Cordoba Ranch Community Development District

ANNUAL FINANCIAL REPORT

September 30, 2021

Cordoba Ranch Community Development District ANNUAL FINANCIAL REPORT
September 30, 2021

TABLE OF CONTENTS

Page Number

REPORT OF INDEPENDENT AUDITORS	1-2
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-8
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements
Statement of Net Position	9
Statement of Activities	10
Fund Financial Statements:
Balance Sheet – Governmental Funds	11
Reconciliation of Total Governmental Fund Balances to Net
Position of Governmental Activities	12
Statement of Revenues, Expenditures and Changes in Fund
Balances – Governmental Funds	13
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the
Statement of Activities	14
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	15
Notes to Financial Statements	16-29
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	32-34
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	35

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Cordoba Ranch Community Development District Hillsborough County, Florida

Report on the Financial Statements

We have audited the accompanying financial statements of Cordoba Ranch Community Development District (the “District”) as of and for the year ended September 30, 2021, and the related notes to financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

Management’s Responsibility 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; this includes 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.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Accounting Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements 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 entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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To the Board of Supervisors
Cordoba Ranch Community Development District
Opinion
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 Cordoba Ranch Community Development District, as of September 30, 2021, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management Discussion and Analysis be presented to supplement the basic financial statements. Such information, 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 Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated May 26, 2022 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Cordoba Ranch Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida May 26, 2022

- 2 -

Management’s discussion and analysis of Cordoba Ranch 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. Net position is reported in three categories; 1) net investment in capital assets, 2) restricted, and 3) unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.

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

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. The statement of activities includes depreciation on all long lived assets of the District, but 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, a 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, 2021.

The District’s total assets and deferred outflows of resources exceeded total liabilities by
$5,004,354 (net position).	Unrestricted net position for Governmental Activities was
$617,115 and net investment in capital assets was $4,387,239.

Governmental activities revenues totaled $1,111,391 while governmental activities expenses totaled $1,423,660.

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
	2021		2020	
Current assets	$	652,946		$	576,436	
Restricted assets	246,403		438,631	
Capital assets, net		10,343,889 			10,836,446 	
Total Assets		11,243,238 			11,851,513 	
Deferred Outflow of Resources		27,635 			- 	
Current liabilities	396,559		394,890	
Non-current liabilities		5,869,960 			6,140,000 	
Total Liabilities		6,266,519 			6,534,890 	
Net investment in capital assets	4,387,239		4,461,446	
Net position - restricted	-		294,692	
Net position - unrestricted		617,115 			560,485 	
Total Net Position	 $  5,004,354 		 $  5,316,623 	

The increase in current assets is the result of revenues exceeding expenditures in the General Fund in the current year.

The decrease in restricted assets and restricted net position is related to the bond refunding in the current year.

The decrease in capital assets was mainly due to depreciation in the current year.

The decrease in non-current liabilities is the result of principal payments on long-term debt and the bond refunding during the current year.

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

Program Revenues		2021			2020		
Charges for services	$ 1,098,627	$ 1,091,045	
General Revenues Miscellaneous revenues	
11,806	
1,425	
Investment earnings		958 		5,711 	
Total Revenues		1,111,391 		1,098,181 	

Expenses
General government	

87,844	

88,167	
Public safety	-	21,408	
Physical environment	828,816	708,333	
Culture and recreation	-	90,312	
Interest and other charges		507,000 		360,981 	
Total Expenses		1,423,660 		1,269,201 	
Change in Net Position	(312,269)	(171,020)	
Net Position - Beginning of Year		5,316,623 		5,487,643 	
Net Position - End of Year	 $ 5,004,354 	 $ 5,316,623 	

The increase in physical environment is related to the reclassification of certain expenses in the current year.

The increase in interest and other charges is related to the cost of issuance associated with the bond refunding in the current year.

Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of September 30, 2021 and 2020.

Governmental Activities
Description	2021		2020	

Land and land improvements	$	405,473		$	405,473	
Infrastucture	12,451,978		12,451,978	
Improvements other than building	1,004,969		1,004,969	
Equipment	57,345		45,202	
Accumulated depreciation		(3,575,876)			(3,071,176)	

Total Capital Assets (Net)

 $	10,343,889 

 $	10,836,446 

 	

The activity for the year consisted of depreciation of $504,700 and additions to equipment of
$12,143.

General Fund Budgetary Highlights

The budget exceeded actual governmental expenditures primarily due to less repair and maintenance expenditures than were anticipated.

The September 30, 2021 budget was not amended.

Debt Management

Governmental Activities debt includes the following:

In July 2006, the District issued $10,220,000 Series 2006 Capital Improvement Revenue Bonds. These bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. The Series 2006 Bonds were refunded and redeemed in the current year.

In April 2021, the District issued $6,135,000 Capital Improvement Revenue Refunding Bonds, Series 2021. The Series 2021 Bonds were issued to refund and redeem the outstanding Series 2006 Capital Improvement Revenue Bonds. As of September 30, 2021, the outstanding balance for the Series 2021 Bonds was $6,135,000.

Economic Factors and Next Year’s Budget

Cordoba Ranch Community Development District does not expect any economic factors to have any significant effect on the financial position or results of operations of the District in fiscal year 2022.

Request for Information

The financial report is designed to provide a general overview of Cordoba Ranch 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 Cordoba Ranch Community Development District, Inframark Infrastructure Management Services, Inc., 210 North University Drive, Suite 702, Coral Springs, Florida 33071.

Cordoba Ranch Community Development District	
STATEMENT OF NET POSITION	
September 30, 2021	

ASSETS	
Current Assets	
Cash	
Due from other governments	
Prepaid expenses	
Deposits	
Total Current Assets	
Non-current Assets	
Restricted assets	
Investments	
Capital assets not being depreciated	
Land and land improvements	
Capital assets being depreciated	
Infrastructure	
Improvements other than buildings	
Equipment	
Less: accumulated depreciation	
Total Non-current Assets	
Total Assets	

Governmental	
Activities	

$	627,628	
8,965	
4,813	
	11,540 	
	652,946 	

246,403	
405,473	
12,451,978	
1,004,969	
57,345	
	(3,575,876)	
	10,590,292 	
	11,243,238 	

DEFERRED OUTFLOW OF RESOURCES		
Deferred amount on refunding, net		27,635 	

LIABILITIES		
Current Liabilities		
Accounts payable and accrued expenses	13,593	
Accrued interest	77,966	
Bonds payable		305,000 	
Total Current Liabilities		396,559 	
Non-current liabilities		
Bonds payable, net		5,869,960 	
Total Liabilities		6,266,519 	

NET POSITION		
Net investment in capital assets	4,387,239	
Unrestricted		617,115 	
Total Net Position	 $	5,004,354 	

Cordoba Ranch Community Development District	
STATEMENT OF ACTIVITIES	
For The Year Ended September 30, 2021	

$	8,308	
(441,893)	
	108,552 	
(325,033)	

Functions/Programs	Expenses	
Governmental Activities		
General government	$	(87,844)	
Physical environment	(828,816)	
Interest and other charges		(507,000)	
Total Governmental Activities	 $	(1,423,660)	

Program	
Revenues	
Charges for
Services	

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

General revenues:	
Investment earnings	
Miscellaneous revenues	
Total General Revenues	

958	
       11,806 	
       12,764 	

$	96,152	
386,923	
	615,552 	
 $	1,098,627 	

Change in Net Position	(312,269)

Net Position - October 1, 2020	
Net Position - September 30, 2021	

	5,316,623 	
 $	5,004,354 	

Cordoba Ranch Community Development District	
BALANCE SHEET –	
GOVERNMENTAL FUNDS	
September 30, 2021	

Total	
Governmental	
	Funds		

Debt	
   Service		

ASSETS		General	

Cash	
Due from other funds	
Due from other governments	
Prepaid expenses	
Deposits	
Restricted assets:	
Investments, at fair value	
Total Assets	

$	627,628	
5,160	
3,945	
4,813	
11,540	

$	-	
-	
5,020	
-	
-	

$	627,628	
5,160	
8,965	
4,813	
11,540	

	- 	
 $	653,086 	

	246,403 	
 $	251,423 	

246,403	
 $	904,509 	

LIABILITIES AND FUND BALANCES LIABILITIES

Accounts payable and accrued expenses	
Due from other funds	
Total Liabilities	

 	
$	13,593	
	- 	
	13,593 	

	
$	-	
	5,160 	
	5,160 	

	
$	13,593	
	5,160 	
	18,753 	

Nonspendable:	
Prepaids	
Deposits	
Restricted:	
Debt service	
Assigned:	
Operating reserves	
Irrigation/Landscapes	
Unassigned	
Total Fund Balances	

FUND BALANCES

4,813	
11,540	

-	
-	

4,813	
11,540	

-	246,263	246,263

114,497	
243,439	
	265,204 	
639,493	

-	
-	
-	
246,263	

114,497	
243,439	
265,204	
885,756	

Total Liabilities and Fund Balances

 $	653,086 

 $	251,423 

 $	904,509 

 		

Cordoba Ranch Community Development District	
RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES	
TO NET POSITION OF GOVERNMENTAL ACTIVITIES	
September 30, 2021	

Total Governmental Fund Balances

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

$	885,756

Capital assets, land and land improvements, $405,473, infrastructure, $12,451,978,	
improvements other than building, $1,004,969, and equipment, $57,345, net		
of accumulated depreciation, $(3,575,876), used in governmental activities are	
not current resources and therefore, are not reported at the fund level.	10,343,889	

Long-term liabilities, including bonds payable, $(6,135,000), net of bond premium,	
net, $(39,960), are not due and payable in the current period and therefore,	
are not reported at the fund level.	(6,174,960)	

27,635

Accrued interest expense for long-term debt is not a current financial use		
and therefore, is not reported at the governmental fund level.	(77,966)	

Deferred outflow of resources are not current financial resources and therefore,	
are not reported at the governmental fund level.	

Net Position of Governmental Activities	 $	5,004,354 

Cordoba Ranch Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES –	
GOVERNMENTAL FUNDS	
For The Year Ended September 30, 2021	

Revenues	
Special assessments	
Investment earnings	
Miscellaneous revenues	
Total Revenues	

$	483,075	
930	
     2,163 	
    486,168 	

$	615,552	
28	
        - 	
    615,580 	

$ 1,098,627	
958	
     2,163 	
   1,101,748 	

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

80,544	
324,116	
12,143	

7,300	
-	
-	

87,844	
324,116	
12,143	

Total	
Governmental	
	Funds		

Debt	
   Service		

	General	

-	
-	
        - 	
    416,803 	

6,375,000	
353,535	
    251,624 	
   6,987,459 	

6,375,000	
353,535	
    251,624 	
   7,404,262 	

Excess of revenues over/(under)	
expenditures	

69,365	(6,371,879)	(6,302,514)

Other Financing Sources/(Uses)	
Insurance proceeds	
Issuance of long-term debt	
Bond premium	
Total Other Financing Sources/(Uses)	

9,643	
-	
        - 	
     9,643 	

-	
6,135,000	
     41,028 	
   6,176,028 	

9,643	
6,135,000	
     41,028 	
   6,185,671 	

Net change in fund balances	79,008		(195,851)		(116,843)	
Fund Balances - October 1, 2020	560,485		442,114		1,002,599	

Fund Balances - September 30, 2021	
 $	639,493 		
 $	246,263 		
 $	885,756 	

Cordoba Ranch Community Development District	
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND	
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE	
STATEMENT OF ACTIVITIES	
For The Year Ended September 30, 2021	

Net Change in Fund Balances - Total Governmental Funds

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

Governmental funds report capital outlays. However, in the Statement of Activities	
the costs of those assets is allocated over their estimated useful lives as	
depreciation. This is the amount that depreciation, $(504,700), exceeded	
capital outlay, $12,143, in the current year.	

The issuance of long-term debt $(6,135,000) and bond premium $(41,028) are	
reported as an other financing source at the fund level, however, at the	
government-wide level they increase liabilities.	

Repayment of bond principal is an expenditure in the governmental funds,	
but the repayment reduces long-term liabilities in the Statement of Net Position.	

The deferred amount on refunding is recognized as other debt service cost at the	
fund level, however at the government-wide level it is recognized as a deferred	
outflow of resources and amortized over the life of the bonds.	

The deferred outflow of resources for refunding of debt is recognized as a	
component of interest expense in the Statement of Activities, but not in	
the governmental funds. This is the amount of current year interest.	

$	(116,843)

(492,557)

(6,176,028)

6,375,000

28,374

(739)

The amortization of bond premium is an expense in the Statement of Activities	
while the bond premium was listed as an other financing source in the year	
financing was received.	1,068	

In the Statement of Activities, interest is accrued on outstanding bonds; whereas	
in governmental funds, interest expenditures are reported when due. This is	
the net amount between the prior year and the current year accruals.	

	69,456 

Change in Net Position of Governmental Activities	$	(312,269)

Variance With	
Final Budget	
Positive	
(Negative)	

Original	Final	
Budget	Budget	Actual	

Cordoba Ranch Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND	
CHANGES IN FUND BALANCES – BUDGET AND ACTUAL –	
GENERAL FUND	
For the Year Ended September 30, 2021	

Revenues	
Special assessments	
Investment earnings	
Miscellaneous revenues	
Total Revenues	

$	478,444	
$	478,444	
$	483,075	
$	4,631	
3,000	3,000	930	(2,070)	
-	-	2,163	2,163	
481,444	481,444	486,168	4,724	

Expenditures	
Current	
General government	
Physical environment	
Capital outlay	
Total Expenditures	

93,237	93,237	80,544	12,693	
364,753	364,753	324,116	40,637	
23,454	23,454	12,143	11,311	
481,444	481,444	416,803	64,641	

Excess of revenues over/(under)	
expenditures	

-	-	69,365	69,365

Other Financing Sources/(Uses)	
Insurance proceeds	

-	-	9,643	9,643

-	-	

Net change in fund balances	79,008	79,008

401,843	401,843	560,485	158,642	

$	401,843	$	401,843	$	639,493	$	237,650	

Fund Balances - October 1, 2020

Fund Balances - September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of Cordoba Ranch Community Development District (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 December 13, 2005 by Hillsborough County Ordinance 05- 23 and the provisions of the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act"), 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 or re- constructing, enlarging or extending, equipping, operating and maintaining water management, water supply, sewer and waste water management, bridges or culverts, district roads, landscaping, street lights and other basic infrastructure projects within or outside the boundaries of the Cordoba Ranch Community Development District. The District is governed by a five-member Board of Supervisors, who are elected for terms of four years. The District operates within the criteria established by Chapter 190, Florida Statutes.

The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility. Oversight responsibility includes, but is not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters. As required by GAAP, these financial statements present the Cordoba Ranch Community Development District (the primary government) as a stand-alone government.

Based upon the application of the above-mentioned criteria as set forth in principles established by the Governmental Accounting Standards Board, the District has identified no component units.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

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 the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.

Governmental activities which normally are supported by special assessments and interest. Program revenues include charges for services, and payments made by parties outside of the reporting government’s citizenry if that money is restricted to a particular program. 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.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2. Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds
The District classifies 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.

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.

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 were 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 – Accounts for debt service requirements to retire certain special assessment bonds which were used to finance the construction of District infrastructure improvements and finance certain additional improvements. The bond series is secured by a pledge of debt service special assessment revenues in any fiscal year related to the improvements. A lien is placed on all benefited land in relationship to the debt outstanding.

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 land and buildings, and non-current governmental liabilities, such as special assessment bonds, be reported in the governmental activities column in the government-wide statement of net position.

Assets, Deferred Outflows of Resources, Liabilities and Net Position or Equity

Cash and Investments

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

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

Direct obligations of the United States Treasury;

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

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

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

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

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4. Assets, Deferred Outflows of Resources, Liabilities and Net Position or Equity (Continued)
Restricted Assets
Certain net position of the District is 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 assets, qualified expenses are considered to be paid first from restricted net position and then from unrestricted net position.
Capital Assets
Capital assets, which include land and land improvements, infrastructure, improvements other than buildings, and equipment, are reported in the applicable 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	25-30 years
Improvements other than buildings	15 years
Equipment	5-30 years
Deferred Outflow of Resources
Deferred outflow of resources is the consumption of net position by the government that is applicable to a future reported period. Deferred amount on refunding is amortized and recognized as a component of interest expense over the life of the bond.
Unamortized Bond Premium
Bond premiums are presented on the government-wide financial statements. The costs are amortized over the life of the bonds using the straight-line method. For financial reporting, the unamortized bond premium is netted against the applicable long- term debt.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4. Assets, Liabilities and Net Position or Equity (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 variance 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, $885,756, differs from “net position” of governmental activities, $5,004,354, 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.
Capital related items
When capital assets (property, plant 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.

Land and land improvements	$	405,473	
Infrastructure	12,451,978	
Improvements other than buildings	1,004,969	
Equipment	57,345	
Accumulated depreciation		(3,575,876)	
Total	$ 10,343,889 	
Long-term debt transactions
Long-term liabilities applicable to the District’s governmental activities are not due and payable in the current period and accordingly are not reported as fund liabilities. All liabilities (both current and long-term) are reported in the Statement of Net Position.

Bonds payable	$  (6,135,000)	
Bond premium, net		(39,960)	
Total	$  (6,174,960)	

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)

Deferred outflow of resources

Deferred outflow of resources applicable to the District’s governmental activities are not current financial resources and therefore, are not reported as fund deferred outflow of resources.

Deferred amount on refunding	$	27,635

Accrued interest

Accrued liabilities in the Statement of Net Position differ from the amount reported in governmental funds due to accrued interest on bonds.

Accrued interest on bonds payable	$	(77,966)

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

The “net change in fund balances” for government funds, $(116,843), differs from the “change in net position” for governmental activities, $(312,269), 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 decreases by the amount of depreciation charged for the year.

Depreciation	$	(504,700)	
Capital outlay		12,143 	
Total	$	(492,557)	

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

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

Long-term debt transactions

Repayments of bond principal are reported as an expenditure in the governmental funds and, thus, have the effect of reducing fund balance because current financial resources have been used.

Debt principal payments	$	6,375,000

The issuance of long-term debt provided current financial resources to governmental funds but increases long-term liabilities in the Statement of Net Position.

Issuance of long-term debt	$	(6,135,000)	
Bond premium		(41,028)	
Total	$	(6,176,028)	

The deferred amount on refunding created as a result of the issuance of long-term debt is not a current financial resource and therefore, is not reported at the governmental fund level.

Deferred amount on refunding	$	28,374

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

Net change in accrued interest payable	$	69,456	
Decrease in bond premium	1,068	
Decrease in deferred amount on refunding		(739)	
Total	$	69,785 	
NOTE C – CASH AND INVESTMENTS		
All deposits are held in qualified public depositories and balance sheet as cash and investments.	are included on the accompanying	
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 formal deposit policy for custodial credit risk; however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2021, the District's bank balance was $629,103 and the carrying value was $627,628. Exposure to custodial credit risk was as follows. The District maintains all deposits and certificates of deposit 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.

NOTE C – CASH AND INVESTMENTS (CONTINUED)

Investments

As of September 30, 2021, the District had the following investments and maturities:

Investment	Maturity Date	Fair Value

U.S. Bank Commercial Paper	N/A	 $	246,403 

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

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

Based on the criteria in the preceding paragraph, the investment listed above is a Level 1 asset. 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.

Credit Risk

The District's investments in commercial paper, and government loans are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. The District’s investment in U.S. Bank Commercial Paper was rated A-1+ by Standards & Poor’s.

Concentration of Credit Risk
The District places no limit on the amount it may invest in any one fund. The investment in U.S. Bank Commercial Paper is 100% of the District’s total investments.
The types of deposits and investments and their level of risk exposure as of September 30, 2021 were typical of these items during the fiscal year then ended. The District considers any decline in fair value for certain investments to be temporary.

NOTE D – SPECIAL ASSESSMENT REVENUES
Special assessment revenues recognized for the 2020-2021 fiscal year were levied in August 2020. All taxes are due and payable on November 1 or as soon as the assessment roll is certified and delivered to the Tax Collector. Per Section 197.162, Florida Statutes discounts are allowed for early payment at the rate of 4% in November, 3% in December, 2% in January, and 1% in February. Taxes paid in March are without discount.
All unpaid taxes become delinquent as of April 1. Virtually all unpaid taxes are collected via the sale of tax certificates on, or prior to, June 1; therefore, there were no material taxes receivable at fiscal year end.

NOTE E – CAPITAL ASSETS
Capital asset activity for the year ended September 30, 2021 was as follows:
Beginning	Ending
	Balance	  Additions	  Deletions  	Balance	
Governmental Activities:		
Capital assets, not being depreciated:		
Land and land improvements	 $	405,473 	 $	- 	 $	- 	 $	405,473 	
Capital assets, being depreciated					
Infrastructure	12,451,978	-	-	12,451,978	
Improvements other than buildings	1,004,969	-	-	1,004,969	
Equipment		45,202 		12,143 		- 		57,345 	
Total Capital Assets, Being Depreciated		13,502,149 		12,143 		- 		13,514,292 	
Less accumulated depreciation for:					
Infrastructure	(2,623,986)	(437,331)	-	(3,061,317)	
Improvements other than buildings	(401,988)	(66,998)	-	(468,986)	
Equipment		(45,202)		(371)		- 		(45,573)	
Total Accumulated Depreciation		(3,071,176)		(504,700)		- 		(3,575,876)	
Total Capital Assets Depreciated, Net		10,430,973 		(492,557)		- 		9,938,416 	
Governmental Activities Capital Assets	 $ 10,836,446 	 $ (492,557)	 $	- 	 $ 10,343,889 	

Depreciation of $504,700 was charged to physical environment.

NOTE F – LONG-TERM DEBT

The following is a summary of activity for long-term debt of the Governmental Activities for the year ended September 30, 2021:

Long-term debt at October 1, 2020	$	6,375,000	
Issuance of long-term debt	6,135,000	
Principal payments		(6,375,000)	
Long-term debt at September 30, 2021	$	6,135,000	
Plus: bond premium, net		39,960	
Bonds Payable, Net at September 30, 2021	$	6,174,960 	
Long-term debt for Governmental Activities is comprised of the following:		

Capital Improvement Revenue Refunding Bonds

$6,135,000 Series 2021 Capital Improvement Revenue Refunding Bonds are due in annual principal installments, beginning May 2022 maturing May 2037. Interest is due May and November at an interest rate of 3% beginning November
2021.	$   6,135,000

The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2021 are as follows:
Year Ending
  September 30,			Principal			Interest			Total		

2022	
$	305,000	
$	185,584	
$	490,584	
2023	315,000	174,900	489,900	
2024	325,000	165,450	490,450	
2025	330,000	155,700	485,700	
2026	340,000	145,800	485,800	
2027-2031	1,875,000	568,950	2,443,950	
2032-2036	2,175,000	270,150	2,445,150	
2037		470,000 		14,100 		484,100 	
Totals	 $	6,135,000 	 $	1,680,634 	 $	7,815,634 	

In April 2021, the District issued the Series 2021 Capital Improvement Revenue Refunding Bonds that resulted in a deferred amount on refunding of $28,374. As a result of this transaction, the District decreases its aggregate debt payment by $1,203,735 over the next 16 years and realized an economic gain of approximately $861,017.

NOTE F – LONG-TERM DEBT (CONTINUED)

Capital Improvement Revenue Refunding Bonds (Continued)

Significant Bond Provisions

The Series 2021 Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time after May 1, 2031, at a redemption price equal to the principal amount of the Series 2021 Bonds to be redeemed, together with accrued interest to the date of redemption. The Series 2021 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.

The Trust Indenture established certain amounts be maintained in a reserve account. In addition, the Trust Indenture has certain restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements.

Depository Funds

The bond resolution establishes certain funds and determines the order in which revenues are to be deposited into these funds. A description of the significant funds, including their purposes, is as follows:

Reserve Funds – The Series 2021 Reserve Account was funded from the proceeds of the Series 2021 Bonds in amounts equal to 20 percent of the maximum annual debt service on the outstanding Series 2021 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 balances as of September 30, 2021:

Reserve	Reserve
	Balance	  Requirement 

Capital Improvement Revenue Refunding Bonds, Series 2021

$	97,115	$

97,115

NOTE G – INTERFUND BALANCES

Interfund balances at September 30, 2021, consisted of the following:

 Interfund Payable 
 Interfund Receivable		 Debt Service Fund 
General Fund	 $	5,160 

The interfund balances represent monies collected by one fund that were not remitted to the appropriate fund as of year end.

NOTE H – ECONOMIC DEPENDENCY

The District’s activity is dependent upon the continued involvement of the Developer, the loss of which would have a material adverse effect on the District’s operations. Two board members were affiliated with the Developer as of September 30, 2021.

NOTE I – RISK MANAGEMENT

The government 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. These risks are covered by commercial insurance from independent third parties. There were no claims or settled claims from these risks for each of the past three years.

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
Cordoba Ranch Community Development District Hillsborough 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 Cordoba Ranch Community Development District, as of and for the year ended September 30, 2021, and the related notes to the financial statements, and have issued our report thereon dated May 26, 2022.

Internal Control Over Financial Reporting

In planning and performing our audit, we considered Cordoba Ranch 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 Cordoba Ranch Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Cordoba Ranch 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 may exist that have not been identified.

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To the Board of Supervisors
Cordoba Ranch Community Development District Hillsborough County, Florida

Compliance and Other Matters

As part of obtaining reasonable assurance about whether Cordoba Ranch 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 May 26, 2022

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MANAGEMENT LETTER

To the Board of Supervisors
Cordoba Ranch Community Development District Hillsborough County, Florida
Report on the Financial Statements

We have audited the financial statements of the Cordoba Ranch Community Development District as of and for the year ended September 30, 2021, and have issued our report thereon dated May 26, 2022.
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 that report, which is dated May 26, 2022, 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 and Management

Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, requires that we apply appropriate procedures and communicate the results of our determination as to whether or not Cordoba Ranch Community Development District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify of the specific conditions met. In connection with our audit, we determined that the Cordoba Ranch 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
Cordoba Ranch Community Development District

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial conditions assessment procedures as of September 30, 2021 for Cordoba Ranch Community Development District. It is management’s responsibility to monitor the Cordoba Ranch Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same.

Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.

Specific Information

The information provided below was provided by management and has not been audited; therefore, we do not express an opinion or provide any assurance on the information.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Cordoba Ranch 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: 7
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: N/A
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $91,160
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, 2020, together with the total expenditures for such project: The District had no construction projects during the year.
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the District amends a final adopted budget under Section 189.016(6), Florida Statutes: The budget was not amended.

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the Cordoba Ranch Community Development District reported:

The rate or rates of non-ad valorem special assessments imposed by the District:
$1,753.06 for the General Fund and $2,233.81 for the Debt Service Fund.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $1,098,627.
The total amount of outstanding bonds issued by the District and the terms of such bonds: Series 2021 Bonds $6,135,000, matures May 2037.

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To the Board of Supervisors
Cordoba Ranch Community Development District

Additional Matters

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

Purpose of this Letter

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida May 26, 2022

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

To the Board of Supervisors
Cordoba Ranch Community Development District Hillsborough County, Florida

We have examined Cordoba Ranch Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2021. Management is responsible for Cordoba Ranch Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Cordoba Ranch 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 Cordoba Ranch 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 Cordoba Ranch Community Development District’s compliance with the specified requirements.

In our opinion, Cordoba Ranch Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2021.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida May 26, 2022

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