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

The regular meeting of the University Park Recreation District will be held on Friday, April 12, 2024, at 1:00 p.m. at the Business Offices located at 8301 The Park Boulevard, University Park, FL 34201 and 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]

Administrative Matters
Consideration of the Minutes of the February 27, 2024, Board of Supervisors’ Workshop Meeting
Consideration of the Minutes of the March 22, 2024, Board of Supervisors’ Rescheduled Meeting
Acceptance of Fiscal Year 2023 Audited Financial Statements

Staff Report Matters
District Counsel
District Manager
Club Management
Management Discussion & Analysis Report (under separate cover)

Business Matters
Consideration of Resolution 2024-14, Ratifying the Manatee County Election Results Related to the Charter Amendments
Public Hearing on the Adoption of Revision to the Bylaws, Rules & Regulations, and Establishment of Grievances Committee
Consideration of Resolution 2024-15, Adopting Revision to the Bylaws, Rules & Regulations, and Establishment of Grievances Committee (under separate cover)
Review and Consideration of Short-Term Financing RFP Results

Update on May Public Hearings
Membership Caps
Membership Initiation Fees
Update on Mr. Pizzi’s Claim
Consideration of Addendum to Turf Equipment Proposal

District Financial Matters
Ratification of Payment Authorization Nos. 114 and 115

Date	Meeting Type	Time	Location	Note	
April 30, 2024	Workshop Meeting	2:00 PM	University Park	Business Offices	
May 21, 2024	Rescheduled Board Meeting and Public Hearings	10:00 AM	University Park	Business Offices	
June 4, 2024	Workshop Meeting	2:00 PM	University Park	Business Offices	

Supervisor Requests & Comments

Adjournment

University Park Recreation District

Consideration of the Minutes of the February 27, 2024
Board of Supervisors’ Workshop Meeting

MINUTES OF MEETING
UNIVERSITY PARK RECREATION DISTRICT WORKSHOP MEETING
Tuesday, February 27, 2024
2:00 p.m.
Business Offices
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
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 Venessa Ripoll	District Manager - PFM Group Consulting LLC (via Zoom)
Kwame Jackson	ADM - PFM Group Consulting LLC	(via Zoom) Mark Barnebey	District Counsel- Blalock Walters
Curtis Nickerson	Director of Properties and Facilities - Country Club John Fetsick	General Manager - Country Club
Various Audience Members via Zoom

FIRST ORDER OF BUSINESS	Organizational Matters Call to Order and Roll Call
The meeting was called to order at 2:00 p.m. by Ms. Dickson and Ms. Carvalho confirmed quorum to proceed with the meeting. Those in attendance are outlined above.

Public Comments

A homeowner commented on the difference in fees at Lakewood Ranch compared to University Park.

SECOND ORDER OF BUSINESS	Discussion

Review	of	the	Capital Improvement Plan Timeline

Mr. Criden provided an overview of the Capital Improvement Plan Timeline. He stated that everything presented will be executed in accordance with sound project management practices and will be regularly communicated to the community through biweekly emails which will detail the project’s progress.

The first thing they plan on doing is looking for an architect and is working on an RFQ draft for publication. He will be conversing with Mr. Barnebey to assure all legal requirements are covered. In March and April of this year, they will be putting together the advisory groups for different parts of the project which include the Activities and Fitness Center, Administration, and the Kitchen Renovation Project. They will be contacting those who have signed up to be apart of these advisory groups but will not do any substantive work until and architect is retained. The first project they will be working on besides the golf course will be the kitchen renovation project. They are hoping to get the RFP out in March so that they can decide on an architect in April.

The irrigation project for the golf course will begin in May. If they have an architect by June, they are hoping to review the proposals for the projects after reviewing the UPRD budget and suggest the appropriate modifications. They are hoping that the architect will review and present the updated Capital Improvement Plan in the summer and will begin to provide blueprints for the various spaces after the plan has been agreed upon.

They will see in the next six months if they will need to hire an independent consultant representative for all of these projects or if that is something the architect could provide.

They plan on starting with the kitchen renovation / expansion project in May 2025, the Activity Administration Facility and Fitness building renovation in May 2026, and the Parking expansion in October 2026. He stated that this schedule is tentative and can change.

Ms. Dickson suggested that the construction date for additional parking along hole #10 should be moved up.

Discussion Pertaining the Rules & Regulations, Revision to the Bylaws and Establishment of Grievances Committee

Mr. Ludmerer stated that their Rules & Regulations as well as their Bylaws have not been updated since 2007. They have looked at ways of dealing with the changes that have occurred in the last eight years.

The Bylaws were the first set of documents reviewed by the Board followed by the Rules & Regulations.
There was discussion of differentiating between emotional support animals and registered service animals.
There was discussion as to limiting firearms around where alcohol is served, including on the golf course.

There was discussion of suspension, designation, and termination of memberships as well as a medical downgrade of memberships if required.
There was discussion of changing the attire for dining to allow blue jeans.

There was discussion concerning forming a Grievance and Disciplinary Group with five members, consisting of one member who is a full member, one racquets member, one social member and no more than one nonresident member who would be appointed by Mr. Fetsick. It was stated that these changes would not be ready for review and approval during the March meeting.

Ms. Dickson updated the Board and the audience members on the upcoming meetings. The next Board Meeting is scheduled for March 8, 2024, at 1:00 p.m. and the next Workshop Meeting is scheduled for April 2, 2024, at 2:00 p.m. The April Board Meeting scheduled for April 12, 2024 at 1:00 p.m. will be the meeting in which the Board will hold a Public Hearing for Rule Making. Management will proceed with the required rule making advertisements. The Primary Election Vote for the Charter Amendments is scheduled for March 19, 2024.

THIRD ORDER OF BUSINESS	Adjournment

There were no additional items to come before the Board.

ON MOTION by Ms. Dickson, with all in favor, the February 27, 2024, Workshop Meeting of University Park Recreation District was adjourned at 3:49 p.m.

Secretary / Assistant Secretary	Chairperson / Vice Chairperson

University Park Recreation District

Consideration of the Minutes of the March 22, 2024,
Board of Supervisors’ Rescheduled Meeting

MINUTES OF MEETING

UNIVERSITY PARK RECREATION DISTRICT RESCHEDULED BOARD OF SUPERVISORS’ MEETING
Friday, March 22, 2024
1:00 p.m.
Business Offices
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	(via Zoom)
Steve Ludmerer	Treasurer / 2nd Vice Chairperson
David Murphy	Assistant Secretary Also, Present in person or via Zoom:
Vivian Carvalho	District Manager - PFM Group Consulting LLC
Venessa Ripoll	District Manager - PFM Group Consulting LLC (via Zoom)
Kwame Jackson	ADM - PFM Group Consulting LLC	(via Zoom)	
Jon Fetsick	General Manager - County Club		
Marisa Powers	Blalock Walters		
Curtis Nickerson	Director of Properties & Facilities - Country Club	
Various Audience Members Present and via Zoom

FIRST ORDER OF BUSINESS	Organizational Matters Call to Order and Roll Call
The meeting was call to order at 1:08 p.m. by Ms. Dickson and Ms. Carvalho confirmed quorum to proceed. Those in attendance are outlined above.

The Board proceeded with the Pledge of Allegiance.

Public Comments

A homeowner asked when they would be able to take advantage of the upfront payment fee for the bond payments and when it would be available.

It was stated that once the bond is issued, a trustee can be contacted, and they can provide

the payoff amount.

The homeowner also asked if there will be an audited financial statement available for the public to view and asked who the Board Members are for Park Boulevard Management.

The Park Boulevard Management Board Members were disclosed. It was explained that there are no audit financial statements for Park Boulevard Management, and it only follows a tax return.

Another homeowner asked about the extent of the total burden of debt as it has to be proven for the bond to be validated. They asked about anticipating a $5,000,000 bridge loan before the bond is validated. They mentioned their church, Our Lady of the Angels, and their acceptance of pledges for a project that would cost $6,000,000.00 three years ago, and that project cost went to $9,000,000 and is now $11,000,000.00. They asked that the Board pledge to not ask for a third bond referendum. They mentioned Lakewood Ranch recently sold their assets to a company that professionally runs country club assets and asked if UPRD has explored outsourcing management to maximize the member experience.

It was explained that the Master Assessment Methodology Report provided the detailed information of the bond proceeds and the per unit allocation. Each resident should refer to the report to determine the respective assessment.

It was also explained that the current Board cannot make a pledge regarding a possible future bond referendum or anticipate what future Boards will decide.

It was also explained that Park Boulevard Management manages the Country Club, and the current Board has no intention of changing the process which has proven to be very successful. It was noted that the Board would find it difficult to bring on a different management company who is willing to take the contract with no charge for administrative fees, as Park Boulevard Management currently does.

SECOND ORDER OF BUSINESS	Administrative Matters

Consideration of the Minutes of the January 30, 2024, Board of Supervisors’	Workshop Meeting and the Minutes of the February 21, 2024, Board of Supervisors’ Special Meeting
The Board reviewed the minutes.

ON MOTION by Mr. Criden, seconded by Mr. Ludmerer, with all in favor, the Board approved the Minutes of the January 30, 2024, Board of Supervisors’ Workshop Meeting and the Minutes of the February 21, 2024, Board of Supervisors’ Special Meeting.

THIRD ORDER OF BUSINESS	Staff Report Matters

District Counsel – Mr. Criden asked about the architectural services RFP that Mr. Barnebey provided and when that can be reviewed and sent out.

Ms. Powers noted the RFP is still under review and Counsel will provide feedback shortly.

District Manager – Ms. Carvalho suggested discussing at the end of the meeting the rescheduling of the Budget Hearing to a later date.

Club Management (Management Discussion & Analysis Report) – Mr. Fetsick stated that March was very busy as it is typically their busiest month of the year. The past weekend had a very successful Art in the Park with several hundred people coming through the doors to review the artwork. He thanked Ms. Deborah Van Brunt for all she does for the Club and for her contribution to Art in the Park. Right now, they are having their keystone event, which is the men's member guest event with 48 teams and 96 participants. Easter Breakfast will be held on Saturday with 205 people expected to show up and they are currently at 610 for Easter Brunch. There has been a 30% increase in terms of use of the Fitness Center this season compared to last season. The racquets facility is expected to be fully renovated by early April.

Mr. Nickerson stated that all the irrigation control clocks have been installed and they hope to have everything ready by the first week of April. The work has been scheduled to have minimal impact on play. Emails and videos will be posted to make people aware of what is happening and the expected impacts. Practice facility improvements are scheduled to begin in early May.

Ms. Dickson expressed her concerns with the lack of parking, particularly for big events. Mr. Fetsick noted that they will evaluate accelerating the creation of additional parking.

FOURTH ORDER OF BUSINESS	Business Matters

Update	on	Referendum	on Charter Amendments

Ms. Dickson provided an update stating that the Charter Amendments passed with 82% of

votes in favor, with the most significant change being the term for Board Members being changed from four years to three years.

Update on Mr. Pizzi’s Claim

Ms. Dickson stated that they will need to gather more information about this claim so this item will be delayed in order to obtain more factual information.

Update on the Rules & Regulations, Revision to the Bylaws and Establishment of Grievances Committee

Mr. Ludmerer provided an update concerning the elimination of any dogs or other pets around pickleball, tennis and any other racquet facilities. They are awaiting feedback on whether pets should be allowed around the fire pit. The Grievance Committee still needs to be addressed in terms of its representation and believes that having someone for facilitation and record keeping is a good idea. This item was asked to be added to the April 2, 2024 Workshop meeting and the Public Hearing regarding this item will be held during the May meeting.

Consideration of Resolution 2024-13, Revision to the Second Supplemental Trust Indenture

Ms. Powers reviewed the changes made to the Second Supplemental Trust Indenture based on the recommendations from the Trustee.

ON MOTION by Mr. Ludmerer, seconded by Mr. Criden, with all in favor, the Board approved Resolution 2024-13, Revision to the Second Supplemental Trust Indenture.

Ratification of RFP for Bond Anticipation Note, Series 2024

Mr. Ludmerer provided an overview of the Bond Anticipation Note. The RFP is currently out in the market and will look at their options on April 1, 2024.

Consideration of Membership Caps

Mr. Fetsick provided an update of the data concerning the membership caps. There was a recommendation for a cap on non-resident full memberships allowed. Currently there are 441 full members, 113 racquets, 780 social, and one other with a grand total of 1335 members as of March 21, 2024. There are 304 full resident members and 137 full non-resident members, 77 resident racquets members and 36 non-resident racquets members, and 654 resident social members and 126 non-resident social members. Mr. Murphy agreed with the recommendation and Mr. Criden was in full support of the plan. Mr. Ludmerer agreed with the plan and suggested picking a cap number for non-resident full memberships.

ON MOTION by Mr. Criden, seconded by Mr. Ludmerer, with all in favor, the accepted the cap of 440 non-resident full memberships and flexible trails.

Consideration	and Authorization of 2024 Summer Membership Program

Mr. Fetsick recommended that the family rate for golf be $2,000.00, with the single rate being
$1,500.00 for summer memberships, along with the family rate for the racquets and fitness being $800.00, and the single rate being $650.00. He recommended golf be extended from May 1 to September 30 and racquets and fitness be extended from May 1 to October 15. He suggested no longer offering an early bird special which allowed use of facilities starting in mid- April if paid in full by the end of March. Golf would be limited to two years only with year two dues increasing by 150% of that year’s rate.

FIFTH ORDER OF BUISNESS	District Financial Matters

Ratification of Payment Authorization Nos. 112 & 113

Mr. Fetsick reviewed the payment authorizations for the Board.

Supervisor	Requests	& Comments

Ms. Dickson stated that April 2nd, 2024 at 2:00 p.m. will be the next Workshop Meeting. April 12th, 2024 at 1:00 p.m. will be the next Board Meeting. April 30th, 2024 at 2:00 p.m. will be another Workshop Meeting. The Board Meeting where the Public Hearings will be held is scheduled for May 21, 2024 at 10:00 a.m.

Ms. Dickson also stated that the ethics complaint filed against her to the Florida Commission on Ethics by Mr. Dean Matt has been dismissed for failure to constitute a legally sufficient complaint.

SIXTH ORDER OF BUSINESS	Adjournment

There were no further comments at this time.

ON MOTION by Mr. Criden, seconded by Mr. Ludmerer, with all in favor, the March 22, 2024, Rescheduled Board of Supervisors’ Meeting of University Park Recreation District was adjourned at 3:02 p.m.

Secretary / Assistant Secretary	Chairperson / Vice Chairperson

University Park Recreation District

Acceptance of Fiscal Year 2023 Audited Financial Statements

UNIVERSITY PARK RECREATION DISTRICT

FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

UNIVERSITY PARK RECREATION DISTRICT TABLE OF CONTENTS
SEPTEMBER 30, 2023

PART I.

PART II.

PART Ill.

Independent Auditor's Report
Management's Discussion and Analysis (MD&A)	4
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	21
Statement of Revenues, Expenses, and Changes in Net
Position - Proprietary Fund	22
Statement of Cash Flows - Proprietary Fund	23
Notes to Financial Statements	24
REQUIRED SUPPLEMENTARY INFORMATION OTHER THAN MD&A
Schedule of Revenues and Expenditures
Non-GAAP Budget and Actual - General Fund	40
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	41
Independent Auditor's Report on Compliance with
Section 218.415, Florida Statutes	43
Management Letter	44

February 2, 2024

INDEPENDENT AUDITOR'S REPORT

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Phillips FelQman
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Nathan A. Phillips, CPA Stephanie J. Feldman, CPA

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

Opinions

David N. Phillips, CPA, MBA Michelle V. Schalmo, CPA Shannon Huber, CPA Courtney L. Cound, CPA Keith S. Boyle, CPA

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, 2023, and the related notes to the financial statements, which collectively comprise the District's basic financial statements as listed in the table of contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities and each major fund of UNIVERSITY PARK RECREATION DISTRICT as of September 30, 2023, 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 the 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 the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the 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.

- 1 -	Certified Public Accountants
801 Laurel Oak Drive, Suite 303, Naples, FL 34108
P 239 566 1600 IF 239 566 1901 I pfgcpa.com

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 2, 2024, 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.

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, 2023, and September 30, 2022. Please read it in conjunction with the accompanying financial statements.

FINANCIAL HIGHLIGHTS
(Rounded to Thousands)
	September 30,		Increase/
	2023	2022	Decrease 

Total net position	$	23,906	$	23,277	$	629	
Unrestricted net position available for future use	$	396	$	158	$	238	
Governmental net position	$	1,620	$	2,457	$	(837)	
Total revenues from all sources	$	13,530	$	12,214	$	1,316	
Governmental revenues	$	1,398	$	1,396	$	2	
Total cost of District programs	$	842	$	776	$	66	
Governmental change in net position	$	(837)	$	(1,867)	$	1,030	
General fund revenues (under) over expenditures	$	(31)	$	(21)	$	(10)	
General fund unassigned fund balance	$	17	$	61	$	(44)	
As a percentage of general fund expenditures	6.43%	30.29%	-24%	
Country Club operating income (loss)	$	(156)	$	214	$	(370)	
Country Club change in net position	$	1,466	$	2,165	$	(699)	
Change in tota,I long-term debt for the District	$	(990)	$	(1,841)	$	851	

USING THIS ANNUAL REPORT

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 $23,906,256 and $23,276,982 at September 30, 2023, and September 30, 2022, 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, 2023, and 2022

Governmental Activities	Business-Type Activities	Total
	2023	2022	2023	2022	2023	2022	

Assets:							
Cash and other assets	$	26,518	$	68,447	$ 1,436,019	$	960,057	$ 1,462,537	$ 1,028,504	
Receivables
Due from another fund	22,423,263	22,962,101	374,939	239,703	22,798,202	23,201,804	
Inventories			291,046	263,476	291,046	263,476	
Prepaid expenses	314,725	312,549	106,577	95,599	421,302	408,148	
Other assets			11,899	12,630	11,899	12,630	
Restricted cash	1,655,012	2,459,522	1,446,432	1,705,765	3,101,444	4,165,287	
Capital assets, net			21,266,296	20,269,421	21,266,296	20,269,421	
Total assets	24,419,518	25,802,619	24,933,208	23,546,651	49,352,726	49,349,270	
Deferred outflows of resources: Liabilities:
Current liabilities:

Accounts payable	9,954	7,583	284,671	215,694	294,625	223,277	
Accrued interest	302,048	308,118	1,023	975	303,071	309,093	
Lease obligations			398,325	507,216	398,325	507,216	
Accrued payroll and other			544,174	462,073	544,174	462,073	
Deferred dues
Long-term liabilities			1,325,656	1,108,490	1,325,656	1,108,490	
Lease obligations			93,125	421,709	93,125	421,709	
2019 Bond	22,487,494	23,030,254			22,487,494	23,030,254	
Other				10,176		10,176	
Total liabilities	22,799,496	23,345,955	2,646,974	2,726,333	25,446,470	26,072,288	

Deferred inflows of resources:

Net position:

Net investment in capital				20,774,847	19,330,320	20,774,847	19,330,320		
Restricted		1,288,733	2,083,251	1,446,432	1,705,765	2,735,165	3,789,016		
Unrestricted		331,289	373,413	64,955	(215,767)	396,244	157,646		
Total net position		$ 1,620,022	$ 2,456,664	$22,286,234	$20,820,318	$23,906,256	$23,276,982		

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

Governmental Activities	Business-Type Activities	Total
	2023	2022	2023	2022	2023	2022	
REVENUES:							
Non-ad valorem assessments	$	1,389,208	$	1,389,003	$	$	$	1,389,208	$	1,389,003	
Charges for services			12,104,824	10,797,677	12,104,824	10,797,677	
Other revenues and interest	8,371	7,285	27,151	19,581	35,522	26,866	
Total Revenues	1,397,579	1,396,288	12,131,975	10,817,258	13,529,554	12,213,546	
EXPENSES:							
Current:							
General government	841,979	775,578			841,979	775,578	
Debt service:							
Interest and debt issuance	725,313	739,887			725,313 •	739,887	
Country Club:							
Operating expenses	10,840,619	9,508,961	10,840,619	9,508,961	
Interest expense	46,951	69,048	46,951	69,048	
Amortization expense	477,318	474,150	477,318	474,150	
Depreciation expense	969,630	752,561	969,630	752,561	

Total Expenses	
1,567,292	
1,515,465	
12,334,518	
10,804,720	
13,901,810	
12,320,185	
Excess (deficiency) of revenues							
over (under) expenses	(169,713)	(119,177)	(202,543)	12,538	(372,256)	(106,639)	

Contributions, transfers and other							
Capital transfers in (out)	(791,929)	(1,848,113)	791,929	1,848,113			
Transfers in (out)	125,000	100,000	(125,000)	(100,000)			
Other income/expenses (net)			1,001,530	404,227	1,001,530	404,227	
Total contributions, transfers							
and other	(666,929)	{1,748,113)	1,668,459	2,152,340	1,001,530	404,227	

Net change in net positions	
(836,642)	
{1,867,290)	
1,465,916	
2,164,878	
629,274	
297,588	
Net position-beginning of year	2,456,664	4,323,954	20,820,318	18,655,440	23,276,982	22,979,394	
Net position-end of year	$	1,620,022	$	2,456,664	$ 22,286,234	$ 20,820,318	$ 23,906,256	$ 23,276,982	

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, 2023, the Country Club charges for services (revenues) for the Business-type activities was $12,104,823 and expenses were $12,287,570. Overall results for the year was an excess of expenses over revenues of $202,543. In addition, investments in capital assets of $791,929 were paid through transfers from the Capital Acquisition and Construction Fund in the same amount. During the year, $125,000 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, 2023, was
$22,286,234.

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 expenses 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.

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, 2023, the combined fund balance for all Governmental Funds was $1,994,565, a decrease from the September 30, 2022 fund balance of $2,527,487. Less than 1% of the combined ending fund balance ($1,994,565) constitutes unrestricted (unassigned/assigned) fund balance totaling $16,565, which is available for spending at the District's discretion. The remainder of fund balance ($1,978,000) 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, 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.
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 $16,565. As a measure of the General Fund's liquidity, it is helpful to compare the total fund balance which is 6.43% of total general fund expenditures of
$257,553.

The General Fund unassigned fund balance ($16,565) represents a decrease of $44,299 from the 2022 unassigned general fund balance of $60,864.
At the end of September 30, 2022, 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.
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 2023 total appropriations adopted of $238,500 was amended to $287,772.
General Fund Budget Analysis
As shown on page 40 of this report, in the Schedule of Revenues and Expenditures Non-GAAP Budget and Actual - General Fund, there was an overall favorable expenditure variance of $30,218.
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, 2023, and September 30, 2022, respectively.

CAPITAL ASSETS (INCLUDING LEASES) AT SEPTEMBER 30, 2023 AND SEPTEMBER 30, 2022

Business-Type Activities
	2023	2022	
Land	$ 8,525,000	$ 8,525,000	
Land improvements	135,876	101,297	
Construction in progress	172,344	1,494,316	
Golf course and improvements	6,332,840	5,629,729	
Buildings	3,202,367	3,202,367	
Dining renovations	3,336,256	1,065,609	
Machinery and equipment	1,276,851	1,019,734	
Tennis courts	750,979	318,742	
Leased assets	1,393,254	1,325,151	
Total assets	25,125,767	22,681,945	
Less accumulated depreciation	(2,908,003)	(1,938,374)	
Less accumulated amortization	(951,468)	(474,150)	
Net capital assets	$ 21 266 296	$ 20 269 421	

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 dining facilities and a 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. These capital assets are included as transfers from the Capital Acquisition and Construction Fund, net of other capital asset activity during the periods. The Proprietary Fund recorded amortization and depreciation of $1,446,948 for the year ended September 30, 2023, and $1,226,711 for the year ended September 30, 2022.
The District's investment in capital assets for its business-type activities as of September 30, 2023, and September 20, 2022, was $20,774,847 and $19,330,320, respectively (net of accumulated depreciation and related lease obligations). The District had no investment in capital assets for its governmental activities in either fiscal year 2023 or 2022.

On October 1, 2021, the District adopted the lease accounting standard GASS 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. These intangible right-of-use assets totaled $1,393,254 with accumulated amortization of $951,468 as of September 30, 2023 and totaled
$1,325,151 with accumulated amortization of $474,150 as of September 30,2022.

Debt
Currently, the District uses debt financing on an as-needed basis each year. At September 30, 2023, the District had total long-term debt of $22,978,944 consisting of $22,487,494 (including unamortized bond premium of $72,494) in the governmental activities and $491,450 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, 2023 and SEPTEMBER 30, 2022

Governmental Activities	Business-Type Activities	Total
	2023	2022	2023	2022	2023	2022	
Series 2019 Bonds	$ 22,415,000	$22,955,000	$	$	$22,415,000	$22,955,000	
Capital leases			491,450	928,926	491,450	928,926	
Equipment loans				10,176		10,176	
Plus: Bond premium, net	72,494	75,254			72,494	75,254	
Total	 $ 22,487,494	$23,030,254	$  491,450	$  939,102	$22,978,944	$23,969,356 

NEXT YEAR'S BUDGET AND ECONOMIC FACTORS

FY2024 Budget
The District's Board of Supervisors ("The Board") adopted a preliminary FY2024 Budget for the Enterprise Fund (Country Club), General Fund, and Debt Service Fund at the May 16, 2023, Board Meeting. The Budgets, primarily the Enterprise Fund, were prepared assuming club operations continue at its current level of activity. This expectation is anticipated to generate increased revenue from Dining Operations and maintain the continued strength in Golf Operations.
The fiscal year 2024 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 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 2023 with continued inflationary pressures and a challenging labor market. Golf Operations saw increases in merchandise sales, member rounds and increased greens fees. Dining revenues increased by 27% over the preceding year with the completion of renovations to the outdoor dining facility in May 2023. Operating expenses were unfavorable to budget in all departments due to increased labor costs and higher costs for food and supplies consumed in the dining and golf maintenance operations. Overall revenues exceeded expenses to generate a surplus consistent with forecast.
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, 2023. 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. In 2020, the District commenced Phase I of the Capital Improvement Plan which included significant improvements to the dining facilities, the relocation and expansion of the Croquet Pitch and the addition of the Pickleball Courts. This phase was successfully completed in May 2023 and has had a positive impact to members and club operations.

Master Plan, Golf Course Irrigation, Kitchen Renovations, Fitness Centre, Staff Workspace
The Capital Improvement Plan (Master Plan Phase II) projects for UPRD were identified in 2022 through collaboration with the Board of Supervisors, management, UPCC advisory groups and external consultants with experience in architecture, development, and finance. The plan addresses crucial infrastructure and deferred maintenance needs, replaces outdated equipment and facilities, and addresses the space needs of our expanding and growing membership and staff. Below are the proposed projects that were identified.
Golf Course Irrigation System Replacement
Golf Course Lake Banks & Bulkhead Upgrades
Kitchen Renovation & Modernization
Activity & Administration Building Development
Fitness Centre Renovation & Modernization
Parking Space Expansion & Resurfacing
These Phase II projects are planned to be completed in several stages over the next three years with minimal disruption to club activities. The initiative is set to commence in the summer of 2024 with the replacement of the Golf Course Irrigation system and commencing with the Kitchen and Fitness Centre renovations in May of 2025. The final projects, namely the activity and administration building development and parking space expansion and resurfacing, are scheduled to be completed in 2026.
Membership
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 FY2024 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, 2023, and 2022 follows:

Category	YE 2023	YE 2022	Difference	% Change	
Full	426	386	40	10.4%	
Tennis/Racquets	109	125	(16)	-12.8%	
Social/Resident	781	762	19	2.5%	
Jr. Exec	2	2		0%	
Total	1,318	1,275	43	3.4%	

Membership (Continued)
As of December 31, 2023, approximately 2,270 individuals are members of the Club.

Active Activity Passes as of December 31, 2023:
Annual Fitness Passes: 145 Social Access Passes: 126 Twilight Tennis Passes: 20 Pickleball Passes: 54

Capital Reserve Plan
In the beginning of 2022, an independent Capital Reserve Study was completed by a third party, Club Benchmarking. This information provided the District with the foundation for the Capital Reserve plan and is the basis for the introduction of Capital Dues. Capital Dues, which were included in both the FY2023 and FY2024 budgets, is a 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

STATEMENT OF NET POSITION SEPTEMBER 30, 2023

Governmental
ASSETS	Activities	Business
Activities	TOTAL	
Cash and cash equivalents	$	26,518	$	1,436,019	$	1,462,537	
Receivables	22,423,263	374,939	22,798,202	
Inventories		291,046	291,046	
Prepaid expenses	314,725	106,577	421,302	
Other assets		11,899	11,899	
Restricted assets:				
Cash, restricted for debt and/or capital investments	1,655,012	1,446,432	3,101,444	
Right of use leased assets, net of amortization		441,786	441,786	
Capital assets, net:				
Non-depreciable assets		8,697,344	8,697,344	
Depreciable assets (net of depreciation)		12,127,166	12,127,166	
Total capital assets, net		20,824,510	20,824,510	

Total assets	
$	
24,419,518	
$	
24,933,208	
$	
49,352,726	

LIABILITIES
Accounts payable	$	9,954	$	284,671	$	294,625	
Accrued payroll and other		544,174	544,174	
Accrued interest payable	302,048	1,023	303,071	
Unearned revenue		1,325,656	1,325,656	
Non-current obligations:				
Portion due within one year	555,000	398,325	953,325	
Portion due after one year	21,932,494	93,125	22,025,619	
Total Liabilities	22,799,496	2,646,974	25,446,470	
NET POSITION

Investment in capital assets, net				20,824,510		20,824,510	
Net position-restricted:							
General fund				175,263		175,263	
Capital projects allocation				1,271,169		1,271,169	
Debt service fund		1,288,733				1,288,733	
Acquisition and construction fund
Unrestricted:		
331,289		
15,292		
346,581	

Total Net Position	
$	
1,620,022	
$	
22,286,234	
$	
23,906,256	

STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2023

Functions/Programs	Expenses	Charges for Services	Governmental Activities	Business-type
Activities	TOTAL	
Primary Government						
Governmental activities						
General government	$	308,050	$	857,580	$	549,530	$	$	549,530	
Interest on long term debt	719,243		(719,243)		(719,243)	
	1,027,293	857,580	(169,713)		(169,713)	

Business-type activities - country club	
12,379,343	
13,178,330		
798,987	
798,987	
Total business-type activities	12,379,343	13,178,330		798,987	798,987	

Total government	
$  13,406,636	
$  14,035,910	
$	(169,713)	
$	798,987	
$	629,274	

General Revenues and Transfers:
Transfers-cash	125,000	(125,000)
Transfers-capital assets		(791,929)	791,929	

Total general revenues and transfers	(666,929)	666,929		
Change in net position	(836,642)	1,465,916	629,274	

Net position, September 30, 2022		2,456,664	20,820,318	23,276,982 

Net position, September 30, 2023	$	1,620,022	$	22,286,234	$  23,906,256

BALANCE SHEET-GOVERNMENTAL FUNDS SEPTEMBER 30, 2023
MAJOR FUNDS
TOTAL
DEBT SERVICE	ACQUISITION AND	GOVERNMENTAL
ASSETS	GENERAL	2019	CONSTRUCTION	FUNDS

Cash and cash equivalents	$	26,518	$	1,655,008	$	4	$	1,681,530	
Receivables		22,423,263		22,423,263	
Prepaid bond insurance			301,090	301,090	
Prepaid expenses	13,635			13,635	
Total Assets	$	40,153	$	24,078,271	$	301,094	$	24,419,518	

LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable	$	9,953	$	$	$	9,953	
Total Liabilities	9,953			9,953	
Deferred Inflows of Resources:
Unavailable revenue-special assessments		22,415,000	22,415,000	
Total Liabilities and Deferred Inflows of Resources	9,953	22,415,000	22,424,953	

Fund Balances:
Reserved for:
Non-spendable		13,635				301,090		314,725	
Restricted				1,663,271		4		1,663,275	
Committed									
Assigned									
Unassigned		16,565						16,565	
Total Fund Balances		30,200		1,663,271		301,094		1,994,565	
Total Liabilities, Deferred Inflows of Resources and Fund Balances	
$	
40,153	
$	
24,078,271	
$	
301,094	
$	
24,419,518	
The accompanying notes are an integral part of these financial statements.

UNIVERSITY PARK RECREATION DISTRICT

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

SEPTEMBER 30, 2023

Total Governmental Fund Balance (Page 17)

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

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:

$	1,994,565

$	22,415,000

Bonds and notes payable
Less: unamortized bond premium
Less: accrued interest payable on long-term debt

Total Net Position (Page 15)

$ (22,415,000)
(72,495)
(302,048)

(22,789,543)

$	1.620.022

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, 2023
MAJOR FUNDS
TOTAL
DEBT SERVICE	ACQUISITION AND	GOVERNMENTAL
REVENUES	GENERAL	2019	CONSTRUCTION	FUNDS

Non-ad valorem assessments	$		$	1,389,208	$	$	1,389,208	
Other revenues and interest			8,360	11	8,371	
Total Revenues			1,397,568	11	1,397,579	
EXPENDITURES						
Current:
General government		
257,553	
41,796		
299,349	
Debt service:						
Principal		540,000		540,000	
Interest		725,313		725,313	
Bond insurance amortization			11,459	11,459	
Total Expenditures	257,553	1,307,109	11,459	1,576,121	
(Deficiency) excess of revenues over expenditures	(257,553)	90,459	(11,448)	(178,542)	
OTHER FINANCING SOURCES AND USES					
Transfers in (out)	226,889	(101,889)		125,000	
Transfers-contributions to Enterprise Fund			(791,929)	(791,929)	
Total Financing Sources (Uses)	226,889	(101,889)	(791,929)	(666,929)	
Net Change in Fund Balances	(30,664)	(11,430)	(803,377)	(845,471)	
Fund Balances, September 30, 2022	60,864	1,674,701	791,922	2,527,487	
Reclassification of Fund Balance		(11,459)	11,459		
Prior Period Adjustment			301,090	301,090	
Fund Balances, September 30, 2023	$	30,200	$	1,651,812	$	301,094	$	1,983,106	
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, 2023

Net Change in Fund Balances - Total Governmental Funds (Page 19)

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 balance sheet.

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

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.

Change in Net Position of Governmental Activities (Page 16)

$	(845,471)

(540,000)

8,829

$	(836.642)

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

ASSETS

(Country Club)

Current assets		
Cash and cash equivalents	$	1,436,019	
Accounts receivable (net)	374,939	
Inventories	291,046	
Prepaid expenses	106,577	
Other assets	11,899	
Restricted assets: cash and cash equivalents	1,446,432	
Total current assets		3,666,912 	

Non-current assets		
Right of use leased assets, net of amortization		441,786	
Capital assets, net		20,824,510	
Total non-current assets		21,266,296	
Total assets	
$	
24,933,208	

LIABILITIES
Current liabilities
Accounts payable	$	284,671	
Accrued payroll and other	544,174	
Accrued interest payable	1,023	
Unearned revenue	1,325,656	
Lease liabilities	398,325	
Total current liabilities	2,553,849	
Non-current liabilities Lease liabilities	

93,125	
Total non-current liabilities	93,125	

Total liabilities	
2,646,974	

NET POSITION
Investment in capital assets, net	

20,824,510	
Net position-restricted: General fund	
175,263	
Capital projects allocation Acquisition and construction fund	1,271,169	
Unrestricted	15,292	

Total net position	
$	22,286,234	
:;=:======

Operating revenue
Membership dues	$	4,880,498	
Green/cart fees and other	4,275,241	
Dining revenues	2,734,285	
Racquets and fitness fees	214,800	
Miscellaneous	27,151	
Total operating revenues		12,131,975 	
Operating expenses
Golf course maintenance	
2,765,538	
Golf and pro shop operations	1,453,543	
Dining operations	4,114,911	
Racquets and fitness	515,097	
Administrative and general	1,728,803	
Insurance	262,730	
Depreciation and amortization		1,446,948 	
Total operating expenses		12,287,570 	
Operating income (loss)	(155,595)	
Nonoperating revenues (expenses) Initiation fees	
766,170	
Capital dues	223,065	
Gain on sale of assets	15,400	
Interest expense	(46,951)	
Nonoperating expenses	(60,222)	
Miscellaneous and other		57,120 	
Total nonoperating revenues (expenses)		954,582 	
Contributions and transfers
Transfers in from Acquisition and Construction Fund	
791,929	
Transfer out to General Fund	(125,000)	
Total contributions and transfers	
	666,929 	
Change in net position	1,465,916	
Net position, beginning		20,820,318 	
Net position, ending	$	22,286,234	

Cash flows from operating activities: Receipts from customers
Payments to suppliers for goods or services Payments to employees for services
Net cash provided by operating activities
Cash flows from capital and related financing activities: Transfers in from acquisition and construction fund Transfer to general fund
Principal paid on lease obligations and loans Initiation fees
Capital dues
Decrease in construction in progress Acquisition of capital assets, net
Net cash used in capital and related financing activities Net increase in cash
Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year
Reconciliation of operating income to net cash provided by operating activities: Operating income (loss)
Adjustments to reconcile operating income to net cash provided by operating activities:
Depreciation and amortization Gain on disposal of asset Interest expense
Nonoperating income and expenses Change in assets and liabilities:
Increase in accounts receivable Increase in inventories Increase in prepaid expenses Decrease in other assets Increase in accounts payable
Increase in accrued payroll and other Increase in interest payable
Increase in unearned revenue Total adjustments
Net cash provided by operating activities
Supplemental Disclosures of Cash Flow Information:
Capital assets obtained from transfers in from Acquisition and Construction Fund Non-cash asset financing activity

$	12,213,905
(6,988,168)
	(3,804,598) 
	1,421,139 

791,929
(125,000)
(447,651)
766,170
223,065
757,770
	(3,170,793) 
	(1,204,510) 
216,629
	2,665,822 
$	2,882,451

 $	(155,595) 

1,446,948
(15,400)
(46,951)
(3,102)

(135,236)
(27,570)
(10,978)
731
68,977
82,101
48
	217,166 
	1,576,734 
$	1,421,139

=$=====79=1=,9=29=
==$=======:::(:6:8:,:1:5:1::):

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 1,226 gross acres of land and 1,201 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 ("GASS") 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 financ.ial 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 2023. 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
lnterfund 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, 2023 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 consists of petty cash, deposits in checking accounts, money market accounts. Cash equivalents are short-term investment items (US Treasury bills in 2023) 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, 2023. 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 (totaling $22,415,000 as of September 30, 2023) 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 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 (17) 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 funds held with US Bank (Bond Trustee) at September 30, 2023 are in money market accounts. Investments held at year-end by the District were considered cash equivalents due to their maturation date upon purchase.
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, 2023, 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, 2023. 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.

Golf course and improvements Buildings
Machinery and equipment Tennis courts

YEARS
15
28
5-7
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-wid 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 legally approved 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.
Revenue and Expenses
Operating Revenues and Expenses
Operating revenues and expenses are those that result from providing and delivering goods and/or services. It also includes all revenue and expenses not related to financing or investing activities.

Nonoperating Revenues and Expenses
Nonoperating revenues and expenses represent revenue and expense items that are not incurred from the normal user activity of the District. This classification primarily includes revenues received from investments, interest received on special assessments, capital assessments, new owner capital and initiation fees, deferred maintenance assessments, and interest expense and fiscal costs.
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 8.
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.

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

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.

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 2023.
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.

Adoption of New Accounting Standards
In May 2020, the Governmental Accounting Standards Board (GASS) issued GASS Statement No. 96,· Subscription-Based Information Technology Arrangements. This standard requires the recognition of certain subscription assets and liabilities for arrangements that previously were classified as operating expenses and as inflows of resources or outflows of resources recognized based on the payment provisions of the contract. It establishes a single model for contract accounting based on the foundational principle that certain arrangements are financings of the right to use another party's underlying asset (IT software) alone, or in conjunction with tangible assets. The District adopted GASS 96 during 2023, effective October 1, 2022, though no modifications in reporting were required due to the terms of the District's arrangements and contracts for these services.

NOTE 2 - CASH (DEPOSITS) AND CASH EQUIVALENTS

Cash (deposits) and cash equivalents held at September 30, 2023 by each governmental major fund consisted of:

	GENERAL	

DEBT SERVICE
	2019	

ACQUISITION AND
CONSTRUCTION		TOTAL	

Demand Deposits	==$==2=6=5=1=8	$	1 655 008	==$=======4	$	1681 530

NOTE 2 - CASH (DEPOSITS) AND CASH EQUIVALENTS (Continued)

Deposits
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 for public depositories to ensure public monies in banks and saving and loans are collateralized with the Treasurer as agent for the public entities. Chapter 280 defines deposits as demand deposit accounts, time deposit accounts, and certificates of deposit.

Financial institutions qualifying as public depositories shall deposit with the Florida State Treasurer eligible collateral pursuant to the specific requirements provided in Chapter 280. 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, and therefore the District is not exposed to custodial credit risk.

The District participates in a deposit placement agreement in wh)ch balances are places with participating banks in deposit accounts up to the maximum Federal Deposit Insurance Corporation (FDIC) coverage of
$250,000. At times there are balances waiting to be allocated to participating banks, these amounts are subject to a single FDIC maximum of $250,000. As of September 30, 2023, the District had excess funds of $926,337 of deposits in this program which were not covered by FDIC.

Cash Equivalents
The District's investment policy is to follow Florida Statue 218.415(17), the District is authorized to make investments in:

	Local Government Surplus Funds Trust Fund, or any intergovernmental investment pool authorized pursuant to the Florida lnterlocal Cooperation Act of 1969, as provided ins. 163.01;

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

Interest-bearing time deposits or savings accounts in qualified public depositories, as defined in Florida Statute 280.02; and

Direct obligations of the U.S. Treasury.

The District invested in direct obligations of the U.S. Treasury (Treasury bills) during the year ended September 30, 2023, with original maturations of less than three months. Accordingly, these investments recorded at cost of $691,795, which approximate fair value, are treated as cash equivalents as of September 30, 2023 on the financial statements.

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

NOTE 3 - CAPITAL ASSETS, NET

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

	BEGINNING
BALANCE	
ADDITIONS	TRANSFERS	ENDING
{DELETIONS)		BALANCE		

Governmental activities: (None for the year)	
$		
$ 		
$	$	

Business-type activities:					
Capital assets, not being depreciated:					
Land
Construction in progress	$	8,525,000
1 A941316	$
2,219,995	$	$  8,525,000
(31541,967}	172,344	
Total capital assets, not being depreciated		1010191316		 2,219,995	(3,5411967) 	 816971344	
Capital assets, being depreciated: Golf course and improvements		
5,629,728	
703,112	
6,332,840	
Land improvements		101,297	34,579	135,876	
Buildings		3,202,367		3,202,367	
Dining renovations		1,065,609	2,270,648	3,336,256	
Machinery and equipment		1,019,734	257,117	1,276,851	
Tennis courts		318,742	4321237		7501979		
Total capital assets being depreciated		11I337A77		 316971693			15,0351169	
Less accumulated depreciation for: Golf course and improvements		
(1,038,427)	
(436,995)	
(1,475,421)	
Land improvements		(1,206)	(14,434)	(15,640)	
Buildings		(344,939)	(125,654)	(470,593)	
Dining renovations		(61,780)	(152,306)	(214,086)	
Machinery and equipment		(382,429)	(137,666)	(520,095)	
Tennis courts		(1091593)	(1021575)			(2121168)	
Total accumulated depreciation		(11938,374)		 (9691630)			(2,908,003)	
Total capital assets, being depreciated, net		913991103		 217281063			1211271166	

Business-type activities capital assets, net	
$19418419	
$ 4 948 058	
$ (3 541 967)	
$20 824 510	

The Enterprise (Country Club) Fund depreciation and amortization expenses for the year ended September 30, 2023 totaled $969,630 and $477,318, respectively. Of the $3,697,692 in capital asset additions above,
$791,929 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.

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

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

	BALANCE SEPTEMBER 30,
2022	

ADDITIONS	

(REDUCTIONS)	BALANCE SEPTEMBER 30,
2023	DUE
WITHIN ONE YEAR	
Governmental activities:							
Series 2019 Bonds	$	22,955,000 $	-  $	(540,000)	$	22,415,000	$	555,000	
Plus: bond premium
Business-t ee activities:	75,254		(2,760)	72,494		
Office/equipment leases	928,925	130,031	(567,506)	491,450	398,325	
Equipment loans	10 176		(101176)			
 $  23 969,355  $	130 031  $	(1 120 442) $  22 978 944  $ 	953 325
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, 2021 totaling $515,000 with increases of $15,000 in principal each year thereafter. The final principal payment of $1,225,000 is due 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 requirements 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 or defined 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:

Debt Service 2019 Fund; and

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, 2023.

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, 2023, the scheduled future debt service requirements on the District's outstanding Series 2019 Bonds are as follows:

	SERIES 2019 BONDS	
YEAR ENDING
SEPTEMBER 30	 PRINCIPAL	INTEREST	TOTAL	

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	615,000	652,713	1,267,713	
2029 - 2033	3,330,000	3,002,038	6,332,038	
2034 - 2038	3,875,000	2,467,650	6,342,650	
2039 - 2041	4,530,000	1,809,638	6,339,638	
2042 - 2046	5,345,000	991,925	6,336,925	
2049 - 2050	2,4101000	1271222	215371222	
Total	$  22 415 000 	$  11 808 288		$  34 223 288	

Business Type Activities
Lease Obligations

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)

Amortization and interest expenses related to these leases for the year ended September 30, 2023 consisted of the following:

Lease expense
Amortization expense by class of underlying asset
Equipment	$	457,031	
Copy Machine		20,287 	
Total amortization expense	477,318	
Interest on lease liabilities	46,951	
Variable lease expense	 		
Total Lease Expense	  $	524,269 	

The following is a schedule by years of future minimum lease payments as of September 30, 2023:

Maturity Analysis for Years Ending September 30,	

Princi al	
Interest	

Total Pa ments	
2024	$	398,325	$	18;678	$	417,003	
2025	35,978	6,098	42,076	
2026	22,156	4,078	26,234	
2027	24,234	1,984	26,218	
2028	10,757	163	10,920	
Total Future Payments	$	491,450	$	31,001	$	522,451	

Principal and interest payments are due monthly. As of September 30, 2023, the principal amounts outstanding were $491,450 and the net book value of the equipment was $441,786. 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 occurrence 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, 2023 were as follows:

Cost	$	1 393 254	
Accumulated depreciation	$	951 468	
Right-of-use assets, net	
$	441 786	

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:

Major Funds:

TRANSFERS IN	TRANSFERS OUT 

Acquisition and Construction Fund	$	$	(791,929)	
Debt Service 2019 Fund		(101,889)	
General Fund	226,889		
Proprietary Fund:			
Enterprise (Country Club) Fund	791,929 		(125,000)	

Total lnterfund Transfers	$   1018818   $  (1 018 818)

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, 2023.

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 the year ended September 30, 2023.

NOTE7-MANAGEMENTCONTRACTS

The District has contracted with PFM Group Consulting, LLC, a management company, through September 30, 2024 to perform management advisory services, which includes advisory services. One employee of the management company serves as Secretary of the District. Under the agreement, the District compensated the management company for administrative, management, and other ancillary costs, in the amount of $70,000 during the year ending September 30, 2023. Additionally, the District paid $7,403 to US Bank for bond administration costs.
The District has contracted with Park Boulevard Management, LLC, a management company, through September 30, 2024 to perform the management, operation, organization, administration and maintenance of the University Park Country Club in accordance with the terms of the agreement.

NOTE 7 - MANAGEMENT CONTRACTS (Continued)

Park Boulevard Management, LLC is owned by the University Park Community Association, Inc. There were no required fees paid to Park Boulevard Management, LLC for these services provided during the year.

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 2023 was $5,000.

NOTE 8 - FUND BALANCE DISCLOSURE

In accordance with GASS 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.

Reclassification of fund balance and prior period adjustments, as shown on the statement of revenues, expenditures, and changes in fund balances - governmental funds, for the year ended September 30, 2023, relate to prepaid insurance items which were expensed during the year of bond issuance and adjusted in the current period to comply with GASB 65.

NOTE 8 - FUND BALANCE DISCLOSURE (Continued)

A schedule of the District's government fund balances at September 30, 2023 is as follows:

	MAJOR FUNDS		
DEBT	ACQUISITION	TOTAL	
SERVICE	AND	GOVERNMENTAL	
	GENERAL			2019	CONSTRUCTION	FUNDS		
Non-spendable	$	13,635	$	$	301,090	$	314,725	
Restricted		1,663,271	4	1,663,275	
Committed					
Assigned					
Unassigned	161565			161565	
Total	  $	3Q 2Q0 	$	1 663 271	$	301 094	$	1 994 565	

The District's enterprise fund balance has restricted fund balances for the general fund and for various capital allocations, of $175,263 and $1,271,169, respectively.

NOTE9-SUBSEQUENTEVENTS

In preparing the financial statements, the District has evaluated events and transactions for potential recognition or disclosure through February 2, 2024, the date that the financial statements were available to be issued. The following matters were identified as subsequent events:

In November 2023, the District paid interest of $355,231 on the Series 2019 Bonds.

On December 8, 2023, the District approved a Series 2024 Bond(s) to be assessed and levied on 1,202 single family residences for a 30-year term. This Series 2024 Bond(s) of $20,600,000 was calculated with an assumed annual average interest rate of 5.5%, and is intended to finance the following common infrastructure items within the District's enterprise fund, at the University Park Golf and Country Club: golf course irrigation, kitchen renovation, fitness renovation, reception area/activity rooms/offices, and additional parking. A contract related to the golf course irrigation project was entered into after year­ end, for an agreed upon cost of $5,400,000.

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.

PART II.	REQUIRED SUPPLEMENTARY INFORMATION OTHER THAN MD&A

SCHEDULE OF REVENUES AND EXPENDITURES NON-GAAP BUDGET AND ACTUAL - GENERAL FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2023

GENERAL FUND
VARIANCE
BUDGETED AMOUNTS	WITH
FINAL BUDGET
ACTUAL	POSITIVE
REVENUES	ORIGINAL	FINAL	AMOUNT	(NEGATIVE)

Prior Year Surplus	$	79,566	$	60,883	$	$	(60,883)	
Inter-Fund Transfers from Debt Service	70,000	101,889	101,889		
Inter-Fund Transfers from Country Club	88,934	125,000	125,000		
Total Revenues	238,500	287,772	226,889	(60,883)	

EXPENDITURES					
Current:
General government	
213,500	
273,634	
256,837	
16,797	
Capital outlay					
Contingency/revenue reserve	25,000	14,138	717	13,421	
Debt service:					
Principal retirement					
Interest					
Total Expenditures	238,500	287,772	257,554	30,218	

(Deficiency) excess of revenues over expenditures	(30,665)	(30,665)
OTHER FINANCING SOURCES AND (USES)
Inter-Fund Transfers from Debt Service Inter-Fund Transfers from Country Club Total Other Financing Sources and (Uses)

Net Change in Net Position	$	$		$	(30,665)	$	(30,665) Net Position, September 30, 2022						60,864 
Net Position, September 30, 2023	$	30,199

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

PART Ill.	OTHER REPORTS

\Ui -
PhilliPsFel man
GROUP
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INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN

Nathan A. Phillips, CPA Stephanie J. Feldman, CPA

February 2, 2024

AUDIT OF FINANCIAL STATEMENTS PERFORMED IN		
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS David N. Phillips, CPA, MBA
Michelle V. Schalmo, CPA Shannon Huber, CPA Courtney L. Cound, CPA Keith S. Boyle, CPA

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, 2023, 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 2, 2024.

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 financjal 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
iii	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.

- 41 -

Certified Public Accountants
801 Laurel Oak Drive, Suite 303, Naples, FL 34108
P 239 566 1600 I F 239 566 1901 I pfgcpa.com

To the Board of Supervisors
UNIVERSITY PARK RECREATION DISTRICT
February 2, 2024

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.

,-	-1;/,. &,,_	!?A
IELDMANgr  . p.a.
Certified Public Accountants Naples, Florida

- 42 -

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Phillips Feldman
GROUP

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

Nathan A. Phillips, CPA Stephanie J. Feldman, CPA

February 2, 2024

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

David N. Phillips, CPA, iv18A Michelle V. Schalmo, CPA Shannon Huber, CPA Courtney L. Cound, CPA Keith S. Boyle, CPA

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, 2023. 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 reasonc;1ble 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, 2023.

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.

,/L&1-.	Jy;;/.,1-.
TP:i FELDMAN GROUP, P.A.
Certified Public Accountants Naples, Florida

MANAGEMENT LETTER LOCAL GOVERNMENT ENTITIES

February 2, 2024

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

\LI/.;-:
Phillips Feldman
GROUR'
'
Nathan A. Phillips, CPA Stephanie J. Feldman, CPA

David N. Phillips, CPA, MBA Michelle V. Schalmo, CPA Shannon Huber, CPA Courtney L. Cound, CPA Keith S. Boyle, CPA

We have audited the financial statements of UNIVERSITY PARK RECREATION DISTRICT, Florida, as of and for the fiscal year ended September 30, 2023 and have issued our report thereon dated February 2, 2024.

Auditor's Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the 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 2, 2024, 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 any component units as of September 30, 2023.

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)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, UNIVERSITY PARK RECREATION DISTRICT reported:

The total number of District employees compensated in the last pay period of the District's fiscal year as 0.

	The total number of independent contractors to whom nonemployee compensation were paid in the last month of the District's fiscal year as 20.

All compensation earned by or awarded to contracted employees, whether paid or accrued, regardless of contingency as $5,243,828.

	All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $61,743.

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: Golf course irrigation system, with associated project cost of $5,400,000.

	A budget variance report based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning o·fthe fiscal year being reported if the District amends a final
adopted budget under Section 189.016(6), Florida Statutes, as included below: the 2023 budget for the District's Enterprise and General funds were amended, see page 40.

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 $1,389,208.

The total amount of outstanding bonds issued by the District and the terms of such bonds as $22,415,000.

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.

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Certified Public Accountants
Naples, Florida

Staff Reports

Club Management
a. Management Discussion & Analysis Report

Consideration of Resolution 2024-14, Ratifying the Manatee County Election Results Related to the Charter Amendments

RESOLUTION 2024-14

RESOLUTION AND CERTIFICATE OF DECLARATION OF RESULT OF THE UNIVERSITY PARK RECREATION DISTRICT BOARD OF SUPERVISORS, RATIFYING AND ACCEPTING THE ELECTION RESULT FOR THE ELECTION HELD BY THE MANTEE COUNTY SUPERVISOR OF ELECTIONS ON MARCH 19, 2024.

WHEREAS, the Board of Supervisors held a referendum through the Manatee County Supervisor of Elections on a question as more fully set forth below, generally asking for amendments to the Charter of University Park Recreation Park District (“District”) to amend definitions setting the date for the election of supervisors; setting the length of terms for supervisors at three years; establishing revised voting procedures; clarifying that the candidates with the most votes shall be elected in an election cycle; amending the person authorized to sign warrants or checks; amending the maximum length allowable short term loan from two years to five years; amending the options for the issuance of bonds to allow for issuance according to Florida law; and

WHEREAS, the Manatee County Supervisor of Elections held an election on March 19, 2024; and

WHEREAS, the ballots were canvassed and certified by the County Canvassing Board of Manatee County on April 1, 2024.

NOW THEREFORE, be it resolved by the Board of Supervisors of the District )”Board”):

The Whereas clauses are hereby adopted as findings of fact.

As stated in the Official Results of the Certificate of the County Canvassing Board for Manatee County, which is attached and incorporated herein by referenced, the following results are hereby ratified and accepted by the Board as follows:
Shall the University Park Recreation District Charter be amended as described in Exhibit “A” of Resolution 2024-03, to revise the election date for Supervisors, amend the election procedures, amend the lengths of Supervisor terms of office, amend the terms for short term and long-term borrowing, and provide for other financing and election related amendments?

Yes:	558	 votes
No:	116	 votes

4.  Thus, in accordance with Section 418.20, Florida Statutes and Manatee County Ordinance 18-29, the question set forth in Section 2 above PASSED; and

3.	The voting results are accepted by the Board of Supervisors and the result is hereby ratified and accepted.

PASSED AND ADOPTED this 12th day of April, 2024.

ATTEST:	BOARD OF SUPERVISORS
UNIVERSITY PARK RECREATION DISTRICT

Secretary/Assistant Secretary	Sally Dickson, Chair

*** Official Results ***
CERTIFICATE OF COUNTY CANVASSING BOARD MANATEE COUNTY

We, the undersigned, MELISSA GOULD, County Judge, LISA GONZALEZ MOORE, City Councilwoman, MICHAEL BENNETT, former Supervisor of Elections, constituting the Board of County Canvassers in and for said County, do hereby certify that we met on the First day of April, 2024 A.D., and proceeded publicly to canvass the votes given for the referendum on the Nineteenth day of March, 2024
A.D. as shown by the returns on file in the office of the Supervisor of Elections. We do hereby certify from said returns as follows:

AMENDMENTS TO THE UNIVERSITY PARK RECREATION DISTRICT CHARTER REGARDING ELECTIONS, SUPERVISOR TERMS AND BORROWING OPTIONS

Yes for Approval No for Rejection

558
116

votes votes

04/01/2024 09:31:55 AM

Public Hearing on the Adoption of Revision to the Bylaws, Rules & Regulations, and
Establishment of Grievances Committee

Consideration of Resolution 2024-15, Adopting Revision to the Bylaws, Rules & Regulations, and
Establishment of Grievances Committee

Review and Consideration of Short-Term Financing RFP Results

Update on May Public Hearings
Membership Caps
Membership Initiation Fees

Update on Mr. Pizzi’s Claim

Consideration of Addendum to Turf Equipment Proposal

UNIVERSITY PARK RECREATION DISTRICT ADDENDUM TO TURF EQUIPMENT PROPOSAL FROM GLOBAL TURF
EQUIPMENT, LLC

This Addendum (the “Addendum”) is an addendum to the Turf Equipment Proposal for University Park Country Club (the “Agreement”) between University Park Recreation District (the “District”) and Global Turf Equipment, LLC (the “Contractor”). The provisions of this Addendum shall prevail over any conflicting terms contained in the Agreement.

MODIFICATIONS:

The following modifications shall be made to the agreement:

The Agreement shall be between the District and the Contractor.
ADDITIONS:

The following provisions shall be added to the Agreement:
Payments
Payments shall be made in accordance with Florida’s Prompt Payment Act. Termination
Either Party may terminate this Agreement upon thirty (30) days written notice to the other Party. Any obligations due and owing to the Parties upon termination shall be satisfied within thirty (30) of the termination.

Notice

All notices, comments, consents, objections, approvals, waivers, and elections under this Agreement shall be in writing and shall be given only by hand delivery for which a receipt is obtained, or certified mail, prepaid with confirmation of delivery requested, or by electronic mail with delivery confirmation. All such communications shall be addressed to the applicable addressees set forth below or as any party may otherwise designate in the manner prescribed herein.

To the District:	John Fetsick
University Park Country Club General Manager
7671 The Park Blvd University Park, FL 34201
Jfetsick@universitypark-fl.com

4688993v1

with a copy to:	Mark P. Barnebey	
	District Counsel	
	Blalock Walters, PA	
	802 11th Street West	
	Bradenton, FL 34205	
	mbarnebey@blalockwalters.com	
To the Contractor		

		

Insurance		

Contractor will not commence any work under the Agreement until all insurance under this section and such insurance coverage as might be required by the District has been obtained. Contractor shall obtain, and submit to the District within ten (10) calendar days from the date of the Agreement, at its expense, the following minimum amounts of insurance (inclusive of any amounts provided by an umbrella or excess policy):

Workers' Compensation/Employers' Liability

Part One - There shall be no maximum limit (other than as limited by the applicable statute) for liability imposed by Florida Workers' Compensation Act or any other coverage required by the Agreement which is customarily insured under Part One of the standard Workers' Compensation Policy.

Part Two - The minimum amount of coverage required by the resulting Contract Documents which are customarily insured under Part Two of the standard Workers' Compensation Policy shall be:

(Each Accident) $100,000 (Disease-Policy Limit) $500,000
(Disease-Each Employee) $100,000

Commercial General Liability

The limits are to be applicable only to Work performed under the Agreement and shall be those that would be provided with the attachment of the Amendment of Limits of Insurance (Designated Project or Premises) endorsement (ISO Form CG 2503) a Commercial General Liability Policy with the following minimum limits.

General Aggregate:

Products/Completed Operations Aggregate $1,000,000 Personal and Advertising Injury $1,000,000
Each Occurrence $1,000,000
Fire Damage (Any One Fire) $Nil Medical Expense (Any One Person) $Nil

ADDITIONAL INSURED: District shall be specifically named as additional insured on the Commercial General Liability Policy.

Complete Policies: The entire and complete insurance policies required herein shall be provided to the District on request. If the initial insurance expires prior to the completion of operations and/or services by the Contractor, renewal certificates of insurance and required copies of policies shall be furnished by the Contractor and delivered to the District thirty (30) days prior to the date of their expiration. Nothing herein shall in any manner create any liability of the District in connection with any claim against the Contractor for labor, services, or materials, or of subcontractors; and nothing herein shall limit the liability of the Contractor or Contractor's sureties to the District or to any workers, suppliers, material men or employees in relation to this Agreement.
By way of its execution of this Agreement, Contractor:

Represents that Contractor maintains, and will maintain during the term of the Agreement, insurance coverage from responsible companies duly authorized to do business in the State of Florida and deemed acceptable to the District, as set forth in this Agreement; and
Agrees that, insurance should not be cancelled without thirty (30) days’ notice to the District and must be endorsed to provide same. Failure of District to obtain and maintain proper amounts of insurance at all times as called for herein shall constitute a material breach of the Agreement, which may result in immediate termination.

Certification Requirements – In order for the certificate of insurance to be accepted it
must comply with the following:

The certificate holder shall be: University Park Recreation District 7671 The Park Boulevard University Park, FL 34201
Certificate shall be mailed to: 7671 The Park Boulevard University Park, FL 34201
Attn: General Manager- John Fetsick

Indemnification

Contractor covenants and agrees to indemnify and save harmless the District, its directors, officers, agents, and employees from and against all claims, damages, losses, and expenses (including but not limited to attorney’s fees) arising by reason of any act or failure to act, negligent or otherwise, of the Contractor, or any subcontractor (meaning anyone, including but not limited to consultants having a contract with the Contractor or a subcontractor for part of the services), or anyone directly or indirectly employed by the Contractor or by any subcontractor, or of anyone for whose acts the Contractor, or its subcontractor may be liable, in connection with providing the services contemplated under the resulting Agreement. This provision does not, however, require the Contractor to indemnify, hold harmless, or defend the District from its own negligence. Nothing in the resulting Agreement shall be deemed to affect the rights, privileges and immunities of the District o sovereign immunity under Florida law, or as set forth in Section 768.28, Florida Statutes

E-Verify

Section 448.09, Florida Statutes, makes it unlawful for any person to knowingly employ, hire, recruit, or refer, for private or public employment, an alien who is not duly authorized to work in the United States. Section 448.095, Florida Statutes, prohibits public employers, contractors, and subcontractors from entering into a contract unless each party to the contract registers and uses E- Verify. Contractor hereby represents that it is in compliance with the requirements of Sections
448.09 and 448.095, Florida Statutes. Contractor further represents that it will remain in compliance with the requirements of Sections 448.09 and 448.095, Florida Statutes, during the term of the Agreement. Contractor hereby warrants that it has not been terminated by a public employer for violating Section 448.095, Florida Statutes, within the year preceding the effective date of this Agreement. If Contractor has a contract terminated by a public employer for any such violation during the term of this contract, it shall provide immediate notice thereof to the District.

Public Records

To the extent applicable, Contractor shall comply with the requirements of Florida’s Public Records laws, specifically including the following:

Contractor shall keep and maintain public records required by the District in order to perform the service;
Upon request from the District, provide the District with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in Florida Statutes, Chapter 119, or as otherwise provided by law;
Contractor shall ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the agreement term and following completion of the agreement if Contractor does not transfer the records to the District;
Contractor shall upon completion of the agreement, transfer, at no cost to the District all public records in possession of Contractor or keep and maintain public records required by the District to perform the service. If Contractor transfers all public records

to the District upon completion of the agreement, Contractor shall destroy any duplicate public records that are exempt or confidential from public records disclosure requirements. Contractor shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to the District in a format that is compatible with the District's information technology systems; and,
Contractor acknowledges that all information relating to the contract are public records, as defined in Chapter 119, “Public Records” of the Florida Statutes. No information should be labeled confidential unless exempted under said laws.

IF CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO ITS DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT,
CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT:

PFM GROUP CONSULTING, LLC 12051 CORPORATE BOULEVARD
ORLANDO, FL 32801 ATTENTION: VIVIAN CARVALHO
Venue

This Agreement shall be governed by the laws of the State of Florida. Venue for any dispute arising hereunder shall be in and for Manatee County, Florida.

CONTRACTOR:

By: 	

Name: 	
Title: 	

DISTRICT:

By: 	
Name: 	

Title: 	

University Park Recreation District

Ratification of Payment Authorization Nos. 114 & 115

3/7/2024

University Park Recreation District

Payment Authorization No. 114

O&M - General Fund Expenses

Vendor	Invoice	Description	Amount	
Philips Feldman	149507	FY 2023 Audit	$	2,500.00	
McClatchy Company, LLC	238692	Notice of Public Meeting - February 2024	$	125.12	
PFM	DM-03-2024-53	District Management Fee: March 2024	$	5,833.33	
Blalock Walters	40896-032-2	ADV. Peter A. Pizzi	$	1,650.00	
Suplee, Shea, Cramer & Miller, P.A.	117536	Voting Tabulation for Bond Referendum	$	2,425.00	
Vglobal Tech	5963	ADA Website Maintenance - March 2024	$	293.33	

O&M - General Fund Expenses Total	$	12,826.78

Asst. Secretary/Secretary

Date:	3/1/2024	
Invoice Number:	149507	
Client:	10619	

C/O Paul Fay, Controller University Park Recreation District 7671 The Park Boulevard University Park, FL 34201

	Please make your check payable to Phillips Feldman Group and enclose the top portion of this invoice with your payment.

	You may make your payment online at www.pfgcpa.com by credit card, debit card or e-check or by calling our office.

For professional services rendered as follows:

Progress billing for fees relative to the Audit for the period ending	$2,500.00 September 30, 2023

Invoice Total:	$2 500 00

INVOICE
DUE AND PAYABLE UPON RECEIPT
A monthly finance charge of 1 1/2% will be applied on all unpaid items after 30 days.
This monthly finance charge is calculated at an Annual Percentage Rate of 18%.

'J'
Phillips Feldman
GROUP

Certified Public Accountants
801 Laurel Oak Drive, Suite 303, Naples, FL 34108
P 239 566 1600 I F 239 566 1901 I pfgcpa.com

McClatchy

The Beaufort Gazette
The Bellevllle News-Democrat
Bellingham Herald Centre Daily Times Sun Herald
Idaho Statesman
Bradenton H,rald
The Char1otte Observer The Slate
Ledger-Enquirer

Durham IThe He-raid-Sun Fart Warth StarlTetegram The Fresno Bu
The Island Packet The Kansas City Star
Lexington Herald-Leader The Tolograpll - Macon Merced Sun-Star
Miami Herald
El Nuevo Herald

The Modesto BH
The Sun News I Myrtle Beach Raleigh News & Observer Rock Hill I The Herald
The saaamento BH
San Lui■Obi11po Tribune Tacoma I The New1Tribune Tri-City Herald
The Wlcfllta Eagle Tho Olympian

Page1of1

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

FEBRUARY INVOICE	
Invoice No.:	238692	
Invoice Date:	02/29/2024	
DueDate:	03/30/2024	
Bill-To Account:	29585	
SalesRep:	Christy Habony	

Dates	OrderNo.	Desalptlon	Prodlld	Size	Billed	r:sl N£1:Amolllt

02/19/2024- 02/19/2024	515399	Print Legal Ad-lPL01575570	BRO-Bradenton Herald	1x48L	48L	$57.33	
		IPL0157557	Legal I Legals & Public Notices CLS				
02/14/2024- 02/14/2024	515401	Print Legal Ad-lPL01575610 IPL0157561	BRO-Bradenton Herald
Legal I Legals & Public Notices CLS	1x57L	57L	$67.86	

IAmount Due:

February Summary	
I

$125.191

McClatchy Company LLC PO Box 510150
Livonia Ml 48151

Please Return This Portion With Your Payment {Thank You)

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

0000029585 □000238692 000012519 6

FEBRUARY INVOICE	
InvoiceNo.:	238692	
Account No.:	29585	
ccount Name:	UNIVERSITY PARK RECREATION DISTRICT	
Amount Due:	$125.19	

Email questions to ssccreditandcollections@mcclatchy.com

McClatchy Company LLC
PO Box 510150
Livonia Ml 48151

Bill To:

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

Remittance Options:
.\li.a..MaiL
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: March 2024

Professional Fees
Total Amount Due

$5,833.33
S5.833.33

Date	Invoice Number	
March 1, 2024	DM-03-2024-53	
Payment Terms	Due Date	
Upon Receipt	March 1, 2024	

of

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
February 29, 2024
Account # 40896-032
Invoice#	40896-032-2

ATTN:	ACCOUNTSPAYABLE@UNIVERSITYPARK-FL.COM

	ADV. PETER A. PIZZI		
CFJ			
	
For Professional Services Rendered Thru 02/29/2024		

01/02/2024	
MPB  Review letter from Attorney Daniel Gabuardi on Pizzi	HOURS
0.30	
82.50	
	MJP	Review communication from Attorney Daniel Gabuardi regarding to Pizzi claim.	
0.20	
55.00	
	MJP	Review communication from Sally Dickson regarding Pizzi claim.
MJP	Review communication from Attorney Barnebey to Attorney Gang regarding Garrett settlement.	0.10

0.10	27.50

27.50	
	CFJ	Issue relating to pizzi	0.40	110.00	
01/04/2024	MJP	Review communications from John Fetsick and Attorney Barnebey regarding Pizzi claim.	
0.30	
82.50	
01/05/2024	CFJ	Review of pizzi demand	0.20	55.00	
01/09/2024	MPB Review Pete Pizzi memorandum. Telephone call with Daniel Gabuardi.	
0.40	
110.00	
01/11/2024	MPB Preparation of Memorandum to The Board of Supervisors; preparation of Pizzi Memorandum to Daniel Gabuardi.	
0.40	
110.00	
01/12/2024	MJP	Review communication from Attorney Gabuardi regarding Pizzi claim.	0.20	55.00	
01/26/2024	MJP	Review various communications by and between Daniel Gabuardi and Mark Barnebey regarding Pizzi.	
0.20	
55.00	
02/06/2024	MPB  Review Pizzi matter.	0.30	82.50	
02/07/2024	MPB  Revise and send Memorandum to the Board.	0.40	110.00	
02/08/2024	MJP	Review communication from Attorney Barnebey regarding status of Pizzi claim.	
0.20	
55.00	

UNIVERSITY PARK RECREATION DISTRICT ADV. PETER A. PIZZI
CFJ

Page:	2
February 29, 2024
Account# 40896-032
Invoice#	40896-032-2

	HOURS		
02/20/2024	MPB	Review and respond to Memorandum from Daniel Gabuardi.	0.60	165.00	
02/21/2024	MPB	Preparation of Memorandum to Chair; preparation of Memorandum to			
		Board of Supervisors; telephone conference with Supervisor Ludmerer.	
1.70	
467.50	
		TOTAL FOR THE ABOVE SERVICES	6.00	1,650.00	
		TOTAL CURRENT WORK		1,650.00	
		PREVIOUS BALANCE		$82.50	

PAYMENTS RECEIVED

02/23/2024	Payment received on account. Thank you!

AMOUNT DUE (includes Previous Balance if shown above)

-82.50

$1,650.00

If you prefer to receive paperless invoices by email, please complete the information below or email billin	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

Suplee, Shea, Cramer & Miller, P.A.
Certified Public Accountants

800 South Osprey Avenue Sarasota, FL 34236
Phone: 941-366-3600 Fax: (941) 954-4512
www.suplee-shea.com

University Park Recreation District Attn: John Fetsick
7671 The Park Boulevard University Park, FL 34201

Client ID#: U0066 Invoice #: 117536 Invoice Date: 02/26/2024

Due and payable in fifteen (15) days; late charges may be assessed after thirty (30) days. Please put Client ID and Invoice# on remittance. You can make credit card payments from the PAY NOW link in the Payment/Contact Us panel on our home page at www.suplee-shea.com

SERVICE	AMOUNT

Voting tabulation for bond referendum on January 16, 2024 Administrative expenses

$	2,400.00

	25.00

Current Amount Due

0 • 30
2,425.00

31- 60
0.00

61 • 90
0.00

91 • 120
0.00

Over 120
0.00

Balance
2,425.00

Visit our website for important tax information, new developments, and tax planning ideas, or to pay this invoice.

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

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

INVOICE# 5963
DATE 03/01/2024
DUE DATE 03/16/2024
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				
Email:Email Hosting &
Maintenance	5	15.00	75.00	
Monthly email hosting. Up to 5		
emails customized as per need		
with website domain address. Up		
to maximum 2 GB (upgrade to 10		
GB) storage per inbox. Backup		
and archival not included.		
Customers will be able to take		
their own local backup as needed.		
Customers also responsible to		
manage the inbox overflow by		
deleting unwanted emails, large		
attachments. Spam and virus		
filters included and will be		
configured. Email forwarding		
service (to any email of customer		
choice) included. Full access		
through browser from any device		
(tablets, mobile or desktop)		
provided including steps to setup		
the client.		

Please make check payable to VGlobalTech.

BALANCE DUE	$293.33

3/21/2024

University Park Recreation District

Payment Authorization No. 115

O&M - General Fund Expenses

Vendor	Invoice	Description	Amount	
Blalock Walters	40896-000-65	General Representation - February 2024	$	5,275.00	
Blalock Walters	40896-033-2	$21 Million Bond Validation	$	2,889.00	
Blalock Walters	40896-028-17	Amendment to ORI DEV. Order & GDP	$	55.00	
Blalock Walters	40896-032-3	ADV. Peter A. Pizzi	$	275.00	

O&M - General Fund Expenses Total	$	8,494.00

Asst. Secretary/Secretary	AsstT,e	

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
February 29, 2024
Account# 40896-000
Invoice #	40896-000-65

GENERAL REPRESENTATION		
MPB		

For Professional Services Rendered Thru 02/29/2024		

02/01/2024	MPB Telephone conference with Vivian Carvalho.	HOURS
0.30	
75.00	
02/02/2024	MPB Review and respond to Memorandum from David Murphy regarding Charter Amendments; review and respond to Memorandum from			
Steve Ludmerer.	0.70	175.00	
02/05/2024	MJP Review communication from Vivian Carvalho regarding supplemental trust indenture.	
0.20	
50.00	
MJP Review fully executed second supplemental trust indenture.	0.20	50.00	
MJP Review Charter Amendment summary.
of Memorandum to Vivian Carvalho.	0.20

0.40	50.00

100.00	

02/08/2024	MPB	
Review Ethics Complaint filed by Dean Matt; telephone call to Chair; review and respond to Memorandum from Vivian Carvalho.	

0.90	

225.00	
02/09/2024	MPB	Telephone conference with Chair and Vivian Carvalho.	0.60	150.00	
02/10/2024	MPB	Review and respond to Memorandum from Steve Ludmerer and draft Summary.	
0.40	
100.00	
02/12/2024	MPB	Preparation of Memorandum to Chair.	0.60	150.00	
02/13/2024	MPB	Telephone conference with Steve Ludmerer; telephone call to Vivian Carvalho.	
0.40	
100.00	
02/14/2024	MPB	Telephone conference with Vivian Carvalho; telephone conference with Steve Ludmerer; review and respond to Memorandum from			
		Vivian Carvalho.	0.80	200.00	

ATIN:	ACCOUNTSPAYABLE@UNIVERSITYPARK-FL.COM

MPB Review and respond to Memorandum from John Fetsick; preparation

			HOURS		
02/15/2024	MRP	Review of proposed resolution and Second Supplemental Trust			
		Indenture. Review of bond counsel correspondence. Review of			
		Master indenture.	1.50	375.00	
	MPB	Review and respond to David Murphy memorandum.	0.40	100.00	
	MJP	Review communication from Ms. Constable regarding capital			
		improvement plan.	0.20	50.00	
	MJP	Review of issue relating to comments from Liebold regarding			
		addendum; revise addendum; prepare communication to John			
		Fetsick.	0.50	125.00	
	MPB	Review and respond to David Murphy; work on Liebold Addendum.	0.60	150.00	
02/16/2024	MPB	Preparation of Resolution 2024-03; preparation of Memorandum to			
		the Board; review Memorandum from Liebold Irrigation.	1.30	325.00	
02/20/2024	MJP	Review various communications by and between Attorney Gabuardi			
		and Attorney Barnebey.	0.40	100.00	
	MPB	Preparation of Memorandum to John Fetsick.	0.20	50.00	
02/21/2024	MPB	Telephone conference with Vivian Carvalho and Chair; preparation for			
		and attendance at Board meeting; preparation of Memorandum to			
		Bob Gang.	2.60	650.00	
02/22/2024	MPB	Work on Public Record Request; telephone conference with Vivian			
		Carvalho; preparation of Memorandum to Vivian Carvalho.	0.60	150.00	
02/23/2024	MJP	Review communication to Vivian Carvalho regarding response to			
		public records request.	0.20	50.00	
02/26/2024	MJP	Review of issue relating to revisions to bylaws, rules and regulations,			
		and establishment of grievance committee.	0.20	50.00	
	MPB	Telephone conference with Steve Ludmerer; preparation of			
		Memorandum to Supervisors.	0.40	100.00	
02/27/2024	MJP	Review of issue relating to revisions to Club rules regarding service			
		animals.	0.70	175.00	
	MPB	Work on Policy issues and Rules revisions; preparation for and			
		attendance at Board Workshop; conference with Chair.	3.70	925.00	
02/28/2024	MPB	Review and respond to Memorandum from Bob Gang.	0.40	100.00	
	MPB	Conference call on Agenda; telephone conference with John Fetsick.	1.10	275.00	
02/29/2024	MPB	Telephone conference with Mark Criden regarding Request for			
		Proposals.	0.40	100.00	
		TOTAL FOR THE ABOVE SERVICES	21.10	5,275.00	
		TOTAL CURRENT WORK		5,275.00	
		PREVIOUS BALANCE		$11,987.50	

PAYMENTS RECEIVED

02/27/2024	Payment received on account. Thank you!	-11,987.50

AMOUNT DUE (includes Previous Balance if shown above)	$5,275.00

If you prefer to receive paperless invoices by email, please complete the information below or email billin	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

BLALOCK WALTERS
ATTORNEYS  AT LAW

WEMAKE 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
February 29, 2024
Account # 40896-033
Invoice #	40896-033-2

ATTN:	ACCOUNTSPAYABLE@UNIVERSITYPARK-FL.COM

	$21 MILLION BOND VALIDATION		
FEM			
	
For Professional Services Rendered Thru 02/29/2024		

02/01/2024	
FEM	Receipt of dropbox of resolutions; review and pull resolutions.	HOURS
1.00	
275.00	
	MPB	Work on Bond Validating Complaint; preparation of Memorandum to the Chair, Bob Gang and Vivian Carvalho.	
0.70	
192.50	
02/05/2024	MJP	Review communications from Attorney Barnebey and Attorney Moore regarding bond validation complaint.	
0.60	
165.00	
	FEM	Revise bond validation complaint regarding tally and title.	0.50	137.50	
02/06/2024	MJP		Review communication from Vivian Carvalho regarding bond validation complaint.	
0.20	
55.00	
02/07/2024	FEM	Consideration of necessary information for bond hearing.	0.80	220.00	
02/09/2024	MPB Telephone conference with Steve Ludmerer; follow up on status of Bond Validation Complaint.	
0.30	
82.50	

02/13/2024	
FEM  Review and consideration of suggested revisions. Finalize complaint and	
		order to show cause.		1.50	412.50	
02/14/2024	FEM	Address and review final issues and file complaint.	Review emails.	0.90	247.50	
	MPB	Preparation of Memorandum to the Board.		0.60	165.00	

02/26/2024	
MPB	
Review and respond to Memorandum from Kevin Plenzler.	
0.40	
110.00	
02/28/2024	FEM	Review of correspondence from Bob Gang.	0.30	82.50	
	FEM	Receipt of order to show cause.	0.30	82.50	
02/29/2024	MJP

MPB	Review communication from Attorney Barnebey regarding the bond validation hearing.
Preparation of Memorandum to Bob Gang; preparation of Memorandum to	
0.20	
55.00	

UNIVERSITY PARK RECREATION DISTRICT
$21 MILLION BOND VALIDATION FEM

Page:	2
February 29, 2024
Account# 40896-033
Invoice#	40896-033-2

		HOURS		
	Supervisors on scheduling.	0.70	192.50	
	TOTAL FOR THE ABOVE SERVICES	9.00	2,475.00	
02/14/2024	MANATEE CIRCUIT CIVIL E-PORTAL #191958973		414.00	
	TOTAL ADVANCES		414.00	
	TOTAL CURRENT WORK		2,889.00	
	PREVIOUS BALANCE		$1,320.00	
	
PAYMENTS RECEIVED			

02/27/2024	
Payment received on account. Thank you!	
-1,320.00	
	
AMOUNT DUE (includes Previous Balance if shown above)	
$2,889.00	

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

WALTERS

m	BLALOCK
m 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
February 29, 2024
Account# 40896-028
Invoice #	40896-028-17

ATTN:	ACCOUNTSPAYABLE@UNIVERSITYPARK-FL.COM AMENDMENT TO DRI DEV. ORDER & GDP
MPB

For Professional Services Rendered Thru 02/29/2024

02/12/2024	MPB  Telephone conference with Bob Agrusa.
TOTAL FOR THE ABOVE SERVICES TOTAL CURRENT WORK

AMOUNT DUE (includes Previous Balance if shown above)

HOURS
0.20
0.20

55.00
55.00

55.00

$55.00

If you prefer to receive paperless invoices by email, please complete the information below or email billin	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

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
February 29, 2024
Account# 40896-032
Invoice #	40896-032-3

ATTN:	ACCOUNTSPAYABLE@UNIVERSITYPARK-FL.COM

	ADV. PETER A. PIZZI			
CFJ				
	
For Professional Services Rendered Thru 02/29/2024			
		HOURS		
02/01/2024	CFJ	Review of Pizzi demand	0.20	55.00	
02/07/2024	CFJ	Review of status of Pizzi	0.20	55.00	
	CFJ	Review of Pizzi offer	0.20	55.00	
02/16/2024	CFJ	Review of update on Pizzi matter	0.20	55.00	
02/21/2024	MJP	Review of communication to Board regarding Pizzi claim.	0.20	55.00	
	TOTAL FOR THE ABOVE SERVICES	1.00	275.00	
	TOTAL CURRENT WORK		275.00	
	PREVIOUS BALANCE		$1,650.00	
	
PAYMENTS RECEIVED			

03/11/2024	
Payment received on account. Thank you!	
-1,650.00	
	
AMOUNT DUE (includes Previous Balance if shown above)	
$275.00	

UNIVERSITY PARK RECREATION DISTRICT ADV. PETER A. PIZZI
CFJ

Page:	2
February 29, 2024
Account# 40896-032
Invoice #	40896-032-3

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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