July 29, 2024 Board of Supervisors Shingle Creek Community Development District Dear Board Members: The meeting of the Board of Supervisors of the Shingle Creek Community Development District will be held Monday, August 5, 2024 at 11:30 a.m. at the Oasis Club at ChampionsGate, 1520 Oasis Club Blvd., ChampionsGate, FL 33896. Following is the advance agenda for the regular meeting: 1. Roll Call 2. Public Comment Period 3. Organizational Matters A. Appointment of Individuals to Fulfill Vacancies in Seats #1, #2, #4 & #5 B. Administration of Oaths of Office to Newly Appointed Board Members C. Election of Officers D. Consideration of Resolution 2024-04 Electing Officers 4. Approval of Minutes of the June 3, 2024 Meeting 5. Consideration of Agreement for Professional Engineering Services with Dewberry Engineers, Inc. 6. Ratification of Agreement for Fiscal Year 2023 Auditing Services with Grau & Associates 7. Review and Acceptance of Fiscal Year 2023 Audit Report 8. Ratification of Temporary Access Easement Agreement with Doris Ochoa & Edgar Roa 9. Consideration of Proposals for Directional Bores for Lighting Repairs 10. Staff Reports A. Attorney i. Memorandum Regarding Recently Enacted Legislation B. Engineer i. Presentation of Annual Engineer’s Report C. District Manager’s Report i. Approval of Check Register ii. Balance Sheet and Income Statement iii. Adoption of District Goals & Objectives iv. Approval of Meeting Schedule for Fiscal Year 2025 v. Presentation of Series 2015 Arbitrage Rebate Calculation Report 11. Other Business 12. Supervisor’s Requests 13. Adjournment The balance of the agenda will be discussed at the meeting. In the meantime, if you should have any questions, please contact me. Sincerely, Jeremy LeBrun Jeremy LeBrun District Manager Cc: Jan Carpenter, District Counsel David Reid, District Engineer Enclosures RESOLUTION 2024-04 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT ELECTING THE OFFICERS OF THE DISTRICT AND PROVIDING FOR AN EFFECTIVE DATE WHEREAS, the Shingle Creek Community Development District (the “District”) is a local unit of special purpose government created and existing pursuant to Chapter 190, Florida Statutes; and WHEREAS, the Board of Supervisors of the District (“Board”) desires to elect the Officers of the District. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT: Section 1. is elected Chairperson. Section 2. is elected Vice Chairperson. Section 3. is elected Secretary. Section 4. is elected Assistant Secretary. is elected Assistant Secretary. is elected Assistant Secretary is elected Assistant Secretary. Section 5. is elected Treasurer. Section 6. is elected Assistant Treasurer. is elected Assistant Treasurer. Section 7. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 5th day of August, 2024. ATTEST: SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT _________________________________ ____________________________________ Secretary/Assistant Secretary Chairperson/Vice-Chairperson MINUTES OF MEETING SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT The regular meeting of the Board of Supervisors of the Shingle Creek Community Development District was held on Monday, June 3, 2024 at 11:30 a.m. at the Oasis Club at ChampionsGate 1520 Oasis Club Blvd. ChampionsGate, FL. Present and constituting a quorum: Rob Bonin Chairman Adam Morgan Vice Chairman Mark Revell Assistant Secretary Also present were: Jeremy LeBrun District Manager, GMS Kristen Trucco District Counsel, LLEB Dave Reid by phone District Engineer Alan Scheerer Field Manager FIRST ORDER OF BUSINESS Roll Call Mr. LeBrun called the meeting to order and called the roll at 11:47 a.m. Mr. LeBrun: We have three Board members present so we have a quorum. SECOND ORDER OF BUSINESS Public Comment Period Mr. LeBrun: There are no members of the public present, just Board and staff. THIRD ORDER OF BUSINESS Organizational Matters A. Appointment of Individuals to Fulfill Vacancies in Seats #1, #2, #4 & #5 B. Administration of Oaths of Office to Newly Appointed Board Members C. Election of Officers D. Consideration of Resolution 2024-02 Electing Officers Mr. LeBrun: Similar to the last meeting, we are still looking for candidates to fill seats 1, 2, 4, and 5. We have not been made aware of any candidates issuing those seats so we continue to table that. Coming up on the general election, those seats will also be available for people to qualify, so keep an eye out for any seats that qualify. FOURTH ORDER OF BUSINESS Approval of Minutes of the April 1, 2024 Meeting Mr. LeBrun: Item four is approval of the minutes from the April 1, 2024 meeting. Are there any comments, corrections, or changes to the minutes? Mr. Morgan: Everything looks good. I will make a motion to accept. On MOTION by Mr. Morgan, seconded by Mr. Bonin, with all in favor, the Minutes of the April 1, 2024 Meeting, were approved. FIFTH ORDER OF BUSINESS Ranking of Proposals for District Engineering Services and Selection of District Engineer Mr. LeBrun: As the Board is aware, our current District Engineer plans to resign to take on projects that are newer in their portfolio. The District advertised an RFQ for engineering services, per state statute. We sent them out to engineering firms directly and advertised in the newspaper, we received one response to that RFQ. Their response is included in your agenda packet and was from Dewberry. Dewberry is the one who responded and met those qualifications. Normally we would go through a ranking process with multiple candidates, but since we have just one, we still have to do the ranking sheet and rank Dewberry. I wanted to let the Board know we did just have one response. Mr. Morgan: I make a motion to vote as a Board, since Dewberry was the only one who responded, give them full points in all categories moving forward. Mr. LeBrun: One thing I do want to point out is that they were not a certified minority business enterprise. Mr. Morgan: Take those points off. Mr. LeBrun: Okay, so we have full points in all areas, except for that certified minority business enterprise. That gives them a total score of 95. That has them ranked as the number one firm. If the Board is okay with it, we need a motion to rank Dewberry as the #1 ranked firm based on the RFQ and then authorize staff to send a Notice of Intent to Award to Dewberry and also authorize counsel and staff to draft an agreement and then have the Board Chair execute that agreement so we can ratify that at our next meeting. Mr. Morgan: They do good work for the Holly Hill CDD. I don’t have a problem with this. I’ll make a motion. On MOTION by Mr. Morgan, seconded by Mr. Bonin, with all in favor, Ranking Dewberry #1 and Authorizing Staff to Send the Notice of Intent to Award and to Draft an Agreement with Authorization for the Chairman to Execute, was approved. SIXTH ORDER OF BUSINESS Public Hearing Mr. LeBrun: Item number six is our public hearing. Before we get going, can I get a motion to open the public hearing? On MOTION by Mr. Morgan, seconded by Mr. Bonin, with all in favor, Opening the Public Hearing, was approved. Mr. LeBrun: Just for the record there are no members of the public present, just Board and staff. A. Consideration of Resolution 2024-02 Adopting the Fiscal Year 2025 Budget and Relating to the Annual Appropriations B. Consideration of Resolution 2024-03 Imposing Special Assessments and Certifying an Assessment Roll Mr. LeBrun: Previously the Board saw the proposed budget, and not much has changed from the last time the Board saw this. There is no assessment increase, which is good news. We’ve updated the actuals and adjusted any outlined items based on those actuals, but we are still well within budget, and there will be no increase to residents for Fiscal Year 2025. I would be happy to take any questions if you have any. On MOTION by Mr. Morgan, seconded by Mr. Bonin, with all in favor, Resolution 2024-02 Adopting the Fiscal Year 2025 Budget and Relating to the Annual Appropriations, was approved. On MOTION by Mr. Morgan, seconded by Mr. Bonin, with all in favor, Resolution 2024-03 Imposing Special Assessments and Certifying an Assessment Roll, was approved. Mr. LeBrun: Can I get a motion to close the public hearing? On MOTION by Mr. Morgan, seconded by Mr. Bonin, with all in favor, Closing the Public Hearing, was approved. SEVENTH ORDER OF BUSINESS Staff Reports A. Attorney i. Memorandum Regarding Annual Reminder on Florida Laws for Public Officials Ms. Trucco: Since the last Board meeting, we have been working on cross checking the HOA map that was prepared, versus the CDD map that was prepared. You will recall there were several older deeds and transfers that occurred within the CDD. We are trying to make sure that everything that needs to be in the CDD’s name is in their name by deed and everything in the HOA’s name is in their deed too. The District Engineer team sat down with the HOA representative and the developer that came up with the maps. Right now we’ve got a list of tracts, and we’re working on finalizing that, which will be sent over to the developer representative to confirm they don't have any objection to it. After that is finalized, we will order title work on those remaining tracts that will be conveyed to the CDD and there will be some conveyance documents back on the agenda. The only other thing I want to talk to you about is this annual reminder memorandum for public officials. We do this for all of our CDDs. It’s just a reminder to our CDD Supervisors of laws that apply to you in the State of Florida. I think everyone on this Board has heard my spiel before, but I would just encourage you to read through this. It talks about gifts law, misuse of Public Positions law, voting conflicts, Sunshine Law, and Public Records Law. Please read through it, and if you have any questions please reach out to me. B. Engineer Mr. LeBrun: Next is engineer, Dave? Mr. Reid: We are wrapping up our annual reports this month and that’ll do it. If there are any questions give me a call. C. District Manager’s Report i. Approval of Check Register Mr. LeBrun: On page 102 you will see the check register. General Fund, you have checks 885 through 904 and from payroll 50046 through 50048 checks. The total for the check register is $195,428.68. I can take any questions, if not, I would be looking for a motion to approve the check register. On MOTION by Mr. Morgan, seconded by Mr. Bonin, with all in favor, the Check Register, was approved. ii. Balance Sheet and Income Statement Mr. LeBrun: Behind that is your balance sheet and income statement, these are your unaudited financials through April 30, 2024. There is no action required on the Board’s part. iii. Presentation of Arbitrage Rebate Calculation Report for the Series 2019 Bonds Mr. LeBrun: The report is in there; basic summary is there is no arbitrage rebate needed so that's the good news. That just details the calculations and shows the Board that there’s no tax liability, which is good news. I just need a motion to approve that report as presented. On MOTION by Mr. Morgan, seconded by Mr. Bonin, with all in favor, Accepting the Arbitrage Rebate Calculation Report for the Series 2019 Bonds, was approved. iv. Presentation of Number of Registered Voters – 873 Mr. LeBrun: As of April 15, there are 873 registered voters within the District, I’m required to report that annually. That just lets the Board know when they have triggered that 250 resident 6 year criteria for the transitions. Mr. Morgan: And we still have no one interested? Mr. LeBrun: Correct. As of now we do not, which actually transitions well into our next item. v. General Election Qualifying Period and Procedures Mr. LeBrun: The qualifying period starts noon on Monday, June 10, 2024 through noon on Friday, June 14, 2024. All interested electors have to qualify through the Supervisor of Elections during that period, so the District manager will monitor that to see if anyone qualifies for those open seats. Also there is a landowner seat that will be up for election in 2024. That is seat number three, which is currently Adam Morgan’s seat. So that will be the landowner elected seat coming here in November and we’ll set that time and day up. The other ones will be through the general election. Any questions on that? EIGHTH ORDER OF BUSINESS Other Business Mr. LeBrun: Is there any other business to discuss? Hearing no comments, we will move on to the next item. NINTH ORDER OF BUSINESS Supervisor’s Requests There being no comments, the next item followed. TENTH ORDER OF BUSINESS Adjournment Mr. Morgan: I will make a motion to adjourn. On MOTION by Mr. Morgan, seconded by Mr. Bonin, with all in favor, the meeting was adjourned. ________________________________ ________________________________ Secretary / Assistant Secretary Chairman / Vice Chairman AGREEMENT FOR PROFESSIONAL ENGINEERING SERVICES THIS AGREEMENT FOR PROFESSIONAL ENGINEERING SERVICES (the “Agreement”), is made and entered into and effective as of _________________, 2024, by and between the SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, whose mailing address is c/o Governmental Management Services – Central Florida, LLC, 219 E. Livingston Street, Orlando, Florida, 32801 (the “District”), and DEWBERRY ENGINEERS, INC., a Florida corporation, whose principal address is 8401 Arlington Blvd., Suite 1, Fairfax, Virginia 22031 (the “Engineer”). WITNESSETH: WHEREAS, the District is a local unit of special-purpose government established pursuant to the Uniform Community Development District Act of 1980, as codified in Chapter 190, Florida Statutes (the “Act”), by Osceola County (the “County”); WHEREAS, the District is authorized to plan, finance, construct, install, acquire and/or maintain improvements, facilities and services in conjunction with the development of the lands within the District; WHEREAS, pursuant to Chapter 190, Florida Statutes, and Section 287.055, Florida Statutes, the District solicited proposals from qualified engineering firms to provide professional engineering services on a continuing basis to the District and the District’s Board of Supervisors (the “Board”) selected the Engineer; WHEREAS, the District intends to employ the Engineer to perform engineering, surveying, planning, landscaping, construction administration, environmental management, permitting and financial and economic studies, and other services defined by separate Work Authorizations as applicable; and WHEREAS, the Engineer serves as the District's professional representative in each service or project to which this Agreement applies and will give consultation and advice to the District during the performance of its services. NOW, THEREFORE, for and in consideration of the mutual covenants herein contained the acts and deeds to be performed by the parties, and the payments by the District to the Engineer of the sums of money herein specified, it is mutually covenanted and agreed as follows: 1. Scope of Services. (a) The Engineer will provide general engineering services including: 1. Preparation and presentation of any necessary or desirable reports and applications. 2. Attendance by Jason Alligood, PE, or such other representative of Engineer approved by the District Manager or Chairman, at meetings of the District’s Board, upon request by the District Manager or Chairman. 3. Meeting, negotiating and/or communicating with necessary parties to effectuate the issuance of bonds, production of special reports, feasibility studies or the completion of other tasks, or the coordination and completion of capital improvement or maintenance projects. 4. Professional administration, consultations and/or opinions concerning capital improvements, property or maintenance projects or tasks within the District (including but not limited to: work related to water management system, master utilities, preserved wetlands, roadways, amenity facilities, golf facilities, park facilities and any other public improvement authorized by Chapter 190, Florida Statutes). 5. Performance of any other duties related to the provision of infrastructure and services as requested by the District’s Board. (b) In connection with any capital improvement projects of the District, the Engineer shall prepare (or cause to be prepared) or review construction drawings and specifications applicable to the type of work being undertaken. In these instances, the Engineer’s duties will also include rendering assistance in the drafting of forms, proposals/bids and contracts, issuance of certificates of construction, completion and payment, assisting with and/or supervising the bidding processes, and any other activity required by the District’s Board. (c) The Engineer shall, when requested by the District’s Board, provide general services during the construction phase of certain projects including, but not limited to: 1. Periodic visits to the site or full-time construction management services, as directed by the District. 2. Processing of contractors' pay estimates. 3. Final inspection and requested certificates for construction including the final certification of construction, and certification of readiness for conveyances to the District in accordance with the development plans for the District. 4. Consultation and advice during construction, including performing all roles and actions required of any construction contract between the District and any contractor(s) in which Engineer is named as District's representative or “Engineer.” 5. Any other activity related to construction as authorized/directed by the District’s Board. (d) With respect to the maintenance of District facilities or improvements, the Engineer shall render such services as authorized in writing by the District. The Engineer shall also perform engineering, surveying, planning, landscaping, construction administration, environmental management, permitting and financial and economic studies, as defined and directed by the District and separate Work Authorizations, as applicable. (e) Engineer attests to the accuracy of all statements made in the proposal submitted to the District attached hereto as Exhibit “A.” In the event of any conflict between the terms herein and the terms in any exhibit attached hereto, the terms herein shall control. 2. Method of Authorization. Each additional service or project not specified in Paragraph 1 herein shall be authorized in writing by the District. Such written authorization shall be incorporated in a “Work Authorization” or proposal which shall include the scope of work, compensation, project schedule, and special provisions or conditions specific to the service or project being authorized (the “Work Authorization”). Every Work Authorization authorized by the District is subject to the terms herein and Work Authorizations shall be at the sole option of the District. 3. Compensation. It is understood and agreed that the payment of compensation for services under this Agreement shall be stipulated in each Work Authorization and/or per the hourly compensation rates outlined in Exhibit "B" attached hereto. In the event of any conflict between the terms herein and the terms in any exhibit attached hereto, the terms herein shall control. 4. Reimbursable Expenses. Reimbursable expenses consist of actual expenditures, without mark-up or multiplier, made by the Engineer, its employees, or its consultants in the interest of the project and include the incidental costs listed as follows: (a) Expenses of transportation and living when traveling in connection with a project, for long distance calls and facsimiles, and for fees paid for securing approval of authorities having jurisdiction over the project. All expenditures shall be made in accordance with Chapter 112, Florida Statutes, and with the District's travel policy. (b) Expense of reproduction, acquisition, postage and handling of drawings and specifications. 5. Special Consultants and Subcontractors. When authorized in writing by the District, additional special consulting services may be utilized by Engineer and paid for on a cost basis without mark-up or multiplier. If the Engineer desires to employ subcontractors in connection with the performance of its services under this Agreement: (a) Engineer shall obtain written consent of the District’s Board and nothing contained in the Agreement shall create any contractual relationship between the District and any subcontractor; however, it is acknowledged that the District is an intended third-party beneficiary of the obligations of the subcontractors related to the services performed pursuant to this Agreement. (b) Engineer shall coordinate the services of any subcontractors and remain fully responsible under the terms of this Agreement; Engineer shall be and remain responsible for the quality, timeliness and coordinate of all services furnished by the Engineer and/or its subcontractors. (c) All subcontracts shall be written. Each subcontract shall contain a reference to this Agreement and shall incorporate the terms and condition of this Agreement to the full extent applicable to the portion of the services covered thereby. Each subcontractor must agree, for the benefit of the District, to be bound by such terms and conditions. 6. Books and Records. Subject to any longer time periods required under Paragraph 16 herein, Engineer shall maintain comprehensive books and records relating to any services performed under this Agreement for a period of at least four (4) years from and after the completion of any such services. The District, or its authorized representative, shall have the right to audit such books and records at all reasonable times upon prior notice to Engineer. 7. Ownership of Documents. (a) All rights in and title to all plans, drawings, specifications, ideas, concepts, designs, sketches, models, programs, software, creations, inventions, reports, or other tangible work product originally developed by Engineer pursuant to this Agreement (the “Work Product”) shall be and remain the sole and exclusive property of the District when developed and shall be considered work for hire. (b) The Engineer shall deliver all Work Product to the District upon completion thereof unless it is necessary for Engineer, in the District's sole discretion, to retain possession for a longer period of time. Upon early termination of Engineer's services hereunder, Engineer shall deliver all such Work Product whether complete or not. The District shall have all rights to use any and all Work Product. Engineer shall retain copies of the Work Product for its permanent records, provided the Work Product is not used without the District's prior express written consent. Engineer agrees not to recreate any Work Product contemplated by this Agreement, or portions thereof, which if constructed or otherwise materialized, would be reasonably identifiable with the District’s project. If said work product is used by the District for any purpose other than that purpose which is intended by this Agreement, the District shall indemnify Engineer from any and all claims and liabilities which may result from such re-use, in the event Engineer does not consent to such use. (c) The District exclusively retains all manufacturing rights to all materials or designs developed under this Agreement. To the extent the services performed under this Agreement produce or include copyrightable or patentable materials or designs, such materials or designs are work made for hire for the District as the author, creator, or inventor thereof upon creation, and the District shall have all rights therein including, without limitation, the right of reproduction, with respect to such work. Engineer hereby assigns to the District any and all rights Engineer may have including, without limitation, the copyright, with respect to such work. The Engineer acknowledges that the District is the motivating factor for, and for the purpose of copyright or patent, has the right to direct and supervise the preparation of such copyrightable or patentable materials or designs. 8. Accounting Records. Records of the Engineer pertaining to the services provided hereunder shall be kept on a basis of generally accepted accounting principles and shall be available to the District or its authorized representative for observation or audit at mutually agreeable times. 9. Estimate of Cost. Since the Engineer has no control over the cost of labor, materials or equipment or over a contractor's(s') methods of determining prices, or over competitive bidding or market conditions, his opinions of probable cost provided as a service hereunder are to be made on the basis of his experience and qualifications and represent his best judgment as a design professional familiar with the construction industry but Engineer cannot and does not guarantee that proposals, bids, or the construction costs will not vary from opinions of probable cost prepared by him or her. If the District wishes greater assurance as to the construction costs, it shall employ an independent cost estimator at its own expense. Services to modify approved documents to bring the construction cost within any limitation established by the District will be considered additional services and justify additional fees. 10. Insurance. The Engineer shall, at its own expense, maintain insurance during the performance of its services under this Agreement, with limits of liability not less than the following: Workers Compensation: Statutory Requirements General Liability Bodily Injury (including contractual): $1,000,000/$2,000,000 Property Damage (including contractual): $1,000,000/$2,000,000 Automobile Liability (if applicable): $1,000,000 combined single limit Bodily Injury Property Damage Professional Liability for Errors/Omissions: $1,000,000 The Engineer shall provide District with a certificate evidencing compliance with the above terms and coverage and naming the District, its supervisors, staff, agents, officers and employees as additional insureds. Engineer shall provide the District with thirty (30) days' written notice of cancellation or modification of the policy. At no time shall Engineer be without insurance coverage in the above amounts. 11. Engineer’s Employees; Independent Contractor Status of Engineer. All matters pertaining to the employment, supervision, compensation, promotion and discharge of any employees of entities retained by Engineer are the sole responsibility of Engineer. Engineer shall fully comply with all applicable acts and regulations having to do with workman’s compensation, social security, unemployment insurance, hours of labor, wages, working conditions and other employer-employee related subjects. The Engineer agrees that it shall bear the responsibility for verifying the employment status, under the Immigration Reform and Control Act of 1986, of all persons it employs in the performance of this Agreement. In performing any services hereunder, Engineer shall be an independent contractor and not an employee of the District. It is further acknowledged that nothing herein shall be deemed to create or establish a partnership or joint venture between the District and Engineer. Engineer has no authority to enter into any contracts or agreements, whether oral or written, on behalf of the District without the District’s Board’s direction to the Engineer to specifically enter into such contracts or agreements. 12. Contingent Fee. The Engineer warrants that it has not employed or retained any company or person, other than a bona fide employee working solely for the Engineer, to solicit or secure this Agreement and that it has not paid or agreed to pay any person, company, corporation, individual, or firm, other than a bona fide employee working solely for the Engineer, any fee, commission, percentage, gift, or other consideration contingent upon or resulting from the award or making of this Agreement. 13. Audit. The Engineer agrees that the District or any of its duly authorized representatives shall, until the expiration of four years after expenditure of funds under this Agreement, have access to and the right to examine any books, documents, papers, and records of the Engineer involving transactions related to the Agreement. The Engineer agrees that payment made under the Agreement shall be subject to reduction for amounts charged thereto that are found on the basis of audit examination not to constitute allowable costs. All required records shall be maintained until an audit is completed and all questions arising therefrom are resolved, or three years after completion of all work under the Agreement. 14. Indemnification. The Engineer agrees, to the fullest extent permitted by law, to indemnify, defend, and hold the District, its supervisors, officers, agents and employees, harmless of and from any and all liabilities, claims, causes of action, demands, suits, or losses arising from the negligent acts, errors or omissions of the Engineer, Engineer's agents or employees, in the performance of professional services under this Agreement. 15. Sovereign Immunity. Nothing contained herein shall cause or be construed as a waiver of the District’s immunity or limitations on liability granted pursuant to section 768.28, Florida Statutes, or other law, and nothing in this Agreement shall inure to the benefit of any third party for the purpose of allowing any claim which could otherwise be barred under the Doctrine of Sovereign Immunity or by operation of law. 16. Public Records. (a) Engineer understands and agrees that all documents of any kind relating to this Agreement may be public records and, accordingly, Engineer agrees to comply with all applicable provisions of Florida public records law, including but not limited to the provisions of Chapter 119, Florida Statutes. Engineer acknowledges and agrees that the public records custodian of the District is the District Manager, which is currently Governmental Management Services - Central Florida, LLC (the “Public Records Custodian”). Engineer shall, to the extent applicable by law: (i) Keep and maintain public records required by District to perform services; (ii) Upon request by District, provide District with the requested public records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; (iii) Ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the Agreement term and following the Agreement term if the Engineer does not transfer the records to the Public Records Custodian of the District; and (iv) Upon completion of the Agreement, transfer to District, at no cost, all public records in District’s possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. IF THE ENGINEER HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE ENGINEER’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT THE DISTRICT’S CUSTODIAN OF PUBLIC RECORDS AT (407-841-5524), OR BY EMAIL AT JLEBRUN@GMSCFL.COM, OR BY REGULAR MAIL AT 219 E. LIVINGSTON STREET, ORLANDO, FLORIDA 32801, ATTENTION: DISTRICT PUBLIC RECORDS CUSTODIAN. 17. Compliance with All Laws, Regulations, Rules and Policies. (a) At all times, the Engineer is expected to operate in accordance with all applicable statutes, codes, permits, regulations, ordinances and orders. (b) The Engineer hereby covenants and agrees to comply with all the rules, ordinances and regulations of governmental authorities wherein the District’s facilities are located, as said rules, etc. may specifically relate to the Engineer or it’s services provided hereunder, at the Engineer’s sole cost and expense, and the Engineer will take such action as may be necessary to comply with any and all notices, orders or other requirements affecting the services described herein as may be issued by any governmental agency having jurisdiction over the Engineer, unless specifically instructed by the District that it intends to contest such orders or requirements and that the Engineer shall not comply with the same. The Engineer shall provide immediate notice to the District of any such orders or requirements upon receipt of same. (c) The District is a local unit of special purpose government created in accordance with the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes. The Engineer agrees to comply with all applicable requirements of the “Sunshine Law,” the “Public Records Law,” the Community Development Districts Law, and all other statutes and regulations applicable to Engineer. 18. Compliance with E-Verify System. (a) The Engineer shall comply with and perform all applicable provisions and requirements of Section 448.095, Florida Statutes and Section 448.09(1), Florida Statutes. Accordingly, beginning on the Effective Date, to the extent required by Section 448.095, Florida Statutes, the Engineer shall enroll with and use the United States Department of Homeland Security’s E-Verify system to verify the work authorization status of all newly hired employees. The Engineer may terminate this Agreement immediately for cause if there is a good faith belief that the Engineer has knowingly violated Section 448.091, Florida Statutes. (b) If the Engineer anticipates entering into agreements with a subcontractor for the work, the Engineer will not enter into the subcontractor agreement without first receiving an affidavit from the subcontractor regarding compliance with Section 448.095, Florida Statutes, and stating that the subcontractor does not employ, contract with, or subcontract with an unauthorized alien. The Engineer shall maintain a copy of such affidavit for the duration of the agreement and provide a copy to the District upon request. In the event that the District has a good faith belief that a subcontractor has knowingly violated Section 448.095, Florida Statutes, but the Engineer has otherwise complied with its obligations hereunder, the District shall promptly notify the Engineer. The Engineer agrees to immediately terminate the agreement with the subcontractor upon notice from the District. Further, absent such notification from the District, the Engineer or any subcontractor who has a good faith belief that a person or entity with which it is contracting has knowingly violated Section 448.09(1), Florida Statutes, shall promptly terminate its agreement with such person or entity. (c) By entering into this Agreement, the Engineer represents that no public employer has terminated a contract with the Engineer under Section 448.095(2)(c), Florida Statutes, within the year immediately preceding the date of this Agreement. 19. Controlling Law and Jurisdiction. The Engineer and the District agree that this Agreement shall be controlled and governed by the laws of the State of Florida. Any litigation arising under this Agreement shall be venued in the Circuit Court of Osceola County, Florida. THE PARTIES HEREBY WAIVE TRIAL BY JURY AND AGREE TO SUBMIT TO THE PERSONAL JURISDICTION AND VENUE OF A COURT IN OSCEOLA COUNTY, FLORIDA. 20. Assignment. Neither the District nor the Engineer shall assign, sublet, or transfer any rights under or interest in this Agreement without the express written consent of the other. 21. Notice. (a) Notices required or permitted to be given under this Agreement shall be in writing, may be delivered personally or by mail, overnight delivery service, or courier service, and shall be given when received by the addressee. Notices shall be addressed as follows: If to District: Shingle Creek Community Development District c/o Governmental Management Services – Central Florida, LLC 219 E. Livingston Street Orlando, Florida 32801 Attention: Jeremy LeBrun, District Manager Telephone: (407) 613-2944 Copy to: Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, Florida 32801 Attention: Jan Albanese Carpenter, District Counsel Telephone: (407) 481-5800 If to Engineer: Dewberry Engineers, Inc. 800 N. Magnolia Ave., Suite 1000 Orlando, Florida 32803 Attention: Rey Malave, PE Telephone: (321) 354-9656 (b) Notwithstanding the foregoing, any notice sent to the last designated address of the party to whom a notice may be or is required to be delivered under this Agreement shall not be deemed ineffective if actual delivery cannot be made due to a change of address of the party to whom the notice is directed or the failure or refusal of such party to accept delivery of the notice. Parties may change notice address by delivering written notice by mail, overnight delivery service, or courier service to the other party and such change shall become effective when received by the addressee. 22. Termination. The District or the Engineer may terminate this Agreement without cause upon thirty (30) days' prior written notice. At such time as the Engineer receives notification of the intent of the District to terminate the contract, the Engineer shall not perform any further services unless directed to do so by the District’s Board. In the event of any termination without cause, the Engineer will be paid for services rendered to the date of termination and all reimbursable expenses incurred to the date of termination. The District may terminate this Agreement with cause upon written notice to the Engineer. In the event of any termination for cause, Engineer shall not perform any further services for the District after Engineer's receipt of notification of termination for cause, but Engineer shall be paid for services rendered to the date of termination and all reimbursable expenses incurred through the date of termination. 23. No Waiver. No failure by either party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy upon a breach thereof shall constitute a waiver of any such breach or of such or any other covenant, agreement, term or condition. Any party hereto, by written notice executed by such party, may, but shall be under no obligation to, waive any of its rights or any conditions to its obligations hereunder, or any duty, obligation, or covenant of any other party hereto. No waiver shall affect or alter this Agreement, but each and every covenant, agreement, term and condition of this Agreement shall continue in full force and effect with respect to any other then-existing or subsequent breach thereof. 24. No Modification. No modification, waiver, amendment, discharge or change of this Agreement shall be valid unless the same is in writing and signed by the parties against which such enforcement is or may be sought. This instrument contains the entire agreement made between the parties and may not be modified orally or in any manner other than by an agreement in writing signed by all parties hereto or their respective successors in interest. 25. Recovery of Attorneys’ Fees and Costs. If either party hereto institutes an action or proceeding for a declaration of the rights of the parties the Agreement, for injunctive relief, for an alleged breach or default of, or any other action arising out of, the Agreement, or in the event any party hereto is in default of its obligations pursuant hereto, whether or not suit is filed or prosecuted to final judgment, the non-defaulting or prevailing party shall be entitled to its actual attorneys’ fees and to any court costs and expenses incurred, in addition to any other damages or relief awarded. 26. Conflicts of Interest. The Engineer shall bear the responsibility for acting in the District’s best interests, shall avoid any conflicts of interest and shall abide by all applicable ethical canons and professional standards relating to conflicts of interest. 27. Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all parties had signed the same document. All fully executed counterparts shall be construed together and shall constitute one and the same agreement. 28. Acceptance. Acceptance of this Agreement is indicated by the signature of the authorized representative of the District and the Engineer in the spaces provided below. [Signatures provided on the following page.] CO-SIGNATURE PAGE TO THE AGREEMENT FOR PROFESSIONAL ENGINEERING SERVICES IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed the day and year first above written. SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT, ATTEST: a Florida community development district By: ___________________________ By: __________________________________ Secretary/Asst. Secretary Chairman, Board of Supervisors DEWBERRY ENGINEERS, INC., a New York corporation By: _________________________________ Print: _______________________________ Title: ________________________________ EXHIBIT “A” PROPOSAL [See attached.] EXHIBIT “B” FEE SCHEDULE [See attached.] Attachment A STANDARD HOURLY BILLING RATE SCHEDULE Professional/Technical/Construction/Surveying Services LABOR CLASSIFICATION HOURLY RATES Professional Engineer I, II, III $115.00, $135.00, $155.00 Engineer IV, V, VI $175.00, $200.00, $230.00 Engineer VII, VIII, IX $260.00, $290.00, $320.00 Environmental Specialist I, II, III $105.00, $125.00, $155.00 Senior Environmental Scientist IV, V, VI $175.00, $195.00, $215.00 Planner I, II, III $105.00, $125.00, $155.00 Senior Planner IV, V, VI $175.00, $195.00, $215.00 Landscape Designer I, II, III $105.00, $125.00, $155.00 Senior Landscape Architect IV, V, VI $175.00, $195.00, $215.00 Principal $360.00 Technical CADD Technician I, II, III, IV, V $85.00, $105.00, $125.00, $140.00, $180.00 Designer I, II, III $110.00, $135.00, $160.00 Designer IV, V, VI $180.00, $205.00, $230.00 Construction Construction Professional I, II, III $125.00, $160.00, $185.00 Construction Professional IV, V, VI $220.00, $245.00, $290.00 Survey Surveyor I, II, III $68.00, $83.00, $100.00 Surveyor IV, V, VI $120.00, $135.00, $150.00 Surveyor VII, VIII, IX $165.00, $195.00, $235.00 Senior Surveyor IX $295.00 Fully Equipped 1, 2, 3 Person Field Crew $145.00, $185.00, $245.00 Administration Administrative Professional I, II, III, IV $70.00, $100.00, $120.00, $150.00 Other Direct Costs (Printing, Postage, Etc.) Cost + 15% Company Confidential and Proprietary: Use or disclosure of data contained on this sheet is subject to restriction on the title page of this report. Revised 06-01-24\Subject to Revision\Standard Hourly Billing Rate Schedule 2010 Grau Logo - HiRes 951 Yamato Road . Suite 280 Boca Raton, Florida 33431 (561) 994-9299 . (800) 299-4728 Fax (561) 994-5823 www.graucpa.com October 12, 2023 Board of Supervisors Shingle Creek Community Development District 219 East Livingston Street Orlando, FL 32801 We are pleased to confirm our understanding of the services we are to provide Shingle Creek Community Development District, Osceola County, Florida (“the District”) for the fiscal year ended September 30, 2023. We will audit the financial statements of the governmental activities and each major fund, including the related notes to the financial statements, which collectively comprise the basic financial statements of Shingle Creek Community Development District as of and for the fiscal year ended September 30, 2023. In addition, we will examine the District’s compliance with the requirements of Section 218.415 Florida Statutes. This letter serves to renew our agreement and establish the terms and fee for the 2023 audit. Accounting principles generally accepted in the United States of America provide for certain required supplementary information (RSI), such as management’s discussion and analysis (MD&A), to supplement the District’s 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. As part of our engagement, we will apply certain limited procedures to the District’s RSI in accordance with auditing standards generally accepted in the United States of America. These limited procedures will consist 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 basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We will 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. The following RSI is required by generally accepted accounting principles and will be subjected to certain limited procedures, but will not be audited: 1) Management’s Discussion and Analysis 2) Budgetary comparison schedule The following other information accompanying the financial statements will not be subjected to the auditing procedures applied in our audit of the financial statements, and our auditor’s report will not provide an opinion or any assurance on that information: 1) Compliance with FL Statute 218.39 (3) (c) Audit Objectives The objective of our audit is the expression of opinions as to whether your financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles and to report on the fairness of the supplementary information referred to in the second paragraph when considered in relation to the financial statements as a whole. Our audit will be conducted in accordance with auditing standards generally accepted in the United States of America and the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and will include tests of the accounting records of the District and other procedures we consider necessary to enable us to express such opinions. We will issue a written report upon completion of our audit of the District’s financial statements. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or add emphasis-of-matter or other-matter paragraphs. If our opinion on the financial statements is other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the audit or are unable to form or have not formed an opinion, we may decline to express an opinion or issue a report, or may withdraw from this engagement. We will also provide a report (that does not include an opinion) on internal control related to the financial statements and compliance with the provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a material effect on the financial statements as required by Government Auditing Standards. The report on internal control and on compliance and other matters will include a paragraph that states (1) that the purpose of the report is solely to describe the scope of 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 on compliance, and (2) that the report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control and compliance. The paragraph will also state that the report is not suitable for any other purpose. If during our audit we become aware that the District is subject to an audit requirement that is not encompassed in the terms of this engagement, we will communicate to management and those charged with governance that an audit in accordance with U.S. generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards may not satisfy the relevant legal, regulatory, or contractual requirements. Examination Objective The objective of our examination is the expression of an opinion as to whether the District is in compliance with Florida Statute 218.415 in accordance with Rule 10.556(10) of the Auditor General of the State of Florida. Our examination will be conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and will include tests of your records and other procedures we consider necessary to enable us to express such an opinion. We will issue a written report upon completion of our examination of the District’s compliance. The report will include a statement that the report is intended solely for the information and use of management, those charged with governance, and the Florida Auditor General, and is not intended to be and should not be used by anyone other than these specified parties. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or add emphasis-of-matter or other-matter paragraphs. If our opinion on the District’s compliance is other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the examination or are unable to form or have not formed an opinion, we may decline to express an opinion or issue a report, or may withdraw from this engagement. Other Services We will assist in preparing the financial statements and related notes of the District in conformity with U.S. generally accepted accounting principles based on information provided by you. These nonaudit services do not constitute an audit under Government Auditing Standards and such services will not be conducted in accordance with Government Auditing Standards. The other services are limited to the financial statement services previously defined. We, in our sole professional judgment, reserve the right to refuse to perform any procedure or take any action that could be construed as assuming management responsibilities. Management Responsibilities Management is responsible for compliance with Florida Statute 218.415 and will provide us with the information required for the examination. The accuracy and completeness of such information is also management’s responsibility. You agree to assume all management responsibilities relating to the financial statements and related notes and any other nonaudit services we provide. You will be required to acknowledge in the management representation letter our assistance with preparation of the financial statements and related notes and that you have reviewed and approved the financial statements and related notes prior to their issuance and have accepted responsibility for them. In addition, you will be required to make certain representations regarding compliance with Florida Statute 218.415 in the management representation letter. Further, you agree to oversee the nonaudit services by designating an individual, preferably from senior management, who possesses suitable skill, knowledge, or experience; evaluate the adequacy and results of those services; and accept responsibility for them. Management is responsible for designing, implementing and maintaining effective internal controls, including evaluating and monitoring ongoing activities, to help ensure that appropriate goals and objectives are met; following laws and regulations; and ensuring that management and financial information is reliable and properly reported. Management is also responsible for implementing systems designed to achieve compliance with applicable laws, regulations, contracts, and grant agreements. You are also responsible for the selection and application of accounting principles, for the preparation and fair presentation of the financial statements and all accompanying information in conformity with U.S. generally accepted accounting principles, and for compliance with applicable laws and regulations and the provisions of contracts and grant agreements. Management is also responsible for making all financial records and related information available to us and for the accuracy and completeness of that information. You are also responsible for providing us with (1) access to all information of which you are aware that is relevant to the preparation and fair presentation of the financial statements, (2) additional information that we may request for the purpose of the audit, and (3) unrestricted access to persons within the government from whom we determine it necessary to obtain audit evidence. Your responsibilities include adjusting the financial statements to correct material misstatements and for confirming to us in the written representation letter that the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. You are responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud affecting the government involving (1) management, (2) employees who have significant roles in internal control, and (3) others where the fraud could have a material effect on the financial statements. Your responsibilities include informing us of your knowledge of any allegations of fraud or suspected fraud affecting the government received in communications from employees, former employees, grantors, regulators, or others. In addition, you are responsible for identifying and ensuring that the government complies with applicable laws, regulations, contracts, agreements, and grants and for taking timely and appropriate steps to remedy fraud and noncompliance with provisions of laws, regulations, contracts or grant agreements, or abuse that we report. Management is responsible for establishing and maintaining a process for tracking the status of audit findings and recommendations. Management is also responsible for identifying and providing report copies of previous financial audits, attestation engagements, performance audits or other studies related to the objectives discussed in the Audit Objectives section of this letter. This responsibility includes relaying to us corrective actions taken to address significant findings and recommendations resulting from those audits, attestation engagements, performance audits, or other studies. You are also responsible for providing management’s views on our current findings, conclusions, and recommendations, as well as your planned corrective actions, for the report, and for the timing and format for providing that information. With regard to the electronic dissemination of audited financial statements, including financial statements published electronically on your website, you understand that electronic sites are a means to distribute information and, therefore, we are not required to read the information contained in these sites or to consider the consistency of other information in the electronic site with the original document. Audit Procedures—General An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We will plan and perform the audit to obtain reasonable rather than absolute assurance about whether the financial statements are free of material misstatement, whether from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws or governmental regulations that are attributable to the government or to acts by management or employees acting on behalf of the government. Because the determination of abuse is subjective, Government Auditing Standards do not expect auditors to provide reasonable assurance of detecting abuse. Because of the inherent limitations of an audit, combined with the inherent limitations of internal control, and because we will not perform a detailed examination of all transactions, there is a risk that material misstatements may exist and not be detected by us, even though the audit is properly planned and performed in accordance with U.S. generally accepted auditing standards and Government Auditing Standards. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental regulations that do not have a direct and material effect on the financial statements. Our responsibility as auditors is limited to the period covered by our audit and does not extend to later periods for which we are not engaged as auditors. Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and may include tests of the physical existence of inventories, and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected individuals, funding sources, creditors, and financial institutions. We will request written representations from your attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will require certain written representations from you about your responsibilities for the financial statements; compliance with laws, regulations, contracts, and grant agreements; and other responsibilities required by generally accepted auditing standards. Audit Procedures—Internal Control Our audit will include obtaining an understanding of the government and its environment, including internal control, sufficient to assess the risks of material misstatement of the financial statements and to design the nature, timing, and extent of further audit procedures. Tests of controls may be performed to test the effectiveness of certain controls that we consider relevant to preventing and detecting errors and fraud that are material to the financial statements and to preventing and detecting misstatements resulting from illegal acts and other noncompliance matters that have a direct and material effect on the financial statements. Our tests, if performed, will be less in scope than would be necessary to render an opinion on internal control and, accordingly, no opinion will be expressed in our report on internal control issued pursuant to Government Auditing Standards. An audit is not designed to provide assurance on internal control or to identify significant deficiencies or material weaknesses. However, during the audit, we will communicate to management and those charged with governance internal control related matters that are required to be communicated under AICPA professional standards and Government Auditing Standards. Audit Procedures—Compliance As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we will perform tests of the District’s compliance with the provisions of applicable laws, regulations, contracts, agreements, and grants. However, the objective of our audit will not be to provide an opinion on overall compliance and we will not express such an opinion in our report on compliance issued pursuant to Government Auditing Standards. Engagement Administration, Fees, and Other We understand that your employees will prepare all cash or other confirmations we request and will locate any documents selected by us for testing. The audit documentation for this engagement is the property of Grau & Associates and constitutes confidential information. However, subject to applicable laws and regulations, audit documentation and appropriate individuals will be made available upon request and in a timely manner to a cognizant or oversight agency or its designee, a federal agency providing direct or indirect funding, or the U.S. Government Accountability Office for purposes of a quality review of the audit, to resolve audit findings, or to carry out oversight responsibilities. We will notify you of any such request. If requested, access to such audit documentation will be provided under the supervision of Grau & Associates personnel. Furthermore, upon request, we may provide copies of selected audit documentation to the aforementioned parties. These parties may intend, or decide, to distribute the copies or information contained therein to others, including other governmental agencies. Notwithstanding the foregoing, the parties acknowledge that various documents reviewed or produced during the conduct of the audit may be public records under Florida law. The District agrees to notify Grau & Associates of any public record request it receives that involves audit documentation. Furthermore, Grau & Associates agrees to comply with all applicable provisions of Florida law in handling such records, including but not limited to Section 119.0701, Florida Statutes. Auditor acknowledges that the designated public records custodian for the District is the District Manager (“Public Records Custodian”). Among other requirements and to the extent applicable by law, Grau & Associates shall 1) keep and maintain public records required by the District to perform the service; 2) upon request by the Public Records Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable time period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the contract term and following the contract term if Auditor does not transfer the records to the Public Records Custodian of the District; and 4) upon completion of the contract, transfer to the District, at no cost, all public records in Grau & Associate’s possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by Grau & Associates, Grau & Associates shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats. IF GRAU & ASSOCIATES HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO ITS DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT THE PUBLIC RECORDS CUSTODIAN AT: C/O GOVERNMENTAL MANAGEMENT SERVICES – CENTRAL FLORIDA LLC, 219 EAST LIVINGSTON STREET ORLANDO, FLORIDA 32801, OR RECORDREQUEST@GMSCFL.COM, PH: (407) 841-5524. Our fee for these services will not exceed $4,900 for the September 30, 2023 audit, unless there is a change in activity by the District which results in additional audit work or if additional Bonds are issued. This agreement is automatically renewed each year thereafter subject to the mutual agreement by both parties to all terms and fees. The fee for each annual renewal will be agreed upon separately. We will complete the audit within prescribed statutory deadlines, which requires the District to submit its annual audit to the Auditor General no later than nine (9) months after the end of the audited fiscal year, with the understanding that your employees will provide information needed to perform the audit on a timely basis. The audit documentation for this engagement will be retained for a minimum of five years after the report release date. If we are aware that a federal awarding agency or auditee is contesting an audit finding, we will contact the party(ies) contesting the audit finding for guidance prior to destroying the audit documentation. Our invoices for these fees will be rendered each month as work progresses and are payable on presentation. Invoices will be submitted in sufficient detail to demonstrate compliance with the terms of this agreement. In accordance with our firm policies, work may be suspended if your account becomes 60 days or more overdue and may not be resumed until your account is paid in full. If we elect to terminate our services for nonpayment, our engagement will be deemed to have been completed upon written notification of termination, even if we have not completed our report. You will be obligated to compensate us for all time expended and to reimburse us for all outof- pocket costs through the date of termination. The above fee is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate. The District has the option to terminate this agreement with or without cause by providing thirty (30) days written notice of termination to Grau & Associates. Upon any termination of this agreement, Grau & Associates shall be entitled to payment of all work and/or services rendered up until the effective termination of this agreement, subject to whatever claims or off-sets the District may have against Grau & Associates. We will provide you with a copy of our most recent external peer review report and any letter of comment, and any subsequent peer review reports and letters of comment received during the period of the contract. Our 2023 peer review report accompanies this letter. We appreciate the opportunity to be of service to Shingle Creek Community Development District and believe this letter accurately summarizes the terms of our engagement and, with any addendum, if applicable, is the complete and exclusive statement of the agreement between Grau & Associates and the District with respect to the terms of the engagement between the parties. If you have any questions, please let us know. If you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and return it to us. Very truly yours, Grau & Associates Tony, Jr ______________________________ Antonio J. Grau RESPONSE: This letter correctly sets forth the understanding of Shingle Creek Community Development District. By: Title: Date: A close-up of a letter Description automatically generated SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA TABLE OF CONTENTS Page INDEPENDENT AUDITOR’S REPORT 1-2 MANAGEMENT’S DISCUSSION AND ANALYSIS 3-6 BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements: Statement of Net Position 7 Statement of Activities 8 Fund Financial Statements: Balance Sheet – Governmental Funds 9 Reconciliation of the Balance Sheet – Governmental Funds to the Statement of Net Position 10 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds 11 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 12 Notes to Financial Statements 13-20 REQUIRED SUPPLEMENTARY INFORMATION Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – General Fund 21 Notes to Required Supplementary Information 22 OTHER INFORMATION Data Elements required by Section 218.39(3)(c), Florida Statutes 23 INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 24-25 INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA 26 MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA 27-28 INDEPENDENT AUDITOR’S REPORT To the Board of Supervisors Shingle Creek Community Development District Osceola County, Florida Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of the governmental activities and each major fund of Shingle Creek Community Development District, Osceola County, Florida (“District”) as of and for the fiscal year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2023, and the respective changes in financial position, thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements The District’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Included in the Financial Report Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with Section 218.39(3)(c), Florida Statutes but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 19, 2024, on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance. June 19, 2024 MANAGEMENT’S DISCUSSION AND ANALYSIS Our discussion and analysis of Shingle Creek Community Development District, Osceola County, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2023. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements. FINANCIAL HIGHLIGHTS • The assets of the District exceeded its liabilities at the close of the most recent fiscal year resulting in a net position balance of $24,563,166. • The change in the District’s total net position in comparison with the prior fiscal year was ($412,608), a decrease. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section. • At September 30, 2023, the District’s governmental funds reported combined ending fund balances of $4,043,717, an increase of $303,683 in comparison with the prior fiscal year. The total fund balance is restricted for debt service, non-spendable for prepaids and deposits, assigned for capital reserves and the remainder is unassigned fund balance which is available for spending at the District’s discretion. OVERVIEW OF FINANCIAL STATEMENTS This discussion and analysis are intended to serve as the introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: 1) governmentwide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-Wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business. The statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods. The government-wide financial statements include all governmental activities that are principally supported by assessments. The District does not have any business-type activities. The governmental activities of the District include the general government (management) and maintenance functions. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental funds. OVERVIEW OF FINANCIAL STATEMENTS (Continued) Governmental Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District’s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The District maintains two governmental funds. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund and debt service fund, both of which are major funds. The District adopts an annual appropriated budget for its general fund. A budgetary comparison schedule has been provided for the general fund to demonstrate compliance with the budget. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. GOVERNMENT-WIDE FINANCIAL ANALYSIS As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, assets exceeded liabilities at the close of the fiscal year. Key components of the District’s net position are reflected in the following table: 2023 2022 Current and other assets $ 4,045,843 $ 3,755,787 Capital assets, net of depreciation 56,436,818 57,920,325 Total assets 60,482,661 61,676,112 Current liabilities 7 37,346 7 68,239 Long-term liabilities 35,182,149 35,932,099 Total liabilities 35,919,495 36,700,338 Net position Net investment in capital assets 21,254,669 21,988,226 Restricted 2 ,323,613 2 ,122,561 Unrestricted 9 84,884 8 64,987 Total net position $ 24,563,166 $ 24,975,774 NET POSITION SEPTEMBER 30, The District’s net position reflects its investment in capital assets (e.g. land, land improvements, and infrastructure) less any related debt used to acquire those assets that is still outstanding. These assets are used to provide services to residents; consequently, these assets are not available for future spending. Although the District’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued) The restricted portion of the District’s net position represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the District’s other obligations. The District’s net position decreased during the most recent fiscal year. The majority of the decrease represents the extent to which the cost of operations and depreciation expense exceeded ongoing program revenues. Key elements of the change in net position are reflected in the following table: Revenues: 2023 2022 Program revenues Charges for services $ 3,312,312 $ 3,309,087 Operating grants and contributions 1 33,403 1 2,252 General revenues Unrestricted investment earnings 2 8,659 3 ,327 Miscellaneous 17 - Total revenues 3 ,474,391 3 ,324,666 Expenses: General government 8 9,576 9 0,123 Maintenance and operations 2 ,008,348 1 ,920,909 Interest 1 ,789,075 1 ,824,339 Total expenses 3 ,886,999 3 ,835,371 Change in net position (412,608) (510,705) Net position - beginning 24,975,774 25,486,479 Net position - ending $ 24,563,166 $ 24,975,774 CHANGES IN NET POSITION FOR THE FISCAL YEAR ENDED SEPTEMBER 30, As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2023, was $3,886,999. The costs of the District’s activities were funded by program revenues. Program revenue was comprised primarily of assessments. The Increase in current fiscal year expenses is primarily the result of increase maintenance and operations. GENERAL BUDGETING HIGHLIGHTS An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2023. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets At September 30, 2023, the District had $66,820,370 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $10,383,552 has been taken, which resulted in a net book value of $56,436,818. More detailed information about the District’s capital assets is presented in the notes of the financial statements. Capital Debt At September 30, 2023, the District had $35,405,000 Bonds outstanding for its governmental activities. More detailed information about the District’s capital debt is presented in the notes of the financial statements. ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS The District does not anticipate any major projects or significant changes to its infrastructure maintenance program for the subsequent fiscal year. In addition, it is anticipated that the general operations of the District will remain fairly constant. CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, landowners, customers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the Shingle Creek Community Development District’s Finance Department at 219 E. Livingston Street, Orlando, FL 32801. SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30, 2023 ASSETS Cash $ 281,990 Investments 664,899 Assessments receivable 26,713 Prepaids and deposits 34,430 Restricted assets: Investments 3,037,811 Capital assets: Nondepreciable 22,315,159 Depreciable, net 34,121,659 Total assets 60,482,661 LIABILITIES Accounts payable 2,126 Accrued interest payable 735,220 Non-current liabilities: Due within one year 795,000 Due in more than one year 34,387,149 Total liabilities 35,919,495 NET POSITION Net investment in capital assets 21,254,669 Restricted for debt service 2,323,613 Unrestricted 984,884 Total net position $ 24,563,166 Governmental Activities See notes to the financial statements SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 Functions/Programs Expenses Primary government: Governmental activities: General government $ 89,576 $ 89,576 $ - $ - Maintenance and operations 2,008,348 616,062 - (1,392,286) Interest on long-term debt 1,789,075 2,606,674 133,403 951,002 Total governmental activities 3,886,999 3,312,312 133,403 (441,284) General revenues: Unrestricted investment earnings 28,659 Miscellaneous 17 Total general revenues 28,676 Change in net position (412,608) Net position - beginning 24,975,774 Net position - ending $ 24,563,166 Program Revenues Net (Expense) Revenue and Changes in Net Position Charges for Services Operating Grants and Contributions Governmental Activities See notes to the financial statements SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2023 General ASSETS Cash $ 281,990 $ - $ 281,990 Investments 664,899 3,037,811 3,702,710 Assessments receivable 5,691 21,022 26,713 Prepaids and deposits 34,430 - 34,430 Total assets $ 987,010 $ 3,058,833 $ 4,045,843 LIABILITIES AND FUND BALANCES Liabilities: Accounts payable $ 2,126 $ - $ 2,126 Total liabilities 2,126 - 2,126 Fund balances: Nonspendable: Prepaids and deposits 34,430 - 34,430 Restricted for: Debt service - 3,058,833 3,058,833 Assigned for: Capital reserves 675,536 - 675,536 Unassigned 274,918 - 274,918 Total fund balances 984,884 3,058,833 4,043,717 Total liabilities and fund balances $ 987,010 $ 3,058,833 $ 4,045,843 Total Governmental Funds Major Funds Debt Service See notes to the financial statements SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION SEPTEMBER 30, 2023 Fund balance - governmental funds $ 4,043,717 Amounts reported for governmental activities in the statement of net position are different because: Cost of capital assets 66,820,370 Accumulated depreciation (10,383,552) 56,436,818 Accrued interest payable (735,220) Bonds payable (35,182,149) Net position of governmental activities $ 24,563,166 Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in the governmental funds. The statement of net position includes those capital assets in the net position of the government as a whole. Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund statements. All liabilities, both current and long-term, are reported in the government-wide financial statements. See notes to the financial statements SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 General REVENUES Assessments $ 705,638 $ 2,606,674 $ 3,312,312 Miscellaneous revenue 17 - 17 Interest 28,659 133,403 162,062 Total revenues 734,314 2 ,740,077 3,474,391 EXPENDITURES Current: General government 89,576 - 89,576 Maintenance and operations 524,841 - 524,841 Debt service: Principal - 760,000 760,000 Interest - 1,796,291 1,796,291 Total expenditures 614,417 2 ,556,291 3,170,708 Excess (deficiency) of revenues over (under) expenditures 119,897 183,786 303,683 Fund balances - beginning 864,987 2 ,875,047 3,740,034 Fund balances - ending $ 984,884 $ 3,058,833 $ 4,043,717 Total Governmental Funds Major Funds Debt Service See notes to the financial statements SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 Net change in fund balances - total governmental funds $ 303,683 Amounts reported for governmental activities in the statement of activities are different because: (1,483,507) 17,266 (10,050) 760,000 Change in net position of governmental activities $ (412,608) Repayment of long-term liabilities are reported as expenditures in the governmental fund statement but such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities. The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities but not in the fund financial statements. Depreciation on capital assets is not recognized in the governmental fund statement but is reported as an expense in the statement of activities. Amortization of Bond discounts/premiums is not recognized in the governmental fund financial statements, but is reported as an expense in the statement of activities. See notes to the financial statements SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY Shingle Creek Community Development District ("District") was established on May 23, 2005, by the Board of County Commissioners of Osceola County, Osceola County Ordinance 05-15, pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes as amended by Ordinances 2014-57, 2014-129, 2015-46, and 2018-75. The Act provides, among other things, the power to manage basic services for community development and to levy and assess non-ad valorem assessments for the financing and maintenance of improvements. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District. The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected on an at-large basis by the owners of the property within the District. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes. At September 30, 2023, all of the Board members are affiliated with LEN OT Holdings, LLC (“Developer”) or with the related affiliates of Lennar Homes Corporation, including Lennar Homes, LLC. The Board has the responsibility for: 1. Allocating and levying assessments. 2. Approving budgets. 3. Exercising control over facilities and properties. 4. Controlling the use of funds generated by the District. 5. Approving the hiring and firing of key personnel. 6. Financing improvements. The financial statements were prepared in accordance with Governmental Accounting Standards Board (“GASB”) Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District 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. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Government-Wide and Fund Financial Statements The basic financial statements include both government-wide and fund financial statements. The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment. Operating-type special assessments for maintenance and debt service are treated as charges for services; and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Measurement Focus, Basis of Accounting and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and similar items are to be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due. Assessments Assessments are non-ad valorem assessments on benefited property within the District. Operating and maintenance assessments are based upon the adopted budget and levied annually at a public hearing of the District. Debt service assessments are levied when Bonds are issued and assessed and collected on an annual basis. The District may collect assessments directly or utilize the uniform method of collection under Florida Statutes. Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed by the County Tax Collector on November 1 and due on or before March 31 of each year. Property owners may prepay a portion or all of the debt service assessments on their property subject to various provisions in the Bond documents. Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. The District reports the following major governmental funds: General Fund The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund. Debt Service Fund The debt service fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. When both restricted and unrestricted resources are available for use, it is the government’s policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed. Assets, Liabilities and Net Position or Equity Restricted Assets These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Assets, Liabilities and Net Position or Equity (Continued) Deposits and Investments The District’s cash and cash equivalents are considered to be cash on hand and demand deposits (interest and non-interest bearing). The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section 218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following: a) The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act; b) Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency; c) Interest bearing time deposits or savings accounts in qualified public depositories; d) Direct obligations of the U.S. Treasury. Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due. In addition, surplus funds may be deposited into certificates of deposit which are insured and any unspent Bond proceeds are required to be held in investments as specified in the Bond Indenture. The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles. Prepaid Items Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. Capital Assets Capital assets which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the government activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives: Asset Life Infrastructure 30 In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements. Unearned Revenue Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Assets, Liabilities and Net Position or Equity (Continued) Long-Term Obligations In the government-wide financial statements long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond issuance costs are expensed when incurred. In the fund financial statements, governmental fund types recognize premiums and discounts, as well as issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. Deferred Outflows/Inflows of Resources In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. Fund Equity/Net Position In the fund financial statements, governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change. The District can establish limitations on the use of fund balance as follows: Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category. Assigned fund balance – Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment. The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used. Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Other Disclosures Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates. NOTE 3 – BUDGETARY INFORMATION The District is required to establish a budgetary system and an approved Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for all governmental funds. All annual appropriations lapse at fiscal year-end. The District follows these procedures in establishing the budgetary data reflected in the financial statements. a) Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1. b) Public hearing(s) are conducted to obtain comments. c) Prior to October 1, the budget is legally adopted by the District Board. d) All budget changes must be approved by the District Board, unless otherwise delegated by the District Board. e) The budgets are adopted on a basis consistent with generally accepted accounting principles. f) Unused appropriation for annually budgeted funds lapse at the end of the year. NOTE 4 – DEPOSITS AND INVESTMENTS Deposits The District’s cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses. Investments The District’s investments were held as follows at September 30, 2023: Amortized Cost Credit Risk Maturities Fidelity Government Portfolio $ 3,037,811 S&P AAAm Weighted average of the fund portfolio: 29 days Local Government Surplus Trust Funds (FL PRIME) 664,899 S&P AAAm Weighted average of the fund portfolio: 35 days Total Investments $ 3,702,710 Credit risk – For investments, credit risk is generally the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments. Concentration risk – The District places no limit on the amount the District may invest in any one issuer. Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates. NOTE 4 – DEPOSITS AND INVESTMENTS (Continued) Investments (Continued) However, the Bond Indenture limits the type of investments held using unspent proceeds. Fair Value Measurement – When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with GASB Statements. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques. These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows: • Level 1: Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access; • Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and, • Level 3: Investments whose inputs are unobservable. The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs. Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. For external investment pools that qualify to be measured at amortized cost, the pool’s participants should also measure their investments in that external investment pool at amortized cost for financial reporting purposes. Accordingly, the District’s investments have been reported at amortized cost above. External Investment Pool – With regard to redemption gates, Chapter 218.409(8)(a), Florida Statutes, states that “The principal, and any part thereof, of each account constituting the trust fund is subject to payment at any time from the moneys in the trust fund. However, the Executive Director may, in good faith, on the occurrence of an event that has a material impact on liquidity or operations of the trust fund, for 48 hours limit contributions to or withdrawals from the trust fund to ensure that the Board can invest moneys entrusted to it in exercising its fiduciary responsibility. Such action must be immediately disclosed to all participants, the Trustees, the Joint Legislative Auditing Committee, the Investment Advisory Council, and the Participant Local Government Advisory Council. The Trustees shall convene an emergency meeting as soon as practicable from the time the Executive Director has instituted such measures and review the necessity of those measures. If the Trustees are unable to convene an emergency meeting before the expiration of the 48- hour moratorium on contributions and withdrawals, the moratorium may be extended by the Executive Director until the Trustees are able to meet to review the necessity for the moratorium. If the Trustees agree with such measures, the Trustees shall vote to continue the measures for up to an additional 15 days. The Trustees must convene and vote to continue any such measures before the expiration of the time limit set, but in no case may the time limit set by the Trustees exceed 15 days.” With regard to liquidity fees, Florida Statute 218.409(4) provides authority for the SBA to impose penalties for early withdrawal, subject to disclosure in the enrollment materials of the amount and purpose of such fees. At present, no such disclosure has been made. As of September 30, 2023, there were no redemption fees or maximum transaction amounts, or any other requirements that serve to limit a participant’s daily access to 100% of their account value. NOTE 5 – CAPITAL ASSETS Capital asset activity for the fiscal year ended September 30, 2023, was as follows: Additions Reductions Governmental activities Capital assets, not being depreciated Land and land improvements $ 2 2,315,159 $ - $ - $ 2 2,315,159 Total capital assets, not being depreciated 22,315,159 - - 22,315,159 Capital assets, being depreciated Infrastructure 44,505,211 - - 44,505,211 Total capital assets, being depreciated 44,505,211 - - 44,505,211 Less accumulated depreciation for: Infrastructure 8,900,045 1,483,507 - 10,383,552 Total accumulated depreciation 8,900,045 1,483,507 - 10,383,552 Total capital assets, being depreciated, net 35,605,166 (1,483,507) - 34,121,659 Governmental activities capital assets $ 5 7,920,325 $ ( 1,483,507) $ - $ 5 6,436,818 Beginning Balance Ending Balance Depreciation expense was charged to the maintenance and operations function. NOTE 6 – LONG-TERM LIABILITIES Series 2015 On May 28, 2015, the District issued $21,465,000 of Special Assessment Bonds, Series 2015 consisting of multiple term bonds with maturity dates ranging from November 1, 2020, to November 1, 2045 and fixed interest rates ranging from 3.625% to 5.4%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Bonds is to be paid serially commencing November 1, 2016 through November 1, 2045. The Series 2015 Bonds are subject to redemption at the option of the District prior to their maturity. The Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture. The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District was in compliance with the requirements at September 30, 2023. Series 2019 On February 27, 2019, the District issued $17,895,000 of Special Assessment Bonds, Series 2019 consisting of multiple term bonds with maturity dates ranging from May 1, 2024, to May 1, 2049, and fixed interest rates ranging from 3.625% to 5%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Bonds is to be paid serially commencing May 1, 2020, through May 1, 2049. The Series 2019 Bonds are subject to redemption at the option of the District prior to their maturity. The Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture. NOTE 6 – LONG-TERM LIABILITIES (Continued) Series 2019 (Continued) The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District was in compliance with the requirements at September 30, 2023. Long-term Debt Activity Changes in long-term liability activity for the fiscal year ended September 30, 2023 were as follows: Additions Reductions Bonds payable: Series 2015 $ 19,190,000 $ - $ 4 30,000 $ 18,760,000 $ 450,000 Less original issue discount 2 21,020 - 9 ,610 211,410 - Series 2019 16,975,000 - 330,000 16,645,000 3 45,000 Less original issue discount 11,881 - 4 40 11,441 - Total $ 35,932,099 $ - $ 7 49,950 $ 35,182,149 $ 795,000 Beginning Balance Ending Balance Due Within One Year At September 30, 2023, the scheduled debt service requirements on the long-term debt were as follows: Principal Interest Total 2024 $ 795,000 $ 1,764,529 $ 2,559,529 2025 825,000 1,731,323 2,556,323 2026 860,000 1,695,523 2,555,523 2027 900,000 1,656,501 2,556,501 2028 940,000 1,614,067 2,554,067 2029-2033 5,455,000 7,337,113 12,792,113 2034-2038 6,955,000 5,820,221 12,775,221 2039-2043 8,940,000 3,819,551 12,759,551 2044-2048 8,630,000 1,335,105 9,965,105 2049 1,105,000 5 5,250 1,160,250 Total $ 3 5,405,000 $ 2 6,829,183 $ 6 2,234,183 Year ending September 30: NOTE 7 – MANAGEMENT COMPANY The District has contracted with a management company to perform management advisory services, which include financial and accounting services. Certain employees of the management company also serve as officers of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, computer and other administrative costs. NOTE 8 – RISK MANAGEMENT The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There were no settled claims over the past three years. SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 Original & Final REVENUES Assessments $ 695,075 $ 705,638 $ 10,563 Interest - 28,659 28,659 Miscellaneous revenue - 17 17 Total revenues 695,075 734,314 39,239 EXPENDITURES Current: General government 134,843 89,576 45,267 Maintenance and operations 743,547 524,841 218,706 Total expenditures 878,390 614,417 263,973 Excess (deficiency) of revenues over (under) expenditures (183,315) 119,897 303,212 OTHER FINANCING SOURCES Carryforward surplus 183,315 - (183,315) Total other financing sources 183,315 - (183,315) Net change in fund balances $ - 119,897 $ 119,897 Fund balance - beginning 864,987 Fund balance - ending $ 984,884 Budgeted Amounts Variance with Final Budget - Positive (Negative) Actual Amounts See notes to required supplementary information SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION The District is required to establish a budgetary system and an approved Annual Budget for the general fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles). The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2023. SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3)(C) FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 UNAUDITED Element Comments Number of District employees compensated in the last pay period of the District’s fiscal year being reported. 3 Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being reported. 9 Employee compensation $3,324.60 Independent contractor compensation $503,444.90 Construction projects to begin on or after October 1; ($65K) $0.00 Budget variance report See the Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund Non ad valorem special assessments; Not applicable Special assessment rate Operations and maintenance $241.32 - $454.25 Debt service $850.00 - $1,691.05 Special assessments collected $3,312,312 Outstanding Bonds: see Note 6 for details INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the Board of Supervisors Shingle Creek Community Development District Osceola County, Florida We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of Shingle Creek Community Development District, Osceola County, Florida (“District”) as of and for the fiscal year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated June 19, 2024. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. June 19, 2024 INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA To the Board of Supervisors Shingle Creek Community Development District Osceola County, Florida We have examined Shingle Creek Community Development District, Osceola County, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2023. Management is responsible for District’s compliance with those requirements. Our responsibility is to express an opinion on District’s compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the District’s compliance with specified requirements. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement. In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2023. This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Board of Supervisors of Shingle Creek Community Development District, Osceola County, Florida and is not intended to be and should not be used by anyone other than these specified parties. June 19, 2024 MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA To the Board of Supervisors Shingle Creek Community Development District Osceola County, Florida Report on the Financial Statements We have audited the accompanying basic financial statements of Shingle Creek Community Development District, Osceola County, Florida ("District") as of and for the fiscal year ended September 30, 2023 and have issued our report thereon dated June 19, 2024. Auditor’s Responsibility We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Florida Auditor General. Other Reporting Requirements We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated June 19, 2024, should be considered in conjunction with this management letter. Purpose of this Letter The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General for the State of Florida. Accordingly, in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following: I. Current year findings and recommendations. II. Status of prior year findings and recommendations. III. Compliance with the Provisions of the Auditor General of the State of Florida. Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, as applicable, management, and the Board of Supervisors of Shingle Creek Community Development District, Osceola County, Florida and is not intended to be and should not be used by anyone other than these specified parties. We wish to thank Shingle Creek Community Development District, Osceola County, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us. June 19, 2024 REPORT TO MANAGEMENT I. CURRENT YEAR FINDINGS AND RECOMMENDATIONS None II. PRIOR YEAR FINDINGS AND RECOMMENDATIONS None III. COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following: 1. A statement as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2022. 2. Any recommendations to improve the local governmental entity's financial management. There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2023. 3. Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2023. 4. The name or official title and legal authority of the District are disclosed in the notes to the financial statements. 5. The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes. 6. We applied financial condition assessment procedures, and no deteriorating financial conditions were noted as of September 30, 2023. It is management’s responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same. 7. Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 23. (Stamp comment Mobile User 6/26/2024 6:17:18 PM blank) TEMPORARY ACCESS EASEMENT AGREEMENT T N COMMUNITY DEVELOPMENT DISTRICT DORIS OCHOA & EDGAR ROA Doris Ochoa & Edgar Roa, whose mailing address is 4627 Rhythm Way Kissimmee FL, 34746 (the “Homeowners”). Temporary Access Easement Agreement (“Easement Agreement”) is made and entered into this ______day of (Text Box comment 26) , 202 (Text Box comment June) WITNESSETH , by and between: Community Development District, a local unit of special- WHEREAS, the District was established pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), by an ordinance of the Osceola County, Florida, County Commission, (the “Ordinance”) and is validly existing under the Constitution and laws of the State of Florida; and WHEREAS, the District is the owner of certain lands in Osceola County, Florida, more particularly described as Storey Lake PB 23 PG 150-167 Tract D2 Stormwater as recorded in the Records of Osceola County, Florida (Parcel ID 01-25-28-5099-0001-0D20) (the “District Property”); and , whose mailing address is 4627 Rhythm Way Kissimmee WHEREAS, Homeowners are the owner of the property within the District having the address of 4627 Rhythm Rd Kissimmee, FL 34746 with a legal description of Storey Lake Tract K PB 26 Pgs.28-32 Lot 2 as recorded in the Records of Osceola County, Florida (Parcel ID 01- 25-28-5106-001-0020 (the “Homeowners’ Property”); and4746 (the “Homeowners”). WHEREAS, Homeowners have requested that the District grant to them a temporary, nonexclusive easement over a portion of the District Property for the purpose of gaining access to Homeowners’ Property for the construction of a swimming pool in the rear yard at Homeowners’ Property, and the District is agreeable to granting such an easement on the terms and conditions set forth herein; and , the District was established pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), by an ordinance of the Osceola County, Florida, County Commission, (the “Ordinance”) and is validly existing under the Constitution and laws of the State of Florida; and the District is the owner of certain lands in Osceola County, Florida, more particularly described as Storey Lake PB 23 PG 150-167 Tract D2 Stormwater as recorded in the Records of Osceola County, Florida (Parcel ID 01-25-28-5099-0001-0D20) (the “District Property”); and WHEREAS, the portion of District Property over which the temporary easement (the “Easement Property”) is requested is shown on Exhibit A, attached hereto and made a part hereof. , Homeowners are the owner of the property within the District having the address of 4627 Rhythm Rd Kissimmee, FL 34746 with a legal description of Storey Lake Tract K PB 26 Pgs.28-32 Lot 2 as recorded in the Records of Osceola County, Florida (Parcel ID 01- 28-5106-001-0020 (the “Homeowners’ Property”); and Homeowners have requested that the District grant to them a temporary, nonexclusive easement over a portion of the District Property for the purpose of gaining access to Homeowners’ Property for the construction of a swimming pool in the rear yard at Homeowners’ Property, and the District is agreeable to granting such an easement on the terms and conditions set forth herein; and WHEREAS, the portion of District Property over which the temporary easement (the “Easement Property”) is requested is shown on Exhibit A, attached hereto and made a part hereof. (Stamp comment Mobile User 6/26/2024 6:17:18 PM blank) NOW, THEREFORE, in consideration of the sum of Ten and 00/100 Dollars ($10.00) and other good and valuable consideration and the mutual covenants of the parties, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: OW, THEREFORE, in consideration of the sum of Ten and 00/100 Dollars ($10.00) and other good and valuable consideration and the mutual covenants of the parties, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 1.The foregoing recitals are true and correct and by this reference are incorporated as a material part of this Easement Agreement. RECITALS. The foregoing recitals are true and correct and by this reference are incorporated as a material part of this Easement Agreement. The District hereby grants to Homeowners a temporary, non-exclusive easement over, upon, under, through, and across the Easement Property for the sole purpose of Homeowners (and its contractors) gaining access to their lot for the purpose of construction of a swimming pool in the rear yard at Homeowners’ Property (the “Easement”). Homeowner agrees that the Easement will only be used for access to the rear portion of their property for construction of a swimming pool and related repair of the Easement Property. No dump trucks, pickups or other vehicles will be parked or left overnight on the Easement Property. No materials shall be placed or stored on the Easement Property. The Homeowners agree and acknowledge that, while the District grants access across the Easement Property, as depicted on 2. GRANT OF EASEMENT. The District hereby grants to Homeowners a temporary, non-exclusive easement over, upon, under, through, and across the Easement Property for the sole purpose of Homeowners (and its contractors) gaining access to their lot for the purpose of construction of a swimming pool in the rear yard at Homeowners’ Property (the “Easement”). Homeowner agrees that the Easement will only be used for access to the rear portion of their property for construction of a swimming pool and related repair of the Easement Property. No dump trucks, pickups or other vehicles will be parked or left overnight on the Easement Property. No materials shall be placed or stored on the Easement Property. The Homeowners agree and acknowledge that, while the District grants access across the Easement Property, as depicted on Exhibit A, the District makes no representations or warranties of any kind that Homeowner has authority to access road right of way or that the Easement Property is suitable for vehicular, or any other, use; the Homeowners’ use of the Easement Property is solely at its own risk. Homeowners shall be responsible for securing all required HOA approvals and permits from the Osceola County or any other governmental entity or agency having jurisdiction thereof in connection with the excavation and construction of the swimming pool and any related improvements in the rear yard of Homeowners’ Property. Nothing herein shall be interpreted or construed to grant any easement or other rights, temporary or otherwise, over any property other than the Easement Property. or warranties of any kind that Homeowner has authority to access road right of way or that the Easement Property is suitable for vehicular, or any other, use; the Homeowners’ use of the Easement Property is solely at its own risk. Homeowners shall be responsible for securing all required HOA approvals and permits from the Osceola County or any other governmental entity or agency having jurisdiction thereof in connection with the excavation and construction of the swimming pool and any related improvements in the rear yard of Homeowners’ Property. Nothing herein shall be interpreted or construed to grant any easement or other rights, temporary or otherwise, over any property other than the Easement Property. 3.Homeowners shall be permitted to use the Easement until the earlier of the completion of the excavation and construction of the swimming pool in the rear yard at Homeowner’s Property for one hundred twenty (120) days from the date of this Easement, at which time the Easement shall automatically terminate. TERM. Homeowners shall be permitted to use the Easement until the earlier of the completion of the excavation and construction of the swimming pool in the rear yard at Homeowner’s Property for one hundred twenty (120) days from the date of this Easement, at which time the Easement shall automatically terminate. 4. INDEMNIFICATION. s agree to indemnify and hold the District harmless from and against any and all damages, losses or claims, including but not limited to legal fees and expenses, to the extent that such damages, losses or claims are attributable to actions, omissions or negligence in the use of the Easement Property by Homeowners, their employees, agents, assignees, and/or contractors (or their subcontractors, employees, materialmen or independent contractors). a. s agree that nothing contained in this Easement Agreement shall Homeowners agree to indemnify and hold the District harmless from and against any and all damages, losses or claims, including but not limited to legal fees and expenses, to the extent that such damages, losses or claims are attributable to actions, omissions or negligence in the use of the Easement Property by Homeowners, their employees, agents, assignees, and/or contractors (or their subcontractors, employees, materialmen or independent contractors). b. Homeowners agree that nothing contained in this Easement Agreement shall constitute or be construed as a waiver of the District’s limitations on liability set forth in Section 768.28, Florida Statutes, and other law. In the event that Homeowners, their respective employees, agents, assignees and/ or contractors (or their subcontractors, employees, materialmen or independent contractors) cause damage to the Easement Property or any of the improvements located within the Easement Property or causes damage to the District’s other property or any improvements located thereon, in the exercise of the easement rights granted herein, Homeowners, at Homeowners’ sole cost and expense, agree to commence and diligently pursue the restoration of the same and the improvements so damaged to as nearly as practical to the original condition and grade, including, without limitation, repair and replacement of any landscaping, hardscaping, plantings, ground cover, irrigation systems, roadways, driveways, sidewalks, parking areas, fences, walks, utility lines, stormwater facilities, pumping facilities, pumps and other structures, within thirty (30) days after receiving written notice of the occurrence of any such damage. The Homeowners shall allow no lien to attach to the Easement Property or any improvements located on said property or District’s other property arising out of work performed by, for, or on behalf of Homeowners. ) cause damage to the Easement Property or any of the improvements located within the Easement Property or causes damage to the District’s other property or any improvements located thereon, in the exercise of the easement rights granted herein, Homeowners, at Homeowners’ sole cost and expense, agree to commence and diligently pursue the restoration of the same and the improvements so damaged to as nearly as practical to the original condition and grade, including, without limitation, repair and replacement of any landscaping, hardscaping, plantings, ground cover, irrigation systems, roadways, driveways, sidewalks, parking areas, fences, walks, utility lines, stormwater facilities, pumping facilities, pumps and other structures, within thirty (30) days after receiving written notice of the occurrence of any such damage. The Homeowners shall allow no lien to attach to the Easement Property or any improvements located on said property or District’s other property arising out of work performed by, for, or on behalf of Homeowners. A default by any party under this Easement Agreement shall entitle any other to all remedies available at law or in equity, which may include but not be limited to the right of actual damages, injunctive relief and/or specific performance. 6. DEFAULT. A default by any party under this Easement Agreement shall entitle any other to all remedies available at law or in equity, which may include but not be limited to the right of actual damages, injunctive relief and/or specific performance. In the event that either the District or Homeowners seek to enforce this Easement Agreement by court proceedings or otherwise, then the prevailing party shall be entitled to recover all fees and costs incurred, including reasonable attorneys' fees and costs for trial, alternative dispute resolution or appellate proceedings. 7. Any notice, demand, consent, authorization, request, approval or other communication that any party is required, or may desire, to give to or make upon the other party pursuant to this Agreement shall be effective and valid only if in writing, signed by the party giving notice and delivered personally to the othe ENFORCEMENT OF AGREEMENT. In the event that either the District or Homeowners seek to enforce this Easement Agreement by court proceedings or otherwise, then the prevailing party shall be entitled to recover all fees and costs incurred, including reasonable attorneys' fees and costs for trial, alternative dispute resolution or appellate proceedings. -hour guaranteed courier or delivery service or by certified mail of the United States Postal Service, postage prepaid and return receipt requested, addressed to the other party as follows (or to such other place as any party may by notice to the others specify): 8.: Kissimmee, FL 34746 To Homeowners: : Doris Ochoa & Edgar Roa 4627 Rhythm Rd : be deemed given on the date of such non-acceptance. Notices delivered after 5:00 p.m. (at the place of delivery) or on a non-business day shall be deemed received on the next business day. If any time for giving notice would otherwise expire on a non-business day, the notice period shall be extended to the next succeeding business day. Saturdays, Sundays and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the District and counsel for Homeowner may deliver Notice on behalf of the District and Homeowner. This Easement Agreement is solely for the benefit of the formal parties hereto, and no right or cause of action shall accrue upon or by reason, to or for the benefit of any third party not a formal party to this Easement Agreement. Nothing in this Easement expressed or implied is intended or shall be construed to confer upon any person or legal entity other than the parties hereto any right, remedy, or claim under or by reason of this Easement Agreement or any of the provisions or conditions hereof. The District shall be solely responsible for enforcing its rights under this Easement Agreement against any interfering third party. Notice shall be deemed given when received, except that if delivery is not accepted, notice shall be deemed given on the date of such non-acceptance. Notices delivered after 5:00 p.m. (at the place of delivery) or on a non-business day shall be deemed received on the next business day. If any time for giving notice would otherwise expire on a non-business day, the notice period shall be extended to the next succeeding business day. Saturdays, Sundays and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the District and counsel for Homeowner may deliver Notice on behalf of the District and Homeowner. by a third party. 9. No party may assign, transfer or license all or any portion of its rights under this Easement Agreement without the prior written consent of the other parties. THIRD PARTIES. This Easement Agreement is solely for the benefit of the formal parties hereto, and no right or cause of action shall accrue upon or by reason, to or for the benefit of any third party not a formal party to this Easement Agreement. Nothing in this Easement expressed or implied is intended or shall be construed to confer upon any person or legal entity other than the parties hereto any right, remedy, or claim under or by reason of this Easement Agreement or any of the provisions or conditions hereof. The District shall be solely responsible for enforcing its rights under this Easement Agreement against any interfering third party. Nothing contained in this Easement Agreement shall limit or impair the District’s right to protect their rights from interference by a third party. This Easement Agreement shall be construed, interpreted and controlled according to the laws of the State of Florida. 10. ASSIGNMENT. No party may assign, transfer or license all or any portion of its rights under this Easement Agreement without the prior written consent of the other parties. Homeowners understand and agree that all documents of any kind provided to the District or to District Staff in connection with this Easement Agreement are public records and are to be treated as such in accordance with Florida law. 11. The invalidity or unenforceability of any one or more provisions of this Easement Agreement shall not affect the validity or enforceability of the remaining portions of this Easement Agreement, or any part of this Easement Agreement not held to be invalid or unenforceable. CONTROLLING LAW. This Easement Agreement shall be construed, interpreted and controlled according to the laws of the State of Florida. This Easement Agreement and all of the provisions, representations, covenants, and conditions contained herein shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 12. PUBLIC RECORDS. Homeowners understand and agree that all documents of any kind provided to the District or to District Staff in connection with this Easement Agreement are public records and are to be treated as such in accordance with Florida law. By execution below, the undersigned represent that they have been duly authorized by the appropriate body or official of their respective entity to execute this (Stamp comment Mobile User 6/26/2024 6:17:18 PM blank) Easement Agreement, and that each party has complied with all the requirements of law and has full power and authority to comply with the terms and provisions of this instrument. full power and authority to comply with the terms and provisions of this instrument. Amendments to and waivers of the provisions contained in this Easement Agreement may be made only by an instrument in writing which is executed by all parties hereto. 16. AMENDMENTS. Amendments to and waivers of the provisions contained in this Easement Agreement may be made only by an instrument in writing which is executed by all parties hereto. This instrument shall constitute the final and complete expression of the agreement between the parties relating to the subject matter of this Easement Agreement. the parties have caused this instrument to be executed by their duly authorized officers effective as of the day and year first above written. 17. COMMUNITY DEVELOPMENT DISTRICT: (Rectangle comment Mobile User 6/26/2024 6:17:18 PM blank) ENTIRE AGREEMENT. This instrument shall constitute the final and complete expression of the agreement between the parties relating to the subject matter of this Easement Agreement. Jeremy LeBrunDistrict Manager6/27/24 : IN WITNESS WHEREOF, the parties have caused this instrument to be executed by their duly authorized officers effective as of the day and year first above written. Dori ____________________________ Edga (Text Box comment 06-26-2024 ) EXHIBIT A A y easement area** 600 N. Thacker Ave. Suite A KISSIMMEE, FL 34741 (407) 572-2100/(407)932-1135fax EC0001017 ELECTRICAL PROPOSAL PROPOSAL # SP23399 REV2 DATE 6/24/2024 Attn: Alan Scheerer Phone: 407-398-2890 Email: Ascheerer@gmscfl.com Ref: Entry Lighting New Feed Site: Osceola Pkwy/Story Lk Blvd TO: Storey Lake Shingle Creek C/O GMS 219 East Livingston Street Orlando, Florida 32801 We hereby submit specifications and estimates for: In the event of a dispute regarding this proposal venue is established in Osceola County Florida. > Terry's Electric, Inc. proposes to provide labor, material, equipment, and supervision as follows: - Replace (7) 20 AMP GFCI receptacles. - Replace (7) GFCI W/P outlet cover plates. - Replace (5) landscape light transformers. - All sod and landscape repair and replacement to be done by others. - Provide road bore from panel box to center median approximately 95 feet. - Provide road bore from panel box to center median to exit side area by sign area approximately 115 feet. - Ground Penetrating Radar (GPR) to be done before bore begins. - Provide and install new feed wires through conduit to power up transformers and GFCI outlets. - Quote given does not include the replacement of the low voltage lighting and garden posts. Notes: 1) Permit fees are not included in bid. 2) Not responsible for pipe, wire, or any similar utilities underground that are subject to damages. 3) Not responsible for landscape or sod repair. 4) Based on using existing circuits in existing locations. 5) Not responsible for drywall / paint damage. Care will be taken to avoid such a situation. 6) Monthly billing based on percentage of work completed or stored material. 7) The proposal is to be signed and returned before work begins. 8) To be paid in full upon completion. "Warranty: We guarantee for (1) year against defects in material and workmanship. Failure due to misuse, vandalism, fire, damage, and/or natural causes are not covered by this warranty." We Propose hereby to furnish material and labor-- complete in accordance with the above specifications, for the sum of: Nineteen Thousand Nine Hundred and Eighty dollars Payment to be made as follows: Invoiced upon completion of work. Payment due ten (10) days upon receipt of invoice.Finance charge of 1 1/2 % per month (18% per annum) will be charged on all invoices not paid within 30days. All material is guaranteed to be as specified. All work to be completed in a professional manner according to standard practices. Any alteration or deviation from above specific- tins involving extra costs will be executed only upon written orders, and will become an extra charge over and above the estimate. All agreements contingent upon strikes, accidents or delays beyond our control. Owner to carry fire, tornado, and other necessary insurance. Our workers are fully covered by Worker's Compensation insurance. Owner or agent agrees to liability for costs of collection, including attorney's fees. This proposal is based on material pricing for the date listed above, uncertainties in commodity markets may require pricing adjustments at the time of installation/construction. Acceptance of Proposal -- The above prices, specifications and conditions are satisfactory and are hereby accepted. You are authorized to do the work as specified. Payment will be made as outlined above. dollars $ $19,980.00 Authorized Signature Charlie Westerblade Terry's Electric, Inc Terry's reserves the right to withdraw this proposal at any time for any reason. Customer responsible for restocking fees imposed by the supplier on any special order material if customer cancels contract. Signature (customer) Date of Acceptance: Print TEIbolt MICHAEL J. BEAUDINE JAN ALBANESE CARPENTER DANIEL H. COULTOFF SARAH M. DINON JENNIFER S. EDEN DOROTHY F. GREEN BRUCE D. KNAPP PETER G. LATHAM 201 SOUTH ORANGE AVENUE, SUITE 1400 ORLANDO, FLORIDA 32801 POST OFFICE BOX 3353 ORLANDO, FLORIDA 32802 TELEPHONE: (407) 481-5800 FACSIMILE: (407) 481-5801 WWW.LATHAMLUNA.COM JAY E. LAZAROVICH MARC L. LEVINE JUSTIN M. LUNA LORI T. MILVAIN BENJAMIN R. TAYLOR CHRISTINA Y. TAYLOR KRISTEN E. TRUCCO DANIEL A. VELASQUEZ To: CDD Board of Supervisors From: District Counsel (Jan Albanese Carpenter, Esq., Jay E. Lazarovich, Esq. and Kristen E. Trucco, Esq.) Re: Recently Enacted Legislation (2024) Date: May 31, 2024 We are providing you with information about new legislation which affects special districts in the State of Florida. House Bill (“HB”) 7013 was recently signed into law and will go into effect July 1, 2024. HB 7013 creates a requirement for special districts, including community development districts (“CDDs”), to prepare and publish a report of goals/objectives, performance measurement standards for such goals/objectives and the results of such goals/objectives. Specifically, by October 1, 2024, or by the end of the first full fiscal year after the establishment of a special district, whichever is later, “each special district must establish goals and objectives for each program and activity undertaken by the district, as well as performance measures and standards to determine if the district’s goals and objectives are being achieved.” By December 1 of each year thereafter (beginning December 1, 2025), an annual report must be prepared and published on the district’s website describing the goals and objectives achieved or failed to be achieved, as well as the performance measures and standards used by the district to make that determination. District Managers should prepare draft goals/objectives and performance measures and standards for review and adoption by CDD boards at or before the CDD’s September board meeting. Boards may ultimately decide to tailor those goals and objectives, as well as the measurement standards for each goal, to their specific CDD. HB 7013 also repealed Section 190.047, Florida Statutes, which, among other things, required CDDs to hold a referendum at a general election on the question of whether to incorporate after certain requirements were met by the CDD. Effective July 1, 2024, CDDs will no longer be required to conduct such a referendum. HB 7013 added a number of other provisions that are applicable to special districts. However, CDDs were specifically excluded from those provisions in the text of the new legislation. More detail on the new provisions that do not apply to CDDs is available upon request. Please feel free to contact the District Manager or our office should you have any questions on this new legislation or any other CDD requirements. Thank you. A close-up of a logo Description automatically generated Memorandum To: Board of Supervisors From: District Management Date: August 5, 2024 RE: HB7013 – Special Districts Performance Measures and Standards ________________________________________________________________________________ To enhance accountability and transparency, new regulations were established for all special districts, by the Florida Legislature, during their 2024 legislative session. Starting on October 1, 2024, or by the end of the first full fiscal year after its creation (whichever comes later), each special district must establish goals and objectives for each program and activity, as well as develop performance measures and standards to assess the achievement of these goals and objectives. Additionally, by December 1 each year (initial report due on December 1, 2025), each special district is required to publish an annual report on its website, detailing the goals and objectives achieved, the performance measures and standards used, and any goals or objectives that were not achieved. District Management has identified the following key categories to focus on for Fiscal Year 2025 and develop statutorily compliant goals for each: • Community Communication and Engagement • Infrastructure and Facilities Maintenance • Financial Transparency and Accountability Additionally, special districts must provide an annual reporting form to share with the public that reflects whether the goals & objectives were met for the year. District Management has streamlined these requirements into a single document that meets both the statutory requirements for goal/objective setting and annual reporting. The proposed goals/objectives and the annual reporting form are attached as exhibit A to this memo. District Management recommends that the Board of Supervisors adopt these goals and objectives to maintain compliance with HB7013 and further enhance their commitment to the accountability and transparency of the District. Exhibit A: Goals, Objectives and Annual Reporting Form Shingle Creek Community Development District Performance Measures/Standards & Annual Reporting Form October 1, 2024 – September 30, 2025 1. Community Communication and Engagement Goal 1.1: Public Meetings Compliance Objective: Hold at least three regular Board of Supervisor meetings per year to conduct CDD related business and discuss community needs. Measurement: Number of public board meetings held annually as evidenced by meeting minutes and legal advertisements. Standard: A minimum of three board meetings were held during the Fiscal Year. Achieved: Yes . No . Goal 1.2: Notice of Meetings Compliance Objective: Provide public notice of meetings in accordance with Florida Statutes, using at least two communication methods. Measurement: Timeliness and method of meeting notices as evidenced by posting to CDD website, publishing in local newspaper and via electronic communication. Standard: 100% of meetings were advertised per Florida statute on at least two mediums (i.e., newspaper, CDD website, electronic communications). Achieved: Yes . No . Goal 1.3: Access to Records Compliance Objective: Ensure that meeting minutes and other public records are readily available and easily accessible to the public by completing monthly CDD website checks. Measurement: Monthly website reviews will be completed to ensure meeting minutes and other public records are up to date as evidenced by District Management’s records. Standard: 100% of monthly website checks were completed by District Management. Achieved: Yes . No . 2. Infrastructure and Facilities Maintenance Goal 2.1: Field Management and/or District Management Site Inspections Objective: Field manager and/or district manager will conduct inspections per District Management services agreement to ensure safety and proper functioning of the District’s infrastructure. Measurement: Field manager and/or district manager visits were successfully completed per management agreement as evidenced by field manager and/or district manager’s reports, notes or other record keeping method. Standard: 100% of site visits were successfully completed as described within district management services agreement Achieved: Yes . No . Goal 2.2: District Infrastructure and Facilities Inspections Objective: District Engineer will conduct an annual inspection of the District’s infrastructure and related systems. Measurement: A minimum of one inspection completed per year as evidenced by district engineer’s report related to district’s infrastructure and related systems. Standard: Minimum of one inspection was completed in the Fiscal Year by the district’s engineer. Achieved: Yes . No . 3. Financial Transparency and Accountability Goal 3.1: Annual Budget Preparation Objective: Prepare and approve the annual proposed budget by June 15 and final budget was adopted by September 30 each year. Measurement: Proposed budget was approved by the Board before June 15 and final budget was adopted by September 30 as evidenced by meeting minutes and budget documents listed on CDD website and/or within district records. Standard: 100% of budget approval & adoption were completed by the statutory deadlines and posted to the CDD website. Achieved: Yes . No . Goal 3.2: Financial Reports Objective: Publish to the CDD website the most recent versions of the following documents: Annual audit, current fiscal year budget with any amendments, and most recent financials within the latest agenda package. Measurement: Annual audit, previous years’ budgets, and financials are accessible to the public as evidenced by corresponding documents on the CDD’s website. Standard: CDD website contains 100% of the following information: Most recent annual audit, most recent adopted/amended fiscal year budget, and most recent agenda package with updated financials. Achieved: Yes . No . Goal 3.3: Annual Financial Audit Objective: Conduct an annual independent financial audit per statutory requirements and publish the results to the CDD website for public inspection, and transmit to the State of Florida. Measurement: Timeliness of audit completion and publication as evidenced by meeting minutes showing board approval and annual audit is available on the CDD’s website and transmitted to the State of Florida. Standard: Audit was completed by an independent auditing firm per statutory requirements and results were posted to the CDD website and transmitted to the State of Florida. Achieved: Yes . No . Chair/Vice Chair:____________________________ Date:________________ Print Name:_________________________________ Shingle Creek Community Development District District Manager:____________________________ Date:________________ Print Name:_________________________________ Shingle Creek Community Development District BOARD OF SUPERVISORS MEETING DATES SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025 The Board of Supervisors of the Shingle Creek Community Development District (“District”) will hold their regular meetings for Fiscal Year 2024/2025 (beginning October 1, 2024, and ending September 30, 2025) at the Oasis Club at ChampionsGate, 1520 Oasis Club Blvd., ChampionsGate, FL 33896 at 11:30 a.m. on the 1st Monday of every other month, unless otherwise indicated, for the purpose of considering any business that may come before the Board on the following dates: October 7, 2024 December 2, 2024 February 3, 2025 April 7, 2025 June 2, 2025 August 4, 2025 The meetings are open to the public and will be conducted in accordance with the provision of Florida Law for Community Development Districts. The meetings and workshops may be continued to a date, time, and place to be specified on the record at the meeting. A copy of the agenda for these meetings may be obtained by contacting the District Office, Governmental Management Services – Central Florida, LLC, by mail at 219 East Livingston Street, Orlando, FL 32801, or by phone at (407) 841-5524, or by visiting the District’s website: https://shinglecreekcdd.com/. There may be occasions when one or more Board supervisors or staff will participate by speaker telephone. Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations at any meeting or workshop because of a disability or physical impairment should contact the District Office at 813-533-2950 at least 48 hours prior to the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY) / 1-800-955- 8770 (Voice), for aid in contacting the District Office. A person who decides to appeal any decision made at a meeting with respect to any matter considered at the meeting is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based. Jeremy Lebrun District Manager June 20, 2024 Ms. Teresa Viscarra Shingle Creek Community Development District c/o Governmental Management Services-CF, LLC 1408 Hamlin Avenue, Unit E St. Cloud, Florida 34771 $21,465,000 Shingle Creek Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2015 (“Bonds”) Dear Ms. Viscarra: Attached you will find our arbitrage rebate report for the above-referenced Bonds for the annual period ended May 27, 2024 (“Computation Period”). This report indicates that there is no cumulative rebate requirement liability as of May 27, 2024. The next annual arbitrage rebate calculation date is May 27, 2025. If you have any questions or comments, please do not hesitate to contact me at (850) 754-0311 or by email at liscott@llstax.com. Sincerely, Linda L. Scott Linda L. Scott, CPA cc: Ms. Janet Ricardo, Regions Bank Shingle Creek Community Development District $21,465,000 Shingle Creek Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2015 For the period ended May 27, 2024 June 20, 2024 Shingle Creek Community Development District c/o Governmental Management Services-CF, LLC 1408 Hamlin Avenue, Unit E St. Cloud, Florida 34771 Re: $21,465,000 Shingle Creek Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2015 (“Bonds”) Shingle Creek Community Development District (“Client”) has requested that we prepare certain computations related to the above-described Bonds for the period ended May 27, 2024 (“Computation Period”). The scope of our engagement consisted of the preparation of computations to determine the Rebate Requirement for the Bonds for the Computation Period as described in Section 148(f) of the Internal Revenue Code of 1986, as amended (“Code”), and this report is not to be used for any other purpose. In order to prepare these computations, we were provided by the Client with and have relied upon certain closing documents for the Bonds and investment earnings information on the proceeds of the Bonds during the Computation Period. The attached schedule is based upon the aforementioned information provided to us. The assumptions and computational methods we used in the preparation of the schedule are described in the Summary of Notes, Assumptions, Definitions and Source Information. A brief description of the schedule is also attached. The results of our computations indicate a negative Cumulative Rebate Requirement of $(2,895,465.11) at May 27, 2024. As such, no amount must be on deposit in the Rebate Fund. As specified in the Form 8038G, the calculations have been performed based upon a Bond Yield of 5.3292%. Accordingly, we have not recomputed the Bond Yield. The scope of our engagement was limited to the preparation of a mathematically accurate Rebate Requirement for the Bonds for the Computation Period based on the information provided to us. The Rebate Requirement has been determined as described in the Code, and regulations promulgated thereunder (“Regulations”). We have no obligation to update this report because of events occurring, or information coming to our attention, subsequent to the date of this report. LLS Tax Solutions Inc. NOTES AND ASSUMPTIONS 1. The issue date of the Bonds is May 28, 2015. 2. The end of the first Bond Year for the Bonds is May 27, 2016. 3. Computations of yield are based upon a 31-day month, a 360-day year and semiannual compounding. 4. We have assumed that the only funds and accounts relating to the Bonds that are subject to rebate under Section 148(f) of the Code are shown in the attached schedule. 5. For investment cash flow purposes, all payments and receipts are assumed to be paid or received, respectively, as shown in the attached schedule. In determining the Rebate Requirement for the Bonds, we have relied on information provided by you without independent verification, and we can therefore express no opinion as to the completeness or suitability of such information for such purposes. In addition, we have undertaken no responsibility to review the tax-exempt status of interest on the Bonds. 6. We have assumed that the purchase and sale prices of all investments as represented to us are at fair market value, exclusive of brokerage commissions, administrative expenses, or similar expenses, and representative of arms’ length transactions that did not artificially reduce the Rebate Requirement for the Bonds, and that no “prohibited payments” occurred and no “imputed receipts” are required with respect to the Bonds. 7. Ninety percent (90%) of the Rebate Requirement as of the next “computation date” (“Next Computation Date”) is due to the United States Treasury not later than 60 days thereafter (“Next Payment Date”). (An issuer may select any date as a computation date, as long as the first computation date is not later than five years after the issue date, and each subsequent computation date is no more than five years after the previous computation date.) No other payment of rebate is required prior to the Next Payment Date. The Rebate Requirement as of the Next Computation Date will not be the Rebate Requirement reflected herein, but will be based on future computations that will include the period ending on the Next Computation Date. If all of the Bonds are retired prior to what would have been the Next Computation Date, one hundred percent (100%) of the unpaid Rebate Requirement computed as of the date of retirement will be due to the United States Treasury not later than 60 days thereafter. 8. For purposes of determining what constitutes an “issue” under Section 148(f) of the Code, we have assumed that the Bonds constitute a single issue and are not required to be aggregated with any other bonds. NOTES AND ASSUMPTIONS (cont’d) 9. The accrual basis of accounting has been used to calculate earnings on investments. Earnings accrued but not received at the last day of the Computation Period are treated as though received on that day. For investments purchased at a premium or a discount (if any), amortization or accretion is included in the earnings accrued at the last day of the Computation Period. Such amortization or accretion is computed in such a manner as to result in a constant rate of return for such investment. This is equivalent to the “present value” method of valuation that is described in the Regulations. 10. No provision has been made in this report for any debt service fund. Under Section 148(f)(4)(A) of the Code, a “bona fide debt service fund” for public purpose bonds issued after November 10, 1988, is not subject to rebate if the average maturity of the issue of bonds is at least five years and the rates of interest on the bonds are fixed at the issue date. It appears and has been assumed that the debt service fund allocable to the Bonds qualifies as a bona fide debt service fund, and that this provision applies to the Bonds. 11. The Bonds are being issued to provide funds to the District that will be used, together with other funds, to: (i) pay the costs of certain stormwater management and control facilities, including, but not limited to, related earthwork; onsite and offsite roadway improvements, including, but not limited to, landscaping and irrigation in public rights of way; entrance features; reclaimed water facilities and related incidental costs (ii) fund capitalized interest on the Bonds through November 1, 2015, (iii) fund the Series 2015 Reserve Account of the Reserve Fund in an amount equal to the Series 2015 Reserve Requirement, and (iv) pay the costs of issuance of the Bonds. DEFINITIONS 1. Bond Year: Each one-year period that ends on the day selected by the Client. The first and last Bond Years may be shorter periods. 2. Bond Yield: The yield that, when used in computing the present value (at the issue date of the Bonds) of all scheduled payments of principal and interest to be paid over the life of the Bonds, produces an amount equal to the Issue Price. 3. Allowable Earnings: The amount that would have been earned if all nonpurpose investments were invested at a rate equal to the Bond Yield, which amount is determined under a future value method described in the Regulations. 4. Computation Date Credit: A credit allowed by the Regulations as a reduction to the Rebate Requirement on certain prescribed dates. 5. Rebate Requirement: The excess of actual earnings over Allowable Earnings and Computation Date Credits. 6. Issue Price: Generally, the initial offering price at which a substantial portion of the Bonds is sold to the public. For this purpose, 10% is a substantial portion. SOURCE INFORMATION Bonds Source Closing Date Form 8038G Bond Yield Form 8038G Investments Source Principal and Interest Receipt Amounts Trust Statements and Dates Investment Dates and Purchase Prices Trust Statements DESCRIPTION OF SCHEDULE SCHEDULE 1 - REBATE REQUIREMENT CALCULATION Schedule 1 sets forth the amount of interest receipts and gains/losses on sales of investments and the calculation of the Rebate Requirement. $21,465,000 SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT (OSCEOLA COUNTY, FLORIDA) SPECIAL ASSESSMENT BONDS, SERIES 2015 SCHEDULE 1 - REBATE REQUIREMENT CALCULATION 5 / 28 / 2015 ISSUE DATE 5 / 28 / 2020 BEGINNING OF COMPUTATION PERIOD 5 / 27 / 2024 COMPUTATION DATE INVESTMENT EARNINGS OTHER FUTURE VALUE VALUE AT ON DEPOSITS AT BOND YIELD ALLOWABLE DATE FUND/ACCOUNT COMPUTATION DATE INVESTMENTS (WITHDRAWALS) 5.3292% EARNINGS 5 / 28 / 2020 BEGINNING BALANCE 0.00 1,616.49 1,994.69 378.20 6 / 1 / 2020 ACQUISITION/CONSTRUCTION ACCT 0.15 0.00 0.00 0.00 7 / 1 / 2020 ACQUISITION/CONSTRUCTION ACCT 0.10 0.00 0.00 0.00 8 / 3 / 2020 ACQUISITION/CONSTRUCTION ACCT 0.08 0.00 0.00 0.00 9 / 1 / 2020 ACQUISITION/CONSTRUCTION ACCT 0.03 0.00 0.00 0.00 10 / 1 / 2020 ACQUISITION/CONSTRUCTION ACCT 0.01 0.00 0.00 0.00 11 / 2 / 2020 ACQUISITION/CONSTRUCTION ACCT 0.01 0.00 0.00 0.00 12 / 1 / 2020 ACQUISITION/CONSTRUCTION ACCT 0.01 0.00 0.00 0.00 1 / 4 / 2021 ACQUISITION/CONSTRUCTION ACCT 0.01 0.00 0.00 0.00 2 / 1 / 2021 ACQUISITION/CONSTRUCTION ACCT 0.01 0.00 0.00 0.00 2 / 23 / 2021 ACQUISITION/CONSTRUCTION ACCT 0.00 (1,616.90) (1,919.43) (302.53) 3 / 1 / 2021 ACQUISITION/CONSTRUCTION ACCT 0.01 0.00 0.00 0.00 3 / 2 / 2021 ACQUISITION/CONSTRUCTION ACCT 0.00 (0.01) (0.01) 0.00 0.00 0.42 (0.42) 75.25 75.67 5 / 28 / 2020 BEGINNING BALANCE 0.00 717,411.00 885,258.97 167,847.97 5 / 28 / 2020 INTEREST ACCRUAL REVERSAL (106.02) 0.00 0.00 0.00 6 / 1 / 2020 RESERVE ACCOUNT 67.85 0.00 0.00 0.00 7 / 1 / 2020 RESERVE ACCOUNT 43.40 0.00 0.00 0.00 8 / 3 / 2020 RESERVE ACCOUNT 33.84 0.00 0.00 0.00 9 / 1 / 2020 RESERVE ACCOUNT 13.00 0.00 0.00 0.00 10 / 1 / 2020 RESERVE ACCOUNT 5.90 0.00 0.00 0.00 10 / 14 / 2020 RESERVE ACCOUNT 0.00 (773.69) (935.92) (162.23) 11 / 2 / 2020 RESERVE ACCOUNT 6.09 0.00 0.00 0.00 12 / 1 / 2020 RESERVE ACCOUNT 5.89 0.00 0.00 0.00 1 / 4 / 2021 RESERVE ACCOUNT 6.09 0.00 0.00 0.00 2 / 1 / 2021 RESERVE ACCOUNT 6.09 0.00 0.00 0.00 3 / 1 / 2021 RESERVE ACCOUNT 5.50 0.00 0.00 0.00 4 / 1 / 2021 RESERVE ACCOUNT 6.09 0.00 0.00 0.00 4 / 15 / 2021 RESERVE ACCOUNT 0.00 (35.56) (41.89) (6.33) 5 / 3 / 2021 RESERVE ACCOUNT 5.89 0.00 0.00 0.00 6 / 1 / 2021 RESERVE ACCOUNT 6.09 0.00 0.00 0.00 7 / 1 / 2021 RESERVE ACCOUNT 5.89 0.00 0.00 0.00 Page 1 $21,465,000 SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT (OSCEOLA COUNTY, FLORIDA) SPECIAL ASSESSMENT BONDS, SERIES 2015 SCHEDULE 1 - REBATE REQUIREMENT CALCULATION 5 / 28 / 2015 ISSUE DATE 5 / 28 / 2020 BEGINNING OF COMPUTATION PERIOD 5 / 27 / 2024 COMPUTATION DATE INVESTMENT EARNINGS OTHER FUTURE VALUE VALUE AT ON DEPOSITS AT BOND YIELD ALLOWABLE DATE FUND/ACCOUNT COMPUTATION DATE INVESTMENTS (WITHDRAWALS) 5.3292% EARNINGS 8 / 2 / 2021 RESERVE ACCOUNT 6.09 0.00 0.00 0.00 9 / 1 / 2021 RESERVE ACCOUNT 6.09 0.00 0.00 0.00 10 / 1 / 2021 RESERVE ACCOUNT 5.89 0.00 0.00 0.00 10 / 22 / 2021 RESERVE ACCOUNT 0.00 (36.14) (41.43) (5.29) 11 / 1 / 2021 RESERVE ACCOUNT 6.09 0.00 0.00 0.00 12 / 1 / 2021 RESERVE ACCOUNT 5.89 0.00 0.00 0.00 12 / 2 / 2021 RESERVE ACCOUNT 7.17 0.00 0.00 0.00 1 / 3 / 2022 RESERVE ACCOUNT 6.09 0.00 0.00 0.00 2 / 1 / 2022 RESERVE ACCOUNT 6.09 0.00 0.00 0.00 3 / 1 / 2022 RESERVE ACCOUNT 5.50 0.00 0.00 0.00 4 / 1 / 2022 RESERVE ACCOUNT 36.79 0.00 0.00 0.00 4 / 20 / 2022 RESERVE ACCOUNT 0.00 (42.72) (47.72) (5.00) 5 / 2 / 2022 RESERVE ACCOUNT 84.14 0.00 0.00 0.00 6 / 1 / 2022 RESERVE ACCOUNT 312.61 0.00 0.00 0.00 7 / 1 / 2022 RESERVE ACCOUNT 545.78 0.00 0.00 0.00 8 / 1 / 2022 RESERVE ACCOUNT 827.74 0.00 0.00 0.00 9 / 1 / 2022 RESERVE ACCOUNT 1,213.69 0.00 0.00 0.00 10 / 3 / 2022 RESERVE ACCOUNT 1,364.92 0.00 0.00 0.00 10 / 27 / 2022 RESERVE ACCOUNT 0.00 (3,020.75) (3,283.07) (262.32) 11 / 1 / 2022 RESERVE ACCOUNT 1,730.86 0.00 0.00 0.00 12 / 1 / 2022 RESERVE ACCOUNT 2,056.22 0.00 0.00 0.00 1 / 3 / 2023 RESERVE ACCOUNT 2,364.28 0.00 0.00 0.00 2 / 1 / 2023 RESERVE ACCOUNT 2,551.07 0.00 0.00 0.00 3 / 1 / 2023 RESERVE ACCOUNT 2,471.01 0.00 0.00 0.00 4 / 3 / 2023 RESERVE ACCOUNT 2,810.54 0.00 0.00 0.00 4 / 11 / 2023 RESERVE ACCOUNT 0.00 (12,538.36) (13,304.57) (766.21) 5 / 1 / 2023 RESERVE ACCOUNT 2,807.15 0.00 0.00 0.00 6 / 1 / 2023 RESERVE ACCOUNT 3,034.32 0.00 0.00 0.00 7 / 3 / 2023 RESERVE ACCOUNT 2,972.50 0.00 0.00 0.00 8 / 1 / 2023 RESERVE ACCOUNT 3,108.01 0.00 0.00 0.00 9 / 1 / 2023 RESERVE ACCOUNT 3,235.70 0.00 0.00 0.00 10 / 2 / 2023 RESERVE ACCOUNT 3,156.86 0.00 0.00 0.00 Page 2 $21,465,000 SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT (OSCEOLA COUNTY, FLORIDA) SPECIAL ASSESSMENT BONDS, SERIES 2015 SCHEDULE 1 - REBATE REQUIREMENT CALCULATION 5 / 28 / 2015 ISSUE DATE 5 / 28 / 2020 BEGINNING OF COMPUTATION PERIOD 5 / 27 / 2024 COMPUTATION DATE INVESTMENT EARNINGS OTHER FUTURE VALUE VALUE AT ON DEPOSITS AT BOND YIELD ALLOWABLE DATE FUND/ACCOUNT COMPUTATION DATE INVESTMENTS (WITHDRAWALS) 5.3292% EARNINGS 10 / 11 / 2023 RESERVE ACCOUNT 0.00 (17,968.22) (18,571.39) (603.17) 11 / 1 / 2023 RESERVE ACCOUNT 3,223.12 0.00 0.00 0.00 12 / 1 / 2023 RESERVE ACCOUNT 3,113.20 0.00 0.00 0.00 1 / 1 / 2024 RESERVE ACCOUNT 3,231.54 0.00 0.00 0.00 2 / 1 / 2024 RESERVE ACCOUNT 3,236.16 0.00 0.00 0.00 3 / 1 / 2024 RESERVE ACCOUNT 3,030.63 0.00 0.00 0.00 4 / 1 / 2024 RESERVE ACCOUNT 3,253.26 0.00 0.00 0.00 4 / 15 / 2024 RESERVE ACCOUNT 0.00 (18,991.51) (19,108.40) (116.89) 5 / 1 / 2024 RESERVE ACCOUNT 3,110.75 0.00 0.00 0.00 5 / 27 / 2024 INTEREST ACCRUAL 2,739.56 0.00 0.00 0.00 725,792.95 61,788.90 664,004.05 829,924.58 165,920.53 725,792.95 61,789.32 664,003.63 829,999.83 165,996.20 ACTUAL EARNINGS 61,789.32 ALLOWABLE EARNINGS 165,996.20 REBATE REQUIREMENT (104,206.88) FUTURE VALUE OF 5/27/2020 CUMULATIVE REBATE REQUIREMENT (2,783,005.19) FUTURE VALUE OF 5/27/2021 COMPUTATION DATE CREDIT (2,084.22) FUTURE VALUE OF 5/27/2022 COMPUTATION DATE CREDIT (2,032.98) FUTURE VALUE OF 5/27/2023 COMPUTATION DATE CREDIT (2,065.84) COMPUTATION DATE CREDIT (2,070.00) CUMULATIVE REBATE REQUIREMENT (2,895,465.11) Page 3