LAKEWOOD RANCH STEWARDSHIP DISTRICT AUDITED FINANCIAL STATEMENTS. FOR THE FISCAL YEAR ENDED September 30, 2013

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1 AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED September 30, 2013

2 FOR THE FISCAL YEAR ENDED September 30, 2013 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 Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds 10 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds to the Statement of Activities 11 Statement of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual General Fund 12 Notes to the Financial Statements 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 MANAGEMENT LETTER 26-27

3 INDEPENDENT AUDITOR S REPORT Board of Supervisors Lakewood Ranch Stewardship District Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, and each major fund of Lakewood Ranch Stewardship District ("District"), as of and for the year then ended September 30, 2013, and the related notes to the financial statements, which collectively comprise the District s basic financial statements, as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the District s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, and each major fund of Lakewood Ranch Stewardship District, as of September 30, 2013, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. 1

4 Emphasis of a Matter During the fiscal year ended September 30, 2013, the District adopted the provisions of Governmental Accounting Standards Board Statement (GASBS) No. 60, Accounting and Financial Reporting for Service Concessions Arrangements, GASBS No. 61, The Financial Reporting Entity: Omnibus an amendment of GASB Statement No. 14 and 34, GASBS No. 62, Codification of Accounting and Financial Reporting Contained in Pre-November 1989 FASB and AICPA Pronouncements, GASBS No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources and Net Position, and GASBS No. 65, Items Previously Reported as Assets and Liabilities. As a result of the implementation of GASBS No. 65, the District reported a restatement for the change in accounting principle (See Note 2). The auditor s opinion was not modified with respect to the restatement. GASBS No. 60, 61, 62 and 63 did not have a material effect on the financial statements. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis on pages 3 through 6 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 7, 2014, on our consideration of the District s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the result of that testing, and not to provide an opinion on 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. CERTIFIED PUBLIC ACCOUNTANTS Bradenton, Florida March 7,

5 MANAGEMENT S DISCUSSION AND ANALYSIS The following is a narrative overview and analysis of the financial activities of the Lakewood Ranch Stewardship District ( District ) for the fiscal year ended September 30, Financial Highlights and Analysis of Financial Statements As of September 30, 2013 and 2012, the total assets of the District were $100,399,363 and $88,079,166, respectively, an increase of $12,320,197. The primary factor for the change was an increase in current assets (investments), due to the issuance of two bond issues. As of September 30, 2013 and 2012, the total liabilities of the District were $113,753,930 and $100,411,225, respectively, an increase of $13,342,705. The primary factor for the change was the $16 million in new bonds issues less scheduled bond payments. The District s liabilities exceeded assets by $13,354,567 and $12,332,059 as of September 30, 2013 and 2012 (as restated), respectively. The District s fund balance totaled $21,132,287 and $8,197,261 as of September 30, 2013 and 2012, respectively. The primary factor for both of these variances were the changes in assets and liabilities as discussed above. Overview of the Financial Statements This discussion and analysis are intended to serve as an introduction to the District s basic financial statements. The District s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. Government-wide financial statements The government-wide financial statements are designed to provide readers with a broad overview of the District s finances, in a manner similar to a private-sector business. The statement of net assets presents information on all of the District s assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The statement of activities presents information showing how the District s net assets changed during the most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods. The District s governmental activities include general government, physical environment, and interest on long-term debt. The government-wide financial statements can be found on pages 7 and 8 of this report. 3

6 Fund financial statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the District s funds are governmental funds. Governmental funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District s near-term financing decisions. Both the governmental fund balance sheet and governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The District maintains three individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, the debt service fund and the capital projects fund, all of which are considered to be major funds. The basic governmental fund financial statements can be found on pages 9 to 12 of this report. Notes to the financial statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages 13 through 23 of this report. Government-Wide Financial Analysis Statement of Net Position Current and other assets $ 21,623,132 $ 10,496,062 Capital assets 78,776,231 77,583,104 Total assets $ 100,399,363 $ 88,079,166 Curent liabilities $ 2,022,845 $ 3,011,225 Long-term liabilities 111,731,085 97,400,000 Total liabilities $ 113,753,930 $ 100,411,225 Net investment in capital assets $ (31,453,998) $ (20,532,320) Restricted 9,528,499 8,438,835 Unrestricted 8,570,932 (238,574) Total net position, as restated $ (13,354,567) $ (12,332,059) 4

7 Statement of Activities Program revenues Charges for services $ 4,991,186 $ 3,735,037 Operating grants and contributions 5,786,813 7,656,247 General revenues Investment income 3,275 4,749 Non advalorem assessments 678, ,288 Total revenues 11,460,174 11,837,321 Expenses General government 294, ,176 Physical environment 5,409,187 5,442,095 Interest on long-term debt 6,778,935 6,602,285 Total expenses 12,482,682 12,241,556 Changes in net position (1,022,508) (404,235) Net position - beginning, as restated (12,332,059) (11,927,824) Net position - ending $ (13,354,567) $ (12,332,059) The primary changes in the capital assets were due to approximately $6 million in infrastructure improvements less $4.9 million of depreciation expense. Total liabilities increased by approximately $11.3 million, due primarily to two new bond issues less scheduled debt service payments. Charges for services consist of lot sale proceeds and operating grants and contributions consists of Developer cash funding contributions. The primary changes in charges for services were increased proceeds from landowner lot sales of approximately $1.2 million offset by reduced land owner funding contributions of approximately $1.8 million. Capital Assets During the year ended September 30, 2013, the District had a gross infrastructure increase of approximately $6 million. Primary capital projects began during the year included Country Club East additions, a utility pipe project, Pope Road, Rangeland Parkway and Malachite Drive infrastructure improvements. Additional information on the District s capital assets can be found in Note 4 of this report. Debt Administration During the year ended September 30, 2013, the District issued new bonds for the Country Club East project and the Central Park project. The bond issue for the Country Club East project was for $8.5 million, with two fixed interest rates of 6.7% and 7%. The bond issue for the Central Park project was for $7.535 million, with a fixed interest rate of 6.4%. Additional information on the District s long-term debt can be found in Note 5 of this report. 5

8 Budgetary Highlights The District set its annual budget for the District expecting to be operational for the entire year. Assessments came in approximately $214,000 higher than anticipated, which led to less landowner funding to cover costs. The large variance of the budgeted expenditures compared with actual results was mainly in the Operations of the various project areas. No budget amendments were necessary or made during the year. Economic Factors and Year 2014 Budget The District is anticipating increased interest in the various developments and projects currently underway. Next year s budget main components will be maintenance of the project areas, administration of the District, and continued infrastructure acquisition and improvements on capital projects begun in Requests for Information This financial report is designed to provide a general overview of the District s finances for all those with an interest in them. Questions concerning any of the information provided in this report or requests for additional information should be addressed to Lakewood Ranch Stewardship District, Attn: Supervisor, Covenant Way, Bradenton, Florida

9 BASIC FINANCIAL STATEMENTS

10 STATEMENT OF NET POSITION September 30, 2013 Governmental Activities ASSETS Current Assets: Cash and cash equivalents $ 111,469 Investments 11,681,620 Investments - restricted 9,528,499 Total current assets 21,321,588 Other Assets: Deposits 3,000 Accrued interest receivable 20 Other receivables 298,524 Total other assets 301,544 Capital Assets: Depreciable assets: District infrastructure 98,168,625 Less accumulated depreciation (24,821,130) Net depreciable assets 73,347,495 Non-depreciable assets: Construction in progress 5,428,736 Total assets 100,399,363 Current Liabilities: LIABILITIES Accounts payable 487,845 Bonds payable, current portion 1,535,000 Total current liabilities 2,022,845 Non-current Liabilities: Advances from related parties 3,035,856 Bonds payable, long-term portion 108,695,229 Total non-current liabilities 111,731,085 Total liabilities 113,753,930 NET POSITION Net investment in capital assets (31,453,998) Restricted for debt service 9,528,499 Unrestricted 8,570,932 Total net position $ (13,354,567) See notes to the financial statements. 7

11 STATEMENT OF ACTIVITIES For The Fiscal Year Ended September 30, 2013 Charges Operating Capital Net (Expense) Revenue and Changes in Net Assets for Grants and Grants and Governmental Functions / Programs Expenses Services Contributions Contributions Activities Primary government: Governmental activities: Program Revenues General government $ 294,560 $ 4,991,186 $ 5,786,813 $ - $ 10,483,439 Physical environment 5,409, (5,409,187) Interest on long-term debt 6,778, (6,778,935) Total governmental activities $ 12,482,682 $ 4,991,186 $ 5,786,813 $ - (1,704,683) General revenues: Non advalorem assessments 678,900 Investment income 3,275 Total general revenues 682,175 Change in net position (1,022,508) Net position - beginning, as originally stated (10,821,412) Restatement of beginning net position due to the implementation of GASB 65 (1,510,647) Net position - beginning, restated (12,332,059) Net position - ending $ (13,354,567) See notes to the financial statements. 8

12 BALANCE SHEET GOVERNMENTAL FUNDS September 30, 2013 Major Funds Total Debt Capital Governmental General Service Projects Funds ASSETS Cash and cash equivalents $ 111,469 $ - $ - $ 111,469 Investments - 9,528,499 11,681,620 21,210,119 Accrued interest receivable Other receivables 3, , ,524 Total assets $ 114,599 $ 9,823,913 $ 11,681,620 $ 21,620,132 LIABILITIES Accounts payable $ 58, ,050 $ 52,456 $ 487,845 Total liabilities 58, ,050 52, ,845 FUND BALANCES Unassigned reported in General fund 56, ,260 Restricted reported in Debt service fund - 9,446,863-9,446,863 Restricted reported Capital projects fund ,629,164 11,629,164 Total fund balances 56,260 9,446,863 11,629,164 21,132,287 Total liabilities and fund balances $ 114,599 $ 9,823,913 $ 11,681,620 $ 21,620,132 Amounts reported for governmental activities in the statement of net position are different because: Fund balance - governmental funds $ 21,132,287 Capital assets used in governmental activities are not financial resources and therefore, are not reported in the funds Other long-term assets used in governmental activities are not financial 78,776,231 resources and therefore, are not reported in the funds 3,000 Certain liabilities are not due and payable in the current period and therefore are not reported in the funds. Bonds payable, net (110,230,229) Advances from related parties (3,035,856) $ (13,354,567) See notes to the financial statements. 9

13 STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS For the Fiscal Year Ended September 30, 2013 Major Funds Total Debt Capital Governmental General Service Projects Funds REVENUES Land owner funding contributions $ 188,017 $ 5,598,743 $ 53 $ 5,786,813 Assessments 678, ,900 Investment income - 2, ,275 Allocated proceeds from Landowner lot sales - 4,070,977-4,070,977 Intergovernmental revenue , ,287 Miscellaneous income - 480, ,922 Total revenues 866,917 10,153, ,900 11,460,174 EXPENDITURES Current: General government 294, ,560 Physical environment: Operations 517, ,166 Debt service: Bond principal - 3,650,000-3,650,000 Bond interest - 6,483,976-6,483,976 Cost of issuance , ,454 Capital outlay - - 6,085,148 6,085,148 Total expenditures 811,726 10,133,976 6,329,602 17,275,304 OTHER FINANCING SOURCES (USES) Transfers in - 2,284,411 25,378 2,309,789 Transfers out - (25,378) (2,284,411) (2,309,789) Advances from related parties - - 3,035,856 3,035,856 Debt and loan proceeds (net) ,714,300 15,714,300 Total other financing sources (uses) - 2,259,033 16,491,123 18,750,156 Net change in fund balances 55,191 2,278,414 10,601,421 12,935,026 Fund balances - beginning 1,069 7,168,449 1,027,743 8,197,261 Fund balances - ending $ 56,260 $ 9,446,863 $ 11,629,164 $ 21,132,287 See notes to the financial statements. 10

14 RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES For the Fiscal Year Ended September 30, 2013 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balances - total governmental funds $ 12,935,026 Governmental funds report capital outlays as expenditures, however, in the statement of activities, the cost of those assets is elim inated and capitalized as capital assets ($6,085,148). The total reflects depreciation expense for the current period ($4,892,021). 1,193,127 The issuance of long-term debt, net of discount ($15,714,300) and advances from related parties ($3,035,856) provides current financial resources to governmental funds, while the repayment of the principal of long-term debt ($3,650,000) consumes the current financial resources of governmental funds. (15,100,156) Amortization on discount of bonds (50,505) Change in net position of governmental activities $ (1,022,508) See notes to the financial statements. 11

15 STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL GENERAL FUND For the Fiscal Year Ended September 30, 2013 Original and Variance Final Positive Budget Actual (Negative) REVENUES Landowner funding $ 618,719 $ 188,017 $ (430,702) Assessments 465, , ,536 Total revenues 1,084, ,917 (217,166) EXPENDITURES Current: General government 271, ,560 (23,550) Physical environment: Operations 813, , ,907 Total expenditures 1,084, , ,357 EXCESS OF EXPENDITURES OVER REVENUES - 55,191 55,191 FUND BALANCES - BEGINNING OF YEAR - 1,069 1,069 FUND BALANCES - END OF YEAR $ - $ 56,260 $ 56,260 See notes to the financial statements. 12

16 NOTES TO THE FINANCIAL STATEMENTS For the Fiscal Year Ended September 30, 2013 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of the significant accounting principles and policies used in the preparation of these basic financial statements. REPORTING ENTITY Lakewood Ranch Stewardship District is a local unit special purpose government created on June 17, 2005 under the "Lakewood Ranch Stewardship District Act," otherwise known as Chapter , Florida Statutes. The District was established for the purpose of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District. The District is governed by the Board of Supervisors ("Board") which is composed of five members. The Supervisors are elected on an at large basis by the owners of the property within the District. Ownership of land within the District entitles the owner to one vote per acre. The Board of Supervisors of the District exercises all powers granted to the District pursuant to Chapter , amended by Chapter , Florida Statutes. The District encompasses 23,255 acres of land located in Manatee County and Sarasota County, Florida. The Board has the final responsibility for contracting for the services of consultants; borrowing money; adopting and enforcing rules and orders pursuant to the provisions of Chapter 120; holding, controlling and acquiring by donation, purchase or condemnation or dispose of any public easements; lease as lessor or assess to or from any person, firm, corporation, association or body; borrow money and issue bonds, certificates, warrants, notes, or other evidence of indebtedness; raise, by user charges or fees authorized by resolution of the board, amounts of money necessary for the conduct of District activities; assess and impose ad valorem taxes; determine, order, levy, impose, collect, and enforce maintenance taxes. The financial statements were prepared in accordance with Governmental Accounting Standards Board ("GASB") Statement 34, and Statement 39, an amendment of GASB Statement 34. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District Board of Supervisors is considered to be financially accountable, and other organizations for which the District Board of Supervisors is considered to be financially accountable, and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District. Government-Wide and Fund Financial Statements The basic financial statements include both government-wide and fund financial statements. The government-wide financial statements (i.e., the statement of net assets and the statement of activities) report information on all the non-fiduciary activities of the primary government. 13

17 NOTES TO THE FINANCIAL STATEMENTS For the Fiscal Year Ended September 30, 2013 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED Government-Wide and Fund Financial Statements - continued The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not properly included among program revenues are reported instead as general revenues. Measurement Focus, Basis of Accounting and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Government fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due. The government reports the following major governmental funds: General Fund The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund. Debt Service Fund The debt service fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term general obligation debt. Capital Projects Fund The capital projects fund is used to account for the cost of construction of the infrastructure of the District. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. When both restricted and unrestricted resources are available for use, it is the government's policy to use restricted resources first, then unrestricted resources, as they are needed. 14

18 NOTES TO THE FINANCIAL STATEMENTS For the Fiscal Year Ended September 30, 2013 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED Measurement Focus, Basis of Accounting and Financial Statement Presentation - continued Assets, Liabilities and Net Assets or Equity Deposits and Investments The government's cash and cash equivalents are considered to be cash on hand and demand deposits. Investments, which consist of cash management accounts investing in short term government obligations, are stated at cost which approximates fair value. Capital Assets Major outlays for capital assets and improvements are capitalized as projects are constructed. Vehicles are being depreciated over five years. The computer/printer is being depreciated over three years. District infrastructure is being depreciated over twenty years. 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 assets. Bond premiums and discounts, as well as insurance costs, are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of premiums or discounts. Bond issuance costs are reported as deferred charges and amortized over the term of the related debt. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuance are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. Fund Equity/Net Assets Governmental funds report fund balances are classified either as nonspendable, or as spendable. Spendable fund balances are further classified based on the extent to which there are external and internal constraints on the spending of these fund balances. These classifications are described as follows: Nonspendable Fund Balance Amounts that cannot be spent because they are not in spendable form or legally or contractually required to be maintained intact. Restricted Fund Balance Amounts that are constrained for specific purposes which are externally imposed by creditors, grantors, contributors, or laws or regulations or imposed by laws through constitutional provisions or enabling legislation. Committed Fund Balance Amounts that are constrained for specific purposes imposed by formal action of the highest level of decision making authority. 15

19 NOTES TO THE FINANCIAL STATEMENTS For the Fiscal Year Ended September 30, 2013 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED Assigned Fund Balance Includes spendable fund balances intended to be used for specific purposes, but which are neither restricted nor committed. Unassigned Fund Balance Represents the residual positive fund balance within the General Fund, which has not been assigned to other funds and has not been restricted, committed, or assigned. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses/expenditures during the reporting period. Actual results could differ from those estimates. Budgetary Information The District is required to establish a budgetary system and an approved Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for all governmental funds except the capital projects fund, which adopts a project-length budget. The District follows these procedures in establishing the budgetary data reflected in the financial statements. 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 hearings are conducted to obtain taxpayer 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. e) Unused appropriations for annually budgeted funds lapse at the end of the year. Implementation of Governmental Accounting Standards Statements The District implemented the following GASB Statements during the fiscal year ended September 30, 2013: a) Statement No. 60, Accounting and Financial Reporting for Service Concession Arrangements. This statement addresses how to account for and report service concession arrangements, a type of public-private partnership that state and local governments are increasingly entering into. This statement has no impact on the District s financial statements. b) Statement No. 61, The Financial Reporting Entity: Omnibus, an amendment of GASB Statements No. 14 and No. 34. This statement modifies the reporting and disclosure requirements for component units reported within the financial statements of governmental entities and has no impact on the District s financial statements. 16

20 NOTES TO THE FINANCIAL STATEMENTS For the Fiscal Year Ended September 30, 2013 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED Implementation of Governmental Accounting Standards Statements - continued c) Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This Statement improves financial reporting by codifying all sources of generally accepted accounting principles for state and local governments so that they derive from a single source. The District elected to include all pre-november 30, 1989 FASB pronouncements which are now codified in Statement No. 62. As such, disclosures of FASB and AICPA pronouncements applied to these and future financial statements are no longer required. d) Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. This Statement provides guidance for certain items formerly classified as assets and liabilities. GASB Concepts Statement 4 redefines these as deferred outflows of resources (formerly assets) and deferred inflows of resources (formerly liabilities). Each new category must have its own Statement of Net Position section. Statement No. 63 also requires that the last line of the statements formerly called Net Assets now be titled Net Position to reflect the new classifications. In addition, Invested in capital assets, net of related debt will not be titled Net investment in capital assets in order to properly present the total of the items. Other than the new classifications and titles, the Statement only addresses upfront payments of service concession arrangements and the deferral of annual changes in the fair value of derivatives. e) Statement No. 65, Items Previously Reported as Assets and Liabilities. This Statement provides more guidance for the items listed in Statement No. 63, and adds additional changes. It requires that statements avoid use of the word deferred except as it relates to items that are deferred outflows or are deferred inflows. It addresses the calculation of a deferred outflow or inflow for refunding of debt. For nonexchange transactions like grants, amounts received before the time period of eligibility are treated as deferred inflows. The Statement also addresses taxes received prior to the period to which they relate. Statement No. 65 also requires debt issuance costs to be expensed in the period that the debt was issued. In the past, these costs were amortized over the life of the issue. The effects of this change are required to be disclosed on the statements in the period it is implemented. Losses on debt refunding are not expensed, but rather are treated as deferred outflows. For operating leases, any initial direct costs are recognized in the period incurred, instead of being amortized over the life of the lease. When an asset is recorded in governmental fund statements, but the revenue is not available until a future period, a deferred inflow is reported until the revenue becomes available. NOTE 2 PRIOR PERIOD ADJUSTMENT Due to the implementation of Governmental Accounting Standards Board Statement No. 65, Items Previously Reported as Assets, and Liabilities, a prior period adjustment of $1,510,647 was made to the government-wide financial statements to expense debt issuance costs. 17

21 NOTE 3 CASH AND INVESTMENTS LAKEWOOD RANCH STEWARDSHIP DISTRICT NOTES TO THE FINANCIAL STATEMENTS For the Fiscal Year Ended September 30, 2013 Cash 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 has not formally adopted a written investment policy. According to Florida Statutes (17) the District is authorized to invest in the following: (a) (b) (c) (d) The Local Government Surplus Funds Trust Fund, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act, as provided in Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency. Interest-bearing time deposits or savings accounts in qualified public depositories, as defined in Direct obligations of the U.S. Treasury. The securities listed in (c) and (d) above must be invested such as to provide sufficient liquidity to pay obligations as they come due. As of September 30, 2013, the District had the following investments: Investment Maturities Fair Value U.S. agencies various $ 21,210,119 Interest Rate Risk: The District does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. Credit Risk: The District does not have a formal investment policy that limits its investment choices by ratings issued by nationally recognized statistical rating organizations. As of September 30, 2013, the District s investments in FNMA Debentures was rated AAA by Moody s Investors Service and AAA by Standard & Poor s. Concentration of Credit Risk: The District places no limit on the amount the District may invest in any one issuer. More than 5% of the District s investments are in the following: US agencies % 18

22 NOTES TO THE FINANCIAL STATEMENTS For the Fiscal Year Ended September 30, 2013 NOTE 4 CAPITAL ASSETS Capital asset activity for the fiscal year ended September 30, 2013 was as follows: Beginning Ending Balance Increases Decreases Balance Governmental activities District infrastructure $ 97,512,213 $ 656,412 $ - $ 98,168,625 Total depreciable assets 97,512, ,412-98,168,625 Construction in Progress District Infrastructure Lighting $ - $ 64,579 $ - $ 64,579 Drainage - 12,479-12,479 Irrigation - 346, ,764 Other Utilities - 144, ,303 Landscaping - 315, ,045 Hardscape - 107, ,508 Sanitary Sewer - 98,777-98,777 Potable Water - 367, ,030 Earthwork, Clearing & Fill - 69,754-69,754 Engineering & Surveying - 201, ,835 Mitigation/Littoral Plantings - 24,979-24,979 Permit Fees & Bonding - 1,550-1,550 Other Infrastructure - 3,674,133-3,674,133 Total District Infrastructure - CIP - 5,428,736-5,428,736 Total $ 97,512,213 $ 6,085,148 $ - $ 103,597,361 Accumulated depreciation for the fiscal year ended September 30, 2013 was as follows: Beginning Ending Balance Increases Decreases Balance Governmental activities District infrastructure $ 19,929,109 $ 4,892,021 $ - $ 24,821,130 Total $ 19,929,109 $ 4,892,021 $ - $ 24,821,130 Depreciation expense was $4,892,021 for the fiscal year ended September 30, 2013, reported under the Physical environment function in the Statement of Activities. 19

23 NOTES TO THE FINANCIAL STATEMENTS For the Fiscal Year Ended September 30, 2013 NOTE 5 LONG TERM DEBT Due within 9/30/12 Additions Decreases 9/30/13 1 year 2005 Lake Club Series B Bonds $ 3,655,000 $ - $ 295,000 $ 3,360,000 $ Lake Club Series A Bonds 17,400, ,000 16,920, , Country Club East Bonds 24,225, ,000 23,520, , Lake Club Series B Bonds 11,375, ,000 10,460, Central Park Series A Bonds 4,410, ,000 3,585,000 45, Lakewood Ctr NW Sector Bonds 35,895, ,000 35,490, , Belle Isle Series A Bonds 1,750,000-25,000 1,725,000 20, Country Club East Bonds - 7,535,000-7,535,000 90, Central Park Series A Bonds - 8,500,000-8,500,000 90,000 $ 98,710,000 $ 16,035,000 $ 3,650,000 $ 111,095,000 $ 1,535,000 Unamortized discounts on governmental activities revenue bonds amounted to $864,771 and $594,576 as of September 30, 2013 and 2012, respectively. On September 30, 2005, the District issued $5,535,000 of Special Assessment Revenue Bonds, Series 2006, originally due on August 1, 2010, and extended to August 1, 2017, with a fixed interest rate of 4.875%. The Bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Lake Club Project, as well as set up a debt service reserve fund and to pay costs of issuance. On June 1, 2012, $3,655,000 was extended to a due date of November 1, 2020, at an interest rate of 7.21%. On February 13, 2006, the District issued $19,320,000 of Special Assessment Revenue Bonds, Series 2006 (Lake Club Project), due on November 1, 2036, with a fixed interest rate of 5.50%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Lake Club Project, as well as set up a debt service reserve fund and to pay costs of issuance. On June 5, 2006, the District issued $30,145,000 of Bond Anticipation Notes, Series 2006, due on June 1, 2007, with a fixed interest rate of 6.0%. This note was renewed on June 1, 2007 for a period of 2 years at 6.5% interest. This note was again renewed on January 7, 2009, with a maturity date of June 1, 2011, at an interest rate of 7.5%. The bonds were re-financed by the District on May 1, 2011 for $36,255,000, with $14,495,000 having a final maturity date of May 1, 2030, at an interest rate of 7.40%, and $21,760,000 having a final maturity date of May 1, 2040, at an interest rate of 8.00%. The original bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Lakewood Centre and NW Sector Projects. On June 19, 2006, the District issued $27,215,000 of Special Assessment Revenue Bonds, Series 2006, due on November 1, 2037, with a fixed interest rate of 5.40%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Country Club East Project, as well as set up a debt service reserve fund and to pay costs of issuance. 20

24 NOTE 5 LONG TERM DEBT CONTINUED LAKEWOOD RANCH STEWARDSHIP DISTRICT NOTES TO THE FINANCIAL STATEMENTS For the Fiscal Year Ended September 30, 2013 On October 1, 2006, the District issued $14,435,000 of Special Assessment Revenue Bonds, Series 2006B, due on May 1, 2013, with a fixed interest rate of 5.00%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Lake Club Project, as well as set up a debt service reserve fund and to pay costs of issuance. On June 1, 2012, $11,375,000 was extended to a due date of November 1, 2020, at an interest rate of 6.77%. On July 1, 2010, the District issued $5,720,000 of Special Assessment Revenue Bonds, Series 2010A, due on May 1, 2040, with a fixed interest rate of 7.40%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Central Park Project, as well as set up a debt service reserve fund and to pay costs of issuance. On May 1, 2011, the District issued $1,765,000 of Special Assessment Revenue Bonds, Series 2011, due on May 1, 2040, with a fixed interest rate of 8.00%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Belle Isle Project, as well as set up a debt service reserve fund and to pay costs of issuance. On August 5, 2013, the District issued $8,500,000 of Special Assessment Revenue Bonds, Series 2013, due on May 1, 2043, with two fixed interest rates of 6.7% and 7%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Country Club East Project, as well as set up a debt service reserve fund and to pay costs of issuance. On August 5, 2013, the District issued $7,535,000 of Special Assessment Revenue Bonds, Series 2013, due on May 1, 2043, with a fixed interest rate of 6.4%. The bonds were issued to finance the acquisition and construction of certain infrastructure improvements for the benefit of the District, known as the Central Park Project, as well as set up a debt service reserve fund and to pay costs of issuance. 21

25 NOTES TO THE FINANCIAL STATEMENTS For the Fiscal Year Ended September 30, 2013 NOTE 5 LONG TERM DEBT CONTINUED 2005 Lake Club 2006 Lake Club 2011 Lakewood Ctr and NW 2006 Country 2006 Lake Club 2010 Central Park 2011 Belle Isle 2013 Central Park 2013 Country Club Principal Series B Bonds Series A Bonds Sector Bonds Club East Bonds Series B Bonds Series A Bonds Series A Bonds Series A Bonds East Series A Bonds Total 2014 $ - $ 380,000 $ 420,000 $ 490,000 $ - $ 45,000 $ 20,000 $ 90,000 $ 90,000 $ 1,535, , , ,000-50,000 20,000 95,000 95,000 1,625, , , ,000-50,000 20, , ,000 1,730, , , ,000-55,000 25, , ,000 1,845, , , ,000-60,000 25, , ,000 1,955, ,360,000 2,760,000 3,540,000 3,590,000 10,460, , , , ,000 25,665, ,645,000 5,120,000 4,720, , , ,000 1,010,000 16,220, ,810,000 7,455,000 6,180, , ,000 1,275,000 1,415,000 22,285, ,590,000 11,100,000 6,300,000-1,135, ,000 1,740,000 1,995,000 26,415, ,830, , ,000 2,390,000 2,835,000 11,820,000 Total $ 3,360,000 $ 16,920,000 $ 35,490,000 $ 23,520,000 $ 10,460,000 $ 3,585,000 $ 1,725,000 $ 7,535,000 $ 8,500,000 $ 111,095, Lake Club 2006 Lake Club 2011 Lakewood Ctr and NW 2006 Country 2006 Lake Club 2010 Central Park 2011 Belle Isle 2013 Central Park 2013 Country Club Interest Series B Bonds Series A Bonds Sector Bonds Club East Bonds Series B Bonds Series A Bonds Series A Bonds Series A Bonds East Series A Bonds Total 2014 $ 242,256 $ 930,600 $ 2,756,820 $ 1,270,080 $ 708,142 $ 265,290 $ 138,800 $ 348,774 $ 431,504 $ 7,092, , ,700 2,725,740 1,243, , , , , ,960 7,273, , ,700 2,692,440 1,215, , , , , ,595 7,172, , ,325 2,656,550 1,186, , , , , ,560 7,065, , ,850 2,617,700 1,155, , , , , ,190 6,950, ,512 3,784,275 12,394,380 5,247,450 1,770,355 1,178, ,800 2,126,190 2,655,300 30,265, ,933,425 10,867,390 4,162,050 1,016, ,000 1,888,595 2,376,580 23,790, ,810,050 8,630,120 2,738, , ,800 1,564,075 1,987,980 17,943, ,325 5,138, , , ,400 1,113,280 1,430,450 9,657, , ,060 35, , ,350 1,896,410 Total $ 1,695,792 $ 13,362,250 $ 51,187,540 $ 19,092,510 $ 5,311,065 $ 4,762,270 $ 2,570,800 $ 9,349,159 $ 11,776,469 $ 119,107, Lake Club 2006 Lake Club 2011 Lakewood Ctr and NW 2006 Country 2006 Lake Club 2010 Central Park 2011 Belle Isle 2013 Central Park 2013 Country Club Total Series B Bonds Series A Bonds Sector Bonds Club East Bonds Series B Bonds Series A Bonds Series A Bonds Series A Bonds East Series A Bonds Total 2014 $ 242,256 $ 1,310,600 $ 3,176,820 $ 1,760,080 $ 708,142 $ 310,290 $ 158,800 $ 438,774 $ 521,504 $ 8,627, ,256 1,309,700 3,175,740 1,758, , , , , ,960 8,898, ,256 1,312,700 3,177,440 1,760, , , , , ,595 8,902, ,256 1,309,325 3,181,550 1,761, , , , , ,560 8,910, ,256 1,304,850 3,182,700 1,760, , , , , ,190 8,905, ,844,512 6,544,275 15,934,380 8,837,450 12,230,355 1,553, ,800 2,811,190 3,380,300 55,930, ,578,425 15,987,390 8,882,050-1,561, ,000 2,823,595 3,386,580 40,010, ,620,050 16,085,120 8,918,340-1,567, ,800 2,839,075 3,402,980 40,228, ,992,325 16,238,000 7,173,450-1,578, ,400 2,853,280 3,425,450 36,072, ,538, , ,200 2,868,400 3,458,350 13,716,410 Total $ 5,055,792 $ 30,282,250 $ 86,677,540 $ 42,612,510 $ 15,771,065 $ 8,347,270 $ 4,295,800 $ 16,884,159 $ 20,276,469 $ 230,202,855 22

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