Eden Hills Community Development District ANNUAL FINANCIAL REPORT
September 30, 2022

Eden Hills Community Development District ANNUAL FINANCIAL REPORT
September 30, 2022 TABLE OF CONTENTS
Page Number

REPORT OF INDEPENDENT AUDITORS	1-3
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-9
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements:
Statement of Net Position	10
Statement of Activities	11
Fund Financial Statements:
Balance Sheet – Governmental Funds	12
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	13
Statement of Revenues, Expenditures and Changes in Fund
Balances – Governmental Funds	14
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	15
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	16
Notes to Financial Statements	17-30
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	31-32
MANAGEMENT LETTER	33-35
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	36

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Eden Hills Community Development District Lake Alfred, Florida

Report on Audit of the Financial Statements

Opinion

We have audited the financial statements of the governmental activities and each major fund of Eden Hills Community Development District (the “District”), as of and for the year ended September 30, 2022, and the related notes to financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of Eden Hills Community Development District as of September 30, 2022, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS), and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management 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; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

- 1 -

To the Board of Supervisors
Eden Hills Community Development District

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for one year beyond the financial statement date, including currently known information that may raise substantial doubt thereafter.

Auditor’s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore, is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements.

In performing an audit in accordance with GAAS and Government Auditing Standards, we:

Exercise professional judgement and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgement, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

- 2 -

To the Board of Supervisors
Eden Hills Community Development District

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that Management’s Discussion and Analysis be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge 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 October 6, 2023 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 Eden Hills Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida October 6, 2023

- 3 -

Management’s discussion and analysis of Eden Hills 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 comprise 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 the change in net position. Governmental activities are primarily supported by special assessments.

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 is 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.

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. Governmental activities financed by the District include general government, physical environment and debt service.

Fund financial statements present financial information for governmental funds. 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.

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. 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. 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, reconciliations are 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, capital assets and long-term debt are some of the items included in the notes to financial statements.

Financial Highlights

The following are the highlights of financial activity for the fiscal year ended September 30, 2022.

The District’s assets exceeded liabilities by $1,969,964 (net position). Net investment in capital assets was $2,402,300. Unrestricted net position was $(432,336).

Governmental activities revenues totaled $3,107,916, while governmental activities expenses totaled $864,389.

Financial Analysis of the District

The following schedule provides a summary of the assets, liabilities and net position of the District and is presented by category for comparison purposes.

Net Position

Governmental Activities
	2022		2021	

Current assets	
$	16,506		
$	126,598	
Restricted assets	1,651,789		144,465	
Capital assets		14,809,875 			5,251,449 	
Total Assets		16,478,170 			5,522,512 	
Current liabilities	1,389,642		328,260	
Non-current liabilities		13,118,564 			5,467,815  *	
Total Liabilities		14,508,206 			5,796,075 	

Net Position				
Net investment in capital assets	2,402,300	(271,366) *	
Restricted net position	-	10,453	
Unrestricted		(432,336)		(12,650)	

Total Net Position

 $	1,969,964 

 $	(273,563)

 	

*Restated

The decrease in current assets is related to the decrease in due from developer in the current year.

The increase in capital assets is related to the capital projects activity in the current year.

The increase in restricted assets and non-current liabilities is related to the issuance of long- term debt in the current year.

The increase in current liabilities is mainly related to the increase in contracts/retainage payable in the current year.

Financial Analysis of the District (Continued)
The following schedule provides a summary of the changes in net position of the District and is presented by category for comparison purposes.
Change In Net Position

Governmental Activities
	2022		2021	
Program Revenues				
Charges for services	$	287,706		$	103,913	
Operating contributions	1,108		79,953	
Capital contributions	2,806,698		- *	
Investment income		12,404 			30 	
Total Revenues		3,107,916 			183,896 	

Expenses
General government	

93,961		

106,261	
Physical environment	38,579		1,950	
Interest and other charges		731,849 			359,688 	
Total Expenses		864,389 			467,899 	
Change in Net Position	2,243,527		(284,003)	
Net Position - Beginning of Period		(273,563)			10,440 	
Net Position - End of Period	 $	1,969,964 		 $	(273,563) *	

*Restated				

The increase in charges for services is related to the increase special assessments in the current year.

The increase in capital contributions is related to the payment of a note payable in the current year.

The decrease in general government is mainly related to the decrease in boundary amendment expenses in the current year.

The increase in physical environment expenses is related to the increased cost of maintaining improvements as they are constructed.

The increase in interest and other charges is mainly related to the cost of issuance of long-term debt in the current year.

Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of September 30, 2022 and 2021.

Governmental Activities
2022	2021

Land

$	1,450,000

$	1,450,000

Construction in progress		13,359,875 		3,801,449 	
Total	 $ 14,809,875 	 $	5,251,449 	

Current year activity consisted of additions of $9,558,426 of construction in progress.
General Fund Budgetary Highlights
Actual expenditures were less than the budgeted expenditures because engineering and legal fees and maintenance costs were lower than anticipated.
There were no amendments to the September 30, 2022 budget.
Debt Management

Governmental Activities debt includes the following:

In November 2020, the District issued $2,950,000 Series 2020 Special Assessment Bonds. These bonds were issued to finance a portion or all of the costs of the planning, financing, acquisition, construction, equipping and installation of the Series 2020 Project. As of September 30, 2022, the balance outstanding was $2,895,000.

In February 2022, the District issued $10,465,000 Series 2022 Special Assessment Bonds. These bonds were issued to finance a portion or all of the costs of the planning, financing, acquisition, construction, equipping and installation of the Series 2022 Project. As of September 30, 2022, the balance outstanding was $10,465,000.

Economic Factors and Next Year’s Budget
Eden Hills Community Development District will continue to construct the Capital Projects. The District does not anticipate any other factors on operations for the year ended September 30, 2023.

Request for Information
The financial report is designed to provide a general overview of Eden Hills 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 the Eden Hills Community Development District, Governmental Management Services, LLC, 219 East Livingston Street, Orlando, Florida, 32801.

Eden Hills Community Development District STATEMENT OF NET POSITION
September 30, 2022

ASSETS	
Current Assets	
Cash	
Assessments receivable	
Prepaid expenses	
Total Current Assets	
Non-Current Assets:	
Restricted assets:	
Investments	
Capital Assets, not being depreciated	
Land	
Construction in progress	
Total Non-Current Assets	
Total Assets	

Governmental Activities

$	8,761	
613	
	7,132 	
	16,506 	

LIABILITIES	
Current Liabilities	
Accounts payable and accrued expenses	
Contracts/retainage payable	
Accrued interest	
Bonds payable	
Total Current Liabilities	
Non-Current Liabilities:	
Bonds payable, net	
Total Non-Current Liabilities	
Total Liabilities	

1,651,789

1,450,000	
     13,359,875 	
     16,461,664 	
     16,478,170 	

5,938	
867,017	
266,687	
       250,000 	
      1,389,642 	

	13,118,564 
	13,118,564 
	14,508,206 

NET POSITION	
Net investment in capital assets	
Unrestricted	
Total Net Position	

2,402,300
	(432,336)
 $	1,969,964 

See accompanying notes to financial statements.

- 10 -

Eden Hills Community Development District STATEMENT OF ACTIVITIES
For the Fiscal Year Ended September 30, 2022

Functions/Programs	
Governmental Activities	
General government	
Physical environment	
Interest and other charges	
Total Governmental Activities	

Net (Expenses)	
Revenues and	
Changes in	
		Program Revenues		Net Position	
	Charges for	Operating Grants	Capital Grants	Governmental	
Expenses	Services	and Contributions	and Contributions	Activities	

   	 

See accompanying notes to financial statements.

$	(93,961)	
$	77,481	
$	1,108	
(38,579)	32,483	-	
	(731,849)		177,742 		- 	
 $	(864,389)	 $	287,706 	 $	1,108 	

$	-	
$	(15,372)	
2,806,698	2,800,602	
	- 		(554,107)	
 $	2,806,698 	2,231,123	

	12,404 

General Revenues	
Investment income	

Change in Net Position	2,243,527

Net Position - October 1, 2021	
Net Position - September 30, 2022	

	(273,563)	
 $	1,969,964 	

- 11 -

Eden Hills Community Development District BALANCE SHEET –
GOVERNMENTAL FUNDS
September 30, 2022

Total	
Governmental	
	Funds		

Debt	Capital

ASSETS	
Cash	
Assessments receivable	
Prepaid expenses	
Restricted assets	
Investments, at fair value	
Total Assets	

$	7,900	
247	
7,132	

$	-	
366	
-	

$	861	
-	
-	

$	8,761	
613	
7,132	

LIABILITIES AND FUND BALANCES	
LIABILITIES	
Accounts payable and accrued expenses	
Contracts/retainage payable	
Total Liabilities	

$	5,938	$	-	$	-	$	5,938	
	- 		- 		867,017 		867,017 	
	5,938 		- 		867,017 		872,955 	

FUND BALANCES	
Nonspendable - prepaid expenses	
Restricted for debt service	
Unassigned	
Total Fund Balances	

7,132	
-	
      2,209 	
      9,341 	

-	
1,028,838	
        - 	
   1,028,838 	

-	
-	
   (242,839)	
   (242,839)	

7,132	
1,028,838	
   (240,630)	
    795,340 	

	1,651,789 	
 $ 1,668,295 	

	- 		1,028,472 		623,317 	
 $	15,279 	 $ 1,028,838 	 $	624,178 	

	General	 	Service	 	Projects	

Total Liabilities and Fund Balances

 $	15,279 

 $ 1,028,838 

 $	624,178 

 $ 1,668,295 

   

See accompanying notes to financial statements.

Eden Hills Community Development District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES
TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2022

Total Governmental Fund Balances

Amounts reported for governmental activities in the Statement of Net Position	
are different because:	

$	795,340

Capital assets, land, $1,450,000, and construction in progress, $13,359,875,	
used in governmental activities are not current financial resources	
and therefore, are not reported at the fund level.	

14,809,875

Long-term liabilities, including bonds payable, $(13,360,000), and bond	
premium, net, $(8,564), are not due and payable in the current period	
and therefore, are not reported at the fund level.	(13,368,564)	

Accrued interest expense for long-term debt is not a current financial use and	
therefore, is not reported in the funds.	

	(266,687)

Net Position of Governmental Activities	 $	1,969,964 

See accompanying notes to financial statements.

Eden Hills Community Development District STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES – GOVERNMENTAL FUNDS
For the Fiscal Year Ended September 30, 2022

Total
Debt	Capital	Governmental

Revenues	
Developer contributions	
Special assessments	
Investment earnings	
Total Revenues	

$	-	
177,742	
	3,299 	
	181,041 	

$	-	
-	
	9,105 	
	9,105 	

$	1,108	
287,706	
	12,404 	
	301,218 	

Expenditures		
Current		
General government	92,022	
Physical environment	38,579	
Capital outlay	-	
Debt service:		
Principal	-	
Interest	-	
Other		- 	
Total Expenditures		130,601 	

1,838	
-	
-	

101	
-	
9,558,426	

93,961	
38,579	
9,558,426	

	General 	
$	1,108	
109,964	
	- 	
	111,072 	

	Service	 	Projects	 	Funds	

55,000	
114,525	
       - 	
   171,363 	

894,273	
-	
    398,660 	
  10,851,460 	

949,273	
114,525	
    398,660 	
   11,153,424 	

Excess of revenues over/(under)		
expenditures		(19,529)	

	9,678   (10,842,355) 	(10,852,206)

Other Financing Sources/(Uses)		
Transfers in	-	
Transfers out	-	
Issuance of long-term debt			- 	
Total Other Financing Sources/(Uses) 		- 	

7,139	
-	
   867,811 	
   874,950 	

-	
(7,139)	
  10,734,213 	
  10,727,074 	

7,139	
(7,139)	
   11,602,024 	
   11,602,024 	

Net change in fund balances	(19,529)	

884,628	(115,281)	749,818

Fund Balances - October 1, 2021		28,870 	

	144,210  	(127,558) 	45,522 

Fund Balances - September 30, 2022	 $	9,341 	 $1,028,838   $  (242,839)	

 $	795,340 

See accompanying notes to financial statements.

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
For the Fiscal Year Ended September 30, 2022

Net Change in Fund Balances - Total Governmental Funds

Amounts reported for governmental activities in the Statement of Activities are	
different because:	

The issuance of long-term debt is recorded as an other financing source	
at the fund level, however, the proceeds increase liabilities at the	
government-wide level.	

The contribution of capital to pay-off a note payable, did not involve current	
resources, and therefore, was not recognized at the fund level.	

The payment of principal on long-term debt is recognized as an expenditure at the	
fund level, howerver, it reduces liabilities at the government-wide level.	

Bond premium is recognized as an other financing source in the year the bonds are	
issued at the fund level, however, the premium is combined with bonds payable	
at the government-wide level and amortized over the life of the bonds.	

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 capital outlay	
in the current year.	9,558,426	

$	749,818

(11,602,024)

2,806,698

949,273

304

In the Statement of Activities, interest is accrued on outstanding bonds;		
whereas in governmental funds, interest expenditures are reported when		
due. This is the change in accrued interest during the current period.		(218,968)	

Change in Net Position of Governmental Activities	 $	2,243,527 

See accompanying notes to financial statements.

(19,529)	(19,529)	

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND
For the Fiscal Year Ended September 30, 2022

Variance with	
Final Budget	
Positive	
(Negative)	

Original	
Budget	

Final	
Budget	

Revenues	
Developer contributions	
Special assessments	
Total Revenues	
Expenditures	
Current	
General government	
Physical environment	
Culture/recreation	
Total Expenditures	

148,925	
135,500	
   39,842 	
  324,267 	

148,925	
135,500	
   39,842 	
  324,267 	

92,022	
38,579	
       - 	
   130,601 	

56,903	
96,921	
     39,842 	
    193,666 	

$ 217,767	$ 217,767	$	1,108	$	(216,659)	
	106,500 		106,500 		109,964 		3,464 	
	324,267 		324,267 		111,072 		(213,195)	

Actual

Net Change in Fund Balances	-	-		
Fund Balances - October 1, 2021		- 		- 		28,870 		28,870 	
Fund Balances - September 30, 2022	 $	- 	 $	- 	 $	9,341 	 $	9,341 	

See accompanying notes to financial statements.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of 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 October 21, 2019, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act"), and by Ordinance No 1422-19, as amended by Ordinance 1456-21 on June 16, 2021, of the City Commission of the City of Lake Alfred, Florida, as a Community Development District. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing district roads, landscaping, and other basic infrastructure projects within or outside the boundaries of the Eden Hills Community Development District. The District is governed by a five member Board of Supervisors. All the Supervisors are employed by the Developer. The District operates within the criteria established by Chapter 190, Florida Statutes.

As required by GAAP, these financial statements present the Eden Hills 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 including, but 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 in Governmental Accounting Standards Board, The Financial Reporting Entity, 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

Government-wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.

Governmental activities are supported by developer contributions and interest. 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 financing 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.

Nonspendable 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.

Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances can also be assigned by the District’s management company.

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)
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. 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.

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.

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 other financing sources) and decreases (expenditures and other financing uses) 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 are 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 are recorded only when payment is due.

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.

Basis of Presentation (Continued)
Governmental Major Funds (Continued)
Debt Service Fund – Accounts for debt service requirements to retire certain capital improvement revenue bonds which were used to finance the construction of District infrastructure improvements and finance certain additional improvements. The bond series is secured by a pledge of debt service special assessment revenues in any fiscal year related to the improvements. A lien is placed on all benefited land in relationship to the debt outstanding.
Capital Projects Fund – The Capital Projects Fund accounts for the construction of infrastructure improvements within the District.
Non-current Governmental Assets/Liabilities
GASB Statement 34 requires that non-current governmental assets, such as land and improvements, and non-current governmental liabilities, such as general obligation bonds and due to developer 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.

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

Cash and Investments (Continued)

Cash equivalents include time deposits 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.

Capital Assets

Capital assets, which include land and construction in progress, are reported in the applicable governmental 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.

Bond Premium

Bond premiums associated with the issuance of bonds are amortized over the life of the bonds using the straight line method of accounting.

Budgets

Budgets are prepared and adopted after public hearings for the governmental funds, pursuant to Chapter 190, 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. A formal budget is adopted for the general fund. As a result, deficits in the budget columns of the accompanying financial statements may occur.

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

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, $795,340, differs from “net position” of governmental activities, $1,969,964, 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 (construction in progress, 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.

Construction in progress	$	13,359,875	
Land		1,450,000 	
Total	$	14,809,875 	

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, 2022 were:

Bonds payable		$	(13,360,000)	
Bond premium, net			(8,564)	
Total		$	(13,368,564)	
Accrued interest			
Accrued liabilities in the Statement of	Net	Position differ from the amount reported in	
governmental funds due to the accrued interest on bonds.

Accrued interest	$	(266,687)

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities
The “net change in fund balances” for government funds, $749,818, differs from the “change in net position” for governmental activities, $2,243,527, 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 below:
Capital related items
When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation. As a result, fund balances decrease by the amount of financial resources expended, whereas net position decrease by the amount of depreciation charged for the year.
Capital outlay	$	9,558,426 

Long-term debt transactions
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	$	(218,968)

Proceeds from the issuance of long-term debt is recognized as an other financing source at the fund level. These proceeds increase liabilities at the government-wide level.

Issuance of long-term debt	$	(11,602,024)

The repayment of long-term liabilities is reported as an expenditure at the fund level, but such repayments reduce long-term liabilities at the government-wide level.

Principal payments	$	949,273 

Amortization of the bond discount does not require the use of current resources and therefore is not reported in the governmental funds.
Amortization of bond premium	$	304 

The contribution of capital to retire a note payable does not involve current resource and therefore, is not reported at the fund level.

Capital contribution	$	2,806,698

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, 2022, the District's bank balance was $8,961 and the carrying value was $8,761. 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.

As of September 30, 2022, the District had the following investments and maturities:

Investment	Maturities	Fair Value
First American Treasury Obligation Fund	9 Days*	 $ 1,651,789 

*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 inputs.

Based on the criteria in the preceding paragraph, the investment listed above is a Level 1 asset. 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.

NOTE C – CASH AND INVESTMENTS (CONTINUED)

Credit Risk

The District's investments in treasury funds, are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. As of September 30, 2022, the District’s investments in First American Treasury Obligations Fund was rated AAAm by Standard & Poor’s.

Concentration of Credit Risk

The District places no limit on the amount it may invest in any one fund. The investments in First American Treasury Obligations Fund represent 100% of District’s total investments.

The types of deposits and investments and their level of risk exposure as of September 30, 2022 were typical. The District considers any decline in fair value for certain investments to be temporary.

NOTE D – CAPITAL ASSETS

Capital asset activity for the fiscal year ended September 30, 2022 was as follows:

Balance	Balance
October 1,	September 30,
	2021	 	Additions	  Deletions	 	2022	
Governmental Activities:		
Capital assets, not being depreciated:
Land	
$ 1,450,000	
$	-	
$	-	
$	1,450,000	
Construction in progress		3,801,449 		9,558,426 		- 		13,359,875 	
Total Capital Assets, not depreciated	 $ 5,251,449 	 $	9,558,426 	 $	- 	 $ 14,809,875 	

NOTE E – LONG-TERM DEBT

	Balance October 1,
2021		

Additions		

Reductions		Balance September 30,
2022	
Governmental Activites:
Series 2020	
$ 2,950,000		
$	-		
$	(55,000)		
$	2,895,000	
Series 2020 Bond Premium	8,868		-		(304)		8,564	
Series 2022	-		10,465,000		-		10,465,000	
Bonds Payable, Net	$	2,958,868	$	10,465,000	$	(55,304)	$	13,368,564	

The following is a summary of debt activity for the District for the year ended September 30, 2022:

District debt is comprised of the following at September 30, 2022:
Special Assessment Revenue Bonds		
$2,950,000 Series 2020 Special Assessment Bonds maturing through 2051, at various interest rates between 2.750% and 4.125%, payable May 1 and November 1.		

$	2,895,000	
$10,465,000 Series 2022 Special Assessment Bonds maturing through 2052, at various interest rates between 3.250% and 4.125%, payable May 1 and November 1.		

	10,465,000	
Bonds payable		$  13,360,000	

NOTE E – LONG-TERM DEBT (CONTINUED)
The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2022 are as follows:
Year Ending
September 30,	Principal	Interest	Total

2023	$	250,000		$	582,762		$	832,762	
2024	260,000		517,625		777,625	
2025	265,000		509,475		774,475	
2026	270,000		501,163		771,163	
2027	285,000		485,238		770,238	
2028-2032	1,575,000		2,298,188		3,873,188	
2033-2037	1,915,000		1,983,788		3,898,788	
2038-2042	2,335,000		1,552,850		3,887,850	
2043-2047	2,860,000		1,053,525		3,913,525	
2048-2052	3,345,000		411,675		3,756,675	
Totals	$ 13,360,000		$	9,896,289		$ 23,256,289	
Summary of Significant Bonds Resolution Terms and Covenants
Special Assessment Bonds, Series 2020
Significant Bond Provisions

The Series 2020 Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time on or after May 1, 2030, at a price equal to the par amount of the respective Bonds thereof, together with accrued interest to the date of redemption. The Series 2020 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 2022 Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time on or after May 1, 2032, at a price equal to the par amount of the respective Bonds thereof, together with accrued interest to the date of redemption. The Series 2022 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.

NOTE E – LONG-TERM DEBT (CONTINUED)

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 2020 and Series 2022 Reserve Accounts were funded from the proceeds of the Series 2020 and Series 2022 Bonds in an amount equal to the maximum annual debt service required for Series 2020 and Series 2022 Bonds at the date of issue until the Reserve Account Release Conditions have been satisfied as established in the Trust Indenture. Once the Release Conditions have been satisfied as established in the Trust Indenture the Reserve Account shall be reduced to an amount equal to 50% of the maximum annual debt service with respect to the then outstanding principal amount. 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, 2022:

	Reserve
Balance		Reserve
Requirement	
Series 2020 Special Assessment Bonds	$	86,038		$	86,038	
Series 2022 Special Assessment Bonds	$	604,294		$	604,294	

NOTE F – RELATED PARTY TRANSACTIONS

All voting members of the Board of Supervisors are affiliated with the Developer. The District received $1,108 in contributions from the Developer for the fiscal year ended September 30, 2022.

NOTE G – ECONOMIC DEPENDENCY

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

NOTE H – RISK MANAGEMENT
The government 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. The District has not filed any claims under this commercial coverage.

NOTE I – SUBSEQUENT EVENT

In August 2023, the District made a prepayment in the amount of $20,000 on the Series 2022, Special Assessment Bonds.

NOTE J – RESTATEMENT OF NET POSITION/FUND BALANCE

Net Position for Governmental Activities was restated to properly reflect developer advances.

Governmental Activities		
Net Position, October 1, 2021, as previously reported	$	2,290,384	
Developer advance		(2,563,947)	
Net Position, October 1, 2021, Restated	$	(273,563)	

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
Eden Hills Community Development District Lake Alfred, 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, as listed in the table of contents, of Eden Hills Community Development District, as of and for the year ended September 30, 2022, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated October 6, 2023.

Report on Internal Control Over Financial Reporting

In planning and performing our audit, we considered Eden Hills Community Development District's internal control over financial reporting (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 Eden Hills Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Eden Hills 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 or significant deficiencies may exist that have not been identified.

- 31 -

To the Board of Supervisors
Eden Hills Community Development District

Report on Compliance and Other Matters

As part of obtaining reasonable assurance about whether Eden Hills 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 October 6, 2023

- 32 -

MANAGEMENT LETTER
To the Board of Supervisors
Eden Hills Community Development District Lake Alfred, Florida
Report on the Financial Statements
We have audited the financial statements of the Eden Hills Community Development District as of and for the fiscal year ended September 30, 2022, and have issued our report thereon dated October 6, 2023.
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 that report, which is dated October 6, 2023, 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 made to address findings and recommendations made in the preceding financial audit report. There were no findings or recommendations in the preceding audit.
Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, requires us to apply appropriate procedures and communicate the results of our determination as to whether or not Eden Hills 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 the Eden Hills 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 conditions assessment procedures as of September 30, 2022 for the Eden Hills Community Development District. It is management’s responsibility to monitor the Eden Hills 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.
- 33 -

To the Board of Supervisors
Eden Hills Community Development District
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.

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 Eden Hills 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: 8
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $0
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $10,086,091
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, 2021, together with the total expenditures for such project: The Series 2022 Project $7,867,288.
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 Eden Hills Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District: The General Fund, $806.45, and the Debt Service Fund, $1,303.76.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $287,706.
The total amount of outstanding bonds issued by the District and the terms of such bonds: Governmental Activities Series 2020 Bonds, $2,895,000, maturing May 2051 and the Series 2022 Bonds, $10,465,000 maturing May 2052.

- 34 -

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 which 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 October 6, 2023

- 35 -

INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION 218.415 FLORIDA STATUTES

To the Board of Supervisors
Eden Hills Community Development District Lake Alfred, Florida

We have examined Eden Hills Community Development District's compliance with Section 218.415, Florida Statutes during the fiscal year ended September 30, 2022. Management is responsible for Eden Hills Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Eden Hills 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 Eden Hills 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 Eden Hills Community Development District’s compliance with the specified requirements.

In our opinion, Eden Hills Community Development District’s complied, in all material respects, with the aforementioned requirements during the fiscal year ended September 30, 2022.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida October 6, 2022

- 36 -