WEBVTT 1 00:00:00.945 --> 00:00:02.605 All a meeting to order with the clerk. 2 00:00:02.605 --> 00:00:03.925 Read to do the roll call please. 3 00:00:09.675 --> 00:00:12.055 Uh, John and John, thank you. 4 00:00:12.055 --> 00:00:16.815 Please rise for the P Allion Pledge 5 00:00:16.815 --> 00:00:17.895 Allegiance Flag 6 00:00:22.715 --> 00:00:23.695 one Nation under 7 00:00:24.305 --> 00:00:29.305 individual silence 8 00:00:37.185 --> 00:00:42.015 Thank you. Welcome 9 00:00:42.015 --> 00:00:43.615 meeting, meeting attendees. 10 00:00:46.075 --> 00:00:49.175 Um, and we'll now see if there are any audience comments. 11 00:00:50.925 --> 00:00:55.345 None one these days. Maybe we'll move in the consent agenda. 12 00:00:55.445 --> 00:00:58.585 Agenda as I understand it, items two C through two, 13 00:00:58.745 --> 00:01:00.625 I will be deferred until our next meeting. 14 00:01:01.245 --> 00:01:04.705 So if there's a, a recommendation 15 00:01:04.725 --> 00:01:07.225 to approve the consent agenda items two A 16 00:01:07.225 --> 00:01:11.905 and two B, please, please make the, uh, move motion. 17 00:01:13.105 --> 00:01:15.515 I'll make a motion moved. 18 00:01:15.615 --> 00:01:17.965 And second, move in second 19 00:01:18.025 --> 00:01:20.085 to approve the consent agenda items two A, two B. 20 00:01:20.085 --> 00:01:24.125 All those in favor please say by aye. Aye. Opposed? 21 00:01:24.885 --> 00:01:27.845 A we'll now move into new business. 22 00:01:28.545 --> 00:01:31.165 Yes, sir. So this new item is the acceptance 23 00:01:31.165 --> 00:01:33.045 of the audit report for 2324. 24 00:01:33.185 --> 00:01:35.605 Ms. Leon Norris will give us a little overview 25 00:01:35.605 --> 00:01:38.605 and then your auditors are your audience comments today 26 00:01:38.665 --> 00:01:40.485 to come up and present. Jennifer, 27 00:01:41.035 --> 00:01:42.035 Good morning board. 28 00:01:42.085 --> 00:01:44.845 Jennifer Leon nor finance here to request your acceptance 29 00:01:44.845 --> 00:01:47.645 of Middleton Downtown Community Development Districts audit 30 00:01:47.665 --> 00:01:50.885 report for the year ending September 30th, 2024. 31 00:01:51.425 --> 00:01:53.445 In a moment, I'll um, introduce your auditors, 32 00:01:53.445 --> 00:01:55.845 but just wanted to highlight a few um, items for you. 33 00:01:56.465 --> 00:01:58.605 Uh, this is the first year that the district, uh, 34 00:01:58.665 --> 00:02:00.365 met the threshold to have an audit. 35 00:02:00.635 --> 00:02:04.205 Therefore, um, year to year comparison is, um, different 36 00:02:04.205 --> 00:02:06.525 because the activity grew from the prior year. 37 00:02:07.025 --> 00:02:09.725 Uh, the district has two funds, the general fund 38 00:02:09.785 --> 00:02:11.125 and the project wide fund. 39 00:02:11.585 --> 00:02:13.045 And at the entity wide level, 40 00:02:13.045 --> 00:02:17.405 your total assets are at 429 million, 41 00:02:17.985 --> 00:02:22.765 um, excuse me, 429,000, um, roughly that, uh, cash 42 00:02:22.785 --> 00:02:26.045 and cash, um, uh, equivalence of 260,000 43 00:02:26.235 --> 00:02:28.925 with total liabilities at 278,000. 44 00:02:29.145 --> 00:02:32.365 And your net position is at 151,000 for the year. 45 00:02:32.755 --> 00:02:36.725 Your overall decrease or change in net position is 151,000. 46 00:02:37.025 --> 00:02:38.125 Of course, that's just 47 00:02:38.125 --> 00:02:39.645 because this is your, your first year. 48 00:02:39.705 --> 00:02:42.205 So there wasn't, um, any change, uh, 49 00:02:42.225 --> 00:02:44.405 or that was just an increase from from last year. 50 00:02:44.705 --> 00:02:47.565 You have no capital assets, so no depreciation expense 51 00:02:47.565 --> 00:02:49.485 for the year and no long-term debt. 52 00:02:50.105 --> 00:02:52.485 Uh, the finance department is focused on making sure 53 00:02:52.485 --> 00:02:55.045 that your district has the funds to pay your everyday 54 00:02:55.685 --> 00:02:57.925 expenses and works to record transactions accurately 55 00:02:57.925 --> 00:02:59.005 and timely to pro 56 00:02:59.105 --> 00:03:01.245 to provide the best level reporting to the board. 57 00:03:01.505 --> 00:03:03.245 As always, the finance department is available 58 00:03:03.345 --> 00:03:06.005 for any questions that you might have about your interim 59 00:03:06.075 --> 00:03:08.965 financial statements or your audit report presented today. 60 00:03:09.105 --> 00:03:11.685 So I just wanted to thank Purvis Gray for keeping us up 61 00:03:11.685 --> 00:03:12.845 to date with the GA B standards 62 00:03:12.865 --> 00:03:14.405 and all the other reporting requirements. 63 00:03:14.745 --> 00:03:17.725 And lastly, thank, uh, thank the district departments 64 00:03:17.725 --> 00:03:20.725 because they have a lot to do with, uh, the audit report 65 00:03:20.725 --> 00:03:23.285 and answering the questions, uh, for the auditors. 66 00:03:23.285 --> 00:03:24.725 So, with that said, I'm just going 67 00:03:24.725 --> 00:03:26.685 to introduce your, um, auditors. 68 00:03:26.705 --> 00:03:28.445 Uh, Katie Eno is presenting today. 69 00:03:31.595 --> 00:03:34.915 Good morning everybody. Can you hear me? Okay? Fabulous. 70 00:03:35.875 --> 00:03:37.235 I kind of wanna go over the areas 71 00:03:37.465 --> 00:03:39.555 that are different from the audit report 72 00:03:39.555 --> 00:03:40.795 that you're gonna see today versus 73 00:03:40.795 --> 00:03:42.035 what you would see on a monthly basis. 74 00:03:42.575 --> 00:03:44.435 The first one is your independent auditor report. 75 00:03:44.775 --> 00:03:46.835 We are pleased to say that you did not have any issues 76 00:03:46.835 --> 00:03:49.395 or concerns that needed to be highlighted in this report 77 00:03:49.415 --> 00:03:51.435 and that the district received an unmodified opinion, 78 00:03:51.435 --> 00:03:52.635 which is the highest level 79 00:03:52.635 --> 00:03:55.155 that one can get on their financial presentation. 80 00:03:55.775 --> 00:03:57.035 We also present a report 81 00:03:57.175 --> 00:03:59.515 for your governmental auditing standards, 82 00:03:59.515 --> 00:04:00.715 which is your internal control letter. 83 00:04:00.975 --> 00:04:03.915 And while we do not present a opinion on that, 84 00:04:04.055 --> 00:04:06.675 we do utilize the internal controls of the district 85 00:04:06.855 --> 00:04:08.635 to inform your financial audit to ensure 86 00:04:08.635 --> 00:04:09.755 that there are controls in place 87 00:04:09.975 --> 00:04:11.955 and that it supports the financial information. 88 00:04:12.375 --> 00:04:13.595 We did not have any issues 89 00:04:13.595 --> 00:04:15.795 or concerns that required any kind of communication 90 00:04:16.335 --> 00:04:17.875 as they would've been highlighted in that report. 91 00:04:17.935 --> 00:04:20.315 Had there been. We also have two items 92 00:04:20.465 --> 00:04:21.675 that are related to the state. 93 00:04:21.775 --> 00:04:23.555 The state likes to look at certain things, 94 00:04:23.555 --> 00:04:24.875 and one of them is your management letter. 95 00:04:25.065 --> 00:04:26.635 They wanna ensure that the district is 96 00:04:26.635 --> 00:04:28.395 of fi a sound financial position in which it was, 97 00:04:28.395 --> 00:04:30.275 there were no items that were required communication. 98 00:04:30.665 --> 00:04:32.195 They also like to make sure there were no issues 99 00:04:32.195 --> 00:04:34.195 or concerns that of other types of areas 100 00:04:34.865 --> 00:04:36.595 that required communication and there were none. 101 00:04:36.735 --> 00:04:39.395 So you received a, a clean and opinion as you can get. 102 00:04:39.395 --> 00:04:41.355 Not really opinion, but clean a presentation 103 00:04:41.535 --> 00:04:42.555 on your management letter. 104 00:04:43.015 --> 00:04:44.715 You also get an investment report. 105 00:04:44.735 --> 00:04:47.035 The state wants to ensure that districts are proper stewards 106 00:04:47.035 --> 00:04:48.315 of public funds to make sure 107 00:04:48.315 --> 00:04:49.755 that the investments are in line 108 00:04:49.865 --> 00:04:51.595 with the state statutory requirements 109 00:04:51.595 --> 00:04:54.075 and also a policy that is presented for the district. 110 00:04:54.375 --> 00:04:56.115 We did not find any issues or concerns, 111 00:04:56.255 --> 00:04:58.115 and the practice was consistent 112 00:04:58.115 --> 00:04:59.355 with the statutory requirements. 113 00:05:00.385 --> 00:05:02.795 There's also a letter that's directly from us to the board, 114 00:05:03.015 --> 00:05:05.275 and that highlights areas that are of interest, such 115 00:05:05.275 --> 00:05:06.835 as estimates and kind 116 00:05:06.835 --> 00:05:08.315 of issues we might have had with management. 117 00:05:08.495 --> 00:05:10.235 We did not have any issues with management, 118 00:05:10.295 --> 00:05:11.675 and your estimates were in line 119 00:05:11.675 --> 00:05:13.115 with expectations for the industry. 120 00:05:14.295 --> 00:05:16.595 Lastly, since it's your first year of operations, you'll see 121 00:05:16.595 --> 00:05:17.555 that obviously there was nothing 122 00:05:17.555 --> 00:05:18.755 last year in a lot this year. 123 00:05:19.375 --> 00:05:21.835 You did have you for your general fund, 124 00:05:21.835 --> 00:05:23.195 you did have your maintenance expenditures, 125 00:05:23.195 --> 00:05:25.075 which were in line with budget, and ours was the largest 126 00:05:25.145 --> 00:05:27.555 expenditure for that particular fund. 127 00:05:28.015 --> 00:05:29.835 You also do have an allocation that is done 128 00:05:29.835 --> 00:05:32.795 between the downtown area as well as Middleton A 129 00:05:32.895 --> 00:05:34.155 to cover those costs. 130 00:05:35.455 --> 00:05:38.035 And also that that assessment is based on acreage. 131 00:05:38.135 --> 00:05:40.475 So however much space is in each one, they pay 132 00:05:40.475 --> 00:05:41.835 for their portion of those expenses. 133 00:05:41.855 --> 00:05:44.075 And you can see that in the allocation as well 134 00:05:44.075 --> 00:05:46.475 as the actual for your downtown. 135 00:05:46.505 --> 00:05:49.155 It's mostly developer reimbursement that says is incurred 136 00:05:49.155 --> 00:05:51.955 or directly in, directly reimbursed from the developer. 137 00:05:52.095 --> 00:05:54.235 And that's the activity that you will see in that fund. 138 00:05:54.855 --> 00:05:57.035 All this information was consistent with expectations 139 00:05:57.280 --> 00:05:59.300 and the budgets that were approved by the governing body. 140 00:06:00.255 --> 00:06:02.725 Other than that, I did not have any other prepared remarks. 141 00:06:02.725 --> 00:06:03.965 Does anyone have any questions? 142 00:06:04.835 --> 00:06:07.695 No question. No. Thank you. 143 00:06:07.985 --> 00:06:09.575 Thank you. Also, 144 00:06:09.575 --> 00:06:11.415 one last thing I would like to point out, just as Ms. 145 00:06:11.415 --> 00:06:13.815 Leones did that we get excellent cooperation from every 146 00:06:13.815 --> 00:06:16.855 level of management and staff at the districts. 147 00:06:17.075 --> 00:06:18.455 We do not, there's not a department 148 00:06:18.455 --> 00:06:19.695 that is not bothered by us. 149 00:06:19.835 --> 00:06:22.935 We spend a lot of time talking to every single person 150 00:06:23.195 --> 00:06:25.095 to make sure we have a clear financial picture 151 00:06:25.235 --> 00:06:26.855 as also an operational picture of 152 00:06:26.855 --> 00:06:28.015 how things are going with the district. 153 00:06:28.155 --> 00:06:30.695 And everyone meets with us for a week solid in the summer. 154 00:06:30.915 --> 00:06:32.735 And then we are here for several weeks 155 00:06:32.925 --> 00:06:35.255 between the fall and the early spring. 156 00:06:35.515 --> 00:06:37.055 So we spend quite a bit of time here 157 00:06:37.055 --> 00:06:38.255 and we get excellent cooperation. 158 00:06:38.255 --> 00:06:39.415 That's the only way we can finish. 159 00:06:39.515 --> 00:06:42.415 Was it 2026 this semester? 26 audits. 160 00:06:42.995 --> 00:06:44.455 So it is quite a, quite an undertaking. 161 00:06:44.695 --> 00:06:46.055 I just wanted to make sure that everybody knows 162 00:06:46.055 --> 00:06:47.415 that we do get great cooperation. 163 00:06:48.235 --> 00:06:51.055 That's nothing else. Thank you. 164 00:06:51.185 --> 00:06:54.655 Thank you. We would just need a 165 00:06:54.655 --> 00:06:55.735 motion to accept the audit. 166 00:06:56.755 --> 00:06:59.575 Motion to accept the audit. I'll make the motion second. 167 00:07:00.315 --> 00:07:02.935 We second. All those in favor, please, your honor. 168 00:07:03.525 --> 00:07:04.935 Opposed? Passed. 169 00:07:05.365 --> 00:07:06.575 Very good. Thank you. Thank you. 170 00:07:08.735 --> 00:07:12.705 Good, Good Morning board again. 171 00:07:12.705 --> 00:07:16.505 It's Jennifer Leah North here to, uh, request your adoption 172 00:07:16.505 --> 00:07:19.265 of resolution 2025 dash zero six 173 00:07:19.565 --> 00:07:21.705 to adopt a short-term investment policy. 174 00:07:22.135 --> 00:07:24.825 Middleton Downtown Community Community Development District 175 00:07:24.825 --> 00:07:26.505 is a unit of local GO government and 176 00:07:26.505 --> 00:07:30.745 therefore is required to follow Florida Statute 2 18 4 1 5, 177 00:07:30.955 --> 00:07:33.225 which outlines how public funds must be handled. 178 00:07:33.565 --> 00:07:36.065 The short term investment policy provides investment 179 00:07:36.115 --> 00:07:38.065 objectives, performance measures, 180 00:07:38.125 --> 00:07:40.945 and a list of authorized investments just to name a few. 181 00:07:41.055 --> 00:07:42.265 It's it's best practice 182 00:07:42.265 --> 00:07:44.665 to have a written policy formalizing the framework 183 00:07:44.665 --> 00:07:46.185 of the district's daily investments. 184 00:07:46.565 --> 00:07:48.505 So staff is recommending, um, 185 00:07:48.805 --> 00:07:52.985 you adopt resolution 2025 dash zero six, adopt, 186 00:07:53.385 --> 00:07:55.705 adopting Middleton Downtown Community Development District 187 00:07:55.715 --> 00:07:57.985 Short-term Investment Policy. I'm here to answer 188 00:07:57.985 --> 00:07:59.305 Any questions and policy is consistent 189 00:07:59.305 --> 00:08:01.025 with all the districts that we have of you. 190 00:08:01.325 --> 00:08:03.105 Is there a motion to approve? Stop. 191 00:08:04.175 --> 00:08:07.385 I'll make the motion move. Second. Second. 192 00:08:07.505 --> 00:08:11.625 All aye. Opposed? Passes. Thank 193 00:08:11.625 --> 00:08:12.265 You. Thank you. 194 00:08:12.395 --> 00:08:16.345 Thank you. And the next item, sir, will we pulled as well? 195 00:08:16.685 --> 00:08:18.025 Uh, we go back 196 00:08:18.025 --> 00:08:20.185 to the ton Maintenance advisory committee next. 197 00:08:20.185 --> 00:08:21.425 Further approval for here. 198 00:08:21.605 --> 00:08:24.625 So is there informational items only? 199 00:08:24.725 --> 00:08:27.225 If you have any questions, we can certainly address those. 200 00:08:28.405 --> 00:08:31.225 Any questions? Any commission items? Rolling? No sir. 201 00:08:31.705 --> 00:08:33.305 Question. District manager 202 00:08:33.325 --> 00:08:34.325 Report? Yes, sir. So 203 00:08:34.325 --> 00:08:34.865 two items. 204 00:08:35.085 --> 00:08:36.785 One is, um, knowing that, uh, 205 00:08:36.885 --> 00:08:38.745 we did run into a little snafu this month 206 00:08:38.745 --> 00:08:40.105 with Middleton Maintenance Advisory Committee. 207 00:08:40.325 --> 00:08:42.945 Uh, one representative from Middleton A was not available. 208 00:08:43.205 --> 00:08:45.785 So, which prompted us to make sure 209 00:08:45.785 --> 00:08:47.025 that we should have alternates. 210 00:08:47.205 --> 00:08:49.185 So I know Mr. Levins is your primary. 211 00:08:50.045 --> 00:08:52.025 Uh, we would just seek to, uh, 212 00:08:52.135 --> 00:08:55.565 have Mr. 213 00:08:55.665 --> 00:08:59.925 Levins can't make it. Um, from, from this, from this board. 214 00:09:01.905 --> 00:09:05.245 It meets at 8:00 AM right before this meeting at eight 30. 215 00:09:05.985 --> 00:09:07.965 Uh, so it's just your pleasure. 216 00:09:08.025 --> 00:09:10.205 You would like to, to be an alternate 217 00:09:10.225 --> 00:09:11.405 to Levins is the primary. 218 00:09:13.685 --> 00:09:14.865 You're looking for that this 219 00:09:14.865 --> 00:09:15.865 Morning? Yes, sir. 220 00:09:15.865 --> 00:09:17.905 But there's two people that aren't here. 221 00:09:17.905 --> 00:09:19.305 Those usually, that a good idea? Yeah. 222 00:09:19.535 --> 00:09:22.065 Here you can pick one of those. And 223 00:09:24.925 --> 00:09:27.505 Anyone here interested, only 224 00:09:29.165 --> 00:09:30.315 interested in doing it? 225 00:09:30.835 --> 00:09:31.915 I I could do it. Okay. 226 00:09:31.915 --> 00:09:33.595 We have, we have without volunteer. Okay. 227 00:09:34.055 --> 00:09:35.155 So Don's the primary 228 00:09:35.255 --> 00:09:37.755 and if you just wanna make a motion to appoint John as your, 229 00:09:37.775 --> 00:09:38.835 uh, alternate 230 00:09:39.175 --> 00:09:40.175 The alternate. Second. 231 00:09:40.175 --> 00:09:44.035 Second. All the favor. They aye. 232 00:09:44.985 --> 00:09:48.275 Very good. The last item, sir, is, uh, just to remind you 233 00:09:48.275 --> 00:09:50.995 that next month we meet a June 6th, 234 00:09:51.005 --> 00:09:52.715 which is a little bit earlier than usual 235 00:09:52.715 --> 00:09:54.875 because of, we have to have the budgets approved. 236 00:09:55.455 --> 00:09:57.395 So you, you're meeting a week ahead of schedule. 237 00:09:57.575 --> 00:10:01.195 Uh, basically, so June 6th, we do need that quorum 238 00:10:01.195 --> 00:10:05.315 to be able to budget June preliminary budget. 239 00:10:06.175 --> 00:10:08.395 Budget. So the numbers that are presented June, 240 00:10:11.415 --> 00:10:13.555 uh, when we go to September 241 00:10:17.245 --> 00:10:19.435 below, so June 6th, eight 30 242 00:10:19.695 --> 00:10:21.235 to approve the preliminary budget. 243 00:10:21.375 --> 00:10:22.795 And those are all my comments, sir. 244 00:10:23.485 --> 00:10:26.585 Mr. Council, Before we see you again in June, 245 00:10:26.605 --> 00:10:27.985 you'll be getting an email from the state 246 00:10:27.985 --> 00:10:30.505 of Florida reminding you that your financial disclosures 247 00:10:31.205 --> 00:10:32.465 are due by July 1st. 248 00:10:32.965 --> 00:10:34.825 And that email, it's all done electronically. 249 00:10:34.845 --> 00:10:37.985 Now, uh, that email is the way you'll get to the website 250 00:10:37.985 --> 00:10:39.265 to do your financial disclosures. 251 00:10:39.485 --> 00:10:41.465 That's going to your district gov email address. 252 00:10:41.465 --> 00:10:43.865 So if you don't check that regularly, you will want 253 00:10:43.865 --> 00:10:45.745 to check it, um, towards the end of May. 254 00:10:45.905 --> 00:10:47.785 I think the last week of May, we're expecting those 255 00:10:47.785 --> 00:10:50.185 to be issued by, by the department. 256 00:10:50.515 --> 00:10:55.305 Thank you. Any supervisor or comments? No. 257 00:10:55.305 --> 00:10:59.425 Seeing none. I'll move to adjourn. Second. 258 00:11:00.005 --> 00:11:02.145 All in favor? Aye. Aye. Adjourned. 259 00:11:02.475 --> 00:11:05.305 Thank you. We'll see you in a couple weeks. 260 00:11:05.475 --> 00:11:06.905 It'll be a short turnaround, but.