VillaMar Community Development District
Meeting Agenda November 2, 2023

VillaMar
Community Development District

219 E. Livingston St., Orlando, Florida 32801 Phone: 407-841-5524 – Fax: 407-839-1526

October 26, 2023

Board of Supervisors VillaMar
Community Development District

Dear Board Members:

A Landowners’ Meeting and Election and a Regular Meeting of the Board of Supervisors of the VillaMar Community Development District will be held Thursday, November 2, 2023 at 11:30 AM at the Holiday Inn—Winter Haven, 200 Cypress Gardens Blvd., Winter Haven, FL 33880.

Zoom Video Join Link: https://us06web.zoom.us/j/88146441262
Call-In Information: 1-646-876-9923
Meeting ID: 881 4644 1262

Following is the advance agenda for the meeting:

Landowners’ Meeting

Determination of Number of Voting Units Represented
Call to Order
Election of Chairman for the Purpose of Conducting the Landowners’ Meeting
Nominations for the Position of Supervisor
Casting of Ballots
Ballot Tabulation
Landowner’s Questions and Comments
Adjournment

Board of Supervisors Meeting

Roll Call
Public Comment Period (1Speakers will fill out a card and submit it to the District Manager prior to the beginning of the meeting)
Organizational Matters
Administration of Oaths of Office to Newly Elected Board Members (Seat #1, Seat #2, and Seat #4)
Consideration of Resolution 2024-01 Canvassing and Certifying the Results of the Landowners’ Election

1 Comments will be limited to three (3) minutes
Election of Officers
Consideration of Resolution 2024-02 Electing Officers
Approval of Minutes of the September 5, 2023 Board of Supervisors Meeting
Presentation of Arbitrage Rebate Report for Series 2019 Project Bonds
Consideration of Proposal for Arbitrage Rebate Services from AMTEC for Series 2023 Assessment Area Five Project Bonds
Presentation of Fiscal Year 2022 Audit Report
Consideration of Audit Services Engagement Letter for Fiscal Year 2023 Audit from Berger, Toombs, Elam, Gaines & Frank
Review and Ranking of Proposals Received for Phase 7 RFP for Construction Services and Authorizing Staff to Send Notices of Intent to Award (to be provided under separate cover)
Staff Reports
Attorney
Engineer
Field Manager’s Report (to be provided under separate cover)
Discussion Regarding Cost for Stormwater Clearing
District Manager’s Report
Approval of Check Register
Balance Sheet & Income Statement
Other Business
Supervisors Requests and Audience Comments
Adjournment

Landowners' Meeting
INSTRUCTIONS RELATING TO LANDOWNERS’ MEETING OF VILLAMAR COMMUNITY DEVELOPMENT DISTRICT
FOR THE ELECTION OF SUPERVISORS DATE OF LANDOWNERS’ MEETING: Thursday, November 2, 2023 TIME: 11:30 A.M.
LOCATION: Holiday Inn—Winter Haven, 200 Cypress Gardens Blvd., Winter Haven, FL 33880

Pursuant to Chapter 190, Florida Statutes, and after a Community Development District (“District”) has been established and the landowners have held their initial election, there shall be a subsequent landowners’ meeting for the purpose of electing members of the Board of Supervisors (“Board”) every two years until the District qualifies to have its board members elected by the qualified electors of the District. The following instructions on how all landowners may participate in the election are intended to comply with Section 190.006(2)(b), Florida Statutes.

A landowner may vote in person at the landowners’ meeting, or the landowner may nominate a proxy holder to vote at the meeting in place of the landowner. Whether in person or by proxy, each landowner shall be entitled to cast one vote per acre of land owned by him or her and located within the District, for each position on the Board that is open for election for the upcoming term. A fraction of an acre shall be treated as one (1) acre, entitling the landowner to one vote with respect thereto. For purposes of determining voting interests, platted lots shall be counted individually and rounded up to the nearest whole acre. Moreover, please note that a particular parcel of real property is entitled to only one vote for each eligible acre of land or fraction thereof; therefore, two or more people who own real property in common, that is one acre or less, are together entitled to only one vote for that real property.

At the landowners’ meeting, the first step is to elect a chair for the meeting, who may be any person present at the meeting. The landowners shall also elect a secretary for the meeting who may be any person present at the meeting. The secretary shall be responsible for the minutes of the meeting. The chair shall conduct the nominations and the voting. If the chair is a landowner or proxy holder of a landowner, he or she may nominate candidates and make second motions. Candidates must be nominated and then shall be elected by a vote of the landowners. Nominees may be elected only to a position on the Board that is open for election for the upcoming term.

This year, three (3) seats on the Board will be up for election by landowners. The two candidates receiving the highest number of votes shall be elected for a term of four (4) years. The candidate receiving the next highest number of votes shall be elected for a term of two (2) years. The term of office for each successful candidate shall commence upon election.

A proxy is available upon request. To be valid, each proxy must be signed by one of the legal owners of the property for which the vote is cast and must contain the typed or printed name of the individual who signed the proxy; the street address, legal description of the property or tax parcel identification number; and the number of authorized votes. If the proxy authorizes more than one vote, each property must be listed and the number of acres of each property must be included. The signature on a proxy does not need to be notarized.
LANDOWNER PROXY

VILLAMAR COMMUNITY DEVELOPMENT DISTRICT POLK COUNTY, FLORIDA
LANDOWNERS’ MEETING – [THURSDAY, NOVEMBER 2, 2023]

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, the fee simple owner of the lands described herein, hereby constitutes and appoints 	 (“Proxy Holder”) for and on behalf of the undersigned, to vote as proxy at the meeting of the landowners of the VillaMar Community Development District to be held at the Holiday Inn-Winter Haven, 200 Cypress Gardens Boulevard, Winter Haven, Florida 33880, on Thursday, November 2, 2023, at 11:30 a.m., and at any adjournments thereof, according to the number of acres of unplatted land and/or platted lots owned by the undersigned landowner that the undersigned would be entitled to vote if then personally present, upon any question, proposition, or resolution or any other matter or thing that may be considered at said meeting including, but not limited to, the election of members of the Board of Supervisors. Said Proxy Holder may vote in accordance with his or her discretion on all matters not known or determined at the time of solicitation of this proxy, which may legally be considered at said meeting.

Any proxy heretofore given by the undersigned for said meeting is hereby revoked. This proxy is to continue in full force and effect from the date hereof until the conclusion of the landowners’ meeting and any adjournment or adjournments thereof, but may be revoked at any time by written notice of such revocation presented at the landowners’ meeting prior to the Proxy Holder’s exercising the voting rights conferred herein.

Printed Name of Legal Owner				
Signature of Legal Owner

Parcel Description		Date

Acreage	

Authorized Votes	

[Insert above the street address of each parcel, the legal description of each parcel, or the tax identification number of each parcel. If more space is needed, identification of parcels owned may be incorporated by reference to an attachment hereto.]

Total Number of Authorized Votes:

NOTES: Pursuant to Section 190.006(2)(b), Florida Statutes (2022), a fraction of an acre is treated as one (1) acre entitling the landowner to one vote with respect thereto. For purposes of determining voting interests, platted lots shall be counted individually and rounded up to the nearest whole acre. Moreover, two (2) or more persons who own real property in common that is one acre or less are together entitled to only one vote for that real property.

If the fee simple landowner is not an individual, and is instead a corporation, limited liability company, limited partnership or other entity, evidence that the individual signing on behalf of the entity has the authority to do so should be attached hereto (e.g., bylaws, corporate resolution, etc.).

Board of Supervisors Meeting

SECTION 8
RESOLUTION 2024-01

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE VILLAMAR COMMUNITY DEVELOPMENT DISTRICT CANVASSING AND CERTIFYING THE RESULTS OF THE LANDOWNER’S ELECTION OF SUPERVISORS HELD PURSUANT TO SECTION 190.006(2), FLORIDA STATUTES, AND PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, the Villamar Community Development District (“District”) is a local unit of special- purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within Polk County, Florida; and

WHEREAS, pursuant to Section 190.006(2), Florida Statutes, a landowners meeting is required to be held within 90 days of the District’s creation and every two years following the creation of the District for the purpose of electing supervisors of the District; and

WHEREAS, such landowners meeting, the Minutes of which are attached hereto as Exhibit A, was held on November 2, 2023, immediately prior to the Board of Supervisors meeting, and at which the below recited persons were duly elected by virtue of the votes cast in his/her favor; and

WHEREAS, the Board of Supervisors of the District, by means of this Resolution, desires to canvas the votes and declare and certify the results of said election.

NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF VILLAMAR COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1.  The following persons are found, certified, and declared to have been duly elected as Supervisors of and for the District, having been elected by the votes cast in their favor as shown:

Seat 1	Votes 	

Seat 2	Votes 	

Seat 4	Votes 	

SECTION 2.  In accordance with Section 190.006(2), Florida Statutes, and by virtue of the number of votes cast for the Supervisor, the above-named persons are declared to have been elected for the following terms of office:

4 Year Term

4 Year Term
2 Year Term

Section 3.	This resolution shall become effective immediately upon its adoption.
[Signature page for Resolution 2024- 01]

PASSED AND ADOPTED this 2nd day of November 2023.

ATTEST:
VILLAMAR COMMUNITY DEVELOPMENT DISTRICT

 	
Secretary/Assistant Secretary	Chairperson, Board of Supervisors

Exhibit A: Minutes of Landowner Meeting and Election

Section D
RESOLUTION 2024-02

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE VILLAMAR COMMUNITY DEVELOPMENT DISTRICT ELECTING THE OFFICERS OF THE VILLAMAR COMMUNITY DEVELOPMENT DISTRICT AND PROVIDING FOR AN EFFECTIVE DATE.

Whereas, the VillaMar Community Development District (hereinafter the “District”), is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within Polk County, Florida; and

Whereas, the Board of Supervisors of the District (“Board”) desires to elect the Officers of the
District.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE VILLAMAR COMMUNITY DEVELOPMENT DISTRICT:
Section 1. The following persons are elected to the offices shown: Chairperson		
Vice Chairperson		
Secretary	Jill Burns
Assistant Secretary		
Assistant Secretary		
Assistant Secretary		
Assistant Secretary	George Flint
Assistant Secretary		

Section 2. This Resolution shall become effective immediately upon its adoption.

Passed and adopted this 2nd day of November 2023.

ATTEST:	VILLAMAR COMMUNITY
DEVELOPMENT DISTRICT

Secretary / Assistant Secretary	Chairperson, Board of Supervisors

MINUTES
MINUTES OF MEETING VILLAMAR
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the VillaMar Community Development District was held on Tuesday, September 5, 2023 at 11:47 a.m. at the Holiday Inn – Winter Haven, 200 Cypress Gardens Blvd., Winter Haven, Florida.

Present and constituting a quorum:

Rennie Heath	Chairman
Lauren Schwenk	Assistant Secretary
Eric Lavoie	Assistant Secretary

Also, present were:

Jill Burns	District Manager, GMS
Meredith Hammock	District Counsel, KVW Law
Marshall Tindall	Field Manager, GMS

The following is a summary of the discussions and actions taken at the September 5, 2023 VillaMar Community Development District’s Regular Board of Supervisor’s Meeting.

FIRST ORDER OF BUSINESS	Roll Call
Ms. Burns called the meeting to order. There were three Supervisors present constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period
Ms. Burns stated that there were no members of the public present for the meeting or joining the meeting via Zoom.

THIRD ORDER OF BUSINESS	Approval of Minutes of the August 1, 2023 Board of Supervisors Meeting
Ms. Burns presented the August 1, 2023 Board of Supervisors meeting. She noted that there was a typo on page 1. Other than that, she asked for a motion of approval.

FOURTH ORDER OF BUSINESS	Consideration of Notice of RFP for Phase
7 Construction Services and Approval of Evaluation Criteria
Ms. Burns stated that they had the updated criteria in there that they had been using on the other projects with the change to the price at 40 points and lowering the schedule. Ms. Burns asked Mr. Lavoie if he got the date yet or if they wanted to authorize the Chair to finalize the date. Mr. Lavoie responded to authorize the Chair to finalize the date.

FIFTH ORDER OF BUSINESS	Ratification of Right of Way Conveyance
Documents for Phases 1, 2, and 2A
Ms. Burns stated that the right of ways were being conveyed to the CDD.

SIXTH ORDER OF BUSINESS	Staff Reports
Attorney
Ms. Hammock had nothing to report to the Board.

Engineer
There being no comments, the next item followed.

Field Manager’s Report
Mr. Tindall presented the field manager’s report to the Board which can be found in the agenda package. He reviewed the post storm assessment stating that the staff monitored the storm throughout its track to assess. The pool was closed on Wednesday and the facilities were

promptly assessed after the storm and reopened on Thursday. He reviewed the amenity stating that the vendors had did well keeping the facility clean and operational. It was noted that the pool autofill issue was repaired by the vendor. The monthly playground review was completed. He reviewed the landscaping stating that the landscaper had kept the common areas clean, mowed and detailed. He noted that some hedge replacements were done as needed along the main thoroughfare. Next, he reviewed the pond stating that the reduced rains and hot weather contributed to algae blooms and the pond vendor was working to bring this under control. He noted that the rains from the recent storms helped with algae and bringing water levels up. He reviewed the stormwater stating that some of the biggest issues that they had was reports of flooding in Phase 3. He noted that they removed the turbidity barriers in Phase Three, Pond A. He also noted that they made a few adjustments to the grade opening the channel for the same phase, Pond D. It was noted that the orifices were checked to ensure they were clean with no obstruction and staff also checked drains for obstructions and repaired a skimmer. A vactor truck was mobilized to jet a section of stormwater pipe in Phase Three prior to storm. He noted that staff would continue to monitor for any issues. He concluded his review with the general repairs noting that small fence repairs were completed to some of the cross rails, split rail fence cleaning began, street signs were being straightened and reinstalled with focus on Phases One through Three, construction and related traffic in Phases Three, Four, and Five were hard on signs, and a missing sidewalk section was formed and poured.

District Managers Report
Approval of the Check Register
Ms. Burns presented the check register to the Board. She asked for any questions or comments. Hearing no comments, she asked for a motion to approve.

Balance Sheet and Income Statement
Ms. Burns presented the unaudited financials. There was no Board action for this item.

SEVENTH ORDER OF BUSINESS	Other Business

There being no other business, the next item followed.

EIGHTH ORDER OF BUSINESS	Supervisors	Requests	and	Audience
Comments
There being no comments, the next item followed.

NINTH ORDER OF BUSINESS	Adjournment
Ms. Burns asked for a motion to adjourn.

Secretary/Assistant Secretary	Chairman/Vice Chairman

Section V

REBATE REPORT
$7,180,000
VillaMar Community Development District
(City of Winter Haven, Florida)
Special Assessment Bonds, Series 2019

Dated: June 25, 2019
Delivered: June 25, 2019

Rebate Report to the Computation Date June 25, 2027
Reflecting Activity To June 30, 2023

TABLE OF CONTENTS

AMTEC Opinion	3	
Summary of Rebate Computations	4	
Summary of Computational Information and Definitions	5	
Methodology	7	
Sources and Uses	8	
Proof of Arbitrage Yield	9	
Bond Debt Service Schedule	11	
Arbitrage Rebate Calculation Detail Report – Acquisition & Construction Account	13	
Arbitrage Rebate Calculation Detail Report – Reserve Account	15	
Arbitrage Rebate Calculation Detail Report – Interest Account	16	
Arbitrage Rebate Calculation Detail Report – Cost of Issuance Account	17	
Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits	18	

September 15, 2023

VillaMar Community Development District c/o Ms. Katie Costa
Governmental Management Services-CF, LLC 6200 Lee Vista Boulevard
Orlando, FL 32822

Re:	$7,180,000 VillaMar Community Development District (City of Winter Haven, Florida), Special
Assessment Bonds, Series 2019	

Dear Ms. Costa:

AMTEC has prepared certain computations relating to the above referenced bond issue (the “Bonds”) at the request of the VillaMar Community Development District (the “District”)

The scope of our engagement consisted of preparing the computations shown in the attached schedules to determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, Section 148(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and all applicable Regulations issued thereunder. The methodology used is consistent with current tax law and regulations and may be relied upon in determining the rebate liability. Certain computational methods used in the preparation of the schedules are described in the Summary of Computational Information and Definitions.

Our engagement was limited to the computation of Rebatable Arbitrage based upon the information furnished to us by the District. In accordance with the terms of our engagement, we did not audit the information provided to us, and we express no opinion as to the completeness, accuracy or suitability of such information for purposes of calculating the Rebatable Arbitrage.

We have scheduled the next Report as of May 31, 2024. Thank you and should you have any questions, please do not hesitate to contact us.

Very truly yours,

Michael J. Scarfo Senior Vice President	Caitlyn C. McGovern Assistance Vice President	
SUMMARY OF REBATE COMPUTATIONS
Our computations, contained in the attached schedules, are summarized as follows: For the June 25, 2027 Computation Date
Reflecting Activity from June 25, 2019 through June 30, 2023

Fund Description	Taxable Inv Yield	Net Income	Rebatable Arbitrage	
Acquisition & Construction Account	1.693084%	29,605.37	(76,040.57)	
Reserve Account	0.917975%	11,896.19	(66,198.65)	
Interest Account	1.350534%	2,475.39	(8,801.07)	
Cost of Issuance Account	1.901117%	4.90	(10.53)	
Totals	1.365955%	$43,981.85	$(151,050.82)	
Bond Yield	4.747170%			
Rebate Computation Credits	(9,481.38)			
Net Rebatable Arbitrage	$(160,532.20)			

Based upon our computations, no rebate liability exists.
SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS
COMPUTATIONAL INFORMATION

For purposes of computing Rebatable Arbitrage, investment activity is reflected from June 25, 2019, the date of the closing, to June 30, 2023, the Computation Period. All nonpurpose payments and receipts are future valued to the Computation Date of June 25, 2027.

Computations of yield are based on a 360-day year and semiannual compounding on the last day of each compounding interval. Compounding intervals end on a day in the calendar year corresponding to Bond maturity dates or six months prior.

For investment cash flow, debt service and yield computation purposes, all payments and receipts are assumed to be paid or received respectively, as shown on the attached schedules.

Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction.

During the period between June 25, 2019 and June 30, 2023, the District made periodic payments into the Interest, Sinking and Prepayment Accounts (collectively, the “Debt Service Fund”) that were used, along with the interest earned, to provide the required debt service payments.
Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year. The fund must be depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year.
We have reviewed the Debt Service Fund and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement.

In accordance with Page C-1 of the Arbitrage and Tax Certificate, Exhibit C (Arbitrage Rebate Covenants) the first (initial) Computation Date must be within 60 days of the end of the third Bond Year. After the first required payment date (Computation Date) the District must consistently treat either the last day of each Bond Year or the last day of each fifth Bond Year as the (subsequent) Computation Date(s). Therefore, for purposes of the arbitrage calculation, the first Computation Date is June 25, 2027.
DEFINITIONS

Computation Date
June 25, 2027.

Computation Period
The period beginning on June 25, 2019, the date of the closing, and ending on June 30, 2023.

Bond Year
Each one-year period (or shorter period from the date of issue) that ends at the close of business on the day in the calendar year that is selected by the Issuer. If no day is selected by the Issuer before the earlier of the final maturity date of the issue or the date that is five years after the date of issue, each bond year ends at the close of business on the anniversary date of the issuance.

Bond Yield
The discount rate that, when used in computing the present value of all the unconditionally payable payments of principal and interest with respect to the Bonds, produces an amount equal to the present value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds.

Taxable Investment Yield
The discount rate that, when used in computing the present value of all receipts of principal and interest to be received on an investment during the Computation Period, produces an amount equal to the fair market value of the investment at the time it became a nonpurpose investment.

Issue Price
The price determined on the basis of the initial offering price at which price a substantial amount of the Bonds was sold.

Rebatable Arbitrage
The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments over the amount that would have been earned if such nonpurpose investments were invested at the Bond Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield.
Funds and Accounts
The Funds and Accounts activity used in the compilation of this Report was received from the District and US Bank, Trustee, as follows:

Accounts	Account Number	
Revenue	276305000	
Interest	276305001	
Sinking	276305002	
Reserve	276305003	
Prepayment	276305004	
Acquisition & Construction	276305005	
Cost of Issuance	276305006	

METHODOLOGY
Bond Yield
The methodology used to calculate the bond yield was to determine the discount rate that produces the present value of all payments of principal and interest through the maturity date of the Bonds.

Investment Yield and Rebate Amount
The methodology used to calculate the Rebatable Arbitrage, as of June 30, 2023, was to calculate the future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond proceeds, at the yield on the Bonds, to June 25, 2027. This figure was then compared to the future value of the deposit of bond proceeds into the various investment accounts at the same yield. The difference between the future values of the two cash flows, on June 25, 2027, is the Rebatable Arbitrage.
$7,180,000
VillaMar Community Development District (City of Winter Haven, Florida)
Special Assessment Bonds, Series 2019 Delivered: June 25, 2019

Par Amount	$7,180,000.00	
Original Issue Discount	-7,202.40	
Total	$7,172,797.60	

Acquisition & Construction Account	$6,099,104.54	
Reserve Account	450,868.75	
Interest Account	282,593.13	
Cost of Issuance Account	196,631.18	
Underwriter’s Discount	143,600.00	
Total	$7,172,797.60	

PROOF OF ARBITRAGE YIELD
$7,180,000
VillaMar Community Development District (City of Winter Haven, Florida)
Special Assessment Bonds, Series 2019

Date	

Debt Service	Present Value to 06/25/2019
@ 4.7471696708%	
11/01/2019	116,361.88	114,466.71	
05/01/2020	166,231.25	159,732.48	
11/01/2020	166,231.25	156,028.99	
05/01/2021	286,231.25	262,435.01	
11/01/2021	163,981.25	146,862.53	
05/01/2022	288,981.25	252,812.52	
11/01/2022	161,637.50	138,128.44	
05/01/2023	291,637.50	243,442.53	
11/01/2023	159,200.00	129,810.03	
05/01/2024	294,200.00	234,325.70	
11/01/2024	156,668.75	121,891.02	
05/01/2025	296,668.75	225,461.94	
11/01/2025	153,868.75	114,225.73	
05/01/2026	298,868.75	216,723.56	
11/01/2026	150,968.75	106,936.20	
05/01/2027	300,968.75	208,243.38	
11/01/2027	147,968.75	100,007.34	
05/01/2028	302,968.75	200,019.25	
11/01/2028	144,868.75	93,424.50	
05/01/2029	304,868.75	192,048.56	
11/01/2029	141,668.75	87,173.46	
05/01/2030	311,668.75	187,333.56	
11/01/2030	137,737.50	80,869.84	
05/01/2031	312,737.50	179,360.36	
11/01/2031	133,690.63	74,896.16	
05/01/2032	318,690.63	174,397.39	
11/01/2032	129,412.50	69,176.57	
05/01/2033	324,412.50	169,391.82	
11/01/2033	124,903.13	63,705.99	
05/01/2034	329,903.13	164,363.53	
11/01/2034	120,162.50	58,479.02	
05/01/2035	335,162.50	159,330.39	
11/01/2035	115,190.63	53,489.98	
05/01/2036	340,190.63	154,308.46	
11/01/2036	109,987.50	48,732.96	
05/01/2037	344,987.50	149,312.07	
11/01/2037	104,553.13	44,201.88	
05/01/2038	349,553.13	144,354.04	
11/01/2038	98,887.50	39,890.48	
05/01/2039	353,887.50	139,445.71	
11/01/2039	92,990.63	35,792.43	
05/01/2040	362,990.63	136,477.01	
11/01/2040	86,409.38	31,734.90	
05/01/2041	366,409.38	131,448.26	
11/01/2041	79,584.38	27,888.70	
05/01/2042	374,584.38	128,221.87	
11/01/2042	72,393.75	24,206.14	
05/01/2043	382,393.75	124,895.68	
11/01/2043	64,837.50	20,685.93	
05/01/2044	389,837.50	121,491.09	
11/01/2044	56,915.63	17,326.24	
05/01/2045	401,915.63	119,514.30	
11/01/2045	48,506.25	14,089.47	
05/01/2046	408,506.25	115,906.52	
11/01/2046	39,731.25	11,011.68	
05/01/2047	419,731.25	113,633.04	
11/01/2047	30,468.75	8,057.50	
05/01/2048	425,468.75	109,906.96	

PROOF OF ARBITRAGE YIELD
$7,180,000
VillaMar Community Development District (City of Winter Haven, Florida)
Special Assessment Bonds, Series 2019
Present Value to 06/25/2019
Date	Debt Service  @ 4.7471696708%

11/01/2048	20,840.63	5,258.72
05/01/2049	435,840.63	107,426.00
11/01/2049	10,725.00	2,582.21
05/01/2050	450,725.00	106,002.84

13,912,574.47	7,172,797.60

Proceeds Summary

Delivery date	06/25/2019	
Par Value	7,180,000.00	
Premium (Discount)	-7,202.40	
Target for yield calculation	7,172,797.60	

BOND DEBT SERVICE
$7,180,000
VillaMar Community Development District (City of Winter Haven, Florida)
Special Assessment Bonds, Series 2019

Period Ending	
Principal	
Coupon	
Interest	
Debt Service	Annual Debt Service	
06/25/2019						
11/01/2019			116,361.88	116,361.88		
05/01/2020			166,231.25	166,231.25	282,593.13	
11/01/2020			166,231.25	166,231.25		
05/01/2021	120,000	3.750%	166,231.25	286,231.25	452,462.50	
11/01/2021			163,981.25	163,981.25		
05/01/2022	125,000	3.750%	163,981.25	288,981.25	452,962.50	
11/01/2022			161,637.50	161,637.50		
05/01/2023	130,000	3.750%	161,637.50	291,637.50	453,275.00	
11/01/2023			159,200.00	159,200.00		
05/01/2024	135,000	3.750%	159,200.00	294,200.00	453,400.00	
11/01/2024			156,668.75	156,668.75		
05/01/2025	140,000	4.000%	156,668.75	296,668.75	453,337.50	
11/01/2025			153,868.75	153,868.75		
05/01/2026	145,000	4.000%	153,868.75	298,868.75	452,737.50	
11/01/2026			150,968.75	150,968.75		
05/01/2027	150,000	4.000%	150,968.75	300,968.75	451,937.50	
11/01/2027			147,968.75	147,968.75		
05/01/2028	155,000	4.000%	147,968.75	302,968.75	450,937.50	
11/01/2028			144,868.75	144,868.75		
05/01/2029	160,000	4.000%	144,868.75	304,868.75	449,737.50	
11/01/2029			141,668.75	141,668.75		
05/01/2030	170,000	4.625%	141,668.75	311,668.75	453,337.50	
11/01/2030			137,737.50	137,737.50		
05/01/2031	175,000	4.625%	137,737.50	312,737.50	450,475.00	
11/01/2031			133,690.63	133,690.63		
05/01/2032	185,000	4.625%	133,690.63	318,690.63	452,381.26	
11/01/2032			129,412.50	129,412.50		
05/01/2033	195,000	4.625%	129,412.50	324,412.50	453,825.00	
11/01/2033			124,903.13	124,903.13		
05/01/2034	205,000	4.625%	124,903.13	329,903.13	454,806.26	
11/01/2034			120,162.50	120,162.50		
05/01/2035	215,000	4.625%	120,162.50	335,162.50	455,325.00	
11/01/2035			115,190.63	115,190.63		
05/01/2036	225,000	4.625%	115,190.63	340,190.63	455,381.26	
11/01/2036			109,987.50	109,987.50		
05/01/2037	235,000	4.625%	109,987.50	344,987.50	454,975.00	
11/01/2037			104,553.13	104,553.13		
05/01/2038	245,000	4.625%	104,553.13	349,553.13	454,106.26	
11/01/2038			98,887.50	98,887.50		
05/01/2039	255,000	4.625%	98,887.50	353,887.50	452,775.00	
11/01/2039			92,990.63	92,990.63		
05/01/2040	270,000	4.875%	92,990.63	362,990.63	455,981.26	
11/01/2040			86,409.38	86,409.38		
05/01/2041	280,000	4.875%	86,409.38	366,409.38	452,818.76	
11/01/2041			79,584.38	79,584.38		
05/01/2042	295,000	4.875%	79,584.38	374,584.38	454,168.76	
11/01/2042			72,393.75	72,393.75		
05/01/2043	310,000	4.875%	72,393.75	382,393.75	454,787.50	
11/01/2043			64,837.50	64,837.50		
05/01/2044	325,000	4.875%	64,837.50	389,837.50	454,675.00	
11/01/2044			56,915.63	56,915.63		
05/01/2045	345,000	4.875%	56,915.63	401,915.63	458,831.26	
11/01/2045			48,506.25	48,506.25		
05/01/2046	360,000	4.875%	48,506.25	408,506.25	457,012.50	
11/01/2046			39,731.25	39,731.25		
05/01/2047	380,000	4.875%	39,731.25	419,731.25	459,462.50	
11/01/2047			30,468.75	30,468.75		
05/01/2048	395,000	4.875%	30,468.75	425,468.75	455,937.50	

BOND DEBT SERVICE
$7,180,000
VillaMar Community Development District (City of Winter Haven, Florida)
Special Assessment Bonds, Series 2019

Period Ending	
Principal	
Coupon	
Interest	
Debt Service	Annual Debt Service	
11/01/2048			20,840.63	20,840.63		
05/01/2049	415,000	4.875%	20,840.63	435,840.63	456,681.26	
11/01/2049			10,725.00	10,725.00		
05/01/2050	440,000	4.875%	10,725.00	450,725.00	461,450.00	
	7,180,000		6,732,574.47	13,912,574.47	13,912,574.47	

ARBITRAGE REBATE CALCULATION DETAIL REPORT

FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(4.747170%)

06/25/19	Beg	Bal	-6,099,104.54	-8,877,131.61	
06/28/19			300,231.75	436,810.83	
06/28/19			15,000.00	21,823.68	
06/28/19			1,536.00	2,234.75	
06/28/19			110,256.78	160,413.93	
06/28/19			322.50	469.21	
06/28/19			9,596.32	13,961.80	
06/28/19			8,500.81	12,367.93	
07/10/19			8,574.48	12,455.62	
07/10/19			127.20	184.78	
07/31/19			6,000.00	8,693.14	
07/31/19			312.50	452.77	
07/31/19			702.50	1,017.82	
07/31/19			228.29	330.76	
07/31/19			26,840.00	38,887.33	
07/31/19			69,933.00	101,322.93	
07/31/19			326,184.22	472,594.37	
08/07/19			1,662.50	2,406.53	
08/07/19			137,451.77	198,966.40	
08/07/19			210,118.45	304,154.04	
08/07/19			39,175.00	56,707.23	
08/07/19			65,637.20	95,012.22	
08/07/19			3,202.98	4,636.43	
08/07/19			17,613.00	25,495.45	
08/14/19			341,499.20	493,881.66	
09/16/19			101.50	146.18	
09/16/19			144,499.87	208,108.34	
09/16/19			31,774.00	45,760.83	
09/16/19			17,338.32	24,970.60	
09/16/19			3,000.00	4,320.59	
09/16/19			82,035.31	118,147.04	
09/16/19			195,789.93	281,976.15	
09/16/19			8,505.00	12,248.88	
09/16/19			135,209.95	194,729.02	
09/16/19			72.50	104.41	
09/16/19			6,000.00	8,641.18	
09/18/19			115,033.00	165,627.05	
09/18/19			6,755.52	9,726.75	
09/18/19			37,895.76	54,563.15	
09/18/19			4,880.88	7,027.60	
09/18/19			170,838.43	245,976.94	
09/18/19			178,325.74	256,757.33	
10/16/19			250,805.54	359,800.00	
10/16/19			3,000.00	4,303.73	
10/16/19			533,208.35	764,928.74	
10/16/19			28,962.31	41,548.68	
10/16/19			10,876.03	15,602.51	
10/16/19			10,845.00	15,557.99	

	ARBITRAGE REBATE CALCULATION DETAIL REPORT			
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF		
DATE	DESCRIPTION	(PAYMENTS)	(4.747170%)	
10/16/19		3,000.00	4,303.73	
10/18/19		791.64	1,135.37	
10/24/19		11,171.56	16,009.77	
10/24/19		81,911.19	117,385.51	
10/28/19		8,444.96	12,096.02	
10/28/19		5,684.60	8,142.26	
10/28/19		250.00	358.08	
10/28/19		3,000.00	4,297.01	
10/28/19		20,561.44	29,450.89	
11/07/19		439.00	628.06	
11/07/19		513,149.55	734,140.86	
11/07/19		235,971.54	337,594.27	
11/07/19		127,341.76	182,182.35	
11/07/19		882.00	1,261.84	
11/07/19		22,150.00	31,689.05	
11/07/19		3,000.00	4,291.97	
11/07/19		55,232.03	79,018.08	
11/07/19		6,496.25	9,293.90	
11/21/19		7,303.24	10,429.38	
11/21/19		3,000.00	4,284.15	
11/25/19		54.11	77.23	
12/06/19		306,823.20	437,302.80	
12/06/19		293,674.11	418,561.93	
12/09/19		718.20	1,023.22	
12/09/19		38,205.43	54,431.38	
12/09/19		3,000.00	4,274.11	
12/19/19		3,000.00	4,268.54	
12/30/19		6,562.02	9,323.38	
12/30/19		1,503.00	2,135.48	
12/30/19		161,849.03	229,956.54	
01/03/20		1,876.49	2,665.09	
01/03/20		1,857.29	2,637.82	
01/03/20		13,200.00	18,747.35	
01/03/20		3,000.00	4,260.76	
01/03/20		187,723.45	266,614.89	
01/03/20		216,924.46	308,087.73	
01/14/20		7,650.00	10,849.37	
02/03/20		13,905.52	19,672.30	
02/03/20		6,177.18	8,738.93	
02/03/20		4,300.80	6,084.39	
02/03/20		3,424.45	4,844.61	
02/03/20		3,000.00	4,244.13	
02/03/20		1,710.00	2,419.16	
02/03/20		1,200.00	1,697.65	
02/03/20		10,600.00	14,995.94	
02/10/20		2,267.46	3,204.88	
02/13/20		-55,495.63	-78,408.05	
02/13/20		-42.00	-59.34	

		ARBITRAGE REBATE CALCULATION DETAIL REPORT		
		
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(4.747170%)	
02/13/20		-123.56	-174.57	
02/19/20		-6,063.89	-8,560.79	
02/25/20		104,994.98	148,112.34	
02/25/20		-4,449.41	-6,276.61	
04/20/20		-339,161.28	-475,024.48	
04/27/20		214,056.24	299,530.76	
04/27/20		125,105.04	175,060.57	
05/21/20		-330,855.49	-461,523.15	
05/28/20		219,726.39	306,225.37	
05/28/20		11,758.40	16,387.29	
05/28/20		671.12	935.32	
05/28/20		81,655.89	113,801.10	
05/28/20		1,089.86	1,518.90	
05/28/20		7,447.50	10,379.33	
05/28/20		9,000.00	12,543.00	
05/28/20		63.00	87.80	
05/28/20		4,962.50	6,916.07	
05/29/20		3,852.50	5,368.40	
06/05/20		-264,513.51	-368,307.54	
06/11/20		112,031.29	155,869.98	
06/11/20		2,152.75	2,995.14	
06/11/20		13,025.32	18,122.23	
06/11/20		4,863.82	6,767.07	
06/11/20		593.53	825.78	
06/11/20		91.60	127.44	
06/11/20		5,839.48	8,124.51	
06/11/20		3,817.50	5,311.32	
06/11/20		2,402.50	3,342.62	
06/11/20		500.00	695.65	
06/11/20		400.00	556.52	
06/11/20		3,000.00	4,173.92	
06/11/20		3,281.50	4,565.58	
06/11/20		116.00	161.39	
06/11/20		27,575.00	38,365.31	
06/11/20		48,932.86	68,080.66	
06/11/20		15,952.50	22,194.83	
06/12/20		1,803.31	2,508.63	
07/06/20		1,332.57	1,847.98	
07/06/20		1,032.50	1,431.85	
07/06/20		6,720.00	9,319.17	
08/13/20		-287,201.73	-396,370.23	
08/13/20		-3,900.00	-5,382.43	
08/18/20		287,201.73	396,112.03	
08/20/20		-384,987.68	-530,841.19	
08/20/20		-6,997.20	-9,648.11	
08/21/20		348.50	480.47	
08/21/20		229,500.38	316,405.92	
08/21/20		7,384.00	10,180.12	

		ARBITRAGE REBATE CALCULATION DETAIL REPORT		
		
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(4.747170%)	
08/21/20		6,997.20	9,646.85	
08/21/20		156,387.78	215,607.57	
08/21/20		487.50	672.10	
09/15/20		-8,128.00	-11,170.86	
09/16/20		8,128.00	11,169.40	
09/16/20		2,631.50	3,616.18	
10/09/20		835.48	1,144.67	
11/18/20		43.50	59.30	
12/21/20		126.00	171.02	
05/17/21		263.92	351.46	
06/25/27	TOTALS:	29,605.37	-76,040.57	

ISSUE DATE:	06/25/19	REBATABLE ARBITRAGE:	-76,040.57	
COMP DATE:	06/25/27	NET INCOME:	29,605.37	
BOND YIELD: 4.747170%	TAX INV YIELD:	1.693084%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT

FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(4.747170%)

06/25/19	Beg	Bal	-450,868.75	-656,230.96	
01/23/20			1,549.82	2,195.41	
06/04/20			4,675.00	6,510.30	
09/21/20			31,075.00	42,675.08	
12/17/20			2,653.21	3,603.02	
05/03/21			2,406.17	3,210.14	
07/01/21			6.28	8.32	
07/01/21			2,153.12	2,850.91	
07/01/21			205,579.69	272,204.65	
11/01/21			2,040.07	2,659.31	
12/29/21			898.38	1,162.25	
05/05/22			3.01	3.83	
06/27/22			53.12	67.15	
11/01/22			627.70	780.73	
02/01/23			1,374.31	1,689.42	
02/01/23			731.25	898.92	
05/03/23			731.25	888.20	
05/03/23			1,231.16	1,495.41	
06/30/23	MMkt Bal	204,198.05	246,190.84		
06/30/23	MMkt Acc	778.35	938.42		
06/25/27	TOTALS:	11,896.19	-66,198.65		

ISSUE DATE:	06/25/19	
REBATABLE ARBITRAGE:	
-66,198.65			
COMP DATE:	06/25/27	NET INCOME:	11,896.19			
BOND YIELD: 4.747170%	TAX INV YIELD:	0.917975%			

ARBITRAGE REBATE CALCULATION DETAIL REPORT

FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(4.747170%)

06/25/19	Beg	Bal	-282,593.13	-411,308.97	
11/01/19			116,361.88	166,604.13	
12/03/19			-104.90	-149.57	
05/01/20			166,231.26	232,487.62	
08/03/20			-761.93	-1,052.92	
08/03/20			3,342.20	4,618.62	
09/30/20	deminimis	0.01	0.01		
06/25/27	TOTALS:	2,475.39	-8,801.07		

ISSUE DATE:	
06/25/19	
REBATABLE ARBITRAGE:	
-8,801.07		
COMP DATE:	06/25/27	NET INCOME:	2,475.39		
BOND YIELD:	4.747170%	TAX INV YIELD:	1.350534%		

ARBITRAGE REBATE CALCULATION DETAIL REPORT

FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(4.747170%)

06/25/19	Beg	Bal	-196,631.18	-286,192.97	
06/25/19			5,000.00	7,277.41	
06/25/19			30,000.00	43,664.43	
06/25/19			45,000.00	65,496.65	
06/25/19			48,000.00	69,863.09	
06/25/19			43,500.00	63,313.43	
06/25/19			18,156.18	26,425.98	
06/26/19			1,500.00	2,182.94	
07/09/19			5,375.00	7,808.95	
12/03/19			104.90	149.57	
06/25/27	TOTALS:	4.90	-10.53		

ISSUE DATE:	06/25/19	
REBATABLE ARBITRAGE:	
-10.53			
COMP DATE:	06/25/27	NET INCOME:	4.90			
BOND YIELD: 4.747170%	TAX INV YIELD:	1.901117%			

	ARBITRAGE REBATE CALCULATION DETAIL REPORT			
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF		
DATE	DESCRIPTION	(PAYMENTS)	(4.747170%)	
06/25/20		-1,760.00	-2,444.24	
06/25/21		-1,780.00	-2,358.71	
06/25/22		-1,830.00	-2,313.82	
06/25/23		-1,960.00	-2,364.61	
06/25/27	TOTALS:	-7,330.00	-9,481.38	

ISSUE DATE:	06/25/19	REBATABLE ARBITRAGE: -9,481.38 COMP DATE:	06/25/27
BOND YIELD: 4.747170%

Section VI

Arbitrage Rebate Computation Proposal For
Villamar Community Development District
(City of Winter Haven, Florida)
$7,940,000 Special Assessment Bonds, Series 2023 (Assessment Area Five Project)

September 11, 2023

Villamar Community Development District c/o Ms. Katie Costa
Director of Accounting Services
Government Management Services – CF, LLC 6200 Lee Vista Boulevard, Suite 300
Orlando, FL 32822

Re:	Villamar Community Development District (City of Winter Haven, Florida)
$7,940,000 Special Assessment Bonds, Series 2023 (Assessment Area Five Project)	

Dear Ms. Costa:

AMTEC is an independent consulting firm that specializes in arbitrage rebate calculations. We have the ability to complete rebate computations for the above-referenced Villamar Community Development District (the “District”) Series 2023 bond issue (the “Bonds”). We do not sell investments or seek an underwriting role. As a result of our specialization, we offer very competitive pricing for rebate computations. Our typical fee averages less than $1,000 per year, per issue and includes up to five years of annual rebate liability reporting.

Firm History
AMTEC was incorporated in 1990 and maintains a prominent client base of colleges and universities, school districts, hospitals, cities, state agencies and small-town bond issuers throughout the United States. We currently compute rebate for more than 7,300 bond issues and have delivered thousands of rebate reports. The IRS has never challenged our findings.

Southeast Client Base
We provide arbitrage rebate services to over 400 bond issues aggregating more than $10 billion of tax- exempt debt in the southeastern United States. We have recently performed computations for the Magnolia West, East Park, Palm Coast Park, Villamar and Town Center at Palm Coast Park Community Development Districts. Additionally, we are exclusive rebate consultant to Broward County and the Town of Palm Beach in Florida. Nationally, we are rebate consultants for the City of Tulsa (OK), the City of Lubbock (TX) and the States of Connecticut, New Jersey, Montana, Mississippi, West Virginia, Vermont and Alaska.

We have prepared a Proposal for the computation of arbitrage for the District’s Bonds. We have established a "bond year end" of June 15th, based upon the anniversary of the closing date of the Bonds in June 2023.
Proposal

We are proposing rebate computation services based on the following:

$7,940,000 Special Assessment Bonds, Series 2023 (Assessment Area Five Project)
Fixed Rate Debt; and
Acquisition & Construction, Debt Service Reserve, Capitalized Interest, Cost of Issuance & Debt Service Accounts.

Should the Tax Agreement require rebate computations for any other accounts, computations will be extended to include those accounts at no additional cost to the District.

Our guaranteed fee for rebate computations for the Series 2023 Bonds is $450 per year and will encompass all activity from June 15, 2023, the date of the closing, through June 15, 2028, the end of the 5th Bond Year and initial Computation Date. The fee is based upon the size as well as the complexity. Our fee is payable upon your acceptance of our rebate reports, which will be delivered shortly after the report dates specified in the following tables.

AMTEC's Professional Fee

Report Date	Type of Report	Period Covered	Fee	
May 31, 2024	Rebate and Opinion	Closing – May 31, 2024	$450	
May 31, 2025	Rebate and Opinion	Closing – May 31, 2025	$450	
May 31, 2026	Rebate and Opinion	Closing – May 31, 2026	$450	
May 31, 2027	Rebate and Opinion	Closing – May 31, 2027	$450	
June 15, 2028	Rebate and Opinion	Closing – June 15, 2028	$450	

In order to begin, we are requesting copies of the following documentation:

Arbitrage Certificate or Tax Regulatory Agreement
IRS Form 8038-G
Closing Memorandum
US Bank statements for all accounts from June 15, 2023, the date of the closing, through each report date

AMTEC's Scope of Services

Our standard engagement includes the following services:
Review of all bond documents and account statements for possible rebate exceptions;
Computation of the rebate liability and/or the yield restricted amount, in accordance with Section 148 of the Internal Revenue Code, commencing with the date of the closing through required reporting date of the Bonds;
Independent calculation of the yield on the Bonds to ensure the correct basis for any rebate liability. This effort provides the basis for our unqualified opinion;
Reconciliation of the sources and uses of funds from the bond documentation;
Calculation and analysis of the yield on all investments, subject to the Regulations, for each computation period;
Production of rebate reports, indicating the above stated information, and the issuance of the AMTEC Opinion;
Recommendations for proactive rebate management;
Commingled funds, transferred proceeds and yield restriction analyses, if necessary;
Preparation of IRS Form 8038-T and any accompanying documentation, should a rebate payment be required;
We will discuss the results of our Reports with you, your auditors, and our continued support in the event of an IRS inquiry; and
We guarantee the completeness and accuracy of our work.

The District agrees to furnish AMTEC with the required documentation necessary to fulfill its obligation under the scope of services. The District will make available staff knowledgeable about the bond transactions, investments and disbursements of bond proceeds.

The District agrees to pay AMTEC its fee after it has been satisfied that the scope of services, as outlined under the Proposal, has been fulfilled. AMTEC agrees that its fee is all-inclusive and that it will not charge the District for any expenses connected with this engagement.

The parties have executed this Agreement on 	, 2023.

Villamar
Community Development District	Consultant: American Municipal Tax-Exempt Compliance Corporation
		
By:	By:	Michael J. Scarfo Senior Vice President	

Section VII

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

REPORT OF INDEPENDENT AUDITORS	1-3
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-9
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements:
Statement of Net Position	10
Statement of Activities	11
Fund Financial Statements:
Balance Sheet – Governmental Funds	12
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	13
Statement of Revenues, Expenditures and Changes in Fund
Balances – Governmental Funds	14
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	15
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	16
Notes to Financial Statements	17-31
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	32-33
MANAGEMENT LETTER	34-36
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	37

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
VillaMar Community Development District Winter Haven, Florida

Report on Audit of the Financial Statements

Opinion

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

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

Basis for Opinion

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

Responsibilities of Management for the Financial Statements

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

- 1 -
To the Board of Supervisors
VillaMar Community Development District

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

Auditor’s Responsibility for the Audit of the Financial Statements

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

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

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

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

- 2 -
To the Board of Supervisors
VillaMar Community Development District

Required Supplementary Information

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

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated September 28, 2023 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts.

The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering VillaMar Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida September 28, 2023

- 3 -

Management’s discussion and analysis of VillaMar Community Development District’s (the “District”) financial performance provides an objective and easily readable analysis of the District’s financial activities. The analysis provides summary financial information for the District and should be read in conjunction with the District’s financial statements.

OVERVIEW OF THE FINANCIAL STATEMENTS

The District’s basic financial statements comprise three components; 1) Government-wide financial statements, 2) Fund financial statements, and 3) Notes to financial statements. The Government-wide financial statements present an overall picture of the District’s financial position and results of operations. The Fund financial statements present financial information for the District’s major funds. The Notes to financial statements provide additional information concerning the District’s finances.

The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities and the change in net position. Governmental activities are primarily supported by special assessments.

The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Net position is reported in three categories; 1) net investment in capital assets, 2) restricted, and 3) unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.

The statement of activities presents information on all revenues and expenses of the District and the change in net position. Expenses are reported by major function and program revenues relating to those functions are reported, providing the net cost of all functions provided by the District. To assist in understanding the District’s operations, expenses have been reported as governmental activities. Governmental activities financed by the District include general government, physical environment, 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 buildings and improvements, and infrastructure are reported in the statement of net position. All liabilities, including principal outstanding on bonds are included. The statement of activities includes depreciation on all long lived assets of the District, but transactions between the different functions of the District have been eliminated in order to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long lived assets are reported as expenditures and long-term liabilities, such as general obligation bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, reconciliations are provided from the fund financial statements to the government-wide financial statements.

Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, capital assets and long-term debt are some of the items included in the notes to financial statements.

Financial Highlights

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

The District’s total assets exceeded total liabilities by $3,909,901 (net position). Net investment in capital assets was $3,756,901. Restricted net position was $99,960 and unrestricted net position was $53,040.

Governmental activities revenues totaled $4,618,443 while governmental activities expenses and conveyances totaled $3,424,942.

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
	2022		2021	

Current assets	
$	476,616		
$	3,082,518	
Restricted assets	1,410,491		1,966,389	
Capital assets		23,477,143 			17,247,055 	
Total Assets		25,364,250 			22,295,962 	
Current liabilities	1,288,669		4,730,363	
Non-current liabilities		20,165,680 			14,849,199 	
Total Liabilities		21,454,349 			19,579,562 	

Net Position				
Net investment in capital assets	3,756,901	2,566,547		
Restricted	99,960	227,262		
Unrestricted		53,040 		(77,409)		
Total Net Position	 $	3,909,901 	 $	2,716,400 		

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

The decrease in restricted assets and the increase in capital assets is related to the issuance of long-term debt and the associated capital project in the current year.

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

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

The increase in net position is the result of 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
	2022		2021	
Program Revenues				
Charges for services	$	1,414,858		$	977,599	
Operating contributions	6,988		23,424	
Capital contributions	3,191,610		1,280,676	
General Revenues				
Miscellaneous revenues	28	-		
Investment earnings		4,959 		214 		
Total Revenues		4,618,443 		2,281,913 		

Expenses				
General government	126,855	141,983		
Physical environment	416,064	134,486		
Culture/recreation	71,442	31,868		
Interest and other charges		1,045,549 		836,306 		
Total Expenses		1,659,910 		1,144,643 		
Conveyance of capital assets		(1,765,032)		- 		
Change in Net Position	1,193,501	1,137,270		
Net Position - Beginning of Period		2,716,400 		1,579,130 		
Net Position - End of Period	 $	3,909,901 	 $	2,716,400 		

The increase in capital contributions is related to the capital project activity in the current year.

The decrease in general government is related to the decrease in boundary amendment and legal advertising expenses in the current year.

The increase in physical environment is related to the increase in depreciation in the current year.

The increase in interest and other charges is related to the cost of issuance 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, 2022 and 2021:

Governmental Activities
	Description			2022			2021		
Construction in progress	$  17,167,950	$  17,200,687	
Buildings and improvements	503,609	-	
Improvements other than buildings	1,918,512	-	
Infrastructure	4,000,097	-	
Equipment	106,368	46,368	
Accumulated depreciation		(219,393)		- 	
Total	 $  23,477,143 	 $  17,247,055 	

Capital asset activity for the year consisted of additions to construction in progress of
$8,154,513, improvements other than buildings of $1,918,512, buildings and improvements,
$503,609, infrastructure of $4,000,097, and equipment of $60,000. Depreciation was $219,393, and transfers from construction in progress were $8,187,250.

General Fund Budgetary Highlights

Actual expenditures exceeded the final budget in the current year because a financed purchase was initiated in the current year.

The September 30, 2022 budget was not amended.

Debt Management

Governmental Activities debt includes the following:

In June 2019, the District issued $7,180,000 Special Assessment Bonds, Series 2019. These bonds were issued to finance a portion of the cost of the planning, financing, acquisition, construction, installation, and equipping of the Series 2019 Project. The balance outstanding on the Series 2019 Bonds at September 30, 2022 was $6,230,000.

In November 2020, the District issued $6,500,000 Special Assessment Bonds, Series 2020. These bonds were issued to finance a portion of the cost of the planning, financing, acquisition, construction, installation, and equipping of the Series 2020 Project. The balance outstanding on the Series 2020 Bonds at September 30, 2022 was $6,375,000.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Debt Management (Continued)

In February 2022, the District issued $3,040,000 Special Assessment Bonds, Series 2022 (Phase 3 Project). These bonds were issued to finance a portion of the cost of the planning, financing, acquisition, construction, installation, and equipping of the Phase 3 Project. The balance outstanding on the Series 2022 Bonds(Phase 3) at September 30, 2022 was
$3,040,000.

In February 2022, the District issued $4,295,000 Special Assessment Bonds, Series 2022 (Phase 4 Project). These bonds were issued to finance a portion of the cost of the planning, financing, acquisition, construction, installation, and equipping of the Phase 4 Project. The balance outstanding on the Series 2022 Bonds(Phase 4) at September 30, 2022 was
$4,295,000.

During the fiscal year ended September 30, 2022, the Developer advanced the District
$1,186,614 to fund certain capital project expenditures. The Developer will be repaid from the proceeds of a future long-term debt issuance. The balance outstanding on the Developer Advance at September 30, 2022 was $578,098.

Economic Factors and Next Year’s Budget

VillaMar Community Development District will continue with capital projects. In addition VillaMar Community Development District issued $7,940,000 Special Assessment Bonds, Series 2023 in May 2023. The District cannot anticipate the effect of the financial position or results of operations of the District in fiscal year 2023.

Request for Information

The financial report is designed to provide a general overview of VillaMar Community Development District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the VillaMar Community Development District’s Finance Department at Government Management Services, LLC, 5385 North Nob Hill Road, Sunrise, Florida 33351.
VillaMar Community Development District STATEMENT OF NET POSITION
September 30, 2022

ASSETS	
Current Assets	
Cash	
Assessments receivable	
Due from developer	
Prepaid expenses	
Total Current Assets	
Non-Current Assets	
Restricted Assets	
Investments	
Capital Assets, Not Being Depreciated	
Construction in progress	
Capital Assets, Being Depreciated	
Buildings and improvements	
Improvements other than buildings	
Infrastructure	
Equipment	
Accumulated depreciation	
Total Non-Current Assets	
Total Assets	

LIABILITIES	
Current Liabilities	
Accounts payable and accrued expenses	
Contracts/retainage payable	
Bonds payable	
Financed purchase	
Accrued interest	
Total Current Liabilities	
Non-Current Liabilities	
Bonds payable, net	
Developer advance	
Financed purchase	
Total Non-current Laibilities	
Total Liabilities	

NET POSITION	
Net investment in capital assets	
Restricted for debt service	
Unrestricted	
Total Net Position	

See accompanying notes to financial statements.

- 10 -
Governmental Activities

$	54,874	
172,756	
224,262	
	24,724 	
	476,616 	

1,410,491

17,167,950

503,609	
1,918,512	
4,000,097	
106,368	
      (219,393)	
     24,887,634 	
     25,364,250 	

29,570	
450,438	
425,000	
15,921	
       367,740 	
      1,288,669 	

19,508,503	
578,098	
       79,079 	
     20,165,680 	
     21,454,349 	

3,756,901	
99,960	
	53,040 	
 $	3,909,901 	
VillaMar Community Development District STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2022

Expenses

Conveyance of capital assets	(1,765,032)	
Change in Net Position	1,193,501	
Net Position - October 1, 2021		2,716,400 	
Net Position - September 30, 2022	 $	3,909,901 	

See accompanying notes to financial statements.

- 11 -
VillaMar Community Development District BALANCE SHEET –
GOVERNMENTAL FUNDS
September 30, 2022

Debt
General	Service
 	 	
Investments, at fair value Total Assets

LIABILITIES AND FUND BALANCES

LIABILITIES				
Accounts payable and accrued expenses	$	29,570	$	-	$	-	
Contracts and retainage payable	-	-	450,438	
Total Liabilities	
29,570	
-	
450,438	

24,724

  

Total Liabilities and Fund Balances
$	82,610
$	1,297,292	$
507,205
$  1,887,107

See accompanying notes to financial statements.
VillaMar Community Development District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES
TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2022

Total Governmental Fund Balances

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

Long-term liabilities, bonds payable, $(19,940,000), net of bond discount, net,	
$6,497, developer advance, $(578,098) and financed purchase,	
$(95,000), are not due and payable in the current period, and therefore,	
are not reported at the fund level.	
$	1,407,099

23,477,143

(20,606,601)

	(367,740)

Net Position of Governmental Activities	 $	3,909,901 

See accompanying notes to financial statements.
VillaMar Community Development District STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES – GOVERNMENTAL FUNDS
For the Year Ended September 30, 2022

Total
Debt	Capital	Governmental
	General	 	Service	 	Projects	 	Funds	

35
-
- 8,154,513

Excess of revenues over/(under) expenditures 	(11,698) 	177,541  	(8,125,284) 	(7,959,441)

Net Change in Fund Balance	48,302	434,957	138,914	622,173	
Fund Balances - October 1, 2021		4,738 		862,335 		(82,147)		784,926 	
Fund Balances - September 30, 2022	 $	53,040 	 $ 1,297,292 	 $	56,767 	 $	1,407,099 	

See accompanying notes to financial statements.
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2022

Net Change in Fund Balances - Total Governmental Funds

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

Repayment of principal is an expenditure at the fund level, but the repayment	
reduces long-term liabilities at the government-wide level.	

The issuance of long-term debt, $(8,521,614), and financed purchase, $(60,000),	
are recognized as other financing sources at the fund level, however,	
they increase liabilities at the government-wide level.	

Governmental funds report bond discounts as expenditures. However, in the	
Statement of Activities, the cost is allocated as amortization expense.	
$	622,173

7,995,120

3,066,915

(8,581,614)

(235)

The conveyence of capital assets to another entity does not use current resources,		
and therefore, is not recognized at the fund level.	(1,765,032)	

In the Statement of Activities, interest is accrued on outstanding bonds;		
whereas in the governmental funds, interest expenditures are reported when		
due. This is the change in accrued interest in the current period.		(143,826)	

Change in Net Position of Governmental Activities	 $	1,193,501 

See accompanying notes to financial statements.
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND
For the Year Ended September 30, 2022

	Variance with			
	Final Budget			
Original	Final		Positive	
Budget	Budget	Actual	(Negative)	

Revenues	
Special assessments	
Developer contributions	
Miscellaneous revenues	
Total Revenues	

-	-	7,468	(7,468)
	-  	-  	5,478  	(5,478)
	448,445  	448,445  	467,879  	(19,434)

Revenues over/(under) Expenditures	-	-	(11,698)	(11,698)

-	-	60,000	60,000

Net Change in Fund Balances	-	-	48,302	48,302 Fund Balances - October 1, 2021
Fund Balances - September 30, 2022

See accompanying notes to financial statements.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the District have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.

Reporting Entity

The District was established on November 30, 2018, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, and City of Winter Haven Ordinance 018-70, as a Community Development District. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing district roads, landscaping, and other basic infrastructure projects within or outside the boundaries of the VillaMar Community Development District. The District is governed by a Board of Supervisors who are elected by the landowners of the District. The District operates within the criteria established by Chapter 190, Florida Statutes.

As required by GAAP, these financial statements present the VillaMar Community Development District (the primary government) as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.

Based upon the application of the above-mentioned criteria as set forth in Governmental Accounting Standards the District has identified no component units.

Measurement Focus and Basis of Accounting

The basic financial statements of the District are composed of the following:

Government-wide financial statements

Fund financial statements

Notes to financial statements

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

Government-wide Financial Statements

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 all 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 developer contributions. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program.

Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as an other financing source.

Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.

Fund Financial Statements

The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self- balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2. Measurement Focus and Basis of Accounting (Continued)

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

The District has various policies governing the fund balance classifications.

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

Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by constitution, external resource providers, or through enabling legislation.

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

Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.

Fund Balance Spending Hierarchy – For all governmental funds except special revenue funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are considered to be available when they are collected within the current period or soon thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.

Expenditures generally are recorded when a liability is incurred, as under accrual accounting.

Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”.

Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.

Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.

Amounts expended to acquire capital assets are recorded as expenditures in the year that resources are expended, rather than as fund assets. The proceeds of long- term debt are recorded as an other financing source rather than as a fund liability.

Debt service expenditures are recorded only when payment is due.

Basis of Presentation

Governmental Major Funds

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

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)

Governmental Major Funds (Continued)

Debt Service Fund – The Debt Service Fund accounts for debt service requirements to retire the Special Assessment Revenue Bonds issued to finance a portion of the cost of acquisition, construction, installation, and equipping of District projects.

Capital Projects Fund – The Capital Projects Fund accounts for acquisition and construction of infrastructure improvements located within the boundaries of the District.

Non-current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such as construction in progress, and non-current governmental liabilities, such as general obligation bonds be reported in the governmental activities column in the government-wide Statement of Net Position.

Assets, Liabilities, and Net Position or Equity

Cash and Investments

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

The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:

Direct obligations of the United States Treasury;

The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;

Interest-bearing time deposits or savings accounts in authorized qualified public depositories;

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Liabilities, and Net Position or Equity (Continued)
Cash and Investments (Continued)
Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.
Cash and cash equivalents include time deposits, certificates of deposit, money market funds, and all highly liquid debt instruments with original maturities of three months or less.
Capital Assets
Capital assets, which includes construction in progress, buildings and improvements, improvements other buildings, infrastructure, and equipment, is 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 two years. The valuation basis for all assets is historical cost. Donated capital assets are recorded at estimated fair market value at the date of donation.
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.
Equipment	5-20 years
Buildings and improvements	30 years
Infrastructure	30 years
Improvements other than buildings	30 years
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 columns of the accompanying financial statements may occur.
Bond Discounts
Bond discounts are amortized over the life of the bonds.

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, $1,407,099, differs from “net position” of governmental activities, $3,909,901, reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the Statement of Net Position versus the current financial resources focus of the governmental fund balance sheet. The effect of the differences is illustrated below:
Capital related items
When capital assets (infrastructure that is to be used in governmental activities) are purchased or constructed, the cost of those assets is reported as expenditures in governmental funds. However, the Statement of Net Position included those capital assets among the assets of the District as a whole.

Construction in progress	$	17,167,950	
Buildings and improvements	503,609	
Improvements other than buildings	1,918,512	
Infrastructure	4,000,097	
Equipment	106,368	
Accumulated depreciation		(219,393)	

Total	$	23,477,143
Long-term debt transactions

Long-term liabilities applicable to the District’s governmental activities are not due and payable in the current period and accordingly are not reported as fund liabilities. All liabilities (both current and long-term) are reported in the Statement of Net Position. Balances at September 30, 2022 were:
Bonds payable	$	(19,940,000)
Bond discount, net	$	6,497
Developer advance	$	(578,098)
Financed purchase	$	(95,000)

Accrued interest
Accrued liabilities in the statement of net position differ from the amount reported in governmental funds due to accrued interest on bonds.

Accrued interest on bonds payable	$	(367,740)

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, $622,173, differs from the “change in net position” for governmental activities, $1,193,501, reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated below:
Capital related items
When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, in the Statement of Activities, the costs of those assets is allocated over their estimated useful lives and reported as depreciation expense. As a result, fund balances decrease by the amount of financial resources expended, whereas net position increases by the amount of capital outlay for the year.

Capital outlay	$	8,214,513	
Depreciation		(219,393)	
Total	$	7,995,120	
Long-term debt transactions
When long-term debt is issued for governmental activities, the resources obtained are recognized as an other financing source at the fund level. At the government-wide level, however, the new debt increases non-current liabilities. Also, interest is recognized when due at the fund level, but is accrued at the government-wide level.

Issuance of long-term debt	$	(8,521,614)	
Initiation of financed purchase	$	(60,000)	
Principal payments on long-term debt	$	3,066,915	
Some expenses reported in the Statement of Activities do not require the use of current financial resources, therefore, are not reported as expenditures in governmental funds.
Bond discount amortization	$	(235)
Change in accrued interest	$	(143,826)
Conveyance of capital assets
The conveyance of capital assets does not use current resources and is not recognized at the fund level.
Conveyance	$	(1,765,032)

NOTE C – CASH AND INVESTMENTS

All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash.

Custodial Credit Risk – Deposits

Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk, however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2022, the District's bank balance was $138,791 and the carrying value was $54,874. 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.

	Investment	  Maturities   Fair Value	
First American Treasury Obligation	9 days*	 $ 1,410,491 

* Weighted Average Maturity

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

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

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

NOTE C – CASH AND INVESTMENTS (CONTINUED)

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. However, the District follows Section 218.415, Florida Statutes for their investments.

Credit Risk

The District's investments in treasury funds, money markets, and government loans are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. The District's investments in government loans are limited by state statutory requirements and bond compliance. As of September 30, 2022, the District's investments in the First American Treasury Obligation 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 the First American Treasury Obligation represents 100% of the District’s total investments.

The types of deposits and investments and their level of risk exposure as of September 30, 2022 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 – CAPITAL ASSETS

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

Balance	Balance
October 1,	September 30,
	2021	 	Additions	 	Deletions	 	2022	
Governmental Activities:					
Capital assets, not being depreciated:					
Construction in progress	 $ 17,200,687 	 $	8,154,513 	 $ (8,187,250)	 $ 17,167,950 	
Capital assets, being depreciated:					
Buildings and improvements	-	503,609	-	503,609	
Improvements other than buildings	-	1,918,512	-	1,918,512	
Infrastructure	-	4,000,097	-	4,000,097	
Equipment	46,368	60,000	-	106,368	
Accumulated depreciation		- 		(219,393)		- 		(219,393)	
Capital assets, being depreciated, net		46,368 		6,262,825 		- 		6,309,193 	
Total Capital Assets, net	 $ 17,247,055 	 $ 14,417,338 	 $ (8,187,250)	 $ 23,477,143 	

Depreciation of $197,288 was charged to physical environment and $22,105 to culture/recreation.

NOTE E – BONDS PAYABLE
The following is a summary of activity for long-term debt of the District for the year ended September 30, 2022:
Bonds Payable at October 1, 2021	$	15,055,931

Issuance of bonds payable	8,521,614
Principal payments		(3,059,447)
Long-term debt at September 30, 2022	$	20,518,098

Less: Bond discount		(6,497)
Bonds Payable, net, September 30, 2022	$	20,511,601

Bonds Payable for Governmental Activities is comprised of the following:
Special Assessment Bonds
In June 2019, the District issued $7,180,000 Special Assessment Bonds, Series 2019, due in annual principal installments beginning May 2021, maturing May 2050. Interest is due semi- annually on May 1 and November 1, beginning November 2019, at a rate of 3.75% on the $510,000 bonds, with a maturity date of May 1, 2024, 4.00% on the $750,000 bonds, with a maturity date of May 1, 2029, 4.625% on the $2,105,000 bonds, with a maturity date of May 1, 2039, and 4.87% on the $3,815,000 bonds, with a
maturity date of May 1, 2050. Current portion is $115,000.	$   6,230,000
In November 2020, the District issued $6,500,000 Special Assessment Bonds, Series 2020, due in annual principal installments beginning May 2021, maturing May 2051. Interest is due semi-annually on May 1 and November 1, beginning May 2021, at a rate of 2.625% on the $525,000 bonds, with a maturity date of May 1, 2025, 3.2% on the $750,000 bonds, with a maturity date of May 1, 2030, 3.75% on the $1,965,000 bonds, with a maturity date of May 1, 2040, and 4% on the $3,260,000 bonds,
with a maturity date of May 1, 2051. Current portion is $130,000.	$   6,375,000
In February 2022, the District issued $3,040,000 Special Assessment Bonds, Series 2022(Phase 3), due in annual principal installments beginning November 2022, maturing November 2051. Interest is due semi-annually on May 1 and November 1, beginning November 2022, at a rate of 3.125% on the $415,000 bonds, with a maturity date of November 1, 2027, 3.5% on the
$370,000 bonds, with a maturity date of November 1, 2032, 4.00% on the $2,255,000 bonds, with a maturity date of November 1,
2051. Current portion is $100,000.	$  3,040,000

NOTE E – BONDS PAYABLE (CONTINUED)
Special Assessment Bonds (Continued)
In February 2022, the District issued $4,295,000 Special Assessment Bonds, Series 2022(Phase 4), due in annual principal installments beginning May 2023, maturing May 2052. Interest is due semi-annually on May 1 and November 1, beginning November 2022 at a rate of 3.250% on the $425,000 bonds, with a maturity date of May 1, 2027, 3.625% on the $505,000 bonds, with a maturity date of May 1, 2032, 4.000% on the $1,340,000 bonds, with a maturity date of May 1, 2042, and 4.125% on the
$2,025,000 bonds, with a maturity date of May 1, 2052. Current
portion is $80,000.	$  4,295,000

The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2022 are as follows:

Year Ending
  September 30,		
	Principal		
	Interest		
	Total		
2023	$	425,000	$	845,629	$	1,270,629	
2024	395,000	798,719	1,193,719	
2025	405,000	786,119	1,191,119	
2026	425,000	772,778	1,197,778	
2027	435,000	758,142	1,193,142	
2028-2032	2,420,000	3,552,283	5,972,283	
2033-2037	2,945,000	3,031,694	5,976,694	
2038-2042	3,630,000	2,366,769	5,996,769	
2043-2047	4,495,000	1,517,206	6,012,206	
2048-2052		4,365,000 		471,250 		4,836,250 	
Totals	 $  19,940,000 	 $  14,900,589 	 $  34,840,589 	
 		
Significant Bond Provisions

The Series 2019 Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time on or after May 1, 2029 at a redemption price equal to the principal amount of the Series 2019 Bonds to be redeemed, together with accrued interest to the date of redemption. The Series 2019 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.

The Series 2020 Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time on or after May 1, 2030 at a redemption price equal to the principal amount of the Series 2020 Bonds to be redeemed, together with accrued interest to the date of redemption. The Series 2020 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.

NOTE E – BONDS PAYABLE (CONTINUED)
The Series 2022 Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time on or after May 1, 2032 at a redemption price equal to the principal amount of the Series 2022 Bonds to be redeemed, together with accrued interest to the date of redemption. The Series 2022 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.
The Trust Indenture established certain amounts be maintained in a reserve account. In addition, the Trust Indenture has certain restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements.
Depository Funds
The bond resolution establishes certain funds and determines the order in which revenues are to be deposited into these funds. A description of the significant funds, including their purposes, is as follows:
1. Reserve Fund – The 2019 Reserve Account is funded from the proceeds of the Series 2019 Bonds and is an amount equal to 50% of the maximum annual debt service requirement for all outstanding Series 2019 Bonds. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.

The 2020 Reserve Account is funded from the proceeds of the Series 2020 Bonds and initially is an amount equal to the maximum annual debt service requirement for all outstanding Series 2020 Bonds. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.

The 2022 Reserve Accounts are funded from the proceeds of the Series 2022 Bonds and initially is an amount equal to 50% of the maximum annual debt service requirement for all outstanding Series 2022 Bonds.

	Reserve
Balance		Reserve
Requirement	
Special Assessment Bonds, Series 2019	$	203,276		$	202,648	
Special Assessment Bonds, Series 2020	$	184,450		$	184,450	
Special Assessment Bonds, Series 2022, Phase 3	$	87,200		$	87,200	
Special Assessment Bonds, Series 2022, Phase 4	$	249,825		$	249,747	

NOTE F – DEVELOPER ADVANCE
In the current year, the Developer advanced the District a total of $1,186,614 to fund certain construction expenditures prior to the issuance of additional Bonds. Upon issuance of the Series 2022 Bonds, the District reimbursed the Developer $2,804,447. Developer advance was
$578,098 as of September 30, 2022.

NOTE G – FINANCED PURCHASE

The District entered into a financed purchase agreement for fitness equipment during the year ended September 30, 2021. The total acquisition cost of the equipment was $46,368. The term of the financed purchase is from February 1, 2021 to February 1, 2026 and is payable in monthly installments of $1,079.

The District entered into a financed purchase agreement for pool equipment during the year ended September 30, 2022. The total acquisition cost of the equipment was $60,000. The term of the financed purchase is from February 1, 2022 to November 1, 2027 and is payable in monthly installments of $1,396.

The annual requirements to amortize the principal and interest of the financed purchases as of September 30, 2022 were as follows:

Year Ending
  September 30, 	
	Principal		
	Interest		
	Total		
2023	$	15,921	$	16,586	$	32,507	
2024	19,872	9,828	29,700	
2025	22,839	6,859	29,698	
2026	18,430	3,719	22,149	
2027	15,192	1,561	16,753	
2028		2,746 		47 		2,793 		
 $	95,000 	 $	38,600 	 $	133,600 		

NOTE H – INTERFUND TRANSFERS
Interfund transfers for the year ended September 30, 2022, consisted for the following:

Transfers Out
Transfers In	Debt Service Fund
 	
Capital Projects Fund	$	184,450

Interfund transfers are in accordance with the Series 2020 Trust Indenture.

NOTE I – ECONOMIC DEPENDENCY

The Developer owns a significant portion of land within the District. The District’s activity is dependent upon the continued involvement of the Developer, the loss of which could have a material adverse effect on the District’s operations. At September 30, 2022, all board members are affiliated with the Developer.

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 for which the government carries commercial insurance. The District has not filed any claims under this commercial coverage in the last three years.

NOTE K – SUBSEQUENT EVENTS

In May 2023, the District issued $7,940,000 Special Assessment Bonds, Series 2023 to finance all or a portion of the costs of the planning, financing, acquisition, construction, equipping, and installation of the Series 2023 Project.

The District made prepayments on the Series 2019 Bonds in November 2022 of $20,000 and on the Series 2022 (Phase 3) Bonds in May 2023 of $50,000.

In November 2022, the City of Winter Haven, Florida, amended the boundaries of the VillaMar Community Development District, with Ordinance No. O-22-68, resulting in an expansion of approximately 148.16 acres to a total of 583.79.

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
VillaMar Community Development District Winter Haven, 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 VillaMar Community Development District, as of and for the year ended September 30, 2022, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated September 28, 2023.

Report on Internal Control Over Financial Reporting

In planning and performing our audit, we considered VillaMar Community Development District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of VillaMar Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of VillaMar Community Development District's internal control.

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

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

- 32 -

To the Board of Supervisors
VillaMar Community Development District

Report on Compliance and Other Matters

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

Purpose of this Report

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida September 28, 2023

- 33 -

MANAGEMENT LETTER

To the Board of Supervisors
VillaMar Community Development District Winter Haven, Florida

Report on the Financial Statements

We have audited the financial statements of the VillaMar Community Development District as of and for the year ended September 30, 2022, and have issued our report thereon dated September 28, 2023.

Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Florida Auditor General.

Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards. Disclosures in that report, which is dated September 28, 2023, should be considered in conjunction with this management letter.

Prior Audit Findings

Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding 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 VillaMar Community Development District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection with our audit, we determined that VillaMar Community Development District did not meet any of the conditions described in Section 218.503(1) Florida Statutes.

- 34 -

To the Board of Supervisors
VillaMar Community Development 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 VillaMar Community Development District. It is management’s responsibility to monitor the VillaMar Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same as of September 30, 2022.

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 VillaMar Community Development District reported:
The total number of district employees compensated in the last pay period of the District’s fiscal year: 0
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 17
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: $8,921,013
Each construction project with a total cost of at least $65,000 approved by the District that is scheduled to begin on or after October 1, 2021, together with the total expenditures for such project: Series 2022 A3, $2,661,401, and Series 2022 A4,
$3,958,682.
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 VillaMar Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District: The General Fund, $148 - $707, the Debt Service Fund, $1,304 - $1,452.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $1,414,858.
The total amount of outstanding bonds issued by the District and the terms of such bonds:	Series 2019 Bonds, $6,230,000, maturing May 2050, Series 2020 Bonds,
$6,375,000, maturing May 2051, Series 2022 A3, $3,040,000 maturing November 2051 and Series 2022 A4, $4,295,000, maturing May 2052.

- 35 -

To the Board of Supervisors
VillaMar Community Development 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 September 28, 2023

- 36 -

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

To the Board of Supervisors
VillaMar Community Development District Winter Haven, Florida

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

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about VillaMar Community Development District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on VillaMar Community Development District’s compliance with the specified requirements.

In our opinion, VillaMar Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2022.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida September 28, 2023

- 37 -

Section VIII

September 13, 2023

VillaMar Community Development District Governmental Management Services, LLC 6200 Lee Vista Blvd, Suite 300
Orlando, FL 32822

The Objective and Scope of the Audit of the Financial Statements

You have requested that Berger, Toombs, Elam, Gaines and Frank (“we”) audit the financial statements of VillaMar Community Development District, (the “District”), which comprise governmental activities and each major fund as of and for the year ended September 30, 2023, which collectively comprise the basic financial statements. We are pleased to confirm our acceptance and our understanding of this audit engagement by means of this letter for the years ending September 30, 2023, and thereafter if mutually agreed upon by VillaMar Community Development District and Berger, Toombs, Elam, Gaines & Frank.

The objectives of our audit 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 auditing standards generally accepted in the United States of America (GAAS) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements. 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.

The Responsibilities of the Auditor

We will conduct our audit in accordance with (GAAS). Those standards require that we comply with applicable ethical requirements. As part of an audit in accordance with GAAS, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
VillaMar Community Development District September 13, 2023
Page 2

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. However, we will communicate to you in writing concerning any significant deficiencies or material weaknesses in internal control relevant to the audit of the financial statements that we have identified during the audit.

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, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Conclude, based on the audit evidence obtained, 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 the reasonable period of time.

Because of the inherent limitations of an audit, together with the inherent limitations of internal control, an unavoidable risk that some material misstatements may not be detected exists, even though the audit is properly planned and performed in accordance with GAAS.

We will maintain our independence in accordance with the standards of the American Institute of Certified Public Accountants and Generally Accepted Governmental Auditing Standards.
VillaMar Community Development District September 13, 2023
Page 3

The Responsibilities of Management and Identification of the Applicable Financial Reporting Framework

Management is responsible for:

Identifying and ensuring that the District complies with the laws and regulations applicable to its activities, and for informing us about all known violations of such laws or regulations, other than those that are clearly inconsequential;

The design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud affecting the District involving management, employees who have significant roles in internal control, and others where the fraud could have a material effect on the financial statements; and

Informing us of its knowledge of any allegations of fraud or suspected fraud affecting the District received in communications from employees, former employees, analysts, regulators, short sellers, vendors, customers or others.

The Board is responsible for informing us of its views about the risks of fraud within the entity, and its knowledge of any fraud or suspected fraud affecting the entity.

Our audit will be conducted on the basis that management acknowledges and understands that it has responsibility:

To evaluate subsequent events through the date the financial statements are issued or available to be issued, and to disclose the date through which subsequent events were evaluated in the financial statements. Management also agrees that it will not conclude on subsequent events earlier than the date of the management representation letter referred to below;

For the design, implementation and maintenance of internal control relevant to the preparations of fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; and

To provide us with:

Access to all information of which management is aware that is relevant to the preparation and fair presentation of the financial statements including information relevant to disclosures;

Draft financial statements, including information relevant to their preparation and fair presentation, when needed to allowed for the completion of the audit in accordance with the proposed timeline;
VillaMar Community Development District September 13, 2023
Page 4

Additional information that we may request from management for the purpose of the audit; and

Unrestricted access to persons within the District from whom we determine it necessary to obtain audit evidence.

As part of our audit process, we will request from management written confirmation concerning representations made to us in connection with the audit, including among other items:

That management has fulfilled its responsibilities as set out in the terms of this engagement letter; and

That it believes the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole.

Reporting

We will issue a written report upon completion of our audit of VillaMar Community Development District’s financial statements. Our report will be addressed to the Board of VillaMar Community Development District. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion, add an emphasis- of-matter or other-matter paragraph(s), or withdraw from the engagement.

Records and Assistance

During the course of our engagement, we may accumulate records containing data that should be reflected in the of VillaMar Community Development District books and records. The District will determine that all such data, if necessary, will be so reflected. Accordingly, the District will not expect us to maintain copies of such records in our possession.

The assistance to be supplied, including the preparation of schedules and analyses of accounts, has been discussed and coordinated with Katie Costa. The timely and accurate completion of this work is an essential condition to our completion of the audit and issuance of our audit report, which must be completed and filed with the Auditor General within nine (9) months after the end of the fiscal year. If the information is timely provided, the District shall receive a draft by May 15, 2024, and if the draft is timely reviewed by Management, the District shall receive the final audit by June 15, 2024.

Other Relevant Information

In accordance with Government Auditing Standards, a copy of our most recent peer review report has been provided to you, for your information.
VillaMar Community Development District September 13, 2023
Page 5

Either party may unilaterally terminate this agreement, with or without cause, upon sixty (60) days written notice subject to the condition that the District will pay all invoices for services rendered prior to the date of termination.

Fees, Costs and Access to Workpapers

Our fees for the services described above are based upon the value of the services performed and the time required by the individuals assigned to the engagement, plus direct expenses. Invoices for fees will be submitted in sufficient detail to demonstrate compliance with the terms of this engagement. Billings are due upon submission. Our fee for the services described in this letter for the year ending September 30, 2023 will not exceed $3,580, unless the scope of the engagement is changed, the assistance which of VillaMar Community Development District has agreed to furnish is not provided, or unexpected conditions are encountered, in which case we will discuss the situation with you before proceeding. All other provisions of this letter will survive any fee adjustment.

In the event we are requested or authorized by of VillaMar Community Development District or are required by government regulation, subpoena, or other legal process to produce our documents or our personnel as witnesses with respect to our engagement for of VillaMar Community Development District, of VillaMar Community Development District will, so long as we are not a party to the proceeding in which the information is sought, reimburse us for our professional time and expenses, as well as the fees and expenses of our counsel, incurred in responding to such requests.

The audit documentation for this engagement is the property of Berger, Toombs, Elam, Gaines, & Frank and constitutes confidential information. However, you acknowledge and grant your assent that representatives of the cognizant or oversight agency or their designee, other government audit staffs, and the U.S. Government Accountability Office shall have access to the audit documentation upon their request and that we shall maintain the audit documentation for a period of at least three years after the date of the report, or for a longer period if we are requested to do so by the cognizant or oversight agency.

Access to requested documentation will be provided under the supervision of Berger, Toombs, Elam, Gaines, & Frank audit personnel and at a location designated by our Firm.
VillaMar Community Development District September 13, 2023
Page 6

Information Security – Miscellaneous Terms

Berger, Toombs, Elam, Gaines & Frank is committed to the safe and confidential treatment of VillaMar Community Development District’s proprietary information. Berger, Toombs, Elam, Gaines & Frank is required to maintain the confidential treatment of client information in accordance with relevant industry professional standards which govern the provision of services described herein. of VillaMar Community Development District agrees that it will not provide Berger, Toombs, Elam, Gaines & Frank with any unencrypted electronic confidential or proprietary information, and the parties agree to utilize commercially reasonable measures to maintain the confidentiality of VillaMar Community Development District’s information, including the use of collaborate sites to ensure the safe transfer of data between the parties.

If any term or provision of this engagement letter is determined to be invalid or unenforceable, such term or provision will be deemed stricken and all other terms and provisions will remain in full force and effect.

Because Berger, Toombs, Elam, Gaines & Frank will rely on of VillaMar Community Development District and its management and Board of Supervisors to discharge the foregoing responsibilities, of VillaMar Community Development District holds harmless and releases Berger, Toombs, Elam, Gaines & Frank, its partners, and employees from all claims, liabilities, losses and costs arising in circumstances where there has been a known misrepresentation by a member of VillaMar Community Development District’s management, which has caused, in any respect, Berger, Toombs, Elam, Gaines & Frank’s breach of contract or negligence. This provision shall survive the termination of this arrangement for services.

This letter constitutes the complete and exclusive statement of agreement between Berger, Toombs, Elam, Gaines, & Frank and of VillaMar Community Development District, superseding all proposals, oral or written, and all other communications, with respect to the terms of the engagement between the parties.
VillaMar Community Development District September 13, 2023
Page 7

Please sign and return the attached copy of this letter to indicate your acknowledgment of, and agreement with, the arrangements for our audit of the financial statements including our respective responsibilities.

Sincerely,

BERGER, TOOMBS, ELAM, GAINES & FRANK
J. W. Gaines, CPA

Confirmed on behalf of the addressee:

	 	, 	

6815 Dairy Road
Zephyrhills, FL 33542

813.788.2155
BodinePerry.com
Report on the Firm's System of Quality Control
To the Partners of	November 30, 2022
Berger, Toombs, Elam, Gaines & Frank, CPAs, PL
and the Peer Review Committee of the Florida Institute of Certified Public Accountants

We have reviewed the system of quality control for the accounting and auditing practice of Berger, Toombs, Elam, Gaines & Frank, CPAs, PL (the firm), in effect for the year ended May 31, 2022. Our peer review was conducted in accordance with the Standards for Performing and Reporting on Peer Reviews established by the Peer Review Board of the American Institute of Certified Public Accountants (Standards).

A summary of the nature, objectives, scope, limitations of, and the procedures performed in a System Review as described in the Standards may be found at aicpa.org/prsummary. The summary also includes an explanation of how engagements identified as not performed or reported in conformity with applicable professional standards, if any, are evaluated by a peer reviewer to determine a peer review rating.
Firm's Responsibility
The firm is responsible for designing a system of quality control and complying with it to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects. The firm is also responsible for evaluating actions to promptly remediate engagements deemed as not performed or reported in conformity with professional standards, when appropriate, and for remediating weaknesses in its system of quality control, if any.
Peer Reviewer's Responsibility
Our responsibility is to express an opinion on the design of the system of quality control, and the firm's compliance therewith based on our review.
Required Selections and Considerations
Engagements selected for review included engagements performed under Government Auditing Standards, including a compliance audit under the Single Audit Act.
As a part of our peer review, we considered reviews by regulatory entities as communicated by the firm, if applicable, in determining the nature and extent of our procedures.
Opinion
In our opinion, the system of quality control for the accounting and auditing practice of Berger, Toombs, Elam, Gaines & Frank, CPAs, PL, in effect for the year ended May 31, 2022, has been suitably designed and complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects. Firms can receive a rating of pass, pass with deficiency(ies), or fail Berger, Toombs, Elam, Gaines & Frank, CPAs, PLC, has received a peer review rating of pass.
6	/:>
Bodine Perry	(BERGER_REPORT22)

0	,! o!:a & v y
ADDENDUM TO ENGAGEMENT LETTER BETWEEN BERGER, TOOMBS, ELAM, GAINES AND FRANK AND VILLAMAR COMMUNITY DEVELOPMENT DISTRICT
(DATED SEPTEMBER 13, 2023)

Public Records. Auditor shall, pursuant to and in accordance with Section 119.0701, Florida Statutes, comply with the public records laws of the State of Florida, and specifically shall:

Keep and maintain public records required by the District to perform the services or work set forth in this Agreement; and

Upon the request of the District’s custodian of public records, provide the District with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes, or as otherwise provided by law; and

Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the contract term and following completion of the Agreement if the Auditor does not transfer the records to the District; and

Upon completion of the Agreement, transfer, at no cost to the District, all public records in possession of the Auditor or keep and maintain public records required by the District to perform the service or work provided for in this Agreement. If the Auditor transfers all public records to the District upon completion of the Agreement, the Auditor shall destroy any duplicate public records that are exempt or confidential and exempt from public disclosure requirements. If the Auditor keeps and maintains public records upon completion of the Agreement, the Auditor shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to the District, upon request from the District’s custodian of public records, in a format that is compatible with the information technology systems of the District.

Auditor acknowledges that any requests to inspect or copy public records relating to this Agreement must be made directly to the District pursuant to Section 119.0701(3), Florida Statutes. If notified by the District of a public records request for records not in the possession of the District but in possession of the Auditor, the Auditor shall provide such records to the District or allow the records to be inspected or copied within a reasonable time. Auditor acknowledges that should Auditor fail to provide the public records to the District within a reasonable time, Auditor may be subject to penalties pursuant to Section 119.10, Florida Statutes.
IF THE AUDITOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE AUDITOR’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT/CONTRACT, THE AUDITOR MAY CONTACT THE CUSTODIAN OF PUBLIC RECORDS FOR THE DISTRICT AT:

GMS-CF, LLC
6200 LEE VISTA BLVD, SUITE 300
ORLANDO, FL 32822
TELEPHONE: 407-841-5524 EMAIL: JBURNS@GMSCFL.COM

Auditor: J.W. Gaines	District: VillaMar CDD

By:			By:		

Title: Director	Title: 	

Date: September 13, 2023	Date: 	

Section IX

Item will be provided under separate cover.

Section X

Section C

Item will be provided under separate cover.

Section 1
••e--­­
•-
'  -

.ii
VILLAMAR PHASE 3

-.;

-
II	l	= -==-=;=-r 'If a!lf-=-=	••
II

I
j
Cloud 9 Services Group, LLC
1201 W. Jackson Street Orlando, FL 32805
Invoice

Bill To

Villamar CDD Marshall Tindall 219 E Livingston St Orlando, FL 32801
Job Site
1832 Carnostie Road Winter Haven, FL 33884

P.O. Number	Terms	Ordered by	Cloud 9 Job #	Service Date	
	Net 30		7567 - Villamar CDD	10-3-2023	
Qty	Item	Description	Price	Amount	
8	101	Jet/Vac Truck service regular hours	265.00	2,120.00	
8	117	Service Truck With Helper & Flex Tube	180.00	1,440.00	
1	181	Fuel Recovery Fee (7.75%)	275.90	275.90	
1	111	3" inch pump with hose and fuel	350.00	350.00	
2	118	Pipe Plug Rental	500.00	1,000.00	
1	140	Dump Fees - Offsite	1,200.00	1,200.00	
1	111	Water Meter	250.00	250.00	
	Total	$6,635.90				
Finance Charge of 1.5% per month will be assessed on all past due invoices. If paying by Credit Card, a Credit card fee will be added to the total invoice amount. MC/Visa/ Discover (3%) Amex (4%)

Plumbing Contractor License #CFC1429310 Underground Utility & Excavation Contractors License #CUC 1225248
Proposal & Agreement
"We keep our customers happy!"
CUSTOMER NAME (COMPANY): i	

JOB LOCATION:	
CUSTOMER CONTACT PERSON:		
STREET:	STREET:		
CITY/STATE/ZIP:	

CONTACT:	PHONE:	
CONTACT:	PHONE:		
WE HEREBY PROPOSE TO: nr, ,11 /  Ctan;	3fcrrn
d: ...u.l''\_,
J;fvac J.GS/Ph 'xa-
(lPPf'oVtLI 1 (:l.ie,11
<2.ar-i//1,o	+rte1' w,	i	
'-....J:..A V iu.._
FR	Z	1J	X	3
pump	with -I-Id':,:: 4 Wet;13..SO)	:f ./ SS
it 500/ f}e('	::'..u.,vv
,,-J i ?fi!er
Jrs-/HZ-::>	-Atq
DS-Al6-:> !} ·- .ii	• to+al		
We	hereby pro	l-csomplete in accor
the sum of$	ayment to be made

DATE	CTNT NAME & TITLE

Acceptance of proposal - The above prices, specifications and conditions are hereby accepted. You are authorized to do work as specified,. Payl'fifnt will be made as outlined above.
/0/3)!1s	 / I	.  ;'	••			N\ _s¼\
DATE	CUS  OMER'S ACCEPTANCE SIGNATURE	PRINT NAME & TITLE		
1201 West Jackson Street• Orlando, FL 32805 • Phone (407) 481-2750 • Fax (407) 481-8850 www.Cloud9Services.com
Cloud 9 Services Group, LLC
1201 W. Jackson Street Orlando, FL 32805
Invoice

Bill To

Villamar CDD Marshall Tindall 219 E Livingston St Orlando, FL 32801
Job Site
1832 Carnostie Road Winter Haven, FL 33884

P.O. Number	Terms	Ordered by	Cloud 9 Job #	Service Date	
	Net 30		7567 - Villamar CDD	10-4-2023	
Qty	Item	Description	Price	Amount	
13	101	Jet/Vac Truck service regular hours	265.00	3,445.00	
1	140	Dump Fees - Offsite	600.00	600.00	
11	117	Service Truck With Helper & Flex Tube	180.00	1,980.00	
1	118	Pipe Plug Rental	500.00	500.00	
1	118	Pipe Plug Rental	350.00	350.00	
1	181	Fuel Recovery Fee (7.75%)	420.40	420.40	
					
	Total	$7,295.40				
Finance Charge of 1.5% per month will be assessed on all past due invoices. If paying by Credit Card, a Credit card fee will be added to the total invoice amount. MC/Visa/ Discover (3%) Amex (4%)

Plumbing Contractor License #CFC1429310
Underground Utility & Excavation Contractors License #CUC 1225248
Proposal & Agreement
"We keep our customers happy!"

We hereby propose to furnish labor and materials - complete in accordance with the above specifications for the sum of$ 	. Payment to be made 	

Acceptance of proposal - The above prices, specifications and conditions are hereby accepted. You are
authorized to do work as specified. Pay	n.t	ill be made as outlined abG \;-:A /V\ .C
20 	±::-:-:=-==  =-=-=  =-=-	N\oJ((,A°'\\
 	
DATE		P_R_IN_T_N_A_M_E_&_T-IT_L_E  _

1201 West Jackson Street• Orlando, FL 32805 • Phone (407) 481-2750 • Fax (407) 481-8850 www.Cloud9Services.com
Cloud 9 Services Group, LLC
1201 W. Jackson Street Orlando, FL 32805
Invoice

Bill To

Villamar CDD Marshall Tindall 219 E Livingston St Orlando, FL 32801
Job Site
1832 Carnostie Road Winter Haven, FL 33884

P.O. Number	Terms	Ordered by	Cloud 9 Job #	Service Date	
	Net 30		7567 - Villamar CDD	10-6-2023	
Qty	Item	Description	Price	Amount	
13	101	Jet/Vac Truck service regular hours	265.00	3,445.00	
1	140	Dump Fees - Offsite	600.00	600.00	
13	117	Service Truck With Helper & Flex Tube	180.00	2,340.00	
2	118	Pipe Plug Rental	500.00	1,000.00	
1	113	3" Pump With Hose and Fuel	350.00	350.00	
1	181	Fuel Recovery Fee (7.75%)	448.27	448.27	
					
	Total	$8,183.27				
Finance Charge of 1.5% per month will be assessed on all past due invoices. If paying by Credit Card, a Credit card fee will be added to the total invoice amount. MC/Visa/ Discover (3%) Amex (4%)

Plumbing Contractor License #CFC1429310 Underground Utility & Excavation Contractors License #CUC 1225248
Proposal & Agreement
"We keep our customers happy!"

CUSTOMER NAME (COMPANY):

STREET:

CITY/STATE/ZIP: CONTACT:

WE HEREBY PROPOSE TO:

We hereby pro to thesumof$ {;'
·s or anmdaterials - complete in accordance wit4 !l:lf, abo
t'.'>,t,,I	.  Payment to be made	".:J, C·
specifications for

.,;·j·1J/;,;i.-i, &•. ·····
/ tOUDlJ ACCEPTANCE SIGNATURE
,,/
Acceptance of proposal - The ib6 e prices, specifications and conditions are hereby accepted. You are authorized to do work as specified. Payment will be made as outlined above.

PRINT NAME & TITLE
1201 West Jackson Street• Orlando, FL 32805 • Phone (407) 481-2750 • Fax (407) 481-8850 www.Cloud9Services.com
GMS-Central Florida, LLC
1001 Bradford Way
Kingston, TN 37763
Invoice

Bill To:
Villamar CDD
219 E. Livingston St. Orlando, FL 32801
Invoice #: 220
Invoice Date: 8/31/23
Due Date: 8/31/23
Case:
P.O. Number: WA 1203

Description	Hours/Qty	Rate	Amount

-General Maintenance August 2023
Villamar CDD - General Maintenance August 2023 - Per Engineer's review: Remove turbidity barriers in phase 3 pond, Excavate initial 25' narrow channel from phase 3 pond weir to wetland canal. Also opened channel at pinch point in phase 3 pond to improve water equalization because it had filled in some during construction.
General vinyl fence repairs were made to sections blown out by summer thunderstorms. Replaced broken post and reinstalled stop sign in phase 4, Pour missing s1dewalk section in phase 4.
Straighten x16 traffic signs and posts in phase 1 including amenity area. Begin cleaning the split rail vinyl fence.
Install x3 downed traffic signs and posts in phase 3.
Used excavator to widen drainage channels from pond weir to wetland canal. Created 5ft opening.				

Labor Mobilization Equipment Materials	
79.5
3	
47.50
65.00
530.00
384.80	
3,776.25
195.00
530.00
384.80	

Total	$4,886.05	
Payments/Credits	$0.00	
Balance Due	$4,886.05	
WA#:#1203

Governmental Management Services

Maintenance Services

Bill To/District:
Villamar CDD
Proposal (YIN) # if Applicable: N
Billing Date (Month/Year project completed):

J  August 2023

Job name and Description
-	General Maintenance August 2023
Villamar COD - General Maintenance August 2023 - Per Engineer's review: Remove turbidity barriers in phase 3 pond, Excavate initial 25' narrow channel from phase 3 pond weir to wetland canal. Also opened channel at pinch point in phase 3 pond to improve water equalization because it had filled in some during construction.
General vinyl fence repairs were made to sections blown out by summer thunderstorms. Replaced broken post and reinstalled stop sign in phase 4, Pour missing sidewalk section in phase 4.
Straighten x16 traffic signs and posts in phase 1 including amenity area. Begin cleaning the split rail
vinyl fence.	l  l
Install x3 downed traffic signs and posts in phase 3.	\.V
Used excavator to widen drainage channels from pond weir to wetland canal. Created 5	in •.:,;;

79.5	Labor			$47.50	$3,776.25	
	Mobi)ization			$65.00	$195.00	
	Equipment				$530.00	
	Materials				$384.80	

Total Due: !	$4,886.05

GOVERNMENTAL MANAGEMENT SERVICES 20231Work Authorization

Section D

Section 1

Summary of Check Register

August 26, 2023 to October 20, 2023

Bank	Date	Check No.'s	Amount	

General Fund	
9/8/23	
567 - 569	
$	600.00	
	9/18/23	570 - 576	$	22,272.09	
	10/2/23	577 - 581	$	18,870.63	
	10/6/23	582	$	1,125.65	
	10/13/23	583 - 593	$	47,699.87	
	10/20/23	594 - 596	$	15,554.02	
			$	106,122.26	

Capital Projects Fund	
9/7/23	
163	
$	47,600.00	
	9/8/23	164 - 165	$	4,847.15	
	9/15/23	166	$	589,902.52	
	10/18/23	167	$	42,840.00	
			$	685,189.67	

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN 10/26/23	PAGE	1
*** CHECK DATES 08/26/2023 - 10/20/2023 ***	VILLAMAR CDD - GENERAL FUND
BANK A VILLAMAR CDD
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
9/08/23 00047	9/05/23 EL090520 202309 310-51300-11000	*	200.00
SUPERVISOR FEES 09/05/23
ERIC LAVOIE	200.00 000567
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/08/23 00008	9/05/23 LS090520 202309 310-51300-11000	*	200.00
SUPERVISOR FEES 09/05/23
LAUREN SCHWENK	200.00 000568
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/08/23 00004	9/05/23 RH090520 202309 310-51300-11000	*	200.00
SUPERVISOR FEES 09/05/23
RENNIE HEATH	200.00 000569
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/18/23 00034	8/29/23 10548	202308 330-53800-48500	*	450.00
JANITORIAL SVCS - AUG 23
8/29/23 10548	202308 330-53800-48500	*	300.00
TRASH COLLECT - AUG 23
8/29/23 10548	202308 330-53800-48500	*	100.00
TRASH MAIL COLLECT AUG 23
CSS CLEAN STAR SERVICES CENTRAL FL	850.00 000570
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
212	202309 310-51300-34000	*	3,154.42
MANAGEMENT FEES - SEP 23
212	202309 310-51300-35200	*	100.00
WEBSITE ADMIN - SEP 23
212	202309 310-51300-35100	*	150.00
INFORMATION TECH - SEP 23
212	202309 310-51300-31300	*	750.00
DISSEMINATION - SEP 23
212	202309 330-57200-12000	*	416.67
AMENITY ACCESS - SEP 23
212	202309 310-51300-51000	*	1.59
OFFICE SUPPLIES 212
POSTAGE 213
FIELD MANAGEMENT - SEP 23
GOVERNMENTAL MANAGEMENT SERVICES	6,028.66 000571
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/18/23 00052	8/31/23 67693-1	202308 320-53800-49000	*	1,550.00
PHASE 3 FLOOD CLEANING
HORIZON LAND MANAGEMENT COMPANY	1,550.00 000572
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/18/23 00015	8/28/23 9866	202308 320-53800-47300	*	80.62
REPLACE SPRAY NOZZLES
9/01/23 9991	202309 320-53800-46200	*	7,075.00
LANDSCAPE MAINT - SEP 23
PRINCE & SONS INC.	7,155.62 000573
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
VMCD VILLAMAR CDD	MBYINGTON
AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN 10/26/23	PAGE	2
*** CHECK DATES 08/26/2023 - 10/20/2023 ***	VILLAMAR CDD - GENERAL FUND
BANK A VILLAMAR CDD
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
9/18/23 00045	9/01/23 20362	202309 330-53800-48100	*	1,850.00
POOL MAINTENANCE - SEP 23
RESORT POOL SERVICES DBA	1,850.00 000574
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/18/23 00049	8/31/23 11415778 202308 320-53800-34500	*	2,362.88
SECURITY SERVICES - AUG23
SECURITAS SECURITY SERVICES USA,INC	2,362.88 000575
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/18/23 00027	9/15/23 10012023 202309 300-15500-10000	*	1,078.86
PLAYGRND/FUR LEASE- OCT23
9/15/23 10012023 202309 300-15500-10000	*	1,396.07
POOL/FUR LEASE - OCT 23
WHFS, LLC	2,474.93 000576
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/02/23 00023	9/15/23 6175-09- 202309 310-51300-31200	*	450.00
ARBITRAGE - SERIES 2019
AMTEC	450.00 000577
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/02/23 00011	9/22/23 20114	202310 310-51300-45000	*	16,844.00
FY24 INSURANCE POLICY
EGIS INSURANCE	16,844.00 000578
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/02/23 00039	9/25/23 7496	202308 310-51300-31500	*	1,404.28
GENERAL COUNSEL - AUG 23
KILINSKI / VAN WYK, PLLC	1,404.28 000579
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/02/23 00043	9/11/23 54926620 202309 330-57200-48100	*	50.00
PEST CONTROL - SEP 23
MASSEY SERVICES INC.	50.00 000580
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/02/23 00015	9/07/23 10071	202309 320-53800-47300	*	122.35
REPLACE ROTOR/BUBBLER
PRINCE & SONS INC.	122.35 000581
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/06/23 00038	9/30/23 00059085 202309 310-51300-48000	*	340.09
NOT OF FY24 MEETING DATES
9/30/23 00059085 202309 310-51300-48000	*	785.56
REQUEST FOR PROPOSALS
CA FLORIDA HOLDINGS, LLC	1,125.65 000582
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/13/23 00017 10/01/23 364148	202309 310-51300-32200	*	3,580.00
AUDIT/FIN STATEMENT FY22
BERGER,TOMB,ELAM, GAINES & FRANK	3,580.00 000583
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/13/23 00053 10/03/23 18610	202310 320-53800-49000	*	6,635.90
URGENT LINE CLEARING
VMCD VILLAMAR CDD	MBYINGTON
AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN 10/26/23	PAGE	3
*** CHECK DATES 08/26/2023 - 10/20/2023 ***	VILLAMAR CDD - GENERAL FUND
BANK A VILLAMAR CDD
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
10/04/23 18626	202310 320-53800-49000	*	7,295.40
URGENT LINE CLEARING
10/06/23 18651	202310 320-53800-49000	*	8,183.27
URGENT LINE CLEARING
CLOUD 9 SERVICES GROUP, LLC	22,114.57 000584
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/13/23 00034	9/26/23 10759	202309 330-53800-48500	*	450.00
JANITORIAL SVCS - SEP 23
9/26/23 10759	202309 330-53800-48500	*	300.00
TRASH COLLECT - SEP 23
9/26/23 10759	202309 330-53800-48500	*	100.00
TRASH MAIL COLLECT SEP 23
CSS CLEAN STAR SERVICES CENTRAL FL	850.00 000585
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/13/23 00002 10/02/23 89306	202310 310-51300-54000	*	175.00
SPECIAL DISTRICT FEE FY24
DEPARTMENT OF ECONOMIC OPPORTUNITY	175.00 000586
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/13/23 00009	8/31/23 220	202308 320-53800-47400	*	4,886.05
POND/FENCE/SIDEWALK/SIGNS
GOVERNMENTAL MANAGEMENT SERVICES	4,886.05 000587
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/13/23 00043 10/09/23 55310758 202310 330-57200-48100	*	50.00
PEST CONTROL - OCT 23
MASSEY SERVICES INC.	50.00 000588
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/13/23 00015 10/01/23 10329	202310 320-53800-46200	*	7,075.00
LANDSCAPE MAINT - OCT 23
PRINCE & SONS INC.	7,075.00 000589
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/13/23 00045 10/01/23 20716	202310 330-53800-48100	*	1,850.00
POOL MAINTENANCE - OCT 23
RESORT POOL SERVICES DBA	1,850.00 000590
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/13/23 00049	9/30/23 11459274 202309 320-53800-34500	*	2,932.32
SECURITY SERVICES - SEP23
SECURITAS SECURITY SERVICES USA,INC	2,932.32 000591
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/13/23 00041	9/28/23 PSI01367 202309 320-53800-47000	*	856.00
POND MAINTENANCE - SEP 23
10/01/23 PSI01670 202310 320-53800-47000	*	856.00
POND MAINTENANCE - OCT 23
SOLITUDE LAKE MANAGEMENT SERVICES	1,712.00 000592
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/13/23 00027 10/13/23 11012023 202310 300-15500-10000	*	1,078.86
PLAYGRND/FUR LEASE- NOV23
VMCD VILLAMAR CDD	MBYINGTON
AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN 10/26/23	PAGE	4
*** CHECK DATES 08/26/2023 - 10/20/2023 ***	VILLAMAR CDD - GENERAL FUND
BANK A VILLAMAR CDD
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
10/13/23 11012023 202310 300-15500-10000	*	1,396.07
POOL/FUR LEASE - NOV23
WHFS, LLC
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/20/23 00018	9/29/23 10	202310 310-51300-31300
AMORT SCHED S2022 PH3
DISCLOSURE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/20/23 00009	9/30/23 224	202310 310-51300-31700
ASSESSMENT CERT - FY24
10/01/23 222	202310 310-51300-34000	*	3,541.67
MANAGEMENT FEES - OCT 23
10/01/23 222	202310 310-51300-35200	*	100.00
WEBSITE ADMIN - OCT 23
10/01/23 222	202310 310-51300-35100	*	150.00
INFORMATION TECH - OCT 23
10/01/23 222	202310 310-51300-31300	*	750.00
DISSEMINATION - OCT 23
10/01/23 222	202310 330-57200-12000	*	625.00
AMENITY ACCESS - OCT 23
10/01/23 222	202310 310-51300-51000	*	3.52
OFFICE SUPPLIES
10/01/23 222	202310 310-51300-42000	*	87.70
POSTAGE
10/01/23 223	202310 320-53800-12000	*	1,378.17
FIELD MANAGEMENT - OCT 23
GOVERNMENTAL MANAGEMENT SERVICES	14,136.06 000595
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/20/23 00039 10/13/23 7735	202310 310-51300-31500	*	917.96
GENERAL COUNSEL - SEP 23
KILINSKI / VAN WYK, PLLC	917.96 000596
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	106,122.26
TOTAL FOR REGISTER	106,122.26

VMCD VILLAMAR CDD	MBYINGTON
AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN 10/26/23	PAGE	1
*** CHECK DATES 08/26/2023 - 10/20/2023 ***	VILLAMAR CDD - SER19 CAPITAL
BANK B VILLAMAR CDD
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
9/07/23 00026	9/07/23 09072023 202309 600-20700-10300	*	47,600.00
TRSPTN CREDIT/VOUCHERS
VMAR DEV, LLC	47,600.00 000163
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/08/23 00035	8/18/23 7276	202309 600-20700-10100	*	181.00
SER22 PH5 FR#19
KILINSKI/VAN WYK, PLLC	181.00 000164
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/08/23 00012	8/17/23 1769	202309 600-20700-10100	*	4,478.65
SER22 PH5 FR#19
8/18/23 1787	202309 600-20700-10100	*	37.50
SER22 PH5 FR#19
8/18/23 1788	202309 600-53800-60000	*	75.00
SER19 PH1&2 FR#18
8/18/23 1789	202309 600-20700-10100	*	75.00
SER20 PH3 FR#13
WOOD & ASSOCIATES ENGINEERING	4,666.15 000165
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/15/23 00004	8/25/23 78086	202309 600-53800-60000	*	589,902.52
SER19 PH1&2 FR#19
TUCKER PAVING INC	589,902.52 000166
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/18/23 00026 10/18/23 10182023 202310 600-20700-10300	*	42,840.00
TRSPTN CREDIT/VOUCHERS
VMAR DEV, LLC	42,840.00 000167
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK B	685,189.67
TOTAL FOR REGISTER	685,189.67

VMCD VILLAMAR CDD	MBYINGTON

Section 2

VillaMar
Community Development District

Unaudited Financial Reporting
September 30, 2023

Table of Contents

1

2-3

4

5

6

7

8

9

10-11

12
	Balance Sheet

	General Fund

	Debt Service Fund Series 2019

	Debt Service Fund Series 2020

	Debt Service Fund Series 2022A3

	Debt Service Fund Series 2022A4

	Debt Service Fund Series 2023A5

	Combined Capital Project Funds

	Month to Month

	Long Term Debt Report

13		Assessment Receipt Schedule
Combined Balance Sheet September 30, 2023

	General Fund	Debt Service Fund	Capital Projects Fund	Totals Governmental Funds					
Assets:
Cash:
Operating Account	

$	133,252	$	

-	$	

-	

$	133,252					
Capital Projects Account
Investments:	$	-	$	-	$	770	$	770					
Series 2019 Reserve	
$	
-	$	204,389	
$	
-	$	204,389					
Revenue	$	-	$	164,494	$	-	$	164,494					
Prepayment Series 2020
Reserve	$

$	-	$	1,577

-	$	184,450	$

$	-	$	1,577

-	$	184,450					
Revenue	$	-	$	140,548	$	-	$	140,548					
Series 2022 A3 Reserve	
$	
-	$	80,350	
$	
-	$	80,350					
Revenue	$	-	$	125,107	$	-	$	125,107					
Prepayment	$	-	$	182,546	$	-	$	182,546					
Construction Series 2022 A4
Reserve	$

$	-	$	-

-	$	123,509	$

$	8	$	8

-	$	123,509					
Revenue	$	-	$	98,961	$	-	$	98,961					
Series 2023 A5 Reserve	
$	
-	$	553,728	$	-	
$	553,728						
Revenue	$	-	$	7,463	$	-	$	7,463						
Interest	$	-	$	168,198	$	-	$	168,198						
Construction	$	-	$	-	$	155,182	$	155,182						
Cost of Issuance	$	-	$	-	$	104	$	104						
Due from Developer	$	-	$	-	$	103,129	$	103,129	
Prepaid Expenses	$	2,475	$	-	$	-	$	2,475	
Total Assets	$	135,727	$	2,035,320	$	259,193	$	2,430,240	
Liabilities:
Accounts Payable	$	16,257	

$	

-	$	103,129	$	119,385							
Total Liabilites	$	16,257	$	-	$	103,129	$	119,385							
Fund Balance:
Nonspendable:
Prepaid Items	$	2,475	

$	

-	$	-	$	2,475							
Restricted for:
Debt Service - Series 2019	
$	
-	$	370,460	$	-	
$	370,460						
Debt Service - Series 2020	$	-	$	324,998	$	-	$	324,998						
Debt Service - Series 2022 A3	$	-	$	388,003	$	-	$	388,003						
Debt Service - Series 2022 A4	$	-	$	222,470	$	-	$	222,470						
Debt Service - Series 2023 A5	$	-	$	729,389	$	-	$	729,389						
Capital Projects - Series 2019	$	-	$	-	$	770	$	770						
Capital Projects - Series 2022 A3	$	-	$	-	$	8	$	8						
Capital Projects - Series 2023 A5	$	-	$	-	$	155,287	$	155,287						
Unassigned	$	116,995	$	-	$	-	$	116,995					
Total Fund Balances	$	119,470	$	2,035,320	$	156,064	$	2,310,855					
									
Total Liabilities & Fund Balance	$	135,727	$	2,035,320	$	259,193	$	2,430,240					

Adopted	Prorated Budget	Actual		
Budget	Thru 09/30/23	Thru 09/30/23	Variance	

Revenues:					
Assessments - Tax Roll	$	531,413	$	531,413	$	533,641	$	2,227			
Assessments - Direct Bill	$	103,755	$	103,755	$	71,209	$	(32,546)			
Assessments - Lot Closings	$	-	$	-	$	33,058	$	33,058			
Boundary Amendment Contributions	$	-	$	-	$	16,478	$	16,478			
Miscellaneous Revenue	$	-	$	-	$	60	$	60			
Total Revenues	$	635,169	$	635,169	$	654,447	$	19,278	

Expenditures:					
General & Administrative:					
Supervisor Fees	$	12,000	$	12,000	$	5,400	$	6,600	
Engineering	$	7,500	$	7,500	$	-	$	7,500	
Attorney	$	30,000	$	30,000	$	17,858	$	12,142	
Annual Audit	$	5,000	$	5,000	$	3,580	$	1,420	
Assessment Administration	$	5,000	$	5,000	$	5,000	$	-	
Arbitrage	$	2,250	$	2,250	$	1,800	$	450	
Dissemination	$	9,000	$	9,000	$	8,750	$	250	
Trustee Fees	$	19,880	$	19,880	$	17,550	$	2,330	
Management Fees	$	37,853	$	37,853	$	37,853	$	(1)	
Information Technology	$	1,800	$	1,800	$	1,800	$	-	
Website Maintenance	$	1,200	$	1,200	$	1,200	$	-	
Postage & Delivery	$	850	$	850	$	1,984	$	(1,134)	
Insurance	$	6,684	$	6,684	$	5,988	$	696	
Printing & Binding	$	1,000	$	1,000	$	41	$	959	
Legal Advertising	$	7,500	$	7,500	$	14,922	$	(7,422)	
Other Current Charges	$	1,500	$	1,500	$	472	$	1,028	
Boundary Amendment Expenses	$	-	$	-	$	13,823	$	(13,823)	
Office Supplies	$	500	$	500	$	38	$	462	
Dues, Licenses & Subscriptions	$	175	$	175	$	175	$	-	
Total General & Administrative	$	149,691	$	149,691	$	138,236	$	11,456	

Adopted	Prorated Budget	Actual		
Budget	Thru 09/30/23	Thru 09/30/23	Variance	

Operations & Maintenance					
Field Expenditures
Property Insurance	
$	11,077	
$	11,077	
$	10,020	
$	1,057	
Field Management	$	15,750	$	15,750	$	15,750	$	-	
Landscape Maintenance	$	81,800	$	81,800	$	84,900	$	(3,100)	
Landscape Replacement	$	15,000	$	15,000	$	4,927	$	10,073	
Pond Maintenance	$	10,000	$	10,000	$	9,890	$	110	
Streetlights	$	75,000	$	75,000	$	119,954	$	(44,954)	
Electric	$	2,500	$	2,500	$	1,050	$	1,450	
Water & Sewer	$	25,000	$	25,000	$	25,049	$	(49)	
Sidewalk & Asphalt Maintenance	$	2,500	$	2,500	$	-	$	2,500	
Irrigation Repairs	$	8,000	$	8,000	$	7,606	$	394	
General Repairs & Maintenance	$	15,000	$	15,000	$	33,780	$	(18,780)	
Contingency	$	7,500	$	7,500	$	3,022	$	4,478	
Subtotal Field Expenditures	$	269,127	$	269,127	$	315,949	$	(46,822)	

Amenity Expenditures
Amenity - Electric	

$	18,000	

$	18,000	

$	14,030	

$	3,970	
Amenity - Water	$	30,000	$	30,000	$	11,350	$	18,650	
Playground & Furniture Lease	$	35,000	$	35,000	$	32,507	$	2,493	
Internet	$	3,000	$	3,000	$	1,994	$	1,006	
Pest Control	$	600	$	600	$	600	$	-	
Janitorial Services	$	6,600	$	6,600	$	7,800	$	(1,200)	
Security Services	$	33,800	$	33,800	$	30,849	$	2,951	
Pool Maintenance	$	22,680	$	22,680	$	23,130	$	(450)	
Amenity Access Management	$	5,000	$	5,000	$	5,000	$	(0)	
Amenity Repairs & Maintenance	$	10,000	$	10,000	$	6,571	$	3,429	
Contingency	$	5,500	$	5,500	$	-	$	5,500	
Subtotal Amenity Expenditures	$	170,180	$	170,180	$	133,831	$	36,349	
					
Total Operations & Maintenance	$	439,307	$	439,307	$	449,781	$	(10,474)	
					
Total Expenditures	$	588,999	$	588,999	$	588,016	$	982	
					
Excess (Deficiency) of Revenues over Expenditures	$	46,170		$	66,430		

Other Financing Sources/(Uses):					
Transfer In/(Out)	$	(46,170)	$	(46,170)	$	-	$	46,170	
Total Other Financing Sources/(Uses)	$	(46,170)	$	(46,170)	$	-	$	46,170	
					
Net Change in Fund Balance	$	-		$	66,430		
					
Fund Balance - Beginning	$	-		$	53,040		
					
Fund Balance - Ending	$	-		$	119,470		

Adopted	Prorated Budget	Actual		
Budget	Thru 09/30/23	Thru 09/30/23	Variance	

Revenues:					
Assessments - Tax Roll	$	404,975	$	404,975	$	405,846	$	871	
Interest	$	-	$	-	$	15,742	$	15,742	
Total Revenues	$	404,975	$	404,975	$	421,588	$	16,613	

Expenditures:					
Interest - 11/1	$	145,225	$	145,225	$	145,225	$	(0)	
Special Call - 11/1	$	-	$	-	$	20,000	$	(20,000)	
Principal - 5/1	$	115,000	$	115,000	$	115,000	$	-	
Interest - 5/1	$	145,225	$	145,225	$	144,744	$	481	
Total Expenditures	$	405,450	$	405,450	$	424,969	$	(19,519)	
					
Excess (Deficiency) of Revenues over Expenditures	$	(475)		$	(3,381)		
					
Fund Balance - Beginning	$	150,446		$	373,841		
					
Fund Balance - Ending	$	149,971		$	370,460		

Adopted	Prorated Budget	Actual		
Budget	Thru 09/30/23	Thru 09/30/23	Variance	

Revenues:					
Assessments - Tax Roll	$	368,900	$	368,900	$	370,955	$	2,055	
Interest	$	-	$	-	$	14,015	$	14,015	
Total Revenues	$	368,900	$	368,900	$	384,970	$	16,070	

Expenditures:					
Interest - 11/1	$	119,294	$	119,294	$	119,294	$	-	
Principal - 5/1	$	130,000	$	130,000	$	130,000	$	-	
Interest - 5/1	$	119,294	$	119,294	$	119,294	$	-	
Total Expenditures	$	368,588	$	368,588	$	368,588	$	-	
					
Excess (Deficiency) of Revenues over Expenditures	$	313		$	16,383		
					
Fund Balance - Beginning	$	123,135		$	308,615		
					
Fund Balance - Ending	$	123,447		$	324,998		

Revenues:					
Assessments - Tax Roll	$	174,400	$	174,400	$	175,301	$	901	
Assessments - Prepayments	$	-	$	-	$	309,196	$	309,196	
Interest	$	-	$	-	$	8,787	$	8,787	
Total Revenues	$	174,400	$	174,400	$	493,284	$	318,884	

Expenditures:					
Interest - 11/1	$	71,929	$	71,929	$	71,929	$	(0)	
Principal - 11/1	$	100,000	$	100,000	$	100,000	$	-	
Interest - 5/1	$	56,497	$	56,497	$	56,497	$	(0)	
Special Call - 5/1	$	-	$	-	$	50,000	$	(50,000)	
Interest - 8/1	$	-	$	-	$	833	$	(833)	
Special Call - 8/1	$	-	$	-	$	85,000	$	(85,000)	
Total Expenditures	$	228,426	$	228,426	$	364,259	$	(135,833)	
					
Excess (Deficiency) of Revenues over Expenditures	$	(54,026)		$	129,025		
					
Fund Balance - Beginning	$	171,930		$	258,978		
					
Fund Balance - Ending	$	117,904		$	388,003		

Revenues:					
Assessments - Direct	$	249,825	$	249,825	$	124,913	$	(124,912)	
Assessments - Lot Closings	$	-	$	-	$	124,913	$	124,913	
Interest	$	-	$	-	$	11,166	$	11,166	
Total Revenues	$	249,825	$	249,825	$	260,992	$	11,167	

Expenditures:					
Interest - 11/1	$	104,841	$	104,841	$	104,841	$	0	
Principal - 5/1	$	80,000	$	80,000	$	80,000	$	-	
Interest - 5/1	$	84,625	$	84,625	$	84,625	$	(0)	
Total Expenditures	$	269,466	$	269,466	$	269,466	$	(0)	
					
Excess (Deficiency) of Revenues over Expenditures	$	(19,641)		$	(8,474)		

Other Financing Sources/(Uses):					
Transfer In/(Out)	$	-	$	-	$	(124,913)	$	(124,913)	
Total Other Financing Sources (Uses)	$	-	$	-	$	(124,913)	$	(124,913)	
					
Net Change in Fund Balance	$	(19,641)		$	(133,387)		
					
Fund Balance - Beginning	$	104,844		$	355,857		
					
Fund Balance - Ending	$	85,203		$	222,470		

Revenues:					
Interest	$	-	$	-	$	7,463	$	7,463	
Total Revenues	$	-  $	-  $	7,463	$	7,463	

Expenditures:					
Interest - 11/1	$	-	$	-	$	-	$	-	
Principal - 5/1	$	-	$	-	$	-	$	-	
Interest - 5/1	$	-	$	-	$	-	$	-	
Total Expenditures	$	-  $	-  $	-	$	-	
					
Excess (Deficiency) of Revenues over Expenditures	$	-	$	7,463		

Other Financing Sources/(Uses):					
Bond Proceeds	$	-	$	-	$	721,927	$	721,927	
Total Other Financing Sources (Uses)	$	-	$	-	$	721,927	$	721,927	
					
Net Change in Fund Balance	$	-	$	729,389		
					
Fund Balance - Beginning	$	-	$	-		
					
Fund Balance - Ending	$	-	$	729,389		
VillaMar
Community Development District Combined Capital Project Funds
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending September 30, 2023

	Series	Series	Series		Series	Series		
	2019 A1	2020 A2	2022 A3		2022 A4	2023 A5	Total	
Revenues								
Developer Contributions	$	4,545,512	$	395	$		-	$	(15,798)	$	-	$	4,530,108	
Interest	$	7	$	1,587	$		0	$	2,336	$	22,994	$	26,924	
Total Revenues	$	4,545,518	$	1,982	$		0	$	(13,463)	$	22,994	$	4,557,032	

Expenditures:								
Bank Fees	$	195	$	-	$		-	$	-	$	-	$	195	
Capital Outlay	$	4,544,169	$	(4,800)  $		-	$	175,375	$	6,687,332	$	11,402,076	
Capital Outlay - Cost of Issuance	$	-	$	-	$		-	$	-	$	341,675	$	341,675	
Total Expenditures	$	4,544,365	$	(4,800)  $		-	$	175,375	$	7,029,007	$	11,743,946	
								
Excess (Deficiency) of Revenues over Expenditures	$	1,154	$	6,782	$		0	$	(188,838)	$	(7,006,013)	$	(7,186,914)	

Other Financing Sources/(Uses)								
Bond Proceeds	$	-	$	-	$		-	$	-	$	7,218,073	$	7,218,073	
Issuance Discount	$	-	$	-	$		-	$	-	$	(56,774)	$	(56,774)	
Transfer In/(Out)	$	-	$	-	$		-	$	124,913	$	-	$	124,913	
Total Other Financing Sources (Uses)	$	-	$	-	$		-	$	124,913	$	7,161,299	$	7,286,212	
								
Net Change in Fund Balance	$	1,154	$	6,782	$		0	$	(63,925)	$	155,287	$	99,298	
								
Fund Balance - Beginning	$	(384)	$	(6,782)  $		8	$	63,925	$	-	$	56,767	
								
Fund Balance - Ending	$	770	$	-	$		8	$	-	$	155,287	$	156,064	

	Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total	

Revenues:														
Assessments - Tax Roll	$	-	$	104,256	$	376,433	$	23,545	$	10,964	$	964	$	2,464	$	7,073	$	7,902	$	40	$	-	$	-	$	533,641	
Assessments - Direct Bill	$	52,392	$	-	$	-	$	-	$	8,337	$	-	$	-	$	-	$	-	$	-	$	8,337	$	2,143	$	71,209	
Assessments - Lot Closings	$	-	$	33,058	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	33,058	
Boundary Amendment Contributions	$	-	$	-	$	13,355	$	-	$	3,061	$	44	$	-	$	-	$	20	$	-	$	-	$	-	$	16,478	
Miscellaneous Income	$	-	$	30	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	30	$	-	$	-	$	60	
Total Revenues	$	52,392	$	137,344	$	389,788	$	23,545	$	22,362	$	1,007	$	2,464	$	7,073	$	7,921	$	70	$	8,337	$	2,143	$	654,447	

Expenditures:														
General & Administrative:														
Supervisor Fees	$	-	$	600	$	-	$	600	$	600	$	600	$	600	$	600	$	600	$	-	$	600	$	600	$	5,400	
Engineering	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Attorney	$	3,233	$	771	$	1,677	$	1,739	$	2,008	$	1,720	$	1,669	$	1,414	$	1,234	$	990	$	1,404	$	-	$	17,858	
Annual Audit	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	3,580	$	3,580	
Assessment Administration	$	5,000	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	5,000	
Arbitrage	$	-	$	-	$	450	$	-	$	-	$	-	$	-	$	900	$	-	$	-	$	-	$	450	$	1,800	
Dissemination	$	667	$	667	$	667	$	667	$	667	$	667	$	917	$	667	$	667	$	1,000	$	750	$	750	$	8,750	
Trustee Fees	$	2,788	$	-	$	4,041	$	-	$	-	$	-	$	7,004	$	-	$	-	$	3,717	$	-	$	-	$	17,550	
Management Fees	$	3,154	$	3,154	$	3,154	$	3,154	$	3,154	$	3,154	$	3,154	$	3,154	$	3,154	$	3,154	$	3,154	$	3,154	$	37,853	
Information Technology	$	150	$	150	$	150	$	150	$	150	$	150	$	150	$	150	$	150	$	150	$	150	$	150	$	1,800	
Website Maintenance	$	100	$	100	$	100	$	100	$	100	$	100	$	100	$	100	$	100	$	100	$	100	$	100	$	1,200	
Postage & Delivery	$	61	$	18	$	167	$	279	$	153	$	503	$	144	$	162	$	111	$	141	$	102	$	143	$	1,984	
Insurance	$	5,988	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	5,988	
Printing & Binding	$	-	$	-	$	-	$	-	$	34	$	8	$	-	$	-	$	-	$	-	$	-	$	-	$	41	
Legal Advertising	$	623	$	-	$	364	$	680	$	8,725	$	-	$	-	$	-	$	-	$	3,405	$	-	$	1,126	$	14,922	
Other Current Charges	$	39	$	40	$	39	$	39	$	40	$	39	$	40	$	39	$	39	$	39	$	39	$	40	$	472	
Boundary Amendment Expenses	$	2,247	$	8,453	$	1,231	$	1,874	$	20	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	13,823	
Office Supplies	$	3	$	3	$	1	$	1	$	5	$	4	$	4	$	6	$	1	$	4	$	3	$	2	$	38	
Dues, Licenses & Subscriptions	$	175	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	175	
Total General & Administrative	$	24,228	$	13,956	$	12,041	$	9,283	$	15,654	$	6,945	$	13,782	$	7,192	$	6,057	$	12,701	$	6,303	$	10,095	$	138,236	

	Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total	

Operations & Maintenance														
Field Expenditures
Property Insurance	

$	9,869	

$	-	

$	-	

$	-	

$	-	

$	-	

$	-	

$	-	

$	-	

$	-	

$	151	

$	-	

$	10,020	
Field Management	$	1,313	$	1,313	$	1,313	$	1,313	$	1,313	$	1,313	$	1,313	$	1,313	$	1,313	$	1,313	$	1,313	$	1,313	$	15,750	
Landscape Maintenance	$	7,075	$	7,075	$	7,075	$	7,075	$	7,075	$	7,075	$	7,075	$	7,075	$	7,075	$	7,075	$	7,075	$	7,075	$	84,900	
Landscape Replacement	$	3,220	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	1,707	$	-	$	-	$	4,927	
Pond Maintenance	$	821	$	821	$	821	$	821	$	821	$	821	$	821	$	821	$	821	$	821	$	821	$	856	$	9,890	
Streetlights	$	8,352	$	8,339	$	8,295	$	8,404	$	7,725	$	10,458	$	11,573	$	11,426	$	11,363	$	11,356	$	11,316	$	11,347	$	119,954	
Electric	$	92	$	78	$	128	$	91	$	133	$	115	$	121	$	152	$	140	$	-	$	-	$	-	$	1,050	
Water & Sewer	$	4,916	$	1,128	$	511	$	733	$	2,305	$	1,220	$	2,625	$	3,010	$	2,846	$	2,295	$	2,428	$	1,032	$	25,049	
Sidewalk & Asphalt Maintenance	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Irrigation Repairs	$	1,179	$	743	$	104	$	413	$	80	$	699	$	721	$	160	$	68	$	3,237	$	81	$	122	$	7,606	
General Repairs & Maintenance	$	11,973	$	-	$	-	$	2,000	$	8,165	$	-	$	2,835	$	-	$	3,921	$	-	$	4,886	$	-	$	33,780	
Contingency	$	-	$	-	$	-	$	15,079	$	1,392	$	-	$	-	$	-	$	-	$	-	$	(13,450)	$	-	$	3,022	
Subtotal Field Expenditures	$	48,810	$	19,498	$	18,247	$	35,929	$	29,009	$	21,701	$	27,084	$	23,957	$	27,546	$	27,804	$	14,621	$	21,745	$	315,949	

Amenity Expenditures
Amenity - Electric	

$	1,075	

$	953	

$	1,093	

$	1,077	

$	1,306	

$	1,177	

$	1,012	

$	1,324	

$	1,223	

$	1,290	

$	1,300	

$	1,201	

$	14,030	
Amenity - Water	$	705	$	902	$	654	$	1,073	$	885	$	816	$	1,013	$	979	$	1,090	$	1,221	$	713	$	1,300	$	11,350	
Playground & Furniture Lease	$	1,079	$	1,079	$	8,075	$	2,475	$	2,475	$	2,475	$	2,475	$	2,475	$	2,475	$	2,475	$	2,475	$	2,475	$	32,507	
Internet	$	156	$	156	$	156	$	156	$	161	$	171	$	171	$	171	$	171	$	176	$	176	$	176	$	1,994	
Pest Control	$	50	$	50	$	50	$	50	$	50	$	50	$	50	$	50	$	50	$	50	$	50	$	50	$	600	
Janitorial Services	$	550	$	550	$	550	$	550	$	550	$	550	$	550	$	550	$	850	$	850	$	850	$	850	$	7,800	
Security Services	$	456	$	2,306	$	2,135	$	2,648	$	2,363	$	3,368	$	2,818	$	2,705	$	2,363	$	4,393	$	2,363	$	2,932	$	30,849	
Pool Maintenance	$	1,750	$	1,500	$	1,850	$	1,850	$	2,250	$	1,850	$	1,850	$	2,130	$	1,850	$	1,850	$	2,550	$	1,850	$	23,130	
Amenity Access Management	$	417	$	417	$	417	$	417	$	417	$	417	$	417	$	417	$	417	$	417	$	417	$	417	$	5,000	
Amenity Repairs & Maintenance	$	1,549	$	203	$	3,757	$	-	$	233	$	-	$	700	$	130	$	-	$	-	$	-	$	-	$	6,571	
Contingency	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Subtotal Amenity Expenditures	$	7,786	$	8,114	$	18,735	$	10,295	$	10,688	$	10,873	$	11,056	$	10,929	$	10,488	$	12,722	$	10,894	$	11,251	$	133,831	
														
Total Operations & Maintenance	$	56,596	$	27,612	$	36,982	$	46,224	$	39,697	$	32,574	$	38,140	$	34,886	$	38,034	$	40,526	$	25,514	$	32,996	$	449,781	
														
Total Expenditures	$	80,824	$	41,568	$	49,023	$	55,506	$	55,351	$	39,518	$	51,921	$	42,079	$	44,091	$	53,227	$	31,817	$	43,091	$	588,016	
														
Excess (Deficiency) of Revenues over Expenditures	$	(28,432)	$	95,776	$	340,765	$	(31,961)	$	(32,989)	$	(38,511)	$	(49,457)	$	(35,005)	$	(36,170)	$	(53,158)	$	(23,480)	$	(40,948)	$	66,430	

Other Financing Sources/Uses:														
Transfer In/(Out)	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Total Other Financing Sources/Uses	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
														
Net Change in Fund Balance	$	(28,432)	$	95,776	$	340,765	$	(31,961)	$	(32,989)	$	(38,511)	$	(49,457)	$	(35,005)	$	(36,170)	$	(53,158)	$	(23,480)	$	(40,948)	$	66,430	
VillaMar
Community Development District Long Term Debt Report

SERIES 2019, SPECIAL ASSESSMENT REVENUE BONDS AREA 1		
INTEREST RATE:	3.750%, 4.000%, 4.625%, 4.875%		
MATURITY DATE:	5/1/2050		
RESERVE FUND DEFINITION	50% MAXIMUM ANNUAL DEBT SERVICE		
RESERVE FUND REQUIREMENT	$201,917		
RESERVE FUND BALANCE	$204,389		
BONDS OUTSTANDING - 06/25/19	$7,180,000		
LESS: SPECIAL CALL - 08/01/20	($290,000)		
LESS: SPECIAL CALL - 11/1/20	($280,000)		
LESS: SPECIAL CALL - 2/1/21	($45,000)		
LESS: PRINCIPAL PAYMENT - 5/1/21	($110,000)		
LESS: SPECIAL CALL - 5/1/21	($30,000)		
LESS: SPECIAL CALL - 8/1/21	($65,000)		
LESS: SPECIAL CALL - 11/1/21	($20,000)		
LESS: PRINCIPAL PAYMENT - 5/1/22	($110,000)		
LESS: SPECIAL CALL - 11/1/22	($20,000)		
LESS: PRINCIPAL PAYMENT - 5/1/23	($115,000)		
CURRENT BONDS OUTSTANDING	$6,095,000	

SERIES 2020, SPECIAL ASSESSMENT REVENUE BONDS AREA 2		
INTEREST RATE:	2.625%, 3.200%, 3.750%, 4.000%	
MATURITY DATE:	5/1/2051	
RESERVE FUND DEFINITION	50% MAXIMUM ANNUAL DEBT SERVICE	
RESERVE FUND REQUIREMENT	$184,450	
RESERVE FUND BALANCE	$184,450	
BONDS OUTSTANDING - 11/24/20	$6,500,000	
LESS: PRINCIPAL PAYMENT - 5/1/22	($125,000)	
LESS: PRINCIPAL PAYMENT - 5/1/23	($130,000)	
CURRENT BONDS OUTSTANDING	$6,245,000	

SERIES 2022, SPECIAL ASSESSMENT REVENUE BONDS AREA 3		
INTEREST RATE:	3.125%, 3.500%, 4.000%		
MATURITY DATE:	11/1/2051		
RESERVE FUND DEFINITION	50% MAXIMUM ANNUAL DEBT SERVICE		
RESERVE FUND REQUIREMENT	$77,500		
RESERVE FUND BALANCE	$80,350		
BONDS OUTSTANDING - 03/18/22	$3,040,000		
LESS: PRINCIPAL PAYMENT - 11/1/22	($100,000)		
LESS: SPECIAL CALL - 5/1/23	($50,000)		
LESS: SPECIAL CALL - 8/1/23	($85,000)		
CURRENT BONDS OUTSTANDING	$2,805,000	

SERIES 2022, SPECIAL ASSESSMENT REVENUE BONDS AREA 4		
INTEREST RATE:	3.250%, 3.625%, 4.000%, 4.125%	
MATURITY DATE:	5/1/2052	
RESERVE FUND DEFINITION	50% MAXIMUM ANNUAL DEBT SERVICE	
RESERVE FUND REQUIREMENT	$124,913	
RESERVE FUND BALANCE	$123,509	
BONDS OUTSTANDING - 03/18/22	$4,295,000	
LESS: PRINCIPAL PAYMENT - 5/1/23	($80,000)	
CURRENT BONDS OUTSTANDING	$4,215,000	

SERIES 2023, SPECIAL ASSESSMENT REVENUE BONDS AREA 5		
INTEREST RATE:	4.875%, 5.625%, 5.750%	
MATURITY DATE:	5/1/2053	
RESERVE FUND DEFINITION	MAXIMUM ANNUAL DEBT SERVICE	
RESERVE FUND REQUIREMENT	$553,728	
RESERVE FUND BALANCE	$553,728	
BONDS OUTSTANDING - 06/15/23	$7,940,000	
CURRENT BONDS OUTSTANDING	$7,940,000	

ON ROLL ASSESSMENTS
VillaMar
COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Receipts Fiscal Year 2023

Date	
Distribution	
Gross Amount	
(Discount)/Penalty	
Commissions	
Interest	
Net Receipts	
O&M Portion	Series 2019 Debt Service	Series 2020 Debt Service	Series 2022 PH3 Debt Service	
Total	

11/10/22	
10/21/22	
$1,607.56	
($84.38)	
($30.46)	
$0.00	
$1,492.72	
$536.04	
$407.81	
$372.73	
$176.14	
$1,492.72	
11/16/22	10/01/22 - 10/31/22	$6,499.54	($259.97)	($124.79)	$0.00	$6,114.78	$2,195.82	$1,670.56	$1,526.86	$721.54	$6,114.78	
11/21/22	11/01/22 - 11/06/22	$30,059.67	($1,202.39)	($577.15)	$0.00	$28,280.13	$10,155.39	$7,726.13	$7,061.55	$3,337.06	$28,280.13	
11/25/22	11/07/22 - 11/13/22	$287,344.56	($11,493.41)	($5,517.02)	$0.00	$270,334.13	$97,076.99	$73,855.28	$67,502.43	$31,899.43	$270,334.13	
11/30/22	1% Fee Adj	($15,893.67)	$0.00	$0.00	$0.00	($15,893.67)	($5,708.60)	($4,341.52)	($3,968.28)	($1,875.27)	($15,893.67)	
12/12/22	11/14/22 - 11/23/22	$100,298.30	($4,011.88)	($1,925.73)	$0.00	$94,360.69	$33,914.75	$25,763.46	$23,552.51	$11,129.97	$94,360.69	
12/21/22	11/24/22 - 11/30/22	$695,050.41	($27,801.74)	($13,344.97)	$0.00	$653,903.70	$234,865.52	$178,620.55	$163,264.46	$77,153.17	$653,903.70	
12/23/22	12/01/22 - 12/15/22	$318,420.91	($12,581.44)	($6,116.79)	$0.00	$299,722.68	$107,652.73	$81,872.34	$74,833.75	$35,363.86	$299,722.68	
01/13/23	12/16/22 - 12/31/22	$69,605.50	($2,713.62)	($1,337.84)	$0.00	$65,554.04	$23,545.34	$17,906.76	$16,367.31	$7,734.63	$65,554.04	
02/16/23	01/01/23 - 01/31/23	$32,905.42	($1,757.12)	($622.97)	$0.00	$30,525.33	$10,963.92	$8,338.31	$7,621.46	$3,601.64	$30,525.33	
03/17/23	02/01/23 - 02/28/23	$2,760.01	($22.02)	($54.76)	$0.00	$2,683.23	$963.75	$732.95	$669.94	$316.59	$2,683.23	
04/11/23	03/01/23 - 03/31/23	$7,001.22	$0.00	($140.02)	$0.00	$6,861.20	$2,464.37	$1,874.21	$1,713.08	$809.54	$6,861.20	
05/11/23	04/01/23 - 04/30/23	$17,425.32	$0.00	($348.51)	$0.00	$17,076.81	$6,133.55	$4,664.71	$4,263.68	$2,014.87	$17,076.81	
05/24/23	Check #31911	$96.43	$0.00	$0.00	$0.00	$96.43	$34.63	$26.34	$24.08	$11.38	$96.43	
05/24/23	10/01/22 - 03/31/23	$0.00	$0.00	$0.00	$2,520.06	$2,520.06	$905.14	$688.38	$629.20	$297.34	$2,520.06	
06/16/23	05/01/23 - 05/31/23	$6,554.05	$0.00	($131.08)	$0.00	$6,422.97	$2,306.96	$1,754.50	$1,603.67	$757.84	$6,422.97	
06/29/23	06/01/23 - 06/30/23	$15,894.34	$0.00	($317.89)	$0.00	$15,576.45	$5,594.66	$4,254.87	$3,889.08	$1,837.84	$15,576.45	
07/31/23	Interest	$0.00	$0.00	$0.00	$110.83	$110.83	$39.81	$30.27	$27.67	$13.08	$110.83	
	TOTAL	$  1,575,629.57	$	(61,927.97)	$	(30,589.98)	$	2,630.89	$  1,485,742.51	$  533,640.77	$  405,845.91	$ 370,955.18	$  175,300.65	$  1,485,742.51	

DIRECT BILL ASSESSMENTS

1

2023-02
Cunningham Investors LLC				
$33,349.39	
$33,349.39	
Date
Received	Due
Date	Check
Number	Net
Assessed	Amount
Received	General
Fund	
10/4/22	10/1/22	1236	$16,674.70	$16,674.70	$16,674.70	
2/8/23	2/1/23	1298	$8,337.35	$8,337.35	$8,337.35	
8/23/23	6/1/23	1389	$8,337.35	$8,337.35	$8,337.35	
			$	33,349.40	$	33,349.40	$  33,349.40	

2023-03
DR Horton Inc				
$124,913.00	
$124,913.00	
Date
Received	Due
Date	Check
Number	Net
Assessed	Amount
Received	Series 2022 PH4
Debt Service	
2/3/23	12/1/22	164320	$62,456.50	$62,456.50	$62,456.50	
2/3/23	2/1/23	164320	$31,228.25	$31,228.25	$31,228.25	
2/3/23	5/1/23	164320	$31,228.25	$31,228.25	$31,228.25	
			$	124,913.00	$	124,913.00	$  124,913.00