Myrtle Creek Improvement District
3501 Quadrangle Boulevard, Suite 270, Orlando, FL 32817; Phone: 407-723-5900 www.myrtlecreekid.org

The following is the proposed agenda for the upcoming Meeting of the Board of Supervisors for the Myrtle Creek Improvement District (“District”), scheduled to be held at 5:00 p.m. on Tuesday, May 21, 2024, at 6900 Tavistock Lakes Blvd., Ste. 200, Orlando, FL 32827. A quorum will be confirmed prior to the start of the meeting.
District Staff, please use the following information to join via the computer or the conference line:

Phone: 1-844-621-3956    Computer: pfmcdd.webex.com	Participant Code: 2531 126 0013#

BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters
Roll Call to Confirm a Quorum
Public Comment Period
Consideration of the Minutes of the April 16, 2024, Board of Supervisors’ Meeting (provided under separate cover)
Letter from Supervisor of Elections – Orange County
Business Matters
Consideration of Prequalified Contractors Extension
Consideration of Trail Maintenance Proposals (provided under separate cover)
Review and Acceptance of Arbitrage Rebate Reports for the Series 2016A Bonds
Consideration of Resolution 2024-04, Approving a Preliminary Budget for Fiscal Year 2025 and Setting a Public Hearing Date [suggested date of August 20, 2024]
Review and Acceptance of Fiscal Year 2023 Audit
Ratification of Operation and Maintenance Expenditures Paid in April 2024 in an amount totaling $42,101.88
Recommendation of Work Authorization/Proposed Services (if applicable)
Review of District’s Financial Position and Budget to Actual YTD

Other Business
Staff Reports
District Counsel
District Manager
District Engineer
Construction Supervisor
Landscape Supervisor
Irrigation Supervisor
Supervisor Requests

Adjournment

Minutes of the April 16, 2024, Board of Supervisors’ Meeting (provided under separate cover)

Letter from Supervisor of Elections – Orange County

April 19, 2024

Jennifer Walden, District Manager Myrtle Creek Improvement District PFM Group Consulting LLC
3501 Quadrangle Boulevard, Suite 270
Orlando, FL 32817

To whom it may concern,

Per the requirements of Chapter 190.006, Florida Statutes, the Orange County Supervisor of Elections Office Mapping Department has determined the number of registered voters in the district as of April 15, 2024. Our research is based on the most recent legal description provided to us by the District Office.
As of April 15, 2024, there are	2,412 registered voter(s) in the
Myrtle Creek Improvement District.

A map and list of addresses can be provided upon request. Please contact the Mapping Department at 407-254-6554 with any questions.

Sincerely,

Mapping Department
Orange County Supervisor of Elections Phone: 407-254-6554
119 W. Kaley Street Orlando, FL 32806
soemapping@ocfelections.gov

119 West Kaley Street, Orlando  Reply to: Post Office Box 562001, Orlando, Florida 32856 Phone
(407) 836-2070  Fax (407) 254-6596  Internet: www.ocfelections.gov

Prequalified Contractors Extension

MYRTLE CREEK IMPROVEMENT DISTRICT PREQUALIFIED CONTRACTORS
August 2021

Garney Construction
Hubbard Construction Company
JMHC, Inc.
Jon M. Hall Company
Jr. Davis Construction Company
The Middlesex Corporation
Phillips & Jordan
Prime Construction Group
Southern Development & Construction
Watson Civil Construction

F:\Proj2003\23217\ENGadmin\Pre-Qualifications\MCID Pre-Qual Contractors 2021.docx

Trail Maintenance Proposals
(provided under separate cover)

Arbitrage Rebate Reports for the Series 2016A Bonds

April29,2024

Board of Supervisors
Myrtle Creek Improvement District
c/o Jennifer Walden, Senior District Mgr. PFM Group Consulting LLC
3501 Quadrangle Blvd., Suite 270
Orlando, FL 32817

Re: $19,810,000
Myrtle Creek Improvement District (City of Orlando, Florida)
Special Assessment Revenue Refunding Bonds, Series 2016A
Annual Arbitrage Report for the period September 14, 2021 to September 14, 2022 Dear Myrtle Creek Improvement District Board of Supervisors:
Please find attached the Annual Arbitrage Report for Myrtle Creek Improvement District (City of Orlando, Florida), Special Assessment Revenue Refunding Bonds, Series of2016A (the "2016A Bonds") for the period September 14, 2022 to September 14, 2023.

As calculated in the Annual Arbitrage Report, no arbitrage liability was incurred on the 2016A Bonds during the period September 14, 2021 to September 14, 2022; therefore, there is no need to file with the U.S. Treasury Department (I.RS.).

Please note that additional arbitrage reporting will be required for the 2016A Bonds on
September 14, 2023.

s· cerely,
�c�
hn C. Rogers President

April 29, 2024

Board of Supervisors
Myrtle Creek Improvement District
c/o Jennifer Walden, Senior District Mgr. PFM Group Consulting LLC
3501 Quadrangle Blvd., Suite 270
Orlando, FL 32817

Re:	$19,810,000
Myrtle Creek Improvement District (City of Orlando, Florida)
Special Assessment Revenue Refunding Bonds, Series 2016A
Annual Arbitrage Report for the period September 14, 2021 to September 14, 2022

Dear Myrtle Creek Improvement District Board of Supervisors:
This opinion is being delivered to you pursuant to our engagement to calculate the annual arbitrage liability, if any, under section 148 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (the "Code") for $19,810,000 Myrtle Creek Improvement District, City of Orlando, Florida (the "District"), Special Assessment Revenue Refunding Bonds, Series of 2016A (the "2016A Bonds") for the period September 14, 2021 to September 14, 2022 (the "Annual Arbitrage Period"). Our opinion is accompanied by an Annual Arbitrage Report (the "Annual Arbitrage Report").
The scope of our engagement was limited to preparing a computation of annual arbitrage liability, if any, for the 2016A Bonds, based upon the following information from the referenced sources:

Trust Fund statements for the 2016A Bonds for the period September 14, 2021 to September 14, 2022
Source: US Bank, Orlando, Florida
Closing Documents for the 2016A Bonds, including Official Statement, Federal Tax Certificate, C.P.A Verification Report and I.R.S. Form "8038-G"
Source: PFM Group Consulting LLC, Orlando, Florida
In accordance with the terms of our engagement, we did not audit the aforementioned information, and we express no opinion as to the completeness or the accuracy of such information for purposes of calculating the annual arbitrage liability amount, if any.

Our Understanding of the Financing

According to the Federal Tax Certificate, proceeds of the 2016A Bonds, together with other available funds, were used to (1) defease for retirement on October 18, 2016 and November 1, 2016 the District's Special Assessment Revenue Bonds, Series 2006A (the "2006A Bonds"), (2) fund the 2016A Reserve Fund, (3) pay costs associated with the issuance of the 2016A Bonds including a municipal bond insurance premium, and (4) acquire and construct certain stormwater improvements.
Factors Entering Our Computations
	Our examination of the Trust Funds established with respect to the 2016A Bonds included the 2016A Acquisition and Construction Fund, the 2016A Interest Account, the 2016A Principal Account and the 2016A Reserve Fund.

	According to the Federal Tax Certificate, proceeds of the 2016A Bonds deposited to the 2016A Acquisition and Construction Fund could be invested at a yield in excess of the yield on the 2016A Bonds for the period September 14, 2016 to September 14, 2019 (the "3-Year Period"), but were subject to arbitrage rebate.
According to the Code, proceeds remaining in the 2016A Acquisition and Construction Fund after the expiration of the 3-Year Period were restricted to the yield on the 2016A Bonds.
	As shown in the C.P.A. Verification Report, proceeds of the 2016A Bonds and other available funds deposited to escrow to refund the 2006A Bonds on October 18, 2016 and November 1, 2016 were not invested above the yield on the yield on the 2016A Bonds.

The 2016A Interest Account and the 2016A Principal Account constituted a "bona fide debt service fund" as defined in the Code during the Annual Computation Period if (1) such fund were used primarily to achieve a proper matching of revenues and debt service payable on the 2016A Bonds, (2) monies deposited therein were spent within a thirteen­ month period from the date of receipt thereof, and (3) such funds were exhausted in each Bond Year (as defined in paragraph "f'' below), except for a reasonable carryover amount not to exceed the greater of one year's earnings in such funds or one-twelfth of annual debt service.

In accordance with the Code, a "bona fide debt service fund" is "unrestricted" as to yield, and not subject to arbitrage rebate.

According to the Code, proceeds of the 2016A Bonds deposited to the Debt Service Reserve Fund could be invested at an unrestricted yield in perpetuity, but were subject to arbitrage rebate.

"Bond Year" is defined, in accordance with the Code, as the one-year period beginning on September 14, 2021 and ending on September 14, 2022.
	According to the Federal Tax Certificate, none of the proceeds of the 2016A Bonds will be used as a substitute for other funds (i) which were otherwise to be used to refinance the costs of refunding the 2006A Bonds or pay the costs of the 2016A Bonds; (ii) which will not be so used and (iii) which have been or will be used, directly or indirectly, to acquire investment property producing a yield in excess of the yield on the 2016A Bonds.

	According to the Federal Tax Certificate, the District did not expect to enter into any "hedging transaction" in respect of the 2016A Bonds.

All amounts withdrawn from the Trust Funds were assumed to be spent on the day they were withdrawn.

Computations of yield are based on a 360-day year and semiannual compounding.

	No investment acquired (or sold) by the District was acquired (or sold) for an amount that was more (or less) than the fair market value of such investment during the Annual Computation Period.
The calculation of arbitrage rebate liability for the Annual Computation Period is made as of September 14, 2022 (the "Annual Computation Date").

Based upon the assumptions referred to in the preceding paragraphs and the related information referred to above, the computations presented in the accompanying  Annual
Arbitrage Report and an; presented below:

The Sources and Uses of·Funds Upon Issuance of the 2016A Bonds are shown on Page A-1.
The Yield on the 2016A Bonds is 3.08222200% (the "2016A Bond Yield"), as calculated on Pages B-1, B-2(A), B-2 (B) and B-3.
The District earned $20,475.21 less on its investments of proceeds of the 2016A Bonds during the Annual Computation Period than it would have earned had such proceeds been invested at the 2016A Bond Yield, as shown on Page C-1 and therefore did not incur an arbitrage liability on the 2016A Bonds during the Annual Computation Period.

Our examination of the 2016A Interest Fund and the 2016A Principal Fund showed that such funds constituted a "bona fide debt service fund" in each Bond Year of the Annual Computation Period, and therefore was not subject to arbitrage rebate during such period.

$19,810,000
Myrtle Creek Improvement District (City of Orlando, Florida)
Special Assessment Revenue Refunding Bonds, Series 2016A

Annual Arbitrage Report
For the Period September 14, 2021 to September 14, 2022

April 29, 2024

$19,810,000
Myrtle Creek Improvement District (City of Orlando, Florida)
Special Assessment Revenue Refunding Bonds, Series 2016A

Sources and Uses of Funds Upon Issuance of the 2016A Bonds

Sources of Funds:		
Par Amount of 2016A Bonds	$19,810,000.00	
Plus: Net Original Issue Premium	644,804.60	
Other Moneys	8.417.434.92	
	$28.872.239.52	

Uses of Funds:		
Deposit to Escrow Fund	$27,893,840.17	
Deposit to 2016A Reserve Fund	333,500.00	
Underwriter's Discount	135,219.90	
Deposit to 2016A Costs of Issuance Account	163,863.54	
Premium for Bond Insurance Policy	345,815.91	
	$28.872.239.52	

Source: Official Statement for the 2016A Bonds, dated September 9, 2016.

Page A-1

Dated Date:	9/14/2016		
Issuance Date:	9/14/2016						
	Principal	Interest			Bond		
Qili	fil!lQ!ill!	.Bfil	Yield	Price	Years	Production	
5/1/2017	$410,000.00	4.000%	1.250%	101.720%	258.53	$7,052.000	
5/1/2018	670,000.00	4.000%	1.360%	104.241%	1,092.47	28,414.700	
5/1/2019	695,000.00	4.000%	1.480%	106.476%	1,828.24	45,008.200	
5/1/20ZO	725,000.00	4.000%	1.610%	108.393%	2,632.15	60,849.250	
5/1/2021	755,000.00	4.000%	1.750%	109.964%	3,496.07	75,228.200	
5/1/2022	785,000.00	4.000%	2.560%	112.219%	4,419.99	95,919.150	
5/1/2023	815,000.00	4.000%	2.560%	112.219%	5,403.90	99,584.850	
5/1/2024	845,000.00	4.000%	2.560%	112.219%	6,447.82	103,250.550	
5/1/2025	880,000.00	4.000%	2.560%	112.219%	7,594.89	107,527.200	
5/1/2026	915,000.00	4.000%	2.560%	112.219%	8,811.96	111,803.850	
5/1/2027	955,000.00	4.000%	2.560%	112.219%	10,152.18	116,691.450	
5/1/2028	990,000.00	3.000%	3.120%	98.182%	11,514.25	(17,998.200)	
5/1/2029	1,020,000.00	3.000%	3.120%	98.182%	12,883.17	{18,543.600)	
5/1/2030	1,050,000.00	3.000°/4	3.120%	98.182%	14,312.08	(19,089.000)	
5/1/2031	1,080,000.00	3.000%	3.120%	98.182%	15,801.00	(19,634.400)	
5/1/2032	1,115,000.00	3.000%	3.120%	98.182%	17,428.07	(20,270.700)	
5/1/2033	1,150,000.00	3.000%	3.120%	98.182%	19,125.14	(20,907.000)	
5/1/2034	1,185,000.00	3.000%	3.120%	98.182%	20,892.21	(21,543.300)	
5/1/2035	1,220,000.00	3.000%	3.120%	98.182%	22,729.28	(22,179.600)	
5/1/2036	1,255,000.00	3.000%	3.120%	98.182%	24,636.35	(22,815.900)	
5/1/2037	1,295,000.00	3.000%	3.120%	98.182%	26,716.57	{23,543.100)	
		SJ ala occ og						Z3!l m, l	$644 804 60	

Principal Amount	$19,810,000.00	
Plus: Net Original		
Issue Premium	644,804.60	
	S '2 a� gg	
Gross Interest Cost	$7,666,671.11	
Less: Net Original
Issue Premium	
{644,804.60}	
	SZ C l !!!iii 1	
NIC%	2.9482%	
Bond Years	238,176.31	
Average Coupon	3.2189%	
Average LWe (Yearn)	12.02	

liW.i:; (1) Source: Official Statement for the 2016A Bonds, dated September 9, 2016.

Page B-1

Qili	Principal Amount	Interest
Rate	
Interest	Debt	Debt Service	
11/1/2016			$88,621.11	$88,621.11		
5/1/2017	$410,000.00	4.00%	339,400.00	749,400.00	$838,021.11	
11/1/2017			331,200.00	331,200.00		
5/1/2018	670,000.00	4.00%	331,200.00	1,001,200.00	1,332,400.00	
11/1/2018			317,800.00	317,800.00		
5/1/2019	695,000.00	4.00%	317,800.00	1,012,800.00	1,330,600.00	
11/1/2019			303,900.00	303,900.00		
5/1/2020	725,000.00	4.00%	303,900.00	1,028,900.00	1,332,800.00	
11/1/2020			289,400.00	289,400.00		
5/1/2021	755,000.00	4.00%	289,400.00	1,044,400.00	1,333,800.00	
11/1/2021			274,300.00	274,300.00		
5/1/2022	785,000.00	4.00%	274,300.00	1,059,300.00	1,333,600.00	
11/1/2022			258,600.00	258,600.00		
5/1/2023	815,000.00	4.00%	258,600.00	1,073,600.00	1,332,200.00	
11/1/2023			242,300.00	242,300.00		
5/1/2024	845,000.00	4.00%	242,300.00	1,087,300.00	1,329,600.00	
11/1/2024			225,400.00	225,400.00		
5/1/2025	880,000.00	4.00%	225,400.00	1,105,400.00	1,330,800.00	
11/1/2025			207,800.00	207,800.00		
5/1/2026	915,000.00	4.00%	207,800.00	1,122,800.00	1,330,600.00	
11/1/2026			189,500.00	189,500.00		
5/1/2027	955,000.00	4.00%	189,500.00	1,144,500.00	1,334,000.00	
11/1/2027			170,400.00	170,400.00		
5/1/2028	990,000.00	3.00%	170,400.00	1,160,400.00	1,330,800.00	
11/1/2028			155,550.00	155,550.00		
5/1/2029	1,020,000.00	3.00%	155,550.00	1,175,550.00	1,331,100.00	
11/1/2029			140,250.00	140,250.00		
5/1/2030	1,050,000.00	3.00%	140,250.00	1,190,250.00	1,330,500.00	
11/1/2030			124,500.00	124,500.00		
5/1/2031	1,080,000.00	3.00%	124,500.00	1,204,500.00	1,329,000.00	
11/1/2031			108,300.00	108,300.00		
5/1/2032	1,115,000.00	3.00%	108,300.00	1,223,300.00	1,331,600.00	
11/1/2032			91,575.00	91,575.00		
5/1/2033	1,150,000.00	3.00%	91,575.00	1,241,575.00	1,333,150.00	
11/1/2033			74,325.00	74,325.00		
5/1/2034	1,185,000.00	3.00%	74,325.00	1,259,325.00	1,333,650.00	
11/1/2034			56,550.00	56,550.00		
5/1/2035	1,220,000.00	3.00%	56,550.00	1,276,550.00	1,333,100.00	
11/1/2035			38,250.00	38,250.00		
5/1/2036	1,255,000.00	3.00%	38,250.00	1,293,250.00	1,331,500.00	
11/1/2036	 			19,425.00	19,425.00		
5/1/2037	1.295.000.00	3.00%	19.425.00	1.314.425.00	1.333.850.00	
	$19 810 000 00		$7 656 67111	$27 476 67111	$27,476 67111	

Source: Official Statement for the 2016A Bonds, dated September 9, 2016.

Page B-2 (A)

12&	Principal Amount	Interest
Rate	
Interest	Debt Service	Debt Service	
11/1/2016			$88,621.11	$88,621.11		
5/1/2017	$410,000.00	4.00%	339,400.00	749,400.00	$838,021.11	
11/1/2017			331,200.00	331,200.00		
5/1/2018	670,000.00	4.00%	331,200.00	1,001,200.00	1,332,400.00	
11/1/2018			317,800.00	317,800.00		
5/1/2019	695,000.00	4.00%	317,800.00	1,012,800.00	1,330,600.00	
11/1/2019			303,900.00	303,900.00		
5/1/2020	725,000.00	4.00%	303,900.00	1,028,900.00	1,332,800.00	
11/1/2020			289,400.00	289,400.00		
5/1/2021	755,000.00	4.00%	289,400.00	1,044,400.00	1,333,800.00	
11/1/2021			274,300.00	274,300.00		
5/1/2022	785,000.00	4.00%	274,300.00	1,059,300.00	1,333,600.00	
11/1/2022			258,600.00	258,600.00		
5/1/2023	815,000.00	4.00%	258,600.00	1,073,600.00	1,332,200.00	
11/1/2023			242,300.00	242,300.00		
5/1/2024	845,000.00	4.00%	242,300.00	1,087,300.00	1,329,600.00	
11/1/2024			225,400.00	225,400.00		
5/1/2025	880,000.00	4.00%	225,400.00	1,105,400.00	1,330,800.00	
11/1/2025			207,800.00	207,800.00		
5/1/2026	1,870,000.00	4.00%	207,800.00	2,077,800.00	2,285,600.00	
11/1/2026			170,400.00	170,400.00		
5/1/2027	0.00	4.00%	170,400.00	170,400.00	340,800.00	
11/1/2027			170,400.00	170,400.00		
5/1/2028	990,000.00	3.00%	170,400.00	1,160,400.00	1,330,800.00	
11/1/2028			155,550.00	155,550.00		
5/1/2029	1,020,000.00	3.00%	155,550.00	1,175,550.00	1,331,100.00	
11/1/2029			140,250.00	140,250.00		
5/1/2030	1,050,000.00	3.00%	140,250.00	1,190,250.00	1,330,500.00	
11/1/2030			124,500.00	124,500.00		
S/1/2031	1,080,000.00	3.00%	124,500.00	1,204,500.00	1,329,000.00	
11/1/2031			108,300.00	108,300.00		
5/1/2032	1,115,000.00	3.00%	108,300.00	1,223,300.00	1,331,600.00	
11/1/2032			91,575.00	91,575.00		
5/1/2033	1,150,000.00	3.00%	91,575.00	1,241,575.00	1,333,150.00	
11/1/2033			74,325.00	74,325.00		
5/1/2034	1,185,000.00	3.00%	74,325.00	1,259,325.00	1,333,650.00	
11/1/2034			56,550.00	56,550.00		
5/1/2035	1,220,000.00	3.00%	56,550.00	1,276,550.00	1,333,100.00	
11/1/2035			38,250.00	38,250.00		
5/1/2036	1,255,000.00	3.00%	38,250.00	1,293,250.00	1,331,500.00	
11/1/2036	 			19,425.00	19,425.00		
5/1/2037	1.295.000.00	3.00%	19,425.00	1,314,425.00	1,333,850.00	
	i iUQ wc.ag		 SZ!;iZ!l::m U	s,z 3a. zi ii	m.!! 11.mu

lil21l:; (1) Source: Official Statement for the 2016A Bonds, dated September 9, 2016.

Page B-2 (B)

P.V. Date:	9/14/2016			
2016A Bond Yield:	3.08222200%			
		
Muni		
	Semiannual	Days To	Present		

Date (1)	Debt Service (1)	Computation
Date	Value lli!!1I	Present	
11/1/2016	$88,621.11	47	0.99601464	$88,267.92	
5/1/2017	749,400.00	227	0.98089792	735,084.90	
11/1/2017	331,200.00	407	0.96601062	319,942.72	
5/1/2018	1,001,200.00	587	0.95134927	952,490.89	
11/1/2018	317,800.00	767	0.93691044	297,750.14	
5/1/2019	1,012,800.00	947	0.92269075	934,501.20	
11/1/2019	303,900.00	1127	0.90868688	276,149.94	
5/1/2020	1,028,900.00	1307	0.89489555	920,758.03	
11/1/2020	289,400.00	1487	0.88131353	255,052.13	
5/1/2021	1,044,400.00	1667	0.86793765	906,474.08	
11/1/2021	274,300.00	1847	0.85476477	234,461.98	
5/1/2022	1,059,300.00	2027	0.84179182	891,710.08	
11/1/2022	258,600.00	2207	0.82901577	214,383.48	
5/1/2023	1,073,600.00	2387	0.81643362	876,523.14	
11/1/2023	242,300.00	2567	0.80404244	194,819.48	
5/1/2024	1,087,300.00	2747	0.79183931	860,966.89	
11/1/2024	225,400.00	2927	0.77982140	175,771.74	
5/1/2025	1,105,400.00	3107	0.76798589	848,931.60	
11/1/2025	207,800.00	3287	0.75633000	157,165.37	
5/1/2026	2,077,800.00	3467	0.74485102	1,547,651.45	
11/1/2026	170,400.00	3647	0.73354626	124,996.28	
5/1/2027	170,400.00	3827	0.72241307	123,099.19	
11/1/2027	170,400.00	4007	0.71144885	121,230.88	
5/1/2028	1,160,400.00	4187	0.70065104	813,035.47	
11/1/2028	155,550.00	4367	0.69001711	107,332.16	
5/1/2029	1,175,550.00	4547	0.67954458	798,838.63	
11/1/2029	140,250.00	4727	0.66923099	93,859.65	
5/1/2030	1,190,250.00	4907	0.65907392	784,462.74	
11/1/2030	124,500.00	5087	0.64907102	80,809.34	
5/1/2031	1,204,500.00	5267	0.63921993	769,940.41	
11/1/2031	108,300.00	5447	0.62951835	68,176.84	
5/1/2032	1,223,300.00	5627	0.61996402	758,401.99	
11/1/2032	91,575.00	5807	0.61055470	55,911.55	
5/1/2033	1,241,575.00	5987	0.60128818	746,544.37	
11/1/2033	74,325.00	6167	0.59216230	44,012.46	
5/1/2034	1,259,325.00	6347	0.58317493	734,406.76	
11/1/2034	56,550.00	6527	0.57432396	32,478.02	
5/1/2035	1,276,550.00	6707	0.56560732	722,026.02	
11/1/2035	38,250.00	6887	0.55702298	21,306.13	
5/1/2036	1,293,250.00	7067	0.54856892	709,436.76	
11/1/2036	19,425.00	7247	0.54024317	10,494.22	
5/1/2037	1.314.425.00	7427	0.53204379	
699.331.66	
		s z Ja Zl ll 			  s,g ica aa	(2)	

See Page B-2 (B).
$20,108,988.69 = $19,810,000.00 [Principal Amount of 2016A Bonds]+ $644,804.60 [Net Original Issue Premium on 2016A Bonds) - $345,815.91 [Bond Insurance Policy).

Page B-3

$19,810,000
Myrtle Creek Improvement District (City of Orlando, Florida)
Special Assessment Revenue Refunding Bonds, Series 2016A Arbitrage Credit - 2016A Bonds- Annual Computation Period

Annual Computation
Date: 2016A Sand Vield {1):

9/14/2022

3.08222200",&

	Acguistion & Construction Fund

Investment Yield:	0.32088300%

Muni
Days To	@ Investment
Debt Service Reserve Fund	Compu-	2016A Bond Yield	Yield

Dail! (2)	Transaction Description {2)		Invested H/ 
Disbursed(+) (2)	
Jnterest(2)	
Balanct/2)	Future Value		Invested H / 
Disbursed 1+1 (2)	
Interest (2)	
Balance(2}	Future Value	
Total	tation Date	
Yield	Future Value	Future Value	
9/14/2021	Balance	($401,925.69)	$0.00	$401,925.69	1$414,409,39)	($335,047.46)	$0.00	$335,047.46	($345,453.94)	($736,973.15)	360	1.03105972	($759,863.33)	($739,339.87)	
10/1/2021	Int. Earn. (+) / Reinvst. (-)	(1.98)	1.98	401,927.67	0.00	(1.65)	1.65	335,049.11	0.00	0.00	343	1.029S7154	o.oo	0.00	
10/6/2021	TrfOut- DSR Excess	0.00	0.00	401,927.67	0.00	1,847.46	0.00	333,201.65	1,901.28	1,847.46	338	1.02913425	1,901.28	1,853.03	
11/1/2021	Int. Earn.(+}/ Reinvst. {-)	(2.04)	2.04	401,929.71	0.00	(1.70)	1.70	333,203.35	0.00	0,00	313	1.02695058	0.00	0.00	
12/1/2021	Int. Earn.(+)/ Reinvst. (-)	(1.98)	1.98	401,93169	0.00	(1.64)	1.64	333,204.99	o.oo	0,00	283	1.02433629	0.00	0.00	
12/29/2021	ST Cap Gain	(1.41)	1.41	401,933.10	0.00	(1.17)	1.17	333,206.16	0.00	0.00	255	1.02190229	0.00	0.00	
1/3/2022	Int. Earn. (+) / Relnvst. (·)	(2.04)	2,04	401,935.14	0.00	(1.69)	1.69	333,207.85	0.00	0,00	251	1.02155505	0.00	0.00	
2/1/2022	lnt. £am.(+)/ Reinvst. (-)	(2.04)	2.04	401,937.18	0.00	(1.69)	1.69	333,209.54	0.00	0.00	223	1.01912766	0,00	0.00	
3/1/2022	Int. Earn.(+)/ Relnvst. (-)	(1.87)	1,87	401,939.05	0.00	(1.55)	1.55	333,211.09	0.00	0.00	193	1.01653329	0.00	0.00	
4/1/2022	Int. Earn. (+) / Reinvst. H	(2.04)	2.04	401,94109	0.00	(1.69)	1.69	333,212.78	0.00	0,00	163	1.01394552	0,00	0.00	
5/2/2022	Jnt. Earn. (+) / Reinvst. (-)	(L98)	1.98	401,943.07	0.00	(1.64)	1.64	333,214.42	0.00	0.00	132	1.01127841	0,00	0.00	
6/1/2022	Int. Earn. (+) / Reinvst. (-)	(98.96)	98.96	402,04203	0.00	(82.04)	82.04	333,296.46	0.00	0.00	103	1.00878972	0.00	0.00	
7/1/2022	Int. Earn. (+) / Reinvst. (-)	(219.11)	219.11	402,26114	0.00	(181,64)	181.64	333,478.10	0.00	0.00	73	1.00622166	0.00	0.00	
8/1/2022	Int. Earn.(+)/ Reinvst, (-)	(376.88)	376.88	402,63&02	0.00	(312.43)	312.43	333,790.53	o.oo	0.00	43	1.00366014	0.00	0.00	
9/1/2022	Int. Earn. (+) / Reinvst. (-)	(578.61)	578.61	403,216.63	0.00	(479,68)	479.68	334,270.21	0.00	0.00	13	1.00110515	o.oo	0.00	
9/14/2022	Balance	403 216.63	0.00	0.00	403,216.63	334 270.21	2:QQ	0.00	334 270.21	737 486,84	0	1.00000000	737 486.84	737 486.84	
														aQJi!!,l	
				ArbltrageCrtdft	lW.m.Z§J							Arbitra1e Credit	lil2..fil.ill		

See Page 8-3.
Source: Trust Fund statements of US Bank, Orlando, Florida.

Page C-2

April 29, 2024

Board of Supervisors
Myrtle Creek Improvement District
c/o Jennifer Walden, Senior District Mgr. PFM Group Consulting LLC
3501 Quadrangle Blvd., Suite 270
Orlando, FL 32817

Re: $19,810,000
Myrtle Creek Improvement District (City of Orlando, Florida)
Special Assessment Revenue Refunding Bonds, Series 2016A
Annual Arbitrage Report for the period September 14, 2022 to September 14, 2023 Dear Myrtle Creek Improvement District Board of Supervisors:
Please find attached the Annual Arbitrage Report for Myrtle Creek Improvement District (City of Orlando, Florida), Special Assessment Revenue Refunding Bonds, Series of2016A (the "2016A Bonds") for the period September 14, 2022 to September 14, 2023.

As calculated in the Annual Arbitrage Report, an arbitrage liability of $7,006.36 was incurred on the 2016A Bonds during the one-year period from September 14, 2022 to September 14, 2023; however, such liability was offset by arbitrage credits earned during the Annual Arbitrage Period September 14, 2021 to September 14, 2022; therefore, as of September 14, 2023, no arbitrage was due and there is no need to file with the U.S. Treasury Department (I.R.S.).

Please note that additional arbitrage reporting will be required for the 2016A Bonds on September 14, 2024.

Si cerely,
�c/1/J.UL	­
ohn C. Rog:r
President

April 29, 2024

Board of Supervisors
Myrtle Creek Improvement District
c/o Jennifer Walden, Senior District Mgr. PFM Group Consulting LLC
3501 Quadrangle Blvd., Suite 270
Orlando, FL 32817

Re:	$19,810,000
Myrtle Creek Improvement District (City of Orlando, Florida)
Special Assessment Revenue Refunding Bonds, Series 2016A
Annual Arbitrage Report for the period September 14, 2022 to September 14, 2023

Dear Myrtle Creek Improvement District Board of Supervisors:
This opinion is being delivered to you pursuant to our engagement to calculate the annual arbitrage liability, if any, under section 148 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (the "Code") for $19,810,000 Myrtle Creek Improvement District, City of Orlando, Florida (the "District"), Special Assessment Revenue Refunding Bonds, Series of 2016A (the "2016A Bonds") for the period September 14, 2022 to September 14, 2023 (the "Annual Arbitrage Period"). Our opinion is accompanied by an Annual Arbitrage Report (the "Annual Arbitrage Report").
The scope of our engagement was limited to preparing a computation of annual arbitrage liability, if any, for the 2016A Bonds, based upon the following information from the referenced sources:

Trust Fund statements for the 2016A Bonds for the period September 14, 2022 to September 14, 2023
Source: US Bank. Orlando, Florida
Closing Documents for the 2016A Bonds, including Official Statement, Federal Tax Certificate, C.P.A Verification Report and I.R.S. Form "8038-G"
Source: PFM Group Consulting LLC, Orlando, Florida
In accordance with the terms of our engagement, we did not audit the aforementioned information, and we express no .opinion as to the completeness or the accuracy of such information for purposes of calculating the annual arbitrage liability amount, if any.

Our Understanding of the Financing

According to the Federal Tax Certificate, proceeds of the 2016A Bonds, together with other available funds, were used to (1) defease for retirement on October 18, 2016 and November 1, 2016 the District's Special Assessment Revenue Bonds, Series 2006A (the "2006A Bonds"), (2) fund the 2016A Reserve Fund, (3) pay costs associated with the issuance of the 2016A Bonds including a municipal bond insurance premium, and (4) acquire and construct certain stormwater improvements.
Factors Entering Our Computations

	Our examination of the Trust Funds established with respect to the 2016A Bonds included the 2016A Acquisition and Construction Fund, the 2016A Interest Account, the 2016A Principal Account and the 2016A Reserve Fund.

	According to the Federal Tax Certificate, proceeds of the 2016A Bonds deposited to the 2016A AcquisitiQn and Construction Fund could not be invested at a yield in excess of the yield on the 2016A Bonds for the period September 14, 2016 to September 14, 2019 (the "3-Year Period"), but were subject to arbitrage rebate.
According to the Code, proceeds remaining in the 2016A Acquisition and Construction Fund after the expiration of the 3-Year Period were restricted to the yield on the 2016A Bonds.

As shown in the C.P.A. Verification Report, proceeds of the 2016A Bonds and other available funds deposited to escrow to refund the 2006A Bonds on October 18, 2016 and
November 1, 2016 were not invested above the yield on the yield on the 2016A Bonds.

The 2016A Interest Account and the 2016A Principal Account constituted a "bona fide debt service fund" as defined in the Code during the Annual Computation Period if (1) such fund were used primarily to achieve a proper matching of revenues and debt service payable on the 2016A Bonds, (2) monies deposited therein were spent within a thirteen­ month period from the date of receipt thereof, and (3) such funds were exhausted in each Bond Year (as defmed in paragraph "f' below), except for a reasonable carryover amount not to exceed the greater of one year's earnings in such funds or one-twelfth of annual debt service.

In accordance with the Code, a "bona fide debt service fund" is "unrestricted" as to yield, and not subject to arbitrage rebate.

	According to the Code, proceeds of the 2016A Bonds deposited to the Debt Service Reserve Fund could be invested at an unrestricted yield in perpetuity, but were subject to arbitrage rebate.

"Bond Year" is defined, in accordance with the Code, as the one-year period beginning on September 14, 2022 and ending on September 14, 2023.

According to the Federal Tax Certificate, none of the proceeds of the 2016A Bonds will be used as a substitute for other funds (i) which were otherwise to be used to refinance the costs of refunding the 2006A Bonds or pay the costs of the 2016A Bonds; (ii) which will not be so used and (iii) which have been or will be used, directly or indirectly, to acquire investment property producing a yield in excess of the yield on the 2016A Bonds.

	According to the Federal Tax Certificate, the District did not expect to enter into any "hedging transaction" in respect of the 2016A Bonds.

All amounts withdrawn from the Trust Funds were assumed to be spent on the day they were withdrawn.
Computations of yield are based on a 360-day year and semiannual compounding.
	No investment acquired (or sold) by the District was acquired (or sold) for an amount that was more (or less) than the fair market value of such investment during the Annual Computation Period.
The calculation of arbitrage rebate liability for the Annual Computation Period is made as of September 14, 2023 (the "Annual Computation Date").
Based upon the assumptions referred to in the preceding paragraphs and the related information referred to above, the computations presented in the accompanying  Annual
Arbitrage Report and are presented below:

The Sources and Uses of Funds Upon Issuance of the 2016A Bonds are shown on Page A-1.
The Yield on the 2016A Bonds is 3.08222200% (the "2016A Bond Yield"), as calculated on Pages B-1, B-2(A), B-2 (B) and B-3.
The District earned $2,835.81 more on its investments of proceeds of the 2016A Bonds in the Acquisition and Construction Fund during the Annual Computation Period than it would have earned had such proceeds been invested at the 2016A Bond Yield, as shown on Page C-1 and therefore incurred an arbitrage liability on the 2016A Bonds during the Annual Computation Period; however, the $2,835.81 arbitrage liability was offset by the $11,540.40 arbitrage credit earned during the prior Annual Computation Period, as also shown on Page C-1.

The District earned $4,170.55 more on its investments of proceeds of the 2016A Bonds in the Debt Service Reserve Fund during the Annual Computation Period than it would have earned had such proceeds been invested at the 2016A Bond Yield, as shown on Page C-1 and therefore incurred an arbitrage liability on the 2016A Bonds during the Annual Computation Period; however, the $4,170.75 arbitrage liability was offset by the
$9,570.76 arbitrage credit earned during the prior Annual Computation Period, as also shown on Page C-1.
Our examination of the 2016A Interest Fund and the 2016A Principal Fund showed that such funds constituted a "bona fide debt service fund" in each Bond Year of the Annual Computation Period, and therefore was not subject to arbitrage rebate during such period.

$19,810,000
Myrtle Creek Improvement District (City of Orlando, Florida)
Special Assessment Revenue Refunding Bonds, Series 2016A

Annual Arbitrage Report
For the Period September 14, 2022 to September 14, 2023

April 29, 2024

$19,810,000
Myrtle Creek Improvement District (City of Orlando, Florida)
Special Assessment Revenue Refunding Bonds, Series 2016A

Sources and Uses of Funds Upon Issuance of the 2016A Bonds

Sources of Funds:		
Par Amount of 2016A Bonds	$19,810,000.00	
Plus: Net Original Issue Premium	644,804.60	
Other Moneys	8,417,434.92	
	$28.872.239.52	

Uses of Funds:		
Deposit to Escrow Fund	$27,893,840.17	
Deposit to 2016A Reserve Fund	333,500.00	
Underwriter's Discount	135,219.90	
Deposit to 2016A Costs of Issuance Account	163,863.54	
Premium for Bond Insurance Policy	345,815.91	
	$28.872.239,52	

(1) Source: Official Statement for the 2016A Bonds, dated September 9, 2016.

Page A-1

Dated Date:	9/14/2016		
Issuance Date:	9/14/2016						
	Principal	Interest			Bond		
Qm	Amount	Rate	Yield	Price	Years	Production	
5/1/2017	$410,000.00	4.000%	1.250%	101.720%	258.53	$7,052.000	
5/1/2018	670,000.00	4.000%	1.360%	104.241%	1,092.47	28,414.700	
5/1/2019	695,000.00	4.000%	1.480%	106.476%	1,828.24	45,008.200	
5/1/2020	725,000.00	4.000%	1.610%	108.393%	2,632.15	60,849.250	
5/1/2021	755,000.00	4.000%	1.750%	109.964%	3,496.07	75,228.200	
5/1/2022	785,000.00	4.000%	2.560%	112.219%	4,419.99	95,919.150	
5/1/2023	815,000.00	4.000%	2.560%	112.219%	5,403.90	99,584.850	
5/1/2024	845,000.00	4.000%	2.560%	112.219%	6,447.82	103,250.550	
5/1/2025	880,000.00	4.000%	2.560%	112.219%	7,594.89	107,527.200	
5/1/2026	915,000.00	4.000%	2.560%	112.219%	8,811.96	111,803.850	
5/1/2027	955,000.00	4.000%	2.560%	112.219%	10,152.18	116,691.450	
5/1/2028	990,000.00	3.000%	3.120%	98.182%	11,514.25	(17,998.200)	
5/1/2029	1,020,000.00	3.000%	3.120%	98.182%	12,883.17	(18,543.600)	
5/1/2030	1,050,000.00	3.000%	3.120%	98.182%	14,312.08	(19,089.000)	
5/1/2031	1,080,000.00	3.000%	3.120%	98.182%	15,801.00	(19,634.400)	
5/1/2032	1,115,000.00	3.000%	3.120%	98.182%	17,428.07	(20,270.700)	
5/1/2033	1,150,000.00	3.000%	3.120%	98.182%	19,125.14	(20,907.000)	
5/1/2034	1,185,000.00	3.000%	3.120%	98.182%	20,892.21	(21,543.300)	
5/1/2035	1,220,000.00	3.000%	3.120%	98.182%	22,729.28	(22,179.600)	
5/1/2036	1,255,000.00	3.000%	3.120%	98.182%	24,636.35	(22,815.900)	
5/1/2037	1,295,QQO.OO	3.000%	3.120%	98.182%	26,716.57	(23,543.100)	
		si a1g ggo og						rn! lZli l 	$644 804 60	

Principal Amount	$19,810,000.00	
Plus: Net Original		
Issue Premium	644,804.60	
	S ll fl:ifl B!Jfl !ill	
Gross Interest Cost	$7,666,671.11	
Less: Net Original		
Issue Premium	(644,!!!M,60)	
	szczi iHH2	
NIC%	2.9482%	
Bond Years	238,176.31	
Average Coupon	3.2189%	
Average Life (Years)	12.02	

(l) Source: Official Statement for the 2016A Bonds, dated September 9, 2016.

Page B•l

Date	Principal Amount	Interest
Rate	
Interest	Debt Service	Debt Service	
11/1/2016			$88,621.11	$88,621.11		
5/1/2017	$410,000.00	4.00%	339,400.00	749,400.00	$838,021.11	
11/1/2017			331,200.00	331,200.00		
5/1/2018	670,000.00	4.00%	331,200.00	1,001,200.00	1,332,400.00	
11/1/2018			317,800.00	317,800.00		
5/1/2019	695,000.00	4.00%	317,800.00	1,012,800.00	1,330,600.00	
11/1/2019			303,900.00	303,900.00		
5/1/2020	725,000.00	4.00%	303,900.00	1,028,900.00	1,332,800.00	
11/1/2020			289,400.00	289,400.00		
5/1/2021	755,000.00	4.00%	289,400.00	1,044,400.00	1,333,800.00	
11/1/2021			274,300.00	274,300.00		
5/1/2022	785,000.00	4.00%	274,300.00	1,059,300.00	1,333,600.00	
11/1/2022			258,600.00	258,600.00		
5/1/2023	815,000.00	4.00%	258,600.00	1,073,600.00	1,332,200.00	
11/1/2023			242,300.00	242,300.00		
5/1/2024	845,000.00	4.00%	242,300.00	1,087,300.00	1,329,600.00	
11/1/2024			225,400.00	225,400.00		
5/1/2025	880,000.00	4.00%	225,400.00	1,105,400.00	1,330,800.00	
11/1/2025			207,800.00	207,800.00		
5/1/2026	915,000.00	4.00%	207,800.00	1,122,800.00	1,330,600.00	
11/1/2026			189,500.00	189,500.00		
5/1/2027	955,000.00	4.00%	189,500.00	1,144,500.00	1,334,000.00	
11/1/2027			170,400.00	170,400.00		
5/1/2028	990,000.00	3.00%	170,400.00	1,160,400.00	1,330,800.00	
11/1/2028			155,550.00	155,550.00		
5/1/2029	1,020,000.00	3.00%	155,550.00	1,175,550.00	1,331,100.00	
11/1/2029			140,250.00	140,250.00		
5/1/2030	1,050,000.00	3.00%	140,250.00	1,190,250.00	1,330,500.00	
11/1/2030			124,500.00	124,500.00		
5/1/2031	1,080,000.00	3.00¾	124,500.00	1,204,500.00	1,329,000.00	
11/1/2031			108,300.00	108,300.00		
5/1/2032	1,115,000.00	3.00%	108,300.00	1,223,300.00	1,331,600.00	
11/1/2032			91,575.00	91,575.00		
5/1/2033	1,150,000.00	3.00%	91,575.00	1,241,575.00	1,333,150.00	
11/1/2033			74,325.00	74,325.00		
5/1/2034	1,185,000.00	3.00%	74,325.00	1,259,325.00	1,333,650.00	
11/1/2034			56,550.00	56,550.00		
5/1/2035	1,220,000.00	3.00%	56,550.00	1,276,550.00	1,333,100.00	
11/1/2035			38,250.00	38,250.00		
5/1/2036	1,255,000.00	3.00%	38,250.00	1,293,250.00	1,331,500.00	
11/1/2036	 			19,425.00	19,425.00		
5/1/2037	1.295.000.00	3.00%	19.425.00	1,314.425.00	1,333,850.00	
	$19,810,000 go		$7 666 671.11	$27 476 67111	$27 476 67111	

(1) Source: Official Statement for the 2016A Bonds, dated September 9, 2016.

Page B-2 (A)

	Principal Amount	Interest
Rate	
Interest	Debt Service	Debt Service	
11/1/2016			$88,621.11	$88,621.11		
5/1/2017	$410,000.00	4.00%	339,400.00	749,400.00	$838,021.11	
11/1/2017			331,200.00	331,200.00		
5/1/2018	670,000.00	4.00%	331,200.00	1,001,200.00	1,332,400.00	
11/1/2018			317,800.00	317,800.00		
5/1/2019	695,000.00	4.00%	317,800.00	1,012,800.00	1,330,600.00	
11/1/2019			303,900.00	303,900.00		
5/1/2020	725,000.00	4.00%	303,900.00	1,028,900.00	1,332,800.00	
11/1/2020			289,400.00	289,400.00		
5/1/2021	755,000.00	4.00%	289,400.00	1,044,400.00	1,333,800.00	
11/1/2021			274,300.00	274,300.00		
5/1/2022	785,000.00	4.00%	274,300.00	1,059,300.00	1,333,600.00	
11/1/2022			258,600.00	258,600.00		
5/1/2023	815,000.00	4.00%	258,600.00	1,073,600.00	1,332,200.00	
11/1/2023			242,300.00	242,300.00		
5/1/2024	845,000.00	4.00%	242,300.00	1,087,300.00	1,329,600.00	
11/1/2024			225,400.00	225,400.00		
5/1/2025	880,000.00	4.00%	225,400.00	1,105,400.00	1,330,800.00	
11/1/2025			207,800.00	207,800.00		
5/1/2026	1,870,000.00	4.00%	207,800.00	2,077,800.00	2,28S,600.00	
11/1/2026			170,400.00	170,400.00		
5/1/2027	0.00	4.00%	170,400.00	170,400.00	340,800.00	
11/1/2027			170,400.00	170,400.00		
5/1/2028	990,000.00	3.00%	170,400.00	1,160,400.00	1,330,800.00	
11/1/2028			155,550.00	155,550.00		
5/1/2029	1,020,000.00	3.00%	155,550.00	1,175,550.00	1,331,100.00	
11/1/2029			140,250.00	140,250.00		
5/1/2030	1,050,000.00	3.00%	140,250.00	1,190,250.00	1,330,500.00	
11/1/2030			124,500.00	124,500.00		
5/1/2031	1,080,000.00	3.00%	124,500.00	1,204,500.00	1,329,000.00	
11/1/2031			108,300.00	108,300.00		
5/1/2032	1,115,000.00	3.00%	108,300.00	1,223,300.00	1,331,600.00	
11/1/2032			91,575.00	91,575.00		
5/1/2033	1,150,000.00	3,00%	91,575.00	1,241,575.00	1,333,150.00	
11/1/2033			74,325.00	74,325.00		
5/1/2034	1,185,000.00	3.00%	74,325.00	1,259,325.00	1,333,650.00	
11/1/2034			56,550.00	56,550.00		
5/1/2035	1,220,000.00	3.00%	56,550.00	1,276,550.00	1,333,100.00	
11/1/2035			38,250.00	38,250.00		
5/1/2036	1,255,000.00	3.00%	38,250.00	1,293,250.00	1,331,500.00	
11/1/2036			19,425.00	19,425.00		
5/1/2037	1,295,000.00	3.00%	19,425.00	1.314.425.00	1.333,850.00	
	1 §lQ CQC QQ		 Z!iZa Zl U	,z a§, 21 ii	,z §. Z1 11 

(1) Source: Official Statement for the 2016A Bonds, dated September 9, 2016.

Page B-2 (B)

P.V. Date:	9/14/2016			
2016A Bond Yield:	3.08222200%			
		
Muni		
	Semiannual	Days To	Present		

Date (1)	Debt Service (1)	Computation
Date	Value Factor	Present Value	
11/1/2016	$88,621.11	47	0.99601464	$88,267.92	
5/1/2017	749,400.00	227	0.98089792	735,084.90	
11/1/2017	331,200.00	407	0.96601062	319,942.72	
5/1/2018	1,001,200.00	587	0.95134927	952,490.89	
11/1/2018	317,800.00	767	0.93691044	297,750.14	
5/1/2019	1,012,800.00	947	0.92269075	934,501.20	
11/1/2019	303,900.00	1127	0.90868688	276,149.94	
5/1/2020	1,028,900.00	1307	0.89489555	920,758.03	
11/1/2020	289,400.00	1487	0.88131353	255,052.13	
5/1/2021	1,044,400.00	1667	0.86793765	906,474.08	
11/1/2021	274,300.00	1847	0.85476477	234,461.98	
5/1/2022	1,059,300.00	2027	0.84179182	891,710.08	
11/1/2022	258,600.00	2207	0.82901577	214,383.48	
5/1/2023	1,073,600.00	2387	0.81643362	876,523.14	
11/1/2023	242,300.00	2567	0.80404244	194,819.48	
5/1/2024	1,087,300.00	2747	0.79183931	860,966.89	
11/1/2024	225,400.00	2927	0.77982140	175,771.74	
5/1/2025	1,105,400.00	3107	0.76798589	848,931.60	
11/1/2025	207,800.00	3287	0.75633000	157,165.37	
5/1/2026	2,077,800.00	3467	0.74485102	1,547,651.45	
11/1/2026	170,400.00	3647	0.73354626	124,996.28	
5/1/2027	170,400.00	3827	0.72241307	123,099.19	
11/1/2027	170,400.00	4007	0.71144885	121,230.88	
5/1/2028	1,160,400.00	4187	0.70065104	813,035.47	
11/1/2028	155,550.00	4367	0.69001711	107,332.16	
5/1/2029	1,175,550.00	4547	0.67954458	798,838.63	
11/1/2029	140,250.00	4727	0.66923099	93,859.65	
5/1/2030	1,190,250.00	4907	0.65907392	784,462.74	
11/1/2030	124,500.00	5087	0.64907102	80,809.34	
5/1/2031	1,204,500.00	5267	0.63921993	769,940.41	
11/1/2031	108,300.00	5447	0.62951835	68,176.84	
5/1/2032	1,223,300.00	5627	0.61996402	758,401.99	
11/1/2032	91,575.00	5807	0.61055470	55,911.55	
5/1/2033	1,241,575.00	5987	0.60128818	746,544.37	
11/1/2033	74,325.00	6167	0.59216230	44,012.46	
5/1/2034	1,259,325.00	6347	0.58317493	734,406.76	
11/1/2034	56,550.00	6527	0.57432396	32,478.02	
5/1/2035	1,276,550.00	6707	0.56560732	722,026.02	
11/1/2035	38,250.00	6887	0.55702298	21,306.13	
5/1/2036	1,293,250.00	7067	0.54856892	709,436.76	
11/1/2036	19,425.00	7247	0.54024317	10,494.22	
5/1/2037	1.314.42S.OO	7427	0.53204379	
699.331.66	
		5ZZ Si 5 Zl l l 			  szc ica aafi (2)	

See Page B-2 (B).
$20,108,988.69 = $19,810,000.00 [Principal Amount of 2016A Bonds] + $644,804.60 [Net Original Issue Premium on 2016A Bonds) - $345,815.91 [Bond Insurance Policy].

Page B-3

$19,810,000
Myrtle Creek Improvement District (City of Orlando, Florida)
Special Assessment Revenue Refunding Bonds, Series 2016A Arbitrage Credit -Annual Computation Period

Acquisition and Construction Fund
Arbitrage Liability (1)	
$2,835.81	
Less: Prior Year Arbitrage Credit (2)	(11,540.40)	
	($8,704.60)	
Debt Service Reserve Fund
Arbitrage Liability (1)	
$4,170.55	
Less: Prior Year Arbitrage Credit (3)	(9,570.76)	
	($5,400.20)	
Total	($14,104.80)	

Note:
See Page C-2.
	Equal to future value of $11,192.76 arbitrage credit shown on Page C-1 of Annual Arbitrage Report for the period 9/14/2021 to 9/14/2022.
	Equal to future value of $9,282.45 arbitrage credit shown on Page C-1 of Annual Arbitrage Report for the period 9/14/2021 to 9/14/2022.

Page C-1

$19,810,000
Myrtle: Cre:e:k Improvement District (City of Orlando, Florida)
Special Assl!:ssment Re:venue Refunding Bonds, Series 2016A

Arbitrage: Cre:dit- 2016A Bonds• Annual Computation Pe:riod

Annual Computation
Oate:	9/14/2023
2016A Bond
Yield (1):	3.08222200%	Investment Yield:	4,12999300°/4

Munl
Days To	@ lnvutment
&9ulstio!] & Construction Fund	Debt Service Reserve Fund	Compu-	2Q!68 Bond Yield
		
Transaction 	lnve<ted (·I/ 	Future:	Invested(·)/	Future	tation	Future	Future
Dpte(2)	Description (2)	Disbursed (+) (2)	lnterest(2)	Balancef2)		Disbursed(+) (2)	lnterest(2)	Balance(2)		Total	Date	llill!	Value		
9/14/2022	Balance	($403,216.63)	$0.00	$403,216.63	($415,740.43)	($334,270.21)	$0.00	$334,270.21	($344,652.55)	($737,486.84)	3W	1.03105972	($760,392.98)	($768,259.47)	
10/3/2022	Int. Earn. (+I/ Relnvst. (-)	(657.77)	657.77	403,874.40	0,00	(545.30)	545.30	334,815.51	0.00	0.00	341	1.02939660	0.00	0.00	
11/1/2022	Trf Out • OSR Excess	(877.45)	877.45	404,751.85	0.00	(727.42)	727.42	335,542.93	0.00	0.00	313	1.0269S058	0.00	o.oo	
12/1/2022	Int. Earn.(+)/ Reinvst. H	(1,082.88)	1,082.88	405,834.73	0.00	(897,72)	897.72	336,440.65	0.00	0.00	283	1.02433629	0.00	0.00	
12/21/2022	ST Cap Gain	(0.07)	0.07	405,834.80	0.00	(0.06)	0.06	336,440,71	0.00	0.00	263	1.02259713	0.00	0.00	
12/21/2022	LT Cap Gain	(0.43)	0.43	405,835.23	0.00	(0.35)	0.35	336,441.06	0.00	0.00	263	1.02259713	o.oo	0.00	
1/3/2023	Int. Earn. (+) / Reinvst. H	(1,236.21)	1,236.21	407,07U4	0.00	(1,024.83)	1,024.83	337,465.89	0.00	0.00	251	1.02155505	0.00	0,00	
2/1/2023	Int. Earn, (+) / Relnvst. H	(1,315.94)	1,315.94	408,387.38	0.00	(1,090.93)	1,090.93	338,556,82	0.00	0.00	223	1.01912766	o.oo	0,00	
3/1/2023	Int. Earn, (+) / Reinvst. H	(1,263.58)	1,263.58	409,650.96	0.00	(1,047.52)	1,047.52	339,604.34	0.00	0.00	193	1.01653329	0.00	o.oo	
4/3/2023	Int. Earn.(+)/ Reinvst, (·)	(1,444.43)	1,444,43	411,095.39	0.00	(1,197.45)	1,197.45	340,801.79	0.00	o.oo	161	1.01377323	0.00	0.00	
5/1/2023	Int Earn.(+)/ Reinvst. (·)	(1,481.02)	1,481.02	412,576.41	0.00	(1,227.78)	1,227.78	342,029.57	0.00	0.00	133	1.01136433	0.00	0.00	
6/1/1023	Int, Earn.{+)/ Relnvst, (-)	(1,617.23)	1,617,23	414,193.64	0.00	(1,340.70)	1,340.70	343,370.27	0.00	0.00	103	1.00878972	0.00	0.00	
6/30/2023	Requl$1tion	380,220.75	0.00	33,972.89	382,618.86	0.00	0.00	343,370.27	0.00	380,220.75	74	1.<Xl630716	382,618.86	383,429.19	
7/3/2023	Int. Earn.(+)/ Relnvst, 1-)	(1,543.81)	1,543.81	35,516.70	0.00	(1,320.34)	1,320.34	344,690.61	0.00	0.00	71	1,00605069	0.00	0.00	
7/5/2023	Trf Out· OSR Excess	0.00	0.00	35,516.70	0.00	25,078.11	0.00	319,612.50	25,225.56	25,078.11	69	1.00587975	25,225.56	25,275.37	
8/1/2023	Int. Earn.(+)/ Reinvst. (-)	(142.25)	142.2S	35,GSe.g5	0.00	(1,299.48)	1,299.48	320,911.98	0.00	0.00	43	1.CX)366014	0.00	0.00	
9/l/1023	Int. Earn.(+)/ Relnvst. (-)	(149.21)	1A9.2l	35,808.16	0,00	(1,342.78)	1,342.78	322,254.76	0.00	0.00	l3	1.00110515	0.00	0.00	
9/14/2023	Balance	35 808.16	ill.il	0.00	35,957.37	322 254.76	1,342.78	0.00	323,597.54	359 554.91		l.00000000	359,554.91	359 554.91	

Total

Arbitrage Uabfity	auw	wzw	Arbitrage Uablltty

See Page B-3.
{2) Source: Trust Fund statements of US Bank, Orlando, Florida.

Pa1eC-Z

MYRTLE CREEK IMPROVEMENT DISTRICT

Resolution 2024-04,
Approving a Preliminary Budget for Fiscal Year 2025 and Setting a Public Hearing Date [suggested date of August 20, 2024]

RESOLUTION 2024-04

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE MYRTLE CREEK IMPROVEMENT DISTRICT APPROVING PROPOSED BUDGET(S) FOR FISCAL YEAR 2024/2025 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW; ADDRESSING TRANSMITTAL, POSTING AND PUBLICATION REQUIREMENTS; ADDRESSING SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the District Manager has heretofore prepared and submitted to the Board of Supervisors (“Board”) of the Myrtle Creek Improvement District (“District”) prior to June 15, 2024, proposed budget(s) (“Proposed Budget”) for the fiscal year beginning October 1, 2024, and ending September 30, 2025 (“Fiscal Year 2024/2025”); and
WHEREAS, the Board has considered the Proposed Budget and desires to set the required public hearing thereon.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE MYRTLE CREEK IMPROVEMENT DISTRICT:

PROPOSED BUDGET APPROVED. The Proposed Budget prepared by the District Manager for Fiscal Year 2024/2025 attached hereto as Exhibit A is hereby approved as the basis for conducting a public hearing to adopt said Proposed Budget.
SETTING A PUBLIC HEARING. A public hearing on said approved Proposed Budget is hereby declared and set for the following date, hour and location:

DATE:		, 2024

HOUR:		 p.m.

LOCATION:	6900 Tavistock Lakes Blvd.
Suite 200
Orlando, Florida 32827
TRANSMITTAL OF PROPOSED BUDGET TO LOCAL GENERAL PURPOSE GOVERNMENT(S).
The District Manager is hereby directed to submit a copy of the Proposed Budget to the local general- purpose governments at least 60 days prior to the hearing set above.

POSTING OF PROPOSED BUDGET. In accordance with Section 189.016, Florida Statutes, the District’s Secretary is further directed to post the approved Proposed Budget on the District’s website at least two days before the budget hearing date as set forth in Section 2 and shall remain on the website for at least 45 days.
PUBLICATION OF NOTICE. Notice of this public hearing shall be published in the manner prescribed in Florida law.

SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this

Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof.

EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED THIS 21st DAY OF MAY 2024.

ATTEST:	MYRTLE CREEK IMPROVEMENT DISTRICT

Secretary / Assistant Secretary	Chair/Vice Chair, Board of Supervisors

Exhibit A:	Proposed Budget

Exhibit A
Myrtle Creek Improvement District
FY 2025 Proposed O&M Budget

	Actual Through 04/30/2024	Anticipated 05/2024 -
09/2024	Anticipated Total FY 2024	FY 2024 Adopted Budget	FY 2025
Proposed Budget	

Revenues						
On-Roll Assessments	$	753,897.44	$	173,654.36	$	927,551.80	$	858,801.80	$	858,801.80	
Wellspring Assessments	-	-	-	68,750.00	68,750.00	
Other Income & Other Financing Sources	12.00	-	12.00	-	-	
Carryforward Revenue	49,304.94	35,217.81	84,522.75	84,522.75	93,549.98	
Net Revenues	$	803,214.38	$  208,872.18	$ 1,012,086.56	$  1,012,074.56	$  1,021,101.78	
General & Administrative Expenses						
Legislative						
Supervisor Fees	$	2,400.00	$	5,000.00	$	7,400.00	$	12,000.00	$	12,000.00	
Financial & Administrative						
Public Officials' Liability Insurance	4,048.00	-	4,048.00	4,665.00	4,655.20	
Trustee Services	6,176.23	-	6,176.23	7,000.00	7,000.00	
Management	27,270.81	19,479.19	46,750.00	46,750.00	46,750.00	
Engineering	1,520.01	8,479.99	10,000.00	10,000.00	19,500.00	
Disclosure	-	1,750.00	1,750.00	1,800.00	1,800.00	
Property Appraiser	2,986.11	-	2,986.11	2,500.00	2,500.00	
District Counsel	5,111.54	19,888.46	25,000.00	25,000.00	25,000.00	
Assessment Administration	7,500.00	-	7,500.00	7,500.00	7,500.00	
Reamortization Schedules	-	250.00	250.00	250.00	250.00	
Audit	3,765.00	-	3,765.00	4,000.00	3,765.00	
Arbitrage Calculation	-	900.00	900.00	900.00	900.00	
Travel and Per Diem	25.67	274.33	300.00	300.00	300.00	
Telephone	-	50.00	50.00	50.00	25.00	
Postage & Shipping	28.69	971.31	1,000.00	1,000.00	1,000.00	
Copies	-	2,000.00	2,000.00	2,000.00	2,000.00	
Legal Advertising	1,123.68	5,376.32	6,500.00	6,500.00	6,500.00	
Bank Fees	12.00	348.00	360.00	360.00	360.00	
Miscellaneous	6.93	9,493.07	9,500.00	9,500.00	9,380.00	
Meeting Room	-	800.00	800.00	800.00	250.00	
Office Supplies	-	270.00	270.00	270.00	100.00	
Web Site Maintenance	1,545.00	1,275.00	2,820.00	2,700.00	3,000.00	
Holiday Decorations	1,000.00	-	1,000.00	1,000.00	1,250.00	
Dues, Licenses, and Fees	175.00	-	175.00	175.00	175.00	
Total General & Administrative Expenses	$	64,694.67	$	76,605.67	$	141,300.34	$	147,020.00	$	155,960.20	

Page 1 of 2

FY 2025 Proposed O&M Budget

Actual Through 04/30/2024		Anticipated 05/2024 -
09/2024		Anticipated Total FY 2024	FY 2024 Adopted Budget	FY 2025
Proposed Budget	
Field Operations												
Electric Utility Services												
Electric	$	732.56		$	767.44		$	1,500.00	$	1,500.00	$	1,500.00	
Entry Lighting		167.77		332.23		500.00		500.00			500.00	
Water-Sewer Combination Services												
Water Reclaimed		17,846.54		12,747.53		30,594.07		25,000.00			32,500.00	
Stormwater Control												
Aquatic Contract		2,275.00		1,625.00		3,900.00		3,900.00			3,900.00	
Lake/Pond Repair Reserve		-		5,000.00		5,000.00		5,000.00			5,000.00	
Other Physical Environment												
General Liability Insurance		4,636.00		-		4,636.00		5,000.00			5,331.40	
Property & Casualty Insurance		-		-		-		1,700.00			1,700.00	
Auto Insurance		-		-		-		100.00			100.00	
Irrigation Repairs		3,096.35		30,000.00		33,096.35		45,000.00			45,000.00	
Landscaping Maintenance & Material												
District Landscaping		89,152.35		63,680.25		152,832.60		263,577.12			263,577.12	
Gateway Road Landscaping		276.43		197.45		473.88		473.88			473.88	
Tree Trimming		9,100.00		30,900.00		40,000.00		40,000.00			40,000.00	
Flower & Plant Replacement		6,409.39		43,590.61		50,000.00		50,000.00			50,000.00	
Contingency		300.00		20,000.00		20,300.00		85,415.18			75,915.18	
Pest Control		1,255.00		1,555.00		2,810.00		2,810.00			2,810.00	
Hurricane Cleanup		-		50,000.00		50,000.00		50,000.00			50,000.00	
Interchange Maintenance Expenses												
IME - Aquatics Maintenance		1,841.21		1,497.79		3,339.00		3,339.00			3,339.00	
IME - Irrigation Repairs		1,957.66		1,192.34		3,150.00		3,150.00			3,150.00	
IME - Landscaping		52,759.21		37,685.17		90,444.38		90,444.38			94,500.00	
IME - Lighting		263.58		996.42		1,260.00		1,260.00			1,260.00	
IME - Miscellaneous		96.08		6,203.92		6,300.00		6,300.00			6,300.00	
IME - Water Reclaimed		279.98		1,295.02		1,575.00		1,575.00			1,575.00	
IME - Landscape Improvements		5,156.55		7,443.45		12,600.00		12,600.00			12,600.00	
New Operational Field Expenses												
Trail Repair		-		15,000.00		15,000.00		15,000.00			15,000.00	
Road & Street Facilities												
Entry and Wall Maintenance		550.00		9,450.00		10,000.00		10,000.00			10,000.00	
Streetlights		6,506.12		8,493.88		15,000.00		15,000.00			15,000.00	
Parks & Recreation												
Personnel Leasing Agreement		21,000.07		14,999.93		36,000.00		36,000.00			36,000.00	
Reserves												
Infrastructure Capital Reserve		-		20,000.00		20,000.00		20,000.00			20,000.00	
Interchange Maintenance Reserve		-		2,360.00		2,360.00		2,360.00			2,360.00	
Total Field Operations Expenses	$	225,657.85		$  387,013.43		$	612,671.28	$	797,004.56	$	799,391.58	

Wellspring Blvd./Performance Drive Expenses												
Irrigation Repairs	$	-		$	5,230.50		$	5,230.50	$	5,230.50	$	5,230.50	
Landscaping		21,034.65		15,024.80		36,059.45		36,036.00			37,000.00	
Flower & Plant Replacement		-		9,000.00		9,000.00		10,000.00			10,000.00	
Lighting		269.76		10,213.74		10,483.50		10,483.50			9,519.50	
Miscellaneous		-		3,500.00		3,500.00		3,500.00			3,500.00	
Water Reclaimed		1,780.80		1,719.20		3,500.00		3,500.00			3,500.00	
Total Wellspring Blvd./Performance Drive Expenses	$	23,085.21		$	44,688.24		$	67,773.45	$	68,750.00	$	68,750.00	

Total Expenses	
$	313,437.73		
$  508,307.34		
$	821,745.07	
$  1,012,774.56	
$  1,024,101.78	
Income (Loss) from Operations	$	489,776.65		$  (299,435.16)		$	190,341.49	$	(700.00)		$	(3,000.00)	

Other Income (Expense)												
Interest Income	$	20,748.80		$	1,177.53		$	21,926.33	$	700.00	$	3,000.00	
Total Other Income (Expense)	$	20,748.80	$	1,177.53		$	21,926.33	$	700.00	$	3,000.00	
Net Income (Loss)	$	510,525.45		$  (298,257.63)		
$	212,267.82	$	-		$	-	
		
Page 2 of 2								

FY 2025 Proposed Debt Service Budget Series 2016A Special Assessment Bonds

		FY 2025	
		Proposed	
		Budget	
REVENUES:			
Special Assessments Series 2016A	$	1,476,100.00	
TOTAL REVENUES	$	1,476,100.00	

EXPENDITURES:			
Series 2016A - Interest 11/01/2024	$	216,000.00	
Series 2016A - Principal 05/01/2025		845,000.00	
Series 2016A - Interest 05/01/2025		216,000.00	
TOTAL EXPENDITURES	$	1,277,000.00	

EXCESS REVENUES	

$	

199,100.00	

Series 2016A - Interest 11/01/2025	

$	

199,100.00	

Page 1 of 1

Revenues

On-Roll Assessments

The District can levy a Non-Ad Valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the Fiscal Year. Assessments collected via the tax collector are referred to as “On-Roll Assessments.”
Wellspring Assessments

On-Roll Assessments collected from properties listed in the Wellspring portion of the District.

Carryforward Revenue
Unused income from a prior year which is available as cash for the current year.

General & Administrative Expenses

Supervisor Fees

Chapter 190 of the Florida Statutes allows for a member of the Board of Supervisors to be compensated for meeting attendance and to receive up to $200.00 per meeting plus payroll taxes. The amount for the Fiscal Year is based upon all supervisors attending the meetings.

Public Officials’ Liability Insurance

Supervisors’ and Officers’ liability insurance.

Trustee Services

The Trustee submits invoices annually for services rendered on bond series. These fees are for maintaining the district trust accounts.

Management

The District receives Management and Administrative services as part of a Management Agreement with PFM Group Consulting, LLC. These services are further outlined in Exhibit “A” of the Management Agreement.

Engineering

The District’s engineer provides general engineering services to the District. Among these services are attendance at and preparation for monthly board meetings, review of invoices, and all other engineering services as requested by the district throughout the year.

Disclosure

When bonds are issued for the District, the Bond Indenture requires continuing disclosure, which the District Manager provides to the trustee and bond holders.

Property Appraiser

Cost incurred for a copy of the annual parcel listing for parcels within the District from the county.

District Counsel

The District’s legal counsel provides general legal services to the District. Among these services are attendance at and preparation for monthly board meetings, review of operating and maintenance contracts, and all other legal services as requested by the District throughout the year.

Assessment Administration

The District can levy a Non-Ad Valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the Fiscal Year. It is typically collected via the Tax Collector. The District Manager submits an Assessment Roll to the Tax Collector annually by the deadline set by the Tax Collector or Property Appraiser.

Reamortization Schedules

When debt is paid on a bond series, a new amortization schedule must be recalculated. This can occur up to four times per year per bond issue.

Audit

Chapter 218 of the Florida Statutes requires a District to conduct an annual financial audit by an Independent Certified Public Accounting firm. Some exceptions apply.

Arbitrage Calculation
Annual computations are necessary to calculate arbitrage rebate liability to ensure the District's compliance with all tax regulations.

Travel and Per Diem

Travel to and from meetings as related to the District.

Telephone

Telephone and fax machine services as related to the District.

Postage & Shipping

Mail, overnight deliveries, correspondence, etc.

Copies

Printing and binding Board agenda packages, letterhead, envelopes, and copies.

Legal Advertising

The District will incur expenditures related to legal advertising. The items for which the District will advertise include, but are not limited to, monthly meetings, special meetings, and public hearings for the District.

Bank Fees
Bank fees associated with the services the District uses with the bank (e.g. remote deposit capture, positive pay, wire transfers, ACH payments, monthly maintenance, etc.).

Miscellaneous

Other general & administrative expenses incurred throughout the year.

Meeting Room
Fee associated with renting a meeting room for monthly Board meetings.

Office Supplies

General office supplies associated with the District.

Web Site Maintenance

Website maintenance fee.

Holiday Decorations

District decorations for the holidays.

Dues, Licenses & Fees

The District is required to pay an annual fee to the Department of Economic Opportunity.

Field Operations Expenses

Electric Utility Services

Electric
The District pays for electric meters used on District-owned roads.

Entry Lighting

Lighting charges for District entryways.
Water-Sewer Combination Services

Water Reclaimed Water used for irrigation Stormwater Control
Aquatic Contract

Contracted services for maintenance of aquatic areas within the District.

Lake/Pond Repair Reserve Funds reserved for lake and pond repairs. Other Physical Environment
General Liability Insurance

General liability insurance.
Property & Casualty Insurance

Insurance to protect property and cover casualty.
Auto Insurance

Insurance to protect the automobiles owned by the District.

Irrigation Repairs

Inspection and repair of irrigation systems.

District Landscaping Maintenance & Material

Contracted landscaping within the boundaries of the District.
Gateway Road Landscaping Maintenance & Material

Contracted landscaping on Gateway Road.

Tree Trimming

Trimming of trees on District property.

Flower & Plant Replacement

Purchase of materials and labor to replace flowers and plants within the District.

Contingency
Other Field Operations expenses incurred throughout the year.

Pest Control

Pest control services.

Hurricane Cleanup

Funds set aside to assist with any cleanup needed from a hurricane or funds needed to pay a hurricane-related insurance deductible.

Interchange Maintenance Expenses
IME – Aquatics Maintenance

Pond maintenance as it relates to the Interchange. The District is responsible for only a portion of the cost. Boggy Creek Improvement District, Greeneway Improvement District, and Midtown Improvement District each chip in for the remainder.
IME – Irrigation Repairs

Irrigation repairs as they relate to the Interchange. The District is responsible for only a portion of the cost. Boggy Creek Improvement District, Greeneway Improvement District, and Midtown Improvement District each chip in for the remainder.
IME – Landscaping

Landscaping services as they relate to the Interchange. The District is responsible for only a portion of the cost. Boggy Creek Improvement District, Greeneway Improvement District, and Midtown Improvement District each chip in for the remainder.

IME – Landscape Improvements

Landscape improvement services as they relate to the Interchange. The District is responsible for only a portion of the cost. Boggy Creek Improvement District, Greeneway Improvement District, and Midtown Improvement District each chip in for the remainder.

IME – Lighting

Lighting services as they relate to the Interchange. The District is responsible for only a portion of the cost. Boggy Creek Improvement District, Greeneway Improvement District, and Midtown Improvement District each chip in for the remainder.
IME – Miscellaneous

Other interchange expenses as they relate to the Interchange. The District is responsible for only a portion of the cost. Boggy Creek Improvement District, Greeneway Improvement District, and Midtown Improvement District each chip in for the remainder.
IME – Water Reclaimed

Water reclaimed services as they relate to the Interchange. The District is responsible for only a portion of the cost. Boggy Creek Improvement District, Greeneway Improvement District, and Midtown Improvement District each chip in for the remainder.
New Operational Field Expenses

Trail Repair
Expenses related to repairing the trail within the District.

Road & Street Facilities

Entry and Wall Maintenance
Maintenance of entrance(s) and walls within the District.

Streetlights

Streetlighting expenses within the District.
Parks & Recreation

Personnel Leasing Agreement

The lease of outside personnel per signed agreement.

Reserves
Infrastructure Capital Reserve

Funds reserved for infrastructure capital repairs/maintenance/replacement. These funds are kept in a separate bank account.

Interchange Maintenance Reserve

Funds reserved for interchange maintenance/repairs. These funds are kept in a separate bank account.

Wellspring Blvd./Performance Drive Expenses

Irrigation Repairs
Inspection and repair of irrigation systems within Wellspring Boulevard or Performance Drive.

Landscaping

Landscaping services within Wellspring Boulevard or Performance Drive.
Flower & Plant Replacement

Flower or plant replacement expenses within Wellspring Boulevard or Performance Drive.

Lighting

Lighting expenses within Wellspring Boulevard or Performance Drive.

Miscellaneous

Miscellaneous expenses within Wellspring Boulevard or Performance Drive.
Water Reclaimed

Reclaimed water expenses within Wellspring Boulevard or Performance Drive.

Other Income (Expense)

Interest Income

Income from interest earnings.

MYRTLE CREEK IMPROVEMENT DISTRICT

Fiscal Year 2023 Audit

Myrtle Creek Improvement District ANNUAL FINANCIAL REPORT
September 30, 2023

Myrtle Creek Improvement District ANNUAL FINANCIAL REPORT
September 30, 2023 TABLE OF CONTENTS

FINANCIAL SECTION

Page Number

REPORT OF INDEPENDENT AUDITORS	1-3	
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-9	
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements: Statement of Net Position Statement of Activities
Fund Financial Statements:
Balance Sheet – Governmental Funds Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund	

10
11

12

13

14

15

16	
Notes to Financial Statements	17-30	

INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS	31-32
MANAGEMENT LETTER	33-35
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION
218.415, FLORIDA STATUTES	36

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors Myrtle Creek Improvement District Orlando, Florida

Report on Audit of the Financial Statements
Opinion

We have audited the financial statements of the governmental activities and each major fund of Myrtle Creek Improvement District (the “District”), as of and for the year ended September 30, 2023, and the related notes to financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of Myrtle Creek Improvement District as of September 30, 2023, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.

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

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

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To the Board of Supervisors Myrtle Creek Improvement District

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

Auditor’s Responsibility for the Audit of the Financial Statements

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

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

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

- 2 -

To the Board of Supervisors Myrtle Creek Improvement District

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that Management’s Discussion and Analysis be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated April 9, 2024 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts.

The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the 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 Myrtle Creek Improvement District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida April 9, 2024

- 3 -

Management’s discussion and analysis of Myrtle Creek Improvement District's (the “District”) financial performance provides an objective and easily readable analysis of the District’s financial activities. The analysis provides summary financial information for the District and should be read in conjunction with the District’s financial statements.
OVERVIEW OF THE FINANCIAL STATEMENTS

The District’s basic financial statements comprise three components; 1) Government-wide financial statements, 2) Fund financial statements, and 3) Notes to financial statements. The Government-wide financial statements present an overall picture of the District’s financial position and results of operations. The Fund financial statements present financial information for the District’s major funds. The Notes to financial statements provide additional information concerning the District’s finances.
The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities and the change in net position. Governmental activities are primarily supported by special assessments.
The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Net position is reported in three categories; 1) net investment in capital assets 2) restricted and 3) unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.

The statement of activities presents information on all revenues and expenses of the District and the change in net position. Expenses are reported by major function and program revenues relating to those functions are reported, providing the net cost of all functions provided by the District. To assist in understanding the District’s operations, expenses have been reported as governmental activities. Governmental activities financed by the District include general government, physical environment, culture/recreation and debt service.

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

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

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

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

Financial Highlights:

The following are the highlights of the financial activity for the year ended September 30, 2023.

The District’s total liabilities exceeded total assets and deferred outflows of resources by
$(10,999,216) (net position). Unrestricted net position for Governmental Activities was
$(9,800,434). Restricted net position was $121,980 and net investment in capital assets was $(1,320,762).

Governmental activities revenues totaled $2,268,244 while governmental activities expenses totaled $1,705,983.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District

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

Net Position

Governmental Activities
		2023			2022	

Current assets	
$	
1,286,078		
$	
938,903	
Restricted assets		661,216			1,654,525	
Capital assets, net		1,603,849			1,828,189	
Total Assets		3,551,143			4,421,617	

Deferred outflows of resources		
440,485			
472,914	

Current liabilities		
1,046,183			
1,090,084	
Non-current liabilities		13,944,661			15,365,924	
Total Liabilities		14,990,844			16,456,008	

Net investment in capital assets		
(1,320,762)			
(662,090)	
Restricted		121,980			712,355	
Unrestricted		(9,800,434)			(11,611,742)	
Total Net Position	$	(10,999,216)		$	(11,561,477)	

The increase in current assets is the result of revenues exceeding expenditures in the General Fund in the current year.
The increase in capital assets is primarily the result of capital additions exceeding depreciation in the current year.
The decrease in non-current liabilities is related to the principal payments made on long-term debt in the current year.
The change in net position is related to revenues exceeding expenses in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District (Continued)

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

	Governmental Activities	
		2023			2022		
Program Revenues Charges for services Grants and contributions
General Revenues Miscellaneous revenues Investments earnings
Total Revenues	
$	
2,204,920	
$	
2,638,055	
		2,065		53,845	
		631		114	
		      60,628 		       9,066 	
		    2,268,244 		    2,701,080 	
Expenses
General government Physical environment Culture/recreation
Interest and other charges Total Expenses	
107,314	
126,667	
	1,077,236	800,160	
	36,000	36,000	
		485,433 		534,982 	
		1,705,983 		1,497,809 	
Change in Net Position		562,261		1,203,271	
Net Position - Beginning of Year		(11,561,477)		(12,764,748)	
Net Position - End of year	 $ 	(10,999,216)	 $ 	(11,561,477)	

The decrease in general government is related to the decrease in legal advertising and engineering expenses in the current year.
The increase in physical environment is related to the interlocal interchange pond contingency expenses in the current year.

The reduction in interest and other charges is the result of the reduction in outstanding long- term debt in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of September 30, 2023 and 2022.

Governmental Activities
Description		2023		2022	
Construction in progress		$	-		$	450,590	
Infrastructure		3,365,096		2,914,506	
Accumulated depreciation			(1,761,247)			(1,536,907)	
Total Capital Assets (Net)		 $  1,603,849 		 $	1,828,189 	
The activity for the year consisted of the transfer of construction in progress, $450,590, to infrastructure and depreciation of $224,340.

General Fund Budgetary Highlights

Budgeted	expenditures	exceeded	actual	expenditures	primarily	because	landscape maintenance and contingency expenditures were less than anticipated.
The September 30, 2023 budget was not amended.

Debt Management

Governmental Activities debt includes the following:
In September 2016, the District issued $19,810,000 Series 2016A Special Assessment Revenue Refunding Bonds. These bonds were issued to refund and redeem the outstanding Series 2006A Special Assessment Revenue Bonds. Bonds payable at September 30, 2023 relating to the Series 2016A Bonds totaled $14,330,000.
Economic Factors and Next Year’s Budget

Myrtle Creek Improvement District does not anticipate any economic factors to have a significant effect on operations for the year ended September 30, 2024.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Request for Information

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

Myrtle Creek Improvement District	
STATEMENT OF NET POSITION	
September 30, 2023		
	Governmental	
	Activities	
ASSETS		
Current Assets		
Cash	$	1,260,708	
Investments	4,232	
Accounts receivable	7,530	
Due from developer	624	
Deposits	4,300	
Prepaid expenses		8,684 	
Total Current Assets		1,286,078 	
Non-current Assets		
Restricted assets		
Cash and investments	661,216	
Capital assets, being depreciated		
Infrastructure	3,365,096	
Less: accumulated depreciation		(1,761,247)	
Total Non-current Assets		2,265,065 	
Total Assets		3,551,143 	
DEFERRED OUTFLOWS OF RESOURCES		
Deferred amount on refunding, net		440,485 	
LIABILITIES		
Current Liabilities		
Accounts payable and accrued expenses	21,190	
Due to other governmental units	21,493	
Bonds payable	810,000	
Accrued interest payable		193,500 	
Total Current Liabilities		1,046,183 	
Non-current liabilities		
Bonds payable, net		13,944,661 	
Total Non-current Liabilities		13,944,661 	
Total Liabilities		14,990,844 	
NET POSITION		
Net investment in capital assets	(1,320,762)	
Restricted debt service	121,835	
Restricted capital projects	145	
Unrestricted		(9,800,434)	
Total Net Position	 $ (10,999,216)	

See accompanying notes to financial statements.

- 10 -

Fo	Myrtle Creek Improvement District STATEMENT OF ACTIVITIES
r the Year Ended September 30, 2023			

Functions/Programs

Governmental Activities General government Physical environment Culture/recreation
Interest and other charges
Total Governmental Activities	

Program Revenues Charges for	Capital
Expenses	Services	Contributions

$	(107,314)	$	274,261	$	-
(1,077,236)	573,344	2,065
(36,000)	92,004	-
	(485,433)		1,265,311 		- 
 $ (1,705,983)	 $	2,204,920 	 $	2,065 		
Net (Expense) Revenues and Changes in
Net Position Governmental Activities

$	166,947
(501,827)
56,004
	779,878 
501,002	

General Revenues Miscellaneous revenues Investment earnings
Total General Revenues		

631
	60,628 
	61,259 	
	Change in Net Position		562,261	
Net Position - October 1, 2022
Net Position - September 30, 2023			(11,561,477)
 $ (10,999,216)	

See accompanying notes to financial statements.

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BALANCE SHEET - GOVERNMENTAL FUNDS
September 30, 2023

ASSETS	

	General		

  Debt Service 	
Capital
	Projects		Total Governmental
	Funds		
Cash	$ 1,260,708	$	-	$	-	$ 1,260,708	
Investments	4,232	-	-	4,232	
Accounts receivable	2,070	5,315	145	7,530	
Due from developer	-	-	624	624	
Prepaid expenses	8,684	-	-	8,684	
Deposits	4,300	-	-	4,300	
Restricted assets					
Cash and investments, at fair value		- 		625,408 		35,808 		661,216 	

Total Assets	
$ 1,279,994	
$	
630,723	
$	
36,577	
$ 1,947,294	

LIABILITIES AND FUND BALANCES

Liabilities
Accounts payable and accrued liabilities	$	20,566	$	-	$	624	$	21,190	
Due to other governments		21,493 		- 		- 		21,493 	
Total Liabilities		42,059 		- 		624 		42,683 	

Fund Balances
Nonspendable - deposits/prepaids	12,984	-	-	12,984	
Restricted for debt service	-	630,723	-	630,723	
Restricted for capital projects	-	-	35,953	35,953	
Assigned operating reserves	261,111	-	-	261,111	
Unassigned		963,840 		- 		- 		963,840 	
Total Fund Balances		1,237,935 		630,723 		35,953 		1,904,611 	

Total Liabilities and Fund Balances	$ 1,279,994	$	630,723	$	36,577	$ 1,947,294

RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2023

Total Governmental Fund Balances	$	1,904,611	
Amounts reported for governmental activities in the Statement of Net Position are different because:			
Capital assets, infrastructure, $3,365,096, net of accumulated depreciation,
$(1,761,247), used in governmental activities are not current financial resources and therefore, are not reported at the fund level.		

1,603,849	
Long-term liabilities including, bonds payable, $(14,330,000), and bond premium, net, $(424,661), are not due and payable
in the current period and therefore, are not reported at the fund level.	

(14,754,661)	
Deferred outflows of resources are not current financial resources and therefore, are not reported at the fund level.		
440,485	
Accrued interest expense for long-term debt is not a current financial use and; therefore, is not reported at the fund level.		
    (193,500)	

Net Position of Governmental Activities	 $(10,999,216)

Myrtle Creek Improvement District	
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES	
IN FUND BALANCES - GOVERNMENTAL FUNDS	
For the Year Ended September 30, 2023	
				
Total	
			Capital	Governmental	
		General		  Debt Service 	  Projects			Funds		
REVENUES					
Special assessments	$	939,609	$	1,265,311	$	-	$	2,204,920	
Interest income	15,586	32,743	12,299	60,628	
Miscellaneous revenues	631	-	-	631	
Developer contributions		- 		- 		2,065 		2,065 	
Total Revenues		955,826 		1,298,054 		14,364 		2,268,244 	
EXPENDITURES					
Current					
General government	106,723	-	591	107,314	
Physical environment	471,201	-	381,695	852,896	
Culture/recreation	36,000	-	-	36,000	
Debt service					
Principal	-	1,390,000	-	1,390,000	
Interest		- 		505,600 		- 		505,600 	
Total Expenditures		613,924 		1,895,600 		382,286 		2,891,810 	
Excess of revenues over/(under)					
expenditures	341,902	(597,546)	(367,922)	(623,566)	
Other Financing Sources/(Uses)					
Transfers in	25,078	-	-	25,078	
Transfers out		- 		(25,078)		- 		(25,078)	
Total Other Financing Sources/(Uses)		25,078 		(25,078)		- 		- 	
Net Change in Fund Balances	366,980	(622,624)	(367,922)	(623,566)	
Fund Balances - October 1, 2022		870,955 		1,253,347 		403,875 		2,528,177 	
Fund Balances - September 30, 2023	 $	1,237,935   $	630,723   $	35,953 	 $	1,904,611 	

See accompanying notes to financial statements.	- 14 -

Myrtle Creek Improvement District
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2023	
Net Change in Fund Balances - Total Governmental Funds	$	(623,566)	
Amounts reported for governmental activities in the Statement of Activities are different because:			
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets are allocated over their estimated useful lives as depreciation. This is the amount that depreciation in the current period.		

(224,340)	
Repayments of bond principal are expenditures in the governmental funds, but the repayments reduce long-term liabilities in the Statement of Net Position.		
1,390,000	
Deferred outflows of resources for refunding debt is recognized as a component of interest on long term debt in the Statement of Activities, but not at the
fund level. This is the amount of interest in the current period.		

(32,429)	
Amortization of bond premium does not require the use of current resources and therefore, is not reported at the fund level. This is the amount of interest in the current period.		

31,263	
At the government-wide level interest is accrued on outstanding bonds, whereas at the fund level interest is reported when due. This is the change in accrued interest in the current year.		

      21,333 	
Change in Net Position of Governmental Activities	 $		562,261 	

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended September 30, 2023

							Variance with	
							Final Budget	
	Original		Final				Positive	
	Budget		Budget		Actual		(Negative)	
Revenues								
Special assessments	$ 938,321		$ 938,321		$	939,609		$	1,288	
Miscellaneous revenues	-		-		631		631	
Interest income		700 			700 			15,586 			14,886 	
Total Revenues		939,021 			939,021 			955,826 			16,805 	
Expenditures								
Current								
General government	152,800		152,800		106,723		46,077	
Physical environment	832,083		832,083		471,201		360,882	
Culture/recreation		36,000 			36,000 			36,000 			- 	
Total Expenditures	 1,020,883 		 1,020,883 			613,924 			406,959 	
Excess of revenues over/(under)								
expenditures	(81,862)		(81,862)		341,902		423,764	
Other Financing Sources/(Uses)								
Transfers In		- 			- 			25,078 			25,078 	
Net Change in Fund Balances	(81,862)		(81,862)		366,980		448,842	
Fund Balances - October 1, 2022		81,862 			81,862 			870,955 			789,093 	
Fund Balances - September 30, 2023	$	-		$	-		$1,237,935		$	1,237,935	

The financial statements of Myrtle Creek Improvement District (the District) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.
Reporting Entity
The District was established in 2001 by the City Council of Orlando, Florida, Ordinance #011126705, under the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act"), as a Community Development District. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is governed by a five-member Board of Supervisors. The District operates within the criteria established by Chapter 190, Florida Statutes. The Board has the responsibility for assessing and levying assessments, approving budgets, exercising control over facilities and properties, controlling the use of funds generated by the District, approving the hiring and firing of key personnel, and financing improvements.
The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility. Oversight responsibility includes, but is not limited to, financial interdependency, designation of management, significant ability to influence operations and accountability for fiscal matters. As required by GAAP, these financial statements present the Myrtle Creek Improvement District (the primary government) as a stand-alone government.
Based upon the application of the above-mentioned criteria as set forth by the Governmental Accounting Standards Board, the District has identified no component units.
Measurement Focus and Basis of Accounting

The basic financial statements of the District are composed of the following:
Government-wide financial statements
Fund financial statements
Notes to financial statements

Measurement Focus and Basis of Accounting (Continued)

Government-wide Financial Statements

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Government-wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.
Governmental activities are supported by special assessments and interest. Program revenues include charges for services, and payments made by parties outside of the reporting government’s citizenry if that money is restricted to a particular program. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program.

Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as an other financing source.
Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.
Fund Financial Statements

The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.
Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

2. Measurement Focus and Basis of Accounting (Continued)

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

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

Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by the state constitution, external resource providers, or through enabling legislation.
Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances can also be assigned by the District’s management company.

Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.
Fund Balance Spending Hierarchy – For all governmental funds except special revenue funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances.

Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are considered to be available when they are collected within the current period or soon thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period.

Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”. Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.
Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.
Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were expended, rather than as fund assets. The proceeds of long-term debt are recorded as an other financing source rather than as a fund liability.

Debt service expenditures are recorded only when payment is due.

Basis of Presentation

Governmental Major Funds

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

Basis of Presentation (Continued)

Governmental Major Funds (Continued)

2016A Debt Service Fund – Accounts for debt service requirements for the annual payment of principal and interest on long-term debt
2016A Capital Projects Fund – The Capital Projects Fund accounts for construction of infrastructure improvements within the boundaries of the District.

Non-current Governmental Assets/Liabilities
GASB Statement 34 requires that non-current governmental assets, such as land and buildings, and non-current governmental liabilities, such as special assessment bonds, be reported in the governmental activities column in the government-wide Statement of Net Position.
Assets, Deferred Outflows of Resources, Liabilities and Net Position or Equity

Cash and Investments

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

Assets, Deferred Outflows of Resources, Liabilities and Net Position or Equity (Continued)
Cash and Investments (Continued)
The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:
Direct obligations of the United States Treasury;
The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;
Interest-bearing time deposits or savings accounts in authorized qualified public depositories;
Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.
Cash equivalents include time deposits and certificates of deposit with original maturities of three months or less and held in a qualified public depository as defined by Section 280.02, Florida Statutes.
Restricted Assets
Certain net position of the District are classified as restricted assets on the Statement of Net Position because their use is limited either by law through constitutional provisions or enabling legislation; or by restrictions imposed externally by creditors. In a fund with both restricted and unrestricted assets, qualified expenses are considered to be paid first from restricted net position and then from unrestricted net position.
Capital Assets
Capital assets, which includes infrastructure, are reported in the applicable governmental activities column.
The District defines capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of one year. The valuation basis for all assets is historical cost.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed.
Depreciation of capital assets is computed and recorded by utilizing the straight-line method. Estimated useful lives of the various classes of depreciable capital assets are as follows:
Infrastructure	15 - 30 years

4. Assets, Deferred Outflows of Resources, Liabilities and Net Position or Equity (Continued)

Deferred Outflows of Resources
Deferred outflows of resources is the consumption of net position by the government that is applicable to a future reported period. Deferred amount on refunding is amortized and recognized as a component of interest expense over the life of the bond.

Bond Premiums
Bond premiums are amortized over the life of the bonds.

Budgets
Budgets are prepared and adopted after public hearings for the governmental funds, pursuant to Chapter 190, Florida Statutes. The District utilizes the same basis of accounting for budgets as it does for revenues and expenditures in its various funds. The legal level of budgetary control is at the fund level. All budgeted appropriations lapse at year end. Formal budgets are adopted for the general and debt service funds. As a result, deficits in the budget variance columns of the accompanying financial statements may occur.

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS
Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position
“Total fund balances” of the District’s governmental funds, $1,904,611, differs from “net position” of governmental activities, $(10,999,216), reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the Statement of Net Position versus the current financial resources focus of the governmental fund balance sheet. The effect of the differences is illustrated on the next page.
Capital related items
When capital assets (that are to be used in governmental activities) are purchased or constructed, the cost of those assets is reported as expenditures in governmental funds. However, the statement of net position included those capital assets among the assets of
the District as a whole.	
	Infrastructure Accumulated depreciation
Total				$	3,365,096
	(1,761,247)
$	1,603,849	
Deferred outflows of resources	
Deferred	outflows	of	resources	are	not	financial	resources,	and	therefore,	are not	
recognized at the fund level. Deferred inflows of resources represent unavailable revenues at the fund level.
Deferred amount on refunding, net	$	440,485

Long-term debt transactions
Long-term liabilities applicable to the District’s governmental activities are not due and payable in the current period and accordingly are not reported as fund liabilities. All liabilities (both current and long-term) are reported in the Statement of Net Position.
Balances at September 30, 2023 were:

Bonds payable		$ (14,330,000)	
Bond premium, net			(424,661)	
Total
Accrued interest
Accrued liabilities in the Statement	

of	$ (14,754,661)

Net Position differ from the amount reported in	
governmental funds due to accrued interest on bonds.
Accrued interest	$	(193,500)

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities
The “net change in fund balances” for government funds, $(623,566), differs from the “change in net position” for governmental activities, $562,261, reported in the statement of activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated below.
Capital related items
When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, the cost of those assets are capitalized at the government wide level and allocated over their estimated useful lives and reported as depreciation. As a result, fund balances decrease by the amount of financial resources expended, whereas, net position changes by the amount of capital additions net of any depreciation charged for the year.
Depreciation	$	(224,340)
Long-term debt transactions
Repayments of bond principal are reported as an expenditure in the governmental funds and, thus, have the effect of reducing fund balance because current financial resources
have been used.	
Debt principal payments	$	1,390,000	
Bond premium amortization		31,263	
Total	$	1,421,263	
Some amounts reported in the Statement of Activities do not require the use of current financial resources, and therefore, are not reported at the fund level.

Net change in accrued interest payable	$	21,333	
Decrease in deferred amount on refunding		(32,429)	
Total	$	(11,096)	

NOTE C – CASH AND INVESTMENTS

All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments.
Custodial Credit Risk – Deposits
Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk, however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2023, the District's bank balance was $1,265,886 and the carrying value was $1,260,708. Exposure to custodial credit risk was as follows. The District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.
Investments
As of September 30, 2023, the District had the following investments and maturities:

	Investment		 Maturities 		Fair Value		
Florida PRIME	24 days*	$	4,232	
First American Government Obligation Fund	35 days*		661,216 	
Total		 $	665,448 	

* Weighted Average Maturity
The District categorizes its fair value measurements within the fair value hierarchy recently established by generally accepted accounting principles. The fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The District uses a market approach in measuring fair value that uses prices and other relevant information generated by market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.

Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtaining quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant unobservable inputs that use the best information available under the circumstances, which includes the District’s own data in measuring unobservable inputs.

Based on the criteria in the preceding paragraph, the investments in First American Government Obligation Fund are Level 1 assets.

NOTE C – CASH AND INVESTMENTS (CONTINUED)
Investments (Continued)
The District’s investment policy allows management to invest in investments permitted under Section 218.415, Florida Statutes. The investment in Florida PRIME is measured at amortized cost. Florida PRIME has established policies and guidelines regarding participant transactions and the authority to limit or restrict withdrawals or impose a penalty for an early withdrawal. As of September 30, 2023, there were no redemption fees, maximum transaction amounts, or any other requirements that would limit daily access to 100 percent of the account value.

Interest Rate Risk

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

The District's investments are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. Florida PRIME is an authorized investment under Section 218.415, Florida Statues. As of September 30, 2023, all of the District’s investments were rated AAAm by Standard & Poor’s.
Concentration of Credit Risk

The District places no limit on the amount it may invest in any one fund. The investments in First American Government Obligation Fund are 99% of the District’s total investments. The investments in Florida PRIME are less than 1% of the District’s total investments.

The types of deposits and investments and their level of risk exposure as of September 30, 2023 were typical of these items during the fiscal year then ended.
The District considers any decline in fair value for certain investments to be temporary.

NOTE D – INTERFUND TRANSFERS

Interfund transfers for the year September 30, 2023, consisted of the following:

Transfer Out
Transfer In	 Debt Service Fund General Fund	 $	25,078 

Transfers between the Debt Service and General Fund were made in accordance with the Trust indenture.

NOTE E – SPECIAL ASSESSMENT REVENUES
Special assessment revenues recognized for the 2022-2023 fiscal year were levied in October 2022. All assessments are due and payable on November 1 or as soon as the assessment roll is certified and delivered to the Tax Collector. Per Section 197.162, Florida Statutes, discounts are allowed for early payment at the rate of 4% in November, 3% in December, 2% in January, and 1% in February. Assessments paid in March are without discount.
All unpaid taxes become delinquent as of April 1. Virtually all unpaid taxes are collected via the sale of tax certificates on or prior to, June 1; therefore, there were no material taxes receivable at fiscal year end.
NOTE F – CAPITAL ASSETS
Capital Asset activity for the year ended September 30, 2023 was as follows:

Beginning						Ending	
		Balance						Balance	
		10/1/2022			Additions			Deletions			9/30/2023		
Governmental Activities:						
Capital assets, not depreciated:									
Construction in progress	 $		450,590 	 $		- 	 $		(450,590)	 $		- 	
Total Capital Assets, not depreciated		450,590 		- 		(450,590)		         - 	
Capital assets, being depreciated						
Infrastructure		2,914,506		450,590		-		3,365,096	
Accumulated depreciation		(1,536,907)		(224,340)		- 		   (1,761,247)	
Total capital Assets, depreciated		1,377,599 		226,250 		- 		   1,603,849 	
Total Capital Assets, Net	 $		1,828,189 	 $		226,250 	 $		(450,590)	 $		1,603,849 	
Depreciation of $224,340 was charged to physical environment.

NOTE G – LONG-TERM DEBT
The following is a summary of activity for long-term debt of the District for the year ended September 30, 2023:

Long-term debt at October 1, 2022	$	15,720,000	
Principal payments		(1,390,000)	
Long-term debt at September 30, 2023:	14,330,000	
Plus bond premium, net		424,661	
Bonds payable, net	$	14,754,661	
$19,810,000 Special Assessment Revenue Refunding Bonds, Series 2016A, due in annual principal installments, beginning May 1, 2017. Interest is due semi-annually on May 1 and November 1,
at various rates of 3.0% and 4.0%. Current portion is $810,000.	$  14,330,000

NOTE G – LONG-TERM DEBT (CONTINUED)
The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2023 are as follows:
Year Ending

2025	845,000	432,000	1,277,000	
2026	880,000	398,200	1,278,200	
2027	915,000	363,000	1,278,000	
2028	945,000	326,400	1,271,400	
2029-2033	5,185,000	1,188,600	6,373,600	
2034-2037		4,750,000 			361,500 			5,111,500 	

 September 30,				Principal				Interest				 Total	 2024			$		810,000			$		464,400			$	1,274,400

Totals	 $	14,330,000 	 $	3,534,100 	 $	17,864,100 
Special Assessments Revenue Refunding Bonds, Series 2016A
Summary of Significant Bonds Resolution Terms and Covenants
The Series 2016A Bonds were issued to refund the Series 2006 Bonds outstanding at the time of issuance of the Series 2016A Bonds. The Bonds are subject to redemption at the option of the District prior to their maturity. The Bonds are subject to mandatory and extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture.
Depository Funds – The bond indenture establishes certain funds and determines the order in which revenues are to be deposited into these funds. A description of the significant funds, including their purposes, is as follows:
Reserve Fund – The 2016A Reserve Account is funded from the proceeds of the Series 2016A Bonds in an amount equal to twenty-five percent of the maximum annual debt service requirement for all outstanding Series 2016A Bonds. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture. In addition to the amount held in the reserve account, the District obtained Municipal Bond Insurance to guarantee scheduled principal and interest payments in the event of nonpayment by the District.

Reserve	Reserve
	Balance			Requirement	
Series 2016A Special Assessment Revenue
Refunding Bonds	 $	322,255 	 $	315,388 

NOTE H – INTERLOCAL AGREEMENTS
The District previously entered into an interlocal agreement related to cost sharing for certain infrastructure projects with Greeneway Improvement District ("Greeneway") and Boggy Creek Improvement District ("Boggy Creek"). In Fiscal Year 2022, the agreement was amended to include Midtown Improvement District (“Midtown”). These districts are related through a common developer. The agreement provides for the improvement to be constructed, acquired or otherwise provided by Boggy Creek and that Boggy Creek will be reimbursed for these costs from the District, Greeneway and Midtown. The projected costs related to the agreement total approximately $33.8 million, with costs to be split 32.5% for Boggy Creek, 24% for Greeneway, 12% for Midtown, and 31.5% for the District. The District, Greeneway and Boggy Creek also previously entered into an agreement regarding interchange maintenance costs which was amended in Fiscal Year 2022 as well to include Midtown based on the same cost allocation.
The District also previously entered into a cost sharing agreement with Boggy Creek regarding maintenance costs associated with Lake Nona Gateway Road. The District agreed to share the maintenance costs based on an allocation of 50.1% for the District and 49.9% for Boggy Creek.
NOTE I – ECONOMIC DEPENDENCY
A significant portion of the District's activity is dependent upon continued involvement of the Developer, Lake Nona Land Company, LLC, the loss which could have a material adverse effect on the District's operations. At September 30, 2023, the Developer owned a significant amount of the assessable property located within the District's boundaries.
NOTE J – RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters. The District maintains commercial insurance coverage to mitigate the risk of loss. Management believes such coverage is sufficient to preclude any significant uninsured losses to the District. The District has not filed any insurance claims in any of the previous three fiscal years.

INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors Myrtle Creek Improvement District Orlando, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements, as listed in the table of contents, of Myrtle Creek Improvement District, as of and for the year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated April 9, 2024.

Report on Internal Control Over Financial Reporting
In planning and performing our audit, we considered Myrtle Creek Improvement District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Myrtle Creek Improvement District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Myrtle Creek Improvement District's internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

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

- 31 -

To the Board of Supervisors Myrtle Creek Improvement District

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether Myrtle Creek Improvement District's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida April 9, 2024

- 32 -

MANAGEMENT LETTER
To the Board of Supervisors Myrtle Creek Improvement District Orlando, Florida
Report on the Financial Statements
We have audited the financial statements of the Myrtle Creek Improvement District as of and for the year ended September 30, 2023, and have issued our report thereon dated April 9, 2024.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated April 9, 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 financial audit report. There were no findings or recommendations in the preceding financial audit report.
Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not Myrtle Creek Improvement District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection with our audit, we determined that Myrtle Creek Improvement District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.

- 33 -

To the Board of Supervisors Myrtle Creek Improvement District
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 Myrtle Creek Improvement District. It is management’s responsibility to monitor the Myrtle Creek Improvement District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same as of September 30, 2023.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.
Specific Information
The information provided below was provided by management and has not been audited; therefore, we do not express an opinion or provide any assurance on the information.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Myrtle Creek Improvement District reported:
The total number of district employees compensated in the last pay period of the District’s fiscal year: 0
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 2
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $0
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $467,875
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, 2022, together with the total expenditures for such project: The pond acquisition, $381,695.
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the District amends a final adopted budget under Section 189.016(6), Florida Statutes: The budget was not amended.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the Myrtle Creek Improvement District reported:
The rate or rates of non-ad valorem special assessments imposed by the District:
$450.68- $129,977.46.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $2,204,920.
The total amount of outstanding bonds issued by the District and the terms of such bonds. Series 2016A Bonds, $14,330,000 maturing in November 2037.

- 34 -

To the Board of Supervisors Myrtle Creek Improvement District
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit, we 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.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida April 9, 2024

- 35 -

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

To the Board of Supervisors Myrtle Creek Improvement District Orlando, Florida

We have examined Myrtle Creek Improvement District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2023. Management is responsible for Myrtle Creek Improvement District’s compliance with those requirements. Our responsibility is to express an opinion on Myrtle Creek Improvement District’s compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Myrtle Creek Improvement District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Myrtle Creek Improvement District’s compliance with the specified requirements.

In our opinion, Myrtle Creek Improvement District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2023.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida April 9, 2024

- 36 -

MYRTLE CREEK IMPROVEMENT DISTRICT

Operation and Maintenance Expenditures Paid in April 2024 in an amount totaling $42,101.88

MYRTLE CREEK IMPROVEMENT DISTRICT
DISTRICT OFFICE ● 3501 QUADRANGLE BLVD STE 270 ● ORLANDO, FL 32817 PHONE: (407) 723-5900 ● FAX: (407) 723-5901

Operation and Maintenance Expenditures For Board Approval

Attached please find the check register listing Operations and Maintenance expenditures paid from April 1, 2024 through April 30, 2024. This does not include expenditures previously approved by the Board.

The total items being presented:    $42,101.88

Approval of Expenditures:

	 Chairman

	 Vice Chairman

	 Assistant Secretary

Myrtle Creek Improvement District AP Check Register (Current by Bank) Check Dates: 4/1/2024 to 4/30/2024
Check No.	Date	Status*	Vendor ID	Payee Name	Amount

BANK ID: OM1471 - CIT( NATIONAL BANK	001-101-0000-00-01

( 	04/1)/24	 	BC#D	Boggy Creek #$%ro&' District		*4)'( 	
)0	04/1)/24	 	D/0 C	Dona+, -' c#ntosh Associates		*(.)' 0	
)1	04/2 /24	 	A-C	A1uatic -ee, Contro+2 #nc'		*32 '00	
)2	04/2 /24	 	B3R A0	Ber$an Construction		*32300'01	
)3	04/2 /24	 	B467	Bright4ie5 6an,sca%e 7er&ices		*1.23.2'34	
)4	04/2 /24	 	8690A:	8ohn Peter 6ynaugh		*200'00	
) 	04/2 /24	 	;7C</6	;y+e 7cho++		*200'00	
)(	04/2 /24	 	;7<30A	;a$a+akar 7henai		*200'00	
))	04/2 /24	 	;:=A;	;utak Rock		*12( )' .	
).	04/2 /24	 	6DA7#6	6ione+ R' Dasi+&a		*200'00	
) 	04/2 /24	 	 633D	 arsha 6ee,		*200'00	
.0	04/2 /24	 	P> ?C	P> ?rou% Consu+ting		*32 24' 2	
.1	04/2 /24	 	4?6/BA	4?+oba+=ech		*43 '00	
					BANK OM1471 REGISTER TOTAL:	$29,799.60	

BANK ID: OM-ACH - CIT( NATIONAL BANK - ACH 4 5IRES	001-101-0000-00-01

)0003	04/1)/24		/:C	/r+an,o :ti+ities Co$$ission	*32(00'0(

BANK OM-ACH REGISTER TOTAL:	$3,600.06

GRAND TOTAL :	$33,399.66

* Check Status Types: "P" - Printed ; "M" - Manual ; "V" - Void ( V id Date ); "A" - Application; "E" - EFT
** Denotes broken check sequence.

Bill To:
Lake Nona Land Company
6900 Tavistock Lakes Blvd, Suite #200
Orlando, FL 32827

Funding Request #147
3/15/2024		
Item No.	Payee	Invoice Number	General Fund	

1	
Boggy Creek Improvement District				
	Reimbursement for Construction-Related Legal Advertising on Series 2013 Req 442	OSC88589395	$	47.65	
		
TOTAL	
$	
47.65	

Myrtle Creek Improvement District c/o PFM Group Consulting
3501 Quadrangle Boulevard, Ste. 270
Orlando, FL 32817
LaneA@pfm.com // (407) 723-5925

Payment Authorization #622 (revised)
3/29/2024

Item No.	Payee	Invoice Number	General Fund	
1	Donald W McIntosh Associates
Engineering Services Through 03/01/2024	
45484	
$	687.50	
		
TOTAL	
$	687.50	

Chairperson

Myrtle Creek Improvement District
clo PFM Group Consulting
3501 Quadrangle Boulevard, Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723-5925

[ RECEIVED

Dighltysii}rlll'dbyOanielJ.

DN-C:US,

l

Young
Daniel J. Young::·= :;:! t"·
Co.. CN.,Daniel J. Yoong
Oate:2024.04.03

By Amanda Lane at 8:54 am, Apr 12, 2024

-t0·26:30-04W

MYRTLE CREEK IMPROVEMENT DISTRICT

Payment Authorization #623
4/12/2024		
Item	Payee		Invoice	General	
No.			Number	Fund	

1	
Aquatic Weed Control				
	April Waterway Service		95077	$	325.00	
2	Berman Construction				
	Trail Inspection		43980	$	300.00	
	April Administrator & Irrigation Specialist		44216	$	3,000.01	
3	Boggy Creek Improvement District				
	March ICM Fees		ICM2024-06	$	8,702.22	
		/			
4	BrightView Landscape Services				
	April Section 1 & 2 Landscaping		8841126	$  15,741.00	
	Replaced Irrigation Controller		8860678	$	2,641.34	
5	Kutak Rock				
	General Counsel Through 02/29/2024		3377810	$	1,697.58	
6	ouc
Utility Service 03/01/2024 - 04/02/2024		

Acct: 4782400001	

$	3,600.06	
7	PFM Group Consulting				
	April OM Fee		DM-04-2024-34	$	3,895.83	
	January Reimbursables		OE-EXP-01-2024-31	$	8.56	
	February Reimbursables		OE-EXP-02-2024-26	$	20.13	
8	VGlobalTech				
	2024.02 ADA Audit		6017	$	300.00	
	April Website Maintenance		6079	$	135.00	
			
TOTAL	
$  40,366.73	

Chairperson

Myrtle Creek Improvement District c/o PFM Group Consulting
3501 Quadrangle Boulevard, Ste. 270 O ando, FL 32817
LaneA@pfm.com II (407) 723-5925

[

RECEIVED	]
By Amanda Lane at 8:43 am, Apr 25, 2024
-

MYRTLE CREEK IMPROVEMENT DISTRICT

Payment Authorization #624
4/19/2024

Item
No.	Payee	Invoice
Number	General
Fund	

1	
Supervisor Fees - 04/16/2024 Meeting			
	Marsha Leed		$	200.00	
	Kam Shenai		$	200.00	
	John Lynaugh		$	200.00	
	Kyle Scholl		$	200.00	
	Bob da Silva		$	200.00	
		
TOTAL	
$	1,000.00	

Chairperson

Myrtle Creek Improvement District c/o PFM Group Consulting
3501 Quadrangle Boulevard, Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723-5925

RECEIVED	]

[By Amanda Lane at 8:43 am, Apr 25, 2024
-

Digrtaly1ignectby OanielJ.
-V-Oung
ON: c"us.

E"G:: nkg :::

Daniel J. Young		0 - 1001• Co, CN,.Oanicl J Young Date, 2024.04.21
1858 4'00'

MYRTLE CREEK IMPROVEMENT DISTRICT

Work Authorization/Proposed Services
(if applicable)

MYRTLE CREEK IMPROVEMENT DISTRICT
Recommendation for Work Authorization / Proposed Services

Project Name: Public Facilities Report	 Brief Description: Yearly report satisfying Section 189.08 Florida Statutes.

Name of Consultant /Vendor: McIntosh Associates

Is this work pursuant to an existing Agreement?			Yes			No	
If so, name and date of Agreement:	

Is this project included in the District Capital Improvement Plan?	
	Yes			
No	
Are the services required contemplated in the Capital Improvement Plan?		Yes			No	
Is this a continuation of previously authorized work?			Yes			No	
Proposal attached:	Yes		No		

Form of Agreement Utilized:  Proposal				

Amount of Services:	
$ 9,500				

Recommendation:	Approve	Deny

By:		
Dan Young, Chairman
Myrtle Creek Improvement District Construction Committee

c:	Jennifer Walden Tucker Mackie Jeffrey Newton Lynne Mullins

April 25, 2024
Via e-mail dan.young@tavistock.com

Myrtle Creek Improvement District
3501 Quadrangle Boulevard
Suite 270
Orlando, FL 32817

Re:		Myrtle Creek Improvement District Public Facilities Report 2024 McIntosh Job No. 23217 (007)

407.644.4068
1950 Summit Park Drive, Suite 600
Orlando, FL 32810 www.dwma.com

As requested by the District Manager, McIntosh Associates (McIntosh) is pleased to submit for your consideration this Letter Agreement to provide professional engineering services to the Myrtle Creek Improvement District ("CLIENT" or "DISTRICT") for the preparation of a Myrtle Creek Improvement District Public Facilities Report 2024 ("Project"). The scope of this proposal includes Services related to the preparation of a Public Facilities Report for the DISTRICT meeting the requirements of Section
189.08 Florida Statutes. McIntosh agrees to provide the following Basic Services for the itemized fees and expenses set forth below, subject to this Letter Agreement and its Attachments, which are incorporated herein by reference. The Attachments consist of Basis of Proposal and Client Responsibilities. McIntosh will provide these services pursuant to our current contract with the Myrtle Creek Improvement District dated September 8, 2003, as amended December 18, 2018 ("Engineering Agreement"), as follows:
Scope of Work

A. PUBLIC FACILITIES REPORT PREPARATION - McIntosh will prepare a Public Facilities Report for the DISTRICT meeting the requirements of Section 189.08 Florida Statutes for submittal to the City of Orlando.

FEE SCHEDULE

Contract Item	Billing Item	
Description	
Fee	
A.	010	Public Facilities Report 2024	$9,500.00	

Compensation

Myrtle Creek Improvement District will compensate McIntosh Associates, pursuant to the hourly rate schedule contained in the Engineering Agreement and/or the lump sums listed above. The DISTRICT will reimburse McIntosh Associates, all direct costs, which include items such as printing, drawings, travel, deliveries, et cetera, pursuant to the Agreement.

F:\Contract\Proposals\cp15193.doc

Re:	Public Facilities Report 2024 McIntosh Job No. 23217 (007)
April 25, 2024
Page 2 of 4

This proposal, together with the Engineering Agreement, represents the entire understanding between the Myrtle Creek Improvement District and McIntosh Associates (Engineer) with regard to the referenced work authorization.

If you wish to accept this Work Authorization, please sign where indicated and return a complete copy to our office (executed electronic scanned copies are acceptable). Upon receipt, we will promptly schedule our services.

Sincerely,

McIntosh Associates

JJN111

ACCEPTANCE OF CONTRACT BY:

[Signature]	[Date]

[Name and Title]	[Company]

PURSUANT TO FLORIDA STATUTE 558.0035, AN INDIVIDUAL EMPLOYEE OR AGENT OF MCINTOSH ASSOCIATES MAY NOT BE HELD INDIVIDUALLY LIABLE FOR NEGLIGENCE.

BASIS OF PROPOSAL AND CLIENT RESPONSIBILITIES

Our Agreement is also based on the following conditions and limitations:

BASIS OF PROPOSAL
CLIENT has performed the necessary due diligence research to confirm that the site is suitable for the intended purpose.
The CLIENT is advised that concurrency management and comprehensive plan consistency will impact the land development process. Regulations regarding concurrency and consistency vary according to governmental jurisdiction. The status of concurrency, consistency and, if applicable, vested rights must be addressed for all projects within the State of Florida. McIntosh presumes the CLIENT is aware of the issues and resultant impacts described. McIntosh disclaims responsibility for delays that may be encountered due to failure on the part of the CLIENT to address concurrency and consistency issues prior to initiation of Services proposed herein. McIntosh is not responsible for changes to the approved plans that may alter the concurrency vesting status or for noncompliance on the part of the property owner with regard to the performance terms and conditions established in the vesting certificate.
McIntosh will not be responsible for any circumstances, acts, errors, omissions, or events, of any type, beyond its control including, without limitation, construction costs, the acts or failures to act of any governmental or judicial agency, or the existence of hazardous waste of any type associated with the Project. No Services associated with hazardous waste of any type are included in any way in this Agreement.
Without limitation, architectural, traffic engineering (e.g., studies, signalization), structural engineering (e.g., retaining walls, bridges, docks), mechanical engineering (e.g., fire pumps), fire protection engineering (e.g., dedicated fire lines beyond the point of service), electrical engineering, geotechnical engineering and testing, environmental assessment, landscape and irrigation design, non­ civil utility engineering (e.g., power, gas, telephone, cable television, site lighting) and any other professional or consultant services required by CLIENT and not undertaken by McIntosh, shall be retained separately by the CLIENT. No Services are included in this Agreement other than those specifically listed herein.
McIntosh may be mandated by regulatory authorities to incorporate findings, requirements, and details of design in their construction plans that are prepared by professional geotechnical engineers and not by McIntosh. In doing so, McIntosh assumes no responsibility or liability for the design, construction or operation of geotechnical engineering components which may include, but not be limited to, underdrains, ground stabilizers, backfills, embankments, etc. CLIENT must also recognize that some of these systems (i.e., underdrains, etc.) usually require extensive field supervision during construction and certification after construction. These systems are subject to damage by other activities during or after infrastructure construction such as other utility installations (power, telephone, cable, gas, etc.). McIntosh assumes no liability for damages to any design element caused by the improper design, construction, operation, or maintenance of improvements designed by others.
McIntosh, in and through its review and/or use of design and calculations prepared by others, is not responsible for or liable for error or omissions in the design and permitting services provided

by others. CLIENT's consultants will provide McIntosh with permission to utilize and rely upon their work product as the basis of McIntosh's design. Certain elements designed by others may be shown in McIntosh construction plans for context only.
McIntosh's performance and work product quality is dependent upon the timely provision of services from CLIENT-selected and contracted third-party consultants, including but not limited to geotechnical engineer, environmental consultant, transportation engineer, landscape/hardscape/irrigation designer and/or legal consultant whose services, while coordinated to the extent possible, are beyond the scope of responsibility of McIntosh.
If locating underground utilities is expressly included in the Services, McIntosh will locate such underground utilities as may be marked by a utility locating service retained by CLIENT. McIntosh shall not be liable for showing any utility lines not marked by the locating company. McIntosh cannot and does not guarantee or warranty that unidentified utilities will not be encountered.
Any opinion of construction cost prepared by McIntosh represents its judgment as a design professional and is supplied for the general guidance of the CLIENT only since McIntosh has no control over the cost of labor and material or over competitive bidding or market conditions. McIntosh does not warrant or guarantee the accuracy of such opinions.
No permit applications or negotiations with regulatory agencies or permitting authorities are included other than those specifically listed herein.
If construction services or observation of construction are included herein, the Services included by McIntosh will be to conduct periodic visits and observations to determine that the Work generally conforms or will conform to the applicable contract documents in relation to McIntosh's engineering Services. McIntosh's Service shall not include determining, supervising, implementing, or undertaking the responsibilities of the contractor, subcontractors, or others, regarding means, methods, techniques, sequences, and procedures of construction, nor for job conditions, safety precautions or programs. Construction phase services for systems designed and permitted by others are not included.
Construction phase retesting resulting from failures or no-shows, and therefore requiring additional site visits, shall be additional services and is not included in the scope of this agreement. Such services will be invoiced separately on an hourly basis for back­ charge to the contractor by CLIENT.
CLIENT's contractor and/or surveyor will provide certified as­ built surveys prepared by a Florida-licensed surveyor for McIntosh's use and reliance in preparing project certifications and/or record drawings. Any as-built surveys required to be performed by McIntosh due to failure of contractor's surveyor to provide accurate and complete survey data will be invoiced separately on an hourly basis for back-charge to the contractor by CLIENT.
Federal Emergency Management Agency (FEMA) Map revisions or amendments which may be required by regulatory agencies or lenders are not included unless specifically listed in Basic Services.
Provision of customized digital data files to CLIENT, CLIENT's consultants and/or CLIENT's contractor is not included. McIntosh

work product will be prepared digitally in AutoCAD Civil3D® 2018 or later.
CLIENT RESPONSIBILITIES
The CLIENT, or his representative, shall be available to meet with McIntosh and provide decisions in a timely manner throughout the course of the Project.
The CLIENT will provide McIntosh with plans and other pertinent information which may be necessary to properly survey or engineer the Project.
Prior to initiation of preliminary or final design, an approved site plan and final dimensioned building footprint(s) will be provided to McIntosh by CLIENT, which will be complete with final geometry, and will be relied upon by McIntosh.
The CLIENT will engage a professional geotechnical engineer to provide necessary hydrogeologic design support, relevant construction specifications for earthwork items and required construction inspection and certification. CLIENT's geotechnical engineer shall be responsible for final certification of all flexible and rigid pavement. McIntosh has the CLIENT's authority to rely on this professional information as a basis for its design Services and certifications.
The CLIENT will engage a professional environmental consultant to provide jurisdictional determinations and necessary design and permitting support for wetland and special species issues.
The CLIENT will engage a professional environmental firm or firms who specialize in all matters relating to "hazardous" or "special" materials wastes, deposits, soils, contamination, etc., as may be required to support permitting or construction of the Project.
The CLIENT will engage a professional landscape architect to provide landscape and irrigation design related to the development of the property as intended by CLIENT.
The CLIENT will engage a professional architect to perform all architectural services including, without limitation, incorporation of the work product of McIntosh, and compliance with local, state, or federal laws, regulations, codes, and Americans with Disabilities Act ("ADA") requirements.
The CLIENT will engage a professional transportation consultant to provide analysis related to development of the property as intended by CLIENT, including but not limited to traffic studies, determination of tum lane requirements, traffic signal design, Maintenance of Traffic (MOT) plans and roundabout geometry, striping and signage design.

The CLIENT will engage a professional legal counselor to provide legal services related to development of the property as intended by CLIENT.
The CLIENT will engage a professional state licensed hydrogeologist for completion of hydrologic data required in support of a Consumptive Use/Water Use Permit.
The CLIENT will engage a professional archaeologist to provide archaeological analysis related to development of the property as intended by CLIENT.
The CLIENT agrees that McIntosh shall have no responsibility for the accuracy of information provided by, or for any portion of the Project designed by the CLIENT or CLIENT's other consultants, or for compliance with local, state, or federal ADA requirements. McIntosh shall not be required to check or verify the CLIENT'S or other consultants' work product, information, or construction documents and shall be entitled to rely on the accuracy and completeness thereof, as well as the compliance of such documents with applicable laws, codes, statutes, ordinances, and regulations, including, without limitation, ADA requirements. The CLIENT also agrees to require all other consultants engaged by the CLIENT to coordinate their design or construction documents or reports with the work product of McIntosh, to promptly report any conflicts or inconsistencies to McIntosh and to cooperate fully in the resolution of those conflicts or inconsistencies. The CLIENT further agrees, to the fullest extent permitted by law, to indemnify and hold harmless McIntosh from any claims, damages, liabilities, or costs, including reasonable attorney's fees and defense costs, arising out of or relating to false, inaccurate, or non-compliant information provided by CLIENT or its other consultants, or the services performed by other consultants engaged by the CLIENT.
The CLIENT or CLIENT's contractor shall obtain the required National Pollutant Discharge Elimination System (NPDES) permit for the Project.
The CLIENT will provide McIntosh with all applicable operation and maintenance budgets and budget reserve estimates for all gated communities prior to submittal of the final plat to satisfy local jurisdiction requirements.

MYRTLE CREEK IMPROVEMENT DISTRICT

District’s Financial Position and Budget to Actual YTD

General Fund	Debt Service		Capital Projects Fund	
	
Assets			

$1,389,267.20				
68,972.05				
4,371.15				
10,000.00				
172,161.99				
4,300.00				
261,256.76				
	$234,532.80			
	26,974.65			
	320,991.81			
	1,082,587.20			
	12,181.26			
			$36,854.33	
$1,910,329.15	$1,677,267.72		$36,854.33	
$0.00	$0.00		$0.00	
$1,910,329.15	$1,677,267.72		$36,854.33	

General Long- Term Debt		Total	

$0.00		

$1,389,267.20
68,972.05
4,371.15
10,000.00
172,161.99
4,300.00
261,256.76
234,532.80
26,974.65
320,991.81
1,082,587.20
12,181.26
36,854.33
$3,624,451.20	

$1,415,760.27 12,914,239.73
$14,330,000.00		
$1,415,760.27 12,914,239.73
$14,330,000.00	
$14,330,000.00		$17,954,451.20	

Current Assets
General Checking Account Money Market Account
State Board of Administration Pond Reserve
Assessments Receivable Deposits
General Reserve Assessments Receivable Due From Other Funds Debt Service Reserve Revenue
Prepayment Acquisition/Construction
Total Current Assets

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

Total Assets

General Long- Term Debt		Total	

$0.00		

$31,084.15 7,927.83
172,161.99
234,532.80
$445,706.77	

$14,330,000.00
$14,330,000.00		
$14,330,000.00
$14,330,000.00	
$14,330,000.00		$14,775,706.77	

$0.00		

$1,310,790.05 (72,855.38)
461,220.51
630,722.89
812,012.03
(417,951.06)
453,904.47
900.92

$3,178,744.43	
			
$14,330,000.00		$17,954,451.20	

Current Liabilities
Accounts Payable
Due To Other Governmental Units Deferred Revenue
Deferred Revenue
Total Current Liabilities

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

Total Liabilities

Net Assets
Net Assets, Unrestricted
Net Assets - General Government
Current Year Net Assets - General Government
Net Assets, Unrestricted
Current Year Net Assets, Unrestricted
Net Assets, Unrestricted Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Total Net Assets

Total Liabilities and Net Assets

General Fund	Debt Service

Liabilities and Net Assets

7,927.83
172,161.99

$211,173.97		

$234,532.80
$234,532.80		

$0.00	
$0.00		$0.00		$0.00	
$211,173.97		$234,532.80		$0.00	

$1,310,790.05 (72,855.38)
461,220.51

$1,699,155.18		

$630,722.89 812,012.03

$1,442,734.92		

($417,951.06) 453,904.47
900.92

$36,854.33	
					
$1,910,329.15		$1,677,267.72		$36,854.33	

$31,084.15

Capital Projects Fund

Myrtle Creek Improvement District
Statement of Activities As of 4/30/2024	
	
General Fund	
Debt Service	Capital Projects Fund	General Long- Term Debt	
Total	
Revenues						
On-Roll Assessments	$753,897.44				$753,897.44	
Other Income & Other Financing Sources	12.00				12.00	
On-Roll Assessments		$1,027,019.31			1,027,019.31	
Developer Contributions			$249.46		249.46	
Total Revenues	

$753,909.44	

$1,027,019.31	

$249.46	

$0.00	

$1,781,178.21	
Expenses						
Supervisor Fees	$2,400.00				$2,400.00	
Public Officials' Liability Insurance	4,048.00				4,048.00	
Trustee Services	6,176.23				6,176.23	
Management	27,270.81				27,270.81	
Engineering	1,520.01				1,520.01	
Property Appraiser	2,986.11				2,986.11	
District Counsel	5,111.54				5,111.54	
Assessment Administration	7,500.00				7,500.00	
Audit	3,765.00				3,765.00	
Travel and Per Diem	25.67				25.67	
Postage & Shipping	28.69				28.69	
Legal Advertising	1,123.68				1,123.68	
Bank Fees	12.00				12.00	
Miscellaneous	6.93				6.93	
Web Site Maintenance	1,545.00				1,545.00	
Holiday Decorations	1,000.00				1,000.00	
Dues, Licenses, and Fees	175.00				175.00	
Electric	1,002.32				1,002.32	
Entry Lighting	167.77				167.77	
Water Reclaimed	19,627.34				19,627.34	
Aquatic Contract	2,275.00				2,275.00	
General Liability Insurance	4,636.00				4,636.00	
Irrigation	3,096.35				3,096.35	
Landscaping Maintenance & Material	110,463.43				110,463.43	
Tree Trimming	9,100.00				9,100.00	
Flower & Plant Replacement	6,409.39				6,409.39	
Contingency	300.00				300.00	
IME - Aquatics Maintenance	1,841.21				1,841.21	

Myrtle Creek Improvement District
Statement of Activities As of 4/30/2024

General Fund	Debt Service	Capital Projects
Fund

General Long- Term Debt

Total

IME - Irrigation	1,957.66								1,957.66	
IME - Landscaping	52,759.21								52,759.21	
IME - Lighting	263.58								263.58	
IME - Miscellaneous	96.08								96.08	
IME - Water Reclaimed	279.98								279.98	
Pest Control	1,255.00								1,255.00	
Entry and Wall Maintenance	550.00								550.00	
IME - Landscape Improvements	5,156.55								5,156.55	
Streetlights	6,506.12								6,506.12	
Personnel Leasing Agreement	21,000.07								21,000.07	
Interest Payments			$232,200.00						232,200.00	
Legal Advertising					$249.46				249.46	
Total Expenses	$313,437.73		$232,200.00		$249.46		$0.00		$545,887.19	

Other Revenues (Expenses) & Gains (Losses)

Interest Income	$20,748.80								$20,748.80	
Dividends Income			$17,192.72						17,192.72	
Dividends Income					$900.92				900.92	
Total Other Revenues (Expenses) & Gains (Losses)	$20,748.80		$17,192.72		$900.92		$0.00		$38,842.44	
Change In Net Assets	$461,220.51		$812,012.03		$900.92		$0.00		$1,274,133.46	
Net Assets At Beginning Of Year	$1,237,934.67		$630,722.89		$35,953.41		$0.00		$1,904,610.97	

Net Assets At End Of Year	
$1,699,155.18		
$1,442,734.92		
$36,854.33		
$0.00		
$3,178,744.43	

Budget to Actual
For the Month Ending 4/30/2024

Actual

Budget

Variance

FY 2024	Percentage Adopted Budget		Spent

Revenues

On-Roll Assessments	$	753,897.44		$	541,071.88		$	212,825.56		$	927,551.80		81.28%	
Other Income & Other Financing Sources	12.00		-		12.00		-			
Carryforward Revenue	49,304.94		49,304.94		-		84,522.75		58.33%	
Net Revenues	$	803,214.38		$	590,376.82		$	212,837.56		$  1,012,074.55		79.36%	

Supervisor Fees	$	2,400.00	$	7,000.00	$	(4,600.00)	$	12,000.00	20.00%	

Public Officials' Liability Insurance	4,048.00	2,721.25	1,326.75	4,665.00		
86.77%	
Trustee Services	6,176.23		4,083.33		2,092.90		7,000.00		88.23%	
Management	27,270.81		27,270.83		(0.02)		46,750.00		58.33%	
Engineering	1,520.01		5,833.33		(4,313.32)		10,000.00		15.20%	
Disclosure	-		1,050.00		(1,050.00)		1,800.00		0.00%	
Property Appraiser	2,986.11		1,458.33		1,527.78		2,500.00		119.44%	
District Counsel	5,111.54		14,583.33		(9,471.79)		25,000.00		20.45%	
Assessment Administration	7,500.00		4,375.00		3,125.00		7,500.00		100.00%	
Reamortization Schedules	-		145.83		(145.83)		250.00		0.00%	
Audit	3,765.00		2,333.33		1,431.67		4,000.00		94.13%	
Arbitrage Calculation	-		525.00		(525.00)		900.00		0.00%	
Travel and Per Diem	25.67		175.00		(149.33)		300.00		8.56%	
Telephone	-		29.17		(29.17)		50.00		0.00%	
Postage & Shipping	28.69		583.33		(554.64)		1,000.00		2.87%	
Copies	-		1,166.67		(1,166.67)		2,000.00		0.00%	
Legal Advertising	1,123.68		3,791.67		(2,667.99)		6,500.00		17.29%	
Bank Fees	12.00		210.00		(198.00)		360.00		3.33%	
Miscellaneous	6.93		5,541.67		(5,534.74)		9,500.00		0.07%	
Meeting Room	-		466.65		(466.65)		800.00		0.00%	
Office Supplies	-		157.50		(157.50)		270.00		0.00%	
Web Site Maintenance	1,545.00		1,575.00		(30.00)		2,700.00		57.22%	
Holiday Decorations	1,000.00		583.33		416.67		1,000.00		100.00%	
Dues, Licenses, and Fees	175.00		102.08		72.92		175.00		100.00%	
Total General & Administrative Expenses	$	64,694.67		$	85,761.63		$	(21,066.96)		$	147,020.00		44.00%	

General & Administrative Expenses Legislative

Financial & Administrative

Budget to Actual				
For the Month Ending 4/30/2024				

Actual	Budget			
Variance		FY 2024	Percentage Adopted Budget		Spent	

$	732.56	$	875.00		

$	

(142.44)	$	1,500.00	48.84%	
167.77	291.67			(123.90)	500.00	33.55%	
17,846.54	14,583.33			3,263.21	25,000.00	71.39%	
2,275.00	2,275.00			-	3,900.00	58.33%	
-	2,916.67			(2,916.67)	5,000.00	0.00%	
4,636.00	2,916.67			1,719.33	5,000.00	92.72%	
-	991.67			(991.67)	1,700.00	0.00%	
-	58.33			(58.33)	100.00	0.00%	
3,096.35	26,250.00			(23,153.65)	45,000.00	6.88%	
89,152.35	153,753.32			(64,600.97)	263,577.12	33.82%	
276.43	276.43			-	473.88	58.33%	
9,100.00	23,333.33			(14,233.33)	40,000.00	22.75%	
6,409.39	29,166.67			(22,757.28)	50,000.00	12.82%	
300.00	49,825.52			(49,525.52)	85,415.18	0.35%	
1,255.00	1,639.17			(384.17)	2,810.00	44.66%	
-	29,166.67			(29,166.67)	50,000.00	0.00%	
1,841.21	1,947.75			(106.54)	3,339.00	55.14%	
1,957.66	1,837.50			120.16	3,150.00	62.15%	
52,759.21	52,759.22			(0.01)	90,444.38	58.33%	
263.58	735.00			(471.42)	1,260.00	20.92%	
96.08	3,675.00			(3,578.92)	6,300.00	1.53%	
279.98	918.75			(638.77)	1,575.00	17.78%	
5,156.55	7,350.00			(2,193.45)	12,600.00	40.93%	
-	8,750.00			(8,750.00)	15,000.00	0.00%	
550.00	5,833.33			(5,283.33)	10,000.00	5.50%	
6,506.12	8,750.00			(2,243.88)	15,000.00	43.37%	
21,000.07	21,000.00			0.07	36,000.00	58.33%	
-	11,666.67			(11,666.67)	20,000.00	0.00%	
-	1,376.67			(1,376.67)	2,360.00	0.00%	
$	225,657.85	$	464,919.34		$	(239,261.49)	$	797,004.56	28.31%	

Field Operations Electric Utility Services
Electric
Entry Lighting
Water-Sewer Combination Services
Water Reclaimed
Stormwater Control
Aquatic Contract Lake/Pond Repair Reserve
Other Physical Environment General Liability Insurance Property & Casualty Insurance Auto Insurance
Irrigation Repairs
Landscaping Maintenance & Material District Landscaping
Gateway Road Landscaping
Tree Trimming
Flower & Plant Replacement Contingency
Pest Control Hurricane Cleanup
Interchange Maintenance Expenses
IME - Aquatics Maintenance IME - Irrigation Repairs
IME - Landscaping IME - Lighting
IME - Miscellaneous IME - Water Reclaimed
IME - Landscape Improvements
New Operational Field Expenses
Trail Repair
Road & Street Facilities
Entry and Wall Maintenance Streetlights
Parks & Recreation
Personnel Leasing Agreement
Reserves
Infrastructure Capital Reserve Interchange Maintenance Reserve

Total Field Operations Expenses

Budget to Actual

Actual		Budget	

$	

-		

$	3,051.13	
	21,034.65		21,021.00	
	-		5,833.33	
	269.76		6,115.38	
	-		2,041.67	
	1,780.80		2,041.67	
$	23,085.21		$	40,104.18	

$	
313,437.73		
$	590,785.15	
$	489,776.65		$	(408.33)	

$	
20,748.80		
$	408.33	
$	20,748.80		$	408.33	
$	510,525.45		$	-	

For the Month Ending 4/30/2024

Wellspring Blvd./Performance Drive Expense

Variance

FY 2024
Adopted Budget

Percentage Spent

Irrigation Repairs	$	(3,051.13)	$	5,230.50	0.00%	
Landscaping	13.65	36,036.00	58.37%	
Flower & Plant Replacement	(5,833.33)	10,000.00	0.00%	
Lighting	(5,845.62)	10,483.50	2.57%	
Miscellaneous	(2,041.67)	3,500.00	0.00%	
Water Reclaimed	(260.87)	3,500.00	50.88%	

$	490,184.98		$	(700.00)			

$	
20,340.47		
$	700.00		
2964.11%	
$	20,340.47		$	700.00		2964.11%	
$	510,525.45		$	-			

Total Wellspring Blvd./Performance Drive Expenses

$	(17,018.97)

$	68,750.00

33.58%

Total Expenses

Income (Loss) from Operations

Other Income (Expense)
Interest Income
Total Other Income (Expense)

Net Income (Loss)

$  (277,347.42)

$  1,012,774.56	30.95%

		Oct-23		Nov-23		Dec-23		Jan-24		Feb-24		Mar-24			Apr-24	

Revenues																
On-Roll Assessments	$	-		$ 96,165.13		$ 255,365.68		$  68,151.48		$  250,688.51	$  63,725.53		$  19,801.11	
Other Income & Other Financing Sources		-		-		-		-		-			-		12.00	
Carryforward Revenue		7,043.56		7,043.57		7,043.56		7,043.56		7,043.56	7,043.57		7,043.56	
Net Revenues	$	7,043.56		$ 103,208.70		$ 262,409.24		$  75,195.04		$  257,732.07	$  70,769.10		$  26,856.67	
General & Administrative Expenses																
Legislative																
Supervisor Fees	$	-		$	-		$	600.00		$	-	$	800.00	$	-		$	1,000.00	
Financial & Administrative																
Public Officials' Liability Insurance		4,048.00		-		-		-		-			-		-	
Trustee Services		6,176.23		-		-		-		-			-		-	
Management		3,895.83		3,895.83		3,895.83		3,895.83		3,895.83	3,895.83		3,895.83	
Engineering		-		125.00		-		707.51		-	687.50		-	
Disclosure		-		-		-		-		-			-		-	
Property Appraiser		-		-		-		-		2,986.11			-		-	
District Counsel		-		277.50		823.50		1,680.96		-	507.00		1,822.58	
Assessment Administration		-		-		7,500.00		-		-			-		-	
Reamortization Schedules		-		-		-		-		-			-		-	
Audit		-		-		-		-		-			-		3,765.00	
Arbitrage Calculation		-		-		-		-		-			-		-	
Travel and Per Diem		-		-		-		12.71		-	12.96		-	
Telephone		-		-		-		-		-			-		-	
Postage & Shipping		-		-		-		-		-			-		28.69	
Copies		-		-		-		-		-			-		-	
Legal Advertising		-		469.00		435.18		-		-			-		219.50	
Bank Fees		-		-		-		-		-	12.00		-	
Miscellaneous		-		1.16		1.15		1.16		1.15	1.15		1.16	
Meeting Room		-		-		-		-		-			-		-	
Office Supplies		-		-		-		-		-			-		-	
Web Site Maintenance		-		270.00		135.00		435.00		-	270.00		435.00	
Holiday Decorations		-		-		1,000.00		-		-			-		-	
Dues, Licenses, and Fees		175.00		-		-		-		-			-		-	
Total General & Administrative Expenses	$	14,295.06		$  5,038.49		$  14,390.66		$	6,733.17		$	7,683.09	$	5,386.44		$  11,167.76	
Field Operations																
Electric Utility Services																
Electric	$	-		$	120.99		$	122.34		$	122.83		$	122.09	$	121.48		$	122.83	
Entry Lighting		-		28.06		28.18		28.55		27.58	27.45		27.95	
Water-Sewer Combination Services														
Water Reclaimed		-		2,190.62		4,365.66		3,610.63		2,886.11	2,480.52		2,313.00	
Stormwater Control														
Aquatic Contract		325.00		325.00		325.00		325.00		325.00	325.00		325.00	
Lake/Pond Repair Reserve		-		-		-		-		-			-		-	
Other Physical Environment																
General Liability Insurance		4,636.00		-		-		-		-			-		-	
Property & Casualty Insurance		-		-		-		-		-			-		-	
Auto Insurance		-		-		-		-		-			-		-	
Irrigation		455.01		-		-		-		-			-		2,641.34	
Landscaping Maintenance & Material														
District Landscaping		-		-		38,208.15		12,736.05		12,736.05	12,736.05		12,736.05	
Gateway Road Landscaping		39.49		39.49		39.49		39.49		39.49	39.49		39.49	
Tree Trimming		-		-		-		9,100.00		-			-		-	
Flower & Plant Replacement		-		-		215.00		1,450.00		4,744.39			-		-	
Contingency		-		-		-		-		-			-		300.00	
Pest Control		-		-		-		-		-	1,255.00		-	
Hurricane Cleanup		-		-		-		-		-			-		-	
Interchange Maintenance Expenses														
IME - Aquatics Maintenance		263.03		263.03		263.03		263.03		263.03	263.03		263.03	
IME - Irrigation		-		869.40		-		-		430.61	657.65		-	
IME - Landscaping		-		15,074.06		7,537.03		7,537.03		7,537.03	7,537.03		7,537.03	
IME - Lighting		-		48.51		46.88		46.15		44.83	40.91		36.30	
IME - Miscellaneous		-		-		-		-		-	96.08		-	
IME - Water Reclaimed		-		1.74		83.68		-		74.55	68.03		51.98	
IME - Landscape Improvements		7,537.03		(2,380.48)		-		-		-			-		-	
New Operational Field Expenses																
Trail Repair		-		-		-		-		-			-		-	
Road & Street Facilities																
Entry and Wall Maintenance		-		-		550.00		-		-			-		-	
Streetlights		-		1,073.06		1,073.06		1,090.00		1,090.00	1,090.00		1,090.00	
Parks & Recreation														
Personnel Leasing Agreement		3,000.01		3,000.01		3,000.01		3,000.01		3,000.01	3,000.01		3,000.01	
Contingency														

 
YTD Actual

$  753,897.44
12.00
49,304.94	
$  803,214.38

$	2,400.00

4,048.00
6,176.23
27,270.81
1,520.01
- 2,986.11
5,111.54
7,500.00
- 3,765.00
- 25.67
- 28.69
- 1,123.68
12.00
6.93
-
- 1,545.00
1,000.00
175.00	
$	64,694.67

$	732.56
167.77

17,846.54

2,275.00
-

4,636.00
-
- 3,096.35

89,152.35
276.43
9,100.00
6,409.39
300.00
1,255.00
-

1,841.21
1,957.66
52,759.21
263.58
96.08
279.98
5,156.55
- 550.00
6,506.12

21,000.07	

Myrtle Creek Improvement District
Budget to Actual
For the Month Ending 4/30/2024	
		
Oct-23			
Nov-23		
Dec-23		
Jan-24			
Feb-24			
Mar-24			
Apr-24	
Infrastructure Capital Reserve Interchange Maintenance Reserve
Total Field Operations Expenses	

$	-
-
16,255.57	-
-
$ 20,653.49		-
-
$  55,857.51		-
-
$  39,348.77		

$	-
-
33,320.77		

$	-
-
29,737.73		

$	-
-
30,484.01	
Wellspring Blvd./Performance Drive Expenses
Irrigation Repairs Landscaping
Flower & Plant Replacement Lighting
Miscellaneous Water Reclaimed
Total Wellspring Blvd./Performance Drive Expenses	

$	

-		

$	-		

$	-		

$	-		

$	

-		

$	

-		

$	

-	
		-		-		9,014.85		3,004.95			3,004.95			3,004.95			3,004.95	
		-		-		-		-			-			-			-	
		-		44.88		44.88		45.12			44.88			44.88			45.12	
		-		-		-		-			-			-			-	
		-		430.59		462.21		500.45			387.55			-			-	
	$	-		$	475.47		$	9,521.94		$	3,550.52		$	3,437.38		$	3,049.83		$	3,050.07	
Total Expenses	 $ 	30,550.63 	 $ 26,167.45   $  79,770.11   $  49,632.46 		 $		44,441.24 		 $ 	38,174.00 		 $ 	44,701.84 	
Income (Loss) from Operations	$	(23,507.07)		$	77,041.25		$ 182,639.13		$  25,562.58		$	213,290.83		$	32,595.10		$	(17,845.17)	
Other Income (Expense)
Interest Income
Total Other Income (Expense)	

$	

59.66		

$	56.92		

$	1,883.42		

$	68.29		

$	

60.80		

$	

18,553.44		

$	

66.27	
	$	59.66		$	56.92		$	1,883.42		$	68.29		$	60.80		$	18,553.44		$	66.27	
Net Income (Loss)	$	(23,447.41)		$	77,098.17		$ 184,522.55		$  25,630.87		$	213,351.63		$	51,148.54		$	(17,778.90)	

 
YTD Actual	
	-	
	-	
$	225,657.85	

$	
-	
	21,034.65	
	-	
	269.76	
	-	
	1,780.80	
$	23,085.21	
$	313,437.73	

$	
489,776.65	

$	
20,748.80	
$	20,748.80	
$	510,525.45	

Myrtle Creek Improvement District Cash Flow

FY23 Inflows	FY23 Outflows	FY24 Inflows	FY24 Outflows	End. Cash	
	-		-			
6,167.58	(118,495.98)	-	(8,684.00)	920,662.79		
5,481.50	(32,350.81)	12.03	(3,500.01)	890,305.50		
-	(13,119.39)	227,239.29	(29,996.32)	1,074,429.08		
-	-	605,083.42	(243,721.33)	1,435,791.17		
-	-	161,060.14	(450,743.46)	1,146,107.85		
-	-	589,227.20	(54,372.40)	1,680,962.65		
-	-	169,141.00	(465,684.28)	1,384,419.37		
-	-	46,949.71	(42,101.88)	1,389,267.20		
-	-	-	(39,336.98)	1,349,930.22	as of 05/09/2024	

Beg. Cash

9/1/2023	1,041,675.19	
10/1/2023	920,662.79	
11/1/2023	890,305.50	
12/1/2023	1,074,429.08	
1/1/2024	1,435,791.17	
2/1/2024	1,146,107.85	
3/1/2024	1,680,962.65	
4/1/2024	1,384,419.37	
5/1/2024	1,389,267.20	

Totals	11,649.08	(163,966.18)	1,798,712.79	(1,338,140.66)