University Park Recreation District
3501 Quadrangle Blvd., Suite 270, Orlando, FL 32817	Phone: 407-723-5900 Fax: 407-723-5901
http://universityparkrd.com/

The rescheduled meeting of the University Park Recreation District Board of Supervisors will be held on Tuesday, May 16, 2023, at 1:00 p.m. at the Community Center located at 8301 The Park Boulevard, University Park, FL 34201 and or virtually.

Meeting ID: 845 8893 8513
Passcode: 755354
Join meeting via Zoom:
https://us02web.zoom.us/j/84588938513?pwd=eUE4Q3BTNGVLNXBsOGViRXk1cWo2QT09

BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters
Call to Order
Roll Call to Confirm Quorum
Public Comment Period [for any members of the public desiring to speak on any proposition before the Board]
Supervisor Requests & Comments

Administrative Matters
Consideration of the Minutes of the April 4, 2023, Board of Supervisors’ Workshop Meeting
Consideration of the Minutes of the April 14, 2023, Board of Supervisors’ Meeting
Consideration of the Minutes of the April 21, 2023, Continued Board of Supervisors Meeting

Staff Report Matters
District Counsel
District Manager
Club Management:
Management Discussion & Analysis Report (under separate cover)
Business Matters
Consideration of Resolution 2023-06, Approving a Preliminary Enterprise Fund (Country Club) Budget for Fiscal Year 2024 and Setting a Public Hearing Date [Suggested Date, September 8, 2023]
Consideration of Resolution 2023-07, Approving a Preliminary General Fund Budget for Fiscal Year 2024 and Setting a Public Hearing Date [Suggested Date, September 8, 2023]
Review and Acceptance of Fiscal Year 2022 Audit Report

Update of Capital Improvement Plan and Cost

District Financial Matters
Ratification of payment Authorization Nos. # 91-92

Date	Meeting Type	Time	Location	Note	

June 9, 2023	Board of Supervisors Meeting	
1:00 PM	
University Park	
Community Center	

June 27, 2023	
Workshop Meeting	
2:00 PM- 4:00 PM	
University Park	
Community Center	

Adjournment

University Park Recreation District

Consideration of the Minutes of the April 4, 2023, Board of Supervisors’ Workshop Meeting

MINUTES OF MEETING

UNIVERSITY PARK RECREATION DISTRICT WORKSHOP MEETING
Tuesday, April 4, 2023
2:00 p.m.
Community Center
8301 The Park Boulevard, University Park, FL 34201
Board Members present at roll call in person or via phone: Sally Dickson	Chairperson
Mark Criden	Vice Chairperson	(via phone)
Steve Ludmerer	Treasurer / 2nd Vice Chairperson
David Murphy	Assistant Secretary
Rusty Piersons	Assistant Secretary Also, Present in person or via phone:
Vivian Carvalho	District Manager - PFM Group Consulting LLC Kwame Jackson	ADM - PFM Group Consulting LLC	(via phone) Curtis Nickerson	Director of Properties and Facilities - Country Club John Fetsick	General Manager - Country Club
Marisa Powers	Blalock Walters – District Counsel Representative (via phone)
Various Audience Members Present and Via Zoom

FIRST ORDER OF BUSINESS	Organizational Matters Call to Order and Roll Call
The meeting was called to order at 2:02 p.m. by Ms. Dickson and Ms. Carvalho confirmed quorum to proceed with the meeting. Those in attendance are outlined above.

Public Comments

Ms. Van Brunt spoke about the final master plan that was mostly inspired by Mr. Fawley Bryant, which had broad community support behind it but has since been changed in the two years that followed. Her main issues stemmed from the concern that the new offices can be cost-effectively made in the same attic where the old offices exist now, and if the Varsity Club can be renovated to be more cost effective than a new building that would serve as an Activity Center.

She fears that the current direction will not compete with the new developments around them and feels that the Board needs to communicate with the residents about their plan of action and vision concerning the use of the bond funds and how it can meet the needs of the Club now and into the future. She suggested that a survey be conducted to find out if the residents support the plan and its major components, including the Activity Center.

Ms. Dickson commented that Mr. Criden would be providing updates later in the meeting concerning those issues.

SECOND ORDER OF BUSINESS	Discussion

Update on the Development of the Business Plan by Rusty Piersons

Mr. Piersons stated that he was excited to present a 5-year road map for the continued success of the UPCC and thanked the Board and Management for their support. He introduced Mr. Ted Baumen and Mr. Henry King, two advisory group members who were there to present what a business planning project may look like. The main reasons Mr.
Baumen emphasized having a business plan were to better define explain the current and future state of the district, to strengthen project management to better ensure timely completion of future projects which ensures the right projects are being developed, and to establish a Resident Advisory Panel that will validate the business plan and assure projects are properly developed. They suggested creating an evergreen 5-year business plan for the sustainable operation and maintenance of the district’s recreational facilities and for the development of new projects. He explained the benefits of a business plan, including the support for Board responsibilities, improving the understanding and involvement of the district among the residents, assuring the projects are being delivered effectively and efficiently, and highlighting operational and financial metrics in order to analyze and improve the enterprise. He also provided a step-by-step project plan to go about executing the business plan, which includes creating an outline for the business plan, data collection from existing master plans, financial plans, project plans, as well as gathering input from stakeholders, analyzing the data gathered, generating a business plan and communication plan, start finalizing and communicating findings to the Board and residents. He stated that this process will land in the 3–6-month range in terms of how long this would take to execute fully. He brought greater attention to the crucial parts of the plan structure and contents which included the Business Model, which creates and delivers value for the residents and the public, and the Gap Analysis which provides insight of what has been done, what has been successful, and where improvements can be made.

Mr. King spoke on the Project Management components of the business plan. He discussed the aspects of an adequate system for project execution which included the scope of work with limitations and risks, cost estimate with assumptions and contingencies, and schedule with assumptions and contingencies all being clearly defined, along with lessons learned throughout the project are documented for future improvements. He stated that he had discussed the system with Mr. Criden and believes that they are in a better place than they were last year, but not yet where the system needs to be.

Mr. Baumen spoke on the Resources and Assurance section of the business plan stating that a business plan team will need to be created from a diverse selection of residents based on expertise, experience, and perspective. He had spoken with Mr. Fetsick several times and agreed that this needs to be overseen and owned by Management. Mr.
Baumen wants to make sure that there is proper balance of skills and perspectives on the selected team. that would consist of the most accurate community representation. He also mentioned the creation of a Resident Advisory Panel that would draw relevant expertise from a roster of volunteers in the community, having fresh eyes to assure a quality business plan and project development. He asked the Board to consider the business plan model that had been presented.

Mr. Murphy thanked Mr. Baumen and Mr. King for providing a very thorough presentation. and believes very comprehensive terms were given to move forward with the business plan. Ms. Dickson mentioned that she believes having volunteers involved in the business plan is a good idea that will avoid the push and pull of certain situations that may not end well otherwise. Mr. Ludmerer stated that he concurred with the project management but recognized the presented plan is meant for much larger organizations. He suggested that the project management be separate from the bulk of the business plan as he believes it can stand by itself. Mr. Criden agreed with the business plan and believes the project management is significant and should be a part of it. Mr. Ludmerer wanted to see a lot more structure on the first couple of points as to the business they are in. Mr. Fetsick stated that he was in full support of the business plan with proper guardrails, a proper vision, teamwork, and strategy of alignment. Ms. Dickson reiterated some of the points that were discussed in the presentation including gathering information via surveys and stakeholder input and a discussion concerning the volunteers. Mr. Ludmerer stated he would like to see an incorporation of the district’s mission and vision statements into the objectives of the business plan.

Ms. Carvalho stated that management would be compiling a roster of the individuals that had communicated interest in volunteering and will make sure Mr. Baumen and Mr. King receive that information. She stated that if the group is recognized by the Board, the Board will need to consider a resolution at the next Board meeting scheduled for April 14, 2023; outlining what the business plan process will look like in terms of the Sunshine Laws, committee, minutes, and advertisement of such meetings.

Mr. Piersons will be having a conversation offline with Mark Barnebey and John Fetsick as it relates to these requirements if the group will be approved by the Board or if the group will be under the management supervision.

THIRD ORDER OF BUSINESS	Update from Mark Criden
Neighborhood Meeting
Capital Improvement Plan

Mr. Criden mentioned that he has been attending meetings in many of the surrounding neighborhoods to ask for resident feedback concerning the current program. He mentioned that Ms. Sondra Ettlinger had done a good job at taking notes and capturing the results for those meetings. He noted that they are currently working with an estimator, and they should be able to give a better understanding of the cost by next week for the projects.

Mr. Fetsick mentioned that he had met with an engineer onsite on April 3, 2023, for about an hour and knows the architect they’ve been working with. He hopes that the estimator will be able to provide an estimate and feasibility report by next week.

Mr. Criden noted that the level of attendance for the neighborhood meetings has been quite good. of these meetings have been favorable. There are some meetings that they have had over 30 residents attend and overall, there has been a lot of positive feedback from those neighborhoods.

FOURTH ORDER OF BUSINESS	Timeline & Communication

Mr. Murphy had named several volunteers who have a background in communication and would be helpful in creating a comprehensive electronic menu and calendar for emails, websites, and social media. He is hoping to go in front of the neighborhood Chair and provide an update on this information. He also mentioned that they have been working on a survey for the community that will look at demographics, length of residency, activities that the members currently participate in, and membership type. They are hoping to get a base line perception of current offerings, how they are doing, and measuring awareness of the potential plans. Mr. Murphy also mentioned that Ms. Norma Larkin has been putting together a draft document of the survey that has been circulated to the Board. They have collected feedback and are currently working on a second draft.

Mr. Ludmerer suggested a communication program that will reach all the homeowners due to the voting that needs to take place to move forward. In addition, he suggested a fact sheet of plans that would accompany the survey so that they can get data that supports Mr. Criden’ information. There was some further discussion concerning how to move forward with sending out the survey. No decision was taken on the timeline of the survey bring sent to the residents.

Ms. Dickson wanted to remind everyone that the next Board of Supervisors meeting will be on April 14, 2023, at 1:00 p.m. and the next Workshop meeting will be on May 2, 2023, from 2:00 p.m. to 4:00 p.m. She then opened the floor for public comment.

Mr. Scott Gordon wanted to thank the Board for the good job they are doing as well as thanking the team that provided the business plan presentation today. He mentioned his background in figuring out why projects fail and had some comments concerning the presentation that was given and believes a business plan is the only way to move forward in any serious project.

Ms. Van Brunt wanted to know if the estimator was going to include estimates that went beyond the possible renovation of the Varsity Club, to which Mr. Criden stated that he would provide firm prices on the plan shown to the community last month.

Mr. Davies wanted to thank the Board and volunteer members for their work on behalf of the community. He mentioned that there is confusion with owners between the messages that are being sent by the Recreational District Board, the Community Association Board and the General Manager. He suggested that the RD Board get together with the UPCAI Board so that there can be clear distinctions between the two when sending out communication.

Mr. Baron had some comments about the communication between the Board and the owners and hopes that they would be able to communicate outside of Zoom meetings what is happening with the RD.

Mr. Mantia had a question about who the volunteer group would report to and commented that the implementation of the plan is key to success. He asked that the Board consider how it will impact the forecast of the budgets.

FIFTH ORDER OF BUSINESS	Adjournment

There were no additional items to come before the Board.

ON MOTION by Ms. Dickson, with all in favor, the April 4, 2023, Workshop Meeting of University Park Recreation District was adjourned at 4:04 p.m.

Secretary / Assistant Secretary	Chairperson / Vice Chairperson

University Park Recreation District

Consideration of the Minutes of the April 14, 2023, Board of Supervisors’ Meeting

MINUTES OF MEETING

UNIVERSITY PARK RECREATION DISTRICT BOARD OF SUPERVISORS’ MEETING
Friday, April 14, 2023
1:00 p.m.
Community Center
8301 The Park Boulevard, University Park, FL 34201
Board Members present at roll call in person or via Zoom: Sally Dickson	Chairperson
Mark Criden	Vice Chairperson
Steve Ludmerer	Treasurer / 2nd Vice Chairperson
David Murphy	Assistant Secretary
Rusty Piersons	Assistant Secretary Also, Present in person or via Zoom:
Vivian Carvalho	 District Manager – PFM Group Consulting LLC Venessa Ripoll	PFM Group Consulting LLC (via Zoom) Kwame Jackson	PFM Group Consulting LLC (via Zoom)
John Fetsick	General Manager – Country Club
Curtis Nickerson	Director of Properties & Facilities- Country Club Mark Barnebey	 District Counsel – Blalock Walters
Various Members of the public in person and via Zoom

FIRST ORDER OF BUSINESS	Organizational Matters Call to Order and Roll Call
The meeting was called to order at 1:00 p.m. by Ms. Dickson and Ms. Carvalho confirmed quorum to proceed with the meeting. Those in attendance are outlined above.

Public Comments

Mr. Criden mentioned that it was difficult to participate in the last meeting via Zoom and asked if there was a way to make it easier to communicate as a Board member when online.

SECOND ORDER OF BUSINESS	Administrative Matters	
	
Consideration of the Minutes of the February 28, 2023, Board of Supervisors’ Workshop Meeting and the Minutes of the March 10, 2023, Board of Supervisors’ Meeting	
The Board reviewed the minutes.		

ON MOTION by Mr. Murphy, seconded by Mr. Piersons, with all in favor, the Board approved the Minutes of the February 28, 2023, Board of Supervisors’ Workshop Meeting and the Minutes of the March 10, 2023, Board of Supervisors’ Meeting with suggested edits.

THRID ORDER OF BUSINESS	Staff Report Matters

District Counsel – Mr. Barnebey stated the DRI, and site zoning amendments are still in process with the county and expect them to be ready by the end of the month on the 28th of April. They are in the process of trying to get the Charter amendments scheduled for adoption. Mr. Barnebey stated that he had received some letters from residents with questions and asked the Board if he should respond to them. Mr. Ludmerer suggested that all letters be sent to Ms. Carvalho to keep track of letters received and to help ensure that the appropriate persons get the letters for responses to be provided.

Mr. Barnebey stated that he had contacted counsel concerning the UPCAI and noted that there had been some added revisions to the proposed CCR in Section 17 which will need to be signed off on. Mr. Criden mentioned that they will once again have the power to assign collection. Mr. Ludmerer had a question regarding whether a member, once their membership is terminated due to a violation, is still required to pay annual fees. It was mentioned that the UPCAI is working rapidly on the changes to the CCR, and Mr.
Ludmerer stated that any action needing to be taken be done so quickly in order to meet their timetable. Ms. Dickson asked if the mutual agreement impacted the changes to the CCR. Mr. Barnebey also mentioned that he expects the Charter to be passed by late August this year.

District Manager – Ms. Carvalho reminded the Board of the dates for the next upcoming meetings:

Continued Board of Supervisors’ Meeting: April 21, 2023 @ 1:00 p.m.
Workshop Meeting: May 2, 2023 @ 2:00 p.m. – 4:00 p.m.
Rescheduled Proposed Budget Board of Supervisors’ Meeting: May 16, 2023 @ 1:00 p.m.

Club Management (Management Discussion & Analysis Report) – Mr. Fetsick mentioned the hiring of (the) new staff. He mentioned that they are trying to hire some new front of house staff and is assisting the HOA Board in realigning the HOA management team.

Mr. Fetsick stated that they were able to acquire 400 members by the end of the season, bringing the total membership up to 1,290 total memberships, 124 racquet members, and 766 social members with 134 members that have added the fitness pass and 151 total grandfathered non-members. He mentioned that the price for the summer golf membership was aggressively (progressively) increased and membership now stands at a total of 89 members from 194 last year. Mr. Ludmerer requested that Ann go out to non- renewing members and ask why they did not renew their summer golf membership. There have been 3,330 fewer public rounds and an increase of 1,200 member rounds. He stated that they will now only be accepting the Big Summer Golf Card on Sundays and that will be in place for 1 year. Mr. Ludmerer had some questions regarding tee-time availability and the general usage of the sports facilities and their prime times of usage. He mentioned that the first member pickleball tournament which took place on April 15 was very successful and the team is planning to hold a number of events for all of the sports and activities. He mentioned that the financials for golf and restaurant revenue continue to be over budget.

Mr. Fetsick stated that the furniture for the outdoor dining area is being delivered this week, the roof has been installed, and the bar is almost complete. He mentioned that the floors would be installed the following week and believes they are at the finish line with the project. Ms. Dickson wanted to compliment Rico on a terrific job with creating events for members.

Mr. Baumen provided an overview of the proposed resolutions of the Business Plan presentation given during the April 4, 2023 meeting. He stated that he had sharpened the wording around the intent and value proposition so that there are clear boundaries within the work. He mentioned that they had taken the feedback from the Board and added it to the presentation to show that they were listening to their comments from the last meeting. He also presented the updates made to the initial project management plan. Ms. Dickson asked that precautions be taken when communicating with residents concerning the advisory panel. Ms. Carvalho stated that a list of residents who are interested in

volunteering for the various projects have been compiled and sent to Mr. Fetsick.

FOURTH ORDER OF BUSINESS	Business Matters

Capital Improvement Plan Update
Project Update & Estimates
Timeline & Communication Plan
Financing Plan

Mr. Dickson mentioned that they are still looking for corrections and adjustments to the estimates and will be discussed during the continued meeting on April 21.

Mr. Criden stated that he had gone to the Hampton neighborhood and mentioned he had received some interesting feedback from the residents. He said he had postponed the neighborhood meeting that would have been held next week. Mr. Criden and Mr. Fetsick will be attending the meeting of the Arts Alliance next week. He currently has 23 total neighborhood meetings scheduled.

Mr. Criden mentioned the 4-step process used when attending the meetings:
Identifying the problem
Reasonable alternatives to solving the problem
What is the cost of the alternatives
How to finance the alternatives

FY 2024 Budget Update and Key Assumptions

Mr. Fetsick gave a brief overview of the Proposed FY 2024 Budget process. All department heads have submitted their budgets and he has met Mr. Ludmerer to discuss some of the key assumptions. The plan is to finish compiling the budget within the next few weeks and present a preliminary proposed budget on May 2, 2023 and looking to have the budget approved in proposed form at the May 16, 2023 meeting. There was some additional discussion about the key assumptions used to create the budget.

FIFTH ORDER OF BUSINESS	District Financial Matters

Ratification of Payment Authorizations #89-90

Mr. Fetsick reviewed the payment authorizations.

ON MOTION by Mr. Criden, seconded by Mr. Murphy, with all in favor, the Board ratified Payment Authorizations #89-90.

Supervisor Requests & Comments

Ms. Van Brunt wanted to recognize the staff and Board for the hard work done for the district.

FIFTH ORDER OF BUSINESS	Continuation

There were no additional items to come before the Board.

ON MOTION by Mr. Ludmerer, seconded by Mr. Criden, with all in favor, the April 14, 2023, Board of Supervisors’ Meeting of University Park Recreation District was continued to April 21, 2023, at 1:00 p.m.

Secretary / Assistant Secretary	Chairperson / Vice Chairperson

University Park Recreation District

Consideration of the Minutes of the April 21, 2023, Continued Board of Supervisors’ Meeting

MINUTES OF MEETING

UNIVERSITY PARK RECREATION DISTRICT CONTINUED BOARD OF SUPERVISORS’ MEETING
Friday, April 21, 2023
1:00 p.m.
Community Center
8301 The Park Boulevard, University Park, FL 34201
Board Members present at roll call in person or via Zoom: Sally Dickson	Chairperson
Mark Criden	Vice Chairperson
Steve Ludmerer	Treasurer / 2nd Vice Chairperson
David Murphy	Assistant Secretary
Rusty Piersons	Assistant Secretary Also, Present in person or via Zoom:
Vivian Carvalho	District Manager – PFM Group Consulting LLC Venessa Ripoll	PFM Group Consulting LLC (via Zoom) Kwame Jackson	PFM Group Consulting LLC (via Zoom)
John Fetsick	General Manager – Country Club
Curtis Nickerson	Director of Properties & Facilities- Country Club Marisa Powers	District Counsel Representative– Blalock Walters
Various Members of the General Public in person and via Zoom

FIRST ORDER OF BUSINESS	Organizational Matters Call to Order and Roll Call
The continued meeting was reconvened to order at 1:00 p.m. by Ms. Dickson and Ms. Carvalho confirmed quorum to proceed with the meeting. Those in attendance are outlined above.

Public Comments

There were no public comments.

SECOND ORDER OF BUSINESS	Staff Report Matters

District Counsel – Ms. Powers stated that Mr. Barnebey spoke with someone last week concerning the CCR but does not have an update for the Board.

District Manager – Ms. Carvalho reminded the Board of the dates for the next upcoming meetings:

Workshop Meeting: May 2 @ 2:00 p.m. – 4:00 p.m.
Proposed Budget Board of Supervisors Meeting: May 16 @ 1:00 p.m.

Club Management (Management Discussion & Analysis Report) – Mr. Fetsick mentioned that he gave a full report at the last meeting and briefly met with Mr. Piersons this morning. Mr. Piersons explained that during his first meeting, everyone had introduced themselves and explained each of their backgrounds. They also reviewed the two slides presented at the last meeting with slight adjustments made. Mr. Murphy stated that he would create a summary of the presentation given during that meeting and will send it to Ms. Carvalho and Ms. Dickson to review before adding it to the website.

THIRD ORDER OF BUSINESS	Business Matters

Capital Improvement Plan Update
Project Update & Estimates
Timeline & Communication Plan
Financing Plan

Mr. Criden gave a presentation concerning the updates made to the Capital Improvement Plan. He reviewed the 4 questions that they’ve asked to help them guide their efforts in creating the plan including what problems currently exist in University Park, what are reasonable solutions to these problems, how much will the solutions cost, and how we will pay (much will be paid) for these solutions. He stated that they have broken up the plan into three sections. Critical deferred maintenance is what needs to be done which includes the golf course irrigation systems, pond banks, bunkers, the kitchen reconfiguration, and fixing the poor-quality conditions for the office space. The necessary Capital Improvements refers to items that are important to the members such as creating gathering rooms and refreshing group fitness facilities. Desired Capital Improvements refers to items that would enhance the member experience such as moving the member bar to the lakefront and relocating the Pro shop closer to the golf operation. He mentioned last year’s plan involving some of the improvements was estimated to be $18 million but has now climbed to over $20 million.
He discussed the plan that was previously mentioned last month which was estimated at $13 million. He then provided excel sheets showing the estimated cost of the proposed projects vs the estimates they received from vendors with a new estimated cost of a little over $18

million.

Mr. Criden mentioned that they were working on a contingency plan that would address both the Critical Deferred Maintenance and the Necessary Capital Improvements. This new plan included the golf course irrigation system, the golf course banks, the bunkers, the kitchen reconfiguration, the renovation of existing facilities, redecorating the first floor of the Varsity Club, and the addition of a new 8,000 sq. ft. building to house the group fitness, gathering rooms, and offices. This new plan is estimated to cost around $14.5 million. He mentioned that the Desired Capital Improvements have been postponed, which includes the new cart barn, moving the Pro shop, and moving the member bar, as it would add around $2.7 million to the estimated cost. Mr. Criden spoke about the planned cost of the average homeowner in University Park which came to about $1,000 annually or about $85 a month for a 30-year bond issuance.

Mr. Criden went over the next steps which includes putting together a project management team with Mr. King’s involvement, continuing to attend the neighborhood meetings, gathering renderings and explanations of all the proposed spaces, publication of the plan, providing an opportunity for the community to do a Q&A and follow that up with a survey, and lastly proceeding with a referendum after deciding on a bond or loan financing then sending a request for proposals.

Ms. Dickson stated that this is a new proposal that has been presented to the Board. Mr. Murphy mentioned an article in the paper pertaining to the price increase of the Bradenton Convention Center which was estimated at $19 million back in 2019 and has now jumped to
$45 million. There was some discussion concerning the new building that was proposed. Mr. Ludmerer clarified that Mr. King would have input but not on the specific design of the building. He also had some concerns of the building being two stories and believes there may be congestion with the combination of racquets, activities, offices, and meeting space. He expressed concern with location of this new space by the Fitness Center. Ms. Dickson added that the finer details can be discussed at the upcoming Workshop meeting.

Mr. Fetsick mentioned that the same areas that have been proposed have not materially changed since the first introduction of the Master Plan. He mentioned that it would be difficult to get a full concept without spending more money. Mr. Piersons believes that the irrigation, banks, and bridges should be separated from the plan so that they can move forward with it. Ms. Dickson suggested that any questions they may have should be submitted to Mr.
Fetsick. Mr. Murphy suggested that they implement a transfer fee of 1% effective July 1, the transfer fee would be paid by the buyer. His other suggestion was to take $1 million of the $2 million that they have on hand to use for the irrigation project. He suggested residents who are full members with larger homes would pay a little more in assessments. This would give the Board time to conduct surveys and they will have the irrigation completed sooner.

Discussion and Selection of Bond Counsel

Ms. Powers stated that Mr. Barnebey as District Counsel can retain Bond Counsel and suggested to retain GreenbergTraurig which is the previous Bond Counsel awarded the work in the initial bond issuance. Mr. Ludmerer provided some background on GreenbergTraurig

and the reason for this agenda item as they are only approving the action of Mr. Barnebey pursuing Bond Counsel at this time. He mentioned the out-of-pocket cost would be under
$2,500. There will be no additional fees if the bond fails.

ON MOTION by Mr. Ludmerer, seconded by Mr. Criden, with all in favor, the Board approved the action of having Mr. Barnebey pursue GreenbergTraurig as Bond Counsel on the basis that the out-of-pocket costs do not exceed $2,500 and there will be no additional fee if the bond is not issued.

Review & Consideration of Financial Advisor & District Management Fees for Cost of Issuance

ON MOTION by Mr. Ludmerer, seconded by Mr. Criden, with all in favor, the Board approved PFM as the Financial Advisor & referendum District Management Fees for Cost of Issuance.

Supervisor Requests & Comments

Ms. Dickson reminded everyone that the next Workshop meeting is on May 2 from 2:00 – 4:00 p.m. and the next Board meeting is on May 16 at 1:00 p.m. where the proposed budget for FY 2024 will be discussed. There were talks of moving the public hearing from August to early September to be sure quorum is met, Ms. Carvalho will send the Board an email with a list of a few potential dates.

Ms. Gay had some questions concerning the project and the focus on the use of space in the fitness center vs. accommodations to the homeowner. Ms. Dickson stated that all the proposed projects do have a purpose and are not being discussed and planned just to do it. She also mentioned that they are aware of how many people are turned away from fitness classes and have expressed those concerns to the Board and to management.

Mr. Mantia stated that the Master Plan is very important and wants to make sure the Board considers what is recommended by professionals. He mentioned that he and others have put together a petition which received 300 signatures relating to the location and development of pickleball and other structures. He also mentioned that the needs of the community have changed but stressed the need for space.

Mr. Baron stated that he does not believe the Board is broadcasting enough of the information to the regular residents versus the club members. He also requested that there be a clear separation of “needs” versus “wants”.

FORUTH ORDER OF BUSINESS	Adjournment

There were no additional items to come before the Board.

ON MOTION by Mr. Criden, seconded by Mr. Piersons, with all in favor, the April 21, 2023, Continued Board of Supervisors’ Meeting of University Park Recreation District was adjourned at 2:37 p.m.

Secretary / Assistant Secretary	Chairperson / Vice Chairperson

District Counsel

District Manager

Club Management
Management Discussion & Analysis Report
(under separate cover)

Consideration of Resolution 2023-06, Approving a Preliminary Enterprise Fund (Country Club) Budget for Fiscal Year 2024 and Setting a Public Hearing Date [Suggested Date, September 8, 2023]

RESOLUTION 2023-06

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE UNIVERSITY PARK RECREATION DISTRICT APPROVING A PROPOSED PRELIMINARY COUNTRY CLUB 2023/2024 BUDGET AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW; ADDRESSING TRANSMITTAL, POSTING AND PUBLICATION REQUIREMENTS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the University Park Recreation District (“District”) was recently established by the Manatee County Commission, Florida, effective August 2, 2018; and

WHEREAS, in November, 2019, the District acquired the University Park Country Club (“Country Club”) and has begun operating and maintaining the Country Club; and

WHEREAS, the District Manager has prepared and submitted to the Board of Supervisors of the University Park Recreation District (the “Board”) the proposed operating budget for the Country Club Fiscal Year 2023/2024 (“Proposed Budget”); and

WHEREAS, the Board has considered the Proposed Budget and desires to set the required public hearing thereon.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE UNIVERSITY PARK RECREATION DISTRICT:

PROPOSED BUDGET APPROVED. The Proposed Budget prepared by the District Manager to the District Budget to provide a budget for the operation, maintenance, and capital improvement of the District for Fiscal Year 2023/2024 attached hereto as Exhibit A is hereby approved as the basis for conducting a public hearing to adopt said Proposed Budget.

SETTING A PUBLIC HEARING. A public hearing on said approved Proposed Budget is hereby declared and set for the following date, hour and location:

DATE:		

HOUR:		

LOCATION:		

TRANSMITTAL OF PROPOSED BUDGET AMENDMENT TO LOCAL
GENERAL PURPOSE GOVERNMENT. The District Manager is hereby directed to submit a copy of the Proposed Budget to Manatee County in accordance with Chapter 189, Florida Statutes.

POSTING OF PROPOSED BUDGET. In accordance with Section 189.016, Florida Statutes, the District’s Secretary is further directed to post the approved Proposed Budget on the District’s website at least two days before the budget hearing date as set forth in Section 2, shall be posted within five (5) days after adoption, and shall remain on the website for at least two (2) years. If the District does not have its own website, the District's Secretary is directed to transmit the approved budget to the manager or administrator of Manatee County for posting on their websites.

PUBLICATION OF NOTICE. Notice of this public hearing shall be published in the manner prescribed in Florida law.

EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption.

PASSED AND ADOPTED THIS 16th DAY OF MAY, 2023.

ATTEST:	UNIVERSITY PARK
RECREATION DISTRICT

By:	

Secretary	Its:	

University Park Recreation District Proposed Fiscal Year 2024 Country Club Budget

SUMMARY INCOME STATEMENT	2023	2023		2023	Rolling	2024	2024 Budget		
FISCAL YEARS ENDING SEPTEMBER	30	Actual	Budget		Forecast	12 Months	Budget	vs. 2023 FC		
COUNTRY CLUB	OPERATIONS:										
									
REVENUE:									
MEMBERSHIP DUES	4,391,325	4,893,570		4,897,778	4,724,682	5,287,340	389,562		
GOLF OPERATIONS	3,884,973	3,453,799		3,671,523	3,840,751	3,860,176	188,652		
TENNIS & FITNESS CENTRE	100,856	95,420		112,586	115,178	165,836	53,250		
RESTAURANT INCOME	2,150,493	2,385,038		2,507,068	2,501,087	2,873,344	366,276		
OTHER INCOME	8,080	5,000		6,608	7,401	5,480	(1,128)		
									
TOTAL REVENUE	10,535,727	10,832,827		11,195,563	11,189,099	12,192,175	996,612		
									
EXPENSES:									
PAYROLL & RELATED:									
									
GOLF OPERATIONS	613,097	756,593		697,014	635,588	811,323	114,309		
TENNIS & FITNESS CENTRE	250,520	317,152		299,519	260,975	363,582	64,063		
RESTAURANT	1,471,549	1,601,688		1,819,955	1,689,313	2,020,138	200,183		
GOLF COURSE MAINTENANCE	1,672,514	1,674,777		1,620,348	1,601,085	1,676,481	56,133		
GENERAL & ADMINISTRATIVE	1,229,298	1,347,278		1,331,241	1,194,682	1,468,498	137,257		
									
TOT PAYROLL & RELATED	5,236,978	5,697,488		5,768,077	5,381,643	6,340,021	571,945		
									
DIRECT EXPENSES:									
									
GOLF OPERATIONS	887,925	821,840		861,774	895,515	871,199	9,425		
TENNIS & FITNESS CENTRE	155,676	168,111		184,675	186,328	240,350	55,675		
RESTAURANT CGS	1,184,381	1,087,718		1,229,716	1,342,022	1,396,028	166,312		
RESTAURANT OPER EXP	558,738	593,482		649,524	636,032	687,843	38,319		
GOLF COURSE MAINTENANCE	1,309,520	1,465,264		1,526,421	1,360,659	1,561,898	35,477		
GENERAL & ADMIN	409,856	417,850		379,373	372,247	454,375	75,002		
PROPERTY INSURANCE	215,580	225,000		198,535	187,901	260,000	61,465		
									
TOTAL DIRECT EXPENSES	4,721,676	4,779,265		5,030,018	4,980,704	5,471,692	441,675		

OPERATING INCOME/(LOSS)	577,073	356,074		397,469	826,752	380,461	(17,007)		
									
FUNDING OF UPRD GENERAL FUND	(100,000)	(90,000)		(125,000)	(125,000)	(175,263)	(50,263)		
									
SURPLUS/(LOSS) FOR OTHER RD NEEDS	477,073	266,074		272,469	701,752	205,198	(67,270)		
									
CAPITAL ALLOCATION:									
INITIATION FEES	405,450	505,700		587,225	588,675	480,550	(106,675)		
CAPITAL ALLOCATION- GOLF OPS	271,815	225,000		276,393	250,000	277,974	1,581		
CAPITAL DUES	-	294,678		74,135	74,135	311,711	237,576		
									
TOTAL CAPITAL ALLOCATION	677,265	1,025,378		937,753	912,810	1,070,235	132,482		

Revised 5/8/2023

University Park Recreation District

Consideration of Resolution 2023-07, Approving a Preliminary
General Fund Budget for Fiscal Year 2024 and Setting a Public Hearing Date [Suggested Date, September 8, 2023]

RESOLUTION 2023-07

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE UNIVERSITY PARK RECREATION DISTRICT APPROVING A PROPOSED PRELIMINARY FY 2023/2024 BUDGET AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW; ADDRESSING TRANSMITTAL, POSTING AND PUBLICATION REQUIREMENTS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the University Park Recreation District (“District”) was recently established by the Manatee County Commission, Florida, effective August 2, 2018; and

WHEREAS, in November 2019, the District acquired the University Park Country Club (“Country Club”) and has begun operating and maintaining the Country Club; and

WHEREAS, the District Manager has prepared and submitted to the Board of Supervisors of the University Park Recreation District (the “Board”) the proposed operating budget for operation, maintenance, and capital improvements for Fiscal Year 2023/2024 (“Proposed Budget”); and

WHEREAS, the Board has considered the Proposed Budget and desires to set the required public hearing thereon.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE UNIVERSITY PARK RECREATION DISTRICT:

PROPOSED BUDGET APPROVED. The Proposed Budget prepared by the District Manager to the District Budget to provide a budget for the operation, maintenance, and capital improvement of the District for Fiscal Year 2023/2024 attached hereto as Exhibit A is hereby approved as the basis for conducting a public hearing to adopt said Proposed Budget.

SETTING A PUBLIC HEARING. A public hearing on said approved Proposed Budget is hereby declared and set for the following date, hour and location:

DATE:		

HOUR:		

LOCATION:		

TRANSMITTAL OF PROPOSED BUDGET AMENDMENT TO LOCAL
GENERAL PURPOSE GOVERNMENT.	The District Manager is hereby directed to

submit a copy of the Proposed Budget to Manatee County in accordance with Chapter 189, Florida Statutes.

POSTING OF PROPOSED BUDGET. In accordance with Section 189.016, Florida Statutes, the District’s Secretary is further directed to post the approved Proposed Budget on the District’s website at least two days before the budget hearing date as set forth in Section 2, shall be posted within five (5) days after adoption, and shall remain on the website for at least two (2) years. If the District does not have its own website, the District's Secretary is directed to transmit the approved budget to the manager or administrator of Manatee County for posting on their websites.

PUBLICATION OF NOTICE. Notice of this public hearing shall be published in the manner prescribed in Florida law.

EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption.

PASSED AND ADOPTED THIS 16th DAY OF MAY, 2023.

ATTEST:	UNIVERSITY PARK
RECREATION DISTRICT

By:	

Secretary	Its:	

University Park Recreation District FY2024 Proposed General Fund Budget

	Actual	Anticipated	Anticipated	FY 2023	FY 2024	
	Through	April - Sept.	FY 2023	Adopted	Proposed	
	03/31/2023		Total	Budget	Budget	
Revenues						
Other Income & Other Financing Sources	-	-	-	-		
PrYr Surplus	60,864		60,864	79,566	4,737	
Inter-Fund Transfers - Debt Service to O&M	51,889	20,000	71,889	70,000	70,000	
Inter-Fund Transfers - Country Club to O&M		90,000		35,000		125,000		88,934		175,263	
Net	$202,753	$55,000	$257,753	$238,500	$250,000	

General & Administrative Expenses						
Assessment Administration	10,000	-	10,000	10,000	10,000	
Audit	35,630	1,525	37,155	25,000	35,000	
Bank Fees	7,468	-	7,468	8,000	8,000	
Contingency	357	360	717	25,000	14,000	
Dissemination Agent	5,000	-	5,000	5,000	5,000	
District Counsel	43,246	42,000	85,246	60,000	70,000	
Dues, Licenses, and Fees	16,175	-	16,175	5,000	5,000	
Insurance	13,022	-	13,022	3,000	15,000	
Legal Advertising	928	1,200	2,128	5,000	3,000	
Management	35,000	35,000	70,000	70,000	70,000	
Meeting Set Up	-	-	-	1,000	1,000	
Travel and Per Diem	-	-	-	1,000	1,000	
Office Supplies	-	900	900	500	500	
Postage & Shipping	47	50	97	1,000	1,000	
Election Costs	3,713	-	3,713	15,000	7,500	
Web Site Maintenance		1,910		1,910		3,820		4,000		4,000	
Total General & Administrative Expenses	$172,496	$82,945	$255,441	$238,500	$250,000	

Revised 5/8/2023

University Park Recreation District FY 2024 Proposed Debt Service Budget

FY2024 Proposed Series 2019 Budget

REVENUES:	
Special Assessments	$	1,613,756.25	
TOTAL REVENUES	 $		1,613,756.25 	

EXPENDITURES:		
Interest 11/01/2023	$	355,231.25	
Interest 5/1/2024	$	355,231.25	
Principal 5/1/2024	$	555,000.00	
TOTAL EXPENDITURES	 $	1,265,462.50 	

Funds Available for 11/1 Payment	

 $	348,293.75 	

Interest 11/01/2024	

$	348,293.75	

University Park Recreation District

Review and Acceptance of Fiscal Year 2022 Audit Report

UNIVERSITY PARK RECREATION DISTRICT FINANCIAL STATEMENTS
SEPTEMBER 30, 2022

UNIVERSITY PARK RECREATION DISTRICT TABLE OF CONTENTS SEPTEMBER 30, 2022

	Independent Auditor’s Report	1	
	Management’s Discussion and Analysis (MD&A)	4	
PART I.	FINANCIAL SECTION		
	Basic Financial Statements:		
	Government-Wide Financial Statements:		
	Statement of Net Position	15	
	Statement of Activities	16	
	Fund Financial Statements:		
	Balance Sheet - Governmental Funds	17	
	Reconciliation of the Governmental Funds Balance Sheet		
	To the Statement of Net Position	18	
	Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds	
19	
	Reconciliation of the Statement of Revenues, Expenditures and		
	Changes in Fund Balances of Governmental Funds to the Statement of Activities	
20	
	Statement of Net Position - Proprietary Fund
Statement of Revenues, Expenses, and Changes in Net	21	
	Position - Proprietary Fund
Statement of Cash Flows - Proprietary Fund	22
23	
	Notes to Financial Statements	24	
PART II.	REQUIRED SUPPLEMENTARY INFORMATION OTHER THAN MD&A		
	Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - General Fund
Schedule of Revenues and Departmental Expenses -	
40	
	Budget and Actual - Proprietary Fund: Enterprise (University Park Country Club)	
41	
PART III.	OTHER REPORTS		
	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	42	
	Independent Auditor’s Report on Compliance with Section 218.415, Florida Statutes	
44	
	Management Letter	45	

INDEPENDENT AUDITOR’S REPORT

February 6, 2023

To the Board of Supervisors
UNIVERSITY PARK RECREATION DISTRICT
University Park, Florida 34201

Opinions

We have audited the accompanying financial statements of the governmental activities, the business-type activities and each major fund of UNIVERSITY PARK RECREATION DISTRICT ("the District") as of and for the year ended September 30, 2022, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities and each major fund of UNIVERSITY PARK RECREATION DISTRICT as of September 30, 2022, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions

We conducted our audit in accordance with auditing standards generally accepted in the United States of America 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 t UNIVERSITY PARK RECREATION DISTRICT, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Responsibilities of Management for the Financial Statements

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.

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 UNIVERSITY PARK RECREATION DISTRICT’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards 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 would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of UNIVERSITY PARK RECREATION DISTRICT’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the UNIVERSITY PARK RECREATION DISTRICT’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements.

Required Supplementary Information (Continued)

We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated February 6, 2023, on our consideration of the UNIVERSITY PARK RECREATION DISTRICT’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the UNIVERSITY PARK RECREATION DISTRICT’S internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the UNIVERSITY PARK RECREATION DISTRICT’s internal control over financial reporting and compliance.

PHILLIPS HARVEY GROUP, P.A.
Certified Public Accountants Naples, Florida

University Park Recreation District (the “District”) Administration offers readers of the District's financial statements this narrative overview and analysis of the financial activities of the District for the fiscal years ended September 30, 2022, and September 30, 2021. Please read it in conjunction with the accompanying basic financial statements.

FINANCIAL HIGHLIGHTS
(rounded to thousands)

	2022			2021		  (Decrease)		
Total net position	$	23,277	$	22,979	$	298	
Unrestricted net position available for future use	$	158	$	371	$	(213)	
Governmental net position	$	2,457	$	4,324	$	(1,867)	
Total revenues from all sources	$	12,215	$	10,294	$	1,921	
Governmental revenues	$	1,396	$	1,399	$	(3)	
Total cost of District programs	$	776	$	783	$	(7)	
Governmental change in net position	$	(1,867)	$	(1,196)	$	(671)	
General fund revenues (under) over expenditures	$	(21)	$	(136)	$	115	
General fund unassigned fund balance	$	61	$	82	$	(21)	
As a percent of general fund expenditures	30.29%	37.91%	(7.62)%	
Country Club operating (loss)	$	214	$	(288)	$	502	
Country Club change in net position	$	2,165	$	1,750	$	415	
Change in total long-term debt for the District	$	(533)	$	(1,841)	$	1,308	
USING THIS ANNUAL REPORT				

	September 30,		Increase

This annual report consists of a series of financial statements. The three components of the financial statements are: 1. Government-wide financial statements that include the Statement of Net Position and the Statement of Activities. These statements provide information about the activities of the District as a whole.
2. Fund financial statements tell how these services were financed, as well as what remains for future spending. Fund financial statements also report the District's operations in more detail than the government- wide statements by providing information about the District's most significant funds. 3. Notes to the basic financial statements expand upon information reported in the government-wide and funds financial statements.

REPORTING ON THE DISTRICT AS A WHOLE

Statement of Net Position and the Statement of Activities (Government-wide)
A frequently asked question regarding the District's financial health is whether the year's activities contributed positively to the overall financial well-being. The Statement of Net Position and the Statement of Activities report information about the District as a whole and about its activities in a way that helps answer this question. These statements include all assets, deferred outflows of resources, liabilities and deferred inflows of resources using the accrual basis of accounting, which is similar to the accounting used by most private-sector entities. All of the District’s revenues and expenses are considered, regardless of when cash is received or paid.

These two statements report the District's net position and changes therein. Net position, the difference between assets plus deferred outflows of resources and liabilities plus deferred inflows of resources, is one way to measure the District's financial health, or financial position. Over time, increases or decreases in net position are an indicator of whether the financial health is improving or deteriorating.

The statement of Net Position and the Statement of Activities present information about the following:

Governmental activities - All of the District's basic services are considered to be governmental activities, including general government and recreation. Assessments and fees finance most of these activities.

Proprietary activities/Business-type activities - The District charges fees to its members and non- members (i.e., public) to cover all or most of the cost of the services provided. The District's Country Club operations (University Park Country Club) are reported in this category.

REPORTING THE DISTRICT'S MOST SIGNIFICANT FUNDS

Fund Financial Statements
Fund financial statements provide detailed information about the most significant funds - not the District as a whole. Some funds are required to be established by State law. However, management may establish other funds at times, which aid in the management of resources for particular purposes or meet legal responsibilities associated with the usage of certain taxes, grants, and other resources. The District's two types of funds – governmental and proprietary - use different accounting approaches as explained below.

Governmental funds
Most of the District's basic services are reported in governmental funds. Governmental funds focus on how resources flow in and out, with balances available for spending remaining at year-end. These funds are reported using an accounting method called the modified accrual accounting method, which measures cash and all other financial assets that can be readily converted to cash. The governmental fund statements provide a detailed short-term view of the District's general government operations and the basic services it provides. Governmental fund information shows whether there are more or fewer financial resources that can be spent in the near future to finance the District's programs.

The District maintains three individual governmental funds as follows:

General Fund - The General Fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.

Debt Service 2019 Fund - The Debt Service 2019 Fund accounts accumulated resources for, and the payment of, general long-term principal, interest and related costs for the 2019 project consisting of the acquisition of the existing 27-hole University Park golf course, clubhouse, restaurant, lounge, fitness center, tennis center, and other facilities and approximately 100 acres of additional land and certain renovations and upgrades to such facilities.

Acquisition and Construction Fund - The Acquisition and Construction Fund accounts for the construction and acquisition of capital assets including the acquisition of the University Park golf course, clubhouse, restaurant, lounge, fitness center, tennis center, and other facilities and approximately 100 acres of additional land and certain renovations and upgrades to such facilities, as well as certain defined capital improvements described in the 2019 Bond Series Indenture.

The basic governmental fund financial statements can be found on pages 15 through 19 of the report. The District maintains one proprietary fund for its business-type activities:
Proprietary Fund - The District's Proprietary Fund is the Country Club Fund, which accounts for charges to members and non-members (i.e., public) for the services it provides and for expenses incurred to provide services. Proprietary funds are reported in the same way that all activities are reported in the Statement of Net Position and the Statement of Activities. The basic proprietary fund financial statements can be found on pages 21 through 23 of this report.

GOVERNMENT-WIDE FINANCIAL ANALYSIS

As noted earlier, over time the net position may serve as a useful indicator of a government's financial position. In the case of the District, the net position was $23,276,982 and $22,979,934 at September 30, 2022, and September 30, 2021, respectively.

A significant portion of the District's net position reflects its investment in capital assets (e.g., land, golf course and related improvements, buildings, machinery and equipment and tennis courts), less any related debt still outstanding, which was used to acquire those assets. The District uses these capital assets to provide services to property owners of the District and to non-members; consequently, these assets are not available for future spending.

NET POSITION AT SEPTEMBER 30, 2022, and 2021

Governmental Activities	Business-Type Activities	Total
	2022	2021		2022	2021		2022	2021	

Assets:
Current and other assets	

$	68,447 $	

91,416		

$	960,057 $	

732,281		

$	1,028,504 $	

823,697	

Receivables	22,962,101	23,492,980	239,703	235,756	23,201,804	23,728,736	
Due from another fund	-	-	-	-	-	-	
Inventories	-	-	263,476	205,984	263,476	205,984	
Prepaid expenses	312,549	324,009	95,599	113,644	408,148	437,653	
Other assets	-	-	12,630	8,886	12,630	8,886	
Restricted cash	2,459,522	4,302,024	1,705,765	925,000	4,165,287	5,227,024	
Capital assets, net		- 		- 	  20,269,421	  19,184,088	  20,269,421	  19,184,088	
Total assets	  25,802,619	  28,210,429	  23,546,651	  21,405,639	  49,349,270	  49,616,068	
Deferred outflows of resources:							
Liabilities:							
Current liabilities:							
Accounts Payable	7,583	9,447	215,694	162,623	223,277	172,070	
Accrued Interest	308,118	314,015	975	-	309,093	314,015	
Capital Lease	-	-	507,216	494,549	507,216	494,549	
Accrued Payroll and Other	-	-	462,073	329,539	462,073	329,539	
Deferred Dues	-	-	1,108,490	838,952	1,108,490	838,952	
Long-term liabilities					-	-	
Capital Lease	-	-	421,709	894,011	421,709	894,011	
2019 Bond	23,030,254	23,563,013	-	-	23,030,254	23,563,013	
Other		- 		- 		10,176		30,525		10,176		30,525	
Total liabilities	  23,345,955	  23,886,475		2,726,333		2,750,199	  26,072,288	  26,636,674	
Deferred inflows of resources:							
Net position:							
Net investment in capital	-	-	19,330,320	17,765,003	19,330,320	17,765,003	
Restricted	2,083,251	3,917,976	1,705,765	925,000	3,789,016	4,842,976	
Unrestricted		373,413		405,978		(215,767)		(34,563)		157,646		371,415	
Total net position	$	2,456,664 $	4,323,954	$ 20,820,318  $ 18,655,440	$ 23,276,982  $ 22,979,394	

Governmental Activities
Changes in net position show revenue and expenses for governmental and business-type activities of the District, along with transfers between District funds.

CHANGES IN NET POSITION

REVENUES:
Non-ad valorem assessments Charges for services
Other revenues and interest Total Revenues	Governmental Activities 2022	2021

$	1,389,003 $	1,390,780
-	-
	7,285 	8,153
	1,396,288 	1,398,933	Business-Type Activities 2022	2021

$		-	$		- 10,797,677		8,854,160
	19,581 	40,707
  10,817,258 	8,894,867	Total
2022

$	1,389,003 $
10,797,677
	26,866 	
  12,213,546  	
2021

1,390,780
8,854,160
48,860
10,293,800	
EXPENDITURES:
Current:
General government Debt service:
Interest and debt issuance Country Club:
Operating expenses Interest expense Amortization expense Depreciation expense	

775,578

739,887

-
-

	- 	

782,584

754,050

-
-

	- 	

‐

‐

9,508,961
69,048
474,150
	752,561	

‐

‐

8,018,147
103,000
-
	1,164,914	

775,578

739,887

9,508,961
69,048
474,150
	752,561 		

782,584

754,050

8,018,147
103,000
- 1,164,914	
Total Expenditures		1,515,465		1,536,634	  10,804,720		9,286,061	  12,320,185  	10,822,695	
Excess (deficiency) of revenues over (under) expenditures	

(119,177)	

(137,701)	12,538	

(391,194)	(106,639)	

(528,895)	

Contributions, transfers and other Capital transfers in (out) Transfers in (out)
Other income/expenses (net)
Total contributions, transfers and other	

(1,848,113)
100,000
	- 

	(1,748,113)	

(1,058,285)
-
	- 

	(1,058,285)	

1,848,113
(100,000)
	404,227

	2,152,340	

1,058,285
-
	1,082,731

	2,141,016	

-
-
	404,227 	

	404,227 		

-
- 1,082,731

- 	
Net change in net positions	(1,867,290)	(1,195,986)	2,164,878	1,749,822	297,588	553,836	

Net position-beginning of year	
	4,323,954	
	5,519,940	
  18,655,440	
  16,905,618	
  22,979,394  	
22,425,558	

Net position-end of year	$	2,456,664 $	4,323,954	$ 20,820,318  $ 18,655,440	$ 23,276,982  $ 22,979,394

UNIVERSITY PARK RECREATION DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2022
Changes in Net Position (Continued)

Note - the District acquired the University Park County Club on November 22, 2019, from the issuance of its non-ad valorem assessment bonds series 2019.

The District's governmental activities programs include general government and debt service. Each program's net cost (total cost, less revenues generated by the activities) is presented above. The net cost shows the extent to which the District's general taxes support each of the District's programs.

Business-Type Activities

For the fiscal year ended September 30, 2022, the Country Club charges for services (revenues) for the Business-type activities was $10,797,677 and expenses were $10,735,672. Overall results for the year was an excess of revenues over expenditures of $12,538. In addition, investments in capital assets of $1,848,113 were paid through transfers from the Capital Acquisition and Construction Fund in the same amount. During the year, $100,000 was transferred from the Propriety Fund to the General Fund to pay a portion of Governmental expenditures. The net position of the Proprietary Fund (Country Club) at September 30, 2022, was $20,820,318.

For the fiscal year ended September 30, 2021, the Country Club charges for services (revenues) for Business- type activities was $8,854,160 and expenses were $9,183,061. Other revenues of $1,179,621 included
$855,783 of non-operating income relating to a Payroll Protection Plan loan that was forgiven by the Small Business Administration in April 2021. The loan was obtained by the County Club’s management company (Park Boulevard Management) for management and staff personnel serving the County Club. Overall results for the year was an excess of expenditures over revenues of $391,194. In addition, investments in capital assets of $1,848,113 were paid through transfers from the Capital Asset fund in the same amount. The net position of the Proprietary Fund (Country Club) at September 30, 2021, was $18,655,440.

FINANCIAL ANALYSIS OF THE DISTRICT'S FUNDS

As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.

Governmental Funds
The objective of the District's governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the District's financing requirements. In particular, unrestricted (unassigned/assigned) fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year.

At September 30, 2022, the combined fund balance for all Governmental Funds was $2,527,487, a decrease from the September 30, 2021, fund balance of $4,391,972. Approximately 2% of the combined ending fund balance ($2,527,487) constitutes unrestricted (unassigned/assigned) fund balance totaling $60,864, which is available for spending at the District’s discretion. The remainder of fund balance ($2,466,623) is restricted (non-spendable/restricted) to indicate that it is not available for new spending because it has already been committed for debt service, acquisition, and construction.

Governmental Funds (Continued)
At September 30, 2021, the combined fund balance for all Governmental Funds was $4,391,972, a decrease from the September 30, 2020 fund balance of $5,578,401. Approximately 2% of the combined ending fund balance ($4,391,972) constitutes unrestricted (unassigned/assigned) fund balance totaling $81,968, which is available for spending at the District’s discretion. The remainder of fund balance ($4,310,004) is restricted (non-spendable/restricted) to indicate that it is not available for new spending because it has already been committed for debt service, acquisition, and construction.

General Fund
The General Fund is the chief operating fund of the District. At the end of the current fiscal year, the total fund balance of the General Fund was unassigned, this amount was $60,864. As a measure of the General Fund's liquidity, it is helpful to compare the total fund balance which is 30.29% of total general fund expenditures of
$200,962.

The General Fund unassigned fund balance ($60,864) represents a decrease of $21,105 from the 2021 unassigned general fund balance of $81,968.

At the end of September 30, 2021, the total fund balance of the General Fund was unassigned, this amount was $81,968. As a measure of the General Fund's liquidity, it is helpful to compare the total fund balance which is 37.91% of total general fund expenditures of $216,245.

General Fund Budgetary Highlights
There was a formal General Fund budget amendment executed during the year to reclass certain appropriations among its total appropriated expenditures. The General Fund’s 2022 total appropriations adopted of $234,000 was not amended.

General Fund Budget Analysis
As shown on page 40 of this report, in the Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual, there was an overall favorable expenditure variance of $33,040.

Debt Service 2019 Fund and Capital Acquisition and Construction Fund
The District had no formal budgets adopted for its debt service 2019 fund and its acquisition and construction fund since these funds were created initially upon the issuance of the District’s Non-Ad Valorem Assessments Bonds Series 2019.

CAPITAL ASSET AND DEBT ADMINISTRATION

Capital Assets
Capital assets of the District are those assets that are used in the performance of the District's functions. Capital assets include land, golf course and related improvements, buildings, machinery and equipment, and tennis courts. There are no Governmental Activities capital assets at September 30, 2022, and September 30, 2021, respectively.

CAPITAL ASSETS AT SEPTEMBER 30, 2022, AND SEPTEMBER 30, 2021

	2022		2021		
Land	$ 8,525,000	$ 8,525,000	
Land improvements	101,297	-	
Construction in progress	1,494,316	1,029,593	
Golf course and improvements	5,629,729	5,168,613	
Buildings	3,202,367	3,202,367	
Dining renovations	1,065,609	-	
Machinery and equipment	1,019,734	2,894,084	
Tennis courts	318,742	233,977	
Leased assets		1,325,151		-	
Total assets	22,681,945	21,053,634	
Less accumulated depreciation	(1,938,374)	(1,869,548)	
Less accumulated amortization		(474,150)		-	
Net capital assets	$ 20,269,421	$ 19,184,086	

Business-Type Activities

On November 22, 2019, the District acquired, for $16,750,000, through designated bond proceeds, certain recreation facilities consisting of a 27-hole golf course and practice facilities, a pro shop, a clubhouse with kitchen, administrative and community facilities, tennis courts, a croquet court, a fitness center, a golf cart storage and other facilities with parcels of land within the University Park Country Club community. The Proprietary Fund recorded amortization and depreciation of $1,226,711 for the year ended September 30, 2022, and $1,164,914 for the year ended September 30, 2021. These capital assets are included as transfers from the Capital Acquisition and Construction Fund, net of other capital asset activity during the periods.
The District’s investment in capital assets for its business-type activities as of September 30, 2022, and September 20, 2021, was $19,330,320 and $17,765,003, respectively (net of accumulated depreciation and related capital lease obligations). The District had no investment in capital assets for its governmental activities in either fiscal year 2022 or 2021.

On October 1, 2021, the District adopted the lease accounting standard GASB 87, which replaced the previous lease accounting method. GASB 87 is based on the principle that leases are financings of the right to use an asset and requires lessees to recognize an intangible right-of-use asset. This intangible right-of-use asset totaled $1,325,151 with accumulated amortization of $474,150 as of September 30,2022.

Debt
Currently, the District uses debt financing on as-needed basis each year. At September 30, 2022, the District had total long-term debt of $23,969,356 consisting of $23,030,254 (including unamortized bond premium of
$75,254) in the governmental activities and $939,102 in business-type activities. None of the District’s long- term debt comprises debt backed by the full faith and credit of the County and Federal government.

OUTSTANDING DEBT AT SEPTEMBER 30, 2022, and SEPTEMBER 30, 2021

Governmental Activities	Business-Type Activities	Total
	2022	2021	2022	2021	2022	2021	
Series 2019 Bonds	$ 22,955,000	$ 23,485,000	$	-	$	-	$ 22,955,000	$ 23,485,000	
Capital leases	-	-	928,926	1,388,560	928,926	1,388,560	
Loan payable	-	-	-	-	-	-	
Equipment loans	-	-	10,176	30,525	10,176	30,525	
Plus: Bond premium, net		75,254		78,013		-			-			75,254		78,013	
Total	$ 23,030,254	$ 23,563,013	$  939,102	$ 1,419,085	$ 23,969,356	$ 24,982,098	

NEXT YEAR'S BUDGET AND ECONOMIC FACTORS

FY2023 Budget
The District’s Board of Supervisors (“The Board”) adopted a preliminary FY2023 Budget for the Enterprise Fund (Country Club), General Fund, and Debt Service Fund at the May 13, 2022, Board Meeting. The Budgets, primarily the Enterprise Fund, were prepared assuming club operations continue to return to pre- COVID-19 activities, reflecting increased revenue, namely in Restaurant Operations and continued strength in Golf Operations.

The fiscal year 2023 Budget includes plans for continued improvements to the University Park golf course while also emphasizing improved community appearance and financial stability. Most importantly, the budget provides necessary resources for the District to maintain and further improve services to our residents, members and guests without having to use the General Fund Unassigned Fund Balance.

The District's financial plan represents an aggressive approach to adequately maintain infrastructure and address gaps in the organization in order to deliver services to the community. While the budget allocates resources to improve the District's ability to address service and maintenance demands annually, there are also significant capital investments to be made to ensure proper services are maintained and provided to District residents, members and guests.
Results of Operations - Proprietary Fund, Enterprise - Country Club Fund
The overall results of operations were positive in fiscal 2022 despite increasing inflationary pressures and a challenging labor market. Golf Operations saw increases across all sectors, including member and public play rounds and increased greens fees and cart fees. Restaurant revenues increased by 23% over the preceding year with the completion of renovations to the indoor dining facility in January 2022. Operating expenses increased more than budgeted amounts in all departments due to increased labor costs and higher costs for food and supplies consumed in the restaurant and golf maintenance operations.
The District’s delinquent account balance remains insignificant. The District had no delinquent accounts related to the 2019 Assessment as of year ended September 30, 2022. The Club Operations have no significant delinquent accounts.

CURRENT DEVELOPMENTS
Master Plan, Dining Renovations, Pickleball and Croquet Courts
Master Plan concepts for the Club, presented by Fawley Bryant Architecture of Bradenton, FL were previously accepted and formed the basis for the Board’s focus on future Club improvements. Phase #1 projects include significant improvements to the dining facilities with a remodel of the indoor dining facilities and a complete renovation of the outdoor dining and social gathering spaces in the Café. This Phase is expected to be completed in the second quarter of 2023.

Master Plan concepts also included the installation of Pickleball Courts and relocating and enlarging the Croquet Pitch. The Pickleball Courts and expanded Croquet Pitch projects have been completed and have been well received by the members. Renovations of the Golf Course holes #19-27 was completed during the summer of 2022.
As of September 30, 2022, the Board committed $950,000 for the completion of Phase #1 projects and also assigned $400,000 to be used for future working capital needs.
Membership Plan
The Board of Supervisors approved a new Membership Plan that commenced on January 1, 2022. The plan has fewer membership categories, enhanced membership flexibility and an adjusted fee structure. The FY2023 Budget continues to reflect this new membership plan. The membership Plan provides flexible, a la carte options to all members, including the introduction of pickleball included in a Racquets membership and the option to add a Pickleball Pass to the Social membership. It also included the introduction of a Social Access Pass for the spouse/partner of a Full/Racquets single member and the requirement of a Social Family membership for all households that have more than one resident.

A summary of memberships as of December 31, 2022, and 2021 follows:

Category	YE 20222		YE 2021		Difference		% Change	
Full	386		355		31		8.7%	
Tennis/Racquets	125		124		1		0.8%	
Social/Resident	762		747		15		2.0%	
Jr. Exec	2		2		-		0%	
Total	1,275		1,228		47		3.8%	

At December 31, 2022, approximately 2,213 individuals are members of the Club.

New Member Activity included in YE 2022 results above:
Annual Fitness Passes Sold: 118 Social Access Passes Sold: 126 Twilight Tennis Passes Sold: 20 Pickleball Passes Sold: 24

Capital Reserve Plan
Finally, in addition to the Enterprise Fund and General Fund Operating Budgets, Club Management commenced the creation of a long-term Capital Reserve plan for ongoing equipment replacement and capital improvement needs. This included the identification and tagging of all Club assets over $2,500 in value with a useful life of 3 years or more. It does include aggregating like items that are less in value, identifying the useful lives of the assets, and quantifying the replacement value of these assets. In addition, an independent Capital Reserve Study was done by an industry expert, Club Benchmarking. This information provides the foundation for the Capital Reserve plan and is the basis for the introduction of Capital Dues. Capital Dues, which is reflected in the FY2023 budget, is a new charge to members that will help generate reserves to fund our current and future capital needs.

CONTACTING THE DISTRICT'S FINANCIAL MANAGEMENT

This financial report is designed to provide our citizens, taxpayers, guests, club members, and creditors with a general overview of the District's finances and to show the District's accountability for the resources it receives and consumes. If you have questions about this report or need additional financial information, please contact the General Manager at (941) 355-3888.

John Fetsick, General Manager University Park, FL

PART I.	FINANCIAL SECTION

UNIVERSITY PARK RECREATION DISTRICT STATEMENT OF NET POSITION SEPTEMBER 30, 2022

	Governmental		Business		
ASSETS	Activities		Activities	TOTAL	
Cash	$	68,447	$	2,665,822	$	2,734,269	
Receivables	22,962,101		239,703	23,201,804	
Inventories	-		263,476	263,476	
Prepaid expenses	312,549		95,599	408,148	
Other assets	-		12,630	12,630	
Restricted assets:					
Cash, restricted for debt and/or capital payments	2,459,522		-	2,459,522	
Right of use leased assets, net of amortization	-		851,002	851,002	
Capital assets, net:				-	
Non-depreciable assets	-		12,026,711	12,026,711	
Depreciable assets (net of depreciation)		-		   7,391,708		7,391,708	
Total capital assets, net		-		  19,418,419		19,418,419	
Total assets	 $ 25,802,619	$ 	23,546,651	 $ 49,349,270	
LIABILITIES
Accounts payable Accrued payroll and other Accrued interest payable Unearned revenue
Non-current obligations: Portion due within one year Portion due after one year	
$	7,583	
$	
215,694	
$	223,277	
	-		462,073	462,073	
	308,118		975	309,093	
	-		1,108,490	1,108,490	
	-		-	-	
	540,000		507,216	1,047,216	
		22,490,254		    431,885		22,922,139	
Total Liabilities		23,345,955		2,726,333		26,072,288	
NET POSITION					
Investment in capital assets, net	-	19,330,320	19,330,320	
Net position-restricted:				
General fund	-	90,000	90,000	
Capital allocation	-	665,765	665,765	
Debt service fund	2,083,251	-	2,083,251	
Acquisition and construction fund	-	950,000	950,000	
Unrestricted:		373,413		(215,767)		157,646	
Total Net Position	 $		2,456,664	$ 	20,820,318	 $ 23,276,982	

The accompanying notes are an integral part of these financial statements.
- 15 -

STATEMENT OF ACTIVITIES	
FOR THE YEAR ENDED SEPTEMBER 30, 2022	

Functions/Programs

Primary Government Governmental activities
General government Interest on long term debt	Charges for	Governmental Expenses	Services		Activities

$	245,578	$	866,289	$	620,711
	739,888  		-  	 (739,888) 985,466	866,289	(119,177)		Business-type Activities

$	-
	- 
-		

$	

TOTAL

620,711
    (739,888)
(119,177)	
Business-type activites - country club Total business-type activities		10,804,525 
	10,804,525 		11,221,290 
	11,221,290 		- 
	- 			416,765 
	416,765 		416,765 
	416,765 	
	 $  11,789,991   $  12,087,579 	 $	(119,177)		 $	416,765 		 $		297,588 	
Total government							

General Revenues and Transfers:
Transfers-cash Transfers-capital assets
Total general revenues and transfers			
100,000
	(1,848,113)
(1,748,113)		
(100,000)
	1,848,113 
1,748,113	
-
	- 
-	
			(1,867,290)		2,164,878			297,588	
Change in net position				4,323,954 			18,655,440 		22,979,394 	
Net position, September 30, 2021			 $	2,456,664 		 $	20,820,318 		 $ 	23,276,982 	

Net position, September 30, 2022									

BALANCE SHEET - GOVERNMENTAL FUNDS SEPTEMBER 30, 2022
MAJOR FUNDS

TOTAL	
DEBT SERVICE	ACQUISITION AND	GOVERNMENTAL	
ASSETS	GENERAL	2019	CONSTRUCTION	FUNDS	

$	68,447		$	1,667,600		$	791,922		$	2,527,969	
	- 			22,962,101 			- 			22,962,101 	
 $	68,447 	 $	24,629,701 	 $	791,922 	 $	25,490,070 	

Cash Receivables
Total Assets
LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES

$	7,583	$	-	$	-	$	7,583	
	7,583 			- 			- 			7,583 	

	- 		
	22,955,000 		
	- 		
	22,955,000 	
	7,583 			22,955,000 			- 			22,962,583 	

Liabilities:
Accounts payable

Total Liabilities
Deferred Inflows of Resources:
Unavailable revenue-special assessments

Total Liabilities and Deferred Inflows of Resources Fund Balances:

-	-	-		-		
-	1,674,701	791,922		2,466,623		
-	-	-		-		
-	-	-		-		
	60,864 		- 			- 			60,864 		
	60,864 		1,674,701 			791,922 			2,527,487 		
$	68,447	$	24,629,701		$	791,922		$	25,490,070		

Reserved for:

Non-spendable
Restricted Committed
Assigned Unassigned
Total Fund Balances
Total Liabilities, Deferred Inflows of Resources
and Fund Balances

UNIVERSITY PARK RECREATION DISTRICT

RECONCILIATION OF THE GOVERMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET POSITION

SEPTEMBER 30, 2022

Total Governmental Fund Balance (Page 17)	$	2,527,487

Amounts reported for governmental activities in the statement of net position are different because:

The focus of governmental funds is on short-term financing, some assets will not be available to pay for current-period expenditures. Those assets (assessments receivable) are offset by deferred inflow in the governmental funds and thus are not included in fund balance:
Adjustment of deferred inflows - unavailable revenue	$	22,955,000 Long-term liabilities, including notes and bonds payable, are not due
and payable in the current period and therefore are not reported in the
funds. The amount borrowed is received in the governmental funds
and increases fund balance. Also, the difference between those amounts are the amortization of bond premium and insurance costs over the life
of the debt as well as year-end interest accrual adjustment in the statement
of activities. Balance at year-end consist of:		
Bonds and notes payable
Less: unamortized bond premium
Plus: unamortized bond costs (insurance)
Less: accrued interest payable on long-term debt	$ (22,955,000)
(75,254)
312,549
	(308,118)	
		(23,025,823)	
Total Net Position (Page 15)	$	2,456,664	

The accompanying notes are an integral part of these financial statements.

- 18-

UNIVERSITY PARK RECREATION DISTRICT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2022

$	-		$	1,389,003		$	-		$	1,389,003	
	- 			7,199 			86 			7,285 	
	- 			1,396,202 			86 			1,396,288 	

REVENUES	GENERAL

Non-ad valorem assessments Other revenues and interest
Total Revenues
EXPENDITURES

200,960	41,813		-		242,773		
Debt service:
-	530,000		-		530,000		
Principal		- 		739,887 			- 			739,887 		
Interest		200,960 		1,311,700 			- 			1,512,660 		
(TDoetafilcEiexnpceyn)deixtucreesss of revenues over expenditures	(200,960)	84,502		86		(116,372)		
OTHER FINANCING SOURCES AND USES
179,856	
(79,856)		
-		
100,000		
Transfers in (out)		- 		- 			(1,848,113)			(1,848,113)		
Transfers-contributions to Enterprise Fund		179,856 		(79,856)			(1,848,113)			(1,748,113)		
Total Financing Sources (Uses)							
Net Change in Fund Balances	(21,104)	4,646		(1,848,027)		(1,864,485)		
Fund Balances, September 30, 2021	81,968	1,670,055		2,639,949		4,391,972		
Fund Balances, September 30, 2022	$	60,864	$	1,674,701		$	791,922		$	2,527,487		

Current:
General government

MAJOR FUNDS

DEBT SERVICE 2019

ACQUISITION AND CONSTRUCTION

TOTAL GOVERNMENTAL FUNDS

The accompanying notes are an integral part of these financial statements.
- 19 -

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, 2022

Net Change in Fund Balances - Total Governmental Funds (Page 19)	$	(1,864,485)	
Amounts reported for governmental activities in the statement of activities are different because:			
Governmental funds report annual collections of non-ad valorem assessments as revenue, including the portion collected for principal repayment. However, in the statement of activities, the principal repayment portion is eliminated and instead reduces the deferred inflows of resources on the statement of net position.		

(530,000)	
Interest expense/other in the statement of activities differs from the amount reported in governmental funds for two reasons. The net effect of
accrued interest on long-term debt (difference between amount that would have been accrued current year accrual), and adjustments arising from bond premium and bond insurance being amortized.			
Net effect of accrued interest on long-term debt Amortization of bond premium
Amortization of bond insurance costs	5,895
2,759
	(11,459)		
		(2,805)	
Repayments of long-term liabilities are reported as expenditures in the governmental fund statement, however, such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities.	

	530,000	
Change in Net Position of Governmental Activities (Page 16)	$		(1,867,290)	

The accompanying notes are an integral part of these financial statements.

- 20 -

STATEMENT OF NET POSITION PROPRIETARY FUND SEPTEMBER 30, 2022
Enterprise
ASSETS	(Country Club)

Current assets
Cash	$	2,665,822
Accounts receivable (net)	239,703
Inventories	263,476
Prepaid expenses	95,599
Other assets		12,630
Total current assets		3,277,230

Non-current assets
Right of use leased assets, net of amortization	851,002	
Capital assets, net		19,418,419	
Total non-current assets		20,269,421	

Total assets		23,546,651

LIABILITIES
Current liabilities
Accounts payable	215,694	
Accrued expenses	463,048	
Unearned revenue	1,108,490	
Lease liabilities		507,216	
Total current liabilities		2,294,448	

Non-current liabilities Lease liabilities	

	431,885	
Total non-current liabilities		431,885	
Total liabilities		2,726,333	
NET POSITION
Investment in capital assets, net	
19,330,320	
Net position-restricted: General fund	
90,000	
Capital allocation	665,765	
Acquisition and construction fund	950,000	
Unrestricted		(215,767)	
Total net position	$	20,820,318	

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION PROPRIETARY FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022

Enterprise (Country Club)

Operating revenue
Membership dues	$	4,335,398	
Green/cart fees and other		4,174,327	
Restaurant revenues		2,148,709	
Racquets and fitness fees		139,243	
Miscellaneous		       19,581 	
Total operating revenues		    10,817,258 	
Operating expenses			
Golf course maintenance		2,608,140	
Golf and pro shop operations		1,336,666	
Restaurant operations		3,208,185	
Racquets and fitness		405,686	
Administrative and general		1,602,350	
Insurance		215,580	
Depreciation and amortization		     1,226,711 	
Total operating expenses		    10,603,318 	
Operating income		213,940	
Nonoperating revenues (expenses)			
Initiation fees		393,950	
Gain on sale of assets		200	
Interest expense		(69,048)	
Hurricane expenses		(132,354)	
Miscellaneous and other		       10,077 	
Total nonoperating revenues (expenses)		      202,825 	
Contributions and transfers			
Transfers in from Acquisition and Construction Fund		1,848,113	
Transfer out to General Fund		      (100,000)	
Total contributions and transfers		     1,748,113 	
Change in net position		2,164,878	
Net position, beginning		    18,655,440 	
Net position, ending	 $		20,820,318 	

UNIVERSITY PARK RECREATION DISTRICT			
STATEMENT OF CASH FLOWS			
PROPRIETARY FUND			
FOR THE YEAR ENDED SEPTEMBER 30, 2022			
		Enterprise	
(Country Club)	

Cash flows from operating activities:			
Receipts from customers	$	11,082,849	
Payments to suppliers for goods or services		(5,655,253)	
Payments to employees for services		     (3,779,567)	
Net cash provided by operating activities		     1,648,029 	
Cash flows from capital and related financing activities:			
Transfers in from acquisition and construction fund		1,848,113	
Transfer to general fund		(100,000)	
Principal paid on capital lease obligations and loans		(479,984)	
Initiation fees		393,950	
Increase in construction in progress		(348,540)	
Acquisition of capital assets, net		     (1,953,027)	
Net cash used in capital and related financing activities		      (639,488)	
Net increase in cash		1,008,541	
Cash, beginning of year		     1,657,281 	
Cash, end of year	 $		2,665,822 	
Reconciliation of operating income to net cash provided by operating activities:			
Operating income	 $		213,940 	
Adjustment to reconcile operating income to net cash			
provided by operating activities:			
Depreciation and amortization		1,226,711	
Gain on disposal of asset		200	
Interest expense		(69,448)	
Change in assets and liabilities:			
Increase in accounts receivable		(3,947)	
Increase in inventories		(57,492)	
Decrease in prepaid expenses		18,045	
Increase in other assets		(3,744)	
Increase in accounts payable		54,046	
Increase in accrued expenses		180	
Increase in unearned revenue		      269,538 	
Total adjustments		     1,434,089 	
Net cash provided by operating activities	 $		1,648,029 	
Supplemental Disclosures of Cash Flow Information:			
Capital assets obtained from transfers in from Acquisition and Construction Fund	 $		1,848,113 	
Non-cash asset financing activity	 $		665,010 	

NOTE 1 - REPORTING ENTITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reporting Entity
The UNIVERSITY PARK RECREATION DISTRICT ("the District") was created on August 3, 2018 pursuant to provisions of Chapters 418 and 189, Florida Statutes, as amended (the "Act"), created by Ordinance No.18-29 enacted by the Board of County Commissioners of Manatee County, Florida and operates within the criteria established. The District was established for the purposes of acquiring and improving recreation facilities benefitting property consisting of 1226 gross acres of land and 1201 residential units to be served by the District. The District has undertaken the acquisition, financing, renovation and improvement, in various stages of the recreation facilities known as “University Park County Club” and associated professional fees and incidental costs related thereto for the special benefit of the District lands, pursuant to the Act. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing or re-constructing, enlarging or extending, equipping, operating and basic infrastructure for recreational facilities of all kinds, including, but not limited to real property, personal property, roads, parking lots, sidewalks, trails, paths, parks, ponds, lakes, preserves, lighting, landscaping, irrigation, signage, water sewer and parking within boundaries of the UNIVERSITY PARK RECREATION DISTRICT. The District is governed by a five-member Board of Supervisors, who were initially elected within certain defined terms.
The financial statements were prepared in accordance with Governmental Accounting Standards Board (“GASB”) Statements related to the Financial Reporting Unit, which establishes standards for defining and reporting on the financial reporting entity. Under the provisions of those standards, the definition of the financial reporting entity is based upon the concept that elected officials are accountable to their constituents for their actions. One of the objectives of financial reporting is to provide users of financial statements with a basis for assessing the accountability of the elected officials. The financial reporting entity consists of the District organizations for which the District is considered to be financially accountable and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. The District is financially accountable for a component unit if it appoints a voting majority of the organization’s governing board and it is able to impose its will on that organization or there is a potential for the organization to provide specific financial benefits to, or impose specific financial burdens on, the District, or the District has operational responsibility on the organization. Based upon the application of these criteria, there were no entities that met the criteria described above. Therefore, the financial statements include only the operations of the District.
The District’s financial statements include both government wide and fund financial statements: Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of activities)
report information on all of the non-fiduciary activities of the District. Governmental activities, which normally are supported by taxes, are reported separately from business-type activities of which the District had such activities during 2022. For the most part, the effect of inter-fund activity has been removed from these statements. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include (1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment. and (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not properly included among program revenues are reported instead as general revenues.

NOTE 1 - REPORTING ENTITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Government-Wide and Fund Financial Statements (Continued)
Separate financial statements are provided for governmental funds even though such funds are excluded from the government-wide financial statements. All governmental funds of the District are reported as major individual funds.

Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Non-ad valorem assessments are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers all revenues available if they are collected within 60 days after year-end. Expenditures generally are recorded when the related fund liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. The primary revenue sources associated with the current fiscal period that are susceptible to accrual are non-ad valorem assessments and any investment interest. All other revenue items become measurable and available only when cash is received by the District and are recognized as revenue at that time.

The District reports the following major governmental funds:

General Fund - The General Fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.

Debt Service 2019 Fund - This Debt Service 2019 Fund accounts accumulated resources for, and the payment of, general long-term principal, interest and related costs for the 2019 Project consisting of the acquisition of an existing 27-hole University Park championship golf course, clubhouse, restaurant, lounge, fitness center, tennis center, and other facilities and approximately 100 acres of additional land and certain renovations and upgrades to such facilities.

Acquisition and Construction Fund - This Acquisition and Construction Fund accounts for the construction and acquisition of capital assets such as acquisition of University Park club facilities as well as certain defined capital improvements noted in the 2019 Bond Series Indenture.

The District reports the following major (and only) proprietary fund:

Enterprise (Country Club) Fund - This Fund accounts for the activities related to the University Park Country Club.

NOTE 1 - REPORTING ENTITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Proprietary fund distinguishes operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and selling goods in connection with the proprietary fund’s principal ongoing operations. The principal operating revenues of the District’s Enterprise (Country Club) Fund are charges to members and the public for sales and services. Operating expenses for the Enterprise (Country Club) Fund include the cost of sales and amenity services, administrative expenses and depreciation and amortization on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses.

Budgetary Process
The District’s General Fund and Proprietary Fund budgets and amendments are approved by the Board of Supervisors. There were no formal budgets adopted for the District’s Debt Service 2019 Fund or the Acquisition and Construction Fund during this fiscal year. Those Funds are adhering to and following the specific mandates as delineated in the 2019 Bond Series Indenture. The adopted budgets are prepared on a basis consistent with U.S. generally accepted accounting principles except the Proprietary Fund does not budget for depreciation. The adopted budget amounts presented in the accompanying basic financial statements are originally adopted, unless subsequently amended, by the District’s Board of Supervisors.
Budgetary control is established by the District through the appropriated budget for all applicable Funds.

The annual budgets serve as the legal authorization for expenditures. Expenditures cannot legally exceed the total amounts budgeted. All budget amendments, which change the legally adopted total appropriation, are approved by the Board of Supervisors. Appropriations, if any, lapse at the year-end.

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

Each year the District management team submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
A public hearing is conducted to obtain taxpayer comments.
Prior to October 1, the budget is legally adopted via resolution by the District Board.
All budget changes must be approved by the District Board.
All budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriation for annually budgeted funds lapse at the end of the year.

Encumbrances
Encumbrance accounting under which purchase orders and other commitments for expenditures of monies are recorded is not employed by the District and thus no amount has been included in these financial statements for encumbrances.

Due To and From Other Funds
Interfund receivables and payables, if any, arise from interfund transactions and are recorded by funds affected in the period in which transactions are executed. There were no amounts due to and from other funds on September 30, 2022 in the accompanying fund statements.

NOTE 1 - REPORTING ENTITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Total Column on the Statement of Net Position, Statement of Activities, Balance Sheet - Governmental Funds and the Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds
The total columns on the statement of net position, statement of activities, balance sheet - governmental funds and the statement of revenues, expenditures and changes in fund balances - governmental funds is presented only to facilitate financial analysis and also is utilized for reconciliation purposes to the government-wide financial statements. Data in this column does not present financial position or results of operations in conformity with generally accepted accounting principles, and such data is not comparable to a consolidation.

Cash and Cash Equivalents
Cash and cash equivalents consist of petty cash, deposits in checking accounts and money market accounts. Cash equivalents would be short-term investment items with a maturity of three months or less when purchased.

Accounts Receivable
Accounts receivable in the Enterprise (Country Club) Fund are stated at the amount management expects to collect from outstanding balances. These accounts represent member charges for goods and/or services provided. It is the District’s policy to charge off uncollectible amounts when management determines the receivable will not be collected. There were no accounts receivable written-off during the year and $3,000 was included as an allowance for any uncollectible accounts at September 30, 2022. The District’s collection policy includes sending a friendly collection letter at 30 days past payment due date, sending a stronger letter outlining consequences for nonpayment at 45 days past payment due date and consideration of suspension of members at 60 days past payment due date for nonpayment. Members will then have 15 days to make payment or their membership may be recalled by Club management. Any past due member balance that includes unpaid dues is subject to the suspension of Club privileges at the 30 days past payment due date.
Members who join the Club after January 1 each year will have their dues prorated to the effective date of membership.

Assessments Receivable/Unavailable Revenue
Assessments receivable recorded in the Debt Service 2019 Fund represent the balance of outstanding assessments levied at the time the related debt issuance was authorized. The receivables are collected in annual installments together with assessments for interest and collection costs in amounts sufficient to meet the annual 2019 Bond Series debt service requirements.
The District reports unavailable revenue as a deferred inflow of resources in the fund financial statements in an amount equal to the assessments receivable since this revenue will be collected in future years. This assessment revenue is not deferred in the government-wide financial statements. Instead, it is recognized as revenue at the time the assessments are levied.

Restricted Assets
Certain resources set aside for the repayment of the District’s special assessment bond proceeds are classified as restricted assets on the statement of net position because they are maintained in separate bank accounts and their use is limited by applicable bond covenants. The “Cash”, restricted for principal and interest account is used to segregate resources accumulated for future debt service payments and certain capital improvements as shown in the 2019 Bond Series Indenture.

NOTE 1 - REPORTING ENTITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments
Investments, if any, are reported and are equal or equivalent to fair value. The District follows Florida Statutes Section 218.415 (20) when investments are acquired. For any investments held, the District categorizes its fair value measurement within the fair value hierarchy established by generally accepted accounting principles.
The hierarchy is based on the valuation inputs used to measure the fair values of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs. All District’s funds held with US Bank (Bond Trustee) held at September 30, 2022 are in money market accounts. The District held no investments at year-end.

Inventories
Inventories in the Enterprise (Country Club) Fund are stated at the lower of cost (first-in, first-out method) or net realizable value and consist of food, beverage, and merchandise held for sale in the pro shop. The costs of governmental fund type inventory, if any, are recorded as expenditures when consumed rather than when purchased.

Prepaid Items
Payments made to vendors for services that will be benefit periods beyond September 30, 2022, in the governmental funds are recorded as prepaid items using the consumption method by recording an asset for the prepaid amount and showing the expenditure/expense in the year in which the services are consumed. At the fund reporting level, an equal amount of the fund balance is classified as non-spendable, as this amount is not available for general appropriation.

Capital Assets and Depreciation
Capital assets, which include land, golf course and related improvements, buildings, machinery and equipment and tennis courts are reported in the business-type activities columns in the government-wide financial statements (see Note 3). The District had no governmental capital assets at September 30, 2022. Capital assets are defined by the District as assets with an initial, individual cost of more than $2,500 and an estimated useful life in excess of one year. Capital assets are carried at historical cost or estimated fair value at date of purchase. Contributed assets are recorded at acquisition value as of the date received. As the District constructs or acquires capital assets each period, such assets are capitalized and reported at historical cost.
The reported value excludes normal maintenance and repairs which are essentially amounts spent in relation to capital assets that do not increase the capacity or efficiency of the item or extend its useful life.

The District’s golf course and improvements (excluding land), buildings, machinery and equipment and tennis courts are being depreciated using the straight-line method over the following estimated useful lives.

	  YEARS 	
Golf course and improvements	15	
Buildings	28	
Machinery and equipment	5 - 7	
Tennis courts	7	

NOTE 1 - REPORTING ENTITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Payables and Accruals
Payable and accrual amounts are recorded as expenses and liabilities when incurred in the government wide financial statements and as expenditures and liabilities in the fund financial statements when expected to be liquidated with available current expendable financial resources.

Compensated Absences
The District’s staff are granted compensated absence pay for vacation and sick leave in varying amounts based on length of service and other adopted policies. Compensated absences are accrued when earned in the government-wide and proprietary financial statements.

Unearned Revenue
The District reports unearned revenue on its government-wide and proprietary fund statements of net position. Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied. On both the government-wide statements and proprietary fund statement, unearned revenues represent the corresponding liability for cash advances received, related primarily to club membership dues and fees to fund future expected expenditures. In subsequent periods, when revenue recognition criteria are met the revenue will be recognized and the unearned revenue will be released.

Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position may report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The District had no items that qualify for reporting in this category. In addition to liabilities, the statement of net position may report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The District has only one type of item, which arises only under a modified accrual basis of accounting, that qualifies for reporting in this category. Accordingly, the item, unavailable revenue, is reported only in the governmental funds balance sheet. The governmental Debt Service 2019 fund reported unavailable revenues from the balance of outstanding assessments levied by the District to repay outstanding debt. These amounts are deferred and recognized as an inflow of resources in the future periods that the amounts become available.

Long-Term Obligations
2019 Series bond payable is reported as a liability in the government-wide statement of net position. This liability is not reported in the fund financial statements as they are considered to be current liabilities. In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the straight-line method which approximates the effective interest method. Bonds are reported net of the applicable bond premium or discount. Bond issuance costs, other than prepaid insurance, are expensed at issuance. Prepaid insurance associated with the issuance of debt is reported as an asset and amortized over the term of the related debt. Related interest is expensed in the accompanying statement of activities.

NOTE 1 - REPORTING ENTITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Long-Term Obligations (Continued)
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as issuance costs, during the current period. The face amount of debt issued is reported as another financing source. Premiums received on debt issuances are reported as another financing source while discounts on debt issuances are reported as another financing use. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. Related principal and interest payments are reported as expenditures in such statement.
Net Position
Net Position in the government-wide statements is displayed in three categories: (1) investment in capital assets, net (2) restricted or (3) unrestricted. Investment in capital assets, net, consist of capital assets reduced by accumulated depreciation and by any outstanding debt/liabilities. Restricted net position represents the assets restricted by the District’s bond covenants net of accrued interest payable, as well as other internal restrictions approved by the Board of Supervisors for specific use. Unrestricted net position consists of the remaining net position that does not meet the definition of either of the other two categories.
Fund Balances
The District establishes fund balance classifications that comprise a hierarchy based primarily on the extent to which a government is bound to observe constraints imposed upon the use of resources reported in governmental funds. The District’s fund balances classifications are: Non-spendable, Restricted, Committed, Assigned and Unassigned. These classifications reflect not only the nature of funds, but also provide clarity to the level of restrictions placed upon fund balance. Fund balances can have different levels of restraint, such as external versus internal compliance requirements. Unassigned fund balance is a residual classification within the General Fund. The General Fund should be the only fund that reports a positive unassigned balance. In all other funds, unassigned is limited to negative residual fund balance. For further details of various fund balance classifications refer to Note 7.
Net Position Flow Assumption
At times the District will fund outlays for a particular purpose from both restricted and unrestricted resources. In order to calculate the amount to report as restricted-net position and unrestricted-net position in the government-wide financial statements, a flow assumption must be made about the order in which resources are considered to be applied. It is the District’s policy to consider restricted-net position to have been depleted before unrestricted-net position is applied.
Fund Balance Flow Assumption
At times the District will fund outlays for a particular purpose from both restricted and unrestricted resources (total of committed, assigned and unassigned fund balance). In order to calculate the amount to report as restricted, committed, assigned and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which resources are considered to be applied. It is the District’s policy to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance. Further, when the components of the unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last.

NOTE 1 - REPORTING ENTITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Risk Management
The District is exposed to various risks of loss related to torts; theft, damage, and destruction of assets; errors and omissions; and natural disasters. Insurance coverage for such losses is purchased from third-party carriers. The financial impact of the District's risk management activities are reported in the General and Enterprise (Country Club) funds. Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. There was no such type of occurrence during fiscal 2022.
No accrual has been provided for claims and incidents not reported to the insurer. Claims made have not exceeded the insurance coverage for the current year.

Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

NOTE 2 - CASH (DEPOSITS) AND CASH EQUIVALENTS

Cash (deposits) and cash equivalents held at September 30, 2022 by each governmental major
fund consisted of:	

	GENERAL		
DEBT SERVICE
	2019		
ACQUISITION AND
 CONSTRUCTION	

	TOTAL		
Demand Deposits	$	68,447	$	1,667,600	$	791,922	$	2,527,969	

All deposits with banks are entirely insured by Federal Depository Insurance. All District depositories are banks designated by the Florida State Treasurer as qualified public depositories. Chapter 280 of the Florida Statutes “Florida Security for Public Deposits Act” provides procedures as discussed below for public depositories to ensure public monies in banks are collateralized with the Treasurer as agent for the public entities.

The Public Deposit Security Trust Fund has a procedure to allocate and recover losses in the event of a default or insolvency. When public deposits are made in accordance with Chapter 280, no public depositor shall be liable for any loss thereof. Chapter 280 defines deposits as demand deposit accounts, time deposit accounts, and certificates of deposit.

At September 30, 2022, the District’s bank balance and carrying amounts were $2,528,187 and $2,527,969 respectively. District’s deposits at year-end are considered 100% insured for custodial credit risk purposes.

NOTE 3 - CAPITAL ASSETS, NET

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

	BEGINNING
  BALANCE		
  ADDITIONS 	TRANSFERS
 (DELETIONS) 	ENDING
  BALANCE		
Governmental activities: (None for the year)	$	-	$	-	$	-	$	-	
Business-type activities:					
Capital assets, not being depreciated: Land	
$ 8,525,000	
$	-	
$	-	
$ 8,525,000	
Construction in progress		1,029,593		1,893,783	  (1,429,060)		1,494,316	
Total capital assets, not being depreciated		9,554,593		1,893,783	  (1,429,060)	 10,019,316	
Capital assets, being depreciated: Golf course and improvements	
5,168,613	
461,115	
-	
5,629,728	
Land improvements	-	101,297	-	101,297	
Buildings	3,202,367	-	-	3,202,367	
Machinery and equipment	2,894,086	1,181,419	(665,010)	3,410,495	
Tennis courts		233,977		84,765		-		318,742	
Total capital assets being depreciated	 11,499,043		1,828,596		(665,010)	 12,662,629	
Less accumulated depreciation for: Golf course and improvements	
(643,138)	
(395,289)	
-	
(1,038,427)	
Land improvements	-	(1,206)	-	(1,206)	
Buildings	(219,285)	(125,654)	-	(344,939)	
Machinery and equipment	(940,520)	(661,572)	683,733	(918,359)	
Tennis courts		(66,605)		(42,988)		-		(109,593)	
Total accumulated depreciation and amortization	  (1,869,548)	  (1,226,709)		683,733	  (2,412,524)	
Total capital assets, being depreciated, net		9,629,495		500,590		18,723	 10,148,808	
Business-type activities capital assets, net	$ 19,184,088	$ 2,495,670	$ (1,410,337)	$ 20,269,421	

The Enterprise (Country Club) Fund depreciation and amortization expenses for the year ended September 30, 2022 totaled $752,561 and $474,150, respectively. Of the $3,621,082 in capital asset additions above,
$1,848,113 were paid with transfers from the Acquisition and Construction Fund during the fiscal year.

NOTE 4 - LONG-TERM OBLIGATIONS AND PLEDGED FUTURE REVENUES

Long term obligations are comprised of limited obligations bonds (special assessment debt), Series 2019 bond premium loans, office and equipment leases, and equipment loans.
Changes in long-term liability activity for the fiscal year ended September 30, 2022 was as follows:

	BALANCE SEPTEMBER 30,
	2021		

	ADDITIONS	  (REDUCTIONS) 	BALANCE SEPTEMBER 30,
	2022		DUE WITHIN
	ONE YEAR		
Governmental activities:					
Series 2019 Bonds	$	23,485,000	$	-  $	(530,000)	$	22,955,000	$	540,000	
Plus: bond premium	78,013	-	(2,759)	75,254	-	
Business-type activities:					
Office/equipment leases	1,388,560	-	(459,635)	928,925	507,216	
Equipment loans		30,525		- 	(20,349)		10,176		10,176	
	$	24,982,098	$	-  $	(1,012,743)	$	23,969,355	$	1,057,392	
Government Activities
Special Assessment Debt with Governmental Commitment
Special assessment debt with governmental commitment is not backed by the full faith and credit of the District but is payable solely from the secured lien on and pledge of (non-ad valorem assessments) of the properties benefited by the improvements.

Non-Ad Valorem Assessment Bonds, Series 2019

The District adopted Resolution No. 2019-20 on February 8, 2019 and Resolution No. 2020-02 as ratified and reaffirmed on November 4, 2019 (the “Resolution”), and a Master Trust Indenture (the “Indenture”, as amended) on November 1, 2019, authorizing the issuance of Non-Ad Valorem Revenue Assessment Bonds, Series 2019, in one or more Series in the aggregate. Total bonds issued of $24,000,000 were used to finance the cost of acquiring recreation facilities known as the “University Park Country Club", make certain defined improvements to such facilities and to fund the 2019 bond reserve requirements, the 2020 interest payments and various issuance costs including municipal bond insurance. The Bonds are secured by a covenant to budget and appropriate legally available non-ad valorem revenues of the District.

The Series 2019 Bonds is a tax-exempt issuance for $24,000,000 bearing interest at rates from 2.5% to 3.5%. Interest is paid semiannually on each May 1 and November 1 and principal is paid annually each May 1.
Principal payments began May 1, 2022 totaling $530,000 with the final principal payment on May 1, 2050.

The Series 2019 Bonds are subject to optional redemption prior to their stated date of maturity beginning May 1, 2029. The Series 2019 Bonds maturing on May 1, 2031 are subject to mandatory sinking fund redemption beginning May 1, 2030 and thereafter as defined in the Indenture. The Series 2019 Bonds are subject to extraordinary mandatory redemption prior to maturity, in whole or in part on any date at the redemption price of 100% of the principal amount plus accrued interest to the redemption date as denoted in the Indenture.

NOTE 4 - LONG-TERM OBLIGATIONS AND PLEDGED FUTURE REVENUES (Continued)

Non-Ad Valorem Assessment Bonds, Series 2019 (Continued)

The Bond Indenture required establishment of certain funds. The District’s key major funds established upon issuance were: (1) Debt Service 2019 Fund and (2) Acquisition and Construction Fund. The Indenture requires a reserve requirement for the Series 2019 Bonds at an amount (calculated from time to time) equal to maximum annual debt service on the Series 2019 Bonds outstanding, initially of $1,270,244. The Series 2019 Bonds reserve requirement was met for fiscal year ended September 30, 2022.

In addition, the District has established in these accompanying financial statements a Proprietary Fund- Enterprise (Country Club) Fund for the University Park Country Club acquisition.

At September 30, 2022, the scheduled future debt service requirements on the District’s outstanding Series
2019 Bonds are as follows:
YEAR ENDING
 SEPTEMBER 30 	

	PRINCIPAL		
            SERIES 2019 BONDS	

	INTEREST		

	TOTAL		
2023	$	540,000	$	725,313	$	1,265,313	
2024	555,000	710,463	1,265,463	
2025	570,000	696,588	1,266,588	
2026	585,000	682,338	1,267,338	
2027	600,000	667,713	1,267,713	
2028 - 2032	3,240,000	3,093,800	6,333,800	
2033 - 2037	3,760,000	2,583,356	6,343,356	
2038 - 2042	4,385,000	1,953,425	6,338,425	
2043 - 2047	5,165,000	1,168,956	6,333,956	
2048 - 2050		3,555,000		251,649		3,806,649	
Total	$	22,955,000	$	12,533,601	$	35,488,601	
Business Type Activities				
Lease Obligations				

In 2017, the Governmental Accounting Standards Board (GASB) published the lease accounting standard GASB 87. This standard was created to increase visibility into lease obligations and remove ambiguity around lease obligations in financial disclosures, particularly balance sheets and income statements, and replaces the current operating and capital lease categories with a single model for lease accounting based on a definition of leases as contracts that convey control of the right to use a non-financial asset. The new rules require lessees to recognize a lease liability and an intangible right-of-use asset.

The District has entered into agreements with certain vendors for use of office equipment, golf course maintenance equipment, and golf carts.

NOTE 4 - LONG-TERM OBLIGATIONS AND PLEDGED FUTURE REVENUES (Continued)

Lease Obligations (Continued)

Upon adoption of GASB 87, the District recorded the following entries:

Beginning of
Lease Assets		Year		  Additions			 End of Year 	
Equipment	$ 1,245,795		$	17,428		$ 1,263,223	
Copy Machine		61,929 		-				61,929 	
	1,307,724	17,428		1,325,152	
Less: Accumulated Amortization	
Equipment	-			(455,095)		(455,095)	
Copy Machine	-			(19,055)		(19,055)	
	-			(474,150)		(474,150)	
Total Lease Assets, net	 $ 1,307,724 	 $	(456,722)		 $	851,002 	

Amortization and interest expenses related to these leases for the year ended September 30, 2022
consisted of the following:			
Year Ending	
Lease expense	September 30, 2022	
Amortization expense by class of underlying asset	
Equipment	$	455,095	
Copy Machine		19,055 	
Total amortization expense	474,150	
Interest on lease liabilities		69,048	
Variable lease expense		-		
Total Lease Expense	 $		543,198 	

The following is a schedule by years of future minimum lease payments as of September 30, 2022:

NOTE 4 - LONG-TERM OBLIGATIONS AND PLEDGED FUTURE REVENUES (Continued)

Business Activities

Capital Lease Obligations (Continued)

Maturity Analysis
for Years Ending	Total
September 30,		Principal	 	Interest	  Payments	
2023	$	507,216	$	41,553	548,769
2024	400,606	12,134	412,740	
2025	21,103	181	21,284	
2026	-	-	-	
2027		-	 		-	 		-		
Total Future Payments	$	928,925	$	53,868	982,793	

Principal and interest payments are due monthly. As of September 30, 2022, the principal amounts outstanding were $928,925 and the net book value of the equipment was $851,002. Amortization of leased equipment under right-of-use assets is grouped with depreciation expense. The interest or discount rates on the leases range from 5.02% to 13.46%. The lease agreements include a provision that upon the occurrences of any event of default, the lessor may retake possession of the equipment under lease.

Right-of-use assets included on the statement of net position and the related accumulated amortization as of September 30, 2022 were as follows:
Cost	$	1,325,151
Accumulated depreciation	$	474,149

Equipment Loan (Vendor Financed)
The District has a noninterest-bearing equipment loans collateralized by equipment with monthly payments of approximately $1,454. This loan matures in fiscal year 2023. The borrowing under this loan as of September 30, 2022 totaled $10,176.

NOTE 5 - INTERFUND TRANSACTIONS

Transfers of resources from a fund receiving revenue to the fund through which the resources will be expended are recorded as transfers and are reported as other financing sources (uses) in the governmental or proprietary funds. Non-recurring or non-routine transfers of equity between funds are also reported as transfers. These transfers were made in the year from the Acquisition and Construction Fund to the Enterprise (Country Club) Fund for specific District funds expended to make certain capital improvements as provided in Series 2019 Bond documents, as well as other transfers of excess income from the Debt Service 2019 and Enterprise (Country Club) Fund to the General Fund for operation and management purposes.

Following is a summary of transfers individually by Major Funds and the Enterprise (Country Club) Fund for the year and also between governmental activities and business-type activities in the government-wide statement of activities:

Acquisition and Construction Fund	$	-	$	(1,848,113)	
Debt Service 2019 Fund	-	(79,856)	
General Fund	179,856	-	
Proprietary Fund:			
Enterprise (Country Club) Fund		1,848,113		(100,000)	

Major Funds:

 TRANSFERS IN 	 TRANSFERS OUT

Total Interfund Transfers	$  2,027,969   $  (2,027,969)

Activity between funds that is representative of lending/borrowing arrangements outstanding at the end of the fiscal year, if any, are referred to as "due to/from other funds". There were no amounts due from and to other funds at September 30, 2022.

NOTE 6 - RETIREMENT PLAN

The District offers a 401(k) retirement plan through its management company for the benefit of its staff. Each eligible employee is permitted to make a contribution to the plan in amounts as provided by Internal Revenue Service regulations. The current plan does not require matching contributions by the District of the employee’s deferral amount. Consequently, there was no contribution expense for 2022.

NOTE 7 - MANAGEMENT CONTRACTS

The District contracted with PFM Group Consulting, LLC, a management company, through September 30, 2024 to perform management advisory services, which included advisory services. One employee of the management company serves as Secretary of the District. Under the agreement, the District compensates the management company for administrative, management, and other ancillary costs. Management fees totaling
$77,574 were paid for the year ending September 30, 2022.

In September 2022, the District elected to renew the management agreement through September 30, 2024 with Park Boulevard Management, LLC, that is responsible for the management, operation, organization, administration and maintenance of the University Park Country Club in accordance with the terms of the agreement. There were no required fee charges for these management services during the year.

NOTE 7 - MANAGEMENT CONTRACTS (Continued)

The District entered into a Collection Agreement with PFM Grouping Consulting, LLC to act as collection agent (the “Collection Agent”) to monitor payments of the Series 2019 Non-Ad Valorem Assessments. The Collection Agent is required to maintain a lien book for the assessed properties evidencing the requirement of payment of the Series 2019 Non-Ad Valorem Assessments including any prepayment of the such assessments on subjected properties. The Collection Agent is authorized to release the applicable lien upon receipt of each Series 2019 Non-Ad Valorem Assessment. The Collection Agreement established procedures for the Collection Agent to monitor properties subject to the assessment lien and to assure payment is being delivered to the Trustee. Total Collection Agent fees paid for 2022 was $5,000.

NOTE 8 - FUND BALANCE DISCLOSURE

In accordance with GASB No. 54, the District classifies governmental fund balances (as applicable) as follows:

Non-spendable - includes fund balance amounts that cannot be spent either because they are not in spendable form or because of legal or contractual requirements.

Restricted - includes fund balance amounts that are constrained for specific purposes which are externally imposed by providers, such as creditors, lenders or amounts constrained due to constitutional provisions or enabling legislation.

Committed - includes fund balance amounts that are constrained for specific purposes that are internally imposed by the District through a formal action of the highest level of decision-making authority.

Assigned - includes fund balance amounts that are intended to be used for specific purposes that are neither considered restricted or committed. Fund balances may be assigned by the Supervisors to assign amounts for specific purposes.

Unassigned - includes residual positive fund balance within the General Fund which has not been classified within the other above classifications. Unassigned fund balance may include negative balances for any governmental fund is expenditures exceed amounts restricted, committed, or assigned for those specific purposes.

The District uses restricted amounts to be spent first when both restricted and unrestricted fund balance is available unless there are legal documents and/or contracts that prohibit doing this, such as grant agreements requiring certain dollars spent. Additionally, the District would first use committed, then assigned, and lastly unassigned amounts of unrestricted fund balance when expenditures are made.

NOTE 8 - FUND BALANCE DISCLOSURE (Continued)

A schedule of the District’s government fund balances at September 30, 2022 is as follows:

	

	GENERAL		DEBT SERVICE
	2019		ACQUISITION AND
 CONSTRUCTION 	TOTAL GOVERNMENTAL
	FUNDS		
Non-spendable	$	-	$	-	$	-	$	-	
Restricted	-	1,681,802	791,922	2,473,724	
Committed	-	-	-	-	
Assigned	-	-	-	-	
Unassigned		60,864		-		-		60,864	
Total	$	60,864	$	1,681,802	$	791,922	$	2,534,588	

	MAJOR FUNDS	

NOTE 9 - SUBSEQUENT EVENTS

In preparing the financial statements, the District has evaluated events and transactions for potential recognition or disclosure through February 6, 2023, the date that the financial statements were available to be issued. The following matters were identified as a subsequent event:

1. In November 2022, the District paid interest of $362,656 on the Series 2019 Bonds.

NOTE 10 - LITIGATION AND DISPUTES

The District deals with various legal matters involving District residents and certain government agencies arising in the ordinary course of its governmental activities and services. The District believes that these various legal matters will not adversely affect the overall District’s financial position. The outcome of any legal matters is uncertain and thus it is not possible to predict with any degree of certainty the outcome or result of any such litigation nor is it possible to predict with any degree of certainty the impact of any such litigation on the District.

NOTE 11 - HURRICANE IAN

On September 28, 2022, Hurricane Ian made landfall in Southwest Florida and directly impacted the District. Hurricane-related remediation costs of approximately $132,000 were accrued as of September 30, 2022 and reported in Nonoperating revenues (expenses) on the statement of revenues, expenses and changes in net position - proprietary fund. Insurance proceeds receivable, if any, were not estimated nor probable as of September 30, 2022.

PART II.	REQUIRED SUPPLEMENTARY INFORMATION OTHER THAN MD&A

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - GENERAL FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022

	GENERAL FUND	

REVENUES	
BUDGETED AMOUNTS

ORIGINAL	FINAL		

ACTUAL AMOUNT	WITH FINAL BUDGET POSITIVE
(NEGATIVE)	
Other income and financing sources	
$	70,000		$	70,000		$	-
        - 
        - 		$	(70,000)	
Prior Year Surplus		64,000 			64,000 						    (64,000)	
Total Revenues		134,000 			134,000 						    (134,000)	

EXPENDITURES												
Current:
General government Capital outlay Contingency/revenue reserve
Debt service:
Principal retirement Interest
Total Expenditures	
194,000	
194,000	
200,319	
(6,319)	
	-	-	-	-	
	40,000	40,000	641	39,359	
				-	
	-	-	-	-	
		- 		- 		- 		- 	
		234,000 		234,000 		200,960 		33,040 	

(Deficiency) excess of revenues over expenditures	
(100,000)	

(100,000)			
(200,960)			
(100,960)	
OTHER FINANCING SOURCES AND (USES)
Inter-Fund Transfers from Debt Service Inter-Fund Transfers from Country Club
Total Other Financing Sources and (Uses)	
-	
-	
79,856	
79,856	
		100,000 		100,000 		100,000 		- 	
		100,000 		100,000 		179,856 		79,856 	

Net Change in Fund Balances	
$	
-		
$	
-		
$	
(21,104)		
$	
(21,104)	
Fund Balances, September 30, 2021								81,968				
Fund Balances, September 30, 2022							$	60,864				

REQUIRED SUPPLEMENTAL INFORMATION
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES PROPRIETARY FUND: ENTERPRISE (UNIVERSITY PARK COUNTRY CLUB)
FOR THE YEAR ENDED SEPTEMBER 30, 2022

	ENTERPRISE (COUNTRY CLUB) FUND	
WITH
BUDGETED AMOUNTS		FINAL BUDGET
ACTUAL	POSITIVE

REVENUES

ORIGINAL	FINAL

AMOUNT	(NEGATIVE)

   

Operating revenue Membership dues Green/cart fees and other Restaurant revenues Tennis and fitness fees Miscellaneous
Total operating revenues

Operating expenses
Golf course maintenance expenses Golf and pro shop operations Restaurant expenses
Tennis and fitness Administrative and general Insurance
Depreciation and amortization Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses) Initiation fees
Gain on sale of assets Interest expense Hurricane expenses Miscellaneous and other
Total nonoperating revenues (expenses) Contributions and transfers
Capital contributions
Transfer out
Total contributions and transfers Change in net position
Net position, September 30, 2021
Net position, September 30, 2022

$  3,905,211	$  3,905,211	$  4,335,398	$	430,187

3,094,216		3,094,216		4,174,327			1,080,111	
1,910,971		1,910,971		2,148,709			237,738	
66,305		66,305		139,243			72,938	
	5,000 			5,000 			19,581 			     14,581 	
	8,981,703 			8,981,703 			10,817,258 			   1,835,555 	

2,741,586		

2,741,586		

2,608,140			

133,446	
1,303,113		1,303,113		1,336,666			(33,553)	
2,600,337		2,600,337		3,208,185			(607,848)	
337,447		337,447		405,686			(68,239)	
1,608,440		1,608,440		1,602,350			6,090	
-		-		215,580			(215,580)	
	- 			- 			1,226,711 		 		(1,226,711)	
	8,590,923 			8,590,923 			10,603,318 		 		(2,012,395)	

390,780		
390,780		
213,940			
(176,840)	

212,900		
212,900		
393,950			
181,050	
-		-		200			200	
-		-		(69,048)			(69,048)	
-		-		(132,354)			(132,354)	
	- 			- 			10,077 			     10,077 	
212,900		212,900		202,825			(10,075)	

-		
-		
1,848,113			
1,848,113	
	(100,000)			(100,000)			(100,000)			        - 	
(100,000)		(100,000)		1,748,113			1,848,113	
 $		503,680 		 $		503,680 		2,164,878		 $ 	1,661,198 	
				
	18,655,440 				
				 $ 20,820,318 				

PART III.	OTHER REPORTS

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

February 6, 2023

To the Board of Supervisors
UNIVERSITY PARK RECREATION DISTRICT
University Park, Florida 34201

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, business – type activities and each major fund of UNIVERSITY PARK RECREATION DISTRICT, as of and for the year ended September 30, 2022, and the related notes to the financial statements, which collectively comprise the UNIVERSITY PARK RECREATION DISTRICT’S basic financial statements, and have issued our report thereon dated February 6, 2023.

Report on Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered UNIVERSITY PARK RECREATION 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 UNIVERSITY PARK RECREATION DISTRICT’S internal control. Accordingly, we do not express an opinion on the effectiveness of UNIVERSITY PARK RECREATION DISTRICT’S internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the District’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.

To the Board of Supervisors
UNIVERSITY PARK RECREATION DISTRICT
February 6, 2023

Report on Compliance and Other Matters

As part of obtaining reasonable assurance about whether UNIVERSITY PARK RECREATION DISTRICT’S financial statements are free from 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 financial statements. 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 District’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 District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

PHILLIPS HARVEY GROUP, P.A.
Certified Public Accountants Naples, Florida

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES

February 6, 2023

To the Board of Supervisors
UNIVERSITY PARK RECREATION DISTRICT
University Park, Florida 34201

We have examined UNIVERSITY PARK RECREATION DISTRICT’s compliance with Section 218.415, Florida Statutes, regarding the investment of public funds during the year ended September 30, 2022. UNIVERSITY PARK RECREATION DISTRICT’s management is responsible for compliance with those requirements. Our responsibility is to express an opinion on UNIVERSITY PARK RECREATION DISTRICT’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether UNIVERSITY PARK RECREATION DISTRICT complied, in all material respects, with those requirements. An examination involves performing procedures to obtain evidence about whether UNIVERSITY PARK RECREATION DISTRICT complied with those requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

Our examination does not provide a legal determination on UNIVERSITY PARK RECREATION DISTRICT’s compliance with the specified requirements.

In our opinion, UNIVERSITY PARK RECREATION DISTRICT complied, in all material respects, with Section
218.415 of the Florida Statutes for the year ended September 30, 2022.

This report is intended solely for the information and use of the UNIVERSITY PARK RECREATION DISTRICT and the Auditor General, State of Florida, and is not intended to be and should not be used by anyone other than these specified parties.

PHILLIPS HARVEY GROUP, P.A.
Certified Public Accountants Naples, Florida

MANAGEMENT LETTER LOCAL GOVERNMENT ENTITIES

February 6, 2023

To the Board of Supervisors
UNIVERSITY PARK RECREATION DISTRICT
University Park, Florida 34201 Board of Supervisors:
Report on the Financial Statements

We have audited the financial statements of UNIVERSITY PARK RECREATION DISTRICT, Florida, as of and for the fiscal year ended September 30, 2022 and have issued our report thereon dated February 6, 2023.

Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the 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 the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Accountant’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated February 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 taken to address findings and recommendations made in the preceding annual financial audit report. There were no recommendations made in the preceding financial audit report.

Official Title and Legal Authority

Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. The District discloses this information in the notes to the financial statements. The District does not have an component units as of September 30, 2022.

Financial Condition and Management

Sections 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 UNIVERSITY PARK RECREATION DISTRICT met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that UNIVERSITY PARK RECREATION DISTRICT did not meet any of the conditions described in the 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 UNIVERSITY PARK RECREATION DISTRICT. It is management’s responsibility to monitor UNIVERSITY PARK RECREATION DISTRICT’s financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.

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

As required by Section 218.39(3)I, Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, UNIVERSITY PARK RECREATION DISTRICT reported:

a.	The total number of district employees compensated in the last pay period of the district’s fiscal year as 0.	
b.	The total number of independent contractors to whom nonemployee compensation were paid in the last month of the district’s fiscal year as 8.	
c.	All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $4,583,535.	
d.	All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $117,362.	
e.	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 of the fiscal year being reported: none.	
f.	A budget variance report 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, as included below: no amendments
were made for the District’s General or Enterprise Funds.	

Specific Information (Continued)

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)7, Rules of the Auditor General, the UNIVERSITY PARK RECREATION DISTRICT reported:

The rate or rates of non-ad valorem special assessments imposed by the District as
2.5 to 3.5%.

The total amount of special assessments collected by or on behalf of the district as $1,389,003.

The total amount of outstanding bonds issued by the district and the terms of such bonds as $22,955,000.

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 did not note any 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.

PHILLIPS HARVEY GROUP, P.A.
Certified Public Accountants Naples, Florida

Update of
Capital Improvement Plan and Cost

Ratification of
Payment Authorization Nos. 91-92

4/5/2023

University Park Recreation District

Payment Authorization No. 91

O&M - General Fund Expenses

Vendor	Invoice	Description	Amount	
McClatchy Company, LLC	186244	Notice of Public Meeting - March 2023	$	139.23	
PFM	OE-EXP-03-2023-29	Postage	$	9.67	
PFM	DM-03-2023-50	District Management Fee: March 2023	$	5,833.33	
Vglobal Tech	4840	ADA Website Maintenance - March	$	218.33	
Vglobal Tech	4893	Quarterly ADA & WCAG Audits	$	300.00	

O&M - General Fund Expenses Total	$	6,500.56

Asst. Secretary/Secretary	AsstTreasu,Qh		'-{\ 5 l 3

Page1 of1

UNIVERSITY PARK RECREATION DISTRICT
Attn:Accounts Payable 7671 THE PARK BOULEVARD UNIVERSITY PARK BRADENTON, FL 34201

MARCH INVOICE	
Invoice No.:	186244	
Invoice Date:	03/31/2023	
Due Date:	04/30/2023	
Bill-To Account:	29585	
Sales Rep:	Crystal Trunick	

, ,

I	am	I	Product	Size	Billed
Units	NetAmolllt	
03/03/2023 - 03/03/2023	389986	Print Legal Ad-lPL01117330 IPL0111733	BRO-Bradenton Herald
Legal I Legals & Public Notices CLS	1x63L	63L	$74.88	
03/28/2023 - 03/28/2023	398849	Print legal Ad-lPL01149770 IPL0114977	BRO-Bradenton Herald
Legal I Legals & Public Notices CLS	1x54L	54l	$64.35	

Dates	Description

IAmount Due:

 March Summary	
I

$139.231

McClatchy Company LLC PO Box 510150
Livonia Ml 48151

MARCH INVOICE	
Invoice No.:	186244	
Account No.:	29585	
Account Name:	UNIVERSITY PARK RECREATION DISTRICT	
AmountDue:	$139.23	

Please Return This Portion With Your Payment (Thank You)

ADVERTISING INVOICE
UNIVERSITY PARK RECREATION DISTRICT
Attn: Accounts Payable 7671 THE PARK BOULEVARD UNIVERSITY PARK BRADENTON, FL 34201

0000029585 0000186244 000013923 3

Email questions to ssccreditandcollections@mcclatchy.com

McClatchy Company LLC PO Box 510150
Livonia Ml 48151

Bill To:

University Park Recreation District
c/o PFM Group Consulting District Accounting Department
3501 Quadrangle Blvd., Suite 270
Orlando, FL 32817 United States of America

Remittance Options:

PFM Group Consulting LLC PO Box 65126
Baltimore, MD 21264-5126 United States of America

pfm

1735 Market Street 42nd Floor Philadelphia, PA 19103
+1 (215) 5676100

Company Address:

RE:	February 2023 Postage $9.67

Date	Invoice Number	
March 27, 2023	OE-EXP-03-2023-29	
Payment Terms	Due Date	
Upon Receipt	March 27, 2023	

Expenses
Total Amount Due

$9.67
$9.67

1735 Market Street 42nd Floor Philadelphia, PA 19103
+1 (215) 5676100

Company Address:

Bill To:

University Park Recreation District
c/o PFM Group Consulting District Accounting Department
3501 Quadrangle Blvd., Suite 270
Orlando, FL 32817 United States of America

Remittance Options:
Yia..Mail;_
PFM Group Consulting LLC PO Box 65126
Baltimore, MD 21264-5126 United States of America

pfm

RE:	District Management Fee: March 2023

Date	Invoice Number	
March 13, 2023	DM-03-2023-50	
Payment Terms	Due Date	
Upon Receipt	March 13, 2023	

Professional Fees
Total Amount Due

$5,833.33
$5,833.33

636 Fanning Drive
Winter Springs, FL 32708 US contact@vglobaltech.com www.vglobaltech.com

-,

11

h.	'•	,-	,1..
NCE	INNOVATION

INVOICE

BILL TO
University Park RD
3501 Quadrangle Boulevard,
Suite 270, Orlando, FL 32817

INVOICE # 4840
DATE 03/01/2023
DUE DATE 03/16/2023
TERMS Net 15

DATE	ACTIVITY	QTY	RATE	AMOUNT	
Web Maintenance:ADA Website Maintenance	1	218.33	218.33	
Ongoing website maintenance for				
ADA and WCAG Compliance				

Please make check payable to VGlobalTech.	BALANCE DUE	$218.33

636 Fanning Drive
Winter Springs, FL 32708 US contact@vglobaltech.com www.vglobaltech.com

INVOICE

BILL TO
University Park RD
3501 Quadrangle Boulevard,
Suite 270, Orlando, FL 32817

INVOICE# 4893
DATE 03/31/2023
DUE DATE 03/31/2023
TERMS Due on receipt

DATE	ACTIVITY	QTY	RATE	AMOUNT	
Audits:Quarterty ADA & WCAG Audits	1	300.00	300.00	
Quarterly ADA & WCAG Audits				
for all new content and document				
conversions for the website.				

Invoice for Quarter 1 ADA Audit.	BALANCE DUE	$300.00
Please make check payable to VGlobalTech.

4/14/2023

University Park Recreation District

Payment Authorization No. 92

O&M - General Fund Expenses

/

J

Vendor	Invoice	Description	Amount	
Blalock Walters	40896-000-54	General Representation - March 2023	$	6,142.00	
PFM	DM-04-2023-51	District Management Fee: April 2023	$	5,833.33	
Vglobal Tech	4974	ADA Website Maintenance - April	$	218.33	
Vglobal Tech	4494	Quarterly ADA & WCAG Audits	$	300.00	

O&M - General Fund Expenses Total	$	12,493.66

Asst. Secretary/Secretary	Asst Tr	

..

m

WALTERS
ATTORNEYS  AT LAW

El	BLALOCK

WEMAKE A DIFFERENCE

P.O. Box 469 Bradenton, Florida 34206-0469
ph: 941.748.0100 fx: 941.745.2093

UNIVERSllY PARK RECREATION DISTRICT PFM FINANCIAL ADVISORS, LLC
3504 LAKE LYNDA DRIVE, SUITE 107
ORLANDO, FL  32817

Page	1
March 31, 2023
Account #	40896-000
Invoice#	40896-000-54

ATTN:	ACCOUNTSPAYABLE@UNIVERSllYPARK-FL.COM GENERAL REPRESENTATION

REMITTANCE COPY

BALANCE

40896-000

MPB	$6,142.00

If you prefer to receive paperless invoices by email, please complete the information below or email billing@blalockwalters.com.

	 Yes, I would prefer paperless billing by email.

Email Address for paperless billing purposes:

Please Return the Remittance Copy with Your Payment
Make Check Payable to Blalock Walters, P.A. Federal Tax ID# 59-1950976

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BLALOCK WALTERS
ATTORNEYS  AT LAW

WE MAKE A DIFFERENCE
P.O. Box 469• Bradenton, Florida 34206-0469 ph: 941.748.0100 fx: 941.745.2093

UNIVERSITY PARK RECREATION DISTRICT PFM FINANCIAL ADVISORS, LLC
3504 LAKE LYNDA DRIVE, SUITE 107
ORLANDO, FL 32817

Page:	1
March 31, 2023
Account # 40896-000
Invoice#	40896-000-54

ATTN:	ACCOUNTSPAYABLE@UNIVERSITYPARK-FL.COM GENERAL REPRESENTATION
MPB

For Professional Services Rendered Thru 03/31/2023

03/01/2023	MPB Review and respond to Memorandums from Mark Criden; review and response to Memorandums from Vivian Carvalho.

03/02/2023	MJP Review of issue relating to revisions to CCRs and MCA to incorporate District specific provisions.
MPB Attend financing conference all for capital improvements; review and respond to Memorandum from Steve Ludmerer; telephone conference with Steve Ludmerer; review CCR issues; review and
respond to Memorandum from Steve Ludmerer; telephone call to John Fetsick on risk management issues.

03/03/2023	MPB Telephone conference with Steve Ludmerer; telephone conference with John Fetsick.
03/05/2023	 MPB Review and respond to Memorandum from Steve Ludmerer. 03/06/2023	MJP Prepare communication to regarding proposed CCR amendments in
preparation for call with Mark C.
MJP Conference with Mark Criden regarding proposed CCRs and MCA; prepare communication outlining suggested changes.
MPB Telephone conference with Steve Ludmerer; telephone conference with Mark Criden; preparation of Memorandum to Mark Criden; review Heron's Glen Charter.

03/07/2023	MJP Review communication from Mark Criden regarding suggested revisions to CCRs and MCA.
MPB Telephone calls to Rusty Pierson.
03/08/2023	MPB Review Charter regarding financing options; attend financing options conference call with Vivian Carvalho, Brent Wilder, Kevin Plenzler,

HOURS

0.80	200.00

1.50	330.00

1.90	475.00

0.50	125.00

0.30	75.00

0.20	44.00

0.80	176.00

1.20	300.00

0.20	44.00
0.20	50.00

UNIVERSITY PARK RECREATION DISTRICT GENERAL REPRESENTATION
MPB

Page:	2
March 31, 2023
Account # 40896-000
Invoice #	40896-000-54

		HOURS		
	Steve Ludmerer.	0.80	200.00	
03/09/2023	MPB	Telephone conference with Ashley Hayden; draft release; preparation			
		of Memorandum to Sally Dickson on further fee inquiry from resident.	1.30	325.00	
03/10/2023	MAS	Conference regarding CCR and related transfer fee.	0.30	66.00	
	MPB	Research on transfer fee; telephone conference with Tom Hart;
preparation for and attendance at Board meeting; preparation of			
		Memorandum to Atty. Zuberer.	4.50	1,125.00	
03/13/2023	MPB	Telephone call to Atty. Telese Zuberer; review and respond to Memorandum from Atty. Telese Zuberer; telephone conference with			
		Mark Criden; review and respond to Memorandum from Steve			
		Ludmerer; review and respond to Memorandum from Tom Hart.	1.30	325.00	
03/17/2023	MPB	Review and respond to Memorandum from John Fetsick; review Memorandum from Sally Dickson.	
0.40	
100.00	
03/20/2023	MPB	Review and respond to Memorandum from Talese Zuberer.	0.40	100.00	
03/21/2023	MJP	Review of issue relating to Sharon Wedgbury-Mount collection issue.	0.20	44.00	
	MPB	Review and respond to Memorandum from Steve Baker; telephone
conference with Talese Zuberer; review Memorandum from Talese			
		Zuberer; preparation of Memorandum to David Murphy; review and			
		respond to Memorandum from David Murphy.	1.30	325.00	
03/22/2023	MPB	Telephone conference with Chair; telephone conference with Chair, Vivian Carvalho and John Fetsick; preparation of Memorandum to			
		Bob Gang and Atty. Ritesh Patel.	2.10	525.00	
03/23/2023	MPB	Preparation of Memorandum to Board of Supervisors on CLR revision; review and respond to Atty. Telese Zuberer; review and			
		respond to Memorandum from Steve Ludmerer; review and respond			
		to Pat Thompson; respond to Memorandum from Bob Gang.	1.30	325.00	
03/26/2023	MPB	Review and respond to Memorandum from Steve Ludmerer; review and respond to Memorandums from Mark Criden.	
0.50	
125.00	
03/27/2023	MPB	Review and respond to Chair's inquiry.	0.60	150.00	
	JO	Work on application. Finalize application submittal regarding			
		recreation area square footage. Emails with Cindy Jean Leland.	1.80	225.00	
03/28/2023	MPB	Preparation of Memorandum to John Fetsick; telephone conference with Bob Gang.	
0.60	
150.00	
03/29/2023	MJP	review of communication from Paul Fay; review of issue relating to			
		collection matter.	0.40	88.00	
03/31/2023	MPB	Preparation of Memorandums on bond counsel to Vivian Carvalho;			

•

UNIVERSITY PARK RECREATION DISTRICT GENERAL REPRESENTATION
MPB

Page:	3
March 31, 2023
Account# 40896-000
Invoice#	40896-000-54

	HOURS		
preparation of Memorandum to Steve Ludmerer; telephone conference with Steve Ludmerer.	
0.50	
125.00	
TOTAL FOR THE ABOVE SERVICES	25.90	6,142.00	
TOTAL CURRENT WORK		6,142.00	
PREVIOUS BALANCE		$6,736.00	

PAYMENTS RECEIVED			

03/27/2023	
Payment received on account. Thank you!	
-6,736.00	
	
AMOUNT DUE (includes Previous Balance if shown above)	
$6,142.00	

If you prefer to receive paperless invoices by email, please complete the information below or email billing@blalockwalters.com.

	 Yes, I would prefer paperless billing by email.

Email Address for paperless billing purposes:

Please Return the Remittance Copy with Your Payment
Make Check Payable to Blalock Walters, P.A.
Federal Tax ID# 59-1950976

Bill To:

University Park Recreation District
c/o PFM Group Consulting District Accounting Department
3501 Quadrangle Blvd., Suite 270
Orlando, FL 32817 United States of America

Remittance Options:
.'Lla...Mai1;_
PFM Group Consulting LLC PO Box 65126
Baltimore, MD 21264-5126 United States of America

pfm

1735 Market Street 42nd Floor Philadelphia, PA 19103
+1 (215) 5676100

Company Address:

RE:	District Management Fee: April 2023

Date	Invoice Number	
April 11, 2023	DM-04-2023-51	
Payment Terms	Due Date	
Upon Receipt	April 11, 2023	

Professional Fees
Total Amount Due

$5,833.33
$5,833.33

of	1

VGlobalTech
636 Fanning Drive
Winter Springs, FL 32708 US contact@vglobaltech.com www.vglobaltech.com

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XPERIENCE INNOVATION

INVOICE

BILL TO
UniversityPark RD
3501 Quadrangle Boulevard,
Suite 270, Orlando, FL 32817

INVOICE # 4494
DATE 12/01/2022
DUE DATE 12/01/2022
TERMS Due on receipt

DATE	ACTIVITY	QTY	RATE	AMOUNT	
Audits:Quarterly ADA & WCAG Audits	1	300.00	300.00	
Quarterly ADA & WCAG Audits		
for all new content and document		
conversions for the website.		

Invoice for Quarter 4 ADA Audit.	BALANCE DUE	$300.00
Please make check payable to VGlobalTech.

VGlobalTech
636 Fanning Drive
Winter Springs, FL 32708 US contact@vglobaltech.com www.vglobaltech.com

INVOICE
BILL TO
University Park RD
3501 Quadrangle Boulevard,
Suite 270, Orlando, FL 32817

INVOICE # 4974
DATE 04/01/2023
DUE DATE 04/16/2023
TERMS Net 15

DATE	ACTIVITY	QTY	RATE	AMOUNT	
Web Malntenance:ADA Website Maintenance	1	218.33	218.33	
Ongoing website maintenance for				
ADA and WCAG Compliance				

Please make check payable to VGlobalTech.	BALANCE DUE	$218.33