Grove Resort Community Development District
3501 Quadrangle Boulevard, Suite 270, Orlando, FL 32817; 407.723.5900 www.groveresortcdd.com

The following is the proposed agenda for the Board of Supervisors Meeting of the Grove Resort Community Development District (“District”), scheduled to be held in the Duval Board Room at 14501 Grove Resort Avenue, Winter Garden, Florida 34787 on November 8, 2022, at 10:00
a.m. The attendance of three Board Members is required to constitute a quorum.

To attend the meeting, please use the below conference call information:
Phone: 1-844-621-3956	Access Code: 790 393 986 #

PROPOSED BOARD OF SUPERVISORS’ MEETING AGENDA
Administrative Matters
Roll Call to Confirm Quorum
Public Comment Period [limited to items on the agenda]
Administration of the Oath of Office to Newly Elected Board Member
Consideration of Resolution 2023-01, Canvassing and Certifying the Results of the Landowners’ Election
Consideration of Resolution 2023-02, Appointing District Officers
Consideration of Minutes of the August 16, 2022, Board of Supervisors Meeting
Business Matters
Discussion Regarding New Draft Disciplinary and Enforcement Rule
Review and Acceptance of the FY21 Audit Report
Ratification of Payment Authorization Nos. 177 – 182
Ratification of Series 2022 Bond Requisition Nos. 11 - 12
Review of District’s Financial Position
Other Business
Staff Reports
District Counsel District Engineer District Manager
Upcoming Meetings: December 13, 2022
January 10, 2023
Supervisor Requests
Public Comment Period
Adjournment

Grove Resort Community Development District

Administration of Oath of Office to Newly Elected Board Member

GROVE RESORT COMMUNITY DEVELOPMENT DISTRICT
BOARD OF SUPERVISORS OATH OF OFFICE

I,	, A CITIZEN OF THE STATE OF FLORIDA AND OF THE UNITED STATES OF AMERICA, AND BEING EMPLOYED BY OR AN OFFICER OF GROVE RESORT COMMUNITY DEVELOPMENT DISTRICT AND A RECIPIENT OF PUBLIC FUNDS AS SUCH EMPLOYEE OR OFFICER, DO HEREBY SOLEMNLY SWEAR OR AFFIRM THAT I WILL SUPPORT THE CONSTITUTION OF THE UNITED STATES AND OF THE STATE OF FLORIDA.

Board Supervisor

ACKNOWLEDGMENT OF OATH BEING TAKEN

STATE OF FLORIDA COUNTY OF

The foregoing oath was administered before me by means of ▢ physical presence or ▢

online	notarization	this

day	of

	,	2023,	by

	, who personally appeared before me, and is personally known to me or has produced 		 as identification, and is the person described in and who took the aforementioned oath as a Member of the Board of Supervisors of Grove Resort Community Development District and acknowledged to and before me that he/she took said oath for the purposes therein expressed.

(NOTARY SEAL)

Notary Public, State of Florida

Print Name: 	

Commission No.: 	 Expires: 	

Grove Resort Community Development District

Consideration of Resolution 2023-01, Canvassing and Certifying the Results of the Landowners Election

RESOLUTION 2023-01

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE GROVE RESORT COMMUNITY DEVELOPMENT DISTRICT CANVASSING AND CERTIFYING THE RESULTS OF THE LANDOWNERS ELECTION OF SUPERVISORS HELD PURSUANT TO SECTION 190.006(2), FLORIDA STATUTES, AND PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, the Grove Resort Community Development District (“District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes; and

WHEREAS, following proper publication and notice thereof, on November 8, 2022, the owners of land within the District held a meeting for the purpose of electing three (3) supervisors to the District’s Board of Supervisors (“Board”); and

WHEREAS, at the November 8, 2022, meeting the below recited persons were duly elected by virtue of the votes cast in his favor; and

WHEREAS, the Board by means of this Resolution desires to canvas the votes and declare and certify the results of said election;

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

The following persons are found, certified, and declared to have been duly elected as Supervisors of and for the District, having been elected by the votes cast in their favor as shown, to wit:

Seat	1	Votes 		
Seat	2	Votes 		
Seat	5	Votes 		

In accordance with said statute, and by virtue of the number of votes cast for the respective Supervisors, they are declared to have been elected for the following terms of office:

4 Year Term

4 Year Term

2 Year Term

Said terms of office commenced on November 8, 2022.

PASSED AND ADOPTED this 8th day of November, 2022.

ATTEST:	GROVE RESORT COMMUNITY
DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairman/Vice Chairman

Grove Resort Community Development District

Consideration of Resolution 2023-02, Appointing District Officers

RESOLUTION 2023-02
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE GROVE RESORT COMMUNITY DEVELOPMENT DISTRICT ELECTING OFFICERS OF THE DISTRICT AND PROVIDING FOR AN EFFECTIVE DATE
WHEREAS, the Grove Resort Community Development District (“District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes; and
WHEREAS, pursuant to Section 190.006(6), Florida Statutes, as soon as practicable after each election or appointment to the Board of Supervisors (the “Board”), the Board shall organize by electing one of its members as chair and by electing a secretary, and such other officers as the Board may deem necessary.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE GROVE RESORT COMMUNITY DEVELOPMENT DISTRICT:

Section 1.	Noah Breakstone_	is elected Chairman. Section 2.	Kevin Mays	is elected Vice Chairman.

Section 3.	Jane Gaarlandt	

Phil Vargas	

is elected Secretary.

is elected Assistant Secretary.

Odyssey Leach   is elected Assistant Secretary. William Green	 is elected Assistant Secretary. Lynne Mullins	 is elected Assistant Secretary.
Section 4.   Jennifer Glasgow    is elected Treasurer.

Section 5.	Amy Champagne	 is elected Assistant Treasurer.

Section 6.	All Resolutions or parts of Resolutions in conflict herewith are hereby repealed to the extent of such conflict.

Section 7.	This Resolution shall become effective immediately upon its adoption.

PASSED AND ADOPTED this 8th day of November, 2022.

ATTEST:	GROVE RESORT COMMUNITY
DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairman/Vice Chairman

Grove Resort Community Development District

Consideration of Minutes of the August 16, 2022, Board of Supervisors Meeting

GROVE RESORT COMMUNITY DEVELOPMENT DISTRICT

BOARD OF SUPERVISORS MEETING MINUTES

FIRST ORDER OF BUSINESS	Call to Order and Roll Call

The Board of Supervisors Meeting for the Grove Resort Community Development District was called to order on Tuesday, August 16, 2022 at 10:00 a.m. in the Executive Offices Board Room at 14501 Grove Resort Avenue, Winter Garden, Florida 34787.

Board Members listed below constituted a quorum. Board Members in attendance:
Kevin Mays	Board Member
Phil Vargas	Board Member
Odyssey Leach	Board Member Also in attendance were:
Jane Gaarlandt	PFM		
Lynne Mullins	PFM	(via phone)	
Don Hasenbank	PFM	(via phone)	
Amanda Lane	PFM	(via phone)	
Michael Eckert	Kutak Rock	(via phone)	
Brianna Wilson	The Grove		

SECOND ORDER OF BUSINESS	Administrative Matters

This meeting was called to order by Ms. Gaarlandt at 10:00 a.m. and roll call was initiated. Quorum was established with the attendance of the board members listed above. Others in attendance or via speaker phone are listed above.

Public Comment Period

There was no one from the public present at this time.

THIRD ORDER OF BUSINESS	Consideration of Minutes of the July 14, 2022, Board of Supervisors Meeting

The Board reviewed the minutes.

ON MOTION from Mr. Mays, and a Second by Mr. Leach, with all in favor, the Board approved the Minutes of the July 14, 2022, Board of Supervisors Meeting .

FOURTH ORDER OF BUSINESS	Business Matters

Public Hearing on the Adoption of the Fiscal Year 2022/2023 Budget
Public Comments and Testimony
Board Comments
Consideration of Resolution 2022-12, Adopting the Fiscal Year 2022/2023 Budget and Appropriating Funds
Consideration of Resolution 2022-2013, Adopting an Assessment Roll for the Fiscal Year 2022/2023 and Certifying Special Assessments for Collection

Ms. Gaarlandt noted that the budget was provided to the county and the public hearings on the budget and assessments were noticed in the paper per statutes.

ON MOTION from Mr. Leach, and a Second by Mr. Vargas, with all in favor, the Board opened the public hearings on th budget and proposed assessments.

There were no comments from the public at this time.

ON MOTION from Mr. Leach, and a Second by Mr. Vargas, with all in favor, the Board closed the public hearing.

There were no comments from the Board at this time.

ON MOTION from Mr. Mays, and a Second by Mr. Vargas, with all in favor, the Board approved Resolution 2022-12, Adopting the Fiscal Year 2022/2023 Budget and Appropriating Funds.

ON MOTION from Mr. Mays, and a Second by Mr. Leach, with all in favor, the Board approved Resolution 2022-2013, Adopting an Assessment Roll for the Fiscal Year 2022/2023 and Certifying Special Assessments for Collection.

FIFTH ORDER OF BUSINESS	Consideration	of	the	PFM Increase Letter

Ms. Gaarlandt noted that this increase was already included in the budget.

ON MOTION from Mr. Mays, and a Second by Mr. Vargas, with all in favor, the Board approved the PFM fee increase .

SIXTH ORDER OF BUSINESS	Consideration of Southern Development & Construction Change Order RFCO-02 (SWPPP Maintenance)

Ms. Gaarlandt explained that this item is for an ongoing stormwater pollution prevention monitoring that will include one visit per week at minimum and a visit after every rainy event over half an inch as required. This will not be taken out of the O&M funds.

accepted the Southern Development & Construction Change Order RFCO-02 (SWPPP Maintenance).

SEVENTH ORDER OF BUSINESS	Consideration of Amended and Restated Disclosure of Public Financing

Mr. Eckert explained now that the Board has issued the building 4 area bonds, they needed to amend and restate the disclosure of public financing. There was also some updated information including district management address and change of Board members.

ON MOTION from Mr. Leach, and a Second by Mr. Vargas, with all in favor, the Board approved the Amended and Restated Disclosure of Public Financing.

EIGHTH ORDER OF BUSNIESS	Review and Acceptance of the FY 2021 Audit Report [provided under separate cover]

Ms. Gaarlandt stated that the report has not be received yet and will be brough back when it becomes available.

NINTH ORDER OF BUSINESS	Ratification of Series 2022 Bond Requisition No. 10

ON MOTION from Mr. Mays, and a Second by Mr. Leach, with all in favor, the Board ratified Series 2022 Bond Requisition No. 10.

TENTH ORDER OF BUSINESS	Ratification	of	Payment Authorization Nos. 172 – 176

ratified Payment Authorization Nos. 172 – 176.

ELEVENTH ORDER OF BUSINESS	Review of District’s Financial
Position

The Board reviewed the District Financials. The was no action required by the Board at this time.

TWELFTH ORDER OF BUSINESS	Other Business Staff Reports
District Counsel – No report

District Engineer– Not present

District Manager – Ms. Gaarlandt reminded the Board the next meeting is scheduled for September 13, 2022 at 10:00 a.m. The following meeting will be on October 11, 2022.

THIRTEENTH ORDER OF BUSINESS	Supervisor	Requests
Audience Comments	and	
There were no Supervisor Requests.			

TOURTEENTH ORDER OF BUSINESS	
Adjournment		

There were no additional comments. Ms. Gaarlandt requested a motion to adjourn.

ON MOTION by Mr. Leach, and a Second by Mr. Green, with all in favor, the August 16, 2022 Board of Supervisors Meeting was adjourned.

Secretary / Assistant Secretary	Chairman / Vice Chairman

Grove Resort Community Development District

Discussion Regarding New Draft Disciplinary and Enforcement Rule

SUSPENSION AND TERMINATION OF ACCESS RULE

Law Implemented: ss. 120.69, 190.011, 190.012, Fla. Stat. (2022) Effective Date: 	, 202	

In accordance with Chapters 190 and 120 of the Florida Statutes, and on 	, 202   at a duly noticed public meeting, the Board of Supervisors (“Board”) of the Grove Resort Community Development District (“District”) adopted the following rules / policies to govern disciplinary and enforcement matters. All prior rules / policies of the District governing this subject matter are hereby rescinded for any violations occurring after the date stated above.

Introduction. This rule addresses disciplinary and enforcement matters relating to the use of the amenities and other properties owned and managed by the District (“Amenities” or “Amenity”).

General Rule. All persons using the Amenities and entering District properties are responsible for compliance with the rules and policies established for the safe operations of the District’s Amenities.

Access Cards / Key Fobs. Access cards and key fobs are the property of the District. The District may request surrender of, or may deactivate, a person’s access card or key fob for violation of the District’s rules and policies established for the safe operations of the District’s Amenities.

Suspension and Termination of Rights. The District shall have the right to restrict, suspend, or terminate the Amenity access of any person and members of their household to use all or a portion of the Amenities for any of the following acts (each, a “Violation”):

Submitting false information on any application for use of the Amenities, including but not limited to facility rental applications;
Failing to abide by the terms of rental applications;
Permitting the unauthorized use of a key fob or access card or otherwise facilitates or allows unauthorized use of the Amenities;
Exhibiting inappropriate behavior or repeatedly wearing inappropriate attire;
Failing to pay amounts owed to the District in a proper and timely manner (with the exception of special assessments);
Failing to abide by any District rules or policies (e.g., Amenity Rules);
Treating	the	District’s	staff,	contractors,	representatives,	residents, landowners [Patrons] or guests, in a harassing or abusive manner;
Damaging, destroying, rendering inoperable or interfering with the operation of District property, or other property located on District property;
Failing to reimburse the District for property damaged by such person, or a minor for whom the person has charge, or a guest;

Engaging in conduct that is likely to endanger the health, safety, or welfare of the District, its staff, contractors, representatives, residents, landowners [Patrons] or guests;
Committing or is alleged, in good faith, to have committed a crime on or off District property that leads the District to reasonably believe the health, safety or welfare of the District, its staff, contractors, representatives, residents, landowners [Patrons] or guests is likely endangered;
Engaging in another Violation after a verbal warning has been given by staff (which verbal warning is not required); or
Such person’s guest or a member of their household commits any of the above Violations.

Termination of Amenity access shall only be considered and implemented by the Board in situations that pose a long term or continuing threat to the health, safety and/or welfare of the District, its staff, contractors, representatives, residents, landowners [Patrons] or guests. The Board, in its sole discretion and upon motion of any Board member, may vote to rescind a termination of Amenity access.

Administrative Reimbursement.

The Board may in its

discretion require

payment of an administrative reimbursement of up to Five Hundred Dollars ($500) in order to offset the legal and/or administrative expenses incurred by the District as a result of a Violation
(“Administrative Reimbursement”). Such Administrative Reimbursement shall be in addition to
any suspension or termination of Amenity access, any applicable legal action warranted by the circumstances, and/or any Property Damage Reimbursement (defined below).

Property Damage Reimbursement. If damage to District property occurred in
connection with a Violation, the person or persons who caused the damage, or the person whose guest caused the damage, or the person who has charge of a minor that caused the damage, shall reimburse the District for the costs of cleaning, repairing, and/or replacing the property (“Property Damage Reimbursement”).  Such Property Damage Reimbursement shall be in addition to any

suspension

or termination of Amenity access, any applicable legal action warranted by

the

circumstances, and/or any Administrative Reimbursement.

Removal from Amenities. The District Manager, General Manager, Amenity
Manager and onsite staff each have the independent ability to remove any person from the Amenities if a Violation occurs, or if in his or her discretion, it is in the District’s best interest to do so.

Initial Suspension from Amenities.  The District Manager, General Manager,
Amenity Manager or his or her designee may at any time restrict or suspend for cause or causes, including but not limited to a Violation, any person’s access to the Amenities until a date not later than the next regularly scheduled meeting date of the Board that is scheduled to occur at least twenty-one (21) days after the date of initial suspension. In the event of such a suspension, the District Manager or his or her designee shall mail a letter to the person suspended referencing the conduct at issue, the sections of the District’s rules and policies violated, the time, date, and location of the next regular Board meeting where the person’s suspension will be presented to the Board, and a statement that the person has a right to appear before the Board and offer testimony and evidence why the suspension should be lifted. If the person is a minor, the letter shall be sent to the adults at the address within the community where the minor resides.

Hearing by the Board; Administrative Reimbursement; Property Damage Reimbursement.

At the Board meeting referenced in the letter sent under Section 8 above, or as soon thereafter as a Board meeting is held if the meeting referenced in the letter is canceled, a hearing shall be held at which both District staff and the person subject to the suspension shall be given the opportunity to appear, present testimony and evidence, cross examine witnesses present, and make arguments. The Board may also ask questions of District staff, the person subject to the suspension, and witnesses present. All persons are entitled to be represented by a licensed Florida attorney at such hearing.
After the presentations by District staff and the person subject to the suspension, the Board shall consider the facts and circumstances and determine whether to lift or extend the suspension or impose a termination. In determining the length of any suspension, or a termination, the Board shall consider the nature of the conduct, the circumstances of the conduct, the number of rules or policies violated, the person’s escalation or de-escalation of the situation, and any prior Violations and/or suspensions
The Board shall also determine whether an Administrative Reimbursement is warranted and, if so, set the amount of such Administrative Reimbursement.
The Board shall also determine whether a Property Damage Reimbursement is warranted and, if so, set the amount of such Property Damage Reimbursement. If the cost to clean, repair and/or replace the property is not yet available, the Property Damage Reimbursement shall be fixed at the next regularly scheduled Board meeting after the cost to clean, repair, and/or replace the property is known.
After the conclusion of the hearing, the District Manager shall mail a letter to the person suspended identifying the Board’s determination at such hearing.

Suspension by the Board. The Board on its own initiative acting at a noticed public meeting may elect to consider a suspension of a person’s access for committing any of the Violations outlined in Section 4. In such circumstance, a letter shall be sent to the person suspended which contains all the information required by Section 8, and the hearing shall be conducted in accordance with Section 9.

Automatic Extension of Suspension for Non-Payment. Unless there is an affirmative vote of the Board otherwise, no suspension or termination will be lifted or expire until all Administrative Reimbursements and Property Damage Reimbursements have been paid to the District. If an Administrative Reimbursement or Property Damage Reimbursement is not paid by its due date, the District reserves the right to request surrender of, or deactivate, all access cards or key fobs associated with an address within the District until such time as the outstanding amounts are paid.

Appeal of Board Suspension. After the hearing held by the Board required by Section 9, a person subject to a suspension or termination may appeal the suspension or termination, or the assessment or amount of an Administrative Reimbursement or Property Damage Reimbursement, to the Board by filing a written request for an appeal (“Appeal Request”). The filing of an Appeal Request shall not result in the stay of the suspension or termination. The

Appeal Request shall be filed within thirty (30) calendar days after mailing of the notice of the Board’s determination as required by Section 9(e), above. For purposes of this Rule, wherever applicable, filing will be perfected and deemed to have occurred upon receipt by the District. Failure to file an Appeal Request shall constitute a waiver of all rights to protest the District’s suspension or termination, and shall constitute a failure to exhaust administrative remedies. The District shall consider the appeal at a Board meeting and shall provide reasonable notice to the person of the Board meeting where the appeal will be considered. At the appeal stage, no new evidence shall be offered or considered. Instead, the appeal is an opportunity for the person subject to the suspension or termination to argue, based on the evidence elicited at the hearing, why the suspension or termination should be reduced or vacated. The Board may take any action deemed by it in its sole discretion to be appropriate under the circumstances, including affirming, overturning, or otherwise modifying the suspension or termination. The Board’s decision on appeal shall be final.

Legal Action; Criminal Prosecution; Trespass. If any person is found to have committed a Violation, such person may additionally be subject to arrest for trespassing or other applicable legal action, civil or criminal in nature. If a person subject to a suspension or termination is found at an Amenity Facility, such Person will be subject to arrest for trespassing. If a trespass warrant is issued to a person by a law enforcement agency, the District has no obligation to seek a withdrawal or termination of the trespass warrant even though the issuance of the trespass warrant may effectively prevent a person from using the District’s Amenities after expiration of a suspension imposed by the District.

Severability. If any section, paragraph, clause or provision of this rule shall be held to be invalid or ineffective for any reason, the remainder of this rule shall continue in full force and effect, it being expressly hereby found and declared that the remainder of this rule would have been adopted despite the invalidity or ineffectiveness of such section.

Grove Resort Community Development District

Review and Acceptance of the FY21 Audit Report

Grove Resort Community Development District

ANNUAL FINANCIAL REPORT

September 30, 2021

Grove Resort Community Development District ANNUAL FINANCIAL REPORT
September 30, 2021

TABLE OF CONTENTS

Page Number
REPORT OF INDEPENDENT AUDITORS	1-2
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-8
BASIC FINANCIAL STATEMENTS
Government-wide Financial Statements
Statement of Net Position	9
Statement of Activities	10
Fund Financial Statements
Balance Sheet – Governmental Funds	11
Reconciliation of Total Governmental Fund Balance
to Net Position of Governmental Activities	12
Statement of Revenues, Expenditures and Changes in
Fund Balances – Governmental Funds	13
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the
Statement of Activities	14
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	15
Statement of Fund Net Position – Enterprise Fund	16
Statement of Revenues, Expenses and Changes in
Fund Net Position – Enterprise Fund	17
Statement of Cash Flows – Enterprise Fund	18
Notes to Financial Statements	19-35
INDEPENDENT AUDITORS’ 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	36-37
MANAGEMENT LETTER	38-41
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE
WITH SECTION 218.415, FLORIDA STATUTES	42

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Grove Resort Community Development District Orange County, Florida

Report on the Financial Statements

We have audited the accompanying financial statements of Grove Resort Community Development District (the “District”) as of and for the year ended September 30, 2021, and the related notes to 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 an opinion 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 Accounting Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

- 1 -

To the Board of Supervisors
Grove Resort Community Development District

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, business-type activities, and each major fund of Grove Resort Community Development District as of September 30, 2021, and the respective changes in financial position and cash flows for the Enterprise Fund and the budgetary comparison for the General and Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the Management Discussion and Analysis 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 a report dated September 19, 2022 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts. The purpose of that report is 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 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 Grove Resort Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida September 19, 2022
- 2 -

Management’s discussion and analysis of Grove Resort Community Development District’s (the “District”) financial performance provides an objective and easily readable analysis of the District’s financial activities. The analysis provides summary financial information for the District and should be read in conjunction with the District’s financial statements.

OVERVIEW OF THE 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 financial statements. The Government-wide financial statements present an overall picture of the District’s financial position and results of operations. The Fund financial statements present financial information for the District’s major funds. The Notes to financial statements provide additional information concerning the District’s finances.

The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities and business-type activities and the change in net position. Governmental activities are primarily supported by special assessments. Business-type activities are supported by charges to the users of those activities, such as water park and restaurant service charges.

The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Net position are reported in three categories; 1) net investment in capital assets, 2) restricted and 3) unrestricted. Assets, liabilities, and net position are reported for all Governmental activities separate from the assets, liabilities, and net position of business-type activities.

The statement of activities presents information on all revenues and expenses of the District and the change in net position. Expenses are reported by major function and program revenues relating to those functions are reported, providing the net cost of all functions provided by the District. To assist in understanding the District’s operations, expenses have been reported as governmental activities or business-type activities. Governmental activities financed by the District include physical environment and general government. Business-type activities financed by user charges include water park and restaurant services.

Fund financial statements present financial information for governmental funds and the enterprise fund. These statements provide financial information for the major funds of the District. Governmental fund financial statements provide information on the current assets and liabilities of the funds, changes in current financial resources (revenues and expenditures), and current available resources. The enterprise fund financial statements provide information on all assets and liabilities of the funds, changes in the economic resources (revenues and expenses), and total economic resources.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Fund financial statements include a balance sheet and a statement of revenues, expenditures and changes in fund balances for all governmental funds. A statement of revenues, expenditures, and changes in fund balances – budget and actual, is provided for the District’s General Fund. For the enterprise fund, a statement of fund net position, a statement of revenues, expenses, and changes in fund net position; and a statement of cash flows are presented. Fund financial statements provide more detailed information about the District’s activities. Individual funds are established by the District to track revenues that are restricted to certain uses or to comply with legal requirements

The government-wide financial statements and the fund financial statements provide different pictures of the District. The government-wide financial statements provide an overall picture of the District’s financial standing, split between Governmental Activities and Business-type Activities. These statements are comparable to private-sector companies and give a good understanding of the District’s overall financial health and how the District paid for the various activities, or functions, provided by the District. All assets of the District, including capital assets are reported in the statement of net position. All liabilities, including principal outstanding on bonds are included. The statement of activities includes depreciation on all long-lived assets of the District, but transactions between the different functions of the District have been eliminated in order to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long-lived assets are reported as expenditures and long-term liabilities, such as general obligation bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, a reconciliation is provided from the fund financial statements to the government-wide financial statements.

Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, long term debt, and capital assets are some of the items included in the notes to the financial statements.

Financial Highlights

The following are the highlights of financial activity for the year ended September 30, 2021.

The District’s total assets exceeded total liabilities by $32,841,491 (net position). Net investment in capital assets for Governmental Activities was $20,699,729. Net investment in capital assets for Business-type Activities was $13,712,438. Unrestricted net position for Governmental Activities was $(3,829,281) and for Business-type Activities was $(2,261,529).  Restricted net position for Governmental Activities was
$4,520,134.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Highlights (Continued)

Governmental Activities revenues totaled $7,835,418 while Governmental Activities expenses totaled $2,781,818. Business-type Activities revenues totaled $9,469,964 while Business-type Activities expenses totaled $8,819,405.

Financial Analysis of the District

The following schedule provides a summary of the assets, liabilities and net position of the District. It is not intended to be a complete presentation of government-wide financial activity.

Net Position

Governmental Activities

Business-type Activities

Total

	2021	 	2020				2021	 	2020				2021	 	2020		

Current assets	
$	3,127,855	
$	3,543,198	
$	-	$	-	$	3,127,855	
$	3,543,198	
Restricted assets	5,944,873	2,099,314	-	-	5,944,873	2,099,314	

Capital assets, net Total Assets

	31,947,299  	33,201,926  *
	41,020,027  	38,844,438  *

	13,712,438  	14,259,978  * 	45,659,737  	47,461,904 
	13,712,438  	14,259,978  * 	54,732,465  	53,104,416 

Current liabilities	705,651	785,068	2,261,529	3,459,628 *	2,967,180	4,244,696	
Non-current liabilities		18,923,794  	21,722,388 		-  	-  	18,923,794  	21,722,388 	
Total Liabilities		19,629,445  	22,507,456 		2,261,529  	3,459,628  	21,890,974  	25,967,084 	

Net Position							
Net investment in										
capital assets	20,699,729		19,740,386	*	13,712,438	14,259,978 *	34,412,167		34,000,364	
Restricted	4,520,134		1,043,215		-	-	4,520,134		1,043,215	
Unrestricted		(3,829,281)			(4,446,619)			(2,261,529)		(3,459,628) *		(6,090,810)			(7,906,247)	
Total Net Position	 $	21,390,582 		 $	16,336,982 	*	 $ 11,450,909 	 $ 10,800,350 	 $  32,841,491 		 $  27,137,332 	

*Restated										

The decrease in capital assets for governmental activities and business-type activities was primarily the result of current year depreciation.

The decrease in total liabilities for governmental activities was primarily the result of principal payments on long-term debt in the current year.

The decrease in total liabilities for the business-type activities was primarily related to the decrease in due to others.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District (Continued)

The following schedule provides a summary of the changes in net position of the District and is presented at the government-wide level for comparison purposes. It is not intended to be a complete presentation of District-wide financial activity.

Change in Net Position

Program Revenues

Governmental Activities	Business-type Activities	Total
  
	2021	 	2020	 	2021	 	2020	 	2021	 	2020	

Charges for services	$	7,643,394	$	6,295,279	$  9,469,964	$  4,127,080	$ 17,113,358	$  10,422,359
Grants and contributions	35,940		104,780		-		-		35,940		104,780	
General Revenues												
Miscellaneous revenues	99,442		-		-		-		99,442		-	
Investment earnings	56,642		73,440		-		-		56,642		73,440	
Total Revenues	7,835,418		6,473,499		9,469,964		4,127,080		17,305,382		10,600,579	

Expenses												
General government	101,861		265,435		-		-		101,861		265,435	
Physical environment	1,398,384		1,254,627		-		-		1,398,384		1,254,627	
Interest and other charges	1,281,573		1,581,919		-		-		1,281,573		1,581,919	
Water park/restaurant		- 			- 			8,819,405 			4,840,862 			8,819,405 			4,840,862 	
Total Expenses		2,781,818 			3,101,981 			8,819,405 			4,840,862 			11,601,223 			7,942,843 	
Change in Net Position	5,053,600		3,371,518		650,559		(713,782)		5,704,159		2,657,736	
Net Position - Beginning of Year		16,336,982 			12,965,464 			10,800,350 			11,514,132 			27,137,332 			24,479,596 	
Net Position - End of Year	 $  21,390,582 		 $ 16,336,982 		 $ 11,450,909 		 $ 10,800,350 		 $ 32,841,491 		 $  27,137,332 	

The decrease in interest and other charges is related to the reduction in bonds outstanding in the current year.

The increase in business-type revenues and expenses is related to increased activity in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Capital Assets Activity								
The following schedule provides September 30, 2021.	a	summary of the District’s capital ass	as	of	

Description		Governmental Activities		Business-Type Activities	
Total		

Buildings and improvements		
$  26,073,046		

$	3,340,424	
$	29,413,470		
Infrastructure		1,679,307		11,007,441	12,686,748		
Improvements other than buildings		7,958,827		888,305	8,847,132		
Equipment		-		772,521	772,521		
Accumulated depreciation			(3,763,881)			(2,296,253)		(6,060,134)		
Total Capital Assets (Net)		 $  31,947,299 		 $	13,712,438 	 $		45,659,737 		

Governmental activities changes in the current year includes depreciation of $1,254,627.

Business-type activities changes in the current year include depreciation of $785,749 and additions to equipment of $154,489 and buildings and improvements of $83,720.

General Fund Budgetary Highlights

The budget exceeded actual expenditures for the year primarily because of lower legal fees and insurance costs than were anticipated.

The September 30, 2021 budget was not amended.

Debt Management

Governmental Activities debt includes the following:

In April 2017, the District issued $13,300,000 Series 2017A Special Assessment Revenue Bonds. These bonds were issued to finance the cost of acquiring, constructing, and reconstructing all or a portion of the Series 2017A Project. As of September 30, 2021, the balance outstanding was $12,715,000.

In April 2017, the District issued $41,960,000 Series 2017B Special Assessment Revenue Bonds. These bonds were issued to finance the cost of acquiring, constructing, and reconstructing all or a portion of the Series 2017B Project. As of September 30, 2021, the balance outstanding was $7,125,000.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Economic Factors and Next Year’s Budget

Grove Resort Community Development District does not expect any economic factors to have a significant effect on the financial position or results of operations of the District in fiscal year 2022.

Request for Information

The financial report is designed to provide a general overview of Grove Resort Community Development District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to Grove Resort Community Development District, PFM Group Consulting, LLC, 3501 Quadrangle Boulevard, Suite 270, Orlando, Florida 32817.

Grove Resort Community Development District	
STATEMENT OF NET POSITION	
September 30, 2021	
	Governmental		Business-type				
	Activities		Activities			Total	
ASSETS								
Current Assets								
Cash and equivalents	$	3,065,133		$	-		$	3,065,133	
Accounts receivable		15,628		-			15,628	
Interest receivable		29		-			29	
Prepaid expenses		47,065		-			47,065	
Total Current Assets		3,127,855 			- 		3,127,855 	
Non-Current Assets					
Restricted assets								
Investments		5,944,873		-			5,944,873	
Capital assets being depreciated								
Buildings and improvements		26,073,046		3,340,424			29,413,470	
Infrastructure		1,679,307		11,007,441			12,686,748	
Improvements other than buildings		7,958,827		888,305			8,847,132	
Equipment		-		772,521			772,521	
Less: accumulated depreciation		(3,763,881)			(2,296,253)			(6,060,134)	
Total Non-Current Assets		37,892,172 			13,712,438 		51,604,610 	
Total Assets		41,020,027 			13,712,438 		54,732,465 	
LIABILITIES								
Current Liabilities								
Accounts payable and accrued expenses		8,802		-			8,802	
Due to others		-		2,261,529			2,261,529	
Accrued interest		481,849		-			481,849	
Bonds payable		215,000		-			215,000	
Total Current Liabilities		705,651		2,261,529			2,967,180	
Non-Current Liabilities								
Bonds payable, net		18,923,794		-			18,923,794	
Total Liabilities		19,629,445		2,261,529			21,890,974	

NET POSITION								
Net investment in capital assets		20,699,729		13,712,438			34,412,167	
Restricted for debt service		4,237,558		-			4,237,558	
Restricted for capital projects		282,576		-			282,576	
Unrestricted		(3,829,281)		(2,261,529)			(6,090,810)	
Total Net Position	$  21,390,582	$  11,450,909		$	32,841,491	

See accompanying notes to financial statements.

- 9 -

Grove Resort Community Development District	
STATEMENT OF ACTIVITIES	
For the Year Ended September 30, 2021	

Program	
Net (Expense) Revenue and	
Revenues	Changes in Net Position	

Functions/Programs	
Expenses		Charges for Services		Operating Contributions		Governmental Activities		Business-type Activities		
Total	
Governmental Activities												
General government	$	(101,861)		$	34,072		$	8,015		$	(59,774)		$	-		$	(59,774)	
Physical environment	(1,398,384)		118,705		27,925		(1,251,754)		-		(1,251,754)	
Interest and other charges		(1,281,573)			7,490,617 			- 			6,209,044 			- 			6,209,044 	
Total Governmental Activities		(2,781,818)			7,643,394 			35,940 			4,897,516 			- 			4,897,516 	
Business-type activities												
Water park and restaurant		(8,819,405)			9,469,964 			- 			- 			650,559 			650,559 	
Total Primary Government	 $(11,601,223)		 $ 17,113,358 		 $	35,940 		4,897,516		650,559		5,548,075	

General Revenues
Miscellaneous revenues	99,442	-	99,442	
Investment earnings		56,642 		- 		56,642 	
Total General Revenues		156,084 		- 		156,084 	

Change in Net Position	5,053,600	650,559	5,704,159

Net Position - October 1, 2020	16,336,982		10,800,350		27,137,332	
Net Position - September 30, 2021	 $ 21,390,582 		 $ 11,450,909 		 $ 32,841,491 	

See accompanying notes to financial statements.

- 10 -

BALANCE SHEET – GOVERNMENTAL FUNDS
September 30, 2021

ASSETS	

General	
Debt Service	
Capital Projects	Total Governmental
Funds	

Cash and equivalents	

$	65,133	

$	-	

$	-	

$	65,133	
Accounts receivable	15,628	-	-	15,628	
Accrued interest receivable	-	28	1	29	
Due from other funds	-	4,519	-	4,519	
Prepaid expenses	47,065	-	-	47,065	
Restricted assets					
Cash and investments, fair value		- 		8,662,298 		282,575 		8,944,873 	
Total Assets	 $	127,826 	 $	8,666,845 	 $	282,576 	 $	9,077,247 	

LIABILITIES AND FUND BALANCES

Liabilities		
Accounts payable/accrued expenses	$	8,802	$	-	$	-	$	8,802	
Due to other funds		4,519 		- 		- 		4,519 	
Total Liabilities		13,321 		- 		- 		13,321 	

Fund Balances Nonspendable:
Prepaid expenses	47,065	-	-	47,065	
Restricted for debt service	-	8,666,845	-	8,666,845	
Resticted for capital projects	-	-	282,576	282,576	
Unassigned		67,440 		- 		- 		67,440 	
Total Fund Balances		114,505 		8,666,845 		282,576 		9,063,926 	
Total Liabilities and Fund Balances	 $	127,826 	 $	8,666,845 	 $	282,576 	 $	9,077,247 	

RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCE TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2021

Total Governmental Fund Balance	$	9,063,926	
Amounts reported for governmental activities in the Statement of Net Position are			
different because:			
Capital assets being depreciated, infrastructure, $1,679,307, buildings and			
improvements, $26,073,046, improvements other than buildings, $7,958,827			
net of accumulated depreciation, $(3,763,881), used in governmental activities			
are not current financial resources, and therefore, are not reported at the fund		31,947,299	
Long-term liabilities, bonds payable, $(19,840,000), net of bond discount,			
net, $701,206, are not due and payable in the current period, and therefore, are			
not reported at the fund level.		(19,138,794)	
Accrued interest expense for long-term debt is not a current financial use			
and, therefore, is not reported at the fund level.		    (481,849)	
Net Position of Governmental Activities	 $		21,390,582 	

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS
For the Year Ended September 30, 2021

Debt

Capital

Total Governmental

	General	Service	Projects	Funds	
Revenues	   	
Special assessments	$	152,777	$ 7,490,617	$	-	$  7,643,394	
Developer contributions	35,940	-	-	35,940	
Miscellaneous revenues	99,442	-	-	99,442	
Investment earnings	173	56,453	16	56,642	
Total Revenues	288,332	7,547,070	16	7,835,418	

Expenditures	   	
Current		
General government	101,861	-	-	101,861	
Physical environment	143,757	-	-	143,757	
Debt service		
Principal	-	2,835,000	-	2,835,000	
Interest	-	1,305,188	-	1,305,188	
Total Expenditures	245,618	4,140,188	-	4,385,806	

Excess of revenues over/(under)	   	
expenditures	42,714	3,406,882	16	3,449,612	
Other financing sources/(uses)		
Transfers in	-	-	56,355	56,355	
Transfers out	-	(56,355)	-	(56,355)	
Total Other Financing Sources/(Uses)	-	(56,355)	56,355	-	

Net change in fund balances	

42,714	

3,350,527	

56,371	

3,449,612	
Fund Balances - October 1, 2020	71,791	5,316,318	226,205	5,614,314	

Fund Balances - September 30, 2021	

$	114,505	

$ 8,666,845	

$	282,576	

$  9,063,926	

Grove Resort Community Development District RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2021			

Net Changes in Fund Balances - Total Governmental Funds	
$	
3,449,612	
Amounts reported for governmental activities in the Statement of Activities are different because:			
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives as depreciation. This is the amount of depreciation in the
current period.		

(1,254,627)	
Repayments of long term debt are expenditures in the governmental funds,
but the repayments reduce long-term liabilities in the Statement of Net Position.		
2,835,000	
Bond discount is amortized over the life of the bond at the government-wide level. This is the amount of current-year amortization.		
(46,406)	
In the Statement of Activities, interest is accrued on outstanding bonds; whereas in governmental funds, interest expenditures are reported when due. This is the net amount between the prior year and the current year accruals.	

	70,021 	
Change in Net Position of Governmental Activities	$	5,053,600	

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND
For the Year Ended September 30, 2021

								Variance with	
								Final Budget	
	Original			Final				Positive	
	Budget			Budget		Actual		(Negative)	
Revenues									
Special assessments	$	147,504		$  147,504		$	152,777		$	5,273	
Developer contributions	143,671		143,671		35,940		(107,731)	
Miscelleneous revenues		-		-		99,442		99,442	
Investment earnings		500 			500 			173 			(327)	
Total Revenues		291,675 			291,675 			288,332 			(3,343)	
Expenditures									
Current									
General government	135,675		135,675		101,861		33,814	
Physical environment		156,000 			156,000 			143,757 			12,243 	
Total Expenditures		291,675 			291,675 			245,618 			46,057 	
Net change in fund balances		- 			- 			42,714 			42,714 	
Fund Balances - October 1, 2020		- 			- 			71,791 			71,791 	
Fund Balances - September 30, 2021	 $		- 		 $	- 		 $	114,505 		 $	114,505 	

STATEMENT OF FUND NET POSITION – ENTERPRISE FUND
September 30, 2021

ASSETS
Non-Current Assets
Improvements other than buildings Infrastructure
Buildings and improvements Equipment
Less: Accumulated depreciation Total Non-Current Assets	

$	888,305
11,007,441
3,340,424
772,521
	(2,296,253)
	13,712,438 	
LIABILITIES
Current Liabilities Due to others	

	2,261,529 	
NET POSITION
Net investment in capital assets Unrestricted	
13,712,438
	(2,261,529)	
Total Net Position	 $ 	11,450,909 	

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION – ENTERPRISE FUND
September 30, 2021

Operating Revenues:		
Charges for services	$ 7,781,062	
Special assessments		1,688,902 	
Total Operating Revenues		9,469,964 	
Operating Expenses:		
Personal services	2,842,448	
General and administrative	470,455	
Contractual and professional services	509,016	
Supplies and expenses	1,996,205	
Repairs and maintenance	1,780,000	
Utilities	290,329	
Insurance	120,000	
Rent and lease expense	25,203	
Depreciation		785,749 	
Total Operating Expenses		8,819,405 	
Operating Income(Loss)	650,559	
Net Position - October 1, 2020		10,800,350 	
Net Position - September 30, 2021	 $11,450,909 	

Grove Resort Community Development District STATEMENT OF CASH FLOWS – ENTERPRISE FUND
September 30, 2021			

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers for goods and services Payments to employees for services
Net Cash Provided by Operating Activities	

$	

9,469,964	
		(6,389,307)	
		(2,842,448)	
		238,209	

CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Purchases of capital assets		

(238,209)	

Net change in cash and cash equivalents		
-	
Cash and equivalents - October 1, 2020		-	

Cash and equivalents - September 30, 2021	
$	
-	

RECONCILIATION OF OPERATING INCOME TO NET CASH USED BY OPERATING ACTIVITIES
Operating income
Adjustments to reconcile operating income to net cash used by operating activities:
Depreciation expense
Decrease in due to others	

$	

650,559	
		
785,749	
		(1,198,099)	

Net Cash Used by Operating Activities	
$	
238,209	

See accompanying notes to financial statements.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of Grove Resort Community Development District (the “District”) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.

Reporting Entity

The District was established on December 5, 2016 under the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes, and Orange County Board of County Commissioners Ordinance 2016-29, under the name of Grove Resort Community Development District. 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 the community development within the District.

The District is governed by a five-member Board of Supervisors (the “Board”), who are elected on an at large basis by owners of the property within the District. Among the primary powers, which the Act provides, the Board may exercise the power to manage basic service for community development, the power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure, subject to the approval of applicable State administrative agencies.

As required by GAAP, these financial statements present the Grove Resort Community Development District (the primary government), as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility which includes, but is not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.

Based upon the application of the above-mentioned criteria as set forth by the Governmental Accounting Standards Board, the District has identified no component units.

Measurement Focus and Basis of Accounting

The basic financial statements of the District are composed of the following:

Government-wide financial statements
Fund financial statements
Notes to financial statements

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Measurement Focus and Basis of Accounting (Continued)
Government-wide Financial Statements
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Government- wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include separate columns for the governmental and business-type activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.

Governmental activities, which normally are supported by special assessments and interest, are reported separately from business-type activities. Program revenues include charges for services and special assessments. Program revenues are netted with program expenses in the Statement of Activities to present the net cost of each program.
Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as an other financial source.
Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.
Fund Financial Statements
The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self- balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.
Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2. Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds
The District classifies fund balance according to Governmental Accounting Standards Board Statement 54 – Fund Balance Reporting and Governmental Fund Type Definitions. The Statement requires the fund balance for governmental funds to be reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent.

The District has various policies governing the fund balance classifications.

Non-spendable Fund Balance – This classification consists of amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact.

Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by constitution, external resource providers, or through enabling legislation.

Committed Fund Balance – This classification consists of contractual obligations which require formal approval from the Board of Supervisors. This type of fund balance can only be removed by the Board of Supervisors through the same approval process.

Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed.

Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.

Fund Balance Spending Hierarchy – For all governmental funds except special revenue funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Measurement Focus and Basis of Accounting (Continued)
b. Fund Financial Statements (Continued) Governmental Funds (Continued)
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period. Revenues are considered to be available when they are collected within the current period or soon thereafter to pay liabilities of the current period. For this purpose the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.
Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”. Governmental fund operating statements present increases (revenues) and decreases (expenditures) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.
Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.
Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were expended, rather than as fund assets. The proceeds of long-term debt are recorded as an other financing source rather than as a fund liability.
Debt service expenditures, as well as expenditures related to compensated absences, are recorded only when payment is due.
Enterprise Funds
In the fund financial statements, the enterprise fund is presented using the accrual basis of accounting. Revenues are recognized when they are earned and expenses are recognized when the related goods or services are delivered. In the fund financial statements, enterprise funds are presented using the economic resources measurement focus. This means that all assets and all liabilities (whether current or non-current) associated with their activity are included on their balance sheets. Enterprise fund operating statements present increases (revenues) and decreases (expenses) in total net position. The District applies all GASB pronouncements as well as all FASB Statements and Interpretations, APB Opinions and Accounting Research Bulletins, issued on or before November 30, 1989, which do not conflict with, or contradict, GASB pronouncements.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Enterprise Funds (Continued)
Enterprise fund operating revenues, such as charges for services, result from exchange transactions associated with the principal activity of the fund. Exchange transactions are those in which each party receives and gives up essentially equal values. Non-operating revenues, such as investment earnings, result from non- exchange transactions or ancillary activities. Amounts paid to acquire capital assets are capitalized as assets in the fund financial statements, rather than reported as expenditures. Proceeds of long-term debt are recorded as a liability in the fund financial statements, rather than as other financing sources.

Basis of Presentation

Governmental Major Funds

General Fund – The General Fund is the District’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.

Debt Service Fund – The Debt Service Fund accounts for debt service requirements for the District’s outstanding special assessment debt.

Capital Projects Fund – The Capital Projects Fund accounts for construction of infrastructure improvements within the boundaries of the District.

Enterprise Major Fund

Enterprise Fund – The Enterprise Fund accounts for the operations of the Water park and Restaurant, which are funded by proceeds from operations of these facilities.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)

Non-Current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such as land and buildings, and non-current governmental liabilities, such as general obligation bonds, due to developer and accrued compensated absences be reported in the governmental activities column in the government-wide Statement of Net Position.

Assets, Liabilities, and Net Position or Equity

Cash and Investments

Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.

The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:

Direct obligations of the United States Treasury;

The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;

Interest-bearing time deposits or savings accounts in authorized qualified public depositories;

Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.

For purposes of the statement of cash flows, cash equivalents include time deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less and held in a qualified public depository as defined by Section 280.02, Florida Statutes.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
4. Assets, Liabilities, and Net Position or Equity (Continued)
Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as “due to/from other funds”. Any residual balances outstanding between the governmental activities and business-type activities are reported as “internal balances”.

Restricted Net Position
Certain net position of the District are classified as restricted on the Statement of Net Position because their use is limited either by law through constitutional provisions or enabling legislation; or by restrictions imposed externally by creditors. In a fund with both restricted and unrestricted net position, qualified expenses are considered to be paid first from restricted net position and then from unrestricted net position.
Capital Assets
Capital assets, which include buildings and improvements, infrastructure, equipment and improvements other than buildings, are reported in the applicable governmental or business-type activities column.
The District defines capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of one year. The valuation basis for all assets is historical cost.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed.
Depreciation of capital assets is computed and recorded by utilizing the straight-line method. Estimated useful lives of the various classes of depreciable capital assets
are as follows:	
Buildings and improvements Equipment	30 years
3-5 years	
Infrastructure
Improvements other than buildings	25-30 years
25-39 years	

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

4. Assets, Liabilities, and Net Position or Equity (Continued)

Budgets

Budgets are prepared and adopted after public hearings for the governmental funds, pursuant to the requirements of the Florida Statutes. The District utilizes the same basis of accounting for budgets as it does for revenues and expenditures in its various funds. The legal level of budgetary control is at the fund level. All budgeted appropriations lapse at year end. Formal budgets are adopted for the general and debt service funds. As a result, deficits in the budget columns of the accompanying
financial statements may occur.	
f.		Bond Discounts						
Bond discounts are amortized over the life of the bonds.	
NOTE	B	–		RECONCILIATION STATEMENTS	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL	

1. Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position

“Total fund balances” of the District’s governmental funds, $9,063,926, differs from “net position” of governmental activities, $21,390,582, reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the Statement of Net Position versus the current financial resources focus of the governmental fund balance sheet. The effect of the differences is illustrated below.

Capital related items

When capital assets (that are to be used in governmental activities) are purchased or constructed, the cost of those assets is reported as expenditures in governmental funds. However, the Statement of Net Position included those capital assets among the assets of the District as a whole.

Improvements other than buildings	$	7,958,827	
Infrastructure	1,679,307	
Buildings and improvements	26,073,046	
Accumulated depreciation		(3,763,881)	
Total	$	31,947,299	

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position (Continued)

Long-term debt transactions
Long-term liabilities applicable to the District’s governmental activities are not due and payable in the current period and accordingly are not reported as fund liabilities. All liabilities (both current and long-term) are reported in the Statement of Net Position. Balances at September 30, 2021 were:

Bonds payable		$	(19,840,000)	
Bond discount			701,206	
Net bonds payable

Accrued interest

Accrued liabilities in the Statement of	

Net	$	(19,138,794)

Position differ from the amount reported in	
governmental funds due to the accrued interest on bonds.
Accrued interest	$	(481,849)

Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities

The “net changes in fund balances” for government funds, $3,449,612, differs from the “change in net position” for governmental activities, $5,053,600, reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated as follows.

Capital related items

When capital assets for governmental activities are purchased or constructed, they are reported as expenditures in governmental funds. However, in the Statement of Activities, the costs of those assets are allocated over their estimated useful lives and reported as depreciation. This is the amount of depreciation in the current period.

Depreciation	$	(1,254,627)

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)

2. Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities (Continued)

Long-term debt transactions

Repayments of principal are reported as expenditures in the governmental funds and, thus, have the effect of reducing fund balance because current financial resources have been used.

Principal payments	$	2,835,000

Amortization of the bond discount does not require the use of current financial resources and therefore, is not reported in governmental funds.

Amortization of bond discount	$	(46,406)

Some expenses reported in the Statement of Activities do not require the use of current financial resources, therefore, are not reported as expenditures in governmental funds.

Net change in accrued interest payable	$	70,021

NOTE C – CASH AND INVESTMENTS

All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments.

Custodial Credit Risk – Deposits

Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk, however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2021, the District's bank balance was $3,076,232 and the carrying value was $3,065,133. Exposure to custodial credit risk was as follows. The District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.

NOTE C – CASH AND INVESTMENTS (CONTINUED)
Investments
As of September 30, 2021, the District had the following investments and maturities:

	Investment			Maturities		  Fair Value 	
First American Government Obligation	14 days*	 $ 5,944,873 	
*Weighted average maturity			
The District categorizes its fair value measurements within the fair value hierarchy recently established by generally accepted accounting principles. The fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The District uses a market approach in measuring fair value that uses prices and other relevant information generated by market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.
Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtaining quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant unobservable inputs that uses the best information available under the circumstances, which includes the District’s own data in measuring unobservable input.
Based on the criteria in the preceding paragraph, the investments in First American Government Obligation are Level 1 assets.
The District’s investment policy allows management to invest funds in investments permitted under Section 218.415, Florida Statutes.
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's investments are limited by state statutory requirements and bond compliance. As of September 30, 2021, the District’s investments in First American Government Obligation Fund was rated AAAm by Standard and Poor’s.
Concentration of Credit Risk

The District places no limit on the amount it may invest in any one investment. The District’s investment in First American Government Obligation Fund represents 100% of the District's total investments.

NOTE C – CASH AND INVESTMENTS (CONTINUED)
The types of deposits and investments and their level of risk exposure as of September 30, 2021 were typical of these items during the fiscal year then ended. The District considers any decline in fair value for certain investments to be temporary.

NOTE D – SPECIAL ASSESSMENT REVENUES
Special assessment revenues recognized for the 2020-2021 fiscal year were levied by the Board in a public hearing. All taxes are due and payable on November 1 or as soon as the assessment roll is certified and delivered to the Tax Collector. Per Section 197.162, Florida Statutes, discounts are allowed for early payment at the rate of 4% in November, 3% in December, 2% in January, and 1% in February. Taxes paid in March are without discount.

All unpaid taxes become delinquent as of April 1. Virtually all unpaid taxes are collected via the sale of tax certificates on or prior to, June 1; therefore, there were no material taxes receivable at fiscal year end.

NOTE E – INTERFUND BALANCES

Interfund balances at September 30, 2021, consisted for the following:

Payable Fund
Receivable Fund	General Fund
 	
Debt Service Fund	$	4,519

Current year interfund activity is a result of the General Fund collecting Debt Service Fund monies in which have not yet been transferred.

NOTE F – INTERFUND TRANSFERS

Interfund transfers for the year ended September 30, 2021, consisted for the following:

 Transfers Out 
Debt Service
 Transfers In				Funds	 Capital Projects Funds		 $		56,355 

Current year transfers were completed in accordance with the trust indenture.

NOTE G – CAPITAL ASSETS
Capital Asset activity for the year ended September 30, 2021 was as follows:

	Balance
October 1,						Balance
September 30,	
	2020		Additions		Deletions		2021	
Governmental Activities:								
Capital assets, being depreciated:								
Infrastructure	$  1,679,307		$	-		$	-		$ 1,679,307	
Improvements other than buildings	7,958,827		-		-		7,958,827	
Buildings and improvements		26,073,046 			- 			- 			26,073,046 	
Total Capital Assets, Being Depreciated		35,711,180 			- 			- 			35,711,180 	
Less accumulated depreciation for:								
Infrastructure	(134,344)		(67,172)		-		(201,516)	
Improvements other than buildings	(636,706)		(318,353)		-		(955,059)	
Buildings and improvements		(1,738,204)			(869,102)			- 			(2,607,306)	
Total Accumulated Depreciation		(2,509,254)		  (1,254,627)			- 			(3,763,881)	
Total Capital Assets Depreciated, Net	 $ 33,201,926 		 $ (1,254,627)		 $	- 		 $ 31,947,299 	

Depreciation was charged to physical environment, $1,254,627.

NOTE G – CAPITAL ASSETS (CONTINUED)

The following is a summary of changes in the Business-type Activities capital assets for the year
ended September 30, 2021:										
	Balance								Balance	
	October 1,
2020	
Additions		
Deletions			September 30,
2021	
Capital assets, being depreciated: Buildings and improvements Infrastructure
Equipment
Total Capital Assets, Being Depreciated	
$	3,256,704
11,007,441
1,506,337

15,770,482	
$	83,720
- 154,489

238,209		
$	
-
-
-
-		
$	3,340,424
11,007,441
1,660,826
16,008,691	

Less accumulated depreciation for: Buildings and improvements Infrastructure
Equipment
Total Accumulated Depreciation Total Capital Assets Depreciated, Net	

(279,579)
(379,567)
(851,358)

(1,510,504)

$ 14,259,978		

$	

(84,130)
(379,567)
(322,052)
(785,749)
(547,540)		

$	

-
-
-
-
-		

(363,709)
(759,134)
(1,173,410)
(2,296,253)
$ 13,712,438	

Depreciation was charged to water park/restaurant, $785,749.

NOTE H – LONG TERM DEBT

Governmental Activities

The following is a summary of activity for long-term debt of the Governmental Activities for the year ended September 30, 2021:

Long-term debt at October 1, 2020	$	22,675,000 Principal payments			(2,835,000)
Long-term debt at September 30, 2021	$	19,840,000 Less: bond discount, net			(701,206)
Bonds Payable, Net at September 30, 2021	$	19,138,794 

NOTE H – LONG-TERM DEBT (CONTINUED)		
Long-term debt for Governmental Activities is comprised of the following:		
Bonds Payable		
13,300,000 Series 2017A Special Assessment Revenue Bonds are due in annual principal installments beginning November 2018 maturing November 2047. Interest at various rates between 5% and 5.875% is due May and November beginning November 2017. Current portion is $215,000.	

$	12,715,000	
$41,960,000 Series 2017B Special Assessment Revenue Bonds are due in one installment on November 1, 2029. Interest at various rates between 5.75% and 6% is due May and November beginning November 2017.	

	7,125,000	
Bond Payable at September 30, 2021	$	19,840,000	

The annual requirements of principal and interest for the bonds payable are as follows:

Year Ending

2023	225,000	1,140,063	1,365,063	
2024	240,000	1,128,438	1,368,438	
2025	250,000	1,116,188	1,366,188	
2026	265,000	1,103,313	1,368,313	
2027-2031	8,655,000	4,867,000	13,522,000	
2032-2036	2,015,000	2,651,828	4,666,828	
2037-2041	2,680,000	1,967,244	4,647,244	
2042-2046	3,560,000	1,056,030	4,616,030	
2047-2049		1,735,000 		103,252 		1,838,252 	
Totals	 $ 19,840,000 	 $ 16,284,419 	 $ 36,124,419 	

 September 30,	 		Principal				Interest				Total	 2022		$		215,000			$ 1,151,063			$ 1,366,063

NOTE H – LONG-TERM DEBT (CONTINUED)

Summary of Significant Bond Resolution Terms and Covenants

Special Assessment Revenue Bonds

Significant Bond Provisions

The Series 2017A Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time after November 1, 2032 at a redemption price equal to the principal amount of the Series 2017A Bonds to be redeemed, together with accrued interest to the date of redemption. The Series 2017A Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.

The Series 2017B Bonds are not subject to optional redemption prior to their maturity. The Series 2017B Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.

The Trust Indenture established certain amounts be maintained in a reserve account. In addition, the Trust Indenture has certain 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.

Depository Funds

The bond resolution establishes certain funds and determines the order in which revenues are to be deposited into these funds. A description of the significant funds, including their purposes, is as follows:

Reserve Funds – The Series 2017A Reserve Account was funded from the proceeds of the Series 2017A Bonds in an amount equal to the maximum annual debt service outstanding for the Series 2017A Bonds. The Series 2017B Reserve Account was funded from the proceeds of the Series 2017B Bonds in the amount of $3,000,000. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.

The following is a schedule of required reserve balances as of September 30, 2021:

Reserve	Reserve	
	Balance			Requirement		
Special Assessment Revenue Bonds, Series 2017A	$	947,438	$	947,438	
Special Assessment Revenue Bonds, Series 2017B	$	3,000,000	$	3,000,000	

NOTE I – ECONOMIC DEPENDENCY

A significant portion of the District's activity is dependent upon continued involvement of the Developer, the loss which could have a material adverse effect on the District's operations. At September 30, 2021, the Developer owned a significant amount of the assessable property located within the District's boundaries.

The Developer has agreed to fund a portion of the general operations of the District. For the year ended September 30, 2021, the Developer Contributed $35,940. The Developer also contributed $531,681 to fund interest call payments made related to the Series 2017A and 2017B Bonds.

All of the Board members are affiliated with the Developer at September 30, 2021.
NOTE J – 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 for which the government carries commercial insurance. These risks are covered by commercial insurance from independent third parties. There were no claims or settled claims from these risks that have exceeded commercial insurance coverage over the past three years.

NOTE K – SUBSEQUENT EVENT
In November 2021, the District redeemed the remaining $7,125,000 on the Series 2017B Special Assessment Revenue Bonds.

In February 2022, the District issued Special Assessment Revenue Bonds, Series 2022 for
$2,780,000.

INDEPENDENT AUDITORS’ 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
Grove Resort Community Development District Orange 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 Grove Resort Community Development District, as of and for the year ended September 30, 2021, and the related notes to the financial statements, and have issued our report thereon dated September 19, 2022.

Internal Control Over Financial Reporting

In planning and performing our audit, we considered Grove Resort Community Development District's internal control as a basis for designing 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 Grove Resort Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Grove Resort Community Development 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 combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

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To the Board of Supervisors
Grove Resort Community Development District Orange County, Florida

Compliance and Other Matters

As part of obtaining reasonable assurance about whether Grove Resort Community Development District's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the 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.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida September 19, 2022

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MANAGEMENT LETTER

To the Board of Supervisors
Grove Resort Community Development District Orange County, Florida

Report on the Financial Statements

We have audited the financial statements of the Grove Resort Community Development District as of and for the year ended September 30, 2021, and have issued our report thereon dated September 19, 2022.

Auditor’s Responsibility

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

Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals 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 September 19, 2022, should be considered in conjunction with this management letter.

Prior Audit Findings

Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding financial audit report. The following findings or recommendations were made in the preceding audit.

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To the Board of Supervisors
Grove Resort Community Development District

2020-01	
Finding:	The actual expenditures in the General Fund exceeded the budget which is a violation of Section 189.016, Florida Statutes.	
Response:	The District collected more revenue than expenses, and had sufficient funds on hand to pay its expenses. Management will review spending to ensure that expenditures do not exceed appropriations in the future, and if they do, present a	
budget amendment to the district board for approval on a timely basis.
Current Status:  The finding was corrected in the current year.

Financial Condition and Management

Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not Grove Resort Community Development District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection with our audit, we determined that Grove Resort Community Development District did not meet any of the conditions described in Section 218.503(1) Florida Statutes.

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for Grove Resort Community Development District. It is management’s responsibility to monitor the Grove Resort Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same as of September 30, 2021.

Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.

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To the Board of Supervisors
Grove Resort Community Development District

Specific Information

The information provided below was provided by management and has not been audited; therefore, we do not express an opinion or provide any assurance on the information.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Grove Resort Community Development District reported:
The total number of district employees compensated in the last pay period of the District’s fiscal year: 0
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 2
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: N/A
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $92,068
Each construction project with a total cost of at least $65,000 approved by the District that is scheduled to begin on or after October 1, 2020, together with the total expenditures for such project: The District had no construction projects during the year.
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the District amends a final adopted budget under Section 189.016(6), Florida Statutes: The budget was not amended.

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the Grove Resort Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District: $10.88
- $1,299.05.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $7,643,394.
The total amount of outstanding bonds issued by the District and the terms of such bonds: Series 2017A, $12,715,000, matures November 2047 and Series 2017B,
$7,125,000, matures November 2029.

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To the Board of Supervisors
Grove Resort Community Development District

Additional Matters

Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit, we noted no such findings.

Purpose of this Letter

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida September 19, 2022

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INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES

To the Board of Supervisors
Grove Resort Community Development District Orange County, Florida

We have examined Grove Resort Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2021. Management is responsible for Grove Resort Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Grove Resort Community Development 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 and, accordingly, included examining, on a test basis, evidence about Grove Resort Community Development District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Grove Resort Community Development District’s compliance with the specified requirements.

In our opinion, Grove Resort Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2021.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida September 19, 2022

- 42 -

Grove Resort Community Development District

Ratification of Payment Authorization Nos. 177 -- 182

Payment Authorizations No. 177
8/12/2022

Item	Payee	Invoice	General	
No.		Number	Fund	

1	Kutak Rock
General Counsel Through 07/31/2022	
3093898	
$	
2,519.00	
2	PFM Group Consulting
July Reimbursables	
OE-EXP-08-2022-16	
$	
684.03	

TOTAL	$  3,203.03

Secretary / Assistant Secretary

Payment Authorizations No. 178	
8/19/2022				
Item	Payee	Invoice	General	
No.		Number	Fund	

1	
Florida Municipal Insurance Trust			
	First Installment Billing of Insurance - 22/23 Fund Year	INV-36315-J0S8	$ 44,214.25	
2	Kimley-Horn and Associates			
	Engineering Service Through 07/31/2022	46334001-0722	$  1,579.46	
3	PFM Group Consulting			
	DM Fee: August 2022	DM-08-2022-20	$  2,083.33	

TOTAL	$ 47,877.04

Secretary / Assistant Secretary

Payment Authorizations No. 179	
9/2/2022					
Item	Payee	Invoice		General	
No.		Number		Fund	

1	
US Bank				
	FY 2022 Series 2017A Trustee Fees (08/01/2022 - 09/30/2022)	6638205	$	915.88	
	FY 2023 Series 2017A Trustee Fees (10/01/2022 - 07/31/2023)	6638205	$	4,471.62	
		
TOTAL	
$	
5,387.50	

Secretary / Assistant Secretary

Payment Authorizations No. 180
9/9/2022

Item	Payee	Invoice	General	
No.		Number	Fund	

1	PFM Group Consulting				
	August Reimbursables	OE-EXP-09-2022-16	$	1.05	
2	West Orange Times				

Legal Advertising on 09/01/2022

22-03359W

$

36.05

$

37.10

hairperson

Payment Authorizations No. 181
9/16/2022

Item	Payee	Invoice	General	
No.		Number	Fund	

1	PFM Group Consulting
Billable Expenses
DM Fee: September 2022	
121581
DM-09-2022-020	
$
$	
73.10
2,083.37	
2	VGlobalTech
September Website Maintenance	
4266	
$	
110.00	

TOTAL	$  2,266.47

Secretary / Assistant Secretary

Payment Authorizations No. 182

Chairperson

9/23/2022

Item	Payee	Invoice	General	
No.		Number	Fund	

1	
Kimley-Horn and Associates
Engineering Services Through 08/31/2022				
		046334001-0822	$	376.56	
2	Kutak Rock
General Counsel Through 08/31/2022				
		3109378	$	790.00	
3	PFM Group Consulting
Series 2017AB and 2022 Quarterly Dissemination				
		121705	$	2,500.00	
		
TOTAL	
$	
3,666.56	

Secretary / Assistant Secretary

Grove Resort Community Development District

Ratification of Series 2022 Bond Requisition Nos 11 -- 12

Grove Resort CDD Series 2022
Summary of Requisition(s): 11

Requisition	Vendor	Amount	Special Instructions	Submit Payment

11	

Southern Development & Construction	

$	199,523.75	
Please overnight the payment and include a copy of page(s) 5 of the .pdf file with the payment.	Please overnight the payment to:

Southern Development & Construction, Inc.
2544 Connection Point
Oviedo, FL 32765	

Total	$	199,523.75

GROVE RESORT COMMUNITY DEVELOPMENT DISTRICT

(Acquisition and Construction Fund Requisition)

The undersigned, a Responsible Officer of the Grove Resort Community Development District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture between the District and U.S. Bank National Association, as trustee (the "Trustee"), dated as of April 1, 2017, as supplemented by that certain Third Supplemental Trust Indenture dated as of February 1, 2022 (collectively, the "Indenture") (all capitalized terms used herein shall have the meaning ascribed to such term in the Indenture);

Requisition Number: 11

Name of Payee: Southern Development & Construction

Amount Payable: $199,523.75

Purpose for which paid or incurred (refer also to specific contract if amount is due and payable pursuant to a contract involving progress payments):
Pay Application #9 for Project 2144 (Grove Resort & Spa Ph. II) Through 08/25/2022

The undersigned hereby certifies that:

obligations in the stated amount set forth above have been incurred by the District;

each disbursement set forth above is a proper charge against the Series 2022 Acquisition and Construction Account;

each disbursement set forth above was incurred in connection with the acquisition and/or construction of the Series 2022 Project;

each disbursement represents a Cost of the Series 2022 Project which has not previously been paid; and

the costs set forth in the requisition are reasonable.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.
Copies of the invoice(s) from the vendor of the property acquired or the services rendered with respect to which disbursement is hereby requested or other similar evidence of proof of payment is on file with the District.

EVELOPMENT DISTRICT

GROVE RESORT COMMUNITY DEVELOPMENT DISTRICT

y:

By: Responsible Officer

ate:

Date:	_

The undersigned Consulting Engineer hereby certifies that this disbursement is for the Cost of the Series 2022 Project and is consistent with the report of the Consulting Engineer, as such report shall have been amended or modified.

Consulting Engineer

each disbursement represents a Cost of the Series 2022 Project which has not previously been paid; and

the costs set forth in the requisition are reasonable.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.
Copies of the invoice(s) from the vendor of the property acquired or the services rendered with respect to which disbursement is hereby requested or other similar evidence of proof of payment is on file with the District.

GROVE RESORT COMMUNITY DEVELOPMENT DISTRICT

By: Responsible Officer

Date:	

The undersigned Consulting Engineer hereby certifies that this disbursement is for the Cost of the Series 2022 Project and is consistent with the report of the Consulting Engineer, as such report shall have been amended or modified.

M	E..W,
\o/ 4-/1,b2..'L

Requisition	Vendor	Amount	Special Instructions	Submit Payment

12	

Southern Development & Construction	

$	211,864.25	
Please overnight the payment and include a copy of page(s) 5 of the .pdf file with the payment.	Please overnight the payment to:

Southern Development & Construction, Inc.
2544 Connection Point
Oviedo, FL 32765	

Total	$	211,864.25

GROVE RESORT COMMUNITY DEVELOPMENT DISTRICT

(Acquisition and Construction Fund Requisition)

The undersigned, a Responsible Officer of the Grove Resort Community Development District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture between the District and U.S. Bank National Association, as trustee (the "Trustee"), dated as of April 1, 2017, as supplemented by that certain Third Supplemental Trust Indenture dated as of February 1, 2022 (collectively, the "Indenture") (all capitalized terms used herein shall have the meaning ascribed to such term in the Indenture);

Requisition Number: 12

Name of Payee: Southern Development & Construction

Amount Payable: $211,864.25

Purpose for which paid or incurred (refer also to specific contract if amount is due and payable pursuant to a contract involving progress payments):

Pay Application# IO for Project 2144 (Grove Resort & Spa Ph. II) Through 09/25/2022

The undersigned hereby certifies that:

obligations in the stated amount set forth above have been incurred by the District;

each disbursement set forth above is a proper charge against the Series 2022 Acquisition and Construction Account;

each disbursement set forth above was incurred in connection with the acquisition and/or construction of the Series 2022 Project;

each disbursement represents a Cost of the Series 2022 Project which has not previously been paid; and

the costs set forth in the requisition are reasonable.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.
Copies of the invoice(s) from the vendor of the prope1ty acquired or the services rendered with respect to which disbursement is hereby requested or other similar evidence of proof of payment is on file with the District.

COMMUNITY

The undersigned Consulting Engineer hereby certifies that this disbursement is for the Cost of the Series 2022 Project and is consistent with the repo11 of the Consulting Engineer, as such report shall have been amended or modified.

Application and Certificate For Payment	Page 1

To Owner:

From
(Contractor):	BTI Partners LLC
14501 Grove Reso
#3102
Orlando, FL 34787
Southern Developme Construction, Inc. 2544 Connection
Oviedo, FL 32765	
rt Ave

nt &

Point	Project:

Contractor Job
Number:
Via (Architect):	Grove Resort & Spa Ph. II 15695 Grove Resort Ave Winter Garden, FL 34787

2144	
Application No:
Period To:
Archltect1s Project No:
Contract Date:	10
09/25/22

02/02/22	Date: 09/25/2022	
Phone:	407 977-9898	Contract For:	

Contractor's Application For Payment

Change Order Summary	AddlUons	Deductions	
Change orders approved in
previous months by owner	
Date
Number	Approved
Change
orders approved this month	
Totals	

Net chang by change orders	
The undersigned Contrutor certifies that to the best of the Contractor's knowledge, Information, and belief the work covered by this Applfcatlon for Payment has been completed In accordance with the Contract Documents, that alt amounts have been paid by the Contractor ror work for which previous Cert.mcates for Payment were tssued and payments received from the Owner, and that current payment shown herein Is now due.

Original contract sum

Net change by change orders Contract sum to date
Total completed and stored to date Retainage
5.0% of completed work 0.0% of stored material Total retainage
Total earned less retainage

Less previous certificates of payment

1,701,653.00
0.00
1,701,653.00
1,469,652.12

73,482.61
0.00
73,482.61
1,396,169.51
1,184,305.26

0.00

0.00

0.000% of taxable amount

Architect's Certificate for Payment
In accordance with the Contract Documents, based on on slte observatlons and the data comprising the above application the Architect certifies to the Owner that to the

211,864,251
305,483.49

best of the Architect's knowledge, Information and belief the Work has progressed as Indicated, the quality of the Work Is in accordance with the Contract Documents, and the Contractor Is entltled to payment of the Amount Certified,
Amount Certlfled: 

By: rc...---1-r.::a;-<rr ==--,-=-Date:  \ O /  3  / U,2.;2.....
This	nt Certified is payable only to the Conltaclor named herein. Issuance, payment, and acceptance of payment are without prejudice to any rights of the Owner or Contractor under this Contract.

Grove Resort Community Development District

Review of Districts Financial Position

Statement of Financial Position As of 9/30/2022

General Fund		Debt Service Fund	Debt Service Fund - B		Capital Projects Fund		Capital Projects Fund -
B		General Long Term Debt		
Total	

Current Assets
General Checking Account Prepaid Expenses
Debt Service Reserve - Series 2017A Debt Service Reserve - Series 2022A Revenue - Series 2017A
Prepayment A1 Bond
Capitalized Interest - Series 2022A Principal - Series 2017A Acquisition/Construction - Series 2022A
Total Current Assets	

$137,274.20 48,685.87

$185,960.07	
Assets

$946,262.50 157,837.50
701,370.50
86,084.08
51,582.74
0.21

$1,943,137.53	

$0.00		

$1,345,157.17

$1,345,157.17		

$0.00		

$0.00		

$137,274.20 48,685.87
946,262.50
157,837.50
701,370.50
86,084.08
51,582.74
0.21
1,345,157.17

$3,474,254.77	

Investments
Amount Available in Debt Service Funds Amount To Be Provided
Total Investments	

$0.00	

$0.00	

$0.00		

$0.00		

$0.00		

$1,943,137.53 13,316,862.47

$15,260,000.00		

$1,943,137.53 13,316,862.47

$15,260,000.00	
Total Assets	$185,960.07	
$1,943,137.53	$0.00		$1,345,157.17		$0.00		$15,260,000.00		$18,734,254.77	

Debt Service	Debt Service	Capital Projects	
Fund	Fund - B	Fund	

Capital
General Fund	Projects Fund -
B

General Long Term Debt

Total

Revenues

On-Roll Assessments	$152,272.79												$152,272.79	
Developer Contributions	975.79												975.79	
Other Income & Other Financing Sources	94,191.80												94,191.80	
On-Roll Assessments			$961,958.21										961,958.21	
Other Assessments			87,592.57										87,592.57	
Inter-Fund Group Transfers In			20,438.10										20,438.10	
Debt Proceeds			251,423.97										251,423.97	
Inter-Fund Group Transfers In					$262,142.35								262,142.35	
Inter-Fund Transfers In							($20,438.10)						(20,438.10)	
Debt Proceeds							2,528,576.03						2,528,576.03	
Inter-Fund Transfers In									($262,142.35)				(262,142.35)	
Total Revenues	$247,440.38		$1,321,412.85		$262,142.35		$2,508,137.93		($262,142.35)		$0.00		$4,076,991.16	

Expenses

Supervisor Fees	$200.00	$200.00	
Trustee Services	7,651.16	7,651.16	
Management	25,000.00	25,000.00	
Engineering	19,584.39	19,584.39	
Dissemination Agent	8,750.00	8,750.00	
Property Appraiser	1,301.38	1,301.38	
District Counsel	62,302.73	62,302.73	
Assessment Administration	12,500.00	12,500.00	
Audit	20,000.00	20,000.00	
Travel and Per Diem	545.03	545.03	
Postage & Shipping	813.90	813.90	
Legal Advertising	2,259.36	2,259.36	
Miscellaneous	567.59	567.59	
Office Supplies	125.00	125.00	
Property Taxes	76.29	76.29	
Web Site Maintenance	2,170.00	2,170.00	
Dues, Licenses, and Fees	175.00	175.00	
General Liability Insurance	5,411.00	5,411.00	
Property & Casualty	157,384.00	157,384.00	

General Fund

Debt Service Fund

Debt Service Fund - B

Capital Projects Fund

Projects Fund -	General Long		Total	
		235,000.00	
		723,856.25	
		19,235.96	
		23,431.75	
		826.11	
		7,125,000.00	
		213,750.00	
		5,850.00	
		11,000.00	
		117,791.82	
		6,250.00	
		35,000.00	
		25,500.00	
		1,038,362.12	
$2.82		2.82	
$2.82	$0.00		$9,907,673.66	
		
$354.99	
		5,847.78	
		27,990.30	
		4,510.28	
$1.33		1.33	
$1.33	$0.00		$38,704.68	

($262,143.84)	
$0.00		
($5,791,977.82)	

$262,143.84	
$0.00		
$9,063,926.03	

$0.00	

$0.00		

$3,271,948.21	

B

Principal Payments - Series 2017A			$235,000.00				
Interest Payments - Series 2017A			723,856.25				
Interest Payments - Series 2022A			19,235.96				
Other Debt Service Costs			23,431.75				
Miscellaneous					$826.11		
Principal Payments - Series 2017B					7,125,000.00		
Interest Payments - Series 2017B					213,750.00		
Trustee Services							$5,850.00	
Management							11,000.00	
District Counsel							117,791.82	
Trustee Counsel							6,250.00	
Bond Counsel							35,000.00	
Assessment Administration							25,500.00	
Contingency							1,038,362.12	
Miscellaneous								
Total Expenses	$326,816.83		$1,001,523.96		$7,339,576.11		$1,239,753.94	

 	 

Other Revenues (Expenses) & Gains (Losses)

Interest Income	$354.99				
Interest Income			$5,847.78		
Interest Income					$27,990.30			
Interest Income							$4,510.28	
Interest Income								
Total Other Revenues (Expenses) & Gains (Losses)	$354.99		$5,847.78		$27,990.30		$4,510.28	

Change In Net Assets	
($79,021.46)		
$325,736.67		
($7,049,443.46)		
$1,272,894.27	

Net Assets At Beginning Of Year	
$114,505.58		
$1,617,400.86		
$7,049,443.46		
$20,432.29	

Net Assets At End Of Year	

$35,484.12		

$1,943,137.53		

$0.00		

$1,293,326.56	

Statement of Financial Position As of 9/30/2022

General Fund

Debt Service	Debt Service Fund		Fund - B

Capital Projects Fund

Capital Projects Fund -

General Long Term Debt		Total	

$0.00		

$10,475.95 85,000.00
55,000.00
51,830.61
$202,306.56	

$15,260,000.00
$15,260,000.00		

$15,260,000.00
$15,260,000.00	
$15,260,000.00		$15,462,306.56	

$0.00		

$10,082.02 104,423.56
(79,021.46)

1,617,400.86
325,736.67

20,432.29
1,272,894.27

$3,271,948.21	
			
$15,260,000.00		$18,734,254.77	

B

Current Liabilities		Liabilities and Net Assets			
Accounts Payable	$10,475.95				
Due to Developer	85,000.00				
Due to Hotel Owner	55,000.00				
Retainage Payable			$51,830.61		
Total Current Liabilities	$150,475.95		$51,830.61		$0.00	

 	 

Long Term Liabilities
Revenue Bonds Payable - Long-Term Total Long Term Liabilities

Total Liabilities

Net Assets, Unrestricted	$10,082.02	
Net Assets - General Government	104,423.56	
Current Year Net Assets - General Government	(79,021.46)	

Net Assets

Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Total Net Assets

Total Liabilities and Net Assets

$0.00

$150,475.95

$35,484.12

$185,960.07

$0.00

$51,830.61

$0.00		$0.00	
$0.00		$0.00	
$0.00		$0.00	

$1,617,400.86			
325,736.67			
$1,943,137.53		$0.00	
			
$1,943,137.53		$0.00	

$20,432.29 1,272,894.27

$1,293,326.56

$1,345,157.17

$0.00

$0.00

$0.00

$0.00

 	 

Grove Resort CDD
Budget to Actual
For the Month Ending 9/30/2022

Year To Date
FY 2022
Actual	Budget	Variance	Adopted
Budget

Revenues

On-Roll Assessments	$152,272.79		$149,806.80		$2,465.99		$149,806.80	
Developer Contributions	975.79		975.79		-		975.79	
Carryforward Revenue	77,774.23		49,583.20		28,191.03		49,583.20	
Other Income & Other Financing Sources	94,191.80		137,868.50		(43,676.70)		137,868.50	
Developer Contributions - Deficit Funding/Longboard	-		1,277,760.00		(1,277,760.00)		1,277,760.00	
Net Revenues	$325,214.61		$1,615,994.29		$(1,290,779.68)		$1,615,994.29	

General & Administrative Expenses

Supervisor Fees	$200.00		$0.00		$200.00		$0.00	
Trustee Services	7,651.16		10,000.00		(2,348.84)		10,000.00	
Management	25,000.00		25,000.00		-		25,000.00	
Engineering	19,584.39		5,000.00		14,584.39		5,000.00	
Dissemination Agent	8,750.00		10,000.00		(1,250.00)		10,000.00	
Property Appraiser	1,301.38		1,000.00		301.38		1,000.00	
District Counsel	62,302.73		60,000.00		2,302.73		60,000.00	
Assessment Administration	12,500.00		20,000.00		(7,500.00)		20,000.00	
Reamortization Schedules	-		750.00		(750.00)		750.00	
Audit	20,000.00		10,000.00		10,000.00		10,000.00	
Travel and Per Diem	545.03		500.00		45.03		500.00	
Telephone	-		500.00		(500.00)		500.00	
Postage & Shipping	813.90		300.00		513.90		300.00	
Copies	-		1,000.00		(1,000.00)		1,000.00	
Legal Advertising	2,259.36		4,000.00		(1,740.64)		4,000.00	
Miscellaneous	567.59		13,250.89		(12,683.30)		13,250.89	
Office Supplies	125.00		250.00		(125.00)		250.00	
Property Taxes	76.29		1,400.00		(1,323.71)		1,400.00	
Web Site Maintenance	2,170.00		2,700.00		(530.00)		2,700.00	
Dues, Licenses, and Fees	175.00		175.00		-		175.00	
General Liability Insurance	5,411.00		6,308.40		(897.40)		6,308.40	
Property & Casualty	157,384.00		166,200.00		(8,816.00)		166,200.00	
Deficit Funding/Longboard	-		1,277,760.00		(1,277,760.00)		1,277,760.00	
Total General & Administrative Expenses	$326,816.83		$1,616,094.29		$(1,289,277.46)		$1,616,094.29	
Total Expenses		$326,816.83		  $1,616,094.29		  $(1,289,277.46)		 $1,616,094.29 	

Income (Loss) from Operations	
$(1,602.22)	
$(100.00)	
$(1,502.22)	
$	
(100.00)	

Other Income (Expense)

Interest Income	$354.99		$100.00		$254.99		$	100.00	
Total Other Income (Expense)	$354.99		$100.00		$254.99		$	100.00	
Net Income (Loss)	$(1,247.23)		$	-		$(1,247.23)		$	-	

Page 1 of 1

Grove Resort Community Development District

Staff Reports