Trucco stated the only thing we have been working on since the last meeting is finalizing the agreement with Sabal Trail. That’s moving forward. B. Engineer Mr. Reid stated that they just wrapped up the annual report. C. District Manager’s Report i. Approval of Check Register Mr. LeBrun stated the check register that is on page 28 of the electronic agenda. From the general fund, you have check numbers 299-305 and from the payroll fund you have checks 50101- 50107. The total for the check register is $25,751.02. Behind that you will see the line-by-line register. Happy to take any questions on that, if not looking for a motion to approve the check register. On MOTION by Mr. Morgan seconded by Mr. Bonin, with all in favor, the Check Register, was approved. ii. Balance Sheet and Income Statement Mr. LeBrun stated behind that you have your balance sheet and income statement. These are your financials through April 30, 2024. No action required on the Board’s part. SEVENTH ORDER OF BUSINESS Other Business There being no comments, the next item followed. EIGHTH ORDER OF BUSINESS Supervisor’s Requests There being no comments, the next item followed. NINTH ORDER OF BUSINESS Adjournment Mr. LeBrun asked for a motion to adjourn. On MOTION by Mr. Morgan seconded by Mr. Bonin, with all in favor, the meeting was adjourned. ________________________________ ________________________________ Secretary / Assistant Secretary Chairman / Vice Chairman AGREEMENT FOR PROFESSIONAL ENGINEERING SERVICES THIS AGREEMENT FOR PROFESSIONAL ENGINEERING SERVICES (the “Agreement”), is made and entered into and effective as of __________________, 2024, by and between the SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, whose mailing address is c/o Governmental Management Services – Central Florida, LLC, 219 E. Livingston Street, Orlando, Florida, 32801 (the “District”), and DEWBERRY ENGINEERS, INC., a Florida corporation, whose principal address is 8401 Arlington Blvd., Suite 1, Fairfax, Virginia 22031 (the “Engineer”). WITNESSETH: WHEREAS, the District is a local unit of special-purpose government established pursuant to the Uniform Community Development District Act of 1980, as codified in Chapter 190, Florida Statutes (the “Act”), by Osceola County (the “County”); WHEREAS, the District is authorized to plan, finance, construct, install, acquire and/or maintain improvements, facilities and services in conjunction with the development of the lands within the District; WHEREAS, pursuant to Chapter 190, Florida Statutes, and Section 287.055, Florida Statutes, the District solicited proposals from qualified engineering firms to provide professional engineering services on a continuing basis to the District and the District’s Board of Supervisors (the “Board”) selected the Engineer; WHEREAS, the District intends to employ the Engineer to perform engineering, surveying, planning, landscaping, construction administration, environmental management, permitting and financial and economic studies, and other services defined by separate Work Authorizations as applicable; and WHEREAS, the Engineer serves as the District's professional representative in each service or project to which this Agreement applies and will give consultation and advice to the District during the performance of its services. NOW, THEREFORE, for and in consideration of the mutual covenants herein contained the acts and deeds to be performed by the parties, and the payments by the District to the Engineer of the sums of money herein specified, it is mutually covenanted and agreed as follows: 1. Scope of Services. (a) The Engineer will provide general engineering services including: 1. Preparation and presentation of any necessary or desirable reports and applications. 2. Attendance by Rey Malave, P.E., or such other representative of Engineer approved by the District Manager or Chairman, at meetings of the District’s Board of Supervisors, upon request by the District Manager or Chairman. 3. Meeting, negotiating and/or communicating with necessary parties to effectuate the issuance of bonds, production of special reports, feasibility studies or the completion of other tasks, or the coordination and completion of capital improvement or maintenance projects. 4. Professional administration, consultations and/or opinions concerning capital improvements, property or maintenance projects or tasks within the District (including but not limited to: work related to water management system, master utilities, preserved wetlands, roadways, amenity facilities, golf facilities, park facilities and any other public improvement authorized by Chapter 190, Florida Statutes). 5. Performance of any other duties related to the provision of infrastructure and services as requested by the District’s Board. (b) In connection with any capital improvement projects of the District, the Engineer shall prepare (or cause to be prepared) or review construction drawings and specifications applicable to the type of work being undertaken. In these instances, the Engineer’s duties will also include rendering assistance in the drafting of forms, proposals/bids and contracts, issuance of certificates of construction, completion and payment, assisting with and/or supervising the bidding processes, and any other activity required by the District’s Board. (c) The Engineer shall, when requested by the District’s Board, provide general services during the construction phase of certain projects including, but not limited to: 1. Periodic visits to the site or full-time construction management services, as directed by the District. 2. Processing of contractors' pay estimates. 3. Final inspection and requested certificates for construction including the final certification of construction, and certification of readiness for conveyances to the District in accordance with the development plans for the District. 4. Consultation and advice during construction, including performing all roles and actions required of any construction contract between the District and any contractor(s) in which Engineer is named as District's representative or “Engineer.” 5. Any other activity related to construction as authorized/directed by the District’s Board. (d) With respect to the maintenance of District facilities or improvements, the Engineer shall render such services as authorized in writing by the District. The Engineer shall also perform engineering, surveying, planning, landscaping, construction administration, environmental management, permitting and financial and economic studies, as defined and directed by the District and separate Work Authorizations, as applicable. (e) Engineer attests to the accuracy of all statements made in the proposal submitted to the District attached hereto as Exhibit “A.” In the event of any conflict between the terms herein and the terms in any exhibit attached hereto, the terms herein shall control. 2. Method of Authorization. Each additional service or project not specified in Paragraph 1 herein shall be authorized in writing by the District. Such written authorization shall be incorporated in a “Work Authorization” or proposal which shall include the scope of work, compensation, project schedule, and special provisions or conditions specific to the service or project being authorized (the “Work Authorization”). Every Work Authorization authorized by the District is subject to the terms herein and Work Authorizations shall be at the sole option of the District. 3. Compensation. It is understood and agreed that the payment of compensation for services under this Agreement shall be stipulated in each Work Authorization and/or per the hourly compensation rates outlined in Exhibit "B" attached hereto. In the event of any conflict between the terms herein and the terms in any exhibit attached hereto, the terms herein shall control. 4. Reimbursable Expenses. Reimbursable expenses consist of actual expenditures, without mark-up or multiplier, made by the Engineer, its employees, or its consultants in the interest of the project and include the incidental costs listed as follows: (a) Expenses of transportation and living when traveling in connection with a project, for long distance calls and facsimiles, and for fees paid for securing approval of authorities having jurisdiction over the project. All expenditures shall be made in accordance with Chapter 112, Florida Statutes, and with the District's travel policy. (b) Expense of reproduction, acquisition, postage and handling of drawings and specifications. 5. Special Consultants and Subcontractors. When authorized in writing by the District, additional special consulting services may be utilized by Engineer and paid for on a cost basis without mark-up or multiplier. If the Engineer desires to employ subcontractors in connection with the performance of its services under this Agreement: (a) Engineer shall obtain written consent of the District’s Board and nothing contained in the Agreement shall create any contractual relationship between the District and any subcontractor; however, it is acknowledged that the District is an intended third-party beneficiary of the obligations of the subcontractors related to the services performed pursuant to this Agreement. (b) Engineer shall coordinate the services of any subcontractors and remain fully responsible under the terms of this Agreement; Engineer shall be and remain responsible for the quality, timeliness and coordinate of all services furnished by the Engineer and/or its subcontractors. (c) All subcontracts shall be written. Each subcontract shall contain a reference to this Agreement and shall incorporate the terms and condition of this Agreement to the full extent applicable to the portion of the services covered thereby. Each subcontractor must agree, for the benefit of the District, to be bound by such terms and conditions. 6. Books and Records. Subject to any longer time periods required under Paragraph 16 herein, Engineer shall maintain comprehensive books and records relating to any services performed under this Agreement for a period of at least four (4) years from and after the completion of any such services. The District, or its authorized representative, shall have the right to audit such books and records at all reasonable times upon prior notice to Engineer. 7. Ownership of Documents. (a) All rights in and title to all plans, drawings, specifications, ideas, concepts, designs, sketches, models, programs, software, creations, inventions, reports, or other tangible work product originally developed by Engineer pursuant to this Agreement (the “Work Product”) shall be and remain the sole and exclusive property of the District when developed and shall be considered work for hire. (b) The Engineer shall deliver all Work Product to the District upon completion thereof unless it is necessary for Engineer, in the District's sole discretion, to retain possession for a longer period of time. Upon early termination of Engineer's services hereunder, Engineer shall deliver all such Work Product whether complete or not. The District shall have all rights to use any and all Work Product. Engineer shall retain copies of the Work Product for its permanent records, provided the Work Product is not used without the District's prior express written consent. Engineer agrees not to recreate any Work Product contemplated by this Agreement, or portions thereof, which if constructed or otherwise materialized, would be reasonably identifiable with the District’s project. If said work product is used by the District for any purpose other than that purpose which is intended by this Agreement, the District shall indemnify Engineer from any and all claims and liabilities which may result from such re-use, in the event Engineer does not consent to such use. (c) The District exclusively retains all manufacturing rights to all materials or designs developed under this Agreement. To the extent the services performed under this Agreement produce or include copyrightable or patentable materials or designs, such materials or designs are work made for hire for the District as the author, creator, or inventor thereof upon creation, and the District shall have all rights therein including, without limitation, the right of reproduction, with respect to such work. Engineer hereby assigns to the District any and all rights Engineer may have including, without limitation, the copyright, with respect to such work. The Engineer acknowledges that the District is the motivating factor for, and for the purpose of copyright or patent, has the right to direct and supervise the preparation of such copyrightable or patentable materials or designs. 8. Accounting Records. Records of the Engineer pertaining to the services provided hereunder shall be kept on a basis of generally accepted accounting principles and shall be available to the District or its authorized representative for observation or audit at mutually agreeable times. 9. Estimate of Cost. Since the Engineer has no control over the cost of labor, materials or equipment or over a contractor's(s') methods of determining prices, or over competitive bidding or market conditions, his opinions of probable cost provided as a service hereunder are to be made on the basis of his experience and qualifications and represent his best judgment as a design professional familiar with the construction industry but Engineer cannot and does not guarantee that proposals, bids, or the construction costs will not vary from opinions of probable cost prepared by him or her. If the District wishes greater assurance as to the construction costs, it shall employ an independent cost estimator at its own expense. Services to modify approved documents to bring the construction cost within any limitation established by the District will be considered additional services and justify additional fees. 10. Insurance. The Engineer shall, at its own expense, maintain insurance during the performance of its services under this Agreement, with limits of liability not less than the following: Workers Compensation: Statutory Requirements General Liability Bodily Injury (including contractual): $1,000,000/$2,000,000 Property Damage (including contractual): $1,000,000/$2,000,000 Automobile Liability (if applicable): $1,000,000 combined single limit Bodily Injury Property Damage Professional Liability for Errors/Omissions: $1,000,000 The Engineer shall provide District with a certificate evidencing compliance with the above terms and coverage and naming the District, its supervisors, staff, agents, officers and employees as additional insureds. Engineer shall provide the District with thirty (30) days' written notice of cancellation or modification of the policy. At no time shall Engineer be without insurance coverage in the above amounts. 11. Engineer’s Employees; Independent Contractor Status of Engineer. All matters pertaining to the employment, supervision, compensation, promotion and discharge of any employees of entities retained by Engineer are the sole responsibility of Engineer. Engineer shall fully comply with all applicable acts and regulations having to do with workman’s compensation, social security, unemployment insurance, hours of labor, wages, working conditions and other employer-employee related subjects. The Engineer agrees that it shall bear the responsibility for verifying the employment status, under the Immigration Reform and Control Act of 1986, of all persons it employs in the performance of this Agreement. In performing any services hereunder, Engineer shall be an independent contractor and not an employee of the District. It is further acknowledged that nothing herein shall be deemed to create or establish a partnership or joint venture between the District and Engineer. Engineer has no authority to enter into any contracts or agreements, whether oral or written, on behalf of the District without the District’s Board’s direction to the Engineer to specifically enter into such contracts or agreements. 12. Contingent Fee. The Engineer warrants that it has not employed or retained any company or person, other than a bona fide employee working solely for the Engineer, to solicit or secure this Agreement and that it has not paid or agreed to pay any person, company, corporation, individual, or firm, other than a bona fide employee working solely for the Engineer, any fee, commission, percentage, gift, or other consideration contingent upon or resulting from the award or making of this Agreement. 13. Audit. The Engineer agrees that the District or any of its duly authorized representatives shall, until the expiration of four years after expenditure of funds under this Agreement, have access to and the right to examine any books, documents, papers, and records of the Engineer involving transactions related to the Agreement. The Engineer agrees that payment made under the Agreement shall be subject to reduction for amounts charged thereto that are found on the basis of audit examination not to constitute allowable costs. All required records shall be maintained until an audit is completed and all questions arising therefrom are resolved, or three years after completion of all work under the Agreement. 14. Indemnification. The Engineer agrees, to the fullest extent permitted by law, to indemnify, defend, and hold the District, its supervisors, officers, agents and employees, harmless of and from any and all liabilities, claims, causes of action, demands, suits, or losses arising from the negligent acts, errors or omissions of the Engineer, Engineer's agents or employees, in the performance of professional services under this Agreement. 15. Sovereign Immunity. Nothing contained herein shall cause or be construed as a waiver of the District’s immunity or limitations on liability granted pursuant to section 768.28, Florida Statutes, or other law, and nothing in this Agreement shall inure to the benefit of any third party for the purpose of allowing any claim which could otherwise be barred under the Doctrine of Sovereign Immunity or by operation of law. 16. Public Records. (a) Engineer understands and agrees that all documents of any kind relating to this Agreement may be public records and, accordingly, Engineer agrees to comply with all applicable provisions of Florida public records law, including but not limited to the provisions of Chapter 119, Florida Statutes. Engineer acknowledges and agrees that the public records custodian of the District is the District Manager, which is currently Governmental Management Services - Central Florida, LLC (the “Public Records Custodian”). Engineer shall, to the extent applicable by law: (i) Keep and maintain public records required by District to perform services; (ii) Upon request by District, provide District with the requested public records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; (iii) Ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the Agreement term and following the Agreement term if the Engineer does not transfer the records to the Public Records Custodian of the District; and (iv) Upon completion of the Agreement, transfer to District, at no cost, all public records in District’s possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. IF THE ENGINEER HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE ENGINEER’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT THE DISTRICT’S CUSTODIAN OF PUBLIC RECORDS AT (407-841-5524), OR BY EMAIL AT JLEBRUN@GMSCFL.COM, OR BY REGULAR MAIL AT 219 E. LIVINGSTON STREET, ORLANDO, FLORIDA 32801, ATTENTION: DISTRICT PUBLIC RECORDS CUSTODIAN. 17. Compliance with All Laws, Regulations, Rules and Policies. (a) At all times, the Engineer is expected to operate in accordance with all applicable statutes, codes, permits, regulations, ordinances and orders. (b) The Engineer hereby covenants and agrees to comply with all the rules, ordinances and regulations of governmental authorities wherein the District’s facilities are located, as said rules, etc. may specifically relate to the Engineer or it’s services provided hereunder, at the Engineer’s sole cost and expense, and the Engineer will take such action as may be necessary to comply with any and all notices, orders or other requirements affecting the services described herein as may be issued by any governmental agency having jurisdiction over the Engineer, unless specifically instructed by the District that it intends to contest such orders or requirements and that the Engineer shall not comply with the same. The Engineer shall provide immediate notice to the District of any such orders or requirements upon receipt of same. (c) The District is a local unit of special purpose government created in accordance with the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes. The Engineer agrees to comply with all applicable requirements of the “Sunshine Law,” the “Public Records Law,” the Community Development Districts Law, and all other statutes and regulations applicable to Engineer. 18. Compliance with E-Verify System. (a) The Engineer shall comply with and perform all applicable provisions and requirements of Section 448.095, Florida Statutes and Section 448.09(1), Florida Statutes. Accordingly, beginning on the Effective Date, to the extent required by Section 448.095, Florida Statutes, the Engineer shall enroll with and use the United States Department of Homeland Security’s E-Verify system to verify the work authorization status of all newly hired employees. The Engineer may terminate this Agreement immediately for cause if there is a good faith belief that the Engineer has knowingly violated Section 448.091, Florida Statutes. (b) If the Engineer anticipates entering into agreements with a subcontractor for the work, the Engineer will not enter into the subcontractor agreement without first receiving an affidavit from the subcontractor regarding compliance with Section 448.095, Florida Statutes, and stating that the subcontractor does not employ, contract with, or subcontract with an unauthorized alien. The Engineer shall maintain a copy of such affidavit for the duration of the agreement and provide a copy to the District upon request. In the event that the District has a good faith belief that a subcontractor has knowingly violated Section 448.095, Florida Statutes, but the Engineer has otherwise complied with its obligations hereunder, the District shall promptly notify the Engineer. The Engineer agrees to immediately terminate the agreement with the subcontractor upon notice from the District. Further, absent such notification from the District, the Engineer or any subcontractor who has a good faith belief that a person or entity with which it is contracting has knowingly violated Section 448.09(1), Florida Statutes, shall promptly terminate its agreement with such person or entity. (c) By entering into this Agreement, the Engineer represents that no public employer has terminated a contract with the Engineer under Section 448.095(2)(c), Florida Statutes, within the year immediately preceding the date of this Agreement. 19. Controlling Law and Jurisdiction. The Engineer and the District agree that this Agreement shall be controlled and governed by the laws of the State of Florida. Any litigation arising under this Agreement shall be venued in the Circuit Court of Osceola County, Florida. THE PARTIES HEREBY WAIVE TRIAL BY JURY AND AGREE TO SUBMIT TO THE PERSONAL JURISDICTION AND VENUE OF A COURT IN OSCEOLA COUNTY, FLORIDA. 20. Assignment. Neither the District nor the Engineer shall assign, sublet, or transfer any rights under or interest in this Agreement without the express written consent of the other. 21. Notice. (a) Notices required or permitted to be given under this Agreement shall be in writing, may be delivered personally or by mail, overnight delivery service, or courier service, and shall be given when received by the addressee. Notices shall be addressed as follows: If to District: Shingle Creek at Bronson Community Development District c/o Governmental Management Services – Central Florida, LLC 219 E. Livingston Street Orlando, Florida 32801 Attention: Jeremy LeBrun, District Manager Telephone: (407) 613-2944 Copy to: Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, Florida 32801 Attention: Jan Albanese Carpenter, District Counsel Telephone: (407) 481-5800 If to Engineer: Dewberry Engineers, Inc. 800 N. Magnolia Ave., Suite 1000 Orlando, Florida 32803 Attention: Rey Malave, PE Telephone: (321) 354-9656 (b) Notwithstanding the foregoing, any notice sent to the last designated address of the party to whom a notice may be or is required to be delivered under this Agreement shall not be deemed ineffective if actual delivery cannot be made due to a change of address of the party to whom the notice is directed or the failure or refusal of such party to accept delivery of the notice. Parties may change notice address by delivering written notice by mail, overnight delivery service, or courier service to the other party and such change shall become effective when received by the addressee. 22. Termination. The District or the Engineer may terminate this Agreement without cause upon thirty (30) days' prior written notice. At such time as the Engineer receives notification of the intent of the District to terminate the contract, the Engineer shall not perform any further services unless directed to do so by the District’s Board. In the event of any termination without cause, the Engineer will be paid for services rendered to the date of termination and all reimbursable expenses incurred to the date of termination. The District may terminate this Agreement with cause upon written notice to the Engineer. In the event of any termination for cause, Engineer shall not perform any further services for the District after Engineer's receipt of notification of termination for cause, but Engineer shall be paid for services rendered to the date of termination and all reimbursable expenses incurred through the date of termination. 23. No Waiver. No failure by either party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy upon a breach thereof shall constitute a waiver of any such breach or of such or any other covenant, agreement, term or condition. Any party hereto, by written notice executed by such party, may, but shall be under no obligation to, waive any of its rights or any conditions to its obligations hereunder, or any duty, obligation, or covenant of any other party hereto. No waiver shall affect or alter this Agreement, but each and every covenant, agreement, term and condition of this Agreement shall continue in full force and effect with respect to any other then-existing or subsequent breach thereof. 24. No Modification. No modification, waiver, amendment, discharge or change of this Agreement shall be valid unless the same is in writing and signed by the parties against which such enforcement is or may be sought. This instrument contains the entire agreement made between the parties and may not be modified orally or in any manner other than by an agreement in writing signed by all parties hereto or their respective successors in interest. 25. Recovery of Attorneys’ Fees and Costs. If either party hereto institutes an action or proceeding for a declaration of the rights of the parties the Agreement, for injunctive relief, for an alleged breach or default of, or any other action arising out of, the Agreement, or in the event any party hereto is in default of its obligations pursuant hereto, whether or not suit is filed or prosecuted to final judgment, the non-defaulting or prevailing party shall be entitled to its actual attorneys’ fees and to any court costs and expenses incurred, in addition to any other damages or relief awarded. 26. Conflicts of Interest. The Engineer shall bear the responsibility for acting in the District’s best interests, shall avoid any conflicts of interest and shall abide by all applicable ethical canons and professional standards relating to conflicts of interest. 27. Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all parties had signed the same document. All fully executed counterparts shall be construed together and shall constitute one and the same agreement. 28. Acceptance. Acceptance of this Agreement is indicated by the signature of the authorized representative of the District and the Engineer in the spaces provided below. [Signatures provided on the following page.] CO-SIGNATURE PAGE TO THE AGREEMENT FOR PROFESSIONAL ENGINEERING SERVICES IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed the day and year first above written. SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT, ATTEST: a Florida community development district By: ___________________________ By: __________________________________ Secretary/Asst. Secretary Chairman, Board of Supervisors DEWBERRY ENGINEERS, INC., a New York corporation By: _________________________________ Print: _______________________________ Title: ________________________________ EXHIBIT “A” PROPOSAL [See attached.] EXHIBIT “B” FEE SCHEDULE [See attached.] Attachment A STANDARD HOURLY BILLING RATE SCHEDULE Professional/Technical/Construction/Surveying Services LABOR CLASSIFICATION HOURLY RATES Professional Engineer I, II, III $115.00, $135.00, $155.00 Engineer IV, V, VI $175.00, $200.00, $230.00 Engineer VII, VIII, IX $260.00, $290.00, $320.00 Environmental Specialist I, II, III $105.00, $125.00, $155.00 Senior Environmental Scientist IV, V, VI $175.00, $195.00, $215.00 Planner I, II, III $105.00, $125.00, $155.00 Senior Planner IV, V, VI $175.00, $195.00, $215.00 Landscape Designer I, II, III $105.00, $125.00, $155.00 Senior Landscape Architect IV, V, VI $175.00, $195.00, $215.00 Principal $360.00 Technical CADD Technician I, II, III, IV, V $85.00, $105.00, $125.00, $140.00, $180.00 Designer I, II, III $110.00, $135.00, $160.00 Designer IV, V, VI $180.00, $205.00, $230.00 Construction Construction Professional I, II, III $125.00, $160.00, $185.00 Construction Professional IV, V, VI $220.00, $245.00, $290.00 Survey Surveyor I, II, III $68.00, $83.00, $100.00 Surveyor IV, V, VI $120.00, $135.00, $150.00 Surveyor VII, VIII, IX $165.00, $195.00, $235.00 Senior Surveyor IX $295.00 Fully Equipped 1, 2, 3 Person Field Crew $145.00, $185.00, $245.00 Administration Administrative Professional I, II, III, IV $70.00, $100.00, $120.00, $150.00 Other Direct Costs (Printing, Postage, Etc.) Cost + 15% Company Confidential and Proprietary: Use or disclosure of data contained on this sheet is subject to restriction on the title page of this report. Revised 06-01-24\Subject to Revision\Standard Hourly Billing Rate Schedule 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) governmentwide 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: 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: 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 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 See notes to the financial statements SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2023 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 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 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 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; operatingtype 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: 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: 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: 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: 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: 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 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 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. MICHAEL J. BEAUDINE JAN ALBANESE CARPENTER DANIEL H. COULTOFF SARAH M. DINON JENNIFER S. EDEN DOROTHY F. GREEN BRUCE D. KNAPP PETER G. LATHAM 201 SOUTH ORANGE AVENUE, SUITE 1400 ORLANDO, FLORIDA 32801 POST OFFICE BOX 3353 ORLANDO, FLORIDA 32802 TELEPHONE: (407) 481-5800 FACSIMILE: (407) 481-5801 WWW.LATHAMLUNA.COM JAY E. LAZAROVICH MARC L. LEVINE JUSTIN M. LUNA LORI T. MILVAIN BENJAMIN R. TAYLOR CHRISTINA Y. TAYLOR KRISTEN E. TRUCCO DANIEL A. VELASQUEZ To: CDD Board of Supervisors From: District Counsel (Jan Albanese Carpenter, Esq., Jay E. Lazarovich, Esq. and Kristen E. Trucco, Esq.) Re: Recently Enacted Legislation (2024) Date: May 31, 2024 We are providing you with information about new legislation which affects special districts in the State of Florida. House Bill (“HB”) 7013 was recently signed into law and will go into effect July 1, 2024. HB 7013 creates a requirement for special districts, including community development districts (“CDDs”), to prepare and publish a report of goals/objectives, performance measurement standards for such goals/objectives and the results of such goals/objectives. Specifically, by October 1, 2024, or by the end of the first full fiscal year after the establishment of a special district, whichever is later, “each special district must establish goals and objectives for each program and activity undertaken by the district, as well as performance measures and standards to determine if the district’s goals and objectives are being achieved.” By December 1 of each year thereafter (beginning December 1, 2025), an annual report must be prepared and published on the district’s website describing the goals and objectives achieved or failed to be achieved, as well as the performance measures and standards used by the district to make that determination. District Managers should prepare draft goals/objectives and performance measures and standards for review and adoption by CDD boards at or before the CDD’s September board meeting. Boards may ultimately decide to tailor those goals and objectives, as well as the measurement standards for each goal, to their specific CDD. HB 7013 also repealed Section 190.047, Florida Statutes, which, among other things, required CDDs to hold a referendum at a general election on the question of whether to incorporate after certain requirements were met by the CDD. Effective July 1, 2024, CDDs will no longer be required to conduct such a referendum. HB 7013 added a number of other provisions that are applicable to special districts. However, CDDs were specifically excluded from those provisions in the text of the new legislation. More detail on the new provisions that do not apply to CDDs is available upon request. Please feel free to contact the District Manager or our office should you have any questions on this new legislation or any other CDD requirements. Thank you. A close-up of a logo Description automatically generated Memorandum To: Board of Supervisors From: District Management Date: August 5, 2024 RE: HB7013 – Special Districts Performance Measures and Standards ________________________________________________________________________________ To enhance accountability and transparency, new regulations were established for all special districts, by the Florida Legislature, during their 2024 legislative session. Starting on October 1, 2024, or by the end of the first full fiscal year after its creation (whichever comes later), each special district must establish goals and objectives for each program and activity, as well as develop performance measures and standards to assess the achievement of these goals and objectives. Additionally, by December 1 each year (initial report due on December 1, 2025), each special district is required to publish an annual report on its website, detailing the goals and objectives achieved, the performance measures and standards used, and any goals or objectives that were not achieved. District Management has identified the following key categories to focus on for Fiscal Year 2025 and develop statutorily compliant goals for each: • Community Communication and Engagement • Infrastructure and Facilities Maintenance • Financial Transparency and Accountability Additionally, special districts must provide an annual reporting form to share with the public that reflects whether the goals & objectives were met for the year. District Management has streamlined these requirements into a single document that meets both the statutory requirements for goal/objective setting and annual reporting. The proposed goals/objectives and the annual reporting form are attached as exhibit A to this memo. District Management recommends that the Board of Supervisors adopt these goals and objectives to maintain compliance with HB7013 and further enhance their commitment to the accountability and transparency of the District. Exhibit A: Goals, Objectives and Annual Reporting Form Shingle Creek at Bronson Community Development District Performance Measures/Standards & Annual Reporting Form October 1, 2024 – September 30, 2025 1. Community Communication and Engagement Goal 1.1: Public Meetings Compliance Objective: Hold at least three regular Board of Supervisor meetings per year to conduct CDD related business and discuss community needs. Measurement: Number of public board meetings held annually as evidenced by meeting minutes and legal advertisements. Standard: A minimum of three board meetings were held during the Fiscal Year. Achieved: Yes . No . Goal 1.2: Notice of Meetings Compliance Objective: Provide public notice of meetings in accordance with Florida Statutes, using at least two communication methods. Measurement: Timeliness and method of meeting notices as evidenced by posting to CDD website, publishing in local newspaper and via electronic communication. Standard: 100% of meetings were advertised per Florida statute on at least two mediums (i.e., newspaper, CDD website, electronic communications). Achieved: Yes . No . Goal 1.3: Access to Records Compliance Objective: Ensure that meeting minutes and other public records are readily available and easily accessible to the public by completing monthly CDD website checks. Measurement: Monthly website reviews will be completed to ensure meeting minutes and other public records are up to date as evidenced by District Management’s records. Standard: 100% of monthly website checks were completed by District Management. Achieved: Yes . No . 2. Infrastructure and Facilities Maintenance Goal 2.1: Field Management and/or District Management Site Inspections Objective: Field manager and/or district manager will conduct inspections per District Management services agreement to ensure safety and proper functioning of the District’s infrastructure. Measurement: Field manager and/or district manager visits were successfully completed per management agreement as evidenced by field manager and/or district manager’s reports, notes or other record keeping method. Standard: 100% of site visits were successfully completed as described within district management services agreement Achieved: Yes . No . Goal 2.2: District Infrastructure and Facilities Inspections Objective: District Engineer will conduct an annual inspection of the District’s infrastructure and related systems. Measurement: A minimum of one inspection completed per year as evidenced by district engineer’s report related to district’s infrastructure and related systems. Standard: Minimum of one inspection was completed in the Fiscal Year by the district’s engineer. Achieved: Yes . No . 3. Financial Transparency and Accountability Goal 3.1: Annual Budget Preparation Objective: Prepare and approve the annual proposed budget by June 15 and final budget was adopted by September 30 each year. Measurement: Proposed budget was approved by the Board before June 15 and final budget was adopted by September 30 as evidenced by meeting minutes and budget documents listed on CDD website and/or within district records. Standard: 100% of budget approval & adoption were completed by the statutory deadlines and posted to the CDD website. Achieved: Yes . No . Goal 3.2: Financial Reports Objective: Publish to the CDD website the most recent versions of the following documents: Annual audit, current fiscal year budget with any amendments, and most recent financials within the latest agenda package. Measurement: Annual audit, previous years’ budgets, and financials are accessible to the public as evidenced by corresponding documents on the CDD’s website. Standard: CDD website contains 100% of the following information: Most recent annual audit, most recent adopted/amended fiscal year budget, and most recent agenda package with updated financials. Achieved: Yes . No . Goal 3.3: Annual Financial Audit Objective: Conduct an annual independent financial audit per statutory requirements and publish the results to the CDD website for public inspection, and transmit to the State of Florida. Measurement: Timeliness of audit completion and publication as evidenced by meeting minutes showing board approval and annual audit is available on the CDD’s website and transmitted to the State of Florida. Standard: Audit was completed by an independent auditing firm per statutory requirements and results were posted to the CDD website and transmitted to the State of Florida. Achieved: Yes . No . Chair/Vice Chair:____________________________ Date:________________ Print Name:_________________________________ Shingle Creek at Bronson Community Development District District Manager:____________________________ Date:________________ Print Name:_________________________________ Shingle Creek at Bronson Community Development District BOARD OF SUPERVISORS MEETING DATES SHINGLE CREEK AT BRONSON COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025 The Board of Supervisors of the Shingle Creek at Bronson Community Development District (“District”) will hold their regular meetings for Fiscal Year 2024/2025 (beginning October 1, 2024, and ending September 30, 2025) at the Oasis Club at ChampionsGate, 1520 Oasis Club Blvd., ChampionsGate, FL 33896 at 12:00 p.m.. on the 1st Monday of every month, unless otherwise indicated, for the purpose of considering any business that may come before the Board on the following dates: October 7, 2024 November 4, 2024 December 2, 2024 January 6, 2025 February 3, 2025 March 3, 2025 April 7, 2025 May 5, 2025 June 2, 2025 July 7, 2025 August 4, 2025 September 1, 2025 The meetings are open to the public and will be conducted in accordance with the provision of Florida Law for Community Development Districts. The meetings and workshops may be continued to a date, time, and place to be specified on the record at the meeting. A copy of the agenda for these meetings may be obtained by contacting the District Office, Governmental Management Services – Central Florida, LLC, by mail at 219 East Livingston Street, Orlando, FL 32801, or by phone at (407) 841-5524, or by visiting the District’s website: https://shinglecreekatbronsoncdd.com/. There may be occasions when one or more Board supervisors or staff will participate by speaker telephone. Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations at any meeting or workshop because of a disability or physical impairment should contact the District Office at 813-533-2950 at least 48 hours prior to the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY) / 1-800-955- 8770 (Voice), for aid in contacting the District Office. A person who decides to appeal any decision made at a meeting with respect to any matter considered at the meeting is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based. Jeremy Lebrun District Manager REBATE REPORT $13,990,000 Shingle Creek at Bronson Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2021 Dated: April 22, 2021 Delivered: April 22, 2021 _____________________________________________________ Rebate Report to the Computation Date April 22, 2024 Reflecting Activity To April 22, 2024 TABLE OF CONTENTS AMTEC Opinion 3 Summary of Rebate Computations 4 Summary of Computational Information and Definitions 5 Methodology 7 Sources and Uses 8 Proof of Arbitrage Yield 9 Bond Debt Service 11 Arbitrage Rebate Calculation Detail Report – Acquisition and Construction Account 13 Arbitrage Rebate Calculation Detail Report – Reserve Account 15 Arbitrage Rebate Calculation Detail Report – Interest Account 16 Arbitrage Rebate Calculation Detail Report – Cost of Issuance Account 17 Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits 18 June 6, 2024 Shingle Creek at Bronson Community Development District c/o Ms. Teresa Viscarra Government Management Services – CF, LLC 6200 Lee Vista Boulevard Suite 300 Orlando, FL 32822 Re: $13,990,000 Shingle Creek at Bronson Community Development District (Osceola County, Florida), Special Assessment Bonds, Series 2021 Dear Ms. Viscarra: AMTEC has prepared certain computations relating to the above referenced bond issue (the “Bonds”) at the request of the Shingle Creek at Bronson Community Development District (the “District”). The scope of our engagement consisted of preparing the computations shown in the attached schedules to determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, Section 148(f) of the Internal Revenue Code of 1986, as amended (the “Code”), and all applicable Regulations issued thereunder. The methodology used is consistent with current tax law and regulations and may be relied upon in determining the rebate liability. Certain computational methods used in the preparation of the schedules are described in the Summary of Computational Information and Definitions. Our engagement was limited to the computation of Rebatable Arbitrage based upon the information furnished to us by the District. In accordance with the terms of our engagement, we did not audit the information provided to us, and we express no opinion as to the completeness, accuracy or suitability of such information for purposes of calculating the Rebatable Arbitrage. We have scheduled our next Report as of April 30, 2025. Thank you for this engagement and should you have any questions, please do not hesitate to contact us. Very truly yours, Michael J. Scarfo Senior Vice President Trong M. Tran Assistant Vice President SUMMARY OF REBATE COMPUTATIONS Our computations, contained in the attached schedules, are summarized as follows: For the April 22, 2024 Computation Date Reflecting Activity from April 22, 2021 through April 22, 2024 Fund Description Taxable Inv Yield Net Income Rebatable Arbitrage Acquisition and Construction Account 0.153149% 21,598.21 (510,531.95) Reserve Account 2.340107% 27,727.93 (14,539.11) Interest Account 0.005666% 11.87 (7,999.08) Cost of Issuance Account 0.005847% 0.11 (72.59) Totals 0.317871% $49,338.12 $(533,142.73) Bond Yield 3.514356% Rebate Computation Credits (6,061.54) Net Rebatable Arbitrage $(539,204.27) Based upon our computations, no rebate liability exists. SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS COMPUTATIONAL INFORMATION 1. For purposes of computing Rebatable Arbitrage, investment activity is reflected from April 22, 2021, the date of the closing, through April 22, 2024, the Computation Date. All nonpurpose payments and receipts are future valued to the Computation Date of April 22, 2024. 2. Computations of yield are based on a 360-day year and semiannual compounding on the last day of each compounding interval. Compounding intervals end on a day in the calendar year corresponding to Bond maturity dates or six months prior. 3. For investment cash flow, debt service and yield computation purposes, all payments and receipts are assumed to be paid or received respectively, as shown on the attached schedules. 4. Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction. 5. During the period between April 22, 2021 and April 22, 2024, the District made periodic payments into the Principal, Interest, Revenue, Sinking and Prepayment Accounts (collectively, the “Debt Service Funds”), which were used, along with the interest earned, to provide the required debt service payments. Under Section 148(f) (4) (A), the rebate requirement does not apply to amounts in certain bona fide debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year. The fund must be depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year. We have reviewed the Debt Service Funds and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement. DEFINITIONS 6. Computation Date April 22, 2024. 7. Computation Period The period beginning on April 22, 2021, the date of the closing, through April 22, 2024, the Computation Date. 8. Bond Year Each one-year period (or shorter period from the date of issue) that ends at the close of business on the day in the calendar year that is selected by the Issuer. If no day is selected by the Issuer before the earlier of the final maturity date of the issue or the date that is five years after the date of issue, each bond year ends at the close of business on the anniversary date of the issuance, or the final redemption date of the Bonds. 9. Bond Yield The discount rate that, when used in computing the present value of all the unconditionally payable payments of principal and interest with respect to the Bonds, produces an amount equal to the present value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds. 10. Taxable Investment Yield The discount rate that, when used in computing the present value of all receipts of principal and interest to be received on an investment during the Computation Period, produces an amount equal to the fair market value of the investment at the time it became a nonpurpose investment. 11. Issue Price The price determined on the basis of the initial offering price to the public at which price a substantial amount of the Bonds were sold. 12. Rebatable Arbitrage The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments over the amount that would have been earned if such nonpurpose investments were invested at the Bond Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield. 13. Funds and Accounts The Funds and Accounts activity used in the compilation of this Report was received from records provided by the District and US Bank, Trustee, as follows: Fund Account Number Revenue 254371000 Interest 254371001 Sinking 254371002 Reserve 254371003 Prepayment 254371004 Acquisition & Construction 254371005 Cost of Issuance 254371006 METHODOLOGY Bond Yield The methodology used to calculate the bond yield was to determine the discount rate that produces the present value of all payments of principal and interest through the maturity date of the Bonds. Investment Yield and Rebate Amount The methodology used to calculate the Rebatable Arbitrage, as of April 22, 2024, was to calculate the future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond proceeds, at the yield on the Bonds, to April 22, 2024. This figure was then compared to the future value of the deposit of bond proceeds into the various investment accounts at the same yield. The difference between the future values of the two cash flows, on April 22, 2024, is the Rebatable Arbitrage. $13,990,000 Shingle Creek at Bronson Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2021 Delivered: April 22, 2021 Sources of Funds Par Amount $13,990,000.00 Original Issue Premium 161,337.25 Total $14,151,337.25 Uses of Funds Acquisition and Construction Account $12,972,020.24 Reserve Account 390,150.00 Interest Account 323,692.01 Cost of Issuance Account 185,675.00 Underwriter’s Discount 279,800.00 Total $14,151,337.25 Prepared by AMTEC (Finance 8.800) PROOF OF ARBITRAGE YIELD $13,990,000 Shingle Creek at Bronson Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2021 Present Value to 04/22/2021 Date Debt Service @ 3.5143556991% 12/15/2021 323,692.01 316,475.02 06/15/2022 530,062.50 509,295.09 12/15/2022 246,562.50 232,811.47 06/15/2023 536,562.50 497,889.09 12/15/2023 242,937.50 221,534.72 06/15/2024 537,937.50 482,074.33 12/15/2024 239,250.00 210,702.21 06/15/2025 544,250.00 471,032.12 12/15/2025 235,437.50 200,245.45 06/15/2026 545,437.50 455,897.25 12/15/2026 231,562.50 190,206.41 06/15/2027 551,562.50 445,232.23 12/15/2027 226,602.50 179,759.36 06/15/2028 556,602.50 433,917.25 12/15/2028 221,487.50 169,685.97 06/15/2029 561,487.50 422,738.44 12/15/2029 216,217.50 159,976.96 06/15/2030 566,217.50 411,703.76 12/15/2030 210,792.50 150,623.12 06/15/2031 6,985,792.50 4,905,543.37 12/15/2031 76,912.50 53,076.63 06/15/2032 451,912.50 306,475.45 12/15/2032 70,350.00 46,885.70 06/15/2033 455,350.00 298,233.60 12/15/2033 63,612.50 40,943.85 06/15/2034 463,612.50 293,248.81 12/15/2034 56,612.50 35,190.74 06/15/2035 471,612.50 288,095.40 12/15/2035 49,350.00 29,626.01 06/15/2036 479,350.00 282,796.24 12/15/2036 41,825.00 24,248.89 06/15/2037 486,825.00 277,372.67 12/15/2037 34,037.50 19,058.27 06/15/2038 494,037.50 271,844.53 12/15/2038 25,987.50 14,052.71 06/15/2039 505,987.50 268,887.35 12/15/2039 17,587.50 9,184.80 06/15/2040 512,587.50 263,068.28 12/15/2040 8,925.00 4,501.36 06/15/2041 518,925.00 257,202.37 19,595,854.51 14,151,337.25 Proceeds Summary Delivery date 04/22/2021 Par Value 13,990,000.00 Premium (Discount) 161,337.25 Target for yield calculation 14,151,337.25 Prepared by AMTEC (Finance 8.800) PROOF OF ARBITRAGE YIELD $13,990,000 Shingle Creek at Bronson Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2021 Assumed Call/Computation Dates for Premium Bonds Bond Maturity Call Call Yield To Component Date Rate Yield Date Price Call/Maturity TERM04 06/15/2042 4.000% 3.700% 06/15/2031 100.000 3.6996463% TERM04 06/15/2043 4.000% 3.700% 06/15/2031 100.000 3.6996463% TERM04 06/15/2044 4.000% 3.700% 06/15/2031 100.000 3.6996463% TERM04 06/15/2045 4.000% 3.700% 06/15/2031 100.000 3.6996463% TERM04 06/15/2046 4.000% 3.700% 06/15/2031 100.000 3.6996463% TERM04 06/15/2047 4.000% 3.700% 06/15/2031 100.000 3.6996463% TERM04 06/15/2048 4.000% 3.700% 06/15/2031 100.000 3.6996463% TERM04 06/15/2049 4.000% 3.700% 06/15/2031 100.000 3.6996463% TERM04 06/15/2050 4.000% 3.700% 06/15/2031 100.000 3.6996463% TERM04 06/15/2051 4.000% 3.700% 06/15/2031 100.000 3.6996463% Rejected Call/Computation Dates for Premium Bonds Bond Maturity Call Call Yield To Increase Component Date Rate Yield Date Price Call/Maturity to Yield TERM04 06/15/2042 4.000% 3.700% 3.8249921% 0.1253457% TERM04 06/15/2043 4.000% 3.700% 3.8300506% 0.1304043% TERM04 06/15/2044 4.000% 3.700% 3.8346466% 0.1350003% TERM04 06/15/2045 4.000% 3.700% 3.8388378% 0.1391915% TERM04 06/15/2046 4.000% 3.700% 3.8426725% 0.1430262% TERM04 06/15/2047 4.000% 3.700% 3.8461919% 0.1465456% TERM04 06/15/2048 4.000% 3.700% 3.8494309% 0.1497846% TERM04 06/15/2049 4.000% 3.700% 3.8524196% 0.1527733% TERM04 06/15/2050 4.000% 3.700% 3.8551839% 0.1555376% TERM04 06/15/2051 4.000% 3.700% 3.8577463% 0.1581000% Prepared by AMTEC (Finance 8.800) BOND DEBT SERVICE $13,990,000 Shingle Creek at Bronson Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2021 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 04/22/2021 12/15/2021 323,692.01 323,692.01 06/15/2022 280,000 2.500% 250,062.50 530,062.50 853,754.51 12/15/2022 246,562.50 246,562.50 06/15/2023 290,000 2.500% 246,562.50 536,562.50 783,125.00 12/15/2023 242,937.50 242,937.50 06/15/2024 295,000 2.500% 242,937.50 537,937.50 780,875.00 12/15/2024 239,250.00 239,250.00 06/15/2025 305,000 2.500% 239,250.00 544,250.00 783,500.00 12/15/2025 235,437.50 235,437.50 06/15/2026 310,000 2.500% 235,437.50 545,437.50 780,875.00 12/15/2026 231,562.50 231,562.50 06/15/2027 320,000 3.100% 231,562.50 551,562.50 783,125.00 12/15/2027 226,602.50 226,602.50 06/15/2028 330,000 3.100% 226,602.50 556,602.50 783,205.00 12/15/2028 221,487.50 221,487.50 06/15/2029 340,000 3.100% 221,487.50 561,487.50 782,975.00 12/15/2029 216,217.50 216,217.50 06/15/2030 350,000 3.100% 216,217.50 566,217.50 782,435.00 12/15/2030 210,792.50 210,792.50 06/15/2031 360,000 3.100% 210,792.50 570,792.50 781,585.00 12/15/2031 205,212.50 205,212.50 06/15/2032 375,000 3.500% 205,212.50 580,212.50 785,425.00 12/15/2032 198,650.00 198,650.00 06/15/2033 385,000 3.500% 198,650.00 583,650.00 782,300.00 12/15/2033 191,912.50 191,912.50 06/15/2034 400,000 3.500% 191,912.50 591,912.50 783,825.00 12/15/2034 184,912.50 184,912.50 06/15/2035 415,000 3.500% 184,912.50 599,912.50 784,825.00 12/15/2035 177,650.00 177,650.00 06/15/2036 430,000 3.500% 177,650.00 607,650.00 785,300.00 12/15/2036 170,125.00 170,125.00 06/15/2037 445,000 3.500% 170,125.00 615,125.00 785,250.00 12/15/2037 162,337.50 162,337.50 06/15/2038 460,000 3.500% 162,337.50 622,337.50 784,675.00 12/15/2038 154,287.50 154,287.50 06/15/2039 480,000 3.500% 154,287.50 634,287.50 788,575.00 12/15/2039 145,887.50 145,887.50 06/15/2040 495,000 3.500% 145,887.50 640,887.50 786,775.00 12/15/2040 137,225.00 137,225.00 06/15/2041 510,000 3.500% 137,225.00 647,225.00 784,450.00 12/15/2041 128,300.00 128,300.00 06/15/2042 530,000 4.000% 128,300.00 658,300.00 786,600.00 12/15/2042 117,700.00 117,700.00 06/15/2043 555,000 4.000% 117,700.00 672,700.00 790,400.00 12/15/2043 106,600.00 106,600.00 06/15/2044 575,000 4.000% 106,600.00 681,600.00 788,200.00 12/15/2044 95,100.00 95,100.00 06/15/2045 600,000 4.000% 95,100.00 695,100.00 790,200.00 12/15/2045 83,100.00 83,100.00 06/15/2046 625,000 4.000% 83,100.00 708,100.00 791,200.00 12/15/2046 70,600.00 70,600.00 06/15/2047 650,000 4.000% 70,600.00 720,600.00 791,200.00 12/15/2047 57,600.00 57,600.00 06/15/2048 675,000 4.000% 57,600.00 732,600.00 790,200.00 12/15/2048 44,100.00 44,100.00 06/15/2049 705,000 4.000% 44,100.00 749,100.00 793,200.00 Prepared by AMTEC (Finance 8.800) BOND DEBT SERVICE $13,990,000 Shingle Creek at Bronson Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2021 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 12/15/2049 30,000.00 30,000.00 06/15/2050 735,000 4.000% 30,000.00 765,000.00 795,000.00 12/15/2050 15,300.00 15,300.00 06/15/2051 765,000 4.000% 15,300.00 780,300.00 795,600.00 13,990,000 9,668,654.51 23,658,654.51 23,658,654.51 $13,990,000 Shingle Creek at Bronson Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2021 Acquisition and Construction Account ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (3.514356%) 04/22/21 Beg Bal -12,972,020.24 -14,401,175.39 05/04/21 -0.58 -0.64 06/02/21 -1.98 -2.19 07/02/21 -1.92 -2.12 08/03/21 -1.98 -2.18 09/02/21 -2.01 -2.20 10/04/21 -1.92 -2.10 10/05/21 380.00 415.26 11/02/21 -1.98 -2.16 12/02/21 -1.92 -2.09 12/30/21 -1.37 -1.48 01/04/22 -1.98 -2.15 02/02/22 -1.98 -2.14 03/02/22 -1.82 -1.96 03/31/22 8,879,923.05 9,541,003.05 04/04/22 -1.98 -2.13 04/06/22 7,910.00 8,493.94 05/03/22 -1.92 -2.06 06/02/22 -52.77 -56.36 07/05/22 -164.52 -175.15 08/02/22 -315.85 -335.38 08/12/22 2,100.00 2,227.70 08/12/22 760.00 806.21 08/12/22 1,550.00 1,644.25 08/17/22 3,469,119.62 3,678,292.50 08/29/22 2,034.48 2,154.65 09/02/22 -510.97 -540.99 10/04/22 -588.38 -621.03 10/13/22 2,670.00 2,815.69 10/13/22 2,110.00 2,225.13 10/19/22 2,670.00 2,814.05 11/02/22 -798.06 -840.06 12/02/22 -995.77 -1,045.14 12/22/22 -0.48 -0.50 01/04/23 -1,138.82 -1,191.58 02/02/23 -1,211.90 -1,264.62 02/22/23 670.00 697.79 02/22/23 625,605.48 651,556.88 03/02/23 -1,162.38 -1,209.43 03/27/23 673.42 698.98 03/27/23 1,885.00 1,956.56 04/04/23 -1,326.10 -1,375.51 05/02/23 -1,357.95 -1,404.73 06/02/23 -1,479.79 -1,526.33 07/05/23 -1,452.31 -1,493.21 08/02/23 -1,521.64 -1,560.41 09/05/23 -1,582.99 -1,618.15 10/03/23 -1,535.48 -1,565.34 $13,990,000 Shingle Creek at Bronson Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2021 Acquisition and Construction Account ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (3.514356%) 11/01/23 -1,592.43 -1,619.00 12/04/23 -1,546.67 -1,567.46 01/03/24 -1,597.42 -1,614.36 02/02/24 -1,590.65 -1,603.01 03/04/24 -1,478.16 -1,485.04 04/02/24 -1,580.20 -1,583.26 04/22/24 Bal 20,106.66 20,106.66 04/22/24 Acc 57.77 57.77 ---------------------------------------------------------------- 04/22/24 TOTALS: 21,598.21 -510,531.95 ---------------------------------------------------------------- ISSUE DATE: 04/22/21 REBATABLE ARBITRAGE: -510,531.95 COMP DATE: 04/22/24 NET INCOME: 21,598.21 BOND YIELD: 3.514356% TAX INV YIELD: 0.153149% $13,990,000 Shingle Creek at Bronson Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2021 Reserve Account ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (3.514356%) 04/22/21 Beg Bal -390,150.00 -433,133.66 05/04/21 0.58 0.64 06/02/21 1.98 2.19 07/02/21 1.92 2.12 08/03/21 1.98 2.18 09/02/21 2.01 2.20 10/04/21 1.92 2.10 11/02/21 1.98 2.16 12/02/21 1.92 2.09 12/30/21 1.37 1.48 01/04/22 1.98 2.15 02/02/22 1.98 2.14 03/02/22 1.82 1.96 04/04/22 1.98 2.13 05/03/22 1.92 2.06 06/02/22 52.77 56.36 07/05/22 164.52 175.15 08/02/22 315.85 335.38 09/02/22 510.97 540.99 10/04/22 588.38 621.03 11/02/22 798.06 840.06 12/02/22 995.77 1,045.14 12/22/22 0.48 0.50 01/04/23 1,138.82 1,191.58 02/02/23 1,211.90 1,264.62 03/02/23 1,162.38 1,209.43 04/04/23 1,326.10 1,375.51 05/02/23 1,357.95 1,404.73 06/02/23 1,479.79 1,526.33 07/05/23 1,452.31 1,493.21 08/02/23 1,521.64 1,560.41 09/05/23 1,582.99 1,618.15 10/03/23 1,535.48 1,565.34 11/01/23 1,592.43 1,619.00 12/04/23 1,546.67 1,567.46 01/03/24 1,597.42 1,614.36 02/02/24 1,590.65 1,603.01 03/04/24 1,478.16 1,485.04 04/02/24 1,580.20 1,583.26 04/22/24 Bal 390,150.00 390,150.00 04/22/24 Acc 1,120.90 1,120.90 ---------------------------------------------------------------- 04/22/24 TOTALS: 27,727.93 -14,539.11 ---------------------------------------------------------------- ISSUE DATE: 04/22/21 REBATABLE ARBITRAGE: -14,539.11 COMP DATE: 04/22/24 NET INCOME: 27,727.93 BOND YIELD: 3.514356% TAX INV YIELD: 2.340107% $13,990,000 Shingle Creek at Bronson Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2021 Interest Account ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (3.514356%) 04/22/21 Beg Bal -323,692.01 -359,353.85 05/04/21 0.48 0.53 06/02/21 1.65 1.82 07/02/21 1.59 1.75 08/03/21 1.65 1.81 09/02/21 1.67 1.83 10/04/21 1.59 1.74 11/02/21 1.65 1.80 12/02/21 1.59 1.73 12/15/21 323,692.01 351,341.75 ---------------------------------------------------------------- 04/22/24 TOTALS: 11.87 -7,999.08 ---------------------------------------------------------------- ISSUE DATE: 04/22/21 REBATABLE ARBITRAGE: -7,999.08 COMP DATE: 04/22/24 NET INCOME: 11.87 BOND YIELD: 3.514356% TAX INV YIELD: 0.005666% $13,990,000 Shingle Creek at Bronson Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2021 Cost of Issuance Account ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (3.514356%) 04/22/21 Beg Bal -185,675.00 -206,131.21 04/22/21 46,500.00 51,623.00 04/22/21 50,000.00 55,508.61 04/22/21 33,500.00 37,190.77 04/22/21 6,000.00 6,661.03 04/22/21 1,500.00 1,665.26 04/29/21 5,675.00 6,295.96 05/07/21 42,500.00 47,113.88 04/12/22 0.11 0.12 ---------------------------------------------------------------- 04/22/24 TOTALS: 0.11 -72.59 ---------------------------------------------------------------- ISSUE DATE: 04/22/21 REBATABLE ARBITRAGE: -72.59 COMP DATE: 04/22/24 NET INCOME: 0.11 BOND YIELD: 3.514356% TAX INV YIELD: 0.005847% $13,990,000 Shingle Creek at Bronson Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2021 Rebate Computation Credits ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (3.514356%) 04/22/22 -1,830.00 -1,962.06 04/22/23 -1,960.00 -2,029.49 04/22/24 -2,070.00 -2,070.00 ---------------------------------------------------------------- 04/22/24 TOTALS: -5,860.00 -6,061.54 ---------------------------------------------------------------- ISSUE DATE: 04/22/21 REBATABLE ARBITRAGE: -6,061.54 COMP DATE: 04/22/24 BOND YIELD: 3.514356%