Page
REPORT
Independent Auditor’s Report.....................................................................................	1
Management’s Discussion and Analysis ......................................................................	4
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements:
Statement of Net Position .....................................................................................	8
Statement of Activities ..........................................................................................	9
Fund Financial Statements:
Balance Sheet – Governmental Funds and Reconciliation of the Balance Sheet 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 – Governmental Funds to the Statement of Activities	12
Statement of Net Position – Proprietary Fund ............................................................	13
Statement of Revenues, Expenses and Changes in Net Position – Proprietary Fund .	14
Statement of Cash Flows – Proprietary Fund ..............................................................	15
Notes to the Financial Statements ..............................................................................	16
REQUIRED SUPPLEMENTARY INFORMATION
Budgetary Comparison Schedule – General Fund ......................................................	32
OTHER NON-FINANCIAL INFORMATION
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 ..............................................................................	33
Independent Accountant’s Report on Compliance with Florida Statutes 218.415 – Investment of Public Funds ................................................................................	35
Management Letter.....................................................................................................	36
REQUIRED COMMUNICATION
Required Communications ..........................................................................................	39
Accounting Policies, Judgments, & Sensitive Estimates & CRI Comments on Quality	46
Summary of Adjustments ............................................................................................	47

Management Representation Letter ...........................................................................	49
Internal Control Findings .............................................................................................	53

FINANCIARELPSOTARTEMENTS

INDEPENDENT AUDITOR’S REPORT
Board of Supervisors
Lakewood Ranch Stewardship District
Report on the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type activities and each major fund of Lakewood Ranch Stewardship District ("District"), as of and for the year then ended September 30, 2024, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities and each major fund of Lakewood Ranch Stewardship District, as of September 30, 2024, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
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.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information on pages 3 through 6 and page 25 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated February 5, 2025, 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, and 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 result 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.

Carr, Riggs, & Ingram, L.L.C.

Bradenton, Florida February 5, 2025

MANAGEMENT’S DISCUSSION AND ANALYSIS
The following is a narrative overview and analysis of the financial activities of the Lakewood Ranch Stewardship District (“District”) for the fiscal year ended September 30, 2024.
Financial Highlights and Analysis of Financial Statements
As of September 30, 2024 and 2023, the total assets of the District were $505,303,427 and
$421,853,835, respectively, an increase of $83,449,592. The primary factors for the change was the approximate decrease in net depreciable capitalized assets of $16.4 million and approximately $52.1 million in an increase in construction in progress, restricted cash increased approximately $48.9 million, and due from land owner decreased $1.3 million.
As of September 30, 2024 and 2023, the total liabilities of the District were $475,607,093 and $400,287,017, respectively, an increase of $75,320,076. The primary factor for the change was the approximate $87 million of debt from new bond issues less approximately
$17 million in bond principal repayments; an increase in the amortization of the discount of
$4 million.
In the government-wide financial statements (accrual basis), the District’s assets exceeded liabilities by $30,576,516 and $20,555,818 as of September 30, 2024 and 2023, respectively.
In the governmental funds (modified accrual basis), the District’s fund balance totaled
$74,450,232 and $31,854,867 as of September 30, 2024 and 2023, respectively. The primary factor for both of these variances was the change in assets and liabilities as discussed above.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the District’s basic financial statements. The District’s basic financial statements comprise three components: 1) government- wide financial statements, 2) fund financial statements, and 3) notes to the financial statements.
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 of 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 District’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 District’s governmental activities include general government, physical environment, and interest on long-term debt. The business type activities include the Braden River Utilities.
The government-wide financial statements can be found on pages 8 and 9 of this report.

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 uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the District’s funds are governmental funds.
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 government’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 governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.
The District maintains three individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, the debt service fund and the capital projects fund, all of which are considered to be major funds.
The basic governmental fund financial statements can be found on pages 10 to 11 of this report.
Proprietary Fund – The District maintains one type of proprietary fund, an enterprise fund. An enterprise fund is used to report the same function presented as business-type activities in the government-wide financial statements. The District uses an enterprise fund to account for the irrigation operations within the District.
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. The notes to the financial statements can be found on pages 13 through 25 of this report.
Government-Wide Financial Analysis

	Governmental Activities	Business-type Activities	Total	

Statement of Net Position	2024	2023	2024	2023	2024	2023	
Current and other assets	$ 82,676,472	$  34,616,023	$  1,489,687	$  1,737,420	$ 84,166,159	$  36,353,443	
Capital assets	421,137,268	385,500,392	-	-	421,137,268	385,500,392	
Total assets	$ 503,813,740	$ 420,116,415	$  1,489,687	$  1,737,420	$ 505,303,427	$ 421,853,835	
Deferred outflow of resources	$	880,182	$	-	$	-	$	-	$	880,182	$	-	
Total deferred outflow of resources	$	880,182	$	-	$	-	$	-	$	880,182	$	-	
Curent liabilities	$ 16,193,240	$  11,414,156	$	133,169	$	277,578	$ 16,326,409	$  11,691,734	
Long-term liabilities	459,280,684	388,595,283	-	-	459,280,684	388,595,283	
Total liabilities	$ 475,473,924	$ 400,009,439	$	133,169	$	277,578	$ 475,607,093	$ 400,287,017	
Deferred inflow of resources	$	-	$  1,011,000	$	-	$	-	$	-	$  1,011,000	
Total deferred inflow of resources	$	-	$  1,011,000	$	-	$	-	$	-	$  1,011,000	
Net investment in capital assets	$ (26,340,833	$  8,021,692	$	-	$	-	$ (26,340,833	$  8,021,692	
Restricted	73,427,799	30,908,172	-	-	73,427,799	30,908,172	
Unrestricted	(17,866,968	(19,833,888)	1,356,518	1,459,842	(16,510,450	(18,374,046)	
Total net position	$ 29,219,998	$  19,095,976	$  1,356,518	$  1,459,842	$ 30,576,516	$  20,555,818	

)	)

)	)

Current and other assets increased by $47,808,037 primarily due to the increase in restricted cash.

The primary changes in the capital assets increase of approximately $35.6 million were the infrastructure improvements on the Villages of Lakewood Ranch South (known as the Waterside community), Lakewood Centre Northwest, Northeast Sector, SMR Taylor Ranch, and the Star Farms project. The continued issuance of new bonds by the District is due to the continuing opening up of new residential development areas within the District with the bond proceeds being disbursed for master infrastructure in the appropriate assessment areas
Total liabilities increased by approximately $75.3 million, due primarily to the issuance of Taylor Ranch, Aurora, Star Farms and the Villages of Lakewood Ranch South bonds, less debt payments.

Governmental Activities	Business-type Activities	Total
Statement of Activities	2024	2023	2024	2023	2024	2023	
Program revenues							
Charges for services	$  33,662,191	$  33,907,928	$	7,849,221	$	3,214,751	$  41,511,412	$  37,122,679	
Operating grants and contributions	16,572,726	17,566,082	-	-	16,572,726	17,566,082	

General revenues							
Investment income	4,967,276	1,173,775	-	-	4,967,276	1,173,775	
Non advalorem assessments	9,620,460	7,928,763	-	-	9,620,460	7,928,763	
Total revenues	64,822,653	60,576,548	7,849,221	3,214,751	72,671,874	63,791,299	
Expenses							
General government	4,088,229	3,133,205	-	-	4,088,229	3,133,205	
Physical environment	33,844,203	32,660,540	-	-	33,844,203	32,660,540	
Braden River Utilities	-	-	4,000,755	1,059,185	4,000,755	1,059,185	
Interest on long-term debt	20,717,989	19,781,025	-	-	20,717,989	19,781,025	
Total expenses	58,650,421	55,574,770	4,000,755	1,059,185	62,651,176	56,633,955	
							
Transfers	3,951,790	695,724	(3,951,790)	(695,724)	-	-	
Changes in net position	10,124,022	5,697,502	(103,324)	1,459,842	10,020,698	7,157,344	
Net position - beginning	19,095,976	13,398,474	1,459,842	-	20,555,818	13,398,474	
Net position - ending	$  29,219,998	$  19,095,976	$	1,356,518  $	1,459,842	$  30,576,516	$  20,555,818	
Charges for services consist of lot sale proceeds and utility services and operating grants and contributions consists of Developer cash funding contributions. Charges for services increased by
$4,388,733, primarily due to an increase in homeowner debt service payments.
Capital Assets
During the year ended September 30, 2024, the District had a gross increase of infrastructure approximately $63.7 million. Primary capital projects continuing were Villages of Lakewood Ranch South, Star Farms, Aurora, Lakewood Centre, Northwest Sector projects, and Northeast Sector projects. Additional information on the District’s capital assets can be found in Note 4 of this report.
Debt Administration
During the year ended September 30, 2024, the District issued four new bonds for various projects netting to $86.6 million. Approximately $17.2 million was made in repayments of amounts due on the various issues of the District. Additional information on the District’s long-term debt can be found in Notes 5 and 6 of this report.

Budgetary Highlights
The District set its annual budget for the District expecting to be operational for the entire year. Landowner funding came in lower than anticipated by $1,349,390 and Assessment funding came in higher than anticipated by $264,147. The variance of the budgeted expenditures compared with actual results was $842,647 lower than anticipated. The reason for this variance is timing of completed infrastructure projects where needed landscape and related maintenance started later than budgeted. There were no budget amendments during the year.
Economic Factors and Year 2025 Budget
The District is anticipating increased interest in the various developments and projects currently underway. Next year’s budget main components will be maintenance of the project areas, administration of the District, and continued infrastructure acquisition and improvements on capital projects begun in 2020, 2021, 2022, 2023 and 2024.
Requests for Information
This financial report is designed to provide a general overview of the District’s finances for all those with an interest in them. Questions concerning any of the information provided in this report or requests for additional information should be addressed to Lakewood Ranch Stewardship District, Attn: Supervisor, 14400 Covenant Way, Bradenton, Florida 34202.

BASIC FINANCIAL SSSTTTAAATTTEEEMMMEEENNNTTTSSS

September 30, 2024		
	Governmental	Business-Type		
	Activities	Activities	Total	
Assets				
Current Assets:				
Cash and cash equivalents	$	2,345,819	$	662,954	$	3,008,773	
Total current assets	2,345,819	662,954	3,008,773	
Other Assets:				
Cash and cash equivalents - restricted	79,825,750	-	79,825,750	
Accounts receivable	-	750,308	750,308	
Due from other funds	-	76,425		
Accrued interest receivable	27,974	-	27,974	
Other receivables	286,648	-	286,648	
Prepaid expenses	47,847	-	47,847	
Due from land owner	142,434	-	142,434	
Total other assets	80,330,653	826,733	81,157,386	
Capital Assets:				
Depreciable assets:				
District infrastructure	560,567,526	-	560,567,526	
Less accumulated depreciation	(193,194,703)	-	(193,194,703)	
Net depreciable assets	367,372,823	-	367,372,823	
Non-depreciable assets:
Construction in progress	53,764,445	-	53,764,445	
Total capital assets	421,137,268	-	421,137,268	
Total assets	$	503,813,740	$	1,489,687	$	505,303,427	
Deferred Outflow of Resources				
Deferred charges on debt refunding	880,182	-	880,182	
Total deferred outflow of resources	880,182	-	880,182	
Liabilities				
Current Liabilities:				
Accounts payable	$	8,149,815	$	133,169	$	8,282,984	
Due to other funds	76,425	-	76,425	
Bonds payable, current portion	7,967,000	-	7,967,000	
Total current liabilities	16,193,240	133,169	16,326,409	
Non-current Liabilities:				
Bonds payable, long-term portion	459,280,684	-	459,280,684	
Total non-current liabilities	459,280,684	-	459,280,684	
Total liabilities	475,473,924	133,169	475,607,093	
Net Position				
Net investment in capital assets	(26,340,833)	-	(26,340,833)	
Restricted for debt service	34,577,874	-	34,577,874	
Restricted for capital projects	38,849,925	-	38,849,925	
Unrestricted	(17,866,968)	1,356,518	(16,510,450)	
Total net position	$	29,219,998	$	1,356,518	$	30,576,516	

For the year ended September 30, 2024

Program Revenues

Net (Expense) Revenue and Changes in Net Position

Functions / Programs	

Expenses	Charges
for Services	Operating
Grants and Contributions	Governmental Activities	Business-type Activities	

Total	
Primary government:
Governmental activities: General government	

$  4,088,229	

$ 33,662,191	

$ 16,572,726	

$ 46,146,688	

$	-	

$ 46,146,688	
Physical environment	33,844,203	-	-	(33,844,203)	-	(33,844,203)	
Interest on long-term debt	20,717,989	-	-	(20,717,989)	-	(20,717,989)	
Total governmental activities	$ 58,650,421	$ 33,662,191	$ 16,572,726	(8,415,504)	-	(8,415,504)	
Business-type activities: Braden River Utilities	
$  4,000,755	
$  7,849,221	
$	-	-	
3,848,466	
3,848,466	
Total business-type activities	$  4,000,755	$  7,849,221	$	-	-	3,848,466	3,848,466	
General revenues:
Non ad valorem assessments	

9,620,460	

-	

9,620,460	
Investment income	4,967,276	-	4,967,276	
Total general revenues	14,587,736	-	14,587,736	
Transfers	3,951,790	(3,951,790)	-	
Total general revenues and transfers	18,539,526	(3,951,790)	14,587,736	

Change in net position	
10,124,022	
(103,324)	
10,020,698	
Net position - beginning	19,095,976	1,459,842	20,555,818	
Net position - ending	$ 29,219,998	$ 1,356,518	$ 30,576,516	

the Statement of Net Position
September 30,	2024

	Major Funds	

Total

Debt		Capital	Governmental General	Service	Projects		Funds

Assets		
Cash and cash equivalents	$  2,345,819	$	-	$	-	$	2,345,819	
Cash and cash equivalents - restricted	-	34,432,213	45,393,537	79,825,750	
Accounts receivable	4,030	23,944	-	27,974	
Interest receivable	-	121,717	164,931	286,648	
Prepaid expenses	47,847	-	-	47,847	
Due from land owner	-	-	142,434	142,434	
Total assets	$  2,397,696	$ 34,577,874	$ 45,700,902	$  82,676,472	
Liabilities					
Accounts payable	$  1,298,838	$	-	$  6,850,977	$	8,149,815	
Due to other funds	76,425	-	-	76,425	
Total liabilities	1,375,263	-	6,850,977	8,226,240	

Fund Balances					
Nonspendable	47,847	-	-	47,847	
Restricted	-	34,577,874	38,849,925	73,427,799	
Unassigned	974,586	-	-	974,586	
Total fund balances	1,022,433	34,577,874	38,849,925	74,450,232	
Total liabilities and fund balances	$  2,397,696	$ 34,577,874	$ 45,700,902	$  82,676,472	

Amounts reported for governmental activities in the statement of net position are different because:
Fund balance - governmental funds
Capital assets used in governmental activities are not financial

$  74,450,232

resources and therefore, are not reported in the funds	421,137,268 Certain liabilities are not due and payable in the current period
and therefore are not reported in the funds.
Bonds payable, net	(467,247,684)
Deferred charges on refunding on long-term debt are shown as deferred outflows/inflows of resources in the government-wide financial statements; however, this amount is expensed in the
governmental fund financial statements.	880,182

Net position - governmental activities	$  29,219,998

Statement of Revenues, Expenditures, and Changes in Fund Balances –
Governmental Funds
For the year ended September 30,	2024

	Major Funds	

Total

	General	Debt
Service	Capital
Projects	Governmental
Funds	

Revenues					
Land owner funding contributions	$	40,000	$	-	$ 16,532,726	$ 16,572,726	
Assessments	9,620,460	-	-	9,620,460	
Investment income	-	1,988,674	2,978,602	4,967,276	
Homeowner debt service payments	-	33,265,627	-	33,265,627	
Other revenues	394,600	1,964	-	396,564	
Total revenues	10,055,060	35,256,265	19,511,328	64,822,653	

Expenditures
Current:
General government	4,088,229	-	-	4,088,229	
Physical environment operations	5,815,827	-	-	5,815,827	
Debt service:				
Bond principal payments	-	17,168,000	-	17,168,000	
Bond interest payments	-	19,635,231	-	19,635,231	
Cost of issuance	-	-	888,593	888,593	
Capital outlay	-	-	63,665,252	63,665,252	
Total expenditures	9,904,056	36,803,231	64,553,845	111,261,132	

Other Financial Sources (Uses)					
Transfers in	-	1,936,331	3,679,502	5,615,833	
Transfers out	(75,266)	(1,482,553)	(106,224)	(1,664,043)	
Bond issuance	-	9,412,170	77,160,249	86,572,419	
Discount on bonds issued	-	(1,490,365)	-	(1,490,365)	
Total other financing sources (uses)	(75,266)	8,375,583	80,733,527	89,033,844	

Net change in fund balances	
75,738	
6,828,617	
35,691,010	
42,595,365	
Fund balances - beginning	946,695	27,749,257	3,158,915	31,854,867	

Fund balances - ending	
$  1,022,433	
$ 34,577,874	
$ 38,849,925	
$ 74,450,232	

Fund Balances – Governmental Funds to the Statement of Activities
For the year ended September 30,	2024
Amounts reported for governmental activities in the statement of activities are different because:
Net change in fund balances - total governmental funds	$ 42,595,365

Governmental funds report capital outlays as expenditures, however, in the statement of activities, the cost of those assets is eliminated and capitalized as capital assets ($63,665,252). The total reflects depreciation expense
for the current period ($28,028,376).	35,636,876

Bond and other debt proceeds provide current financial resources to governmental funds, but issuing debt increases long-term liabilities in the Statement of Net Position. Repayment of bond principal in an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net Position. Governmental funds reported the effect premiums, discounts, and similiar items have on debt when issued, whereas these amounts are deferred and amortized in the statement of activities.

Bond issuance	(86,572,419)	
Principal paid on debt	17,168,000	
Discount on bonds	1,490,365	
Amortization of premium/discount	(194,165)	

Change in net position of governmental activities	$ 10,124,022

For the year ended September 30,	2024	
	
Utilities	

Assets
Current assets: Cash	

$	662,954	
Accounts receivable	750,308	
Due from other funds	76,425	
Total assets	1,489,687	

Liabilities
Current liabilities: Accounts payable	

133,169	
Total liabilities	133,169	

Net Position
Unrestricted	

1,356,518	
Total net position	$	1,489,687	

Operating Revenues

Charges for services	$	7,843,956	
Other revenues	5,265	
Total operating revenues	7,849,221	

Operating Expenses
Administrative and operations	

1,268,884	
Contractual services	1,335,965	
Supplies	951,652	
Repairs and maintenance	444,254	
Total operating expenses	4,000,755	
Operating income (loss)	3,848,466	

Transfers out	
(3,951,790)	

Change in net position	
(103,324)	

Net position, beginning of year	
1,459,842	
Net position, end of year	$	1,356,518	

– Proprietary Fund

For the year ended September 30,	2024	
	
Utilities	

Cash flows from operating activities
Receipts from customers and users	

$	7,704,812	
Payments to suppliers	(3,764,755)	
Net cash provided by operating activities	3,940,057	

Cash flows from noncapital financing activities
Transfers to other funds	

(3,951,790)	
Repayments (to)/from other funds	(76,425)	
Net cash used by noncapital financing activities	(4,028,215)	

Net increase (decrease) in cash	
(88,158)	
Cash, beginning of year	751,112	
Cash, end of year	662,954	

Reconciliation of operating income to net cash provided by operating activities
Operating income	3,848,466

Adjustments to reconcile operating income to net cash provided by operating activities:
Decrease in:

Accounts receivable	236,000	
Accounts payables	(144,409)	
Total adjustments	91,591	

Net cash provided by operating activities	
$	3,940,057	

Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting principles and policies used in the preparation of these basic financial statements.
REPORTING ENTITY
Lakewood Ranch Stewardship District is a local unit special purpose government created on June 17, 2005 under the "Lakewood Ranch Stewardship District Act," otherwise known as Chapter 2005-338, Florida Statutes. The District was established for the purpose of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.
The District is governed by the Board of Supervisors ("Board") which is composed of five members. The Supervisors are elected on an at large basis by the owners of the property within the District. Ownership of land within the District entitles the owner to one vote per acre. The Board of Supervisors of the District exercises all powers granted to the District pursuant to Chapter 2005- 338, amended by Chapter 2009-263, Florida Statutes. The District encompasses 23,255 acres of land located in Manatee County and Sarasota County, Florida.
The Board has the final responsibility for contracting for the services of consultants; borrowing money; adopting and enforcing rules and orders pursuant to the provisions of Chapter 120; holding, controlling and acquiring by donation, purchase or condemnation or dispose of any public easements; lease as lessor or assess to or from any person, firm, corporation, association or body; borrow money and issue bonds, certificates, warrants, notes, or other evidence of indebtedness; raise, by user charges or fees authorized by resolution of the board, amounts of money necessary for the conduct of District activities; assess and impose ad valorem taxes; determine, order, levy, impose, collect, and enforce maintenance taxes.
The financial statements were prepared in accordance with Governmental Accounting Standards Board ("GASB") Statement 34, and Statement 39, an amendment of GASB Statement 34. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District Board of Supervisors is considered to be financially accountable, and other organizations for which the District Board of Supervisors 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.

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 the non-fiduciary activities of the primary government.
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 and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not properly 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. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.
Government 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.
The government 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 general obligation debt.

Capital Projects Fund
The Capital Projects fund is used to account for the cost of construction of the infrastructure of the District.
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements.
When both restricted and unrestricted resources are available for use, it is the government's policy to use restricted resources first, then unrestricted resources, as they are needed.
The District reports the following major proprietary fund:
Braden River Utility
The Braden River Utility fund is used to account for the irrigation utility operations that are financed and operated in a manner similar to private business enterprises.
Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with proprietary fund’s principal ongoing operations. The principal operating revenues of the District’s enterprise fund are charges to customers for sales and services.
Restricted Assets
These assets represent cash and cash equivalents set aside pursuant to bond covenants or other contractual restrictions.
Cash and Cash Equivalents
All deposits are placed in a bank that qualifies as a public depository, as required by law (Florida Security for Public Deposits Act). Accordingly, all deposits are insured by Federal depository insurance and/or entirely collateralized pursuant to Chapter 280, Florida Statutes. The District considers investments with original maturities less than 3 months to be cash equivalents.
Capital Assets
Capital assets are defined by the District as assets with an initial, individual cost of $1,000 or more and an estimated useful life of more than one year. These assets are recorded at historical cost. Pursuant to GASB 34, the District elected to the report infrastructure prospectively. Construction in progress is not depreciated. Major outlays for capital assets and improvements are capitalized as projects are constructed. District infrastructure is being depreciated over twenty years.

Long-Term Obligations
In the government-wide financial statements long-term debt are reported as liabilities in the statement of net position. Bond premiums and discounts, as well as insurance costs, are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of premiums or discounts.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond 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 issuance are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.
Fund Balances
Governmental funds report fund balances are classified either as nonspendable, or as spendable. Spendable fund balances are further classified based on the extent to which there are external and internal constraints on the spending of these fund balances. These classifications are described as follows:
Nonspendable Fund Balance – Amounts that cannot be spent because they are not in spendable form or legally or contractually required to be maintained intact.
Restricted Fund Balance – Amounts that are constrained for specific purposes which are externally imposed by creditors, grantors, contributors, or laws or regulations or imposed by laws through constitutional provisions or enabling legislation.
Committed Fund Balance – Amounts that are constrained for specific purposes imposed by formal action of the highest level of decision making authority. The highest level of authority is the Board of Supervisors. Committed amounts cannot be used for any other purpose unless the Board of Supervisors removes those constraints by taking the same type of action.
Assigned Fund Balance – Amounts that are constrained by the District’s intent to be used for specific purposes, but are neither restricted nor committed. Intent is expressed by (a) the Board of Supervisors or (b) the Executive Director to whom the Board of Supervisors has delegated the authority to assign amounts to be used for specific purposes.
Unassigned Fund Balance – Represents the residual fund balance within the General Fund, which has not been assigned to other funds and has not been restricted, committed, or assigned.
The District considers restricted funds to be used first when an expenditure is incurred and both restricted and unrestricted funds are available, followed by committed, assigned, and then unassigned as applicable.

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 expenses/expenditures during the reporting period. Actual results could differ from those estimates.
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 all governmental funds except the capital projects fund, which adopts a project-length budget.
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 taxpayer comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
Unused appropriations for annually budgeted funds lapse at the end of the year.
The legal level of budgetary control is the fund level.

Note 2: CASH AND CASH EQUIVALENTS
The District's cash balances are 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.
The District has not formally adopted a written investment policy. According to Florida Statutes 218.415(17) the District is authorized to invest in the following:
The Local Government Surplus Funds Trust Fund, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act, as provided in §163.01.
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, as defined in
§280.02.
Direct obligations of the U.S. Treasury.

Note 2: CASH AND CASH EQUIVALENTS (Continued)
The securities listed in (c) and (d) above must be invested such as to provide sufficient liquidity to pay obligations as they come due.
As of September 30, 2024, the District has the following balances in cash equivalents:
Money market accounts	$ 79,825,750

Note 3: 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. These risks are covered by commercial insurance from independent third parties. There have been no significant reductions in insurance coverage from the prior year. No settlements have exceeded the District’s insurance coverage for each of the past three fiscal years.

Note 4: CAPITAL ASSETS
Capital asset activity for the fiscal year ended September 30, 2024 was as follows:

	Beginning
Balance	Increases	Ending
Decreases  Adjustments	Balance	
Capital Assets, not being depreciated:
Construction in Progress				
Public Roads	$	96,205	$ 12,225,944	$	389,594  $	-  $  11,932,555	
Lighting	5,404	1,448,478	-	-	1,453,882	
Drainage	168,581	11,743,566	3,037,500	-	8,874,647	
Irrigation	54,588	4,804,759	54,588	-	4,804,759	
Other Utilities	-	1,958,719	482,351	-	1,476,368	
Landscaping	-	415,655	359,132	-	56,523	
Sanitary Sewer	63,159	5,373,663	2,650,690	-	2,786,132	
Potable Water	267,448	5,754,675	1,874,562	-	4,147,561	
Earthwork, Clearing & Fill	571,387	13,890,032	272,709	-	14,188,710	
Engineering & Surveying	310,901	2,158,470	832,992	-	1,636,379	
Permit Fees & Bonding	116,335	167,482	1,461	-	282,356	
Direct Bill and Stored Materials	-	1,587,531	-	-	1,587,531	
Other Infrastructure	55,434	986,670	505,062	-	537,042	
Total Construction in Progress	1,709,442	62,515,644	10,460,641	-	53,764,445	
Capital Assets, being depreciated:				
District infrastructure	548,957,277	11,610,249	-	-	560,567,526	
Total depreciable assets	548,957,277	11,610,249	-	-	560,567,526	
Less accumulated depreciation for:				
District infrastructure	165,166,327	28,028,376	-	-	193,194,703	
Total Capital Assets, being depreciated net	383,790,950	(16,418,127)	-	-	367,372,823	

Total Capital Assets, net	
$ 385,500,392	
$ 46,097,517	
$ 10,460,641  $	-  $ 421,137,268	
Depreciation expense was $28,028,376 for the fiscal year ended September 30, 2024, reported under the Physical environment function in the statement of activities.

Note 5: LONG TERM DEBT
Unamortized discounts on governmental activities revenue bonds amounted to $4,100,316 and
$4,133,286 as of September 30, 2024 and 2023, respectively.

	9/30/23	Additions	Decreases	9/30/24	Due within
1 year	

2014 Country Club East Series A Bonds	
$	10,200,000	
$	-	
$	270,000	
$	9,930,000	
$	285,000	
2015 Lakewood Ctr North Bonds	28,500,000	-	775,000	27,725,000	5,000	
2016 The Villages of LWR South Bonds	51,540,000	-	1,490,000	50,050,000	185,000	
2017 Del Webb Bonds	13,140,000	-	295,000	12,845,000	35,000	
2017 Lakewood National & Polo Run Bonds	44,400,000	-	965,000	43,435,000	120,000	
2018 Northeast Sector Bonds - Phase 1A	13,865,000	-	295,000	13,570,000	305,000	
2018 Lakewood Centre & Northwest Sector	8,140,000	-	5,730,000	2,410,000	50,000	
2018 NE Sector, Phase 1B	33,720,000	-	680,000	33,040,000	130,000	
2019 The Isles at LWR	7,040,000	-	145,000	6,895,000	150,000	
2019 Lake Club Phase 4	4,190,000	-	550,000	3,640,000	170,000	
2019 Cresswind Project	4,640,000	-	100,000	4,540,000	105,000	
2019 Indigo Expansion Area	4,390,000	-	105,000	4,285,000	105,000	
2019 NE Sect PH2A	5,240,000	-	355,000	4,885,000	120,000	
2019 Azario	11,940,000	-	260,000	11,680,000	270,000	
2020 Country Club East	16,575,000	-	965,000	15,610,000	1,015,000	
2020 LWCNWS	25,405,000	-	1,205,000	24,200,000	1,225,000	
2020 Azario	6,250,000	-	140,000	6,110,000	145,000	
2020 Lorraine Series	10,215,000	-	220,000	9,995,000	225,000	
2020 NE Sector Phase 2B	17,015,000	-	385,000	16,630,000	395,000	
2020 NE Sector Phase 2C	7,250,000	-	170,000	7,080,000	170,000	
2021 The Isles at Lakewood Ranch Project Phase 2	3,945,000	-	90,000	3,855,000	95,000	
2021 Belle Isle/Central Park	3,310,000	-	160,000	3,150,000	155,000	
2021 Star Farms at Lakewood Ranch	8,300,000	-	205,000	8,095,000	180,000	
2021 Sweetwater	4,805,000	-	105,000	4,700,000	110,000	
2021 Lake Club	8,447,000	-	569,000	7,878,000	582,000	
2023 Central Park	5,745,000	-	209,000	5,536,000	202,000	
2023 Country Club East	6,354,000	-	215,000	6,139,000	223,000	
2023 Braden River Utility	36,820,569	494,431	-	37,315,000	-	
2023 Taylor Ranch	-	67,210,000	515,000	66,695,000	835,000	
2024 Aurora	-	4,125,000	-	4,125,000	215,000	
2024 Star Farms at Lakewood Ranch	-	11,190,000	-	11,190,000	160,000	
2024 Villages of Lakewood Ranch South	-	4,115,000	-	4,115,000	-	

Bonds payable	
401,381,569	
87,134,431	
17,168,000	
471,348,000	
7,967,000	
Less unamortized premiums (discounts)	(4,133,286)	(161,195)	194,165	(4,100,316)	(199,538)	
Bonds payable, less unamortized discounts	$	397,248,283  $	86,973,236  $	17,362,165	$	467,247,684  $	7,767,462	
On August 5, 2013, the District issued $8,500,000 of Special Assessment Revenue Bonds, Series 2013A, due on May 1, 2043, with two fixed interest rates of 6.70% and 7.00%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Country Club East Project, as well as set up a debt service reserve fund and to pay costs of issuance.
On August 5, 2013, the District issued $7,535,000 of Special Assessment Revenue Bonds, Series 2013, due on May 1, 2043, with interest rates ranging from 6.10% to 6.40%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Central Park Project, as well as set up a debt service reserve fund and to pay costs of issuance.

On October 14, 2014, the District issued $12,145,000 of Special Assessment Revenue Bonds, Series 2014, due of May 1, 2044, with interest rates ranging from 5.35% to 5.60%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District known as the Country Club East Project, as well as set-up of a debt service reserve fund and to pay cost of issuance.
On February 9, 2015, the District issued $37,360,000 of Special Assessment Revenue Bonds, Series 2015, due of May 1, 2045, with interest rates ranging from 4.25% to 4.875%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District known as the Lakewood Centre North Project, as well as set-up of a debt service reserve fund and to pay cost of issuance.
On February 8, 2016, the District issued $79,505,000 of Special Assessment Revenue Bonds, Series 2016, due of May 1, 2046, with interest rates ranging from 4.00% to 5.125%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District known as the Villages of Lakewood Ranch South Project (Waterside community), as well as set-up of a debt service reserve fund and to pay cost of issuance.
On May 8, 2017, the District issued $14,805,000 of Special Assessment Revenue Bonds, Series 2017, due as of May 1, 2047, with interest rates ranging from 3.65% to 5.125%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District known as the Del Webb Project, as well as set-up of a debt service reserve fund and to pay cost of issuance.
On February 21, 2017, the District issued $49,480,000 of Special Assessment Revenue Bonds, Series 2017, due of May 1, 2047, with interest rates ranging from 4.00% to 5.375%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District known as the Lakewood National and Polo Run Project, as well as set-up of a debt service reserve fund and to pay cost of issuance.
On September 29, 2017, the District issued $14,548,000 of Special Assessment Revenue Refunding Bonds, Series 2017, due as of May 1, 2036 with a fixed interest rate of 4.00%. The bonds were issued to refund and redeem all of the outstanding principal amount of the District’s Special Assessment Revenue Bonds, 2006 Series A (Lake Club Project), pay certain costs associated with the issuance of the 2017 Bond, make a deposit into the 2017 Reserve Account, and pay interest first coming due on the 2017 Bond.
On August 30, 2018, the District issued $14,925,000 of Special Assessment Revenue Bonds, Series 2018, due as of May 1, 2048 with interest rates ranging from 3.90% to 5.10%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District known as the NE Sector Project Phase 1A, as well as set-up of a debt service reserve fund and to pay cost of issuance.
On December 10, 2018, the District issued $11,790,000 of Special Assessment Revenue Bonds, Series 2018, due on May 1, 2048, with interest rates ranging from 4.55% to 5.65%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Lakewood Centre & Northwest Sector Projects, as well as set up a debt service reserve fund and to pay costs of issuance.

On December 10, 2018, the District issued $36,185,000 of Special Assessment Revenue Bonds, Series 2018, due on May 1, 2048, with interest rates ranging from 4.35% to 5.45%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Northeast Sector Project – Phase 1B, as well as set up a debt service reserve fund and to pay costs of issuance.
On April 8, 2019, the District issued $7,580,000 of Special Assessment Revenue Bonds, Series 2019, due on May 1, 2049, with interest rates ranging from 3.50% to 4.875%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as The Isles at Lakewood Ranch Project – Phase 1, as well as set up a debt service reserve fund and to pay costs of issuance.
On May 20, 2019, the District issued $9,125,000 of Special Assessment Revenue Bonds, Series 2019, due on May 1, 2049, with interest rates ranging from 3.60% to 4.50%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Lake Club Phase 4 Project, as well as set up a debt service reserve fund and to pay costs of issuance.
On May 20, 2019, the District issued $5,005,000 of Special Assessment Revenue Bonds, Series 2019, due on May 1, 2049, with interest rates ranging from 3.60% to 4.50%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Cresswind Project, as well as set up a debt service reserve fund and to pay costs of issuance.
On September 9, 2019, the District issued $4,775,000 of Special Assessment Revenue Bonds, Series 2019, due on May 1, 2049, with interest rates ranging from 2.90% to 4.00%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Indigo Expansion Area Project, as well as set up a debt service reserve fund and to pay costs of issuance.
On October 18, 2019, the District issued $5,585,000 of Special Assessment Revenue Bonds, Series 2019, due on May 1, 2049, with interest rates ranging from 3.00% to 4.00%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Northeast Sector Project Phase 2, as well as set up a debt service reserve fund and to pay costs of issuance.
On November 22, 2019, the District issued $12,670,000 of Special Assessment Revenue Bonds, Series 2019, due on May 1, 2050, with interest rates ranging from 3.125% to 4.00%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Azario Project, as well as set up a debt service reserve fund and to pay costs of issuance.
On June 24, 2020, the District issued $19,195,000 of Special Assessment Revenue Refunding Bonds, Series 2020, due on May 1, 2037, with interest rates ranging from 2.00% to 5.00%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Country Club East Project, as well as set up a debt service reserve fund and to pay costs of issuance.

On August 21, 2020, the District issued $29,100,000 of Special Assessment Revenue Bonds, Series 2020, due on May 1, 2040, with interest rates ranging from 0.941% to 2.401%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Lakewood Centre & Northwest Sector Expansion Area Projects, as well as set up a debt service reserve fund and to pay costs of issuance.
On September 3, 2020, the District issued $6,655,000 of Special Assessment Revenue Bonds, Series 2020, due on May 1, 2050, with interest rates ranging from 2.625% to 3.90%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Azario Project, as well as set up a debt service reserve fund and to pay costs of issuance.
On September 18, 2020, the District issued $10,655,000 of Special Assessment Revenue Bonds, Series 2020, due on May 1, 2051, with interest rates ranging from 2.50% to 3.875%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Lorraine Lakes Project, as well as set up a debt service reserve fund and to pay costs of issuance.
On October 1, 2020 the District issued $17,755,000 of Special Assessment Revenue Bonds, Series 2020, due on May 1, 2050 with interest rates ranging from 2.50% to 4.00%. The bonds were issued to redeem all of the outstanding principal amount of the District’s Bond Anticipation Note, Series 2017 (Northeast Sector Project), to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District known as Northeast Sector Project Phase 2B, as well as set up a debt service reserve fund and to pay cost of issuance.
On December 1, 2020 the District issued $7,575,000 of Special Assessment Revenue Bonds, Series 2020, due on May 1, 2050 with interest rates ranging from 2.50% to 4.00%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Northeast Sector Project Phase 2C, as well as set up a debt service reserve fund and to pay costs of issuance.
On September 1, 2021 the District issued $4,120,000 of Special Assessment Revenue Bonds, Series 2021, due May 1, 2051 with interest rates ranging from 2.125% to 4.00%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District known as The Isles at Lakewood Ranch Project Phase 2, as well as set up a debt service reserve fund and to pay costs of issuance.
On July 12, 2021 the District issued $3,610,000 of Special Assessment Revenue Bonds Series 2021, due May 1, 2040 with an interest rate of 2.780%, for the purpose of refunding the Central Park Series 2010A and the Belle Isle Series 2011A bonds, with a par amount outstanding of $2,655,000 and $1,410,000 respectively and an average coupon of 7.40% and 8.00%, respectively. The District completed the current refunding to reduce its total debt service payments and created a net present value savings of $1,727,308.
On December 10, 2021 the District issued $8,480,000 of Special Assessment Revenue Bonds Series 2021 due May 1, 2026 with interest rates ranging from 2.30% to 4.00%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as Star Farms, as well as set up a debt service reserve fund and to pay costs of issuance.

On October 5, 2021 the District issued $4,910,000 of Special Assessment Revenue Bonds Series 2021 due May 1, 2052 with interest rates ranging from 2.125% to 4.00%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as Sweetwater Project, as well as set up a debt service reserve fund and to pay costs of issuance.
On December 8, 2021 the District issued $9,760,000 of Special Assessment Revenue Bonds Series 2021, due November 1, 2036 with an interest rate of 2.150%, for the purpose of refunding the Lake Club Series 2017 bond, with a par amount outstanding of $10,040,000 and an average coupon of 4.00%. The District completed the current refunding to reduce its total debt service payments and created a net present value savings of $1,152,175.
On February 8, 2023 the District issued $5,883,000 of Special Assessment Revenue Bonds Series 2023 due May 1, 2043 with an interest rate of 3.87% for the purpose of refunding the Central Park Series 2013 bond, with a par amount outstanding of $6,155,000 and an average coupon of 6.35%. The transaction resulted in an economic gain, shown as a deferred inflow of $272,000. The District completed the current refunding to reduce its total debt service payments and created a net present value saving of $1,247,784.
On February 8, 2023 the District issued $6,506,000 of Special Assessment Revenue Bonds Series 2023 due May 1, 2043 with an interest rate of 3.87% for the purpose of refunding the Country Club East Series 2013 bond, with a par amount outstanding of $6,506,000 and an average coupon of 6.95%. The transaction resulted in an economic gain, shown as a deferred inflow of $739,000. The District completed the current refunding to reduce its total debt service payments and created a net present value saving of $1,919,629.
On June 14, 2023 the District issued $37,315,000 of Utility Revenue Bonds Series 2023 due October 1, 2043 with an interest rates ranging from 4.50% to 5.25%. The bonds were issued to finance the costs of acquisition of a non-potable irrigation system and the undertaking of certain capital improvements with respect to the system, fund deposits to the operating fund and pay certain costs associated with the issuance of the bonds.
On October 11, 2023 the District issued $67,210,000 of Special Assessment Revenue Bonds Series 2023 due May 1, 2054 with an interest rates ranging from 5.4% to 6.3%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as Taylor Ranch, as well as set up a debt service reserve fund and to pay costs of issuance.
On March 6, 2024 the District issued $4,125,000 of Special Assessment Revenue Bonds Series 2024 due May 1, 2054 with an interest rates ranging from 4.4% to 5.5%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as Aurora, as well as set up a debt service reserve fund and to pay costs of issuance.
On June 11, 2024 the District issued $11,190,000 of Special Assessment Revenue Bonds Series 2024 due May 1, 2054 with an interest rates ranging from 4.6% to 5.5%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as Star Farms, as well as set up a debt service reserve fund and to pay costs of issuance.

On September 1, 2024 the District issued $4,115,000 of Special Assessment Revenue Bonds Series 2024 due May 1, 2055 with an interest rates ranging from 4.3% to 5.3%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as Villages of Lakewood Ranch South, as well as set up a debt service reserve fund and to pay costs of issuance.
The District has unspent bond proceeds of $63,933,056 consisting of unspent construction funds and unspent debt service reserves and debt service capitalized interest.

Series 2014 Country

Series 2015

Series 2016 The

Series 2017

Sereis 2018 Series 2018 Lakewood Centre

Series 2019

Club East Series A Lakewood Ctr North Villages of LWR South

Series 2017 Del Lakewood National

Northeast Sector

and Northwest

Series 2019 NE

Series 2019 The

Series 2019 Lake

Cresswind

Series 2019 NE

Series 2019

Principal	Bonds	Bonds	Bonds	Webb Bonds	& Polo Run Bonds	Bonds	Sector	Sector, Phase 1B	Isles at LWR	Club Phase 4	Project	Series 2019 Indigo	Sect PH2A	Azario	
2025	$	285,000 $	5,000	$	185,000	$	35,000	$	120,000	$	305,000	50,000	$	130,000	$	150,000	$	170,000	$	105,000	$	105,000	$	120,000	$	270,000	
2026	300,000	780,000	1,285,000	310,000	1,005,000	320,000	55,000	710,000	160,000	80,000	110,000	110,000	125,000	280,000	
2027	315,000	815,000	1,340,000	320,000	1,055,000	335,000	55,000	745,000	165,000	85,000	115,000	115,000	130,000	285,000	
2028	330,000	855,000	1,405,000	335,000	1,105,000	350,000	60,000	780,000	170,000	85,000	115,000	120,000	135,000	295,000	
2029	350,000	900,000	1,475,000	350,000	1,160,000	365,000	60,000	820,000	180,000	90,000	120,000	120,000	140,000	310,000	
2030-2034	2,060,000	5,210,000	8,590,000	2,050,000	6,810,000	2,130,000	365,000	4,785,000	1,025,000	505,000	690,000	675,000	775,000	1,725,000	
2035-2039	2,710,000	6,655,000	11,040,000	2,630,000	8,850,000	2,725,000	475,000	6,235,000	1,295,000	630,000	865,000	820,000	935,000	2,100,000	
2040-2044	3,580,000	8,485,000	14,250,000	3,400,000	11,560,000	3,510,000	635,000	8,145,000	1,650,000	785,000	1,075,000	995,000	1,135,000	2,575,000	
2045+	-	4,020,000	10,480,000	3,415,000	11,770,000	3,530,000	655,000	10,690,000	2,100,000	1,210,000	1,345,000	1,225,000	1,390,000	3,840,000	
Total	$	9,930,000 $	27,725,000	$	50,050,000	$	12,845,000	$	43,435,000	$	13,570,000	$	2,410,000	$	33,040,000	$	6,895,000	$	3,640,000	$	4,540,000	$	4,285,000	$	4,885,000	$  11,680,000	

2014 Country Club 2015 Lakewood Ctr

2016 The Villages of

2017 Del Webb

2017 Lakewood National & Polo

2018 Northeast

Sereis 2018 Lakewood Centre and Northwest

2019 NE Sector,

2019 The Isles at

2019 Lake Club

2019 Cresswind

NE Sect PH2A

Interest

East Series A Bonds

North Bonds

LWR South Bonds

Bonds

Run Bonds

Sector Bonds

Sector

Phase 1B

LWR

Phase 4

Project	2019 Indigo

2019	Azario 2019

2025	$	539,636 $	1,329,900	$	2,483,113	$	636,324	$	2,262,628	$	669,834	66,473	$	1,731,905	$	320,915	$	150,400	$	195,945	$	161,423	$	93,980	$	451,509	
2026	523,988	1,293,459	2,427,331	622,779	2,214,991	656,553	131,708	1,697,349	314,909	147,265	191,860	157,983	186,010	442,530	
2027	507,536	1,252,753	2,363,731	608,696	2,165,041	642,634	129,109	1,661,130	308,612	144,035	187,680	154,383	182,029	432,925	
2028	490,283	1,209,975	2,291,732	592,744	2,109,038	628,078	126,386	1,623,130	302,121	140,710	183,405	150,623	177,885	423,065	
2029	472,093	1,165,003	2,216,106	574,744	2,046,563	611,515	123,540	1,583,230	295,340	137,195	178,940	146,783	173,579	412,865	
2030-2034	2,049,629	5,069,269	9,803,030	2,568,895	9,169,688	2,756,200	566,524	7,173,919	1,343,525	621,400	810,810	662,908	790,443	1,879,740	
2035-2039	1,400,000	3,558,385	7,222,993	1,955,376	7,010,120	2,152,025	457,926	5,642,881	1,072,101	491,710	641,850	523,125	632,821	1,499,800	
2040-2044	524,300	1,630,443	3,836,575	1,149,794	4,144,662	1,365,527	313,214	3,614,714	720,281	327,376	428,065	347,500	439,250	1,033,500	
2045+	-	50,213	371,947	206,592	747,932	371,536	117,380	989,721	265,689	119,927	156,939	126,500	204,100	478,600	
Total	$	6,507,465 $	16,559,400	$	33,016,558	$	8,915,944	$	31,870,663	$	9,853,902	$	2,032,260	$	25,717,979	$	4,943,493	$	2,280,018	$	2,975,494	$	2,431,228	$	2,880,097	$	7,054,534	

2014 Country Club 2015 Lakewood Ctr

2016 The Villages of

2017 Del Webb

2017 Lakewood National & Polo

2018 Northeast

Sereis 2018 Lakewood Centre and Northwest

2019 NE Sector,

2019 The Isles at

2019 Lake Club

2019 Cresswind

NE Sect PH2A

Total	East Series A Bonds	North Bonds	LWR South Bonds	Bonds	Run Bonds	Sector Bonds	Sector	Phase 1B	LWR	Phase 4	Project	2019 Indigo	2019	Azario 2019	
2025	$	824,636 $	1,334,900	$	2,668,113	$	671,324	$	2,382,628	$	974,834	$	116,473	$	1,861,905	$	470,915	$	320,400	$	300,945	$	266,423	$	213,980	$	721,509	
2026	823,988	2,073,459	3,712,331	932,779	3,219,991	976,553	186,708	2,407,349	474,909	227,265	301,860	267,983	311,010	722,530	
2027	822,536	2,067,753	3,703,731	928,696	3,220,041	977,634	184,109	2,406,130	473,612	229,035	302,680	269,383	312,029	717,925	
2028	820,283	2,064,975	3,696,732	927,744	3,214,038	978,078	186,386	2,403,130	472,121	225,710	298,405	270,623	312,885	718,065	
2029	822,093	2,065,003	3,691,106	924,744	3,206,563	976,515	183,540	2,403,230	475,340	227,195	298,940	266,783	313,579	722,865	
2030-2034	4,109,629	10,279,269	18,393,030	4,618,895	15,979,688	4,886,200	931,524	11,958,919	2,368,525	1,126,400	1,500,810	1,337,908	1,565,443	3,604,740	
2035-2039	4,110,000	10,213,385	18,262,993	4,585,376	15,860,120	4,877,025	932,926	11,877,881	2,367,101	1,121,710	1,506,850	1,343,125	1,567,821	3,599,800	
2040-2044	4,104,300	10,115,443	18,086,575	4,549,794	15,704,662	4,875,527	948,214	11,759,714	2,370,281	1,112,376	1,503,065	1,342,500	1,574,250	3,608,500	
2045+	-	4,070,213	10,851,947	3,621,592	12,517,932	3,901,536	772,380	11,679,721	2,365,689	1,329,927	1,501,939	1,351,500	1,594,100	4,318,600	
Total	$	16,437,465 $	44,284,400	$	83,066,558	$	21,760,944	$	75,305,663	$	23,423,902	$	4,442,260	$	58,757,979	$	11,838,493	$	5,920,018	$	7,515,494	$	6,716,228	$	7,765,097	$  18,734,534	

Principal	

Series 2020 CCE	Series 2020 LWCNWS	

Series 2020 Azario	Series 2020 Lorraine Lakes	Series 2021 The
Isles	Series 2020 NE Sect
PH2C	Series 2020 NE
Sect PH2B	Series 2021
Belleisle & Central
Park	Star Farms Series
2021	Sweetwater Series
2021	Lake Club Series
2021	Central Park
2023	Country Club East
2023	Braden River
Utility
2023	
2025	$	1,015,000	$	1,225,000	$	145,000	$	225,000	$	95,000	$	170,000	$	395,000	$	155,000	$	180,000	$	110,000	$	582,000	$	202,000	$	223,000	$	-	
2026	1,060,000	1,250,000	150,000	235,000	95,000	175,000	405,000	165,000	185,000	110,000	594,000	209,000	232,000	35,000	
2027	1,095,000	1,280,000	155,000	240,000	100,000	180,000	420,000	170,000	190,000	115,000	607,000	217,000	241,000	105,000	
2028	1,120,000	1,305,000	160,000	250,000	100,000	190,000	435,000	170,000	195,000	115,000	620,000	226,000	251,000	300,000	
2029	1,140,000	1,345,000	165,000	255,000	105,000	195,000	445,000	175,000	205,000	120,000	634,000	235,000	260,000	385,000	
2030-2034	6,115,000	7,345,000	915,000	1,425,000	560,000	1,070,000	2,480,000	965,000	1,125,000	650,000	3,383,000	1,321,000	1,464,000	4,260,000	
2035-2039	4,065,000	8,565,000	1,105,000	1,705,000	650,000	1,275,000	2,995,000	1,110,000	1,305,000	750,000	1,458,000	1,603,000	1,776,000	5,925,000	
2040-2044	-	1,885,000	1,330,000	2,035,000	775,000	1,530,000	3,630,000	240,000	1,530,000	885,000	-	1,523,000	1,692,000	7,400,000	
2045+	-	-	1,985,000	3,625,000	1,375,000	2,295,000	5,425,000	-	3,180,000	1,845,000	-	-	-	18,905,000	
Total	$	15,610,000	$	24,200,000	$	6,110,000	$	9,995,000	$	3,855,000	$	7,080,000	$  16,630,000	$	3,150,000	$	8,095,000	$	4,700,000	$	7,878,000	$	5,536,000	$	6,139,000	$  37,315,000	

Interest	

CCE 2020	

LWCNWS 2020	

Azario 2020	
Lorraine Series
2020	
Series 2021 The
Isles	
Series 2020 NE Sect
PH2C	
Series 2020 NE
Sect PH2B	Series 2021
Belleisle & Central
Park	
Star Farms Series
2021	
Sweetwater Series
2021	
Lake Club Series
2021	Central Park
2023	Country Club East
2023	Braden River
Utility 2023	
2025	$	395,538	$	694,170	$	225,796	$	363,575	$	130,991	$	257,000	$	622,805	$	85,485	$	276,908	$	161,115	$	163,121	$	210,315	$	233,264	$	1,830,106	
2026	346,313	669,231	221,493	357,091	128,972	252,250	611,388	80,968	272,595	158,778	150,479	202,382	224,460	1,830,106	
2027	311,513	642,006	216,613	349,669	126,650	246,925	598,188	76,311	267,778	156,099	137,568	194,139	215,307	1,828,706	
2028	289,363	611,817	211,573	342,013	124,025	241,375	584,508	71,585	262,445	153,081	124,378	185,567	205,787	1,824,506	
2029	266,763	578,410	206,373	334,122	121,334	235,600	570,428	66,790	256,978	146,996	110,897	176,646	195,899	1,812,506	
2030-2034	927,661	2,298,750	939,526	1,531,134	561,412	1,076,876	2,602,548	256,526	1,193,920	697,925	341,660	736,636	817,073	8,689,130	
2035-2039	161,897	1,070,671	751,557	1,249,048	468,437	873,065	2,091,845	112,313	1,013,125	590,601	31,519	454,628	504,571	7,528,924	
2040-2044	-	32,385	520,858	903,472	350,897	616,300	1,458,763	3,336	787,550	457,063	-	120,724	134,134	6,051,825	
2045+	-	-	206,701	511,016	200,400	285,900	676,300	-	535,000	255,770	-	-	-	5,300,403	
Total	$	2,699,048	$	6,597,440	$	3,500,490	$	5,941,140	$	2,213,118	$	4,085,291	$	9,816,773	$	753,314	$	4,866,299	$	2,777,428	$	1,059,622	$	2,281,037	$	2,530,495	$  36,696,212	

Total	

CCE 2020	

LWCNWS 2020	

Azario 2020	Lorraine Series
2020	Series 2021 The
Isles	Series 2020 NE Sect
PH2C	Series 2020 NE
Sect PH2B	Series 2021
Belleisle & Central
Park	Star Farms Series
2021	Sweetwater Series
2021	Lake Club Series
2021	Central Park
2023	Country Club East
2023	Braden River
Utility 2023	
2025	$	1,410,538	$	1,919,170	$	370,796	$	588,575	$	225,991	$	427,000	$	1,017,805	$	240,485	$	456,908	$	271,115	$	745,121	$	412,315	$	456,264	$	1,830,106	
2026	1,406,313	1,919,231	371,493	592,091	223,972	427,250	1,016,388	245,968	457,595	268,778	744,479	411,382	456,460	1,865,106	
2027	1,406,513	1,922,006	371,613	589,669	226,650	426,925	1,018,188	246,311	457,778	271,099	744,568	411,139	456,307	1,933,706	
2028	1,409,363	1,916,817	371,573	592,013	224,025	431,375	1,019,508	241,585	457,445	268,081	744,378	411,567	456,787	2,124,506	
2029	1,406,763	1,923,410	371,373	589,122	226,334	430,600	1,015,428	241,790	461,978	266,996	744,897	411,646	455,899	2,197,506	
2030-2034	7,042,661	9,643,750	1,854,526	2,956,134	1,121,412	2,146,876	5,082,548	1,221,526	2,318,920	1,347,925	3,724,660	2,057,636	2,281,073	12,949,130	
2035-2039	4,226,897	9,635,671	1,856,557	2,954,048	1,118,437	2,148,065	5,086,845	1,222,313	2,318,125	1,340,601	1,489,519	2,057,628	2,280,571	13,453,924	
2040-2044	-	1,917,385	1,850,858	2,938,472	1,125,897	2,146,300	5,088,763	243,336	2,317,550	1,342,063	-	1,643,724	1,826,134	13,451,825	
2045+	-	-	2,191,701	4,136,016	1,575,400	2,580,900	6,101,300	-	3,715,000	2,100,770	-	-	-	24,205,403	
Total	$	18,309,048	$	30,797,440	$	9,610,490	$	15,936,140	$	6,068,118	$	11,165,291	$  26,446,773	$	3,903,314	$	12,961,299	$	7,477,428	$	8,937,622	$	7,817,037	$	8,669,495	$  74,011,212	

	Series 2023 Taylor		Series 2024 Star Series 2024 Villages		
Principal	Ranch Series 2024 Aurora	Farms	of LWR South	Total	
2025	$	835,000	$	215,000	$	160,000	$	-	$	7,967,000	
2026	885,000	60,000	170,000	60,000	11,705,000	
2027	935,000	65,000	175,000	65,000	12,230,000	
2028	985,000	70,000	185,000	70,000	12,887,000	
2029	1,040,000	70,000	195,000	70,000	13,479,000	
2030-2034	6,150,000	405,000	1,130,000	405,000	78,563,000	
2035-2039	8,260,000	525,000	1,465,000	525,000	93,027,000	
2040-2044	11,230,000	675,000	1,905,000	665,000	100,710,000	
2045+	36,375,000	2,040,000	5,805,000	2,255,000	140,780,000	
Total	$	66,695,000	$	4,125,000	$	11,190,000	$	4,115,000	$	471,348,000	
Interest	Taylor Ranch 2023	Aurora 2024	Star Farms 2024	Villages of LWR S	Total	
2025	$	4,064,933	$	207,020	$	595,074	$	209,610	$	21,820,811	
2026	4,018,493	204,380	587,443	208,320	21,533,857	
2027	3,969,353	201,630	579,464	205,633	21,063,846	
2028	3,917,513	198,660	571,139	202,730	20,571,240	
2029	3,862,578	195,580	562,352	199,720	20,037,468	
2030-2034	18,365,414	927,410	2,656,624	946,651	90,832,856	
2035-2039	16,246,127	814,819	2,318,041	831,950	71,374,251	
2040-2044	13,281,862	658,370	1,874,432	683,950	47,811,122	
2045+	12,641,425	617,437	1,758,380	720,141	27,915,949	
Total	$	80,367,698	$	4,025,306	$	11,502,949	$	4,208,705	$	342,961,400	

Total	
Taylor Ranch 2023	
Aurora 2024	
Star Farms 2024	
Villages of LWR S	
Total	
2025	$	4,899,933	$	422,020	$	755,074	$	209,610	$	29,787,811	
2026	4,903,493	264,380	757,443	268,320	33,238,857	
2027	4,904,353	266,630	754,464	270,633	33,293,846	
2028	4,902,513	268,660	756,139	272,730	33,458,240	
2029	4,902,578	265,580	757,352	269,720	33,516,468	
2030-2034	24,515,414	1,332,410	3,786,624	1,351,651	169,395,856	
2035-2039	24,506,127	1,339,819	3,783,041	1,356,950	164,401,251	
2040-2044	24,511,862	1,333,370	3,779,432	1,348,950	148,521,122	
2045+	49,016,425	2,657,437	7,563,380	2,975,141	168,695,949	
Total	$	147,062,698	$	8,150,306	$	22,692,949	$	8,323,705	$	814,309,400	

Transfers Out

Total
Transfers In	General Fund	Debt Service  Capital Projects	Utilities	Transfers In

General Fund

$	-  $	-  $

-  $	-  $	-

Debt Service	-	-	106,224	1,830,107	1,936,331
Capital Projects	75,266	1,482,553	-	2,121,683	3,679,502

Total transfers out

$	75,266  $

1,482,553  $

106,224  $

3,951,790  $

5,615,833

Transfers out of the Utilities to the Capital Projects are proceeds used for various projects. Transfers out of the Utilities to the Debt Service fund are payments for interest and principal on debt service. Transfers out of Debt Service to Capital Projects are proceeds used for various projects.

Note 7: SUBSEQUENT EVENTS
Subsequent events have been evaluated through February 5, 2025, which is the date the financial statements were available to be issued. On October 30, 2024 the District issued $16,835,000 of Special Assessment Revenue Bonds Series 2024 due May 1, 2055 with an interest rates ranging from 4.5% to 5.5%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, know as Palm Grove Project, as well as set up a debt service reserve fund and to pay costs of issuance.

REQUIRED SUPPLEMENTARY INFORMATION

Lakewood Ranch Stewardship District Budgetary Comparison Schedule – General Fund

For the year ended September 30,			2024	
	Original and
Final Budget	
Actual	Variance
Positive (Negative)	
Revenues
Landowner funding	
$  1,389,390	
$	40,000	
$ (1,349,390)	
Assessments	9,356,313	9,620,460	264,147	
Miscellaneous	1,000	394,600	393,600	
Total revenues	10,746,703	10,055,060	(691,643)	
Expenditures
Current:
General government	

2,356,146	

4,088,229	

(1,732,083)	
Physical environment:
Operations	8,390,557	5,815,827	2,574,730	
Total expenditures	10,746,703	9,904,056	842,647	
Other financing sources (uses)
Transfers out	
-	
(75,266)	
75,266	
Total other financing sources (uses)	-	(75,266)	75,266	
NET CHANGE IN FUND BALANCES	-	75,738	226,270	
FUND BALANCES - BEGINNING OF YEAR	-	946,695	946,695	
FUND BALANCES - END OF YEAR	$	-	$  1,022,433	$  1,172,965	

OTHER NON-FINANCIAL INFORMATION

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

Board of Supervisors
Lakewood Ranch Stewardship District
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 the Lakewood Ranch Stewardship District, (“the District”), as of and for the year ended September 30, 2024, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our report thereon dated February 5, 2025.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District's internal control over financial reporting (internal control) as a basis for designing auditing procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control over financial reporting.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the District'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.

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. 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
This 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 District’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 District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Carr, Riggs, & Ingram, L.L.C.

Bradenton, Florida February 5, 2025

INDEPENDENT ACCOUNTANT’S REPORT ON COMPLIANCE WITH FLORIDA STATUTES 218.415 – INVESTMENT OF PUBLIC FUNDS

Board of Supervisors
Lakewood Ranch Stewardship District
We have examined the Lakewood Ranch Stewardship District (“District”) compliance with Section 218.415, Florida Statutes during the fiscal year ended September 30, 2024. Management is responsible for the District’s compliance with those requirements. Our responsibility is to express an opinion on the District’s compliance with the specified requirements 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 above. 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, 2024.
This report is intended solely for the information and use of Lakewood Ranch Stewardship District and the Florida Auditor General, and is not intended to be and should not be used by anyone other than these specified parties.

Carr, Riggs, & Ingram, L.L.C.

Bradenton, Florida February 5, 2025

MANAGEMENT LETTER
Board of Supervisors
Lakewood Ranch Stewardship District
Report on the Financial Statements
We have audited the financial statements of Lakewood Ranch Stewardship District ("District"), as of and for the fiscal year ended September 30, 2024, and have issued our report thereon dated February 5, 2025.
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 Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Accountant’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 February 5, 2025 should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. There were no recommendations made in the preceding financial audit report.
Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. There were no component units related to the District.

Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that the District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the District. It is management’s responsibility to monitor the District’s 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.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.
Property Assessed Clean Energy (PACE) Programs
As required by Section 10.554(1)(i)6.a., Rules of the Auditor General, the District a statement as to whether a PACE program authorized pursuant to Section 163.081 or Section 163.082, Florida Statutes, did/did not operate within the District’s geographical boundaries during the fiscal year under audit. A PACE program did not operate within the District’s geographical boundaries during the fiscal year under audit.
As required by Section 10.554(1)(i)6.b., Rules of the Auditor General, if a PACE program was operating within the geographical areas of the District, a list of all program administrators and third- party administrators that administered the program. A PACE program did not operate within the District’s geographical boundaries during the fiscal year under audit.
As required by Section 10.554(1)(i)6.c., Rules of the Auditor General, if a PACE program was operating within the geographical areas of the District, the full names and contact information of each such program administrator and third-party administrator. A PACE program did not operate within the District’s geographical boundaries during the fiscal year under audit.
Specific Information
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)7, Rules of the Auditor General, the District reported:

The total number of District employees compensated in the last pay period of the District’s fiscal year as 19.
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year as 48.
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $1,297,746.
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $907,277.

Each construction project with a total cost of at least $65,000 approved by the District that is scheduled to begin on or after October 1 of the fiscal year being reported, together with the total expenditures for such projects as not applicable.
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reporting if the District amends a final adopted budget under Section 189.016(6), Florida Statutes, as included in the Required Supplementary Information as the Budgetary Comparison Schedule General Fund.

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)9, Rules of the Auditor General, the District reported:
The rates or rates of non-ad valorem special assessments imposed by the District as annual assessments ranging from $53 to $3,866 and annual operations & maintenance assessments ranging from $218 to $636.
The total amount of special assessments collected by or on behalf of the District as
$42,886,083.
The total amount of outstanding bonds issued by the District and the terms of such bonds is disclosed in the notes to the financial statements.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or fraud, waste, or abuse, that have occurred, or is likely to have occurred, that has an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings.
Purpose of this Letter
Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies and applicable management, and is not intended to be and should not be used by anyone other than these specified parties.

Carr, Riggs, & Ingram, L.L.C.
Bradenton, Florida February 5, 2025

REQUIRED COMMUNICATIONS

February 5, 2025

To the Board of Lakewood Ranch Stewardship District
We are pleased to present the results of our audit of the 2024 financial statements of Lakewood Ranch Stewardship District (the “District”).
The document also contains the communications required by our professional standards.
Our audit was designed, primarily to express an opinion on the District’s 2024 financial statements. We considered the District’s current and emerging business needs, along with an assessment of risks that could materially affect the financial statements, and aligned our audit procedures accordingly. We conducted the audit with the objectivity and independence that you expect. We received the full support and assistance of the District’s personnel.
At Carr, Riggs & Ingram, L.L.C. (CRI), we are continually evaluating the quality of our professionals’ work in order to deliver audit services of the highest quality that will meet or exceed your expectations. We encourage you to provide any feedback you believe is appropriate to ensure that we do not overlook a single detail as it relates to the quality of our services.
This report is intended solely for the information and use of the District and management and others within the District and should not be used by anyone other than these specified parties.
We appreciate this opportunity to work with you. If you have any questions or comments, please contact me at 941-281-7242 or tgruters@criadv.com.
Very truly yours,

Timothy Gruters, CPA Partner

As discussed with the District and management during our planning process, our audit plan represented an approach responsive to the assessment of risk for the District. Specifically, we planned and performed our audit to:
Perform audit services, as requested by the Board and management, 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, in order to express an opinion on the District’s financial statements for the year ending September 30, 2024.
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.

We have audited the District’s financial statements for the year ended September 30, 2024, and have issued our report thereon dated February 5, 2025. Professional standards require that we provide you with the following information related to our audit:

MATTER TO BE COMMUNICATED	AUDITOR’S RESPONSE	
Auditor’s responsibility under Generally Accepted Auditing Standards and Government Auditing Standards	As stated in our engagement letter dated January 16, 2025, our responsibility, as described by professional standards, is to express an opinion about whether the financial statements prepared by management with your oversight are fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America (GAAP). Our audit of the financial statements does not relieve you or management of your responsibilities.
As part of our audit, we considered the internal control of the District. Such considerations were solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control.	
Client’s responsibility	Management, with oversight from those charged with governance, is responsible for establishing and maintaining internal controls, including monitoring ongoing activities; for the selection and application of accounting principles; and for the fair presentation in the financial statements of financial position, results of operations, and cash flows in conformity with the applicable framework.
Management is responsible for the design and implementation of programs and controls to prevent and detect fraud. Management is responsible for overseeing nonaudit services by designating an individual, preferably from senior management, with suitable skill, knowledge, or experience; evaluate the adequacy and results of those services; and accept responsibility for them.	
Planned scope and timing of the audit	Our initial audit plan was not significantly altered during our fieldwork.	
Management judgments and accounting estimates
The process used by management in forming particularly sensitive accounting estimates and the basis for the Auditor’s conclusion regarding the reasonableness of those estimates.	Please see the following section titled “Accounting Policies, Judgments and Sensitive Estimates and CRI Comments on Quality.”	

MATTER TO BE COMMUNICATED	AUDITOR’S RESPONSE	
Potential effect on the financial statements of any significant risks and exposures
Major risks and exposures facing the District and how they are disclosed.	No such risks or exposures were noted.	
Significant accounting policies, including critical accounting policies and alternative treatments within generally accepted accounting principles and the auditor’s judgment about the quality of accounting principles
The initial selection of and changes in significant accounting policies or their application; methods used to account for significant unusual transactions; and effect of significant policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.
The auditor should also discuss the auditor’s judgment about the quality, not just the acceptability, of the Company's accounting policies as applied in its financial reporting. The discussion should include such matters as consistency of accounting policies and their application, and clarity and completeness of the financial statements, including disclosures.
Critical accounting policies and practices applied by the Company in its financial statements and our assessment of management’s disclosures regarding such policies and practices (including any significant modifications to such disclosures proposed by us but rejected by management), the reasons why certain policies and practices are or are not considered critical, and how current and anticipated future events impact those determinations;
Alternative treatments within GAAP for accounting policies and practices related to material items, including recognition, measurement, presentation and disclosure alternatives, that have been discussed with client management during the current audit period, the ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the auditor; Furthermore, if the accounting policy selected by management is not the policy preferred by us, discuss the reasons why management selected that policy, the policy preferred by us, and the reason we preferred the other policy.	Significant accounting policies are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during 2024. We noted no transactions entered into by the organization during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period.

The financial statement disclosures are neutral, consistent, and clear.	

MATTER TO BE COMMUNICATED	AUDITOR’S RESPONSE	
Significant difficulties encountered in the audit
Any significant difficulties, for example, unreasonable logistical constraints or lack of cooperation by management.	We encountered no significant difficulties in dealing with management in performing and completing our audit.	
Disagreements with management
Disagreements, whether or not subsequently resolved, about matters significant to the financial statements or auditor’s report. This does not include those that came about based on incomplete facts or preliminary information.	We are pleased to report that no such disagreements arose during the course of our audit.	
Other findings or issues
Matters significant to oversight of the financial reporting practices by those charged with governance. For example, an entity's failure to obtain the necessary type of audit, such as one under Government Auditing Standards, in addition to GAAS.	None noted.	
Matters arising from the audit that were discussed with, or the subject of correspondence with, management
Business conditions that might affect risk or discussions regarding accounting practices or application of auditing standards.	None noted.	
Corrected and uncorrected misstatements
All significant audit adjustments arising from the audit, whether or not recorded by the District, that could individually or in the aggregate have a significant effect on the financial statements. We should also inform the Board about uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period presented, that were determined by management to be immaterial, both individually and in the aggregate, to the financial statements taken as a whole. Any internal control deficiencies that could have prevented the misstatements.	None noted.	

MATTER TO BE COMMUNICATED	AUDITOR’S RESPONSE	
Major issues discussed with management prior to retention
Any major accounting, auditing or reporting issues discussed with management in connection with our initial or recurring retention.	Discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention.	
Consultations with other accountants
When management has consulted with other accountants about significant accounting or auditing matters.	To our knowledge, there were no such consultations with other accountants.	
Written representations
A description of the written representations the auditor requested (or a copy of the representation letter).	See “Management Representation Letter” section.	
Internal control deficiencies
Any significant deficiencies or material weaknesses in the design or operation of internal control that came to the auditor’s attention during the audit.	See “Internal Control Findings” section.	
Fraud and illegal acts
Fraud involving senior management or those responsible for internal controls, or causing a material misstatement of the financial statements, where the auditor determines there is evidence that such fraud may exist. Any illegal acts coming to the auditors’ attention involving senior management and any other illegal acts, unless clearly inconsequential.	We are unaware of any fraud or illegal acts involving management or causing material misstatement of the financial statements.	
Other information in documents containing audited financial statements
The external auditor’s responsibility for information in a document containing audited financial statements, as well as any procedures performed and the results.	Our responsibility related to documents (including annual reports, websites, etc.) containing the financial statements is to read the other information to consider whether:
Such information is materially inconsistent with the financial statements; and
We believe such information represents a material misstatement of fact.
We have not been provided any such items to date and are unaware of any other documents that contain the audited financial statements.	

MATTER TO BE COMMUNICATED	AUDITOR’S RESPONSE	
Significant unusual accounting transactions Auditor communication with governance to include auditor’s views on policies and practices management used, as well as the auditor’s
understanding of the business purpose.	No significant unusual accounting transactions were noted during the year.	
Required Supplementary Information
The auditor’s responsibility for required supplementary information accompanying the financial statements, as well as any procedures performed and the results.	We applied certain limited procedures to the required supplementary information (RSI) that supplements the financial statements. Our procedures consisted of inquiries of management regarding the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the financial statements, and other knowledge we obtained during our audit of the financial statements. We did not audit the RSI and do not express an opinion or provide any assurance on the RSI.	

Accounting Policies, Judgments, & Sensitive Estimates & Carr, Riggs & Ingram, L.L.C. Comments on Quality

We are required to communicate our judgments about the quality, not just the acceptability, of the District's accounting principles as applied in its financial reporting. We are also required to communicate critical accounting policies and sensitive accounting estimates. Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The Board of Supervisors may wish to monitor throughout the year the process used to compute and record these accounting estimates. The table below summarizes our communications regarding these matters.

AREA	
ACCOUNTING POLICY	
CRITICAL POLICY?	
JUDGMENTS & SENSITIVE ESTIMATE	COMMENTS ON QUALITY OF ACCOUNTING POLICY &
APPLICATION	
Fixed Assets	Useful lives of	X	A sensitive estimate	The District’s policies	
	depreciable assets are		for the District is the	are in accordance	
	at twenty years and are		useful lives of fixed	with accounting	
	depreciated at straight		assets.	principles generally	
	line.			accepted in the	
				United States of	
				America (GAAP).	

During the course of our audit, we accumulate differences between amounts recorded by the Company and amounts that we believe are required to be recorded under GAAP reporting guidelines. Those adjustments are either recorded (corrected) by the Company or passed (uncorrected). Uncorrected misstatements or the matters underlying them could potentially cause future period financial statements to be materially misstated, even if, in the auditors’ judgment, such uncorrected misstatements are immaterial to the financial statements under audit.
There were no adjustments, either corrected or uncorrected, as a result of our audit procedures.

QUALITATIVE MATERIALITY CONSIDERATIONS

In evaluating the materiality of audit differences when they do arise, we consider both quantitative and qualitative factors, for example:
Whether the difference arises from an item capable of precise measurement or whether it arises from an estimate, and, if so, the degree of imprecision inherent in the estimate;
Whether the difference masks a change in earnings or other trends;
Whether the difference changes a net decrease in assets to addition, or vice versa;
Whether the difference concerns an area of the District’s operating environment that has been identified as playing a significant role in the District’s operations or viability;
Whether the difference affects compliance with regulatory requirements;
Whether the difference has the effect of increasing management’s compensation – for example, by satisfying requirements for the award of bonuses or other forms of incentive compensation;.
Whether the difference involves concealment of an unlawful transaction.

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LAkfWOOO aA.HC:H
STEWARDSHIP DISTRICT

February 5, 2025
Ca r, Riggs, & Ingram, LLC
1001 3'll Avenue West, Suite 500 Bradento , FL 34205
This reJ)(esentalion letter is pro·ded in connection with your audlt(s) of the financial stateme111ts of Lakewood Ranch Stewardship District. vhich comprise the respective nancial position of the governmental activities, the business-type activities and each major fund as of September 30. 2024, and the respective changes in mancial position, and whero applicable cash ems lot the fiscal year then end d, and the disclosures (collectively, the 'financial statements"), for the purpose of exp<essing op"nions as to wt.ether the financi I statements are presented fairty, in all material respects. in accordance with acco nting principl  gen rally ace pt d In the United State of America (U.S GMP).
Certain reJ)(esentations int is letter are described as being limi ed to mat .ers that are material. Items are considered material, regardle1>s of s�e. if they involve an omission or misstatement of accolllnting i formation that, in light of surrounding circumstances, makes II probable that the judgment or a reasonable person re ying on the information would be changed or influenced by the omission or misstatement. An omission or misstatement that is monetarily sma I i amount could be considered material as a result of q alitalive factors.
We confirm, to the best of our knowledge and belief, as of February 5. 2025, the fol owing representations ma	to you du Ing you audit.
Financial Statements
We have fulfiUed our responsibili es. as sel out In the terms of the aud,t engagem nt letter dated January 16, 2025, includi g our responsibility for the preparation and fair Jl(esentation of the financial statements in aeoordance with U.S. GAAP and for preparation of the supplementary information in accordance ·1 the applicable criteria.
The financial statements refe red to above are fairly presented in con ormity with U.S. GAAP and Include all properly ciasslll d funds and other llnancial information of the primary govemment and all component units required by generally accep ad account11g nclples to be lnduded In the financial reporting entity.
We acknowledge our responsibili y for the design, Implementation, and mal tenance or Internal oontrol relevant to the preparation and fair presentation of financial statements that are free from material misstatement, v hether d e to fraud or error.
We acknowledge our responsibility for the design, implementation, and maintenance or internal oonttol lo prevent and detect fraud.
The methods, significant assumptions, and data used in m king accounting e Umate n<I their related disdosures are appropriate lo achieve recognition, measuremen or disclosure that is r asonable in accordance wit U.S. GAAP.
Related party relat1onsh1ps and transactions, Including rev nues, el(p nd1ture lexpen s, loans, ransfors, leasing arrangeme s, and guarantees, and amounts reoelvable from or payable to related parties have been appropriately accounted for and disclosed in accordance with U.S. GAAP.
AdJu tments or di closure hav been mad for all events, if'ICluding Instances of noncompliance, subsequent to the date of the nancial statements that would requ e adjustment to or di clo ure in the nancial statements.
Wear In agr emen1 with the adjusting journal entries you have proposed, and they have been posted lo the accounts.

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The effects of all known aclual Of possible litigation, claims, and assessments have been acco nted fOI' and disclo ed in acCO<dance with U.S. GAAP.
Guarantees, whethe written Of oral, under which the District Is contingently liable, if any, have been properly recorded or disclosed.
lnfonmation Provided
We have provided you with:
Access to all Information, of which we are aware, that is refevan to the preparation and fair prnsentatlon of he financial stat ments, such as records (including infonnalion obtained from ou side o the general and subsidiary ledgers), documentation, and olhet mauers.
Additional nformaho that you have req esled from us or the purpose of the audit.
Unrestricted access to persons within the District from whom you determined It neoessary to obtain audit ev1 nee.
Minutes of the meetings of Board of Supervisors or summa s or actions of recent meetings'°' which minutes have not yet been prepared.
All material transactions have been recorded in the accounting records and are renected in I e man al statements.
We have disclosed to you the results or our assessment of the risk that lhe financial stalements may be mat-ally misstated as a result of fraud.
We have no knowledge of any fraud or suspected fraud that affects the District and involves-
Management,
Employees who have slgntflcant role In internal control, or
Others vhere the fraud could have a material effect on lhe finanaal statements.
We have no knowledge of any allegatk>ns of fraud or suspected fraud affecting the District's financial statements communicated by emp oyees, former employees, regulators, or others.
We have no knowledge o instances of noncompliance or suspected noncompliance v "th provisions of laws, regulations, contracts, or grant agreements, or waste or abuse, whose effects should be considered when preparing financial statements.
We have disclosed to you all know actual or possible litigation, claims, and assessments whose effects
should be considered when preparing the nnanclal statements.

We have disclosed to you the names o the District's related parties and all relationships and transac110ns, including any side agreements.
Government-specific

related party

There have been no communication from regulatory geooi	concerning noncompliance with, or deficiencies in, financial reporting practices.
We have Identified to you any previous audits, attestabon engagements. and other studies relared to the objectives of the audrt and whether related recommendations have bee implemented.

Page 2 of 4

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We have identified to you any investigations or legal proceedings that have been initiated with respect to the period under audit.
The District has no plans or intentions that may matetia ly affect lhe carrying value or classification or assets, deferred 0C.Jtflows of r ources, Ii b1hties, deferred inflows of resources, and fund balanoe or net position.
We are responsible ror compliance with the I ws, regulations, and provis ons of contracts and gran agreements applicable to us, lndudlng taJC or d bl limit and debt contracts, and legal and contractual provisions for reporting specific activities in separate funds.
We have appropriately disclosed al,lnrormation for coriduit debt o igations in accordance with

GASBS No. 91 .

We have identl 1ed and dlsclos d to you all Instances of idenbfied and suspected fraud and 0011compliance ·th provisions of laws, regulations, contract , and grant ag ments that we believe have a mateoal effect on the fmanci statements
Th re are no violations or poss  vlolatlons of budg t ordinances, laws and regulations (including those pertaining lo adopting, approving, and amending budgets), provls ons of contracts and grant agreements, tax or debt hmits, and any r aled debl covenants whose e ects should be conslde1 d ror disclosure in l financial statements, or s a basis for recording a loss contingency, or for reporting on noncompliance.
A p rt of your d1l, you a si led wrt preparabon of the nancial statements and disclosures. We acknowledge our responsibillly as It relates to those nonaud1l rvices, Including that we sume all managemen respo11Sibillties; oversee the services by designating an individual, prererably within senior management. who possesses suita e skill, knowledge, or experience; evaluale the adequacy and results of the services petformed; and accept resPo�lbdity ror tile results or the ervices We have reviewed, approved, and accepted responsibility for those financial statements and dfsdosures.
The District has satisfactory title to all owned assets, and there are no II ns or encumbrances on such assets nor has any asset been pledged as collateral.
Th D1 trlct ha compl1 d with all a pects of contractual agreements that would have a matenal effect on the financi sta ements in the event or noncompliance.

84.

The financial slatem nts Include a I oomponent un s, appropriately present majonty equity interests in legally separate organi:zalions and joint ventures with an equity Interest, and property disclose all othef joint ventures and other related organizations.

The financial statements Include an fld clary acwltl  required by GASBS  o

as amended.

The financial staleme ts properly classify alf funds and activities in accordance with GASBS No. 34 , as amended.
All funds that meet the q anlitative criteria in GASBS Nos. 34 and R for presentation as majOI' are identified a d p,ese led as such and all other funds that are presented as major are particularly important to financial statement users.
Components of net position (net investmen in capital assets; restricted; and unrestricted) and classmcations of fund b noe (nonspendable, restricted, committed, assigned, and unassigned) are properly cla slfied and, If applicable, approved.

Page 3 of 4

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Investments, derivative Instrument transactiorn;, and land and other real estate h d bye dowments are property valued.
36} Provisions for uncollectlble receivables have been property Identified and record d.
37} xpenses have been appropriately classified in or allocated to funcbons and programs in the sta ement or activltl , and alloc tions have been made on a reasona e basis.
38) Revenues are appropriately classified in the statement of activities within program revenues, general reven s. contributions to temi or pemianent endowments, or contribution lo permanent fund principal.
3 ) lnterlund, Intern.al, and intra-entity activity and balances have	en appropnalely classified and reported.
Deposits and investment securities and derivative Instrument transactions are property classified as to risk and are properly disclosed.
C pital assets, indudmg infrastructure and Intangible assets. are properly capilaliz.ed, reported, and, if applicable, depteclated or amortized.
We have appropriately disclosed the Drstrlcfs poliocy regarding whether to first apply restrlcled or unr stticte resources when an expense is incurred for purposes for which bolh restricted and unr sttlcte net position is ava,table and have determined that et posl on is property recognized under lhe policy.
We are following our eslabl hed a<:00unting policy regarding which resource (ll\at is, restric ed, committed. assigned, or unassigned) are considered to be spent first for expenditures for which more than one resource classification is available. Tl\al policy determines the fund t>alance classificaoons for flnancl I rePofting purposes.
We acknowledge our responsibility for the r quired supplementary mformation (RSI). The RSI Is measured and presented wthin prescribed guidelines and the methods of measurement and presentation have no ch nged from those used in the pnor period. We have disclosed to you any significant assumptions arid interpretaoons underlying the measurement and presentation of the RSI

Page 4 of 4

INTERNAL CONTROL FINDINGS

Internal Control Findings

February 5, 2025
To the Board of Lakewood Ranch Stewardship District
In planning and performing our audit of the financial statements of Lakewood Ranch Stewardship District (“the District”) as of and for the year ended September 30, 2024, in accordance with auditing standards generally accepted in the United States of America, we considered the District’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion 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.
Our consideration of internal control was for the limited purpose described in the first paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses. 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.
This communication is intended solely for the information and use of management, The Board of Supervisors, others within the District, and is not intended to be, and should not be, used by anyone other than these specified parties.

CARR, RIGGS & INGRAM, L.L.C.
Bradenton, FL