Tomoka Community Development District
3501 Quadrangle Blvd, Suite 270, Orlando, FL 32817; 407-723-5900 http://tomokacdd.com

The Auditor Selection Committee and Regular Meeting of the Board of Supervisors of Tomoka Community Development District will be held Tuesday, July 12, 2022, at 10:00 a.m. at the Hampton Inn, 150 Flagler Plaza Drive, Palm Coast, FL 32137

Call in number: 1-844-621-3956
Passcode: 790 562 990 #

AUDITOR SELECTION COMMITTEE AGENDA
Call to Order
Roll Call to Confirm Quorum
Public Comment Period [for any members of the public desiring to speak on any proposition before the Committee]
Review of Auditing Services Proposal
James Moore & Co., P.L,
Berger, Toombs, Elam, Gaines & Frank
Grau & Associates
Ranking of Auditing Services Proposals
Adjournment

BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters
Call to Order
Roll Call
Public Comment Period [for any members of the public desiring to speak on any proposition before the Board]

General Business Matters

Review of Auditor Selection Committee Rankings & Selection of Auditor
Consideration of the Minutes of the April 12, 2022 Board of Supervisors’ Meeting
Consideration of the Minutes of the April 12, 2022 Auditor Selection Committee Meeting
Public Hearing on the Adoption of the District’s Annual Budget
Public Comments and Testimony
Board Comments
Consideration of Resolution 2022-06, Adopting the Fiscal Year 2023 Budget and Appropriating Funds
Consideration of Resolution 2022-08, Levying O&M Assessments and Certifying an Assessment Roll (exhibit under separate cover)
Consideration of Resolution 2022-09, Adopting the Annual Meeting Schedule for Fiscal Year 2022-2023
Letter from the Supervisor of Elections- Flagler County
Review & Acceptance of FY 2021 Audit Report

Review & Acceptance of the Arbitrage Rebate Calculation Report Series 2017
Ratification & Consideration of Payment Authorizations 131 – 141
Review of District Financial Statements

Other Business
Staff Reports
District Counsel
District Engineer
District Manager
Audience Comments
Supervisors Requests

Adjournment

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

Review of Auditing Services Proposal

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

James Moore & Co., P.L,

People Focused. Just Like You.
121 Executive Circle
PROPOSAL TO PROVIDE	Daytona Beach, FL 32114
ANNUAL AUDIT SERVICES FOR	386-257-4100
TOMOKA COMMUNITY DEVELOPMENT DISTRICT	www.jmco.com

Proposal To Provide Annual Audit Services To
Tomoka Community Development District For the fscal year ending September 30, 2022, with an option for four additional annual renewals

Legal Name

Contacts

James Moore & Co., P.L.
FEIN 59-3204548
121 Executive Circle
Daytona Beach, Florida 32114

Phone: 386-257-4100
Fax: 386-252-0209
www.jmco.com

Zach Chalifour, CPA
Engagement Lead Partner Zach.Chalifour@jmco.com

James Halleran, CPA
Engagement Quality Control Review Partner James.Halleran@jmco.com

 July 1, 2022	

AT YOUR SERVICE.
ALWAYS.

Table of Contents
Transmittal  Letter	1
Ability of Personnel	3
Moore at a Glance ��������������������������������������������������������������������������������������������� 3 Ofce  Locations   ������������������������������������������������������������������������������������������������   4 Awards  and  Recognitions  ���������������������������������������������������������������������������������  5 Firm  Afliations   �������������������������������������������������������������������������������������������������   6 Proposed Stafng Plan  �������������������������������������������������������������������������������������� 7 Résumés  �����������������������������������������������������������������������������������������������������������  8
Proposer’s Experience	17
Government Services Team ����������������������������������������������������������������������������� 17 Comprehensive Government Experience �������������������������������������������������������� 18 Experience with Authorities and Other Special Districts ��������������������������������� 19 References  ������������������������������������������������������������������������������������������������������   20 Peer Review Overview  �������������������������������������������������������������������������������������  21 Peer Review Report ����������������������������������������������������������������������������������������  22
Understanding of Scope of Work	23
Ability to Furnish the Required Services	24
Price	25

A PROPOSAL TO TOMOKA COMMUNITY DEVELOPMENT DISTRICT

July 1, 2022

Vivian Carvalho, District Manager PFM Group Consulting LLC
3501 Quadrangle Boulevard, Suite 270
Orlando, FL 32817

Dear Ms. Carvalho and Members of the Selection Committee:
We are pleased to present our proposal to provide annual audit services to the Tomoka Community Development District (District) for the fscal year ending September 30, 2022, with an option for four additional renewals� Our dedication to clients runs deep and we know working together will pave the way for many achievements� Seeing our clients succeed is why we got into this business in the frst place�
As a regional Florida firm that appreciates all our area has to offer, we have a vested interest in providing the highest level of service to the District As such, this proposal highlights what makes James Moore the best firm to perform your audit.
We See The Value In People
At James Moore our objective is to help the people who make the world a better place� We work alongside local governments so they can focus on the important tasks at hand� We cut through the clutter and help you to navigate the nuts and bolts of doing business so you can continue on your path of changing your community for the better� We are on the same wavelength when it comes to commitment level, which is why we provide what is needed to help you meet your fnancial goals and serve the people in your community�

We Know The Local Government Sector + We Know It Well
James Moore has served more than 100 local governments throughout the state of Florida, and we have experience with community development districts:

»	Bridge Harbor Community Development	»	PBR Community Development District	
	District	»	SWI Community Development District	
»	CBL/BM Port Orange West Community Development District	»	Villages of Avignon Community Development District	
»	One Daytona Community Development District	»	Walkers Green Community Development District	

We established a Government Services Team comprised of individuals who work almost exclusively on these engagements� These team members are entrenched in the government industry, both in the services we provide to governmental entities throughout Florida and because of our industry associations�
Members of your engagement team are well versed in the intricate requirements of state and federal single audits� They also monitor GASB pronouncements and have extensive experience helping our clients interpret and implement new standards as they are released� We consider this to be a standard part of our role as auditors and trusted business advisors�
We’re proud of this experience because we’re able to understand all the diferent aspects of the District� Knowing what we know and doing what we do, we can provide efcient audits — which means fewer disruptions for you and your staf�
We know the grind never stops, so we’re here for you all year round!

Let’s See What The Numbers Say
We’re just going to come out and admit that we’re experts in fnancial matters� However, it is our stellar client service that sets us apart from the rest� But don’t just take our word for it — check out this telling statistic:
»  100% of our government clients are likely to recommend James Moore to others
If you’re wondering what the percentage is referring to, it’s our Net Promoter Score (NPS), a leading indicator of customer experience and business growth that is recognized around the world� The average score for a company is 19 — so when it comes to our percentage, we’re really blowing the competition out of the water!
Not convinced yet? Let’s see some more statistics from our government clients:
»  100% of them are satisfed working with us
»  100% consider our team to be diligent and respectful
»  Respondents graded us at over 90% on their relationship with us + our reputation
The Moore, The Merrier
We are always looking to expand the ways we can provide help to diferent industries� We not only specialize in industries, we specialize in fnancial know-how and dedication to diversity� We are a company who values people and individuality, because we know what makes us diferent is what makes us better�
We’re proud we have learned so much about the government sector over the years� This kind of know-how means we are fully equipped to assist the District in every way possible� James Moore’s services provide the best value for our clients, and we’re delighted to begin this journey with you�

Let’s see what the future has in store for us!A

Sincerely,
James Moore & Co�, P�L�

Zach Chalifour, CPA Partner

Moore at a Glance

Service is the sole purpose of our existence.A
-Mr. Moore

OFFICES
Back in the day, we were a sole proprietorship� Since then, we have steadily grown into a regional accounting frm with ofces in:
» Daytona Beach
» DeLand
» Gainesville
» Ocala
» Tallahassee

JAMES MOORE & CO., P.L.
» Licensed as a certifed public accounting frm
» Limited liability company
» Founded in 1964
» For more than 55 years, our frm’s primary focus has been on serving the needs of clients and helping them achieve their goals (and by and large, we’ve succeeded!)

OUR PEOPLE
» Highly skilled, professional, and unique individuals (they’re also our primary asset)
» Focused on creating exceptional career opportunities for our people (when they grow, we grow!)
» Recruited from local universities who graduated in the top 25% of their graduating class
» An equal employment opportunity company with a culturally and ethnically diverse workforce

James Moore & Co., P.L.A

	FIRMWIDE	DAYTONA BEACH	DELAND	GAINESVILLE	OCALA	TALLAHASSEE	
Members (partners)	21	4	1	13	1	2	
Managers & Directors	60	16	2	30	4	8	
Accounting Staf	78	21	4	31	9	13	
Accounting & Controllership Staf	29	5	1	18	-	5	
Technology Solutions Consulting Staf	13	3	-	9	-	1	
Administrative Staf	42	6	4	21	7	4	
Total	243	55	12	122	21	33	
Government Audit Staf	49	12	3	27	-	7	
CPAs	90	26	3	44	4	13	

Office LocationsA
One Firm Working Together to Make Your Engagement a Success

While your engagement members are based primarily out of our DaytonaA Beach office, we are never segregated from the entire James Moore team. We employ cloud solutions and other technology tools to manage communication, efectively transfer documents, and safely store data. This means we can assign engagement staf based on specialized expertise instead of location. Our use of technology improves
our processes, sparking efciency and collaboration… and providing the bestA outcome for you!A

5 STATEWIDE LOCATIONS & GROWING

Awards and Recognitions
Recognitions aren’t about giving ourselves a pat on the back. They're about serving you as best we can. That said, our dedication to personal service has caught the attention of the industry. We’re extremely humbled by the recognition and inspired to live up to it every day.

Recognized as aA Best Firm for EquityA Leadership by theA Accounting MOVEA Project, withA
52% womenA partners in our firm.

» Named by Forbes Magazine as one of America's Top Recommended Tax & Accounting Firms.

» Accounting Today named James Moore the #1 Best Firm for Women in 2020 and a Best Accounting Firm to Work For multiple times since 2015.
» Florida Trend has ranked James Moore as one of the Top 25 Accounting Firms in Florida since 2014.

» INSIDE Public Accounting recognized James Moore as a Top 200 Firm since 2010 (12 years running!).

Firm AffiliationsA

The Attention of a Regional Team. The Gravitas of an International Firm.
When you hire James Moore, regional frm service comes with big frm backup. Our afliations and memberships provide us with resources and networks around the world. So we keep our knowledge up to date and can reach out to additional experts whenever it will beneft you.

Statewide Afliation
James Moore is a member of the Florida Institute of Certifed Public Accountants (FICPA), as well as various other trade associations related to the industries we serve.

National & International Afliations

Our frm is a member of the American Institute of Certifed Public Accountants (AICPA). In addition, James Moore is a member of AGN International, an association of independent accounting frms represented in more than 82 nations around the world, complementing our ability
to serve our clients. This afliation provides access to a wide array of resources, management tools, educational opportunities, and professional experience. Our connection with AGN International enhances our ability

to support and better serve our clients through a continuous exchange of information and resources.

Governmental Organizations

James Moore is a member in good standing of the following governmental accounting organizations. Our Daytona Beach and Tallahassee ofces played a pivotal role in starting the Big Bend and Volusia/Flagler Chapters of the FGFOA:
»  AICPA Governmental Audit Quality Center
»  FICPA State and Local Government Section
»  Government Finance Ofcers Association (GFOA)
»  Florida Government Finance Ofcers Association (FGFOA)

»  Florida League of Cities
»  Various local chapters of the Florida League of Cities and the FGFOA

Proposed Staffing PlanA

Successful engagement performance requires a strong, functional team. Our approach to selecting an engagement team is based on the need for close coordination, carefully-defned responsibilities, open lines of communication, and constant quality control throughout the engagement. We hire the best from around the state, bringing value to our partnership with clients. Your engagement will be stafed by full-time accountants. All members have extensive experience serving related entities. The proposed engagement team is as follows, with their résumés on the subsequent pages.

TOMOKA CDD

Zach Chalifour
Lead Partner

James Halleran
Quality Control Review Partner

Caitlan Walker
Audit Director

Hilary Cyr
Audit Manager

Kevin Holbert
Senior Accountant

Staf Accountants

Résumés

Zach Chalifour, CPAA
Lead PartnerA
Zach has over 15 years of experience serving government entities. As a result of his experience, he leads our Government Services Team and serves as an integral member of the frm’s Accounting & Auditing Team.

Engagement Responsibilities
As the Lead Partner, Zach will serve as the primary point of contact and will have complete as well as fnal responsibility for the
engagement� He will oversee and approve all procedures and also be responsible for ensuring the highest quality of client services�
Experience
Throughout his career with the frm, Zach’s primary focus has been on rendering services for government entities with budgets ranging from $1 million to nearly $1 billion, including those that have received annual federal and state assistance subject to OMB Uniform Guidance and the Florida Single Audit Act of almost $100 million�
Zach has worked with numerous clients to assist in the early implementation of new GASB standards� He serves in a consulting capacity to assist entities and organizations prepare for their external audits and to prepare fnancial statements� Zach brings a unique perspective to the audit environment based on his inside working knowledge of local government fnance, having served as the contract Finance Director for the City of Lake Helen since early 2019�
Zach has spoken at the FGFOA Conference and School of Government Finance, various local FGFOA chapters, and conducted several webinars on topics addressing single audits and the Uniform Guidance, GASB standard updates, internal control best practices, and various other topics� Zach is an ACFR reviewer for the GFOA�
Education & CPE
Zach received a Master of Accountancy and Bachelor of Business Administration with a Major in Accounting Information Systems from Stetson University� He has exceeded the CPE requirements of the State Board, with classes specifc to nonproft and governmental auditing, as required by the U�S� Government Accountability Ofce�
Years of Experience
With James Moore: 15 Overall: 15

  Memberships	
» American Institute of Certifed Public Accountants (Member of the Government Audit Quality Center)
» Florida Institute of Certifed Public Accountants (State & Local Government Section)
» Government Finance Ofcers Association (ACFR Reviewer)
» Florida Government Finance Ofcers Association (Planning Conference Committee and Instructor)
» Space Coast Chapter of the FGFOA
» Volusia/Flagler Chapter of the Florida Government Finance Ofcers Association (Instructor)
» Florida League of Cities
» Northeast Florida League of Cities
» Space Coast League of Cities
» Volusia League of Cities
» Leadership Daytona, Class of XXXV
» Junior Achievement of Volusia County
» Volusia Honor Air Flight VI Guardian
» Volusia Young Professionals Group
» Daytona Beach Quarterback Club (Treasurer)

RésumésA
Relevant ExperienceA
Community Development Districts
»	Bridge Harbor Community Development District
»	CBL/BM Port Orange West Community Development District
»	One Daytona Community Development District
»	PBR Community Development District
»	SWI Community Development District
»	Walkers Green Community Development District
Municipalities
»	City of Bristol
»	City of Bunnell
»	City of Cape Canaveral
»	City of Carrabelle
»	City of Casselberry (special project)
»	City of Chattahoochee
»	City of Chiefand
»	City of Crescent City
»	City of DeLand
»	City of Edgewater
»	City of Green Cove Springs
»	City of Hampton
»	City of High Springs
»	City of Lake City
»	City of Lake Helen
»	City of Lynn Haven
»	City of Madeira Beach
»	City of Marco Island (fraud investigation)
»	City of Melbourne (special project)
»	City of Mexico Beach
»	City of New Smyrna Beach
»	City of Ormond Beach
»	City of Palm Coast
»	City of Port Orange
»	City of St� Augustine Beach
»	City of St� Pete Beach
»	City of Starke
»	City of Titusville
»	City of Winter Park
»	Town of Astatula
»	Town of Cross City
»	Town of Grand Ridge
»	Town of Greensboro
»	Town of Greenville
»	Town of Havana
»	Town of Hilliard
»	Town of Inglis
»	Town of Interlachen

Zach Chalifour, CPAA

»	Town of Jennings
»	Town of Malabar
»	Town of Melbourne Beach
»	Town of Welaka
»	Town of Yankeetown
Counties
»	Baker County
»	Gilchrist County
»	Levy County
»	St� Johns County
»	Union County
»	Volusia County
»	Wakulla County
Other Governmental Organizations
»	Big Bend Water Authority
»	Capital Region Transportation Planning Organization
»	Cedar Key Water and Sewer District
»	Clay County Development Authority
»	Clay County Utility Authority
»	Florida Governmental Utility Authority
»	Florida PACE Funding Agency
»	Halifax Area Advertising Authority
»	Housing Finance Authority of Volusia County
»	Indian River Lagoon Council
»	North Florida Broadband Authority
»	Northeast Florida Regional Council
»	Northwest Florida Water Management District
»	River to Sea Transportation Planning Organization
»	Seacoast Utility Authority
»	Space Coast Transportation Planning Organization
»	Southeast Volusia Advertising Authority
»	Southeast Volusia Hospital District
»	Southwest Florida Water Management District
»	St� Lucie West Services District
»	St� Johns River Water Management District
»	Volusia County Industrial Development Authority
»	West Volusia Tourism Advertising Authority
»	West Volusia Hospital Authority
Retirement/Pension
»	City of Port Orange General Employees Defned Beneft Plan
»	City of Port Orange Police Pension Plan
»	Halifax Health Pension Plan

Résumés

James Halleran, CPAA Quality Control ReviewA PartnerA

James has more than 25 years of experience providing accounting and consulting services for nonproft organizations and government entities. He is a key member of our frm’s Government and Nonproft Services Teams.

Engagement Responsibilities
James will perform the second partner review of the fnancial statements� He will be available to the entire audit team for all aspects of the engagement�
Experience
James’s experience includes a wide range of assignments with an emphasis on nonproft and governmental auditing� During his tenure with the frm, James has been involved with nonproft organizations that receive state and federal fnancial assistance subject to Government Auditing Standards, Florida Single Audit Act and with OMB Uniform Grant Guidance� He has performed consulting services in the area of internal controls, agreed-upon procedures, and system design� In addition, he has performed internal inspections and external peer reviews for the frm in accordance with peer review requirements�
James is recognized statewide as an expert for government auditing and reporting, and he currently serves on committees for the FICPA and the FGFOA� He often is called upon to teach training courses within the frm and for the FICPA and FGFOA� Additionally, he serves as an ACFR reviewer for the GFOA�
Education & CPE
James received a Master of Science in Taxation and a Bachelor of Science degree in Business Administration with a Major in
Accounting from the University of Central Florida� He has exceeded the CPE requirements of the State Board, with classes specifc
to nonproft and governmental auditing, as required by the U�S� Government Accountability Ofce�
Years of Experience
With James Moore: 25+ Overall: 25+

  Memberships	
» American Institute of Certifed Public Accountants (Member of the Not-For-Proft Section and Government Audit Quality Center)
» Florida Institute of Certifed Public Accountants (Instructor and Past Steering Committee of the State & Local Government Section)
» Government Finance Ofcers Association (ACFR Reviewer)
» Florida Government Finance Ofcers Association (Technical Resource Committee and Instructor)
» Volusia/Flagler Chapter of the Florida Government Finance Ofcers Association (Instructor)
» Florida League of Cities
» Northeast Florida League of Cities
» Space Coast League of Cities
» Volusia League of Cities
» United Way of Volusia and Flagler Counties, Inc. (Past Chair and Treasurer)
» Strategic Nonproft Alliance Partnership (Partner-in-Charge - Volusia/Flagler Group)
» Rotary Club of Daytona Beach (Past Treasurer)
» One Voice for Volusia
» Port Orange/South Daytona Chamber of Commerce (Past Board Member)
» Leadership Port Orange/South Daytona Chamber Alumni

RésumésA
Relevant ExperienceA
Community Development Districts
»	Bridge Harbor Community Development District

Counties
»	Baker County

James Halleran, CPAA

»	CBL/BM Port Orange West Community Development District
»	One Daytona Community Development District
»	PBR Community Development District
»	SWI Community Development District
»	Villages of Avignon Community Development District
»	Walkers Green Community Development District
Municipalities
»	City of Avon Park
»	City of Bunnell
»	City of Cape Canaveral
»	City of Chattahoochee
»	City of Chiefand
»	City of Crescent City
»	City of Daytona Beach
»	City of Daytona Beach Shores
»	City of DeLand
»	City of Edgewater
»	City of Flagler Beach
»	City of Gainesville (special projects)
»	City of Green Cove Springs
»	City of Hampton
»	City of High Springs
»	City of Holly Hill
»	City of Lynn Haven
»	City of Midway
»	City of New Smyrna Beach
»	City of Newberry
»	City of Ormond Beach
»	City of Palm Coast
»	City of Port Orange
»	City of South Daytona
»	City of St� Augustine Beach
»	City of St� Pete Beach
»	City of Starke
»	City of Titusville
»	City of Williston
»	City of Winter Park
»	Town of Astatula
»	Town of Havana
»	Town of Hilliard
»	Town of Interlachen
»	Town of Melbourne Beach
»	Town of Welaka

»	Flagler County
»	Gilchrist County
»	Levy County
»	Union County
»	Volusia County
»	Wakulla County
Other Governmental Organizations
»	Bradford County Development Authority
»	Clay County Development Authority
»	Clay County Utility Authority
»	Florida Governmental Utility Authority
»	Florida PACE Funding Agency
»	Housing Finance Authority of Volusia County
»	Indian River Lagoon Council
»	Northeast Florida Regional Council
»	Northwest Florida Water Management District
»	River to Sea Transportation Planning Organization
»	Seacoast Utility Authority
»	Southeast Volusia Area Advertising Authority
»	Southeast Volusia Hospital District
»	Southwest Florida Water Management District
»	Space Coast Transportation Planning Organization
»	St� Johns River Water Management District
»	St� Lucie West Services District
»	Volusia Council of Governments (VCOG)
»	West Volusia Area Advertising Authority
»	West Volusia Hospital Authority
»	Flagler County Education Direct-Support Organization, Inc�
»	Flagler County School District (Internal Accounts)
»	Gadsden County School District (Internal Accounts)
»	Nassau County School District (Internal Accounts)
»	Seminole County School District (Internal Accounts)
»	St� Johns School District (Internal Accounts)
Retirement/Pension
»	City of Holly Hill Pension Plan
»	City of Port Orange General Employees Defned Beneft Plan
»	City of Port Orange Police Pension Plan
»	Halifax Health Pension Plan

Résumés

Caitlan Walker, CPAA
DirectorA
Caitlan has more than 10 years of experience serving as an auditor and trusted advisor to nonproft organizations and government entities. As a result of her experience, she serves as a key member of the frm’s Accounting and Auditing Team.

Engagement Responsibilities
As the Director, Caitlan will be responsible for helping oversee all aspects of the engagement�
Experience
Caitlan’s focus is on serving the needs of nonproft and government organizations� As a result of her experience, she serves as an integral member of the frm’s Accounting & Auditing Team, where she focuses on single audits, compliance testing, and employee beneft audits� Caitlan also serves in a consulting capacity to assist entities and organizations better prepare for their external audits and preparation of fnancial statements�
Education & CPE
Caitlan graduated with her Master of Accountancy and graduated cum laude with her Bachelor of Science in Business Administration from Stetson University� She has exceeded the CPE requirements of the State Board, with classes specifc to nonproft and governmental auditing, as required by the U�S� Government Accountability Ofce�
Years of Experience
With James Moore: 10 Overall: 10

  Memberships	
» American Institute of Certifed Public Accountants (Member of the Government Audit Quality Center; Not-for-Proft Section)
» Florida Institute of Certifed Public Accountants (State & Local Government Section)
» Government Finance Ofcers Association
» Volusia/Flagler Chapter of the Florida Government Finance Ofcers Association (Instructor)
» Northeast Florida League of Cities
» Space Coast League of Cities
» Volusia League of Cities
» Volusia Young Professionals Group (Former Board Member)
» Strategic Nonproft Alliance Partnership (SNAP), Inc.
» Susan G. Komen Race for the Cure (Volunteer)
» Beta Alpha Psi (Member)
» Zeta Tau Alpha, Daytona Beach Alumnae Chapter (former Stetson University Chapter Financial Advisor)

RésumésA
Relevant ExperienceA
Community Development Districts
»	Bridge Harbor Community Development District
»	CBL/BM Port Orange West Community Development District
»	One Daytona Community Development District
»	PBR Community Development District
»	SWI Community Development District
»	Walkers Green Community Development District
Municipalities
»	City of Avon Park
»	City of Bunnell
»	City of Cape Canaveral
»	City of Chiefand
»	City of DeLand
»	City of Edgewater
»	City of Holly Hill
»	City of Lake Helen
»	City of Lynn Haven
»	City of New Smyrna Beach
»	City of Ormond Beach
»	City of Port Orange
»	City of South Daytona
»	City of St� Augustine Beach
»	City of Starke
»	City of Titusville
»	Town of Astatula
»	Town of Cross City
»	Town of Inglis
»	Town of Malabar
»	Town of Melbourne Beach
Counties
»	Baker County
»	Levy County
»	St� Johns County
»	Union County
»	Volusia County
Other Governmental Organizations
»	Clay County Utility Authority
»	Florida Governmental Utility Authority
»	Florida PACE Funding Agency
»	Halifax Area Advertising Authority
»	Housing Finance Authority of Volusia County
»	Indian River Lagoon Council
»	North Florida Broadband Authority
»	Northwest Florida Water Management District
»	River to Sea Transportation Planning Organization

Caitlan Walker, CPAA

»	Southeast Volusia Advertising Authority
»	Southwest Florida Water Management District
»	Space Coast Area Transit
»	Space Coast Transportation Planning Organization
»	St� Johns River Water Management District
»	West Volusia Advertising Authority
Nonprofts
»	The Arc of Volusia, Inc�
»	CareerSource Flagler Volusia
»	Child and Family Connections, Inc�
»	Clay County Economic Development Corporation
»	College Arms Towers, Inc�
»	Community Legal Services of Mid-Florida, Inc�
»	Daytona Area Senior Services, Inc�
»	Daytona Beach Area Association of Realtors
»	DeEtte Holden Cummer Museum Foundation, Inc�
»	Early Learning Coalition of Flagler and Volusia Counties, Inc�
»	Economic Development Commission of the Florida’s Space Coast
»	Friends of Families Foundation, Inc�
»	Head Start Child Development and Family Services, Inc�
»	The House Next Door, Inc�
»	Legal Advocacy Center of Central Florida, Inc�
»	Pinellas Opportunity Council, Inc�
»	River to Sea Transportation Planning Organization
»	SMA Healthcare Foundation, Inc�
»	SMA Healthcare, Inc�
»	Southeast Volusia Habitat for Humanity, Inc�
»	Volusia County Fair Association, Inc�
»	Volusia/Flagler County Coalition for the Homeless, Inc�
»	Volusia/Flagler Young Men’s Christian Association, Inc�
»	Windward Behavioral Care, Inc�
Retirement/Pension
»	Legal Services in the Central Florida Region 403(b) Plan
»	Safe-Harbor 401(k) Proft-Sharing Plan for Rural Health Care Inc DBA Aza Health
»	Twin Oaks Juvenile Development Inc Safe Harbor
»	Volusia Transit Management, Inc� 401(k) Proft Sharing Plan and Trust
»	WJCT, Inc� Retirement Plan

Hilary Cyr, CPAA
ManagerA
Hilary has eight years of accounting and auditing experience, with an emphasis on government and nonproft client engagements. She is a key member of our Government Services Team.

Engagement Responsibilities
As the Engagement Manager, Hilary will play a role in planning, performance and supervision of feldwork, and preparation of the fnancial statements and reports�
Experience
Hilary has experience conducting fnancial audits, federal and state compliance audits, and agreed-upon procedures� She focuses primarily on government and nonproft clients, giving her extensive knowledge of the requirements of single audits�
Education & CPE
Hilary earned a Bachelor of Science in Accounting and a Bachelor of Science in Finance from the University of Southern Maine� She has exceeded the CPE requirements of the State Board, with classes specifc to governmental and nonproft auditing, as required by the U�S� Government Accountability Ofce�
Years of Experience
With James Moore: 4 Overall: 8

Relevant ExperienceA

  Memberships	
» American Institute of Certifed Public Accountants (Member of the Government Audit Quality Center)
» Florida Institute of Certifed Public Accountants (State & Local Government Section)
» Florida Government Finance Ofcers Association
» Volusia/Flagler Chapter of the Florida Governmental Finance Ofcers Association
» Northeast Florida League of Cities
» Space Coast League of Cities
» Volusia League of Cities
» United Way of Volusia-Flagler Counties (Executive Board Member of Generation Impact)

»	CBL/BM Port Orange West Community	»	St� Johns County	
	Development District	»	Daytona State College Foundation	
»	One Daytona Community Development District	»	Daytona State College Housing Corporation	
»	PBR Community Development District	»	Flagler County School District (Internal	
»	SWI Community Development District		Accounts)	
»	Walkers Green Community Development District	»	River to Sea Transportation Planning	
»	City of DeLand		Organization	
»	City of Flagler Beach	»	First Step Shelter	
»	City of Ormond Beach	»	Northeast Florida Regional Council	
»	City of Port Orange	»	The Education Foundation of Alachua County	
»	City of Titusville	»	The Deltona Corporation	

Kevin Holbert, CPAA
Senior AccountantA
Kevin has six years of experience in the accounting industry. His focus is on serving the needs of government entities, nonprofts, and higher education organizations.

Engagement Responsibilities
Kevin will assist in the planning and performance of feldwork, as well as the preparation of the fnancial statements and reports�
Experience
Kevin provides assurance and accounting services to government entities, nonprofts, and higher education organizations� He has worked with many entities that receive substantial federal and state assistance subject to OMB Uniform Guidance and the Florida Single Audit Act�
Education & CPE
Kevin received a Bachelor of Business Administration from Stetson University� He has exceeded the continuing professional education requirements of the State Board, with classes specifc to nonproft and governmental auditing, as required by the U�S� Government Accountability Ofce�
Years of Experience
With James Moore: 6 Overall: 6

  Memberships	
» American Institute of Certifed Public Accountants (Member of the Government Audit Quality Center)
» Florida Institute of Certifed Public Accountants (Member of the State & Local Government Section)
» Florida Government Finance Ofcers Association
» Volusia/Flagler Chapter of the Florida Government Finance Ofcers Association
» Florida League of Cities
» Northeast Florida League of Cities
» Volusia League of Cities

RésumésA
Relevant ExperienceA
Community Development Districts
»	Bridge Harbor Community Development District
»	CBL/BM Port Orange West Community Development District
»	One Daytona Community Development District
»	PBR Community Development District
»	SWI Community Development District
»	Walkers Green Community Development District
Municipalities
»	City of Cape Canaveral
»	City of DeLand
»	City of Edgewater
»	City of Flagler Beach
»	City of Green Cove Springs
»	City of Holly Hill
»	City of Lake City
»	City of Lake Helen
»	City of New Smyrna Beach
»	City of Ormond Beach
»	City of Palm Coast
»	City of Port Orange
»	City of South Daytona
»	Town of Astatula
»	Town of Interlachen
»	Town of Melbourne Beach
»	Town of Welaka
Counties
»	Baker County
»	Volusia County
Other Governmental Organizations
»	Clay County Utility Authority
»	Florida Governmental Utility Authority
»	Halifax Area Advertising Authority
»	Housing Finance Authority of Volusia County
»	Indian River Lagoon Council
»	Southeast Volusia Area Advertising Authority
»	Space Coast Transportation Planning Organization
»	St� Johns River Water Management District
»	West Volusia Hospital Authority
»	West Volusia Tourism Advertising Authority
Nonprofts
»	The Arc of Volusia, Inc�
»	CareerSource Treasure Coast
»	CDS Family & Behavioral Health Services

Kevin Holbert, CPAA

»	Church of Eleven22
»	Communities Connected for Kids, Inc�
»	Community Legal Services of Mid-Florida, Inc�
»	Daytona Beach Area Association of Realtors
»	DeEtte Holden Cummer Museum Foundation, Inc�
»	Early Learning Coalition of Flagler & Volusia Counties, Inc�
»	Economic Development of Florida’s Space Coast
»	The House Next Door, Inc�
»	Legal Advocacy Center of Central Florida
»	Rural Health Care, Inc�
»	SMA Healthcare, Inc�
»	Suwannee Valley Community Coordinated Child Care
»	Trinity United Methodist Church
»	Volusia/Flagler Young Men’s Christian Association, Inc�
»	WGCU-TV and FM - Florida Gulf Coast University
Education
»	The Chiles Academy, Inc�
»	Choices in Learning, Inc�
»	MYcroSchool Gainesville
»	Reading Edge Academy, Inc�
»	Samsula Academy
»	School for Integrated Academics and Technologies (SIATech) - Gainesville
»	Cure Bowl
»	Daytona State College
»	Florida International University Athletics Finance Corporation
»	Florida International University Foundation
»	Florida International University Research Foundation
»	Gator Boosters, Inc�
»	Georgia Tech Athletic Association
»	Museum of Contemporary Art Jacksonville (University of North Florida)
»	University Athletic Association (University of Florida)
»	University of Central Florida Athletics Association
»	University of Florida Development Corporation
»	University of Florida Historic St� Augustine
»	University of Florida Self Insurance Program
»	University of North Florida Training and Services Institute, Inc�

Government Services TeamA

Government entities are a cornerstone of our frm’s practice. So our Government Services Team is entrenched in your industry, because understanding the issues you face is the key to helping you overcome them. These team members work primarily with government clients and maintain memberships in and contacts with prominent industry organizations.
James Moore has provided auditing services for over 100 local governments and related organizations. As a result of this experience, we thoroughly understand the workings of entities like yours and can perform your audit efciently and thoroughly - resulting in a cost efective yet thorough engagement.
However, we’re more than just a government auditor; we assist with all of the complexities associated with fnancial reporting and daily challenges. In addition to independent auditing services, solutions we provide include:

»	Federal & State Compliance Solutions	»	Revenue Enhancement Audits	
»	Financial Condition Assessments	»	Needs Assessments - Financial & IT	
»	Budget Development/Evaluation	»	Rate Studies	
»	Internal Control Analyses	»	Audit Readiness	
»	Elected Ofcial Orientation	»	Actuarial Report Interpretations	
»	Comprehensive Annual Financial Reports	»	Risk Management Assistance	
»	New Standard Implementation Assistance	»	Lean Six Sigma	
»	Forensic Auditing	»	Fund Balance Planning & Management	
»	Decision Validation	»	Agreed-Upon Procedures	
»	Finance Director Solutions	»	Comfort letters in connection with debt securities	

Two of your engagement leaders, Zach Chalifour and James Halleran, currently serve on the GFOA’s ACFR Review Committee, which reviews ACFRs of governmental entities to determine if a ACFR meets the reporting requirements necessary to obtain the Certifcate of Achievement for Excellence in Financial Reporting.
James also has served on the FICPA Local Government Committee for several years and the FGFOA Technical Resource Committee. In addition, both he and Zach have taught at several FGFOA Conferences and local chapter meetings and are frequent speakers throughout the state of Florida.

Comprehensive Government ExperienceA

Our frm has audited over 100 governmental entities (local and state), giving us in-depth knowledge of your needs and requirements. A complete list of our municipal and county government experience is as follows:

Municipalities	»	Fernandina Beach	»	Melbourne Beach	Counties	
»  Altha	»	Flagler Beach	»	Mexico Beach	» Baker	
» Astatula	»	Golden Beach	»	Midway	» Flagler	
»  Atlantic Beach	»	Grand Ridge	»	Monticello	» Gilchrist	
» Avon Park	»	Green Cove Springs	»	Newberry	»  Hamilton	
» Bristol	»	Greensboro	»	New Smyrna Beach	» Levy	
»  Bunnell	»	Greenville	»	Orange Park	» St� Johns	
» Callahan	»	Hampton	»	Ormond Beach	»  Union	
»  Cape Canaveral	»	Havana	»	Palm Coast	» Volusia	
» Carrabelle
»  Casselberry (special	»
»	High Springs
Hilliard	»
»	Pomona Park
Port Orange	»  Wakulla	

project)
» Chattahoochee
» Chiefand
»  Crescent City
»  Cross City
»  Crystal River
»  Daytona Beach
»  Daytona Beach Shores
» DeBary
» DeLand
» Edgewater

»	Holly Hill	»	Quincy		
»	Inglis	»	South Daytona			
»	Interlachen	»	St� Augustine Beach			
»	Lake City	»	St� Marks			
»	Lake Helen	»	St� Pete Beach			
»	Lynn Haven	»	Starke			
»	Madeira Beach	»	Titusville			
»	Malabar	»	Welaka			
»	Marco Island	»	Williston			

» Melbourne (special project)

»  Winter Park
» Yankeetown

Experience with Authorities and Other Special DistrictsA

»  Alligator Point Water Resources District
»  Big Bend Water Authority
»  Bradford County Development Authority
» Bridge Harbor Community Development District
»  Capital Region Transportation Planning Agency
» CBL/BM Port Orange West Community Development District
»  Cedar Key Water and Sewer District
»  Clay County Development Authority
»  Clay County Utility Authority
»  Cypress Head Golf Club (City of Port Orange)
» Daytona Beach Racing & Recreational Facilities District
» Economic Development Commission of Florida’s Space Coast
»  Emergency Medical Foundation, Inc.
» Federal Equitable Sharing & Law Enforcement Trust
»  First Step Shelter
»  Florida Court Clerks and Comptrollers
»  Florida Department of Community Afairs
»  Florida Governmental Utility Authority
»  Gainesville Community Redevelopment Agency
»  Halifax Area Advertising Authority
»  Halifax Management System, Inc.
»  Highway 79 Corridor Authority
»  Indian River Lagoon Council
»  North Florida Broadband Authority
»  Northeast Florida Regional Council
»  Northwest Florida Water Management District

» One Daytona Community Development District
»  PBR Community Development District
»  Putnam-Clay-Flagler EOC, Inc.
» River to Sea Transportation Planning Organization
»  Seacoast Utility Authority
»  South Walton County Mosquito Control District
»  Southeast Volusia Area Advertising Authority
»  Southeast Volusia Hospital District
»  Southwest Florida Water Management District
» Space Coast Transportation Planning Organization
»  St. Johns River Water Management District
»  St. Lucie West Services District
»  Suwannee River Economic Council, Inc.
»  Suwannee River Water Management District
»  Suwannee Valley Transit Authority
»  SWI Community Development District
» Villages of Avignon Community Development District
»  Volusia Council of Governments
» Volusia County Industrial Development Authority
»  Volusia Soil & Water Conservation District
»  Volusia Water Alliance
» Walkers Green Community Development District
»  Water Authority of Volusia
»  West Volusia Advertising Authority
»  West Volusia Hospital Authority

ReferencesA
We are pleased to provide you with references of clients served who best match the requirements and needs of your organization.
One Daytona, PBR, CBL/BM Port Orange West, SWI, and Walkers Glenn Community Development Districts
Jane Gaarlandt, District Manager 3501 Quadrangle Boulevard, Suite 270
Orlando, FL 32817
Phone: 407-723-5900
Work performed: Audit

Florida Governmental Utility Authority/
Bridge Harbor Community Development District
Mickey Joseph, CPA, Chief Financial Ofcer 280 Wekiva Springs Road, Suite 2070
Longwood, FL 32779
Phone: 407-627-6900
Work performed: Audit

Daytona Beach Racing & Recreational Facilities District
Barbara Kelly, Administrative Director 335 Bill France Boulevard
Daytona Beach, FL 32114 Phone: 386-252-6075
Work performed: Audit

St. Johns River Water Management District
Greg Rockwell, Finance Director
P.O. Box 1429
Palatka, FL 32178
Phone: 386-312-2232
Work performed: Audit

The St. Johns River Water Management District (District) has used the services of JamesA Moore & Company for more than 15 years. During our association, the staff of James MooreA has always conducted themselves in a friendly, nonadversarial and professional manner.A Since the day they began serving the District they have been eager to provide assistance andA advice to District staff in order to correct potential issues of concern before they developedA into reportable problems. Their staff also strives to be as non-intrusive as possible when doingA field work on site. The resulting audit/ACFR reports have always been of the highest qualityA and completed in a timely way while meeting all existing deadlines.A
Greg Rockwell, CPA Finance Director
St. Johns River Water Management District

Peer Review Overview
QUALITY CONTROL
The frm has written procedures that address quality control with regard to independence, integrity, and objectivity; personnel management practices of hiring; assignment of personnel; professional development and advancement; acceptance and continuance of clients and engagements; engagement performance; and monitoring.
These procedures defne the process to provide the frm with assurance that its personnel comply with applicable professional standards and the frm’s standards of quality. It is our policy to follow the guidelines of the AICPA, Financial Accounting Standards Board (FASB), Governmental Accounting Standards Board (GASB), and the Government Finance Ofcers’ Association (GFOA).

You will see our peer review notes a “pass” rating, which is the best rating awarded. This peer review included a review of nonprofit and governmental engagements.A
Although receiving a “pass” rating on our peer reviews is a source of great pride to us, what does it mean to you? It simply means that James Moore has a system of internal control that maximizes the quality of its people, procedures, and its ultimate product. Our frm requires its professional personnel to approach all engagements with objectivity and fairness. Personnel are particularly sensitive to the requirement for confdential treatment of any information obtained during the course of the audit prior to release of audit reports.

PEER REVIEW
James Moore is a member of the Center for Audit Quality of the AICPA, and participates in the AICPA Peer Review Program triennially. We have participated in the peer review process since its initial year—long before it was required. The reviews are conducted by other certifed public accounting frms and examine our systems of quality control for the accounting
and auditing practice. Requirements under the Peer Review Program are stringent and provide for minimum standards in the following areas:

»  Method of assigning personnel to engagements
»  Hiring of qualifed employees
»  Supervision of staf personnel
» Independence policies & consultation policies (internal and external) on technical matters
»  Continuing professional development and training
»  Advancement and promotion of personnel
»  Acceptance and continuance of clientele
» Inspection reviews of quality control policies & procedures

James MooreA
has successfullyA
completed 15 triennial peer reviews with noA letters of commentA
or deficienciesA
ever reported. OurA
fifteenth peer reviewA report, dated April 23,A 2021, is found on theA following page.A

Peer Review Report

3. Understanding

of Scope of WorkA

We understand the District is requesting auditing services for fiscalA year 2022, with four possible annual renewals. We are familiar with allA federal, state, and local laws, ordinances, rules, and regulations thatA affect the work. The work is to be performed in accordance with UnitedA States Generally Accepted Accounting Principles (GAAP) and GenerallyA Accepted Auditing Standards.A
The work for this engagement will be completed through our ofce and by on-site visits to your location. The audits performed by James Moore are segmented into distinct, manageable sections. Scheduling in this manner reduces interference with your normal operating procedures and enhances our ability to meet deadlines. For the purpose of this proposal, we have summarized our detailed and comprehensive audit approach relative to the various segments of the audit. Our full audit approach is available upon request.

Risk Assessment - Continuous process throughout the audit
» Identify risks associated with the organization
» Identify material account balances, assertions, and related internal controls
» Design all phases of the audit to appropriately address identifed risks
» Reassess initial risk assessment based upon results of procedures performed

PRELIMINARY PHASE	SUBSTANTIVE PHASE
»  Establish the terms of the	»  Perform tests of controls

engagement

»  Perform substantive testing

»  Obtain documents associated	of balances

with your environment, activities, key processes, and internal controls
» Establish preliminary planning materiality
» Perform initial data extraction analysis of key

»  Perform tests of compliance
» Evaluate results of testing and, if necessary, modify audit plan
COMPLETION & REPORTING PHASE

accounts and processes	» Exit Conference
» Develop detailed audit plan,	» Final review by Engagement to include:		Partner and Technical
1.	Assessment of risk at the fnancial statement	
»	Review Partner
Obtain management	
account balance level		representations	
2. Plan tests of controls, tests of compliance and	»	Summarize results of work and fndings	
substantive procedures
3.  Communicate audit plan	»	Engagement reporting to management and those	
with all members of		charged with governance	
engagement team			

Ability to Furnish the Required ServicesA
James Moore & Co., P.L. has been in business for over 50 years and is in sound fnancial condition. Our fnancial stability allows us to invest heavily in our service management system to maintain high levels of efciency and accountability. It also means we’re able to grow our workforce as needed. While our current staf is enough to serve all of our existing clients, we continue to hire new personnel on a regular basis. So as our workload continues to increase, our frm stays ready to provide the highest level of client service.
The bottom line—we always will have the ability to complete the work required by the District.A

5. PriceA

Extraordinary only refers to our level of service.
Our philosophy is simple: Deliver extreme value for the fees our clients pay.AWhile choosing an audit frm should come down to qualifcations, capabilities, and commitment, we know cost plays a role as well. And we work hard to make sure they are absolutely reasonable for the level of service you received. If the fees presented don’t ft within your budget, we encourage you to contact us so we can discuss ones that do.

FEE STRUCTURE	
Annual audit	
2022	$5,000	
2023	$5,125	
2024	$5,250	
2025	$5,375	
2026	$5,500	

How We Bill For Additional Professional Services
Your team will reach out routinely throughout the year to discuss new accounting issues or signifcant transactions. Because we value consistent communication, we consider these routine consultations to be included in the scope of the proposed fees. Additionally, these fees are inclusive of periodic meetings with your management conducted outside the time encompassed by the proposed audit schedule.
If you would like to engage James Moore for a larger project, we will render a billing for such services

at an amount or rates agreed upon prior to the beginning of the engagement.

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

Berger, Toombs, Elam, Gaines & Frank

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT PROPOSAL FOR AUDIT SERVICES

PROPOSED BY:

Berger, Toombs, Elam, Gaines & Frank CERTIFIED PUBLIC ACCOUNTANTS, PL

600 Citrus Avenue, Suite 200	(772) 461-6120 Fort Pierce, Florida 34950

CONTACT PERSON:

J. W. Gaines, CPA, Director

DATE OF PROPOSAL:

July 1, 2022

TABLE OF CONTENTS

DESCRIPTION OF SECTION	PAGE
A. Letter of Transmittal	1-2
B. Profile of the Proposer
Description and History of Audit Firm	3
Professional Staff Resources	4-5
Ability to Furnish the Required Services	5
Arbitrage Rebate Services	6
Governmental Auditing Experience	7-16
Fee Schedule	17
Scope of Work to be Performed	17
Resumes	18-35
Peer Review Letter	36
Instructions to Proposers	37-38
Evaluation Criteria	39

July 1, 2022

Tomoka Community Development District PFM Group Consulting, LLC
3501 Quadrangle Blvd, Suite 270
Orlando, FL 32817 Dear District Manager:
Thank you very much for the opportunity to present our professional credentials to provide audit services for Tomoka Community Development District.

Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL has assembled a team of governmental and nonprofit specialists second to none to serve our clients. Our firm has the necessary qualifications and experience to serve as the independent auditors for Tomoka Community Development District. We will provide you with top quality, responsive service.

Experience

Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL is a recognized leader in providing services to governmental and nonprofit agencies throughout Florida. We have been the independent auditors for a number of local governmental agencies and through our experience in performing their audits, we have been able to increase our audit efficiency and; therefore, reduce costs. We have continually passed this cost savings on to our clients and will continue to do so in the future. As a result of our experience and expertise, we have developed an effective and efficient audit approach designed to meet or exceed the performance specifications in accordance with auditing standards generally accepted in the United States of America, the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and the standards for financial and compliance audits. We will conduct the audit in accordance with auditing standards generally accepted in the United States of America; “Government Auditing Standards” issued by the Comptroller General of the United States; the provisions of the Single Audit Act, Subpart F of Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, with minimal disruption to your operations. Our firm has frequent technical updates to keep our personnel informed and up-to-date on all changes that are occurring within the industry.

- 1 -

Tomoka Community Development District July 1, 2022

Our firm is a member of the Government Audit Quality Center, an organization dedicated to improving government audit quality. We also utilize the audit program software of a nationally recognized CPA firm to assure us that we are up to date with all auditing standards and to assist us maintain maximum audit efficiencies.

To facilitate your evaluation of our qualifications and experience, we have arranged this proposal to include a resume of our firm, including our available staff, our extensive prior governmental and nonprofit auditing experience and clients to be contacted.

You need a firm that will provide an efficient, cost-effective, high-quality audit within critical time constraints. You need a firm with the prerequisite governmental and nonprofit experience to perform your audit according to stringent legal and regulatory requirements, a firm that understands the complex nature of community development districts and their unique compliance requirements. You need a firm with recognized governmental and nonprofit specialists within the finance and governmental communities. And, certainly, you need a firm that will provide you with valuable feedback to enhance your current and future operations. Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL is that firm. J. W. Gaines is the person authorized to make representations for the firm.

Thank you again for the opportunity to submit this proposal to Tomoka Community Development District.

Very truly yours,

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

- 2 -

PROFILE OF THE PROPOSER
Description and History of Audit Firm
Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL is a Treasure Coast public accounting firm, which qualifies as a small business firm, as established by the Small Business Administration (13 CFR 121.38), with offices in Fort Pierce and Stuart. We are a member of the Florida Institute of Certified Public Accountants and the American Institute of Certified Public Accountants. The firm was formed from the merger of Edwards, Berger, Harris & Company (originated in 1972) and McAlpin, Curtis & Associates (originated in 1949). J. W. Gaines and Associates (originated in 1979) merged with the firm in 2004. Our tremendous growth rate experienced over the last 69 years is directly attributable to the firm’s unrelenting dedication to providing the highest quality, responsive professional services attainable to its clients.
We are a member of the Private Companies Practice Section (PCPS) of the American Institute of Certified Public Accountants (AICPA) to assure we meet the highest standards. Membership in this practice section requires that our firm meet more stringent standards than standard AICPA membership. These rigorous requirements include the requirement of a triennial peer review of our firm’s auditing and accounting practice and annual Continuing Professional Education (CPE) for all accounting staff (whether CPA or non-CPA). For standard AICPA membership, only a quality review is required and only CPAs must meet CPE requirements.
We are also a member of the Government Audit Quality Center (“the Center”) of the American Institute of Certified Public Accountants to assure the quality of our government audits. Membership in the Center, which is voluntary, requires our firm to comply with additional standards to promote the quality of government audits.
We have been extensively involved in serving local government entities with professional accounting, auditing and consulting services throughout the entire 69 year history of our firm. Our substantial experience over the years makes us uniquely qualified to provide accounting, auditing, and consulting services to these clients. We are a recognized leader in providing services to governmental and nonprofit agencies on the Treasure Coast and in Central and South Florida, with extensive experience in auditing community development districts and water control districts. We were the independent auditors of the City of Fort Pierce for over 37 years and currently, we are the independent auditors for St. Lucie County since 2002, and for 34 of the 38 years that the county has been audited by CPA firms. Additionally, we have performed audits of the City of Stuart, the City of Vero Beach, Indian River County and Martin County. We also presently audit over 75 Community Development Districts throughout Florida.
Our firm was founded on the belief that we are better able to respond to our clients needs through education, experience, independence, quality control, and personal service. Our firm’s commitment to quality is reflected in our endeavor of professional excellence via continuing education, the use of the latest computer technology, professional membership in PCPS and peer review.
We believe our approach to audit engagements, intelligence and innovation teamed with sound professional judgment enables us to explore new concepts while remaining sensitive to the fundamental need for practical solutions. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen.

Professional Staff Resources

Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL has a total of
27 professional and administrative staff (including 12 professional staff with extensive experience servicing government entities). The work will be performed out of our Fort Pierce office with a proposed staff of one senior accountant and one or two staff accountants supervised by an audit manager and audit partner. With the exception of the directors of the firm’s offices, the professional staff is not specifically assigned to any of our individual offices. The professional and administrative staff resources available to you through Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL are as follows:
Total
Partners/Directors (CPA’s)	5	
Principals (CPA)	1	
Managers (CPA)	1	
Senior/Supervisor Accountants (2 CPA’s)	3	
Staff Accountants (1 CPA)	7	
Computer Specialist	1	
Paraprofessional	6	
Administrative	 4	
Total – all personnel	28	

Following is a brief description of each employee classification:

Staff Accountant – Staff accountants work directly under the constant supervision of the auditor-in-charge and, are responsible for the various testing of documents, account analysis and any other duties as his/her supervisor believes appropriate. Minimum qualification for a staff accountant is graduation from an accredited university or college with a degree in accounting or equivalent.

Senior Accountant – A senior accountant must possess all the qualifications of the staff accountant, in addition to being able to draft the necessary reports and financial statements, and supervise other staff accountants when necessary.

Managers – A manager must possess the qualifications of the senior accountant, plus be able to work without extensive supervision from the auditor-in-charge. The manager should be able to draft audit reports from start to finish and to supervise the audit team, if necessary.

Principal – A principal is a partner/director in training. He has been a manager for several years and possesses the technical skills to act as the auditor–in-charge. A principal has no financial interest in the firm.

Partner/Director – The director has extensive governmental auditing experience and acts as the auditor-in-charge. Directors have a financial interest in the firm.

Professional Staff Resources (Continued)

Independence – Independence of the public accounting firm, with respect to the audit client, is the foundation from which the public gains its trust in the opinion issued by the public accounting firm at the end of the audit process. This independence must be in appearance as well as in fact. The public must perceive that the accounting firm is independent of the audit entity to ensure that nothing would compromise the opinion issued by the public accounting firm. Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL is independent of Tomoka Community Development District, including its elected officials and related parties, at the date of this proposal, as defined by the following rules, regulations, and standards:

AuSection 220 – Statements on Auditing Standards issued by the American Institute of Certified Public Accountants;

ET Sections 101 and 102 – Code of Professional Conduct of the American Institute of Certified Public Accountants;

Chapter 21A-1, Florida Administrative Code; Section 473.315, Florida Statutes; and,
Government Auditing Standards, issued by the Comptroller General of the United States.

On an annual basis, all members of the firm are required to confirm, in writing, that they have no personal or financial relationships or holding that would impair their independence with regard to the firm’s clients.

Independence is a hallmark of our profession. We encourage our staff to use professional judgment in situations where our independence could be impaired or the perception of a conflict of interest might exist. In the governmental sector, public perception is as important as professional standards. Therefore, the utmost care must be exercised by independent auditors in the performance of their duties.

Ability to Furnish the Required Services

As previously noted in the Profile of the Proposer section of this document, our firm has been in existence for over 69 years. We have provided audit services to some clients for over 30 years continually. Our firm is insured against physical loss through commercial insurance and we also carry liability insurance. The majority of our audit documentation is stored electronically, both on our office network and on each employee laptop or computer assigned to each specific job. Our office computer network is backed up on tape, so in the event of a total equipment loss, we can restore all data as soon as replacement equipment is acquired. In addition, our field laptop computers carry the same data and can be used in the event of emergency with virtually no delay in completing the required services.

ADDITIONAL SERVICES PROVIDED

Arbitrage Rebate Services

Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL also provides arbitrage rebate compliance and related services to governmental issuers. The Tax Reform Act of 1986 requires issuers of most tax-exempt obligations to pay (i.e., “rebate”) to the United States government any arbitrage profits. Arbitrage profits are earnings on the investment of bond proceeds and certain other monies in excess of what would have been earned had such monies been invested at a yield equal to the yield on the bonds.

Federal tax law requires that interim rebate calculations and payments are due at the end of every fifth bond year. Final payment is required upon redemption of the bonds. More frequent calculations may be deemed advisable by an issuer’s auditor, trustee or bond counsel or to assure that accurate and current records are available. These more frequent requirements are usually contained in the Arbitrage or Rebate Certificate with respect to the bonds.

Our firm performs a comprehensive rebate analysis and includes the following:

Verifying that the issue is subject to rebate;
Calculating the bond yield;
Identifying, and separately accounting for, all “Gross Proceeds” (as that term is defined in the Code) of the bond issue, including those requiring analysis due to “transferred proceeds” and/or “commingled funds” circumstances;
Determining what general and/or elective options are available to Gross proceeds of the issue;
Calculating the issue’s excess investment earning (rebate liability), if any;
Delivering appropriate documentation to support all calculations;
Providing an executive summary identifying the methodology employed, major assumptions, conclusions, and any other recommendations for changes in recordkeeping and investment policies;
Assisting as necessary in the event of an Internal Revenue Service inquiry; and,
Consulting with issue staff, as necessary, regarding arbitrage related matters.

GOVERNMENTAL AUDITING EXPERIENCE

Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL has been practicing public accounting in Florida for 69 years. Our success over the years has been the result of a strong commitment to providing personalized quality service to our clients.

The current members of our firm have performed audits of over 900 community development districts, and over 1,800 audits of municipalities, counties and other governmental entities such as the City of Fort Pierce and St. Lucie County.

Our firm provides a variety of accounting, auditing, tax litigation support, and consulting services. Some of the professional accounting, auditing and management consulting services that are provided by our firm are listed below:

Performance of annual financial and compliance audits, including Single Audits of state and federal financial assistance programs, under the provisions of the Single Audit Act, Subpart F of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), with minimal disruptions to your operations;
Performance of special compliance audits to ascertain compliance with the applicable local, state and federal laws and regulations;
Issuance of comfort letters and consent letters in conjunction with the issuance of tax- exempt debt obligations, including compiling financial data and interim period financial statement reviews;
Calculation of estimated and actual federal arbitrage rebates;
Assistance in compiling historical financial data for first-time and supplemental submissions for GFOA Certificate of Achievement for Excellence in Financial Reporting;
Preparation of indirect cost allocation systems in accordance with Federal and State regulatory requirements;
Providing human resource and employee benefit consulting;
Performance of automation feasibility studies and disaster recovery plans;
Performance feasibility studies concerning major fixed asset acquisitions and utility plant expansion plans (including electric, water, pollution control, and sanitation utilities); and
Assistance in litigation, including testimony in civil and criminal court.
Assist clients who utilize QuickBooks software with their software needs. Our Certified QuickBooks Advisor has undergone extensive training through QuickBooks and has passed several exams to attain this Certification.

Continuing Professional Education

All members of the governmental audit staff of our firm, and audit team members assigned to this engagement, are in compliance with the Continuing Professional Education (CPE) requirements set forth in Government Auditing Standards issued by the Comptroller General of the United States. In addition, our firm is in compliance with the applicable provisions of the Florida Statutes that require CPA’s to have met certain CPE requirements prior to proposing on governmental audit engagements.

The audit team has extensive experience in performing governmental audits and is exposed to intensive and continuing concentration on these types of audits. Due to the total number of governmental audits our team performs, each member of our governmental staff must understand and be able to perform several types of governmental audits. It is our objective to provide each professional employee fifty hours or more of comprehensive continuing professional education each year. This is accomplished through attending seminars throughout Florida and is reinforced through in-house training.

Our firm has made a steadfast commitment to professional education. Our active attendance and participation in continuing professional education is a major part of our objective to obtain the most recent knowledge on issues which are of importance to our clients. We are growing on the reputation for work that our firm is providing today.

Quality Control Program

Quality control requires continuing commitment to professional excellence. Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants, PL is formally dedicated to that commitment.

To ensure maintaining the standards of working excellence required by our firm, we joined the Private Companies Practice Section (PCPS) of the American Institute of Certified Public Accountants (AICPA). To be a participating member firm of this practice section, a firm must obtain an independent Peer Review of its quality control policies and procedures to ascertain the firm’s compliance with existing auditing standards on the applicable engagements.

The scope of the Peer Review is comprehensive in that it specifically reviews the following quality control policies and procedures of the participating firm:

Professional, economic, and administrative independence;
Assignment of professional personnel to engagements;
Consultation on technical matters;
Supervision of engagement personnel;
Hiring and employment of personnel;
Professional development;
Advancement;
Acceptance and continuation of clients; and,
Inspection and review system.

We believe that our commitment to the program is rewarding not only to our firm, but primarily to our clients.

The external independent Peer Review of the elements of our quality control policies and procedures performed by an independent certified public accountant, approved by the PCPS of the AICPA, provides you with the assurance that we continue to conform to standards of the profession in the conduct of our accounting and auditing practice.

Our firm is also a member of Governmental Audit Quality Center (GAQC), a voluntary membership center for CPA firms that perform governmental audits. This center promotes the quality of governmental audits.

Our firm has completed successive Peer Reviews. These reviews included a representative sample of our firm’s local governmental auditing engagements. As a result of these reviews, our firm obtained an unqualified opinion on our quality control program and work procedures. On page 31 is a copy of our most recent Peer Review report. It should be noted that we received a pass rating.

Our firm has never had any disciplinary actions by state regulatory bodies or professional organizations.

As our firm performs approximately one hundred audits each year that are reviewed by federal, state or local entities, we are constantly dealing with questions from these entities about our audits. We are pleased to say that any questions that have been raised were minor issues and were easily resolved without re-issuing any reports.

Certificate of Achievement for Excellence in Financial Reporting (CAFR)

We are proud and honored to have been involved with the City of Fort Pierce and the Fort Pierce Utilities Authority when they received their first Certificates of Achievement for Excellence in Financial Reporting for the fiscal years ended September 30, 1988 and 1994, respectively. We were also instrumental in the City of Stuart receiving the award, in our first year of performing their audit, for the year ended September 30, 1999.

We also assisted St. Lucie County, Florida for the year ended September 30, 2003, in preparing their first Comprehensive Annual Financial Report, and St. Lucie County has received their Certificate of Achievement for Excellence in Financial Reporting every year since.

As continued commitment to insuring that we are providing the highest level of experience, we have had at least one employee of our firm serve on the GFOA – Special Review Committee since the mid-1980s. This committee is made up of selective Certified Public Accountants throughout the United States who have demonstrated their high level of knowledge and expertise in governmental accounting. Each committee member attends a special review meeting at the Annual GFOA Conference. At this meeting, the committee reports on the Certificate of Achievement Program’s most recent results, future goals, and common reporting deficiencies.

We feel that our previous experience in assisting the City of Fort Pierce, the Fort Pierce Utilities Authority and St. Lucie County obtain their first CAFRs, and the City of Stuart in continuing to receive a CAFR and our firm’s continued involvement with the GFOA, and the CAFR review committee make us a valued asset for any client in the field of governmental financial reporting.

References

Terracina Community Development	Gateway Community Development District		District
Jeff Walker, Special District Services	Stephen Bloom, Severn Trent Management
(561) 630-4922	(954) 753-5841

The Reserve Community Development District	Port of the Islands Community Development
District
Darrin Mossing, Governmental Management	Cal Teague, Premier District Management Services LLC
(407) 841-5524	(239) 690-7100 ext 101

In addition to the above, we have the following additional governmental audit experience: Community Development Districts
Aberdeen Community Development	Beacon Lakes Community District		Development District

Alta Lakes Community Development	Beaumont Community Development District		District

Amelia Concourse Community	Bella Collina Community Development
Development District	District

Amelia Walk Communnity	Bonnet Creek Community
Development District	Development District

Aqua One Community Development	Buckeye Park Community District		Development District

Arborwood Community Development	Candler Hills East Community District		Development District

Arlington Ridge Community	Cedar Hammock Community
Development District	Development District

Bartram Springs Community	Central Lake Community
Development District	Development District

Baytree Community Development	Channing Park Community
District	Development District

Cheval West Community	Evergreen Community Development
Development District	District

Coconut Cay Community	Forest Brooke Community Development District		Development District

Colonial Country Club Community	Gateway Services Community
Development District	Development District

Connerton West Community	Gramercy Farms Community
Development District	Development District

Copperstone Community	Greenway Improvement District Development District

Creekside @ Twin Creeks Community	Greyhawk Landing Community Development District		Development District

Deer Run Community Development	Griffin Lakes Community Development District		District

Dowden West Community	Habitat Community Development
Development District	District

DP1 Community Development	Harbor Bay Community Development
District	District

Eagle Point Community Development	Harbourage at Braden River District		Community Development District

East Nassau Stewardship District	Harmony Community Development
District
Eastlake Oaks Community
Development District	Harmony West Community Development District
Easton Park Community Development
District	Harrison Ranch Community
Development District
Estancia @ Wiregrass Community
Development District	Hawkstone Community Development District

Heritage Harbor Community	Madeira Community Development
Development District	District

Heritage Isles Community	Marhsall Creek Community
Development District	Development District

Heritage Lake Park Community	Meadow Pointe IV Community
Development District	Development District

Heritage Landing Community	Meadow View at Twin Creek
Development District	Community Development District

Heritage Palms Community	Mediterra North Community
Development District	Development District

Heron Isles Community	Midtown Miami Community
Development District	Development District

Heron Isles Community Development	Mira Lago West Community District		Development District

Highland Meadows II Community	Montecito Community
Development District	Development District

Julington Creek Community	Narcoossee Community
Development District	Development District

Laguna Lakes Community	Naturewalk Community
Development District	Development District

Lake Bernadette Community	New Port Tampa Bay Community
Development District	Development District

Lakeside Plantation Community	Overoaks Community Development
Development District	District

Landings at Miami Community	Panther Trace II Community
Development District	Development District

Legends Bay Community	Paseo Community Development
Development District	District

Lexington Oaks Community	Pine Ridge Plantation Community
Development District	Development District

Live Oak No. 2 Community	Piney Z Community Development
Development District	District

Poinciana Community	Sampson Creek Community
Development District	Development District

Poinciana West Community	San Simeon Community
Development District	Development District

Port of the Islands Community	Six Mile Creek Community
Development District	Development District

Portofino Isles Community	South Village Community
Development District	Development District

Quarry Community Development	Southern Hills Plantation I
District	Community Development District

Renaissance Commons Community	Southern Hills Plantation III Development District		Community Development District

Reserve Community	South Fork Community
Development District	Development District

Reserve #2 Community	St. John's Forest Community
Development District	Development District

River Glen Community	Stoneybrook South Community
Development District	Development District

River Hall Community	Stoneybrook South at ChampionsGate
Development District	Community Development District

River Place on the St. Lucie	Stoneybrook West Community
Community Development District	Development District

Rivers Edge Community	Tern Bay Community
Development District	Development District

Riverwood Community	Terracina Community Development
Development District	District

Riverwood Estates Community	Tison's Landing Community
Development District	Development District

Rolling Hills Community	TPOST Community Development
Development District	District

Rolling Oaks Community Development District

Triple Creek Community	Vizcaya in Kendall	
Development District	Development District	
TSR Community Development	Waterset North Community	
District	Development District	
Turnbull Creek Community	Westside Community Development	
Development District	District	
Twin Creeks North Community	WildBlue Community Development	
Development District	District	
Urban Orlando Community	Willow Creek Community	
Development District	Development District	
Verano #2 Community	Willow Hammock Community	
Development District	Development District	
Viera East Community	Winston Trails Community	
Development District	Development District	
VillaMar Community	Zephyr Ridge Community	
Development District	Development District	

Other Governmental Organizations

City of Westlake	Office of the Medical Examiner, District 19

Florida Inland Navigation District	Rupert J. Smith Law Library of St. Lucie County
Fort Pierce Farms Water Control
District	St. Lucie Education Foundation

Indian River Regional Crime	Seminole Improvement District Laboratory, District 19, Florida
Troup Indiantown Water
Viera Stewardship District		Control District Current or Recent Single Audits,
St. Lucie County, Florida Early Learning Coalition, Inc.
Treasure Coast Food Bank, Inc.

Members of our audit team have acquired extensive experience from performing or participating in over 1,800 audits of governments, independent special taxing districts, school boards, and other agencies that receive public money and utilize fund accounting.

Much of our firm’s auditing experience is with compliance auditing, which is required for publicly financed agencies. In this type of audit, we do a financial examination and also confirm compliance with various statutory and regulatory guidelines.

Following is a summary of our other experience, including Auditor General experience, as it pertains to other governmental and fund accounting audits.

Counties
(Includes elected constitutional officers, utilities and dependent taxing districts)

Indian River Martin Okeechobee Palm Beach

Municipalities

City of Port St. Lucie City of Vero Beach Town of Orchid

Special Districts

Bannon Lakes Community Development District Boggy Creek Community Development District Capron Trail Community Development District Celebration Pointe Community Development District Coquina Water Control District
Diamond Hill Community Development District Dovera Community Development District
Durbin Crossing Community Development District Golden Lakes Community Development District Lakewood Ranch Community Development District Martin Soil and Water Conservation District Meadow Pointe III Community Development District Myrtle Creek Community Development District
St. Lucie County – Fort Pierce Fire District The Crossings at Fleming Island
St. Lucie West Services District
Indian River County Mosquito Control District St. John’s Water Control District
Westchase and Westchase East Community Development Districts Pier Park Community Development District
Verandahs Community Development District Magnolia Park Community Development District

Schools and Colleges

Federal Student Aid Programs – Indian River Community College Indian River Community College
Okeechobee County District School Board St. Lucie County District School Board

State and County Agencies

Central Florida Foreign-Trade Zone, Inc. (a nonprofit organization affiliated with the St. Lucie County Board of County Commissioners)
Florida School for Boys at Okeechobee
Indian River Community College Crime Laboratory Indian River Correctional Institution

FEE SCHEDULE

We propose the fee for our audit services described below to be $5,650 for the years ended September 30, 2022 2023, 2024, 2025, and 2026. The fee is contingent upon the financial records and accounting systems of Tomoka Community Development District being “audit ready” and the financial activity for the District is not materially increased. If we discover that additional preparation work or subsidiary schedules are needed, we will consult with your authorized representative. We can assist with this additional work at our standard rates should you desire.

SCOPE OF WORK TO BE PERFORMED

If selected as the District's auditors, we will perform a financial and compliance audit in accordance with Section 11.45, Florida Statutes, in order to express an opinion on an annual basis on the financial statements of Tomoka Community Development District as of September 30, 2022, 2023, 2024, 2025, and 2026. The audits will be performed to the extent necessary to express an opinion on the fairness in all material respects with which the financial statements present the financial position, results of operations and changes in financial position in conformity with generally accepted accounting principles and to determine whether, for selected transactions, operations are properly conducted in accordance with legal and regulatory requirements. Reportable conditions that are also material weaknesses shall be identified as such in the Auditors' Report on Internal Control over Financial Reporting and on Compliance and Other Matters. Other (non-reportable) conditions discovered during the course of the audit will be reported in a separate letter to management, which will be referred to in the Auditors' Report on Internal Control over Financial Reporting and on Compliance and Other Matters.

Our audit will be performed in accordance with standards for financial and compliance audits contained in Government Auditing Standards, as well as in compliance with rules and regulations of audits of special districts as set forth by the State Auditor General in Chapter 10.550, Local Governmental Entity Audits, and other relevant federal, state and county orders, statutes, ordinances, charter, resolutions, bond covenants, Administrative Code and procedures, or rules and regulations which may pertain to the work required in the engagement.

The primary purpose of our audit will be to express an opinion on the financial statements discussed above. It should be noted that such audits are subject to the inherent risk that errors or irregularities may not be detected. However, if conditions are discovered which lead to the belief that material errors, defalcations or other irregularities may exist or if other circumstances are encountered that require extended services, we will promptly notify the appropriate individual.

J. W. Gaines, CPA, CITP
Director – 41 years

Education
Stetson University, B.B.A. – Accounting

Registrations
Certified Public Accountant – State of Florida, State Board of Accountancy
Certified Information Technology Professional (CITP) – American Institute of Certified Public Accountants

Professional Affiliations/Community Service
Member of the American and Florida Institutes of Certified Public Accountants
Affiliate member Government Finance Officers Association
Past President, Vice President-Campaign Chairman, Vice President and Board Member of United Way of St. Lucie County, 1989 - 1994
Past President, President Elect, Secretary and Treasurer of the Treasure Coast Chapter of the Florida Institute of Certified Public Accountants, 1988 - 1991
Past President of Ft. Pierce Kiwanis Club, 1994 - 95, Member/Board Member since 1982
Past President, Vice President and Treasurer of St. Lucie County Chapter of the American Cancer Society, 1980 -1986
Member of the St. Lucie County Chamber of Commerce, Member Board of Directors, Treasurer, September 2002 - 2006, Chairman Elect 2007, Chairman 2008, Past Chairman
2009
Member Lawnwood Regional Medical Center Board of Trustees, 2000 – Present, Chairman 2013 - Present
Member of St. Lucie County Citizens Budget Committee, 2001 – 2002
Member of Ft. Pierce Citizens Budget Advisory Committee, 2010 – 2011
Member of Ft. Pierce Civil Service Appeals Board, 2013 - Present

Professional Experience
Miles Grant Development/Country Club – Stuart, Florida, July 1975 – October 1976
State Auditor General’s Office – Public Accounts Auditor – November 1976 through September 1979
Director - Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants PL, responsible for numerous government and nonprofit audits.
Over 40 years experience in all phases of public accounting and auditing experience, with a concentration in financial and compliance audits. Mr. Gaines has been involved in all phases of the audits listed on the preceding pages.

J. W. Gaines, CPA, CITP (Continued)
Director

Continuing Professional Education
Has participated in numerous continuing professional education courses provided by nationally recognized sponsors over the last two years to keep abreast of the latest developments in accounting and auditing such as:
Governmental Accounting Report and Audit Update Analytical Procedures, FICPA
Annual Update for Accountants and Auditors Single Audit Sampling and Other Considerations

David S. McGuire, CPA, CITP Accounting and Audit Principal – 18 years Accounting and Audit Manager – 4 years Staff Accountant	– 11 years
Education
University of Central Florida, B.A. – Accounting
Barry University – Master of Professional Accountancy
Registrations
Certified Public Accountant – State of Florida, State Board of Accountancy
Certified Information Technology Professional (CITP) – American Institute of Certified Public Accountants
Certified Not-For-Profit Core Concepts 2018
Professional Affiliations/Community Service
Member of the American and Florida Institutes of Certified Public Accountants
Associate Member, Florida Government Finance Office Associates
Assistant Coach – St. Lucie County Youth Football Organization (1994 – 2005)
Assistant Coach – Greater Port St. Lucie Football League, Inc. (2006 – 2010)
Board Member – Greater Port St. Lucie Football League, Inc. (2011 – 2017)
Treasurer, AIDS Research and Treatment Center of the Treasure Coast, Inc. (2000 – 2003)
Board Member/Treasurer, North Treasure Coast Chapter, American Red Cross (2004 – 2010)
Member/Board Member of Port St. Lucie Kiwanis (1994 – 2001)
President (2014/15) of Sunrise Kiwanis of Fort Pierce (2004 – 2017)
St. Lucie District School Board Superintendent Search Committee (2013 – present)
Board Member – Phrozen Pharoes (2019-2021)
Professional Experience
Twenty-eight years public accounting experience with an emphasis on nonprofit and governmental organizations.
Audit Manager in-charge on a variety of audit and review engagements within several industries, including the following government and nonprofit organizations:
St. Lucie County, Florida
19th Circuit Office of Medical Examiner Troup Indiantown Water Control District
Exchange Club Center for the Prevention of Child Abuse, Inc. Healthy Kids of St. Lucie County
Mustard Seed Ministries of Ft. Pierce, Inc. Reaching Our Community Kids, Inc.
Reaching Our Community Kids - South
St. Lucie County Education Foundation, Inc. Treasure Coast Food Bank, Inc.
North Springs Improvement District
Four years of service in the United States Air Force in computer operations, with a top secret (SCI/SBI) security clearance.

David S. McGuire, CPA, CITP (Continued)
Accounting and Audit Principal

Continuing Professional Education
Mr. McGuire has attended numerous continuing professional education courses and seminars taught by nationally recognized sponsors in the accounting auditing and single audit compliance areas. He has attended courses over the last two years in those areas as follows:
Not-for-Profit Auditing Financial Results and Compliance Requirements Update: Government Accounting Reporting and Auditing
Annual Update for Accountants and Auditors

David F. Haughton, CPA
Accounting and Audit Manager – 30 years

Education
Stetson University, B.B.A. – Accounting

Registrations
Certified Public Accountant – State of Florida, State Board of Accountancy

Professional Affiliations/Community Service
Member of the American and Florida Institutes of Certified Public Accountants
Former Member of Florida Institute of Certified Public Accountants Committee on State and Local Government
Affiliate Member Government Finance Officers Association (GFOA) for over 10 years
Affiliate Member Florida Government Finance Officers Association (FGFOA) for over 10 years
Technical Review – 1997 FICPA Course on State and Local Governments in Florida
Board of Directors – Kiwanis of Ft. Pierce, Treasurer – 1994-1999; Vice President – 1999- 2001

Professional Experience
Twenty-seven years public accounting experience with an emphasis on governmental and nonprofit organizations.
State Auditor General’s Office – West Palm Beach, Staff Auditor, June 1985 to September 1985
Accounting and Audit Manager of Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants PL, responsible for audit and accounting services including governmental and not-for-profit audits.
Over 20 years of public accounting and governmental experience, specializing in governmental and nonprofit organizations with concentration in special districts, including Community Development Districts which provide services including water and sewer utilities. Governmental and non-profit entities served include the following:

Counties:
St. Lucie County

Municipalities: City of Fort Pierce City of Stuart

David F. Haughton, CPA (Continued)
Accounting and Audit Manager

Professional Experience (Continued) Special Districts:
Bluewaters Community Development District
Country Club of Mount Dora Community Development District Fiddler’s Creek Community Development District #1 and #2 Indigo Community Development District
North Springs Improvement District
Renaissance Commons Community Development District St. Lucie West Services District
Stoneybrook Community Development District Summerville Community Development District Terracina Community Development District Thousand Oaks Community Development District Tree Island Estates Community Development District Valencia Acres Community Development District

Non-Profits:
The Dunbar Center, Inc.
Hibiscus Children’s Foundation, Inc. Hope Rural School, Inc.
Maritime and Yachting Museum of Florida, Inc. Tykes and Teens, Inc.
United Way of Martin County, Inc.
Workforce Development Board of the Treasure Coast, Inc.
While with the Auditor General’s Office he was on the staff for the state audits of the Martin County School District and Okeechobee County School District.
During 1997 he performed a technical review of the Florida Institute of Certified Public Accountants state CPE course on Audits of State and Local Governments in Florida. His comments were well received by the author and were utilized in future updates to the course.
Continuing Professional Education
During the past several years, he has participated in numerous professional development training programs sponsored by the AICPA and FICPA, including state conferences on special districts and governmental auditing in Florida. He averages in excess of 100 hours bi-annually of advanced training which exceeds the 80 hours required in accordance with the continuing professional education requirements of the Florida State Board of accountancy and the AICPA Private Companies Practice Section. He has over 75 hours of governmental CPE credit within the past two years.

Matthew Gonano, CPA
Senior Staff Accountant – 10 years

Education
University of North Florida, B.B.A. – Accounting
University of Alicante, Spain – International Business
Florida Atlantic University – Masters of Accounting

Professional Affiliations/Community Service

American Institute of Certified Public Accountants
Florida Institute of Certified Public Accountants

Professional Experience

Senior Accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.
Performed audits of nonprofit and governmental organizations in accordance with Governmental Accounting Auditing Standards (GAAS)
Performed Single Audits of nonprofit organizations in accordance with OMB Circular A-133, Audits of State, Local Governments, and Non-Profit Organizations.

Continuing Professional Education
Mr. Gonano has participated in numerous continuing professional education courses.

Paul Daly
Staff Accountant – 9 years

Education
Florida Atlantic University, B.S. – Accounting

Professional Experience
Staff Accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.

Continuing Professional Education
Working to attain the requirements to take the Certified Public Accounting (CPA) exam.

Melissa Marlin, CPA
Senior Staff Accountant – 8 years

Education
Indian River State College, A.A. – Accounting
Florida Atlantic University, B.B.A. – Accounting

Professional Experience
Staff accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.

Continuing Professional Education
Mrs. Marlin participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments.

Bryan Snyder
Staff Accountant – 5 years

Education
Florida Atlantic University, B.B.A. – Accounting

Professional Experience
Accountant beginning his professional auditing career with Berger, Toombs, Elam, Gaines, & Frank.
Mr. Snyder is gaining experience auditing governmental & nonprofit entities.

Continuing Professional Education
Mr. Snyder participates in numerous continuing education courses and plans on working to acquire his CPA certificate.
Mr. Snyder is currently studying to pass the CPA exam.

Maritza Stonebraker, CPA
Staff Accountant – 4 years

Education
Indian River State College, B.S.A. – Accounting

Professional Experience
Staff Accountant beginning her professional auditing career with Berger, Toombs, Elam, Gaines, & Frank.

Continuing Professional Education
Mrs. Stonebraker participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments.

Jonathan Herman, CPA
Senior Staff Accountant – 7 years

Education
University of Central Florida, B.S. – Accounting
Florida Atlantic University, MACC

Professional Experience
Accounting graduate with five years experience with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.

Continuing Professional Education
Mr. Herman participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments.

Sean Stanton, CPA
Staff Accountant – 4 years

Education
University of South Florida, B.S. – Accounting
Florida Atlantic University, M.B.A. – Accounting

Professional Experience
Staff accountant with Berger, Toombs, Elam, Gaines, & Frank auditing governmental and non-profit entities.

Continuing Professional Education
Mr. Stanton participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments.

Taylor Nuccio
Staff Accountant – 3 years

Education
Indian River State College, B.S.A. – Accounting

Professional Experience
Staff Accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.

Continuing Professional Education
Ms. Nuccio participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments.
Ms. Nuccio is currently working towards completing an additional 30 hours of education to qualify to sit for CPA exam.

Tifanee Terrell
Staff Accountant

Education
Florida Atlantic University, M.B.A. – Accounting

Professional Experience
Staff Accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.

Continuing Professional Education
Ms. Terrell participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments.
Ms. Terrell is currently working towards completing an additional 30 hours of education to qualify to sit for CPA exam.

Mathew Spinosa
Staff Accountant

Education
Indian River State College, B.S.A. – Accounting

Professional Experience
Staff Accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.

Continuing Professional Education
Mr. Spinosa participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments.
Mr. Spinosa is currently working towards completing an additional 30 hours of education to qualify to sit for CPA exam.

Dylan Dixon
Staff Accountant

Education
Indian River State College, A.A. – Accounting

Professional Experience
Staff Accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.

Continuing Professional Education
Mr. Dixon is currently pursuing a bachelor’s degree in Accounting.
Mr. Dixon participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments.
Mr. Dixon is currently working towards completing an additional 30 hours of education to qualify to sit for CPA exam.

Dominic DeCambre
Staff Accountant

Education
Indian River State College, B.S.A. – Accounting

Professional Experience
Staff Accountant with Berger, Toombs, Elam, Gaines, & Frank providing professional services to nonprofit and governmental entities.

Continuing Professional Education
Mr. DeCambre participates in numerous continuing professional education courses provided by nationally recognized sponsors to keep abreast of the latest developments.
Mr. DeCambre is currently working towards completing an additional 30 hours of education to qualify to sit for CPA exam.

TOMOKA COMMUNITY DEVELOPMENT DISTRICT REQUEST FOR PROPOSALS

District Auditing Services for Fiscal Year 2022
Flagler County, Florida

INSTRUCTIONS TO PROPOSERS

SECTION 1. DUE DATE. Sealed proposals must be received no later than July 1, 2022, at 5:00 PM., at the offices of the District Manager, PFM Consulting Group, LLC, located at 12051 Corporate Boulevard, Orlando, Florida 32817.

SECTION 2. FAMILIARITY WITH THE LAW. By submitting a proposal, the Proposer is assumed to be familiar with all federal, state, and local laws, ordinances, rules and regulations that in any manner affect the work. Ignorance on the part of the Proposer will in no way relieve it from responsibility to perform the work covered by the proposal in compliance with all such laws, ordinances and regulations.

SECTION 3. QUALIFICATIONS OF PROPOSER. The contract, if awarded, will only be awarded to a responsible Proposer who is qualified by experience and licensing to do the work specified herein. The Proposer shall submit with its proposal satisfactory evidence of experience in similar work and show that it is fully prepared to complete the work to the satisfaction of the District.

SECTION 4. SUBMISSION OF ONLY ONE PROPOSAL. Proposers shall be
disqualified and their proposals rejected if the District has reason to believe that collusion may exist among the Proposers, the Proposer has defaulted on any previous contract or is in arrears on any previous or existing contract, or for failure to demonstrate proper licensure and business organization.

SECTION 5. SUBMISSION OF PROPOSAL. Each Proposer shall submit three
(3) hard copies and one (1) electronic copy of the Proposal Documents (defined below), and other requested attachments at the time and place indicated herein, which shall be enclosed in an opaque sealed envelope, marked with the title “Auditing Services – Tomoka Community Development District” on the face of it.

SECTION 6. MODIFICATION AND WITHDRAWAL. Proposals may be modified or withdrawn by an appropriate document duly executed and delivered to the place where proposals are to be submitted at any time prior to the time and date the proposals are due. No proposal may be withdrawn after opening for a period of ninety (90) days.

SECTION 7. PROPOSAL DOCUMENTS. The proposal documents shall consist of the notice announcing the request for proposals, these instructions, the evaluation criteria and a proposal with all required documentation pursuant to Section 12 of these instructions (the “Proposal Documents”).

SECTION 8. PROPOSAL. In making its proposal, each Proposer represents that it has read and understands the Proposal Documents and that the proposal is made in accordance therewith.

SECTION 9. BASIS OF AWARD/RIGHT TO REJECT. The District reserves the right to reject any and all proposals, make modifications to the work, and waive any informalities or irregularities in proposals as it is deemed in the best interests of the District.

SECTION 10. CONTRACT AWARD. Within fourteen (14) days of receipt of the Notice of Award from the District, the Proposer shall enter into and execute a contract or engagement letter with the District.

SECTION 11. LIMITATION OF LIABILITY. Nothing herein shall be construed as or constitute a waiver of District’s limited waiver of liability contained in section 768.28, Florida Statutes, or any other statute or law.

SECTION 12. CONTENTS OF PROPOSALS. All proposals shall include the following information in addition to any other requirements of the Proposal Documents.

List position or title of all personnel to perform work on the District audit. Include resumes for each person listed; list years of experience in present position for each party listed and years of related experience.

Describe proposed staffing levels, including resumes with applicable certifications.

Provide three (3) references from projects of similar size and scope. The Proposer should include information relating to the work it conducted for each reference as well as a name, address and phone number of a contact person. Identify any work previously conducted for other community development districts.

The lump sum cost of the provision of the services under the proposal, plus the cost of two (2) annual renewals.

SECTION 13. PROTESTS. In accordance with the District’s Rules of Procedure, any protest regarding the Proposal Documents, must be filed in writing, at the offices of the District Manager, within seventy-two (72) hours after the receipt of the proposed contract documents. The formal protest setting forth with particularity the facts and law upon which the protest is based shall be filed within seven (7) calendar days after the initial notice of protest was filed. Failure to timely file a notice of protest or failure to timely file a formal written protest shall constitute a waiver of any right to object or protest with respect to aforesaid contract award.

SECTION 14. EVALUATION OF PROPOSALS. The criteria to be used in the evaluation of proposals are presented in the evaluation criteria, contained within the Proposal Documents.

AUDITOR SELECTION EVALUATION CRITERIA (WITH PRICE)

Ability of Personnel.	(20 Points)

This includes the geographic locations of the firm’s headquarters or permanent office in relation to the project; capabilities and experience of key personnel; present ability to manage this project; evaluation of existing work load; proposed staffing levels, etc.

Proposer’s Experience.	(20 Points)

This includes past record and experience of the Proposer in similar projects; volume of work previously performed by the firm; past performance for other community development districts in other contracts; character, integrity, reputation, of respondent, etc.

Understanding of Scope of Work.	(20 Points)

Extent to which the proposal demonstrates an understanding of the District’s needs for the services requested.

Ability to Furnish the Required Services.	(20 Points)

Extent to which the proposal demonstrates the adequacy of Proposer’s financial resources and stability as a business entity necessary to complete the services required.

Price.	(20 Points)

Points will be awarded based upon the lowest total bid for rendering the services and the reasonableness of the proposal.

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

Grau & Associates

Proposal to Provide
Financial Auditing Services:
TOMOKA
Community Development District

Due Date: July 01, 2022 5:00PM

Submitted to:
Tomoka
Community Development District c/o District Manager
3501 Quadrangle Blvd, Suite 270
Orlando, Florida 32817

Submitted by:
Antonio J. Grau, Partner Grau & Associates
951 Yamato Road, Suite 280 Boca Raton, Florida 33431 Tel	(561) 994-9299
(800) 229-4728
Fax	(561) 994-5823
tgrau@graucpa.com www.graucpa.com

Table of Contents

PAGE

EXECUTIVE SUMMARY / TRANSMITTAL LETTER	1
FIRM QUALIFICATIONS	3
FIRM & STAFF EXPERIENCE	6
REFERENCES	11
SPECIFIC AUDIT APPROACH	13
COST OF SERVICES	17
SUPPLEMENTAL INFORMATION	19

July 01, 2022

Tomoka Community Development District c/o District Manager
12051 Corporate Boulevard
Orlando, Florida 32817

Re:	Request for Proposal for Professional Auditing Services for the fiscal year ended September 30, 2022, with an option for four (4) additional annual renewals.

Grau & Associates (Grau) welcomes the opportunity to respond to the Tomoka Community Development District’s (the “District”) Request for Proposal (RFP), and we look forward to working with you on your audit. We are an energetic and robust team of knowledgeable professionals and are a recognized leader of providing services to Community Development Districts. As one of Florida’s few firms to primarily focus on government, we are especially equipped to provide you an effective and efficient audit.

Special district audits are at the core of our practice: we have a total of 360 clients, 329 or 91% of which are special districts. We know the specifics of the professional services and work products needed to meet your RFP requirements like no other firm. With this level of experience, we are able to increase efficiency, to provide immediate and continued savings, and to minimize disturbances to client operations.

Why Grau & Associates:

Knowledgeable Audit Team
Grau is proud that the personnel we assign to your audit are some of the most seasoned auditors in the field. Our staff performs governmental engagements year round. When not working on your audit, your team is refining their audit approach for next year’s audit. Our engagement partners have decades of experience and take a hands-on approach to our assignments, which all ensures a smoother process for you.

Servicing your Individual Needs
Our clients enjoy personalized service designed to satisfy their unique needs and requirements. Throughout the process of our audit, you will find that we welcome working with you to resolve any issues as swiftly and easily as possible. In addition, due to Grau’s very low turnover rate for our industry, you also won’t have to worry about retraining your auditors from year to year.

Developing Relationships
We strive to foster mutually beneficial relationships with our clients. We stay in touch year round, updating, collaborating and assisting you in implementing new legislation, rules and standards that affect your organization. We are also available as a sounding board and assist with technical questions.

Maintaining an Impeccable Reputation
We have never been involved in any litigation, proceeding or received any disciplinary action. Additionally, we have never been charged with, or convicted of, a public entity crime of any sort. We are financially stable and have never been involved in any bankruptcy proceedings.

Complying With Standards
Our audit will follow the Auditing Standards of the AICPA, Generally Accepted Government Auditing Standards, issued by the Comptroller General of the United States, and the Rules of the Auditor General of the State of Florida, and any other applicable federal, state and local regulations. We will deliver our reports in accordance with your requirements.

This proposal is a firm and irrevocable offer for 90 days. We certify this proposal is made without previous understanding, agreement or connection either with any previous firms or corporations offering a proposal for the same items. We also certify our proposal is in all respects fair, without outside control, collusion, fraud, or otherwise illegal action, and was prepared in good faith. Only the person(s), company or parties interested in the project as principals are named in the proposal. Grau has no existing or potential conflicts, and anticipates no conflicts during the engagement. Our Federal I.D. number is 20-2067322.

We would be happy to answer any questions or to provide any additional information. We are genuinely excited about the prospect of serving you and establishing a long-term relationship. Please do not hesitate to call or email either of our Partners, Antonio J. Grau, CPA (tgrau@graucpa.com) or Racquel McIntosh, CPA (rmcintosh@graucpa.com) at 561.994.9299. We thank you for considering our firm’s qualifications and experience.

Very truly yours, Grau & Associates
Antonio J. Grau

Firm Qualifications

Grau’s Focus and Experience

Our Team

3	10	2
Partners	Professional Administrative
Staff	Professionals

9/13
Employees are CPAS

Year founded

Services Provided

297

Community Development Districts Served

Properly registered and
licensed professional corporation by the state of FLORIDA

9
Professional Groups

We are proud Members of the American Institute of Certified Public Accountants
&
the Florida Institute of Certified Public Accountants

See next page for report and certificate

 External quality review program: consistently receives a pass
 Internal: ongoing monitoring to maintain quality

AICPA | FICPA | GFOA | FASD | FGFOA

Firm & Staff Experience

GRAU AND ASSOCIATES COMMUNITY
DEVELOPMENT DISTRICT EXPERIENCE BY MANAGEMENT COMPANY

OTHER
19

PFM
12

WRATHELL
30

GMS
78

INFRAMARK
38

SDS
60

RIZZETTA
47

MERITUS
23

Profile Briefs:

Antonio J GRAU, CPA (Partner)
Years Performing Audits: 30+
CPE (last 2 years): Government Accounting, Auditing: 24 hours; Accounting, Auditing and Other: 58 hours
Professional Memberships: AICPA, FICPA, FGFOA, GFOA

Racquel McIntosh, CPA (Partner)
Years Performing Audits: 14+
CPE (last 2 years): Government Accounting, Auditing: 38 hours; Accounting, Auditing and Other: 56 hours
Professional Memberships: AICPA, FICPA, FGFOA, FASD

“Here at Grau & Associates, staying up to date with the current technological landscape is one of our top priorities. Not only does it provide a more positive experience for our clients, but it also allows us to perform a more effective and efficient audit. With the every changing technology available and utilized by our clients, we are constantly innovating our audit process.”
Tony Grau
“Quality audits and exceptional client service are at the heart of every decision we make. Our clients trust us to deliver a quality audit, adhering to high standards and assisting them with improvements for their organization.”
Racquel McIntosh

YOUR ENGAGEMENT TEAM

Grau’s client-specific engagement team is meticulously organized in order to meet the unique needs of each client. Constant communication within our solution team allows for continuity of staff and audit team.

Grau contracts with an outside group of IT management consultants to assist with matters including, but not limited to; network and database security, internet security and vulnerability testing.

An advisory consultant will be available as a sounding board to advise in those areas where problems are encountered.

The assigned personnel will work closely with the partner and the District to ensure that the financial statements and all other reports are prepared in accordance with professional standards and firm policy.
Responsibilities will include planning the audit; communicating with the client and the partners the progress of the audit; and
determining that financial statements and all reports issued by the firm are accurate, complete and are prepared in accordance with professional standards and firm policy.

The Engagement Partner will participate extensively during the various stages of the engagement and has direct responsibility for engagement policy, direction, supervision, quality control, security, confidentiality of information of the engagement and communication with client personnel. The engagement partner will also be involved directing the development of the overall audit approach and plan; performing an overriding review of work papers and ascertain client satisfaction.

Antonio ‘Tony ‘ J. Grau, CPA
Partner
Contact: tgrau@graucpa.com | (561) 939-6672
Experience
For over 30 years, Tony has been providing audit, accounting and consulting services to the firm’s governmental, non-profit, employee benefit, overhead and arbitrage clients. He provides guidance to clients regarding complex accounting issues, internal controls and operations.
As a member of the Government Finance Officers Association Special Review Committee, Tony participated in the review process for awarding the GFOA Certificate of Achievement in Financial Reporting. Tony was also the review team leader for the Quality Review of the Office of Management Audits of School Board of Miami-Dade County. Tony received the AICPA advanced level certificate for governmental single audits.

Education
University of South Florida (1983)
Bachelor of Arts Business Administration

Clients Served (partial list)
(>300) Various Special Districts, including:

Bayside Improvement Community Development District	St. Lucie West Services District
Dunes Community Development District	Ave Maria Stewardship Community District Fishhawk Community Development District (I,II,IV)	Rivers Edge II Community Development District Grand Bay at Doral Community Development District	Bartram Park Community Development District Heritage Harbor North Community Development District	Bay Laurel Center Community Development District

Boca Raton Airport Authority Greater Naples Fire Rescue District
Key Largo Wastewater Treatment District Lake Worth Drainage District
South Indian River Water Control

Professional Associations/Memberships
American Institute of Certified Public Accountants Florida Government Finance Officers Association Florida Institute of Certified Public Accountants Government Finance Officers Association Member City of Boca Raton Financial Advisory Board Member

Professional Education (over the last two years)
Course	Hours
Government Accounting and Auditing	24
Accounting, Auditing and Other	58
Total Hours	82 (includes of 4 hours of Ethics CPE)

Racquel C. McIntosh, CPA
Partner
Contact : rmcintosh@graucpa.com | (561) 939-6669
Experience
Racquel has been providing government audit, accounting and advisory services to our clients for over 14 years. She serves as the firm’s quality control partner; in this capacity she closely monitors engagement quality ensuring standards are followed and maintained throughout the audit.
Racquel develops in-house training seminars on current government auditing, accounting, and legislative topics and also provides seminars for various government organizations. In addition, she assists clients with implementing new accounting software, legislation, and standards.

Education
Florida Atlantic University (2004)
Master of Accounting Florida Atlantic University (2003)
Bachelor of Arts: Finance, Accounting

Clients Served (partial list)
(>300) Various Special Districts, including: Carlton Lakes Community Development District Golden Lakes Community Development District Rivercrest Community Development District South Fork III Community Development District TPOST Community Development District

East Central Regional Wastewater Treatment Facilities Indian Trail Improvement District
Pinellas Park Water Management District Ranger Drainage District
South Trail Fire Protection and Rescue Service District

Professional Associations/ Memberships
American Institute of Certified Public Accountants Florida Institute of Certified Public Accountants

Professional Education (over the last two years)
Course
Government Accounting and Auditing Accounting, Auditing and Other
Total Hours

Westchase Community Development District Monterra Community Development District
Palm Coast Park Community Development District Long Leaf Community Development District Watergrass Community Development District

FICPA State & Local Government Committee FGFOA Palm Beach Chapter

Hours
38
56
94 (includes of 4 hours of Ethics CPE)

References

We have included three references of government engagements that require compliance with laws and regulations, follow fund accounting, and have financing requirements, which we believe are similar to the District.

 Dunes Community Development District	

Scope of Work	Financial audit	
Engagement Partner	Antonio J. Grau	
Dates	Annually since 1998	
Client Contact	Darrin Mossing, Finance Director	
	475 W. Town Place, Suite 114	
	St. Augustine, Florida 32092	
	                    904-940-5850		

 Two Creeks Community Development District	

Scope of Work	Financial audit	
Engagement Partner	Antonio J. Grau	
Dates	Annually since 2007	
Client Contact	William Rizzetta, President	
	3434 Colwell Avenue, Suite 200	
	Tampa, Florida 33614	
	                   813-933-5571		

 Journey’s End Community Development District	

Scope of Work	Financial audit	
Engagement Partner	Antonio J. Grau	
Dates	Annually since 2004	
Client Contact	Todd Wodraska, Vice President	
	2501 A Burns Road	
	Palm Beach Gardens, Florida 33410	
	                   561-630-4922		

Specific Audit Approach

AUDIT APPROACH
Grau’s Understanding of Work Product / Scope of Services:
We recognize the District is an important entity and we are confident our firm is eminently qualified to meet the challenges of this engagement and deliver quality audit services. You would be a valued client of our firm and we pledge to commit all firm resources to provide the level and quality of services (as described below) which not only meet the requirements set forth in the RFP but will exceed those expectations. Grau & Associates fully understands the scope of professional services and work products requested. Our audit will follow the Auditing Standards of the AICPA, Generally Accepted Government Auditing Standards, issued by the Comptroller General of the United States, and the Rules of the Auditor General of the State of Florida and any other applicable Federal, State of Local regulations. We will deliver our reports in accordance with your requirements.

Proposed segmentation of the engagement
Our approach to the audit engagement is a risk-based approach which integrates the best of traditional auditing techniques and a total systems concept to enable the team to conduct a more efficient and effective audit. The audit will be conducted in three phases, which are as follows:

PHASE I:
Preliminary Planning

PHASE II:
Execution of the Audit Plan

PHASE III:
Completion and Delivery

Phase I - Preliminary Planning
A thorough understanding of your organization, service objectives and operating environment is essential for the development of an audit plan and for an efficient, cost-effective audit. During this phase, we will meet with appropriate personnel to obtain and document our understanding of your operations and service objectives and, at the same time, give you the opportunity to express your expectations with respect to the services that we will provide. Our work effort will be coordinated so that there will be minimal disruption to your staff.

During this phase we will perform the following activities:
» Review the regulatory, statutory and compliance requirements. This will include a review of applicable federal and state statutes, resolutions, bond documents, contracts, and other agreements;
» Read minutes of meetings;
» Review major sources of information such as budgets, organization charts, procedures, manuals, financial systems, and management information systems;
» Obtain an understanding of fraud detection and prevention systems;
» Obtain and document an understanding of internal control, including knowledge about the design of relevant policies, procedures, and records, and whether they have been placed in operation;
» Assess risk and determine what controls we are to rely upon and what tests we are going to perform and perform test of controls;
» Develop audit programs to incorporate the consideration of financial statement assertions, specific audit objectives, and appropriate audit procedures to achieve the specified objectives;
» Discuss and resolve any accounting, auditing and reporting matters which have been identified.

Phase II – Execution of Audit Plan
The audit team will complete a major portion of transaction testing and audit requirements during this phase. The procedures performed during this period will enable us to identify any matter that may impact the completion of our work or require the attention of management. Tasks to be performed in Phase II include, but are not limited to the following:
» Apply analytical procedures to further assist in the determination of the nature, timing, and extent of auditing procedures used to obtain evidential matter for specific account balances or classes of transactions;
» Perform tests of account balances and transactions through sampling, vouching, confirmation and other analytical procedures; and
» Perform tests of compliance.
Phase III - Completion and Delivery

In this phase of the audit, we will complete the tasks related to year-end balances and financial reporting. All reports will be reviewed with management before issuance, and the partners will be available to meet and discuss our report and address any questions. Tasks to be performed in Phase III include, but are not limited to the following:

» Perform final analytical procedures;
» Review information and make inquiries for subsequent events; and
» Meeting with Management to discuss preparation of draft financial statements and any potential findings or recommendations.

You should expect more from your accounting firm than a signature in your annual financial report. Our concept of truly responsive professional service emphasizes taking an active interest in the issues of concern to our clients and serving as an effective resource in dealing with those issues. In following this approach, we not only audit financial information with hindsight but also consider the foresight you apply in managing operations.

Application of this approach in developing our management letter is particularly important given the increasing financial pressures and public scrutiny facing today’s public officials. We will prepare the management letter at the completion of our final procedures.

In preparing this management letter, we will initially review any draft comments or recommendations with management. In addition, we will take necessary steps to ensure that matters are communicated to those charged with governance.

In addition to communicating any recommendations, we will also communicate the following, if any:

» Significant audit adjustments;
» Significant deficiencies or material weaknesses;
» Disagreements with management; and
» Difficulties encountered in performing the audit.

Is the recommendation cost effective?

Is the recommendation the simplest to effectuate in order to correct a problem?

Is the recommendation at the heart of the problem and not just correcting a symptomatic matter?

Is the corrective action taking into account why the deficiency occurred?

Our findings will contain a statement of condition describing the situation and the area that needs strengthening, what should be corrected and why. Our suggestions will withstand the basic tests of corrective action:

To assure full agreement with facts and circumstances, we will fully discuss each item with Management prior to the final exit conference. This policy means there will be no “surprises” in the management letter and fosters a professional, cooperative atmosphere.

Communications
We emphasize a continuous, year-round dialogue between the District and our management team. We regularly communicate through personal telephone calls and electronic mail throughout the audit and on a regular basis.
Our clients have the ability to transmit information to us on our secure client portal with the ability to assign different staff with separate log on and viewing capability. This further facilitates efficiency as all assigned users receive electronic mail notification as soon as new information has been posted into the portal.

Cost of Services

Our proposed all-inclusive fees for the financial audit for the fiscal years ended September 30, 2022-2026 are as follows:

  Year Ended September 30,			Fee		
2022	$3,600	
2023	$3,800	
2024	$4,000	
2025	$4,200	
2026	$4,400	
TOTAL (2022-2026)	$20,000	

The above fees are based on the assumption that the District maintains its current level of operations. Should conditions change or additional Bonds are issued the fees would be adjusted accordingly upon approval from all parties concerned.

Supplemental Information

PARTIAL LIST OF CLIENTS

	Governmental Audit	Single Audit	Utility Audit	
Current Client	
Year End	
Boca Raton Airport Authority					9/30	
Captain's Key Dependent District					9/30	
Central Broward Water Control District					9/30	
Collier Mosquito Control District					9/30	
Coquina Water Control District					9/30	
East Central Regional Wastewater Treatment Facility					9/30	
Florida Green Finance Authority					9/30	
Greater Boca Raton Beach and Park District					9/30	
Greater Naples Fire Control and Rescue District					9/30	
Green Corridor P.A.C.E. District					9/30	
Hobe-St. Lucie Conservancy District					9/30	
Indian River Mosquito Control District					9/30	
Indian Trail Improvement District					9/30	
Key Largo Waste Water Treatment District					9/30	
Lake Padgett Estates Independent District					9/30	
Lake Worth Drainage District					9/30	
Loxahatchee Groves Water Control District					9/30	
Old Plantation Control District					9/30	
Pal Mar Water Control District					9/30	
Pinellas Park Water Management District					9/30	
Pine Tree Water Control District (Broward)					9/30	
Pinetree Water Control District (Wellington)					9/30	
Ranger Drainage District					9/30	
Renaissance Improvement District					9/30	
San Carlos Park Fire Protection and Rescue Service District					9/30	
Sanibel Fire and Rescue District					9/30	
South Central Regional Wastewater Treatment and Disposal Board					9/30	
South-Dade Venture Development District					9/30	
South Indian River Water Control District					9/30	
South Trail Fire Protection & Rescue District					9/30	
Spring Lake Improvement District					9/30	
St. Lucie West Services District					9/30	
Sunshine Water Control District					9/30	
West Villages Improvement District					9/30	
Various Community Development Districts (297)					9/30	
TOTAL	332	5	3	327		

ADDITIONAL SERVICES

CONSULTING / MANAGEMENT ADVISORY SERVICES

Grau & Associates also provide a broad range of other management consulting services. Our expertise has been consistently utilized by Governmental and Non-Profit entities throughout Florida. Examples of engagements performed are as follows:

Accounting systems	 Fixed asset records
Development of budgets	 Cost reimbursement
Organizational structures	 Indirect cost allocation
Financing alternatives	 Grant administration and compliance
IT Auditing

ARBITRAGE

The federal government has imposed complex rules to restrict the use	Current

of tax-exempt financing. Their principal purpose is to eliminate any

73 Arbitrage

significant arbitrage incentives in a tax-exempt issue. We have	Calculations determined the applicability of these requirements and performed the
rebate calculations for more than 150 bond issues, including both fixed and variable rate bonds.

We look forward to providing Tomoka Community Development District with our resources and experience to accomplish not only those minimum requirements set forth in your Request for Proposal, but to exceed those expectations!

For even more information on Grau & Associates please visit us on www.graucpa.com.

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

Ranking of Auditing Services Proposals

Tomoka Community Development District
Auditor Selection - Manager Recommended Rankings

Criteria	
Possible Points	
Berger, Toombs	
Berger, Toombs Points	

Grau	
Grau Points	

James Moore	
James Moore Points	

20.0	Qualified,	

20.0	Qualified,	

20.0	Qualified,	

20.0	
Ability of		Multiple CPAs		Multiple CPAs		Multiple CPAs		
Personnel		on Staff		on Staff		on Staff		

Proposer's Experience	

20.0	
Extensive CDD Experience	

20.0	
Extensive CDD Experience	

20.0	
Extensive CDD Experience	

20.0	

Understanding of Scope of Work	

20.0	

Sufficient	

20.0	

Sufficient	

20.0	

Sufficient	

20.0	

Ability to Furnish Required Services	

20.0	

Capable	

20.0	

Capable	

20.0	

Capable	

20.0	

Price for Services for Five Years	

20.0	$5,650 +
$5,650 +
$5,650 +
$5,650 +
$5,650 =
$28,250	

11.8	$3,600 +
$3,800 +
$4,000 +
$4,200 +
$4,400 =
$20,000	

20	$5,000 +
$5,125 +
$5,250 +
$5,375 +
$5,500 =
$26,250	

13.75	
Total	100.0		91.8		100.0		93.8	

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

Review of Auditor Selection Committee Rankings & Selection of Auditor

Tomoka Community Development District
Auditor Selection - Manager Recommended Rankings

Criteria	
Possible Points	
Berger, Toombs	
Berger, Toombs Points	

Grau	
Grau Points	

James Moore	
James Moore Points	

20.0	Qualified,	

20.0	Qualified,	

20.0	Qualified,	

20.0	
Ability of		Multiple CPAs		Multiple CPAs		Multiple CPAs		
Personnel		on Staff		on Staff		on Staff		

Proposer's Experience	

20.0	
Extensive CDD Experience	

20.0	
Extensive CDD Experience	

20.0	
Extensive CDD Experience	

20.0	

Understanding of Scope of Work	

20.0	

Sufficient	

20.0	

Sufficient	

20.0	

Sufficient	

20.0	

Ability to Furnish Required Services	

20.0	

Capable	

20.0	

Capable	

20.0	

Capable	

20.0	

Price for Services for Five Years	

20.0	$5,650 +
$5,650 +
$5,650 +
$5,650 +
$5,650 =
$28,250	

11.8	$3,600 +
$3,800 +
$4,000 +
$4,200 +
$4,400 =
$20,000	

20	$5,000 +
$5,125 +
$5,250 +
$5,375 +
$5,500 =
$26,250	

13.75	
Total	100.0		91.8		100.0		93.8	

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

Consideration of the Minutes of the April 12, 2022 Board of Supervisors’ Meeting

MINUTES OF MEETING

Tomoka Community Development District Board of Supervisors Meeting
Tuesday, April 12, 2022, at 10:00 a.m. Hampton Inn, 150 Flagler Plaza Drive, Palm Coast, FL 32137

Present and constituting a quorum:

Amos (Gooch) Cheatham	Vice Chairperson
Dennis Hoffman	Assistant Secretary
Dennis Veraldi	Assistant Secretary
Kelly White	Chairperson

Also present were:

Vivian Carvalho	District Manager- PFM Group Consulting LLC	(via phone)	
Venessa Ripoll	District Manager- PFM Group Consulting LLC		
Amy Champagne	District Accountant- PFM Group Consulting LLC	(via phone)	
Katie Buchanan	District Counsel- Kutak Rock LLP	(via phone)	
Margie Hall	HOA Manager	(via phone)	

FIRST ORDER OF BUSINESS	Organizational Matters Call to Order and Roll Call
This meeting was called to order by Ms. Ripoll at 10:02 a.m. and roll call was initiated. Those in attendance are outlined above.

Public Comment Period

There were no members of the public present.

SECOND ORDER OF BUSINESS	General Business Matters

Consideration of the Minutes of the July 13, 2021, Board of Supervisors’ Meeting

The Board reviewed the Minutes of the July 13, 2021, Board of Supervisors Meeting.

On MOTION by Mr. Cheatham, seconded by Mr. Hoffman, with all in favor, the Board approved the Minutes of the July 13, 2021, Board of Supervisors Meeting.

Consideration of Engagement Letter with GNP for Arbitrage Rebate Calculation Services

Ms. Ripoll noted that this letter was for Series 2017 and the fee was $500.

On MOTION by Mr. Hoffman, seconded by Mr. Cheatham, with all in favor, the Board approved the Engagement Letter with GNP for Arbitrage Rebate Calculation Services.

Ratification of Transition Letter with Kutak Rock LLP for District Counsel Services
Ms. Buchanan gave a brief explanation of the transition. Ms. Ripoll suggested a motion to ratify the letter.

On MOTION by Mr. Cheatham, seconded by Mr. Hoffman, with all in favor, the Board ratified the Transition Letter with Kutak Rock LLP for District Counsel Services.

Ratification of Retention Fee Agreement with Kutak Rock LLP for District Counsel Services

Ms. Ripoll suggested a motion to ratify the retention fee agreement.

On MOTION by Mr. Cheatham, seconded by Mr. Veraldi, with all in favor, the Board ratified the Retention Fee Agreement with Kutak Rock LLP for District Counsel Services.

Consideration of Lake Management Agreement with Clear Waters Inc

Ms. Ripoll suggested a motion to consider the agreement.

On MOTION by Mr. Hoffman, seconded by Mr. Cheatham, with all in favor, the Board approved to consider the Lake Management Agreement with Clear Waters Inc.

Ratification of Canal Maintenance Agreement with Florida Georgia Aquatic Service, LLC

Ms. Ripoll suggested a motion to ratify the agreement.

On MOTION by Mr. Veraldi, seconded by Mr. Cheatham, with all in favor, the Board ratified the Canal Maintenance Agreement with Florida Georgia Aquatic Service, LLC

Ratification of Grau & Associates Engagement Letter for Auditing Services FY 2021

Ms. Ripoll suggested a motion to ratify the engagement letter.

On MOTION by Mr. Cheatham, seconded by Mr. Hoffman, with all in favor, the Board ratified the Grau & Associates Engagement Letter for Auditing Services FY 2021.

01, Adopting a Revised Budget FY 2021

Ms. Ripoll stated that this is being presented due to a line item that was discussed previously. They were under budget but some of the budget had to be shifted to cover other items.

On MOTION by Mr. Hoffman, seconded by Mr. Veraldi, with all in favor, the Board approved the Resolution 2022-01, Adopting a Revised Budget FY 2021.

Consideration of Resolution 2022- 02, Re-designating a Primary Administrative Office

Ms. Ripoll clarified that PFM has moved to a different location.

On MOTION by Mr. Hoffman, seconded by Mr. Cheatham, with all in favor, the Board approved the Resolution 2022-02, Re-designating a Primary Administrative Office.

Consideration of Resolution 2022- 03, Re-designating a Registered Agent

Ms. Ripoll clarified that Ms. Buchanan was the registered agent. This item was presented due to the change in the law firm address.

On MOTION by Mr. Hoffman, seconded by Mr. Cheatham, with all in favor, the Board approved the Resolution 2022-03, Re-designating a Registered Agent.

04, Approving a Preliminary Budget for Fiscal Year 2023 and Setting a Public Hearing Date [Suggested Date, July 12, 2022]

Ms. Champagne stated there were a few minor changes from last year’s budget. The insurance was given a normal increase and the legal advertisement was increased by
$1,000. The district counsel was also increased due to a potential bond issuance for next year. The Board discussed giving the District Chair authority to make changes within the Proposed Budget FY 2023. The Board will be finalizing the Proposed Budget at the Public Hearing scheduled for July 12, 2022.

On MOTION by Mr. Hoffman, seconded by Mr. Cheatham, with all in favor, the Board approved the Preliminary Budget for Fiscal Year 2023 and Setting a Public Hearing Date for July 12, 2022, at 10:00AM at this location.

Consideration of Resolution 2022- 05, Designating Board Member Seats for the Upcoming General Election 2022

Ms. Ripoll reviewed the Resolution with the Board as to the seats in which terms will expire November 2022. She also clarified that when applying for the open seat during the qualifying period to make sure to list the Seat # that you are applying for to avoid more than one person running for a single seat.

On MOTION by Mr. Veraldi, seconded by Mr. Cheatham, with all in favor, the Board approved Designating Board Member Seats for the Upcoming General Election 2022.

Appointment of Audit Selection Committee

Ms. Ripoll suggested a motion to approve the appointment of the Board as the Auditor Selection Committee.

On MOTION by Mr. Hoffman, seconded by Mr. Cheatham, with all in favor, the Board approved the Appointment of Audit Selection Committee.

Ratification & Consideration of Payment Authorizations 102-130

Ms. Ripoll clarified that these have been approved and paid, this only requires ratification.

On MOTION by Mr. Hoffman, seconded by Mr. Veraldi, with all in favor, the Board ratified the Payment Authorizations 102-130.

Review of District Financial Statements

The Board reviewed the Financial Statements through February 28, 2022.

On MOTION by Mr. Cheatham, seconded by Mr. Hoffman, with all in favor, the Board approved the District Financial Statements.

THIRD ORDER OF BUSINESS	Other Business Staff Reports
District Counsel – Ms. Buchanan mentioned that the Tomoka boundary amendment was heard by the Governor and the cabinet earlier this month and was authorized to be finalized. The rule change has been published.

District Engineer –	Not present

District Manager –	Ms. Ripoll noted the next meeting is scheduled for July 12, 2022, at 10:00 a.m. at this location.
.

FOURTH ORDER OF BUSINESS	Audience Comments and Supervisors Requests

There were no Supervisor Requests or audience comments.

FIFTH ORDER OF BUSINESS	Adjournment

There was no further business to discuss at this time. Ms. Ripoll requested a motion to adjourn.

On MOTION by Ms. Hoffman, seconded by Mr. Cheatham, with all in favor, the April 12, 2022, Board of Supervisors meeting of the Tomoka Community Development District was adjourned at 10:47 a.m.

Secretary/Assistant Secretary	Chairperson/Vice Chairperson

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

Consideration of the Minutes of the April 12, 2022 Auditor Selection Committee Meeting

MINUTES OF MEETING

Tomoka Community Development District Auditor Selection Committee Meeting Tuesday, April 12, 2022, at 10:00 a.m.
Hampton Inn, 150 Flagler Plaza Drive, Palm Coast, FL 32137

Present and constituting a quorum:

Amos Cheatham	Committee Member
Dennis Hoffman	Committee Member
Dennis Veraldi	Committee Member
Kelly White	Committee Member Also present were:
Venessa Ripoll	District Manager- PFM Group Consulting LLC

FIRST ORDER OF BUSINESS	Organizational Matters Call to Order and Roll Call
This meeting was called to order by Ms. Ripoll at 10:49 a.m. and roll call was initiated. Those in attendance are outlined above.

Public Comment Period
There were no members of the public present.

SECOND ORDER OF BUSINESS	General Business Matters

Review and Approval of Audit Documents
Audit RFP Notice
Instructions to Proposers
Evaluation Criteria- with and without price

The Board requested hard copies of the audit to be sent to them for future reference.

On MOTION by Mr. Hoffman, seconded by Mr. Cheatham, with all in favor, the Board approved sending the Audit Documents with price.

THIRD ORDER OF BUSINESS	Adjournment

There was no further business to discuss at this time. Ms. Ripoll requested a motion to adjourn.

On MOTION by Mr. Hoffman, seconded by Mr. Cheatham, with all in favor, the April 12, 2022, Auditor Selection Committee meeting of the Tomoka Community Development District was adjourned at 10:55 a.m.

Secretary/Assistant Secretary	Chairperson/Vice Chairperson

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

Public Hearing on the Adoption of the District’s Annual Budget

RESOLUTION 2022-06

THE ANNUAL APPROPRIATION RESOLUTION OF THE TOMOKA COMMUNITY DEVELOPMENT DISTRICT (“DISTRICT”) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET(S) FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2022, AND ENDING SEPTEMBER 30, 2023; AUTHORIZING BUDGET AMENDMENTS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the District Manager has, prior to the fifteenth (15th) day in June, 2022, submitted to the Board of Supervisors (“Board”) of the Tomoka Community Development District (“District”) proposed budget(s) (“Proposed Budget”) for the fiscal year beginning October 1, 2022 and ending September 30, 2023 (“Fiscal Year 2022/2023”) along with an explanatory and complete financial plan for each fund of the District, pursuant to the provisions of Section 190.008(2)(a), Florida Statutes; and

WHEREAS, at least sixty (60) days prior to the adoption of the Proposed Budget, the District filed a copy of the Proposed Budget with the local governing authorities having jurisdiction over the area included in the District pursuant to the provisions of Section 190.008(2)(b), Florida Statutes; and

WHEREAS, the Board set a public hearing thereon and caused notice of such public hearing to be given by publication pursuant to Section 190.008(2)(a), Florida Statutes; and

WHEREAS, the District Manager posted the Proposed Budget on the District’s website at least two days before the public hearing; and

WHEREAS, Section 190.008(2)(a), Florida Statutes, requires that, prior to October 1st of each year, the Board, by passage of the Annual Appropriation Resolution, shall adopt a budget for the ensuing fiscal year and appropriate such sums of money as the Board deems necessary to defray all expenditures of the District during the ensuing fiscal year; and

WHEREAS, the District Manager has prepared a Proposed Budget, whereby the budget shall project the cash receipts and disbursements anticipated during a given time period, including reserves for contingencies for emergency or other unanticipated expenditures during the fiscal year.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE TOMOKA COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1.   BUDGET

The Board has reviewed the Proposed Budget, a copy of which is on file with the office of the District Manager and at the District’s Local Records Office, and hereby approves certain amendments thereto, as shown in Section 2 below.

b.	The Proposed Budget, attached hereto as Exhibit “A,” as amended by the Board,
is hereby adopted in accordance with the provisions of Section 190.008(2)(a), Florida Statutes (“Adopted Budget”), and incorporated herein by reference; provided, however, that the comparative figures contained in the Adopted Budget may be subsequently revised as deemed necessary by the District Manager to reflect actual revenues and expenditures.	
c.	The Adopted Budget, as amended, shall be maintained in the office of the District Manager and at the District’s Local Records Office and identified as “The Budget for the Tomoka Community Development District for the Fiscal Year Ending September 30, 2023.”	
d.	The Adopted Budget shall be posted by the District Manager on the District’s official website within thirty (30) days after adoption, and shall remain on the	
website for at least 2 years.

SECTION 2.	APPROPRIATIONS

There is hereby appropriated out of the revenues of the District, for Fiscal Year 2022/2023, the sum of $	 to be raised by the levy of assessments and/or otherwise, which sum is deemed by the Board to be necessary to defray all expenditures of the District during said budget year, to be divided and appropriated in the following fashion:

TOTAL GENERAL FUND	$	

DEBT SERVICE FUND SERIES 2017	$	

TOTAL ALL FUNDS	$	

SECTION 3.	BUDGET AMENDMENTS

Pursuant to Section 189.016, Florida Statutes, the District at any time within Fiscal Year 2022/2023 or within 60 days following the end of the Fiscal Year 2022/2023 may amend its Adopted Budget for that fiscal year as follows:

A line-item appropriation for expenditures within a fund may be decreased or increased by motion of the Board recorded in the minutes, and approving the expenditure, if the total appropriations of the fund do not increase.

The District Manager or Treasurer may approve an expenditure that would increase or decrease a line-item appropriation for expenditures within a fund if the total appropriations of the fund do not increase and if either (i) the aggregate change in the original appropriation item does not exceed the greater of $15,000

or 15% of the original appropriation, or (ii) such expenditure is authorized by separate disbursement or spending resolution.

Any other budget amendments shall be adopted by resolution and consistent with Florida law.

The District Manager or Treasurer must ensure that any amendments to the budget under paragraph c. above are posted on the District’s website within 5 days after adoption and remain on the website for at least 2 years.

SECTION 4. EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption.

PASSED AND ADOPTED THIS 12th DAY OF July , 2022.

ATTEST:	TOMOKA COMMUNITY DEVELOPMENT DISTRICT

Secretary / Assistant Secretary	Chairperson/Vice	Chairperson,	Board	of Supervisors

Exhibit A:	FY 2022/2023 Budget

EXHIBIT A
Tomoka Community Development District
Approved Proposed Fiscal Year 2023 Annual Operational & Maintenance Budget

	Actual Through 3/31/22	Anticipated Apr - Sept.	Anticipated FY 2022 Total	Adopted FY 2022 Budget		Approved Proposed FY 2023 Budget	
Revenues							
Maintenance Assessments	248,780.64	93,144.67	341,925.31	337,850.00		258,209.18	
Off Roll Assessments (Master)	27,514.58	14,893.30	42,407.88	0.00		55,981.03	
Off Roll Assessments (Phase 9 and 12B)	12,881.06	25,667.76	38,548.82	0.00		25,877.79	
Other Income & Other Financing Sources	0.38	0.00	0.38	0.00		0.00	
Interest Income	14.59	0.00	14.59	0.00		0.00	
Carry Forward	0.00	0.00	0.00	0.00		0.00	
TOTAL NET REVENUE	$289,191.25	$133,705.73	$422,896.98	$337,850.00		$340,068.00	

Master - Administration							
Supervisor Fees	0.00	4,000.00	4,000.00	4,000.00		4,000.00	
Public Official Insurance	2,927.00	0.00	2,927.00	3,125.00		3,293.00	
Trustee Fees	2,244.79	3,755.21	6,000.00	6,000.00		6,000.00	
District Management Fees	10,999.98	11,000.02	22,000.00	22,000.00		22,000.00	
Management Fees - Field	9,000.00	9,000.00	18,000.00	18,000.00		18,000.00	
Engineering Fees	0.00	1,000.00	1,000.00	1,000.00		1,000.00	
Dissemination Agent	1,500.00	1,500.00	3,000.00	3,000.00		3,000.00	
District Counsel	0.00	2,500.00	2,500.00	2,500.00		5,000.00	
Assessment Administration	7,500.00	0.00	7,500.00	7,500.00		7,500.00	
Reamortization Schedule	0.00	250.00	250.00	250.00		250.00	
Audit Fees	2,000.00	4,000.00	6,000.00	6,000.00		4,200.00	
Arbitrage	0.00	1,000.00	1,000.00	1,000.00		1,000.00	
Travel & Per Diem	0.00	250.00	250.00	250.00		250.00	
Legal Advertising	152.58	1,347.42	1,500.00	1,500.00		2,500.00	
Meeting Room	0.00	250.00	250.00	250.00		250.00	
Website	1,060.00	1,640.00	2,700.00	2,700.00		2,820.00	
Office Misc (Phone/Postage/Copies/Supplies/etc)	256.56	193.44	450.00	450.00		450.00	
Dues, Licenses & Fees	175.00	0.00	175.00	175.00		175.00	
Total Master - Administration	
$37,815.91	
$41,686.09	
$79,502.00	$79,700.00		$81,688.00	

Master - Collector Road (Phase 9A)							
Electric	0.00	0.00	0.00	14,160.00		14,160.00	
Lake Maintenance	0.00	0.00	0.00	1,800.00		1,800.00	
Lake Bank Landscape Maintenance	0.00	0.00	0.00	19,320.00		19,320.00	
Total Master - Collector Road	$0.00	$0.00	$0.00	$35,280.00		$35,280.00	
TOTAL MASTER	$37,815.91	$41,686.09	$79,502.00	$114,980.00		$116,968.00	

Neighborhood							
Electric	29,679.64	55,240.36	84,920.00	84,920.00		84,920.00	
Stormwater R&M (Canal Maintenance)	0.00	25,000.00	25,000.00	25,000.00		25,000.00	
General Insurance	3,804.00	0.00	3,804.00	4,050.00		4,280.00	
Lake Fountain & Maintenance	536.24	11,463.76	12,000.00	12,000.00		12,000.00	
Lake Maintenance	15,770.00	24,130.00	39,900.00	39,900.00		39,900.00	
Lake Bank Landscape Maintenance	24,323.30	22,676.70	47,000.00	47,000.00		47,000.00	
Repairs & Maintenance (General / Contingency)	3,447.97	6,552.03	10,000.00	10,000.00		10,000.00	
Total Neighborhood	
$77,561.15	
$145,062.85	
$222,624.00	$222,870.00		$223,100.00	
TOTAL NEIGHBORHOOD	$77,561.15 #	$145,062.85 #	$222,624.00 #	$222,870.00		$223,100.00	
							
TOTAL BUDGET	$115,377.06	$186,748.94	$302,126.00	$337,850.00		$340,068.00	
			
Per Unit	
Net		
Gross	
Master Units	1,916			$61.05		$64.94	
Neighborhood Units	999			$223.32		$237.58	
			Total	$284.37		$302.52	
		
Current Year 2023 Proposed Assessment Net		
$284.37	
		Current Year 2023 Proposed Assessment Gross		$302.52	
		Prior Year 2022 Adopted Assessment Net		
$283.10	
		Prior Year 2022 Adopted Assessment Gross		$301.17	

Direct Bill/Funding Agreement	917	Neighborhood Only	$55,981.03	
Direct Bil (Phase 9 & 12B)	91	Neighborhood & Master	$25,877.79	
Tax Roll (Phases 1-8 & Phase 13)	908	Neighborhood & Master	$258,209.18	
TOTAL UNITS	1,916		$340,068.00	

Tomoka CDD
Proposed Debt Service Fund Budget Series 2017 Special Assessment Bonds FY 2023
"Exhibit B"

FY 2023
Description	Budget

Revenues:		
Special Assessments	$1,480,219	
Total Revenues	$1,480,219	

Expenditures:		
Series 2017 -Interest 11/1/22	$347,156	
Series 2017 - Interest 5/1/23	$347,156	
Series 2017 - Principal 5/1/23	$450,000	
Total Expenditures	$1,144,313	
		
Excess Revenues / (Expenditures)	$335,906	

Series 2017 - 11/1/23 Interest	
$335,906.25	

Budget Item Description

Revenues:

On-Roll Assessments

The District can levy a Non-Ad Valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the Fiscal Year. Assessments collected via the tax collector are referred to as “On-Roll Assessments.”

Off-Roll Assessments

The District can levy a Non-Ad Valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the Fiscal Year. Assessments collected through direct billing are referred to as “Off-Roll Assessments.”

Administrative Expenditures:

Supervisor Fees

Chapter 190 of the Florida Statutes allows for a member of the Board of Supervisors to be compensated for meeting attendance and to receive up to $200.00 per meeting plus payroll taxes. The amount for the Fiscal Year is based upon all supervisors attending the meetings.

Public Officials’ Liability (POL) Insurance Supervisors’ and Officers’ liability insurance. Trustee Services
The Trustee submits invoices annually for services rendered on bond series. These fees are for maintaining the District trust accounts.

District Management Fees

The District receives Management and Administrative services as part of a Management Agreement with PFM Group Consulting, LLC. These services are further outlined in Exhibit “A” of the Management Agreement.

Field Management

Reimbursable expenses such as rental car, gas, tolls and/or mileage incurred by the Field Manager for site visits.

Engineering Fees

The District’s engineer provides general engineering services to the District. Among these services are attendance at and preparation for monthly board meetings, review of invoices, and all other engineering services as requested by the District throughout the year.

Dissemination Agent

When bonds are issued for the District, the Bond Indenture requires continuing disclosure, which the dissemination agent provides to the trustee and bond holders.

District Counsel

The District’s legal counsel provides general legal services to the District. Among these services are attendance at and preparation for monthly board meetings, review of operating and maintenance contracts, and all other legal services as requested by the District throughout the year.

Assessment Administration

The District can levy a Non-Ad Valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the Fiscal Year. It is typically collected via the Tax Collector. The District Manager submits an Assessment Roll to the Tax Collector annually by the deadline set by the Tax Collector or Property Appraiser.

Re-amortization Schedules

When debt is paid on a bond series, a new amortization schedule must be recalculated. This can occur up to four times per year per bond issue.

Audit

Chapter 218 of the Florida Statutes requires a District to conduct an annual financial audit by an Independent Certified Public Accounting firm. Some exceptions apply.

Arbitrage Calculation

Annual computations are necessary to calculate arbitrage rebate liability to ensure the District's compliance with all tax regulations.

Travel & Per Diem

Travel to and from meetings as related to the District.

Legal Advertising

The District will incur expenditures related to legal advertising. The items for which the District will advertise include, but are not limited to monthly meetings, special meetings, and public hearings for the District.

Meeting Room

Fee charged for renting a room for the monthly advertised meeting.

Website Maintenance Website maintenance fee. Office Miscellaneous
Other administrative expenses incurred throughout the year. Specifically, bank fees, checks, postage and printing.

Dues, Licenses & Fees

The District is required to pay an annual fee to the Department of Economic Opportunity.

Electric

Electricity to maintain district property.

Stormwater Management

Expenses related to the effort to reduce runoff of rainwater into streets and lawns.

General Insurance

General liability insurance.

General Repair and Maintenance Repair for items on District property. Lake Fountain & Maintenance Maintenance of lake fountain.
Lake Maintenance

Maintenance of lake owned by District.

Landscape Maintenance & Material

Contracted landscaping and Common Area Maintenance within the boundaries of the District.

R&M Contingency

Other expenses incurred throughout the year.

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

Consideration of Resolution 2022-07, Levying O&M Assessments and Certifying an Assessment Roll (exhibit under separate cover)

RESOLUTION 2022-07

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE TOMOKA COMMUNITY DEVELOPMENT DISTRICT MAKING A DETERMINATION OF BENEFIT AND IMPOSING SPECIAL ASSESSMENTS FOR FISCAL YEAR 2022/2023; PROVIDING FOR THE COLLECTION AND ENFORCEMENT OF SPECIAL ASSESSMENTS, INCLUDING BUT NOT LIMITED TO PENALTIES AND INTEREST THEREON; CERTIFYING AN ASSESSMENT ROLL; PROVIDING FOR AMENDMENTS TO THE ASSESSMENT ROLL; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Tomoka Community Development District (“District”) is a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, for the purpose of providing, operating and maintaining infrastructure improvements, facilities and services to the lands within the District; and

WHEREAS, the District is located in Flagler County, Florida (“County”); and

WHEREAS, the District has constructed or acquired various infrastructure improvements and provides certain services in accordance with the District’s adopted capital improvement plan and Chapter 190, Florida Statutes; and

WHEREAS, the Board of Supervisors (“Board”) of the District hereby determines to undertake various operations and maintenance and other activities described in the District’s budget (“Adopted Budget”) for the fiscal year beginning October 1, 2022 and ending September 30, 2023 (“Fiscal Year 2022/2023”), attached hereto as Exhibit “A;” and

WHEREAS, the District must obtain sufficient funds to provide for the operation and maintenance of the services and facilities provided by the District as described in the Adopted Budget; and

WHEREAS, the provision of such services, facilities, and operations is a benefit to lands within the District; and

WHEREAS, Chapter 190, Florida Statutes, provides that the District may impose special assessments on benefitted lands within the District; and

WHEREAS, it is in the best interests of the District to proceed with the imposition of the special assessments for operations and maintenance in the amount set forth in the Adopted Budget; and

WHEREAS, the District has previously levied an assessment for debt service, which the District desires to collect for Fiscal Year 2022/2023; and

WHEREAS, Chapter 197, Florida Statutes, provides a mechanism pursuant to which such special assessments may be placed on the tax roll and collected by the local tax collector (“Uniform Method”), and the District has previously authorized the use of the Uniform Method by, among other things, entering into agreements with the Property Appraiser and Tax Collector of the County for that purpose; and

WHEREAS, it is in the best interests of the District to adopt the assessment roll (“Assessment Roll”) attached to this Resolution as Exhibit “B,” and to certify the portion of the Assessment Roll related to certain developed property (“Tax Roll Property”) to the County Tax Collector pursuant to the Uniform Method and to directly collect the portion of the Assessment Roll relating to the remaining property (“Direct Collect Property”), all as set forth in Exhibit “B;” and

WHEREAS, it is in the best interests of the District to permit the District Manager to amend the Assessment Roll adopted herein, including that portion certified to the County Tax Collector by this Resolution, as the Property Appraiser updates the property roll for the County, for such time as authorized by Florida law.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE TOMOKA COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1. BENEFIT & ALLOCATION FINDINGS. The provision of the services, facilities, and operations as described in Exhibit “A” confers a special and peculiar benefit to the lands within the District, which benefit exceeds or equals the cost of the assessments. The allocation of the assessments to the specially benefitted lands is shown in Exhibits “A” and “B,” and is hereby found to be fair and reasonable.

SECTION 2. ASSESSMENT IMPOSITION. Pursuant to Chapters 170, 190 and 197, Florida Statutes, and using the procedures authorized by Florida law for the levy and collection of special assessments, a special assessment for operation and maintenance is hereby imposed and levied on benefitted lands within the District and in accordance with Exhibits “A” and “B.” The lien of the special assessments for operations and maintenance imposed and levied by this Resolution shall be effective upon passage of this Resolution.

SECTION 3.	Collection and Enforcement; Penalties; Interest.

Tax Roll Assessments. The operations and maintenance special assessments and previously levied debt service special assessments imposed on the Tax Roll Property shall be collected at the same time and in the same manner as County taxes in accordance with the Uniform Method, as set forth in Exhibits “A” and “B.”

Direct Bill Assessments. The operations and maintenance special assessments and previously levied debt service special assessments imposed on the Direct Collect Property shall be collected directly by the District in accordance with Florida law, as

set forth in Exhibits “A” and “B.” Operation and maintenance assessments directly collected by the District are due according to the following schedule: 25% due no later than October 15, 2022; 25% due no later than January 15, 2023; 25% due no later than
April 15, 2023; and 25% due no later than July 15, 2023. Previously levied debt assessments directly collected by the District are due according to the following schedule: 60% no later than April 15, 2023 and 40% no later than October 15, 2023. In the event that an assessment payment is not made in accordance with the schedule stated above, the whole assessment – including any remaining partial, deferred payments for Fiscal Year 2022/2023, shall immediately become due and payable; shall accrue interest, penalties in the amount of one percent (1%) per month, and all costs of collection and enforcement; and shall either be enforced pursuant to a foreclosure action, or, at the District’s sole discretion, collected pursuant to the Uniform Method on a future tax bill, which amount may include penalties, interest, and costs of collection and enforcement. Any prejudgment interest on delinquent assessments shall accrue at the rate of any bonds secured by the assessments, or at the statutory prejudgment interest rate, as applicable. In the event an assessment subject to direct collection by the District shall be delinquent, the District Manager and District Counsel, without further authorization by the Board, may initiate foreclosure proceedings pursuant to Chapter 170, Florida Statutes, or other applicable law to collect and enforce the whole assessment, as set forth herein.

Future Collection Methods. The decision to collect special assessments by any particular method – e.g., on the tax roll or by direct bill – does not mean that such method will be used to collect special assessments in future years, and the District reserves the right in its sole discretion to select collection methods in any given year, regardless of past practices.

SECTION 4. ASSESSMENT ROLL. The Assessment Roll, attached to this Resolution as Exhibit “B,” is hereby certified for collection. That portion of the Assessment Roll which includes the Tax Roll Property is hereby certified to the County Tax Collector and shall be collected by the County Tax Collector in the same manner and time as County taxes. The proceeds therefrom shall be paid to the District.

SECTION 5.  Assessment Roll Amendment. The District Manager shall keep apprised of all updates made to the County property roll by the Property Appraiser after the date of this Resolution and shall amend the Assessment Roll in accordance with any such updates, for such time as authorized by Florida law, to the County property roll. After any amendment of the Assessment Roll, the District Manager shall file the updates in the District records.

SECTION 6. SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof.

SECTION 7.	EFFECTIVE DATE. This Resolution shall take effect upon the passage and adoption of this Resolution by the Board.

PASSED AND ADOPTED this 12th day of July, 2022.

ATTEST:	TOMOKA COMMUNITY DEVELOPMENT DISTRICT

Secretary / Assistant Secretary	Chair / Vice Chair, Board of Supervisors

Exhibit A:	Budget
Exhibit B:	Assessment Roll (Uniform Method) Assessment Roll (Direct Collect)

Exhibit A
Budget

EXHIBIT A
Tomoka Community Development District
Approved Proposed Fiscal Year 2023 Annual Operational & Maintenance Budget

	Actual Through 3/31/22	Anticipated Apr - Sept.	Anticipated FY 2022 Total	Adopted FY 2022 Budget		Approved Proposed FY 2023 Budget	
Revenues							
Maintenance Assessments	248,780.64	93,144.67	341,925.31	337,850.00		258,209.18	
Off Roll Assessments (Master)	27,514.58	14,893.30	42,407.88	0.00		55,981.03	
Off Roll Assessments (Phase 9 and 12B)	12,881.06	25,667.76	38,548.82	0.00		25,877.79	
Other Income & Other Financing Sources	0.38	0.00	0.38	0.00		0.00	
Interest Income	14.59	0.00	14.59	0.00		0.00	
Carry Forward	0.00	0.00	0.00	0.00		0.00	
TOTAL NET REVENUE	$289,191.25	$133,705.73	$422,896.98	$337,850.00		$340,068.00	

Master - Administration							
Supervisor Fees	0.00	4,000.00	4,000.00	4,000.00		4,000.00	
Public Official Insurance	2,927.00	0.00	2,927.00	3,125.00		3,293.00	
Trustee Fees	2,244.79	3,755.21	6,000.00	6,000.00		6,000.00	
District Management Fees	10,999.98	11,000.02	22,000.00	22,000.00		22,000.00	
Management Fees - Field	9,000.00	9,000.00	18,000.00	18,000.00		18,000.00	
Engineering Fees	0.00	1,000.00	1,000.00	1,000.00		1,000.00	
Dissemination Agent	1,500.00	1,500.00	3,000.00	3,000.00		3,000.00	
District Counsel	0.00	2,500.00	2,500.00	2,500.00		5,000.00	
Assessment Administration	7,500.00	0.00	7,500.00	7,500.00		7,500.00	
Reamortization Schedule	0.00	250.00	250.00	250.00		250.00	
Audit Fees	2,000.00	4,000.00	6,000.00	6,000.00		4,200.00	
Arbitrage	0.00	1,000.00	1,000.00	1,000.00		1,000.00	
Travel & Per Diem	0.00	250.00	250.00	250.00		250.00	
Legal Advertising	152.58	1,347.42	1,500.00	1,500.00		2,500.00	
Meeting Room	0.00	250.00	250.00	250.00		250.00	
Website	1,060.00	1,640.00	2,700.00	2,700.00		2,820.00	
Office Misc (Phone/Postage/Copies/Supplies/etc)	256.56	193.44	450.00	450.00		450.00	
Dues, Licenses & Fees	175.00	0.00	175.00	175.00		175.00	
Total Master - Administration	
$37,815.91	
$41,686.09	
$79,502.00	$79,700.00		$81,688.00	

Master - Collector Road (Phase 9A)							
Electric	0.00	0.00	0.00	14,160.00		14,160.00	
Lake Maintenance	0.00	0.00	0.00	1,800.00		1,800.00	
Lake Bank Landscape Maintenance	0.00	0.00	0.00	19,320.00		19,320.00	
Total Master - Collector Road	$0.00	$0.00	$0.00	$35,280.00		$35,280.00	
TOTAL MASTER	$37,815.91	$41,686.09	$79,502.00	$114,980.00		$116,968.00	

Neighborhood							
Electric	29,679.64	55,240.36	84,920.00	84,920.00		84,920.00	
Stormwater R&M (Canal Maintenance)	0.00	25,000.00	25,000.00	25,000.00		25,000.00	
General Insurance	3,804.00	0.00	3,804.00	4,050.00		4,280.00	
Lake Fountain & Maintenance	536.24	11,463.76	12,000.00	12,000.00		12,000.00	
Lake Maintenance	15,770.00	24,130.00	39,900.00	39,900.00		39,900.00	
Lake Bank Landscape Maintenance	24,323.30	22,676.70	47,000.00	47,000.00		47,000.00	
Repairs & Maintenance (General / Contingency)	3,447.97	6,552.03	10,000.00	10,000.00		10,000.00	
Total Neighborhood	
$77,561.15	
$145,062.85	
$222,624.00	$222,870.00		$223,100.00	
TOTAL NEIGHBORHOOD	$77,561.15 #	$145,062.85 #	$222,624.00 #	$222,870.00		$223,100.00	
							
TOTAL BUDGET	$115,377.06	$186,748.94	$302,126.00	$337,850.00		$340,068.00	
			
Per Unit	
Net		
Gross	
Master Units	1,916			$61.05		$64.94	
Neighborhood Units	999			$223.32		$237.58	
			Total	$284.37		$302.52	
		
Current Year 2023 Proposed Assessment Net		
$284.37	
		Current Year 2023 Proposed Assessment Gross		$302.52	
		Prior Year 2022 Adopted Assessment Net		
$283.10	
		Prior Year 2022 Adopted Assessment Gross		$301.17	

Direct Bill/Funding Agreement	917	Neighborhood Only	$55,981.03	
Direct Bil (Phase 9 & 12B)	91	Neighborhood & Master	$25,877.79	
Tax Roll (Phases 1-8 & Phase 13)	908	Neighborhood & Master	$258,209.18	
TOTAL UNITS	1,916		$340,068.00	

Tomoka CDD
Proposed Debt Service Fund Budget Series 2017 Special Assessment Bonds FY 2023
"Exhibit B"

FY 2023
Description	Budget

Revenues:		
Special Assessments	$1,480,219	
Total Revenues	$1,480,219	

Expenditures:		
Series 2017 -Interest 11/1/22	$347,156	
Series 2017 - Interest 5/1/23	$347,156	
Series 2017 - Principal 5/1/23	$450,000	
Total Expenditures	$1,144,313	
		
Excess Revenues / (Expenditures)	$335,906	

Series 2017 - 11/1/23 Interest	
$335,906.25	

Exhibit B
Assessment Roll (Uniform Method) Assessment Roll (Direct Collect)

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

Consideration of Resolution 2022-08, Adopting the Annual Meeting Schedule for Fiscal Year
2022-2023

RESOLUTION 2022-08

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE TOMOKA COMMUNITY DEVELOPMENT DISTRICT ADOPTING THE ANNUAL MEETING SCHEDULE FOR FISCAL YEAR 2022-2023

WHEREAS, the Tomoka Community Development District (the "District") is a local unit of special-purpose government organized and existing in accordance with Chapter 2004-423, Laws of Florida; and

WHEREAS, the District is required by Florida law to prepare an annual schedule of its regular public meetings which designates the date, time and location of the District’s meetings; and

WHEREAS, the Board has proposed the Fiscal Year 2022-2023 annual meeting schedule as attached in Exhibit A;

NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF THE TOMOKA COMMUNITY DEVELOPMENT DISTRICT

The Fiscal Year 2022-2023 annual public meeting schedule attached hereto and incorporated by reference herein as Exhibit A is hereby approved and will be published in accordance with the requirements of Florida law.

This Resolution shall become effective immediately upon its adoption.

PASSED AND ADOPTED THIS 12th DAY OF JULY, 2022.

ATTEST:	TOMOKA COMMUNITY
DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairman/Vice Chairman

EXHIBIT “A”

BOARD OF SUPERVISORS MEETING DATES TOMOKA COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2022-2023

October 11, 2022
January 10, 2023
April 11, 2023
July 11, 2023

All meetings will convene at 10:00 a.m. at 150 Flagler Plaza Drive, Palm Coast, FL, 32137

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

Letter from the Supervisor of Elections- Flagler County

Kaiti Lenhart* FLAGLER couNTv suPERv1soR oF ELEcT10Ns
1769 E. Moody Boulevard, Building 2, Suite 101* PO Box 901 * Bunnell, Florida 32110-0901 Phone (386) 313-4170* Fax (386) 313-4171* www.FlaglerElections.com

April 19, 2022

Jennifer Walden
Senior District Manager PFM Group Consulting, LLC
3501 Quadrangle Blvd, Ste 270
Orlando, Florida 32817

RE: CDD Registered Voters

Dear Jennifer Walden:

Per your request, in accordance with the requirements of Chapter 190(3)(a)(d), the total number of registered voters for the Tomoka Community Development District as of April 15, 2022 is 1189.

If you have any questions or require any further assistance, please contact this office. Thank you,

Katti Lenhart
Supervisor of Elections

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

Review & Acceptance of FY 2021 Audit Report

TOMOKA COMMUNITY DEVELOPMENT DISTRICT FLAGLER COUNTY, FLORIDA
FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021

TOMOKA COMMUNITY DEVELOPMENT DISTRICT FLAGLER COUNTY, FLORIDA

TABLE OF CONTENTS

	  Page		
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-6	
BASIC FINANCIAL STATEMENTS		
Government-Wide Financial Statements:		
Statement of Net Position	7	
Statement of Activities	8	
Fund Financial Statements:		
Balance Sheet – Governmental Funds	9	
Reconciliation of the Balance Sheet – Governmental Funds		
to the Statement of Net Position	10	
Statement of Revenues, Expenditures and Changes in Fund Balances –		
Governmental Funds	11	
Reconciliation of the Statement of Revenues, Expenditures and Changes in		
Fund Balances of Governmental Funds to the Statement of Activities	12	
Notes to the Financial Statements	13-20	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balance –		
Budget and Actual – General Fund	21	
Notes to Required Supplementary Information	22	
OTHER INFORMATION		
Data Elements required by FL Statute 218.39 (3) (c)	23	
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL		
REPORTING AND COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT		
OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH		
GOVERNMENT AUDITING STANDARDS	24-25	
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS	
OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)		
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	26	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES		
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	27-28	

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors
Tomoka Community Development District Flagler County, Florida

Report on the Financial Statements

951 Yamato Road ▪ Suite 280
Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

We have audited the accompanying financial statements of the governmental activities and each major fund of Tomoka Community Development District, Flagler County, Florida ("District") as of and for the fiscal year ended September 30, 2021, 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 opinions 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 Auditing 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 opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund, of the District as of September 30, 2021, and the respective changes in financial position thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

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

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District’s basic financial statements. The information for compliance with FL Statute 218.39 (3)
(c) is not a required part of the basic financial statements. The information for compliance with FL Statute
218.39 (3) (c) has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated June 7, 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, contracts, grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

June 7, 2022

MANAGEMENT’S DISCUSSION AND ANALYSIS

The management of the Tomoka Community Development District, Flagler County, Florida (“District”) would like to offer the readers of the District’s financial statements this discussion and analysis of the District’s financial activities for the fiscal year ended September 30, 2021. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

FINANCIAL HIGHLIGHTS

The liabilities of the District exceeded its assets at the close of the most recent fiscal year resulting in a net position deficit balance of ($2,758,083).

The change in the District’s total net position in comparison with the prior fiscal year was $74,681, an increase. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2021, the District’s governmental funds reported combined ending fund balances of
$1,668,180, an increase of $31,222 in comparison with the prior fiscal year. A portion of fund balance is non-spendable for prepaid items, restricted for debt service and capital projects, and the remainder is unassigned fund balance which is available for spending at the District’s discretion.

OVERVIEW OF FINANCIAL STATEMENTS

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

Government-Wide Financial Statements

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

The statement of net position presents information on all the District’s assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

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

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

Fund Financial Statements

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

OVERVIEW OF FINANCIAL STATEMENTS (Continued)

Governmental Funds

Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

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

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

Notes to the Financial Statements

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

GOVERNMENT-WIDE FINANCIAL ANALYSIS

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

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

NET POSITION SEPTEMBER 30,
		2021		2020	
Assets, excluding capital assets	$	1,710,254	$	1,647,142	
Capital assets, not being depreciated		8,802,611		9,168,412	
Total assets		10,512,865		10,815,554	
Liabilities, excluding long-term liabilities		338,429		313,397	
Long-term liabilities		12,932,519		13,334,921	
Total liabilities		13,270,948		13,648,318	
Net Position					
Net investment in capital assets		(4,128,312)		(4,164,913)	
Restricted for debt service		1,264,023		1,258,480	
Unrestricted		106,206		73,669	
Total net position	$	(2,758,083)	$	(2,832,764)	

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)

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

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

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

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

CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
2021	2020

Revenues:

Charges for services	$	1,428,202	$	1,386,638	
Operating grants and contributions	79	1,114	

Program revenues
Capital grants and contributions	-	1
General revenues
Interest income	297	562
Total revenues	1,428,578	1,388,315 Expenses:
General government	73,765	67,860	
Maintenance and operations	551,679	524,882	
Interest	728,453	744,527	
Total expenses	1,353,897	1,337,269	
Change in net position	74,681	51,046	
Net position - beginning	(2,832,764)	(2,883,810)	
Net position - ending	$	(2,758,083)	$	(2,832,764)	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2021 was $1,353,897. The costs of the District’s activities were primarily funded by program revenues. Program revenues, comprised primarily of assessments, increased during the fiscal year. In total, expenses, including depreciation, increased from the prior fiscal year, most of the increase was the result of an increase in maintenance including electricity and fountain repairs expenses.

GENERAL BUDGETING HIGHLIGHTS

An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. The general fund budget for the fiscal year ended September 30, 2021, was amended to reallocate appropriations. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2021.

CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital Assets

At September 30, 2021, the District had $12,506,283 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $3,703,672 has been taken, which resulted in a net book value of $8,802,611. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt

At September 30, 2021, the District had $13,125,000 in Bonds outstanding. More detailed information about the District’s capital debt is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGET

The District does not anticipate any major projects or significant changes to its infrastructure maintenance program for the subsequent fiscal year. In addition, it is anticipated that the general operations of the District will remain fairly constant.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT

This financial report is designed to provide property owners, customers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the Tomoka Community Development District’s Finance Department at 3501 Quadrangle Boulevard, Suite 270, Orlando, FL 32817.

TOMOKA COMMUNITY DEVELOPMENT DISTRICT FLAGLER COUNTY, FLORIDA STATEMENT OF NET POSITION
SEPTEMBER 30, 2021

Governmental
	 		Activities		
ASSETS			
Cash	$	135,993	
Investments		9,040	
Assessments receivable		131,149	
Interest receivable		9	
Prepaid items		2,245	
Restricted assets:			
Investments		1,431,818	
Capital assets:			
Nondepreciable		1,532,261	
Depreciable, net		    7,270,350 	
Total assets		   10,512,865 	
LIABILITIES			
Accounts payable		42,074	
Accrued interest payable		296,355	
Non-current liabilities:			
Due within one year		425,000	
Due in more than one year		   12,507,519 	
Total liabilities		   13,270,948 	
NET POSITION			
Net investment in capital assets		(4,128,312)	
Restricted for debt service		1,264,023	
Unrestricted		     106,206 	
Total net position	 $		(2,758,083) 	

See notes to the financial statements

TOMOKA COMMUNITY DEVELOPMENT DISTRICT FLAGLER COUNTY, FLORIDA STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021

Net (Expense) Revenue and Changes in Net
		Program Revenues	Position  Charges	Operating
for		Grants and	Governmental Functions/Programs		Expenses	Services	Contributions		Activities	 Primary government:
Governmental activities:
General government	$	73,765	$	73,765	$	-	$	-	
Maintenance and operations	551,679	218,118	-	(333,561)	
Interest on long-term debt		728,453	1,136,319	79	407,945 
Total governmental activities		1,353,897	1,428,202	79	74,384 

General revenues:
Unrestricted investment earnings		297 	
Total general revenues		297 	
Change in net position	74,681	
Net position - beginning		(2,832,764) 	
Net position - ending	 $	(2,758,083) 	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2021

	Major Funds		Total
Debt		Capital	Governmental General	Service	Projects		Funds
ASSETS		
Cash	$	135,993	$	-	$	-	$	135,993	
Investments	9,040	1,430,222	1,596	1,440,858	
Assessments receivable	999	130,150	-	131,149	
Interest receivable	3	6	-	9	
Prepaid items	2,245	-	-	2,245	
Total assets	$	148,280	$ 1,560,378	$	1,596	$  1,710,254	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	42,074	$	-	$	-	$	42,074	
Total liabilities	42,074	-	-	42,074	

Fund balances:
Nonspendable:
Prepaid items	2,245	-	-	2,245	
Restricted for:					
Debt service	-	1,560,378	-	1,560,378	
Capital projects	-	-	1,596	1,596	
Unassigned	103,961	-	-	103,961	
Total fund balances	106,206	1,560,378	1,596	1,668,180	

Total liabilities and fund balances	
$	148,280	
$ 1,560,378	
$	1,596	
$  1,710,254	

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET – GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2021
Total fund balances - governmental funds	$	1,668,180 Amounts reported for governmental activities in the statement of net
position are different because:

Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in the governmental funds. The statement of net position includes those capital assets in the net position of the government as a whole.
Cost of capital assets	12,506,283
Accumulated depreciation	  (3,703,672)    8,802,611
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund statements. All liabilities, both current and long-term, are reported in the government-wide financial statements.
Accrued interest payable	(296,355)
Bonds payable	(13,125,000)
Unamortized bond issuance discount	  192,481  (13,228,874)  Net position of governmental activities		 $  (2,758,083) 

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021

	Major Funds		Total
Debt		Capital	Governmental General	Service	Projects		Funds
REVENUES		
Assessments	$	291,883	$ 1,136,319	$	-	$  1,428,202	
Interest income	297	79	-	376	
Total revenues	292,180	1,136,398	-	1,428,578	

EXPENDITURES
Current:
General government	73,765	-	-	73,765	
Maintenance and operations	185,878	-	-	185,878	
Debt service:
Principal	
-	
410,000	
-	
410,000	
Interest	-	727,713	-	727,713	
Total expenditures		259,643		1,137,713		-		1,397,356	

Excess (deficiency) of revenues over (under) expenditures		

32,537		

(1,315)		

-		

31,222	
Fund balances - beginning		73,669		1,561,693		1,596		1,636,958	

Fund balances - ending	
$	
106,206	
$	
1,560,378	
$	
1,596	
$	
1,668,180	

See notes to the financial statements

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021			
Net change in fund balances - total governmental funds	$	31,222	
Amounts reported for governmental activities in the statement of activities are different because:			
Depreciation of capital assets is not recognized in the governmental fund statements but is reported as an expense in the statement of activities.		

(365,801)	
Repayment of long-term liabilities are reported as expenditures in the governmental fund statement but such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities.		

410,000	
Amortization of Bond discounts is not recognized in the governmental fund financial statements, but is reported as an expense in the statement of activities.		

(7,598)	
The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities but not in the fund financial statements.		

     6,858 	
Change in net position of governmental activities	 $		74,681 	

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

Tomoka Community Development District (the "District") was created by rule of the Florida Land and Water Adjudicatory Commission effective October 2, 2003 under Chapter 42LL-1. The Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes Act provides among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.

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

The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected by the owners of the property within the District. The Board exercises all powers granted to the District pursuant to Chapter 190, Florida Statutes. At September 30, 2021, one Board member was affiliated with ICI Homes (“Developer”).

The Board has the final responsibility for:
Assessing and levying assessments.
Approving budgets.
Exercising control over facilities and properties.
Controlling the use of funds generated by the District.
Approving the hiring and firing of key personnel.
Financing improvements.

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

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.

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

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

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

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

Assessments
Assessments are non-ad valorem assessments on all assessable property within the District. Assessments are levied to pay for the operations and maintenance and debt service of the District. The fiscal year for which annual assessments are levied begins on October 1 and, if collected using the Uniform Method of Collection, with discounts available for payments through February 28 and become delinquent on April 1. Alternatively, the District adopts a resolution providing for the collection dates and directly collects the assessments.

The District reports the following major governmental funds:

General Fund
The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.

Debt Service Fund
The debt service fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt.

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

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

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

Assets, Liabilities and Net Position or Equity

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

Deposits and Investments
The District’s cash on hand and demand deposits are considered to be cash and cash equivalents.

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

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

The State Board of Administration’s (“SBA”) Local Government Surplus Funds Trust Fund (“Florida PRIME”) is a“2a-7 like” pool. A “2a-7 like” pool is an external investment pool that is not registered with the Securities and Exchange Commission (“SEC”) as an investment company, but nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC’s Rule 2a-7 of the Investment Company Act of 1940, which comprises the rules governing money market funds. Thus, the pool operates essentially as a money market fund. The District has reported its investment in Florida PRIME at amortized cost for financial reporting purposes.

Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due. In addition, surplus funds may be deposited into certificates of deposit which are insured and any unspent Bond proceeds are required to be held in investments as specified in the Bond Indenture.

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

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

Capital Assets
Capital assets which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the government activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation.

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

Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:

Assets	Years
Improvement other than buildings	30
Infrastructure - water control and other	30

Capital Assets (Continued)
In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.

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

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

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

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

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

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

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

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

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

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

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

Other Disclosures

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

NOTE 3 – BUDGETARY INFORMATION

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

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

Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
Public hearings are conducted to obtain public comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriation for annually budgeted funds lapse at the end of the year.

NOTE 4 – DEPOSITS AND INVESTMENTS

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

Investments
The District’s investments were held as follows at September 30, 2021:

 Amortized Cost	Credit Risk	Maturities	

US Bank Mmkt 5 - Ct	$	1,431,818	N/A	N/A	
Investment in Local Government Surplus Funds Trust Fund (Florida PRIME)	
	9,040 	
S&P AAAm	Weighted average of the portfolio: 48 days	
Total Investments	 $	1,440,858 			

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

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

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

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

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

These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
Level 1: Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
Level 3: Investments whose inputs are unobservable.

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

Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. For external investment pools that qualify to be measured at amortized cost, the pool’s participants should also measure their investments in that external investment pool at amortized cost for financial reporting purposes. Accordingly, the District’s investments have been reported at amortized cost above.

NOTE 5 – CAPITAL ASSETS							
Capital asset activity for the fiscal year ended September 30, 2021 was as follows:	
	Beginning				Ending	
		Balance	Additions	Reductions	Balance	
Governmental activities							
Capital assets, not being depreciated							
Land and land improvements	$	1,532,261	$	-	$	-	$  1,532,261	
Total capital assets, not being depreciated		1,532,261		-	-	1,532,261	

Capital assets, being depreciated							
Improvement other than buildings		368,256		-	-	368,256	
Infrastructure - water control and other		10,605,766		-	-	10,605,766	
Total capital assets, being depreciated		10,974,022		-	-	10,974,022	

Less accumulated depreciation for:							
Improvement other than buildings		202,031		12,275	-	214,306	
Infrastructure - water control and other		3,135,840		353,526	-	3,489,366	
Total accumulated depreciation		3,337,871		365,801	-	3,703,672	

Total capital assets, being depreciated, net		
7,636,151		
(365,801)	
-	
7,270,350	

Governmental activities capital assets	
$	
9,168,412	
$	
(365,801)	
$	-	
$  8,802,611	

Depreciation expense was charged to the maintenance and operations function.

At September 30, 2021, there is a balance of $164,527 in the Deferred Cost Series 2017 Bond account. The District has not yet determined if a liability exists for deferred obligations/costs.

NOTE 6 – LONG-TERM LIABILITIES

On February 22, 2017, the District issued $14,675,000 of Capital Improvement and Refunding Revenue Bonds, Series 2017 consisting of $1,975,000 Term Bonds due May 1, 2022 with a fixed interest rate of 4%,
$2,470,000 Term Bonds due May 1, 2027 with a fixed interest rate of 5%, $3,700,000 Term Bonds due May 1, 2035 with a fixed interest rate of 5.5%, and $6,530,000 Term Bonds due May 1, 2046 with a fixed interest rate of 5.625%. The Bonds were issued to refund the Series 2004A bonds and to finance the cost of acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1, commencing November 1, 2017. Principal on the Bonds is to be paid serially commencing May 1, 2018 through May 1, 2046.

The Series 2017 Bonds are subject to redemption at the option of the District prior to their maturity. The Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture.

The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District was in compliance with the requirements at September 30, 2021.

Changes in long-term liability activity for the fiscal year ended September 30, 2021 were as follows:

Beginning			Ending	Due Within	
Balance	Additions	Reductions	Balance	One Year	

Governmental activities											
Series 2017 Bonds	$	13,535,000	$	-	$	410,000	$	13,125,000	$	425,000	
Less: Original issuance discount		(200,079)		-		(7,598)		(192,481)		-	
Total	$	13,334,921	$	-	$	402,402	$	12,932,519	$	425,000	

NOTE 6 – LONG-TERM LIABILITIES (Continued)

At September 30, 2021, the scheduled debt service requirements on the long-term debt were as follows:

Year ending		Governmental Activities	
 September 30:		Principal		Interest	Total	 2022	$		425,000	$		711,313 $	 1,136,313
2023	450,000	694,313	1,144,313	
2024	465,000	671,813	1,136,813	
2025	495,000	648,563	1,143,563	
2026	520,000	623,813	1,143,813	
2027-2031	3,055,000	2,681,238	5,736,238	
2032-2036	3,435,000	1,736,325	5,171,325	
2037-2041	1,840,000	1,008,281	2,848,281	
2042-2046			2,440,000		427,219		2,867,219 	
  	$	13,125,000 	$	9,202,878  $		22,327,878 	

NOTE 7 – DEVELOPER TRANSACTIONS AND CONCENTRATION

The Developer owns a portion of land within the District; therefore, assessment revenues in the general and debt service funds include the assessments levied on those lots owned by the Developer. The District’s activity is dependent upon the continued involvement of the Developer, the loss of which could have a material adverse effect on the District’s operations.

NOTE 8 – MANAGEMENT COMPANY

The District has contracted with a management company to perform management advisory services, which include financial and accounting advisory services. Certain employees of the management company also serve as officers (Board appointed non-voting positions) of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, and other administrative costs.

NOTE 9 – RISK MANAGEMENT

The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There were no settled claims during the past three years.

TOMOKA COMMUNITY DEVELOPMENT DISTRICT	
FLAGLER COUNTY, FLORIDA	
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN	
FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND	
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021	
Variance with	
Final Budget -	
		Budgeted Amounts			Actual	Positive	
	Original	Final	Amounts	(Negative)	
REVENUES								
Developer contributions	$  76,942	$	76,942	$	-	$	(76,942)	
Assessments	212,520	212,520		291,883		79,363	
Interest income		-	-		297		297	
Total revenues	289,462	289,462		292,180		2,718	

EXPENDITURES								
Current:								
General government	81,387	81,887		73,765		8,122	
Maintenance and operations	208,075	207,575		185,878		21,697	
Total expenditures	289,462	289,462		259,643		29,819	

Excess (deficiency) of revenues								
over (under) expenditures	 $		-		$	-		32,537	 $		32,537 	
Fund balance - beginning					73,669 			
Fund balance - ending				 $		106,206 			

See notes to required supplementary information

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

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

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. The general fund budget for the fiscal year ended September 30, 2021, was amended to reallocate appropriations. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2021.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3)(C) UNAUDITED

Elements 	Comments
Number of district employees compensated at 9/30/2021	0	
Number of independent contractors compensated in September 2021	5	
Employee compensation for FYE 9/30/2021 (paid/accrued)	0	
Independent contractor compensation for FYE 9/30/2021	$56,612.11	
Construction projects to begin on or after October 1; ($65K)		
Series 2017		
Budget variance report	See page 21 of annual financial report	
Ad Valorem taxes;	Not applicable	
Millage rate FYE 9/30/2021	Not applicable	
Ad valorem taxes collected FYE 9/30/2021	Not applicable	
Outstanding Bonds:	Not applicable	
		
Non ad valorem special assessments;		

Special assessment rate FYE 9/30/2021	Operations and maintenance - $291.35 Debt service - $790.17, 938.32, 1599.52,
1392.35, 1806.72, 1185.19, 988.39	
Special assessments collected FYE 9/30/2021	$1,428,203.28	
Outstanding Bonds:		
Series 2017 due May 1, 2046,	see Note 7 for details	

951 Yamato Road ▪ Suite 280
Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

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

To the Board of Supervisors
Tomoka Community Development District Flagler County, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of Tomoka Community Development District, Flagler County, Florida (“District”) as of and for the fiscal year ended September 30, 2021, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated June 7, 2022.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

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

June 7, 2022

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA

To the Board of Supervisors
Tomoka Community Development District Flagler County, Florida

We have examined Tomoka Community Development District, Flagler County, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2021. Management is responsible for District’s compliance with those requirements. Our responsibility is to express an opinion on District’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the District’s compliance with specified requirements.

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2021.

This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Board of Supervisors of Tomoka Community Development District, Flagler County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

June 7, 2022

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA

To the Board of Supervisors
Tomoka Community Development District Flagler County, Florida

Report on the Financial Statements

We have audited the accompanying basic financial statements of Tomoka Community Development District, Flagler County, Florida ("District") as of and for the fiscal year ended September 30, 2021, and have issued our report thereon dated June 7, 2022.

Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Florida Auditor General.

Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated June 7, 2022, should be considered in conjunction with this management letter.

Purpose of this Letter

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

Current year findings and recommendations.
Status of prior year findings and recommendations.
Compliance with the Provisions of the Auditor General of the State of Florida.

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

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

June 7, 2022

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS

None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None

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

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

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

There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2020.

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

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2021.

Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2021.

The name or official title and legal authority of the District are disclosed in the notes to the financial statements.

The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.

We applied financial condition assessment procedures and no deteriorating financial conditions were noted as of September 30, 2021. It is management’s responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.

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

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

Review & Acceptance of the Arbitrage Rebate Calculation Report Series 2017

Tomoka Community Development District
$14,675,000 Capital Improvement and Refunding Revenue Bonds, Series 2017
Installment Date Computation

For the period February 28, 2017 through February 28, 2022

GNP Services, CPA, PA
www.gnpcpas.com
5000 US Highway 17 S #18187	P.O. Box 1179
Fleming Island, FL 32003	Orange Park, FL 32067-1179

June 10, 2022

Ms. Vivian Carvalho, District Manager PFM Group Consulting, LLC
12051 Corporate Boulevard
Orlando, Florida 32817

RE: Installment Date Computation

Dear Ms. Carvalho:

GNP Services, CPA, PA has been requested to compute the Rebatable Arbitrage Liability with respect to the Tomoka Community Development District $14,675,000 Capital Improvement and Refunding Revenue Bonds, Series 2017. All computations included herein are mathematically accurate and have been performed in accordance with the Code. All capitalized terms are defined in the attached report.

There is no Rebatable Arbitrage Liability or Yield Reduction Payment Amount for the Cumulative Computation Period. Accordingly, there is no amount due to the
U.S. Government as of the Current Installment Computation Date.

The next Installment Computation Date is February 28, 2027.

Please see attached supporting schedules for further details. If you have questions regarding this report, or any other concerns, please call (641) 832‐7783.

Very truly yours,

GNP Services, CPA, PA Enclosure
cc: Ms. Stacey Johnson, U.S. Bank Global Corporate Trust Ms. Venessa Ripoll, PFM Group Consulting, LLC

CONTENTS
DEFINITIONS	1
SUMMARY OF BOND DOCUMENT REPRESENTATIONS AND RELATED CONCLUSIONS	2
ASSUMPTIONS	3
SOURCES AND USES	4
Conclusions
Arbitrage Yield/Investment Yield Comparison	4
Rebatable Arbitrage Liability Expectation	5
Rebatable Arbitrage Liability	5
RECORD KEEPING REQUIREMENTS	5

Supporting Schedules

Synopsis of Computation Results

Rebatable Arbitrage Liability Computations

Acquisition & Construction Fund	A

Debt Service Reserve Fund	B

Definitions
Arbitrage Yield ‐ The semiannual discount rate at which the present value of payments of principal and interest equals the par amount of the bonds adjusted as follows: if applicable, plus accrued interest and original issue premium, and less original issue discount, cost of credit enhancement and/or reserve surety.
Bona Fide Debt Service Fund ‐ A fund that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year and that may be excluded from the Rebatable Arbitrage Liability computation if the requirements specified in the Code for the Bona Fide Debt Service Fund exemption are met.
Bond Documents ‐ Tax Certificate as to Arbitrage, IRS Form 8038‐G and Final Closing Memorandum executed as of the Issue Date and information regarding the investment and expenditures of gross proceeds. Nothing has come to our attention that has led us to conclude that any of the information included in these documents has been affected by events or circumstances occurring after their respective dates.
Bonds ‐ Tomoka Community Development District $14,675,000 Capital Improvement and Refunding Revenue Bonds, Series 2017
Code ‐ Section 148(f) of the Internal Revenue Code of 1986 and existing applicable Treasury Regulations
Cumulative Computation Period ‐ The period beginning on the Issue Date and ending on the Current Installment Computation Date
Cumulative Rebatable Arbitrage Liability ‐ The Rebatable Arbitrage Liability for the Cumulative Computation Period
Current Computation Period ‐ The period beginning on February 28, 2021 and ending on the Current Installment Computation Date
Current Installment Computation Date ‐ February 28, 2022
Debt Service Funds ‐ The Prepayment, Revenue, Sinking and Interest Funds
Installment Computation Dates ‐ Any date not later than the fifth anniversary of the Issue Date of the Bonds and each subsequent fifth year thereafter. For the Bonds, the Installment Computation Dates are February 28, 2022 and each subsequent fifth February 28 thereafter.
Issue Date ‐ February 28, 2017
Issuer ‐ Tomoka Community Development District

Minor Portion Exemption Requirement ‐ Section 148(e) permits an issuer to arbitrage the lesser of $100,000 or 5 percent of sales proceeds as a de minimus minor portion of the issue
Rebatable Arbitrage Liability ‐ The excess of receipts over payments calculated in accordance with the Code
Rebatable Arbitrage Liability Payment Due Date ‐ The date that is no later than sixty days past each Installment Computation Date
Refunded Bonds ‐ The Issuer’s Capital Improvement Revenue Bonds, Series 2004A
Yield Reduction Payment Amount ‐ The payment amount made to the federal government in order to reduce the yield on investment of Bond proceeds to meet yield restriction requirements under the Code
Yield Restricted Period ‐ The period beginning on February 28, 2020 and ending on the Current Installment Computation Date

Summary of Bond Document Representations and Related Conclusions

Representations
The Bond Documents state the following:
The Bonds were issued on February 28, 2017.
The Debt Service Reserve Fund is “reasonably required” in accordance with the Code.
The temporary period for the Acquisition & Construction Fund is three years.
The Debt Service Funds are expected to meet the requirements of a Bona Fide Debt Service Fund.
The only unspent proceeds of the Refunded Bonds were used to retire the Refunded Bonds on March 30, 2017, the date on which the Refunded Bonds were redeemed.
The Arbitrage Yield is 5.609389%.
The Bonds were issued for the purpose of current refunding the Refunded Bonds; refunding a note due to the developer in connection with certain improvements in the District paid for by the developer; financing a portion of the cost of acquiring, constructing and equipping

certain assessable public infrastructure improvements in the District; funding a deposit to the Debt Service Reserve Fund in the amount of the debt service reserve requirement; and paying the costs and expenses incurred in connection with the issuance of the Bonds.

Related Conclusions
We have concluded the following:
The Bonds are subject to the 1993 Regulations. New regulations or rulings that apply to the Bonds may be enacted. If so, it should be determined that the computation of the Rebatable Arbitrage Liability complies with any applicable changes.
The next Rebatable Arbitrage Liability Payment Due Date is April 29, 2027, assuming an Installment Computation Date of February 28, 2027.
The Debt Service Reserve Fund may be invested at an unrestricted yield.
Subsequent to February 28, 2020, the Acquisition & Construction Fund is subject to yield restriction. The balance in the Acquisition & Construction Fund did not exceed the Minor Portion Exemption Requirement criteria; therefore no yield reduction payments are required as of the Current Installment Computation Date.
The Debt Service Funds have been appropriately excluded from the Rebatable Arbitrage Liability computation because they met the Bona Fide Debt Service Fund exemption requirements.
There are no transferred proceeds allocable to the Bonds.

Assumptions

	Certain Bond documents, financial records and other materials relevant to the computation of the Rebatable Arbitrage Liability have been provided to us by various parties. Nothing has come to our attention to lead us to conclude that any of the information provided includes errors or omissions; therefore we have assumed that all information included in the materials provided to us is accurate and complete.	
	We have assumed that all transaction activity provided to us is includable in the computation of the Rebatable Arbitrage Liability under the Code.	

We have assumed the financial schedules and information provided with respect to the proceeds is accurate in all respects, including dates and amounts of the cash flow transactions. We further assumed that a current cash outlay occurred no later than 5 banking days after the date on which the allocation of gross proceeds to an expenditure was made.

Sources and Uses
Sources

Principal	$	14,675,000.00	
Net Original Issue Discount		(227,938.30)	
Total	$	14,447,061.70	

Uses

Escrow Fund	$	5,946,935.90	
Acquisition & Construction Fund		5,696,883.00	
Debt Service Reserve Fund		1,134,737.50	
Costs of Issuance Fund		195,263.30	
General Fund		1,253,117.00	
Underwriterʹs Discount		220,125.00	
Total	$	14,447,061.70	

Conclusions

Arbitrage Yield/Investment Yield Comparison
The Arbitrage Yield is stated in the Bond Documents to be 5.609389%. The Bond Documents further state that the computation of the Arbitrage Yield is based on a year of 360 days comprised of twelve 30‐day months with interest compounding semi‐annually.

The yield on the U.S. Bank Money Market Obligations (the “Combined Treasury Yield”) is calculated to be 0.005002% as shown on Schedules A‐B. The Combined Treasury Yield is based on a year of 360 days comprised of twelve 30‐day months with interest compounding semi‐annually.

Arbitrage Yield
5.609389%

Combined
Treasury Yield 0.005002%

0%

1%

2%

3%

4%

5%

6%

Negative Arbitrage

Rebatable Arbitrage Liability Expectation
The Combined Treasury Yield on the Gross Proceeds that are subject to the Rebatable Arbitrage Liability computation was less than the Arbitrage Yield during the Current Computation Period, as shown above. This results in an expectation of negative Rebatable Arbitrage Liability with respect to those Gross Proceeds as shown on Schedules A‐B. The results are in accordance with expectations.

Rebatable Arbitrage Liability
The Rebatable Arbitrage Liability computation results in a Cumulative Rebatable Arbitrage Liability in the negative amount of $(456,539.44). Therefore no payment is due as of the Current Installment Computation Date.

Record Keeping Requirements
Records evidencing the transaction data used to calculate arbitrage rebate and yield restriction amounts must be maintained until three years after the last outstanding bond of the issue is redeemed. This report, and documentation we maintain in our files, cannot be relied upon to meet the record retention requirement.

SYNOPSIS OF COMPUTATION RESULTS
As of the Current Installment Computation Date 28‐Feb‐22

Tomoka Community Development District
$14,675,000 Capital Improvement and Refunding Revenue Bonds, Series 2017

Current Computation Period			
Acquisition & Construction Fund	$	(90.67)	
Debt Service Reserve Fund		(57,989.45)	
Computation Date Credit		(1,830.00)	

Current Computation Period Total Rebatable Arbitrage Liability	
$	
(59,910.12)	

Cumulative Computation Period			
Current Computation Period Total Rebatable Arbitrage Liability	$	(59,910.12)	
Future Value of Rebatable Arbitrage Liability Reported at 2/28/21		(396,629.32)	

Cumulative Rebatable Arbitrage Liability	
$	
(456,539.44)	

Gross Proceeds Subject to Arbitrage Rebate Remaining As of the Current Installment Computation Date

Acquisition & Construction Fund	$	1,596.17	
Debt Service Reserve Fund		1,014,562.50	
Debt Service Funds		928,615.11	
Total	$	1,944,773.78	

		Schedule A			
Rebatable Arbitrage Liability Computation	
Acquisition & Construction Fund	
Tomoka Community Development District	
$14,675,000 Capital Improvement and Refunding	
Revenue Bonds, Series 2017	

Issue Date	
28‐Feb‐17	
Combined Treasury Yield		
0.005002%	
Beginning Date	28‐Feb‐21	Arbitrage Yield		5.609389%	
Computation Date	28‐Feb‐22	Total Earnings	$	0.12	

Date	

Receipts	

Payments	

Earnings	

Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	

28‐Feb‐21	
$	‐	
$	(1,596.05)	
$	(0.01)	
$	1,596.05	
$	(1,686.84)	
$	1,596.06	
01‐Mar‐21			0.01	1,596.05	0.01	(0.01)	
02‐Mar‐21		(0.01)		1,596.06	(0.01)	0.01	
01‐Apr‐21			0.01	1,596.06	0.01	(0.01)	
02‐Apr‐21		(0.01)		1,596.07	(0.01)	0.01	
03‐May‐21			0.01	1,596.07	0.01	(0.01)	
04‐May‐21		(0.01)		1,596.08	(0.01)	0.01	
01‐Jun‐21			0.01	1,596.08	0.01	(0.01)	
02‐Jun‐21		(0.01)		1,596.09	(0.01)	0.01	
01‐Jul‐21			0.01	1,596.09	0.01	(0.01)	
02‐Jul‐21		(0.01)		1,596.10	(0.01)	0.01	
02‐Aug‐21			0.01	1,596.10	0.01	(0.01)	
03‐Aug‐21		(0.01)		1,596.11	(0.01)	0.01	
01‐Sep‐21			0.01	1,596.11	0.01	(0.01)	
02‐Sep‐21		(0.01)		1,596.12	(0.01)	0.01	
01‐Oct‐21			0.01	1,596.12	0.01	(0.01)	
04‐Oct‐21		(0.01)		1,596.13	(0.01)	0.01	
01‐Nov‐21			0.01	1,596.13	0.01	(0.01)	
02‐Nov‐21		(0.01)		1,596.14	(0.01)	0.01	
01‐Dec‐21			0.01	1,596.14	0.01	(0.01)	
02‐Dec‐21		(0.01)		1,596.15	(0.01)	0.01	
03‐Jan‐22			0.01	1,596.15	0.01	(0.01)	
04‐Jan‐22		(0.01)		1,596.16	(0.01)	0.01	
01‐Feb‐22			0.01	1,596.16	0.01	(0.01)	
02‐Feb‐22		(0.01)		1,596.17	(0.01)	0.01	
28‐Feb‐22	1,596.17		0.01	0.00	1,596.18	(1,596.06)	

Totals					
$	(90.67)	
$	0.00	

Schedule A ‐ Page 1	5.1955 DataTomoka2017 2‐28‐22

		Schedule B			
Rebatable Arbitrage Liability Computation	
Debt Service Reserve Fund	
Tomoka Community Development District	
$14,675,000 Capital Improvement and Refunding	
Revenue Bonds, Series 2017	

Issue Date	
28‐Feb‐17	
Combined Treasury Yield		
0.005002%	
Beginning Date	28‐Feb‐21	Arbitrage Yield		5.609389%	
Computation Date	28‐Feb‐22	Total Earnings	$	51.00	

Date	

Receipts	

Payments	

Earnings	

Balance	Future
Value at Arbitrage Yield	Present
Value at Investment Yield	

28‐Feb‐21	
$	‐	
$	(1,046,255.50)	
$	(4.01)	
$	1,046,255.50	
$	(1,105,771.30)	
$	1,046,259.51	
01‐Mar‐21			4.01	1,046,255.50	4.24	(4.01)	
01‐Apr‐21			4.44	1,046,255.50	4.67	(4.44)	
03‐May‐21	31,693.00			1,014,562.50	33,162.80	(31,692.71)	
03‐May‐21			4.30	1,014,562.50	4.50	(4.30)	
01‐Jun‐21			4.32	1,014,562.50	4.50	(4.32)	
01‐Jul‐21			4.17	1,014,562.50	4.32	(4.17)	
02‐Aug‐21			4.31	1,014,562.50	4.45	(4.31)	
01‐Sep‐21			4.31	1,014,562.50	4.43	(4.31)	
01‐Oct‐21			4.17	1,014,562.50	4.27	(4.17)	
01‐Nov‐21			4.31	1,014,562.50	4.39	(4.31)	
01‐Dec‐21			4.17	1,014,562.50	4.23	(4.17)	
03‐Jan‐22			4.31	1,014,562.50	4.35	(4.31)	
01‐Feb‐22			4.31	1,014,562.50	4.33	(4.31)	
28‐Feb‐22	1,014,562.50		3.88	0.00	1,014,566.38	(1,014,515.67)	

Totals					
$	(57,989.45)	
$	0.00	

Schedule B ‐ Page 1	5.1955 DataTomoka2017 2‐28‐22

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

Ratification & Consideration of Payment Authorizations 131 – 141

Payment Authorization 131
3/17/2022

Item
No.	Payee	Invoice

FY22
General Fund

1	Fountain Design Group, Inc.		
Fountain Electrical Repairs	26506A	$	125.00	
2	Landcare Management, Inc.
Landscape Maintenance: March 2022	
15002	
$	8,936.50	
3	PFM Group Consulting LLC
District Management Fee: March 2022	
DM-03-2022-049	

$	1,833.33	
			
	TOTAL	$ 10,894.83	

Secretary/Assi tant Secretary

Payment Authorization 132
4/7/2022

Item
No.	Payee	Invoice

FY22
General Fund

1	Clear Waters, Inc.
Lake Management (Lakes 1-40): April 2022	
122468	
$	3,455.00	
2	FPL (paid online)
828PINEWOOD DR #LIGHTS; 02/16/22-03/17/22	
Acct. 33081-72323	
$	436.61	
3	Grau and Associates
Audit FY 2021	
22384	
$	2,000.00	
4	Kutak Rock			
General Counsel Through 02/28/22	3024481	$	145.00	
5	Sky's the Limit Handyman Service, Inc.
Electrical Repairs: March 2022	
6879	
$	671.48	
6	U.S. Bank
Trustee Services S2017: 03/01/22-02/28/23	
6470164	
$	5,387.50	
7	Westlake at Plantation Bay
Management Fee: April 2022	
APR.2022	
$	1,500.00	
			
	TOTAL	$ 13,595.59	

Secretary/Assistant Secretary	(ihairperson

COMMUNITY DEVELOPMENT DISTRICT

Payment Authorization 133
4/14/2022
FY22
Item	General

Secretary/Assistantecretary

	No.		Payee		Invoice	Fund	

1	FPL (paid online)		
	1902 BAY DR #LIGHTS; 03/01/22-04/01/22	Acct. 06348-96468	$	28.32	
	14 SOUTHAMPTON ST #FOUNTAIN; 03/10/22-04/11/22	Acct: 07725-87150	$	325.03	
	830 CREEKWOOD DR #LIGHTS; 03/01/22-04/01/22	Acct. 10429-04555	$	20.69	
	776 COBBLESTONE WAY# FOUNT 168; 03/01/22-04/01/22	Acct. 16257-77592	$	12.69	
	105 LONGRIDGE LN #FOUNTAIN; 03/10/22-04/11/22	Acct. 21835-08155	$	174.66	
	13 LONGRIDGE LN #FOUNTAIN; 03/10/22-04/11/22	Acct. 26429-97155	$	173.40	
	816 CREEKWOOD DR #LIGHTS; 03/01/22-04/01/22	Acct. 29713-93554	$	15.58	
	842 CREEKWOOD DR #WELL; 03/01/22-04/01/22	Acct. 32207-00334	$	478.55	
	715 STIRLING BRIDGE DR #FOUNTAIN; 03/01/22-04/01/22	Acct. 34913-15309	$	287.50	
	804 EDGEWOOD CT #FOUNTAIN; 03/01/22-04/01/22	Acct. 35110-93258	$	308.71	
	1 STIRLING BRIDGE DR;03/01/22-04/01/22	Acct. 38557-52527	$	1,083.15	
	1882 BAY DR #FOUNT; 03/01/22-04/01/22	Acct. 43768-60427	$	522.81	
	315 STIRLING BRIDGE DR #FNTAIN; 03/01/22-04/01/22	Acct. 44304-85054	$	126.00	
	870 CREEKWOOD DR #LIGHTS; 03/01/22-04/01/22	Acct. 44494-65261	$	22.54	
	305 STIRLING BRIDGE DR #FNTAIN; 03/09/22-04/08/22	Acct. 46427-75052	$	398.62	
	620 ELK RIVER DR #FOUNTAIN; 03/01/22-04/01/22	Acct. 52826-54275	$	110.00	
	650 ELK RIVER DR #FOUNT; 03/01/22-04/01/22	Acct. 56589-03421	$	271.16	
	709 COBBLESTONE DR# FOUNTAIN; 03/01/22-04/01/22	Acct. 57897-75599	$	37.37	
	715 STIRLING BRIDGE DR #PUMP; 03/01/22-04/01/22	Acct. 58441-35300	$	29.13	
	862 PINEWOOD DR #LIGHTS; 03/01/22-04/01/22	Acct. 59968-73559	$	17.08	
	405 STIRLING BRIDGE DR #FNTAIN; 03/01/22-04/01/22	Acct. 67705-95053	$	127.97	
	674 SOUTHLAKE DR #FOUNT; 03/01/22-04/01/22	Acct. 69851-81426	$	109.87	
	32 SOUTHAMPTON ST#FOUNTAIN; 03/10/22-04/11/22	Acct. 70791-97153	$	221.81	
	1046 STONE LAKE DR# FOUNTAIN; 03/01/22-04/01/22	Acct. 70868-78597	$	151.82	
	890 CREEKWOOD DR #LIGHTS; 03/01/22-04/01/22	Acct. 74074-85262	$	19.86	
	828 PINEWOOD DR #FOUNTAIN; 03/01/22-04/01/22	Acct. 76659-43556	$	83.01	
	665 SOUTHLAKE DR #FOUNT; 03/01/22°04/01/22	Acct. 79959-72424	$	109.55	
	0 ST-LGT#WESTLAKE;03/01/22-04/01/22	Acct. 80795-77055	$	324.65	
	776 COBBLESTONE WAY# LAKE 18; 03/01/22-04/01/22	Acct. 81025-76421	$	133.75	
	842 CREEKWOOD DR #LIGHTS; 03/01/22-04/01/22	Acct. 92959-45266	$	17.43	
2	Landcare Management, Inc.			
	Landscape Maintenance: April 2022	15061	$	3,846.70	
3	PFM Group Consulting LLC
FedEx: March 2022	
OE-EXP-04-032	
$	23.92	
				
		TOTAL	$  9,613.33	

 airperson

4/21/2022

Item No.	

Payee	

Invoice	
FY22
General Fund	

1	
FPL (paid online)			
	341 STIRLING BRIDGE DR#FNTAIN; 03/01/22-04/01/22	Acct. 30179-85056	$	19.28	
2	Landcare Management, Inc.			
	Landscape Maintenance: February 2022	14937	$	3,846.70	
	Landscape Maintenance: March 2022	15001	$	3,846.70	
				
		TOTAL	$	7,712.68	

Secretary/Assistant Secretary

airperson

4/28/2022

Item No.	

Payee	

Invoice	
FY22
General Fund	

1	
PFM Group Consulting LLC			
	District Management Fee: April 2022	DM-04-2022-49	$	1,833.33	
				
		TOTAL	$	1,833.33	

Secretary/Assistant Secretary

COMMUNITY	DEVELOPMENT	DISTRICT

Payment Authorization 136
5/5/2022
FY22
Item	General
	No.		Payee		Invoice	Fund	

1	Clear Waters, Inc.
Lake Management (Lakes 1-40): May 2022	
123244	
$	3,455.00	
2	Finley Engineering Solutions, Inc.
Engineering Services Through 04/28/22	
210405	
$	792.00	
3	FPL (paid online)			
828 PINEWOOD DR #LIGHTS; 03/17/22-04/18/22	Acct. 33081-72323	$	480.06	
4	Kutak Rock
General Counsel Through 03/31/22	
3040179	
$	406.46	
5	Sky's the Limit Handyman Service, Inc.			
Electrical Repairs: April 2022	6916	$	1,124.45	
6	Westlake at Plantation Bay
Management Fee: May2022	
MAY.2022	
$	1,500.00	
			
	TOTAL	$	7,757.97	

Chairperson

Secretary/Assistant Secretary

COMMUNITY  DEVELOPMENT	DISTRICT

Payment Authorization 137
5/12/2022

Item
No.	Payee	Invoice

FY22
General Fund

1	Fountain Design Group, Inc.
Fountain Motor Installation	
26943A	
$	1,978.00	
2	FPL (paid online)
1902 BAY DR #LIGHTS; 04/01/22-05/02/22	

Acct. 06348-96468	
$	27.07	
	14 SOUTHAMPTON ST #FOUNTAIN; 04/11/22-05/10/22	Acct: 07725-87150	$	387.02	
	830 CREEKWOOD DR #LIGHTS; 04/01/22-05/02/22	Acct. 10429-04555	$	20.21	
	776 COBBLESTONE WAY# FOUNT 16B; 04/01/22-05/02/22	Acct. 16257-77592	$	12.81	
	105 LONGRIDGE LN #FOUNTAIN; 04/11/22-05/10/22	Acct. 21835-08155	$	159.70	
	13 LONGRIDGE LN #FOUNTAIN; 04/11/22-05/10/22	Acct. 26429-97155	$	157.86	
	816 CREEKWOOD DR #LIGHTS; 04/01/22-05/02/22	Acct. 29713-93554	$	15.49	
	842 CREEKWOOD DR #WELL; 04/01/22-05/02/22	Acct. 32207-00334	$	42.69	
	715 STIRLING BRIDGE DR #FOUNTAIN; 04/01/22-05/02/22	Acct. 34913-15309	$	294.22	
	804 EDGEWOOD CT #FOUNTAIN; 04/01/22-05/02/22	Acct. 35110-93258	$	304.29	
	1 STIRLING BRIDGE DR;04/01/22-05/02/22	Acct. 38557-52527	$	1,083.15	
	1882 BAY DR #FOUNT; 04/01/22-05/02/22	Acct. 43768-60427	$	516.91	
	315 STIRLING BRIDGE DR #FNTAIN; 04/01/22-05/02/22	Acct. 44304-85054	$	121.24	
	870 CREEKWOOD DR #LIGHTS; 04/01/22-05/02/22	Acct. 44494-65261	$	21.85	
	305 STIRLING BRIDGE DR #FNTAIN; 04/08/22-05/09/22	Acct. 46427-75052	$	443.10	
	620 ELK RIVER DR #FOUNTAIN; 04/01/22-05/02/22	Acct. 52826-54275	$	109.31	
	650 ELK RIVER DR #FOUNT; 04/01/22-05/02/22	Acct. 56589-03421	$	268.62	
	709 COBBLESTONE DR# FOUNTAIN; 04/01/22-05/02/22	Acct. 57897-75599	$	12.22	
	715 STIRLING BRIDGE DR #PUMP; 04/01/22-05/02/22	Acct. 58441-35300	$	51.37	
	862 PINEWOOD DR #LIGHTS; 04/01/22-05/02/22	Acct. 59968-73559	$	16.63	
	405 STIRLING BRIDGE DR #FNTAIN; 04/01/22-05/02/22	Acct. 67705-95053	$	127.97	
	674 SOUTHLAKE DR #FOUNT; 04/01/22-05/02/22	Acct. 69851-81426	$	111.74	
	32 SOUTHAMPTON ST #FOUNTAIN; 04/11/22-05/10/22	Acct. 70791-97153	$	124.24	
	1046 STONE LAKE DR# FOUNTAIN; 04/01/22-05/02/22	Acct. 70868-78597	$	126.34	
	890 CREEKWOOD DR #LIGHTS; 04/01/22-05/02/22	Acct. 74074-85262	$	19.40	
	828 PINEWOOD DR #FOUNTAIN; 04/01/22-05/02/22	Acct. 76659-43556	$	74.21	
	665 SOUTHLAKE DR #FOUNT; 04/01/22-05/02/22	Acct. 79959-72424	$	108.40	
	0 ST-LGT #WESTLAKE; 04/01/22-05/02/22	Acct. 80795-77055	$	324.65	
	776 COBBLESTONE WAY# LAKE 18; 04/01/22-05/02/22	Acct. 81025-76421	$	132.15	
	842 CREEKWOOD DR #LIGHTS; 04/01/22-05/02/22	Acct. 92959-45266	$	16.98	

	TOTAL	$	7,209.84

//

II 	.:k·S,
Secretary/Assistant Secretary	Chairperson

Payment Authorization 138 5/19/2022

Item
No.	Payee	Invoice

FY22
General Fund

1	FPL (paid online)		
341 STIRLING BRIDGE DR#FNTAIN; 04/01/22-05/02/22	Acct. 30179-85056	$	87.99	
2	Hazen Construction			
Storm Erosion Repairs - Westlake Unit 8 Headwall	5747	$	4,669.00	
Storm Erosion Repairs - 839 Westlake Drive	5748	$	8,563.00	
Storm System Repairs - 625 Woodbridge Skimmer	5749	$	1,889.00	
3	Landcare Management, Inc.
Landscape Maintenance: May 2022	

15118	
$	3,846.70	
4	VGlobalTech			
Quarter 1 ADA Audit	3726	$	300.00	
Monthly Website Fee: April 2022	3813	$	135.00	
Monthly Website Fee: May 2022	3892	$	135.00	
			
	TOTAL	$ 19,625.69	

Secretary/AssistntSecretary

Payment Authorization 139
5/26/2022

Item
No.	Payee	Invoice

FY22
General Fund

1	Florida Fountains & Equipment
Fountain - Reset Tripped Overload	
2022-146	
$	179.00	
Fountain - Replaced Motor/Start Box	F2022-241	$	6,761.69	
2	PFM Group Consulting LLC			
District Management Fee: May 2022	DM-05-2022-48	$	1,833.33	
3	Sky's the Limit Handyman Service, Inc.
Streetlights Retrofitted to LED	

6976	
$ 10,765.82	
			
	TOTAL	$ 19,539.84	

Secretary/Assistant Secretary

No.	Payee	Invoice	Fund	

1	
FPL (paid online)			
	828 PINEWOOD DR #LIGHTS; 04/18/22-05/17/22	Acct. 33081-72323	$	432.78	
2	PFM Group Consulting LLC
Postage: April 2022	

OE-EXP-05-050	
$	0.53	
3	Sky's the Limit Handyman Service, Inc.			
	Electrical Repairs: May 2022	6956	$	1,061.52	
4	Westlake at Plantation Bay
Management Fee: June 2022	

JUNE2022	
$	1,500.00	
				
		TOTAL	$	2,994.83	

//
Secretary/Assistant Secretary	&hairperson

	No.		Payee		Invoice	Fund		
1	Clear Waters, Inc.		
	Lake Management (Lakes 1-40): June 2022	124031	$	3,455.00	
2	FPL (paid online)		
	1902 BAY DR #LIGHTS; 05/02/22-06/01/22	Acct. 06348-96468	$	31.12	
	830 CREEKWOOD DR #LIGHTS; 05/02/22-06/01/22
776 COBBLESTONE WAY# FOUNT 168; 05/02/22-06/01/22	Acct. 10429-04555	$	28.69
Acct. 16257-77592	$	25.90	
	816 CREEKWOOD DR #LIGHTS; 05/02/22-06/01/22	Acct. 29713-93554	$	26.98	
	842 CREEKWOOD DR #WELL; 05/02/22-06/01/22
715 STIRLING BRIDGE DR #FOUNTAIN; 05/02/22-06/01/22	Acct. 32207-00334	$	317.74
Acct. 34913-15309	$	264.33	
	804 EDGEWOOD CT #FOUNTAIN; 05/02/22-06/01/22	Acct. 35110-93258	$	293.40	
	1 STIRLING BRIDGE DR;05/02/22-06/01/22	Acct. 38557-52527	$	1,072.01	
	1882 BAY DR #FOUNT; 05/02/22-06/01/22	Acct. 43768-60427	$	494.52	
	315 STIRLING BRIDGE DR #FNTAIN; 05/02/22-06/01/22	Acct. 44304-85054	$	121.24	
	870 CREEKWOOD DR #LIGHTS; 05/02/22-06/01/22	Acct. 44494-65261	$	29.26	
	305 STIRLING BRIDGE DR #FNTAIN; 05/09/22-06/08/22	Acct. 46427-75052	$	436.61	
	620 ELK RIVER DR #FOUNTAIN; 05/02/22-06/01/22	Acct. 52826-54275	$	100.29	
	650 ELK RIVER DR #FOUNT; 05/02/22-06/01/22	Acct. 56589-03421	$	259.70	
	709 COBBLESTONE DR# FOUNTAIN; 05/02/22-06/01/22	Acct. 57897-75599	$	127.39	
	715 STIRLING BRIDGE DR #PUMP; 05/02/22-06/01/22	Acct. 58441-35300	$	105.72	
	862 PINEWOOD DR #LIGHTS; 05/02/22-06/01/22	Acct. 59968-73559	$	27.30	
	405 STIRLING BRIDGE DR #FNTAIN; 05/02/22-06/01/22	Acct. 67705-95053	$	123.81	
	674 SOUTHLAKE DR #FOUNT; 05/02/22-06/01/22	Acct. 69851-81426	$	107.35	
	1046 STONE LAKE DR# FOUNTAIN; 05/02/22-06/01/22	Acct. 70868-78597	$	136.87	
	890 CREEKWOOD DR #LIGHTS; 05/02/22-06/01/22	Acct. 74074-85262	$	28.27	
	828 PINEWOOD DR #FOUNTAIN; 05/02/22-06/01/22	Acct. 76659-43556	$	143.49	
	665 SOUTHLAKE DR #FOUNT; 05/02/22-06/01/22	Acct. 79959-72424	$	104.91	
	0 ST-LGT #WESTLAKE; 05/02/22-06/01/22	Acct. 80795-77055	$	324.65	
	776 COBBLESTONE WAY# LAKE 18; 05/02/22-06/01/22	Acct. 81025-76421	$	128.89	
	842 CREEKWOOD DR #LIGHTS; 05/02/22-06/01/22	Acct. 92959-45266	$	27.37	
3	Kutak Rock		
	General Counsel Through 04/30/22	3054504	$	1,003.50	
4	PFM Group Consulting LLC		
	District Management Fee: June 2022	DM-06-2022-45	$	1,833.33	
			
		TOTAL	$ 11,179.64	

Secretary/Assistant Secretary

TOMOKA
COMMUNITY DEVELOPMENT DISTRICT

Review of District Financial Statements

Tomoka Community Development District
Statement of Financial Position As of 5/31/2022

General Fund		Debt Service Fund	
		
Assets	

$258,170.80			
2,984.70			
9,057.19			
21,522.52			
2,244.79			
		$81,416.15	
		291,383.82	
		0.10	
		197,418.15	
		981,710.00	
$293,980.00		$1,551,928.22	

Capital Project Fund

Long Term Debt	Total Group

Current Assets
General Checking Account General Checking Account - CNB State Board of Administration Assessments Receivable Prepaid Expenses
Assessments Receivable Revenue Series 2017 Bond Interest Series 2017 Bond Deferred Cost Series 2017 Bond
Debt Service Reserve Series 2017 Bond Acquisition/Construction 2017 Bond
Total Current Assets

Investments

$1,596.20

$1,596.20

$258,170.80
2,984.70
9,057.19
21,522.52
2,244.79
81,416.15
291,383.82
0.10
197,418.15
981,710.00
1,596.20

$0.00	$1,847,504.42

Amount Available in Debt Service Funds							$1,470,512.07		$1,470,512.07	
Amount To Be Provided							11,229,487.93		11,229,487.93	
Total Investments			$0.00		$0.00		$12,700,000.00		$12,700,000.00	
Total Assets	$293,980.00		$1,551,928.22		$1,596.20		$12,700,000.00		$14,547,504.42	

Liabilities and Net Assets	

Current Liabilities
Accounts Payable	

$41,055.54					

$41,055.54	
Deferred Revenue	21,522.52					21,522.52	
Deferred Revenue			$81,416.15			81,416.15	
Total Current Liabilities	$62,578.06		$81,416.15		$0.00		

Long Term Liabilities
Revenue Bonds Payable LongTerm Total Long Term Liabilities
Total Liabilities

$0.00

$62,578.06	$81,416.15

$0.00

$0.00

$0.00		$143,994.21	

$12,700,000.00
$12,700,000.00

$12,700,000.00		
$12,700,000.00
$12,700,000.00

$12,843,994.21	

 		

Tomoka Community Development District
Statement of Financial Position As of 5/31/2022	

General Fund	
Debt Service Fund	
Capital Project Fund	
Long Term Debt
Group	
Total	

$67,175.29 39,031.21
125,195.44

$231,401.94

$293,980.00	

$1,560,377.88 (89,865.81)

$1,470,512.07

$1,551,928.22	

$1,596.13
0.07

$1,596.20

$1,596.20	

$0.00

$12,700,000.00	

$67,175.29 39,031.21
125,195.44

1,560,377.88
(89,865.81)

1,596.13
0.07

$1,703,510.21

$14,547,504.42	

Net Assets
Net Assets, Unrestricted
Net Assets - General Government
Current Year Net Assets - General Government

Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Total Net Assets

Total Liabilities and Net Assets

Revenues

Tomoka Community Development District
Statement of Activities As of 5/31/2022

General Fund	Debt Service Fund	Capital Project Fund	Long Term Debt	Total	
			Group		

On-Roll Assessments	$255,729.91								$255,729.91	
Off-Roll Assessments	60,593.46								60,593.46	
Other Income & Other Financing Sources	0.38								0.38	
On-Roll Assessments			$931,510.18						931,510.18	
Off-Roll Assessments			114,886.17						114,886.17	
Total Revenues	$316,323.75		$1,046,396.35		$0.00		$0.00		$1,362,720.10	

Expenses

Insurance	$2,927.00			$2,927.00	
Trustee Services	5,387.50			5,387.50	
Management	14,666.64			14,666.64	
Field Management	12,000.00			12,000.00	
Engineering	792.00			792.00	
Dissemination Agent	1,500.00			1,500.00	
District Counsel	1,649.53			1,649.53	
Assessment Administration	7,500.00			7,500.00	
Audit	4,000.00			4,000.00	
Legal Advertising	152.58			152.58	
Web Site Maintenance	1,630.00			1,630.00	
Office Misc (Postage, Tel, Copies,Etc.)	280.48			280.48	
Dues, Licenses, and Fees	175.00			175.00	
Electric	56,658.60			56,658.60	
General Insurance	3,804.00			3,804.00	
Fountains	9,454.93			9,454.93	
Lake Maintenance	37,801.00			37,801.00	
Landscaping Maintenance & Material	30,773.60			30,773.60	
Principal Payment			$425,000.00	425,000.00	
Interest Payments			711,312.50	711,312.50	
Total Expenses	$191,152.86		$1,136,312.50		

Other Revenues (Expenses) & Gains (Losses)

Interest Income Interest Income Interest Income
Total Other Revenues (Expenses) & Gains (Losses)

Change In Net Assets

Net Assets At Beginning Of Year

Net Assets At End Of Year

$24.55

$24.55
General Fund

$125,195.44

$106,206.50

$231,401.94

$50.34

$50.34
Debt Service Fund

($89,865.81)

$1,560,377.88

$1,470,512.07

$0.00		$0.00		$1,327,465.36	
				
$24.55	
				50.34	
$0.07				0.07	

$0.07
Capital Project Fund

$0.07

$1,596.13

$1,596.20

$0.00	$74.96
Long Term Debt	Total Group
$0.00	$35,329.70

$0.00	$1,668,180.51

$0.00	$1,703,510.21

Tomoka Community Development District Budget to Actual
For the Period Ending 5/31/22	
	
Actual				
Budget			
Variance	
Adopted FY 2022 Budget	

Revenues												
Maintenance Assessments	$	255,729.91	$	171,372.01		$	84,357.90	$	257,058.01	
Developer Funding Agreement (Master)	41,271.87	36,686.38			4,585.49	55,029.57	
Developer Funding Agreement (Phase 9 and 12B)	19,321.59	17,174.95			2,146.64	25,762.42	
Other Income & Other Financing Sources	0.38	0.00			0.38	0.00	
Interest Income	24.55	0.00			24.55	0.00	
Net Revenues	$	316,348.30	
$	225,233.33		$	91,114.97	
$	337,850.00	
Master												
Supervisor Fees	$	-		$	2,666.67		$	(2,666.67)	$	4,000.00	
Public Official Insurance	2,927.00			2,083.33			843.67	3,125.00	
Trustee Fees	5,387.50			4,000.00			1,387.50	6,000.00	
District Management Fees	14,666.64			14,666.67			(0.03)	22,000.00	
Management Fees - Field	12,000.00			12,000.00			0.00	18,000.00	
Engineering Fees	792.00			666.67			125.33	1,000.00	
Dissemination Agent	1,500.00			2,000.00			(500.00)	3,000.00	
District Counsel	1,649.53			1,666.67			(17.14)	2,500.00	
Assessment Administration	7,500.00			5,000.00			2,500.00	7,500.00	
Reamortization Schedule	0.00			166.67			(166.67)	250.00	
Audit Fees	4,000.00			4,000.00			0.00	6,000.00	
Arbitrage	0.00			666.67			(666.67)	1,000.00	
Travel & Per Diem	0.00			166.67			(166.67)	250.00	
Legal Advertising	152.58			1,000.00			(847.42)	1,500.00	
Meeting Room	0.00			166.67			(166.67)	250.00	
Website	1,630.00			1,800.00			(170.00)	2,700.00	
Office Misc (Phone/Postage/Copies/Supplies/etc)	280.48			300.00			(19.52)	450.00	
Dues, Licenses & Fees	175.00			116.67			58.33	175.00	
	
$	52,660.73		$	53,133.33		$	(472.60)	
$	79,700.00	

Master - Collector Road (Phase 9A)										
Electric	$	-		$	9,440.00		$	(9,440.00)	$	14,160.00	
Lake Maintenance
Lake Bank Landscape Maintenance
Total Master - Collector Road	

$	0.00
0.00
-		

$	1,200.00
12,880.00
23,520.00		

$	(1,200.00)
(12,880.00)
(23,520.00)	1,800.00
19,320.00

$	35,280.00	
TOTAL MASTER	$52,660.73			$76,653.33			-$23,992.60			$114,980.00	

Neighborhood							
Electric	$	56,658.60	$	56,613.33		$	45.27	$	84,920.00	
Stormwater R&M	0.00	16,666.67			(16,666.67)	25,000.00	
General Insurance	3,804.00	2,700.00			1,104.00	4,050.00	
Lake Fountain & Maintenance	9,454.93	8,000.00			1,454.93	12,000.00	
Lake Maintenance	37,801.00	26,600.00			11,201.00	39,900.00	
Landscape Maintenance	30,773.60	31,333.33			(559.73)	47,000.00	
R&M Contingency	0.00	6,666.67			(6,666.67)	10,000.00	
Total Neighborhood	

$	138,492.13	$	148,580.00		$	(10,087.87)	$	222,870.00	
Net Income (Loss) $	125,195.44	
$	-		$	125,195.44		$	-