MEADOW VIEW AT TWIN CREEKS 

COMMUNITY DEVELOPMENT DISTRICT 

ST. JOHNS COUNTY, FLORIDA 

FINANCIAL REPORT 

FOR THE FISCAL YEAR ENDED 

SEPTEMBER 30, 2023 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 MEADOW VIEW AT TWIN CREEKS COMMUNITY DEVELOPMENT DISTRICT 

ST. JOHNS COUNTY, FLORIDA 

 

 

TABLE OF CONTENTS 

 

 

 

 

Page 



INDEPENDENT AUDITOR’S REPORT 

1-2 

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS 

3-6 

 

 

BASIC FINANCIAL STATEMENTS 

 

 Government-Wide Financial Statements: 

 

Statement of Net Position 

7 

 Statement of Activities 

8 

Fund Financial Statements: 

 

 Balance Sheet – Governmental Funds 

9 

 Reconciliation of the Balance Sheet - Governmental Funds to the 

 Statement of Net Position 

10 

 Statement of Revenues, Expenditures and Changes in Fund Balances – 

 Governmental Funds 

11 

 Reconciliation of the Statement of Revenues, Expenditures and Changes in 

 Fund Balances of Governmental Funds to the Statement of Activities 

 

12 

 Notes to the Financial Statements 

13-22 

 

 

REQUIRED SUPPLEMENTARY INFORMATION 

 

Schedule of Revenues, Expenditures and Changes in Fund Balance – 

Budget and Actual – General Fund 

 

23 

Notes to Required Supplementary Information 

24 

 

 

OTHER INFORMATION 

 

 Data Elements required by FL Statute 218.39 (3) (c) 

25 

 

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 

26-27 

 

 

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 

 

 

28 

 

 

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL 

OF THE STATE OF FLORIDA 

29-30 



 

 


INDEPENDENT AUDITOR’S REPORT 

 

To the Board of Supervisors 

Meadow View at Twin Creeks Community Development District 

St. Johns 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 Meadow View at Twin Creeks Community Development District, St. Johns 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 FL Statute 218.39 (3) (c), 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 27, 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 27, 2024 


MANAGEMENT’S DISCUSSION AND ANALYSIS 

 

Our discussion and analysis of Meadow View at Twin Creeks Community Development District, St. Johns 
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 $34,848,278. 


 

• The change in the District’s total net position in comparison with the prior fiscal year was $5,963,577, 
an increase. The key components of the District’s net position and change in net position are 
reflected in the table in the government-wide financial analysis section. 


 

• At September 30, 2023, the District’s governmental funds reported combined ending fund balances of 
$1,529,427, a decrease of ($873,450) in comparison with the prior fiscal year. The total fund balance 
is restricted for debt service, non-spendable for prepaid items and deposits, unassigned deficit fund 
balance in the capital projects fund and the remainder is unassigned fund balance in the general fund 
which is available for spending at the District’s discretion. 


 

OVERVIEW OF FINANCIAL STATEMENTS 

 

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

 

Government-Wide Financial Statements 

 

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

 

The statement of net position presents information on all the District’s assets, 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 
special assessments. The District does not have any business-type activities. The District does not have any 
business-type activities. The governmental activities of the District include the general government 
(management), maintenance and recreational 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 outflow 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 three governmental funds for external reporting. Information is presented separately in 
the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and 
changes in fund balances for the general fund, debt service fund and capital projects fund, all of which are 
considered major funds. 

 

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

 

Notes to the Financial Statements 

 

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

 

GOVERNMENT-WIDE FINANCIAL ANALYSIS 

 

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

 

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

 

 
20232022Assets, excluding capital assets2,785,887$ 4,057,943$ 
Capital assets, net of depreciation65,901,987 59,670,565 
Total assets68,687,874 63,728,508 
Liabilities, excluding long-term liabilities1,875,965 2,857,984 
Long-term liabilities31,963,631 31,985,823 
Total liabilities33,839,596 34,843,807 
Net PositionNet investment in capital assets33,938,356 28,217,010 
Restricted 1,066,291 241,946 
Unrestricted(156,369) 425,745 
Total net position34,848,278$ 28,884,701$ 
NET POSITIONSEPTEMBER 30, 

 

 


GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued) 

 

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

 

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

 

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

 

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

 

 
20232022Revenues:
Program revenuesCharges for services4,005,665$ 9,082,611$ 
Operating grants and contributions48,698 748,777 
Capital grants and contributions5,109,188 979,704 
General revenuesMiscellaneous43,775 3,183 
Unrestricted investment earnings21,989 38,271 
Total revenues9,229,315 10,852,546 
Expenses:
General government178,075 183,097 
Maintenance and operations951,881 841,052 
Conveyance of infrastructure- 3,661,978 
Amenity center637,352 515,274 
Interest on long-term debt1,498,430 2,108,841 
Total expenses3,265,738 7,310,242 
Change in net position5,963,577 3,542,304 
Net position - beginning28,884,701 25,342,397 
Net position - ending34,848,278$ 28,884,701$ 
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
CHANGES IN NET POSITION

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year 
ended September 30, 2023 was $3,265,738. The majority of the costs of the District’s activities were paid by 
program revenues. Program revenues are comprised primarily of assessments and Developer contributions. 
The remainder of the current fiscal year revenue includes interest revenue and miscellaneous income. The 
majority of the decrease in program revenues is the result of a decrease in prepaid assessments. The 
majority of prior fiscal year expenses related to conveyances of completed infrastructure to other entities. 
None occurred in the current fiscal year, therefore, total expenses decreased. Additional information related to 
Developer contributions and the District’s capital assets is reflected in the notes to the financial statements. 

 

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 $65,956,579 invested in capital assets. In the government-wide 
financial statements depreciation of $54,592 has been taken, which resulted in a net book value of 
$65,901,987. 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 $31,900,000 in Bonds outstanding. More detailed information about 
the District’s capital debt is presented in the notes of the financial statements. 

 

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS 

 

Subsequent to fiscal year end, the District anticipates that the cost of general operations will increase as the 
infrastructure of the District are complete and placed in service. 

 

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT 

 

This financial report is designed to provide our citizens, land owners, customers, investors and creditors with 
a general overview of the District’s finances and to demonstrate the District’s accountability for the financial 
resources it manages and the stewardship of the facilities it maintains. If you have questions about this report 
or need additional financial information, contact the Meadow View at Twin Creeks Community Development 
District’s Finance Department at 475 West Town Place, Suite 114, St. Augustine, Florida, 32092. 

 

 

 

 


MEADOW VIEW AT TWIN CREEKS COMMUNITY DEVELOPMENT DISTRICT 

ST. JOHNS COUNTY, FLORIDA 

STATEMENT OF NET POSITION 

SEPTEMBER 30, 2023 

 

 

 
ASSETSCash258,526$ 
Investments292,008 
Assessments receivable35,722 
Due from Developer432,429 
Deposits and prepaids94,322 
Restricted assets:
Investments1,672,880 
Capital assets:
Nondepreciable65,820,104 
Depreciable, net 81,883 
Total assets68,687,874 
LIABILITIES 
Accounts payable 88,471 
Contracts and retainage payable1,167,989 
Accrued interest payable619,505 
Non-current liabilities:
Due within one year640,000 
Due in more than one year31,323,631 
Total liabilities33,839,596 
NET POSITIONNet investment in capital assets33,938,356 
Restricted for debt service1,066,291 
Unrestricted(156,369) 
Total net position34,848,278$ 
Governmental 
Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements 


MEADOW VIEW AT TWIN CREEKS COMMUNITY DEVELOPMENT DISTRICT 

ST. JOHNS COUNTY, FLORIDA 

STATEMENT OF ACTIVITIES 

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 

 

 

 
ChargesOperatingCapitalforGrants andGrants andGovernmentalFunctions/ProgramsExpensesServicesContributionsContributionsActivitiesPrimary government:
Governmental activities:
General government178,075$ 178,075$ -$ -$ -$ 
Maintenance and operations951,881 990,166 - 5,109,188 5,147,473 
Amenity center637,352 662,986 - - 25,634 
Interest on long-term debt1,498,430 2,174,438 48,698 - 724,706 
Total governmental activities3,265,738 4,005,665 48,698 5,109,188 5,897,813 
General revenues:
Miscellaneous43,775 
Unrestricted investment earnings21,989 
Total general revenues 65,764 
Change in net position5,963,577 
Net position - beginning 28,884,701 
Net position - ending 34,848,278$ 
Program RevenuesNet (Expense) 
Revenue and 
Changes in Net 
Position

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements 


MEADOW VIEW AT TWIN CREEKS COMMUNITY DEVELOPMENT DISTRICT 

ST. JOHNS COUNTY, FLORIDA 

BALANCE SHEET 

GOVERNMENTAL FUNDS 

SEPTEMBER 30, 2023 

 

 

 
DebtCapitalGeneralServiceProjectsASSETSCash258,526$ -$ -$ 258,526$ 
Investments292,008 1,662,515 10,365 1,964,888 
Assessments receivable27,1168,606- 35,722 
Due from Developer20,410 - 412,019 432,429 
Due from other funds- 14,675- 14,675 
Deposits and prepaids94,322- - 94,322 
Total assets692,382$ 1,685,796$ 422,384$ 2,800,562$ 
LIABILITIES AND FUND BALANCESLiabilities:
Accounts payable88,471$ -$ -$ 88,471$ 
Contracts and retainage payable- - 1,167,9891,167,989 
Due to other funds14,675- - 14,675 
Total liabilities103,146 - 1,167,989 1,271,135 
Fund balances:
Nonspendable:
Prepaids and deposits94,322 - - 94,322 
Restricted for:
Debt service- 1,685,796 - 1,685,796 
Unassigned494,914 - (745,605) (250,691) 
Total fund balances589,236 1,685,796 (745,605) 1,529,427 
Total liabilities and fund balances692,382$ 1,685,796$ 422,384$ 2,800,562$ 
Total 
Governmental 
FundsMajor Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements 


MEADOW VIEW AT TWIN CREEKS COMMUNITY DEVELOPMENT DISTRICT 

ST. JOHNS COUNTY, FLORIDA 

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS 

TO THE STATEMENT OF NET POSITION 

SEPTEMBER 30, 2023 

 

 

 
Fund balance - governmental funds $ 1,529,427 
Amounts reported for governmental activities in the statement of 
net position are different because:
Cost of capital assets 65,956,579 
Accumulated depreciation (54,592) 65,901,987 
Accrued interest payable (619,505)
Bonds payable (31,963,631) (32,583,136)
Net position of governmental activities $ 34,848,278 
Capitalassetsusedingovernmentalactivitiesarenotfinancialresourcesand,therefore,arenotreportedasassetsinthegovernmentalfunds.Thestatementofnetpositionincludesthosecapitalassets,netofanyaccumulateddepreciation,inthenet position of the government as a whole.
Liabilitiesnotdueandpayablefromcurrentavailableresourcesarenotreportedasliabilitiesinthegovernmentalfundstatements.Allliabilities,bothcurrentandlong-term,arereported in the government-wide financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements


MEADOW VIEW AT TWIN CREEKS COMMUNITY DEVELOPMENT DISTRICT 

ST. JOHNS COUNTY, FLORIDA 

STATEMENT OF REVENUES, EXPENDITURES, 

AND CHANGES IN FUND BALANCES 

GOVERNMENTAL FUNDS 

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 

 

 

 
DebtCapitalGeneralServiceProjectsREVENUESAssessments1,831,227$ 2,174,438$ -$ 4,005,665$ 
Developer contributions55,283- 5,103,6575,158,940 
Interest 21,989 48,698 5,531 76,218 
Miscellaneous revenues43,775 - - 43,775 
Total revenues1,952,274 2,223,136 5,109,188 9,284,598 
EXPENDITURESCurrent:
General government178,075 - - 178,075 
Maintenance and operations951,881- - 951,881 
Amenity center623,704 - - 623,704 
Debt Service:
Principal9,068 640,000 - 649,068 
Interest162 1,510,088- 1,510,250 
Capital outlay- - 6,245,0706,245,070 
Total expenditures1,762,890 2,150,088 6,245,070 10,158,048 
Excess (deficiency) of revenuesover (under) expenditures189,384 73,048 (1,135,882) (873,450) 
OTHER FINANCING SOURCES (USES)
Transfers in29,390- 9,06138,451 
Transfers out- (38,451) - (38,451) 
Total other financing sources (uses)29,390 (38,451) 9,061 - 
Net change in fund balances218,774 34,597 (1,126,821) (873,450) 
Fund balances - beginning370,462 1,651,199 381,216 2,402,877 
Fund balances - ending589,236$ 1,685,796$ (745,605)$ 1,529,427$ 
Major FundsTotal 
Governmental 
Funds

 

 

 

 

 

 

 

 

 

See notes to the financial statements 


MEADOW VIEW AT TWIN CREEKS COMMUNITY DEVELOPMENT DISTRICT 

ST. JOHNS 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 $ (873,450)
Amounts reported for governmental activities in the statement of activities 
are different because:
Depreciationoncapitalassetsisnotrecognizedinthegovernmentalfundstatementbutisreportedasanexpenseinthestatementofactivities. (13,648)
Governmentalfundsreportcapitaloutlaysasexpenditures;however,thecostofcapitalassetsiseliminatedinthestatementofactivitiesandcapitalized in the statement of net position. 6,245,070 
Certainrevenueswereunavailableforthegovernmentalfundfinancialstatementsinthepriorfiscalyear.Inthecurrentfiscalyear,theserevenues were recorded in the governmental fund financial statements. (55,283)
Repaymentoflong-termliabilitiesarereportedasexpendituresinthegovernmentalfundfinancialstatements,butsuchrepaymentsreduceliabilitiesinthestatementofnetpositionandareeliminatedinthestatement of activities. 649,068 
AmortizationofBonddiscounts/premiumsisnotrecognizedinthegovernmentalfundfinancialstatements,butisreportedasanexpenseinthe statement of activities. 2,192 
Thechangeinaccruedinterestonlong-termliabilitiesbetweenthecurrentandpriorfiscalyearisrecordedinthestatementofactivitiesbutnot in the fund financial statements. 9,628 
Change in net position of governmental activities $ 5,963,577 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements 


MEADOW VIEW AT TWIN CREEKS COMMUNITY DEVELOPMENT DISTRICT 

ST. JOHNS COUNTY, FLORIDA 

NOTES TO FINANCIAL STATEMENTS 

 

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY 

 

Meadow View at Twin Creeks Community Development District ("District") was established by Ordinance 
2016-11 of the Board of County Commissioners of St. Johns County, pursuant to the Uniform Community 
Development District Act of 1980, and otherwise known as Chapter 190, Florida Statutes. The Act provides 
among other things, the power to manage basic services for community development, power to borrow 
money and issue Bonds, and to levy and assess non-ad valorem assessments for the financing and delivery 
of capital infrastructure. 

 

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

 

The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The 
Supervisors are elected by the landowners 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, 
Three of the Board members are affiliated with Heartwood 23, LLC (“Developer”). 

 

The Board has the responsibility for, among other things: 

1. Assessing 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 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 set forth in the annual assessment 
resolution adopted by the Board of Supervisors. Assessments collected under the Uniform Method are 
noticed 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. 

 

Capital Projects Fund 

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

 

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

 

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

 


NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

 

Assets, Liabilities and Net Position or Equity 

 

Restricted Assets 

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

 

Deposits and Investments 

The District’s cash 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. 

 

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: 

Assets 

Years 

Equipment 

10 



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 ratably 
over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond 
issuance costs are expensed when incurred. 

 

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

 

Deferred Outflows/Inflows of Resources 

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

 

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

 

Fund Equity/Net Position 

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

 

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

 

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

 

Assigned fund balance – Includes spendable fund balance amounts 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 the general fund. All annual 
appropriations lapse at fiscal year-end. 

 

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

 

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 public 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) 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 costCredit RiskMaturitiesUS Bank Money Market $ 1,964,888 N/AN/A1,964,888$ 

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

 

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

 

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

 

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


NOTE 4 – DEPOSITS AND INVESTMENTS (Continued) 

 

Investments (Continued) 

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. Accordingly, the 
District’s investments have been reported at amortized cost above. 

 

NOTE 5 – INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS 

 

Interfund receivables and payables at September 30, 2023 were as follows: 

 

 
FundReceivablePayableGeneral-$ 14,675$ 
Debt service14,675 - 
14,675$ 14,675$ 

The outstanding balances between funds result primarily from the time lag between the dates that 
transactions are recorded in the accounting system and payments between funds are made. In the case of 
the District, the balances between the general fund and the debt service fund relate to assessments collected 
in the general fund that have not yet been transferred to the debt service fund. 

 

Interfund transfers for the fiscal year ended September 30, 2023 were as follows: 

 

 
FundTransfers inTransfers outGeneral29,390$ -$ 
Debt service- 38,451 
Capital projects9,061 - 
38,451$ 38,451$ 

Transfers are used to move revenues from the fund where collection occurs to the fund where funds have 
been reallocated for use. In the case of the District, the transfers from the debt service fund to the general 
fund and the capital projects fund were made in accordance with the Bond indentures. 

 

 


NOTE 6 – CAPITAL ASSETS 

 

Capital asset activity for the fiscal year ended September 30, 2023 was as follows: 

 

 
AdditionsReductionsGovernmental activitiesCapital assets, not being depreciatedConstruction in progress59,575,034$ 6,245,070$ -$ 65,820,104$ 
Total capital assets, not being depreciated59,575,034 6,245,070 - 65,820,104 
Capital assets, being depreciatedEquipment136,475 - - 136,475 
Total capital assets, being depreciated136,475 - - 136,475 
Less accumulated depreciation for:
Equipment40,944 13,648 - 54,592 
Total accumulated depreciation40,944 13,648 - 54,592 
Total capital assets, being depreciated, net95,531 (13,648) - 81,883 
Governmental activities capital assets, net59,670,565$ 6,231,422$ -$ 65,901,987$ 
Beginning 
BalanceEnding 
Balance

The infrastructure intended to serve the District has been estimated at a total cost of approximately 
$94,000,000. The infrastructure will include earthwork, stormwater management, roadways and transportation 
improvements, sewer and wastewater utilities, water supply, landscaping, irrigations, hardscaping, and 
recreation improvements. A portion of the project costs was expected to be financed with the proceeds from 
the issuance of Bonds with the remainder to be funded by the Developer and conveyed to the District or other 
governmental entities. Upon completion, the water, sewer, and reclaim utilities systems are to be conveyed to 
others for ownership and maintenance responsibilities. 

 

Developer contributions to the capital projects fund for the current fiscal year were $5,103,657, which includes 
a receivable of $412,019. 

 

NOTE 7 – LONG TERM LIABILITIES 

 

Series 2016A 

On October 27, 2016 the District issued $12,030,000 of Special Assessment Bonds, Series 2016A consisting 
of multiple term bonds with due dates ranging from May 1, 2027 to May 1, 2047 and fixed interest rates 
ranging from 4.5% to 5.8%. 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, 2017. 

 

The Bonds are subject to optional redemption prior to maturity as outlined in the Bond Indenture. The Bonds 
are also subject to extraordinary mandatory redemption prior to their selected maturity in the manner 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 2018 

On October 10, 2018 the District issued $16,490,000 of Special Assessment Bonds, Series 2018 consisting of 
multiple term bonds with due dates ranging from May 1, 2024 to May 1, 2049 and fixed interest rates ranging 
from 4.25% to 5.6%. 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. 


NOTE 7 – LONG TERM LIABILITIES (Continued) 

 

Series 2018 (Continued) 

The Bonds are subject to optional redemption prior to maturity as outlined in the Bond Indenture. The Bonds 
are also subject to extraordinary mandatory redemption prior to their selected maturity in the manner 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 25, 2019 the District issued $8,110,000 of Special Assessment Bonds, Series 2019 consisting of 
multiple term bonds with due dates ranging from May 1, 2030 to May 1, 2049 and fixed interest rates ranging 
from 5.2% to 5.8%. 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. 

 

The Bonds are subject to optional redemption prior to maturity as outlined in the Bond Indenture. The Bonds 
are also subject to extraordinary mandatory redemption prior to their selected maturity in the manner 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 2020 

In May 2020, the District issued $8,575,000 of Special Assessment Bonds, Series 2020 consisting of multiple 
term bonds with due dates ranging from May 1, 2026 to May 1, 2051 and fixed interest rates ranging from 
4.25% to 5.375%. 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, 2022. 

 

The Bonds are subject to optional redemption prior to maturity as outlined in the Bond Indenture. The Bonds 
are also subject to extraordinary mandatory redemption prior to their selected maturity in the manner 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 2021 

On October 27, 2021, the District issued $5,140,000 Special Assessments Bonds, Series 2021 (Phase 3B) 
and $7,615,000 Special Assessment Bonds, Series (Phase 4). The Bonds consist of multiple bonds with due 
dates ranging from May 1, 2026 to May 1, 2052 and interest rates ranging from 2.40% to 4.00%. 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, 2022. 

 


NOTE 7 – LONG TERM LIABILITIES (Continued) 

 

Series 2021 (Continued) 

The Bonds are subject to optional redemption prior to maturity as outlined in the Bond Indenture. The Bonds 
are also subject to extraordinary mandatory redemption prior to their selected maturity in the manner 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. 

 

Long-term Debt Activity 

Changes in long-term liability activity for the fiscal year ended September 30, 2023 were as follows: 

 

 
AdditionsReductionsGovernmental activitiesBonds payable:
Series 20166,090,000$ -$ 125,000$ 5,965,000$ 130,000$ 
Series 20188,550,000 - 150,000 8,400,000 155,000 
Series 20193,505,000 - 60,000 3,445,000 60,000 
Series 20201,640,000 - 25,000 1,615,000 25,000 
Series 2021 (Phase 3B)5,140,000 - 125,000 5,015,000 110,000 
Less: original issue discount(41,637) - 1,387 (40,250) 
Series 2021 (Phase 4)7,615,000 - 155,000 7,460,000 160,000 
Plus: original issue premium107,460 - (3,579) 103,881 
Capital lease9,068 - 9,068 - - 
Total32,614,891$ -$ 646,876$ 31,963,631$ 640,000$ 
Beginning 
BalanceEnding 
BalanceDue Within 
One Year

 

At September 30, 2023, the scheduled debt service requirements on the long-term debt were as follows: 

 

 
Principal Interest Total2024640,000$ 1,487,495$ 2,127,495$ 
2025670,000 1,464,395 2,134,395 
2026690,000 1,438,840 2,128,840 
2027715,000 1,412,440 2,127,440 
2028750,000 1,332,825 2,082,825 
2029-20334,280,000 6,029,982 10,309,982 
2034-20385,365,000 5,223,434 10,588,434 
2039-20436,790,000 3,951,749 10,741,749 
2044-20488,275,000 2,072,732 10,347,732 
2049-20523,725,000 339,589 4,064,589 
Total31,900,000$ 24,753,481$ 56,653,481$ 
Governmental ActivitiesYear ending 
September 30:

 


NOTE 8 – DEVELOPER TRANSACTIONS 

 

The Developer owns a portion of land within the District; therefore, assessment revenues in the general and 
debt service funds include the assessments levied on those lots owned by the Developer. 

 

The Developer has agreed to fund the general operations of the District. In connection with that agreement, 
Developer contributions to the general fund were $55,283. See Note 6 for additional developer contributions. 

 

NOTE 9 – CONCENTRATION 

 

The District’s activity is dependent upon the continued involvement of the Developer, the loss of which could 
have a material adverse effect on the District’s operations. 

 

NOTE 10 – MANAGEMENT COMPANY 

 

The District has contracted with a management company to perform management 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 11 – COMMITMENTS AND CONTINGENCIES 

 

As of September 30, 2023, the District had open contracts for various construction projects. The contracts 
totaled approximately $12.1 million, of which approximately $2.5 million was uncompleted at September 30, 
2023. 

 

NOTE 12 – RISK MANAGEMENT 

 

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

 

NOTE 13 – SUBSEQUENT EVENTS 

 

Bond Payments 

Subsequent to fiscal year end, the District prepaid a total of $30,000 and $105,000 of the Series 2019 and 
2021 Bonds, respectively. The prepayments were considered extraordinary mandatory redemptions as 
outlined in the Bond Indenture. 

 

 


MEADOW VIEW AT TWIN CREEKS COMMUNITY DEVELOPMENT DISTRICT 

ST. JOHNS COUNTY, FLORIDA 

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN 

FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND 

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 

 

 

 
ActualOriginal & FinalAmountsREVENUESAssessments1,813,311$ 1,831,227$ 17,916$ 
Developer contributions- 55,283 55,283 
Interest 5,000 21,989 16,989 
Miscellaneous income10,000 43,775 33,775 
Total revenues1,828,311 1,952,274 123,963 
EXPENDITURESCurrent:
General government198,921178,075 20,846Maintenance and operations925,439951,881 (26,442)
Amenity center703,951623,704 80,247Debt Service:
Principal- 9,068 (9,068)
Interest- 162 (162)
Total expenditures1,828,311 1,762,890 65,421 
Excess (deficiency) of revenuesover (under) expenditures- 189,384189,384OTHER FINANCING SOURCESCarryforward surplus67,499 - (67,499) 
Transfer in (out)- 29,390 29,390 
Total other financing sources67,499 29,390 (38,109) 
Net change in fund balance67,499$ 218,774 151,275$ 
Fund balance - beginning370,462 
Fund balance - ending589,236$ 
Variance with 
Final Budget - 
Positive 
(Negative)
Budgeted 
Amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to required supplementary information 


MEADOW VIEW AT TWIN CREEKS COMMUNITY DEVELOPMENT DISTRICT 

ST. JOHNS 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. 

 

 

 

 

 


MEADOW VIEW AT TWIN CREEKS COMMUNITY DEVELOPMENT DISTRICT 

ST. JOHNS COUNTY, FLORIDA 

OTHER INFORMATION – DATA ELEMENTS 

REQUIRED BY FL STATUTE 218.39(3)(C) 

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 

UNAUDITED 

 

 

 
ElementCommentsNumber of District employees compensated in the last pay period of the District’s 
fiscal year being reported.2Number of independent contractors compensated to whom nonemployee 
compensation was paid in the last month of the District’s fiscal year being 
reported.
23Employee compensation$2,955.20Independent contractor compensation$9,986,990.00Construction projects to begin on or after October 1; ($65K)
Budget variance reportSee the Schedule of Revenues, Expenditures and 
Changes in Fund Balance - Budget and Actual - General 
FundAd Valorem taxes;Not applicable 
Millage rateNot applicable 
Ad valorem taxes collectedNot applicable 
Outstanding Bonds:see Note X for detailsNon ad valorem special assessments;
Special assessment rateOperations and maintenance - $1,057.77 - $1,688.23Debt service - $1,233.86 - $2,146.75Special assessments collected$4,005,665.00Outstanding Bonds:see Note 7 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 

Meadow View at Twin Creeks Community Development District 

St. Johns 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 Meadow View at Twin Creeks Community Development District, St. Johns 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 27, 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 27, 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 

Meadow View at Twin Creeks Community Development District 

St. Johns County, Florida 

 

We have examined Meadow View at Twin Creeks Community Development District, St. Johns 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 the District’s compliance with those requirements. Our responsibility is 
to express an opinion on the 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 Meadow View at Twin Creeks Community Development District, St. Johns 
County, Florida and is not intended to be and should not be used by anyone other than these specified 
parties. 

 

 

June 27, 2024 

 

 

 

 


MANAGEMENT LETTER PURSUANT TO THE RULES OF 

THE AUDITOR GENERAL FOR THE STATE OF FLORIDA 

 

To the Board of Supervisors 

Meadow View at Twin Creeks Community Development District 

St. Johns County, Florida 

 

Report on the Financial Statements 

 

We have audited the accompanying basic financial statements of Meadow View at Twin Creeks Community 
Development District, St. Johns County, Florida ("District") as of and for the fiscal year ended September 30, 
2023, and have issued our report thereon dated June 27, 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 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 27, 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 Meadow 
View at Twin Creeks Community Development District, St. Johns County, Florida and is not intended to be 
and should not be used by anyone other than these specified parties. 

 

We wish to thank Meadow View at Twin Creeks Community Development District, St. Johns 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 27, 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. 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 25.