Bonnet Creek Resort Community Development District
ANNUAL FINANCIAL REPORT

September 30, 2023

Bonnet Creek Resort Community Development District ANNUAL FINANCIAL REPORT
September 30, 2023 TABLE OF CONTENTS
Page Number
REPORT OF INDEPENDENT AUDITORS	1-3
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-9
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements:
Statement of Net Position	10
Statement of Activities	11
Fund Financial Statements:
Balance Sheet – Governmental Funds	12
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	13
Statement of Revenues, Expenditures and Changes in Fund
Balances – Governmental Funds	14
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	15
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	16
Notes to Financial Statements	17-29
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	30-31
MANAGEMENT LETTER	32-35
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	36

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Bonnet Creek Resort Community Development District Orange County, Florida

Report on Audit of the Financial Statements
Opinion

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

In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of Bonnet Creek Resort Community Development District as of September 30, 2023, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.

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

Responsibilities of Management for the Financial Statements

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

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To the Board of Supervisors
Bonnet Creek Resort Community Development District

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

Auditor’s Responsibility for the Audit of the Financial Statements

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

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

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To the Board of Supervisors
Bonnet Creek Resort Community Development District

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

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated March 28, 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 and contracts.

The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on 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 Bonnet Creek Resort Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida March 28, 2024

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Management’s discussion and analysis of Bonnet Creek Resort Community Development District (the “District”) financial performance provides an objective and easily readable analysis of the District’s financial activities. The analysis provides summary financial information for the District and should be read in conjunction with the District’s financial statements.
OVERVIEW OF THE FINANCIAL STATEMENTS

The District’s basic financial statements comprise three components; 1) Government-wide financial statements, 2) Fund financial statements, and 3) Notes to financial statements. The Government-wide financial statements present an overall picture of the District’s financial position and results of operations. The Fund financial statements present financial information for the District’s major funds. The Notes to financial statements provide additional information concerning the District’s finances.

The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities and the change in net position. Governmental activities are primarily supported by special assessments.
The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Assets, liabilities, and net position are reported for all Governmental activities.

The statement of activities presents information on all revenues and expenses of the District and the change in net position. Expenses are reported by major function and program revenues relating to those functions are reported, providing the net cost of all functions provided by the District. To assist in understanding the District’s operations, expenses have been reported as governmental activities. Governmental activities financed by the District include general government, physical environment, and debt service.

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

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Fund financial statements include a balance sheet and a statement of revenues, expenditures and changes in fund balances for all governmental funds. A statement of revenues, expenditures, and changes in fund balances – budget and actual is provided for the District’s General Fund. Fund financial statements provide more detailed information about the District’s activities. Individual funds are established by the District to track revenues that are restricted to certain uses or to comply with legal requirements.

The government-wide financial statements and the fund financial statements provide different pictures of the District. The government-wide financial statements provide an overall picture of the District’s financial standing. These statements are comparable to private-sector companies and give a good understanding of the District’s overall financial health and how the District paid for the various activities, or functions, provided by the District. All assets of the District, including capital assets, are reported in the statement of net position. All liabilities, including principal outstanding on bonds are included. In the statement of activities, transactions between the different functions of the District have been eliminated in order to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long lived assets are reported as expenditures and long-term liabilities, such as general obligation bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, reconciliation is provided from the fund financial statements to the government-wide financial statements.
Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, capital assets and long-term debt are some of the items included in the notes to financial statements.

Financial Highlights

The following are the highlights of financial activity for the year ended September 30, 2023.

The District’s total assets exceeded total liabilities by $5,383,252 (net position). Net investment in capital assets was $4,589,903 and unrestricted net position was $793,349.

Governmental activities revenues totaled $3,159,697 while governmental activities expenses totaled $1,637,256.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District

The following schedule provides a summary of the assets, liabilities and net position of the District and is presented by category for comparison purposes.

	Net Position
Governmental	
Activities	
	2023	2022	
Current assets	
$	1,171,167	$	850,342	
Restricted assets	1,103,279	1,054,074	
Capital assets		21,561,372 		21,672,098 	
Total Assets		23,835,818 		23,576,514 	
Current liabilities	1,737,566	1,705,703	
Non-current liabilities		16,715,000 		18,010,000 	
Total Liabilities		18,452,566 		19,715,703 	
Net position - net investment in	
capital assets	4,589,903	3,465,629	
Net position - unrestricted		793,349 		395,182 	
Total Net Position	 $	5,383,252 	 $	3,860,811 	
The increase in current assets is related to an increase in investments due to the decrease in current year capital project disbursements.
The decrease in capital assets is related to the depreciation in excess of capital asset additions in the current year.
The decrease in total liabilities is related to the principal payment made on long-term debt in the current year.
The increase in net position is related to revenues exceeding expenses in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District (Continued)

The following schedule provides a summary of the changes in net position of the District and is presented by category for comparison purposes.
Change in Net Position

Governmental Activities 2023	2022

Revenues		
Charges for services	$	3,045,789	$	2,969,338	
Miscellaneous revenues	48,704	40,809	
Investment earnings		65,204 		5,309 	
Total Revenues		3,159,697 		3,015,456 	

Expenses
General government	

115,458	

108,426	
Physical environment	678,929	692,723	
Interest and other charges		842,869 		897,000 	
Total Expenses		1,637,256 		1,698,149 	
Change in Net Position	1,522,441	1,317,307	
Net Position - Beginning of Year		3,860,811 		2,543,504 	
Net Position - End of Year	 $	5,383,252 	 $	3,860,811 	

The increase in charges for services is related to the increase in special assessments in the current year.

The decrease in physical environment is related to the decrease in repairs in the current year.

The decrease in interest and other charges is related to the decrease in interest expense in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of September 30, 2023 and 2022.

Governmental Activities
Description	2023		2022	
Land and improvements	$	17,157,333		$	17,157,333	
Construction in progress	1,170,703		1,117,499	
Infrastructure	5,300,430		5,274,871	
Improvements other than buildings	2,649,428		2,649,428	
Less: accumulated depreciation		(4,716,522)			(4,527,033)	
Total Capital Assets (Net)	 $	21,561,372 		 $	21,672,098 	
Capital asset activity consisted of additions to construction in progress, $78,163, transfers from construction in progress to infrastructure, $25,559, and depreciation of $189,489.
General Fund Budgetary Highlights

Budgeted expenditures exceeded actual expenditures primarily due to less sidewalk cleaning and contingency expenditures than were anticipated.
The September 30, 2023 budget was amended for transfers out exceeding the amount anticipated in the original budget.

Debt Management

Governmental Activities debt includes the following:

In October 2016, the District issued $25,605,000, Special Assessment Refunding Bonds, Series 2016. The Bonds were issued to refund the District’s outstanding Series 2002 Special Assessment Bonds. The balance outstanding at September 30, 2023 was $18,010,000.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Economic Factors and Next Year’s Budget

The Bonnet Creek Resort Community Development District is in the process of multiple construction projects on parcels within the District, both private and public; however, the District does not expect any economic factors to have any significant effect on the financial position or results of operations of the District in fiscal year 2024.
Request for Information

The financial report is designed to provide a general overview of Bonnet Creek Resort Community Development District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Bonnet Creek Resort Community Development District, Governmental Management Services, 219 East Livingston Street, Orlando, Florida 32801.

ASSETS	
Current Assets	
Cash	
Investments	
Accounts receivable	
Total Current Assets	
Non-Current Assets	
Restricted Assets	
Investments	
Capital Assets, Not Being Depreciated	
Construction in progress	
Land and improvements	
Capital Assets, Being Depreciated	
Infrastructure	
Improvements other than buildings	
Accumulated depreciation	
Total Non-Current Assets	
Total Assets	

Governmental Activities

$	332,338	
830,975	
	7,854 	
	1,171,167 	

1,103,279

1,170,703	
17,157,333	

5,300,430	
2,649,428	
     (4,716,522)	
     22,664,651 	
     23,835,818 	

19,130	
85,748	
1,295,000	
       337,688 	
      1,737,566 	

LIABILITIES	
Current Liabilities	
Accounts payable	
Retainage payable	
Bonds payable, current	
Accrued interest	
Total Current Liabilities	
Non-Current Liabilities	
Bonds payable	
Total Liabilities	

	16,715,000 
	18,452,566 

NET POSITION	
Net investment in capital assets	
Unrestricted	
Total Net Position	

4,589,903
	793,349 
 $	5,383,252 

		Net (Expense)	
		Revenues and	
Program		Changes in	
Revenues		Net Position	
Charges for
Services		Governmental
Activities	

Functions/Programs	Expenses

$	(115,458)	
(678,929)	
	(842,869)	
 $	(1,637,256)	

$	186,268	$	
758,496	
	2,101,025  	1,	
 $	3,045,789 	1,	

Governmental Activities General government Physical environment Interest and other charges
Total Governmental Activities

General Revenues	
Investment income	
Miscellaneous revenues	
Total General Revenues	

70,810
79,567
258,156 
408,533

65,204
	48,704 
	113,908 

Change in Net Position	1,522,441	
Net Position - October 1, 2022		3,860,811 	
Net Position - September 30, 2023	 $	5,383,252 	

BALANCE SHEET – GOVERNMENTAL FUNDS
September 30, 2023

Total Governmental

ASSETS	
Cash	
Investments	
Accounts receivable	
Restricted assets	
Cash and investments, at fair value	
Total Assets	

	- 		1,103,279 		- 	
 $	175,246 	 $ 1,103,279 	 $	995,921 	

LIABILITIES AND FUND BALANCES	
LIABILITIES	
Accounts payable	
Retainage payable	
Total Liabilities	

$	18,611	$	-	$	519	$	19,130	
	- 		- 		85,748 		85,748 	
	18,611 		- 		86,267 		104,878 	

$	148,083	
19,309	
7,854	

$	-	
-	
-	

$	184,255	
811,666	
-	

$	332,338	
830,975	
7,854	

	1,103,279 	
 $	2,274,446 	

	General	  Debt Service   Capital Projects 	Funds	

-	
-	
   156,635 	
   156,635 	

1,103,279	
-	
       - 	
  1,103,279 	

-	
909,654	
        - 	
    909,654 	

1,103,279	
909,654	
    156,635 	
   2,169,568 	

FUND BALANCES	
Restricted for debt service	
Assigned for capital projects	
Unassigned	
Total Fund Balances	
Total Liabilities and Fund Balances	

 $	175,246 

 $ 1,103,279 

 $	995,921 

 $	2,274,446 

   

RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2023

Total Governmental Fund Balances

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

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

$	2,169,568

Capital assets, not being depreciated, construction in progress, $1,170,703,	
land and improvements, $17,157,333, infrastructure, $5,300,430,	
improvements other than buildings, $2,649,428, and accumulated	
depreciation, $(4,716,522), used in governmental activities are not	
current financial resources and are not reported at the fund level.	

21,561,372

(18,010,000)

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

	(337,688)

Net Position of Governmental Activities	 $	5,383,252 

Bonnet Creek Resort Community Development District STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS
For the Year Ended September 30, 2023

Total Governmental

Revenues	
Special assessments	
Investment income	
Miscellaneous revenues	
Total Revenues	

$	944,764	
911	
     48,704 	
    994,379 	

$ 2,101,025	
49,205	
        - 	
   2,150,230 	

$	-	
15,088	
        - 	
     15,088 	

$ 3,045,789	
65,204	
     48,704 	
   3,159,697 	

	General	  Debt Service   Capital Projects 	Funds	

115,418	
469,989	
-	

-	
-	
-	

40	
19,451	
78,763	

115,458	
489,440	
78,763	

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

-	1,235,000	-	1,235,000
	-  	866,025  	-  	866,025 
	585,407  	2,101,025  	98,254  	2,784,686 

Excess of revenues over/(under) expenditures		408,972  	49,205  	(83,166) 	375,011 

Other Financing Sources/(Uses)	
Transfers in	
Transfers out	
Total Other Financing Sources/(Uses)	

414,368	414,368	
        -  		(414,368)	
    414,368  		- 	

-	-
	(414,368) 	- 
	(414,368) 	- 

331,202	375,011	

Net Change in Fund Balances	(5,396)	49,205

Fund Balances - October 1, 2022		162,031  	1,054,074  	578,452  	1,794,557 

Fund Balances - September 30, 2023

 $	156,635 

 $ 1,103,279 

 $	909,654 

 $ 2,169,568 

   

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2023

Net Change in Fund Balances - Total Governmental Funds

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

Governmental funds report principal payments as expenditures when paid,	
whereas these payments are recognized as a decrease in bonds	
payable at the government-wide level.	

$	375,011

Governmental funds report capital outlays as expenditures. However, in the		
Statement of Activities, the cost of those assets is allocated over their		
estimated useful lives as depreciation. This is the amount that capital outlay,		
$78,763, was exceeded by depreciation, $(189,489), in the current period.	(110,726)	

1,235,000

At the fund level interest is recognized when due. At the government-wide level	
interest is accrued on outstanding debt. This is the current year change in accrual.	

	23,156 

Change in Net Position of Governmental Activities	 $	1,522,441 

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND
For the Year Ended September 30, 2023

Variance with	
Final Budget	
Positive	
(Negative)	

Original	
Budget	

Final	
Budget	

Actual

Revenues	
Special assessments	
Investment income	
Miscellaneous revenues	
Total Revenues	

	
$ 944,764	
100	
	43,000 	
	987,864 	

	
$ 944,764	
910	
	48,704 	
	994,378 	

	
$ 944,764	
911	
	48,704 	
	994,379 	

	
$	-	
1	
        - 	
        1 	

Expenditures	
Current	
General government	
Physical environment	
Total Expenditures	

114,671	121,479	115,418	6,061
	559,398 		497,298 		469,989 		27,309 
	674,069 		618,777 		585,407 		33,370 

Excess of revenues over/(under)	
expenditures	

313,795	375,601	408,972	33,371

Other Financing Sources/(Uses)	
Transfers out	

  (313,795)	 (414,368)		(414,368)		- 

Net Change in Fund Balances	-	(38,767)	(5,396)	33,371

Fund Balances - October 1, 2022		- 		38,767 		162,031 		123,264 

Fund Balances - September 30, 2023

 $	- 

 $	- 

 $ 156,635 

 $	156,635 

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the District have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.
Reporting Entity
The District was established on July 18, 2000, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act"), by Ordinance No. 2000-16, effective as of July 27, 2000, of the Board of County Commissioners of Orange County, as a Community Development District. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing district roads, landscaping, and other basic infrastructure projects within or outside the boundaries of the Bonnet Creek Resort Community Development District. The District is governed by a Board of Supervisors who are elected by the owners of property within the District. The District operates within the criteria established by Chapter 190, Florida Statutes.
As required by GAAP, these financial statements present the Bonnet Creek Resort Community Development District (the primary government) as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.
Based upon the application of the above-mentioned criteria as set forth in Governmental Accounting Standards the District has identified no component units.
Measurement Focus and Basis of Accounting

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

Government-wide financial statements

Fund financial statements

Notes to financial statements

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

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

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

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

Governmental Funds

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

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2. Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
The District has various policies governing the fund balance classifications.

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

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

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are considered to be available when they are collected within the current period or soon thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Measurement Focus and Basis of Accounting (Continued)
b. Fund Financial Statements (Continued) Governmental Funds (Continued)
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period.
Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”.
Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.
Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.
Amounts expended to acquire capital assets are recorded as expenditures in the year that resources are expended, rather than as fund assets. The proceeds of long- term debt are recorded as an other financing source rather than as a fund liability.
Debt service expenditures are recorded only when payment is due.
Basis of Presentation
Governmental Major Funds
General Fund – The General Fund is the District’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.
Debt Service Fund – The Series 2016 Debt Service Fund accounts for debt service requirements to retire the Series 2016 Special Assessment Bonds, which were used to finance the construction of certain improvements within the District.

Capital Projects Fund – The Capital Projects Fund accounts for acquisition and construction of infrastructure improvements located within the boundaries of the District.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)

Non-current Governmental Assets/Liabilities

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

Assets, Liabilities, and Net Position

Cash and Investments

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

The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;
Interest-bearing time deposits or savings accounts in authorized qualified public depositories;
Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.

Cash and investments include time deposits, certificates of deposit, money market funds, and all highly liquid debt instruments with original maturities of three months or less.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

Restricted Assets

Certain net position of the District are classified as restricted assets on the Statement of Net Position because their use is limited either by law through constitutional provisions or enabling legislation; or by restrictions imposed externally by creditors. In a fund with both restricted and unrestricted net position, qualified expenses are considered to be paid first from restricted net position and then from unrestricted net position.

Capital Assets

Capital assets, which include land improvements, construction in progress, infrastructure and improvements other than buildings, are reported in the governmental activities column.
The District defines capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of one year. The valuation basis for all assets is historical cost.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed.
Depreciation of capital assets is computed and recorded by utilizing the straight-line method. Estimated useful lives of the various classes of depreciable capital assets are as follows:
Infrastructure	30 years
Improvements other than buildings	10-20 years

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

Budgets

Budgets are prepared and adopted after public hearings for the governmental funds, pursuant to Chapter 190, Florida Statutes. The District utilizes the same basis of accounting for budgets as it does for revenues and expenditures in its various funds. The legal level of budgetary control is at the fund level. All budgeted appropriations lapse at year end. Formal budgets are adopted for the general and debt service funds. As a result, deficits in the budget columns of the accompanying financial statements may occur.
NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS

Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position
“Total fund balances” of the District’s governmental funds, $2,169,568, differs from “net position” of governmental activities, $5,383,252, reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the Statement of Net Position versus the current financial resources focus of the governmental fund balance sheet. The effect of the differences is illustrated below:

Capital related items

When capital assets (construction in progress, land, buildings and improvements, infrastructure, and equipment that are to be used in governmental activities) are purchased or constructed, the cost of those assets is reported as expenditures in governmental funds. However, the Statement of Net Position included those capital assets among the assets of the District as a whole.

Construction in progress	$	1,170,703	
Land and improvements	17,157,333	
Infrastructure	5,300,430	
Improvements other than buildings	2,649,428	
Less: accumulated depreciation		(4,716,522)	
Total	$ 21,561,372 	

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position (Continued)
Long-term debt transactions
Long-term liabilities applicable to the District’s governmental activities are not due and payable in the current period and accordingly are not reported as fund liabilities. All liabilities (both current and long-term) are reported in the Statement of Net Position. Balances at September 30, 2023 were:
Bonds payable	$ (18,010,000)
Accrued interest
Accrued liabilities in the Statement of Net Position differ from the amount reported in governmental funds due to the accrued interest on bonds.
Accrued interest	$	(337,688)
Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities
The “net change in fund balances” for government funds, $375,011, differs from the “change in net position” for governmental activities, $1,522,441, reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated below:
Capital related items
When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, in the Statement of Activities, the costs of those assets is allocated over their estimated useful lives and reported as depreciation. As a result, fund balances decrease by the amount of financial resources expended, whereas net position decrease by the amount of depreciation charged for the year.

Capital outlay	$	78,763
Depreciation		(189,489)

Total	$	(110,726)

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
2. Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities (Continued)
Long-term debt transactions
Repayments of principal are reported as expenditures in the governmental funds and, thus, have the effect of reducing fund balance because current financial resources have been used.
Principal payments	$	1,235,000
Some expenses reported at the government-wide level do not require the use of current financial resources, therefore, are not reported as expenditures at the fund level.
Net change in accrued interest	$	23,156

NOTE C – CASH AND INVESTMENTS
All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments.
Custodial Credit Risk – Deposits
Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a separate formal deposit policy for custodial credit risk, however, the District adopted the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2023, the District's bank balance was $360,075 and the carrying value was $332,338. Exposure to custodial credit risk was as follows. The District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.
Investments
As of September 30, 2023, the District had the following investments and maturities:

	Investment		 Maturity Date 	 Fair Value 	
First American Govt Obligation Fund	24 days*	$ 1,103,279	
Florida PRIME	35 days*		830,975 	
Total		 $ 1,934,254 	
* Weighted Average Maturity

NOTE C – CASH AND INVESTMENTS (CONTINUED)
Investments (Continued)
The District categorizes its fair value measurements within the fair value hierarchy recently established by generally accepted accounting principles. The fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The District uses a market approach in measuring fair value that uses prices and other relevant information generated by market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.
Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtaining quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant unobservable inputs that use the best information available under the circumstances, which includes the District’s own data in measuring unobservable inputs.
Based on the criteria in the preceding paragraph, the investments in First American Government Obligation Fund are a Level 1 asset.
The District’s investment policy allows management to invest funds in investments permitted under Section 218.415, Florida Statutes. The investment in Florida PRIME is measured at amortized cost. Florida PRIME has established policies and guidelines regarding participant transactions and the authority to limit or restrict withdrawals or impose a penalty for an early withdrawal. As of September 30, 2023, there were no redemption fees, maximum transaction amounts, or any other requirement that would limit daily access to 100 percent of the account value.
Interest Rate Risk
The District does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. Both First American Government Obligation Fund and Florida PRIME are rated AAAm by Standards and Poor’s.
Credit Risk
The District's investments are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices.
Concentration of Credit Risk
The District places no limit on the amount it may invest in any one fund. The investments in the First American Government Obligation Fund represents 57% of the District’s investments. The remaining 43% is represented by Florida PRIME.
The types of deposits and investments and their level of risk exposure as of September 30, 2023 were typical of these items during the fiscal year then ended.

NOTE D – SPECIAL ASSESSMENT REVENUES
Special assessment revenues for the year are set at the public hearing to adopt the annual budget. The special assessment revenues are collected directly by the District in accordance with Chapter 190, Florida Statutes. The installment payment dates are established each year by the annual assessment resolution adopted at the public hearing to adopt the annual budget. Payments not received by the installment due dates are subject to a 1% per month penalty and interest charge. There are no delinquent special assessments as of September 30, 2023.
NOTE E – CAPITAL ASSETS
Capital Asset activity for the year ended September 30, 2023 was as follows:

	October 1,			September 30,	
	2022
	Balance		
  Additions		
  Deletions		2023
	Balance		
Governmental Activities:					
Capital assets, not being depreciated:					
Land and improvements	$ 17,157,333	$	-	$	-	$ 17,157,333	
Construction in progress		1,117,499 		78,763 		(25,559)		1,170,703 	
Total Capital Assets, not depreciated		18,274,832 		78,763 		(25,559)		18,328,036 	
Capital assets, being depreciated:					
Improvements other than buildings	2,649,428	-	-	2,649,428	
Infrastructure		5,274,871 		25,559 		- 		5,300,430 	
Total Capital Assets, being depreciated	7,924,299	25,559	-	7,949,858	
Less accumulated depreciation		(4,527,033)		(189,489)		- 		(4,716,522)	
Total Capital Assets Depreciated, Net		3,397,266 		(163,930)		- 		3,233,336 	
Governmental Activities Capital Assets	 $ 21,672,098 	 $	(85,167)	 $	(25,559)	 $ 21,561,372 	
Depreciation of $189,489 was charged to physical environment.		
NOTE F – LONG-TERM DEBT		
Long-term debt is comprised of the following:		
Long-term debt at October 1, 2022	$	19,245,000	
Principal payments		(1,235,000)	
Long-term debt at September 30, 2023	$	18,010,000 	

NOTE F – LONG-TERM DEBT (CONTINUED)
Special Assessment Refunding Bonds

$25,605,000 Series 2016 Special Assessment Refunding Bonds are due in annual principal installments maturing May 2034. Interest is due semi-annually on May 1 and November 1 at a
4.5% interest rate.	$  18,010,000

The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2023 are as follows:

Year Ending
	September 30, 		Principal			Interest			Total		
2024	$	1,295,000	$	810,450	$	2,105,450	
2025	1,355,000	752,175	2,107,175	
2026	1,415,000	691,200	2,106,200	
2027	1,480,000	627,525	2,107,525	
2028	1,550,000	560,925	2,110,925	
2029-2033	8,885,000	1,692,225	10,577,225	
2034		2,030,000 		91,350 		2,121,350 	
Totals	 $	18,010,000 	 $	5,225,850 	 $	23,235,850 	
Significant Bond Provisions
The Series 2016 Bonds are subject to redemption at the option of the issuer (the “District”) as outlined in the Trust Indenture. The Series 2016 Bonds are also subject to extraordinary mandatory redemption prior to the selected maturity in the manner determined by the Bond Registrar if certain events occurred as outline in the Bond Indenture.
The Trust Indenture established certain amounts be maintained in a reserve account. In addition, the Trust Indenture has certain restrictions and requirements relating to 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.

NOTE F – LONG-TERM DEBT (CONTINUED)
Depository Funds
The bond resolution establishes certain funds and determines the order in which revenues are to be deposited into these funds. A description of the significant funds, including their purposes, is as follows:
Reserve Fund – The Series 2016 Reserve Accounts were funded from the proceeds of the Series 2016 Bonds in amounts equal to 50% of the maximum annual debt service requirement for the outstanding Series 2016 Bonds. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.

The following is a schedule of required reserve deposits as of September 30, 2023:

Series 2016 Special Assessment Refunding Bonds

Reserve Balance

 $	1,038,713 

Reserve Requirement

 $	1,038,531 

NOTE G – INTERFUND ACTIVITY

Interfund transfers for the year ended September 30, 2023, consisted of the following:

	Transfers Out	
 Transfers In			General Fund	
Capital Projects Fund	 $	414,368 

Transfers to the Capital Projects Fund are the result of monies collected and allocated for the future repair and replacement of various capital improvements.
NOTE H – RISK MANAGEMENT

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

NOTE I – ECONOMIC DEPENDENCY

Five major landowners own the developable land within the District. The District’s activity is dependent upon the continued involvement of the Developer and major landowners, the loss of which could have a material adverse effect on the District’s operations. At September 30, 2023, four board members were affiliated with a major landowner.

INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors
Bonnet Creek Resort Community Development District Orange County, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements, as listed in the table of contents, of Bonnet Creek Resort Community Development District, as of and for the year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated March 28, 2024.

Report on Internal Control Over Financial Reporting
In planning and performing our audit, we considered Bonnet Creek Resort Community Development District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Bonnet Creek Resort Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Bonnet Creek Resort Community Development District's internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that have not been identified.

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To the Board of Supervisors
Bonnet Creek Resort Community Development District

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

Purpose of this Report

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida March 28, 2024

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MANAGEMENT LETTER

To the Board of Supervisors
Bonnet Creek Resort Community Development District Orange County, Florida
Report on the Financial Statements
We have audited the financial statements of the Bonnet Creek Resort Community Development District as of and for the year ended September 30, 2023, and have issued our report thereon dated March 28, 2024.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated March 28, 2024, should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding financial audit report. There were no findings or recommendations made in the preceding financial audit report.
Financial Condition
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not Bonnet Creek Resort Community Development District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection with our audit, we determined that Bonnet Creek Resort Community Development District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.

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To the Board of Supervisors
Bonnet Creek Resort Community Development District

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for Bonnet Creek Resort Community Development District. It is management’s responsibility to monitor the Bonnet Creek Resort Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same as of September 30, 2023.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.
Specific Information
The information below was provided by management and has not been audited by us; therefore, we do not express an opinion or provide any assurance on the information.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, Bonnet Creek Resort Community Development District reported:
The total number of district employees compensated in the last pay period of the District’s fiscal year: 0
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 15
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $0
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $995,208.
Each construction project with a total cost of at least $65,000 approved by the District that is scheduled to begin on or after October 1, 2022, together with the total expenditures for such project: N/A
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the District amends a final adopted budget under Section 189.016(6), Florida Statutes: The District amended the original budget. See schedule below.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the Bonnet Creek Resort Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District. The General Fund assessment was $11,731.61 - $138,560.09 and the Debt Service assessment was $33,633.23 - $588,962.49.
Total Special Assessments collected was $3,045,789.
The total amount of outstanding bonds issued by the District and the terms of such bonds. The District had outstanding bonds at September 30, 2023 of $18,010,000 Series 2016 Bonds maturing May 2034.

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To the Board of Supervisors

Original Budget	

Actual	Variance with Original Budget Positive
(Negative)	
evenues
Special assessments	
$	944,764	
$	944,764	
$	-	
Investment income	100	911	811	
Miscellaneous revenues		43,000 		48,704 		5,704 	
Total Revenues		987,864 		994,379 		6,515 	

Bonnet Creek Resort Community Development District

R

Expenditures Current
General government	114,671	115,418	(747)	
Physical environment		559,398 		469,989 		89,409 	
Total Expenditures		674,069 		585,407 		88,662 	
Excess of revenues over/(under) expenditures	
313,795	
408,972	
95,177	

Other Financing Sources/(Uses)				
Transfers out		(313,795)			(414,368)			100,573 	
Net Change in Fund Balances	-		(5,396)		(5,396)	
Fund Balances - October 1, 2022		- 			162,031 			162,031 	
Fund Balances - September 30, 2023	 $	- 		 $	156,635 		 $	156,635 	
Additional Matters						
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings.

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To the Board of Supervisors
Bonnet Creek Resort Community Development District
Purpose of this Letter

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida March 28, 2024

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

To the Board of Supervisors
Bonnet Creek Resort Community Development District Orange County, Florida

We have examined Bonnet Creek Resort Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2023. Management is responsible for Bonnet Creek Resort Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Bonnet Creek Resort Community Development District’s compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Bonnet Creek Resort Community Development District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Bonnet Creek Resort Community Development District’s compliance with the specified requirements.

In our opinion, Bonnet Creek Resort Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2023.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida March 28, 2024

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