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

The following is the proposed agenda for the upcoming Meeting of the Board of Supervisors for the Boggy Creek Improvement District (“District”), scheduled to be held at 3:00 p.m. on Tuesday, June 21, 2022, at Courtyard Orlando Lake Nona, 6955 Lake Nona Blvd., Orlando, FL 32827. A quorum will be confirmed prior to the start of the meeting.

District Staff, please use the following information to join via computer or the conference line:

Phone:1-844-621-3956	Computer: pfmgroup.webex.com	Participant Code: 796 580 192#

BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters
Roll Call to Confirm a Quorum
Public Comment Period
Consideration of the Minutes of the May 17, 2022, Board of Supervisors’ Meeting (provided under separate cover)

Business Matters
Review and Acceptance of Fiscal Year 2021 Audit Draft
Public Hearing on the District’s Use of the Uniform Method of Levying, Collection and Enforcing Non Ad-Valorem Assessments
Public Comments and Testimony
Board Comments
Consideration of Resolution 2022-07, Adopting the Uniform Method
Consideration of Traffic Engineering Services for Power Center Roundabouts with Kittelson
Ratification of Operation and Maintenance Expenditures Paid in May 2022 in amount totaling
$155,927.38
Ratification of Requisition Nos. 2018-239 – 2018-243 in May 2022 in an amount totaling
$14,676.67
Recommendation of Work Authorizations/Proposed Services (if applicable)
Review of District’s Financial Position and Budget to Actual YTD

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

Adjournment

Minutes of the May 17, 2022 Board of Supervisors’ Meeting
(provided under separate cover)

Fiscal Year 2021 Audit Draft

Boggy Creek Improvement District

ANNUAL FINANCIAL REPORT

September 30, 2021

Boggy Creek Improvement District ANNUAL FINANCIAL REPORT
Fiscal Year Ended September 30, 2021

TABLE OF CONTENTS

FINANCIAL SECTION

REPORT OF INDEPENDENT AUDITORS MANAGEMENT'S DISCUSSION AND ANALYSIS

Page Number

1-2

3-8

BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements:
Statement of Net Position	9
Statement of Activities	1O
Fund Financial Statements:
Balance Sheet - Governmental Funds	11
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	12
Statement of Revenues, Expenditures and Changes in Fund
Balances - Governmental Funds	13
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	14
Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual - General Fund	15
Notes to Financial Statements	16-30
INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS	31-32
MANAGEMENT LETTER	33-36
INDEPENDENT ACCOUNTANTS' REPORT/COMPLIANCE WITH SECTION
218.415, FLORIDA STATUTES	37

REPORT OF INDEPENDENT AUDITORS

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

Report on the Financial Statements

We have audited the accompanying financial statements of Boggy Creek Improvement District as of and for the year ended September 30, 2021, and the related notes to financial statements, which collectively comprise the District's basic financial statements as listed in the table of contents.

Management's Responsibility 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; this includes 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Accounting Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements 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 entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

To the Board of Supervisors Boggy Creek Improvement District

Opinion

In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities, and each major fund of Boggy Creek Improvement District as of September 30, 2021, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Governmental accounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by 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 inquires of management regarding the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. 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 June XX, 2022 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 Boggy Creek Improvement District's internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June XX, 2022

Boggy Creek Improvement District MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2021

Management's discussion and analysis of Boggy Creek Improvement District's (the "District") financial performance provides an objective and easily readable analysis of the District's financial activities. The analysis provides summary financial information for the District and should be read in conjunction with the District's financial statements.

OVERVIEW OF THE FINANCIAL STATEMENTS

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

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

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

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

Boggy Creek Improvement District MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2021

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 land, 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, a reconciliation is provided from the fund financial statements to the government-wide financial statements.

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

Financial Highlights

The following are the highlights of financial activity for the year ended September 30, 2021.

+	The District's total assets and deferred outflows of resources were exceeded by total liabilities by $(47,035,025)  (net position). Net investment  in capital assets was
$4,192,319. Unrestricted net position was $(51,227,344).

+		Governmental activities revenues totaled $3,665,823 while governmental activities expenses totaled $4,177,848.

Boggy Creek Improvement District MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2021

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	
	2021	2020	
Current assets	$	440,933	$	220,401	
Restricted assets	5,107,185	6,254,031	
Capital assets	4,464,616	4,459,683	
Total Assets	10,012,734	10,934,115	

Deferred amount on refunding		4,192,319 		4,471,807 

Current liabilities	2,947,132	3,599,342	
Non-current liabilities		58,292,946 		58,329,580 	
Total Liabilities		61,240,078 		61,928,922 	

Net Position
Net investment in capital assets	4,192,319	4,471,807	
Restricted net position		16,338	
Unrestricted net position	(51,227,344)	(51,011,145)	
Total Net Position	$ (47,035,025)	$ (46,523,000)	

The increase in current assets is related to revenues exceeding expenditures in the General Fund in the current year.

The decrease in restricted assets is related to the reduction in special assessments in the Debt Service Fund in the current year.

The decrease in current liabilities is related to the decrease in due to other governments related to capital projects in the prior year.

Boggy Creek Improvement District MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2021

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	
	2021	2020	
Program Revenues			
Charges for services	$	3,638,445	$	6,012,289	
Operating contributions	11,230	9,669	
General Revenues			
Investment earnings	2,411	5,370	
Gain on sale of assets	13,737		
Miscellaneous	 			123,337 	
Total Revenues		3,665,823 		6,150,665 	

Expenses
General government	

122,513	

114,930	
Physical environment	696,002	609,749	
Interest and other charges		3,359,333 		3,560,369 	
Total Expenses		4,177,848 		4,285,048 	
Conveyances to other governments	 		(9,758,891)	
Change in Net Position	(512,025)	(7,893,274)	
Net Position - Beginning of Year	(46,523,000)	(38,629,726)	
Net Position - End of Year	$ (47,035,025)	$ (46,523,000)	

The decrease in charges for services is related to the decrease in debt service special assessments in the current year.

The decrease in miscellaneous revenues is related to refunds from contractors in the prior year.

The increase in physical environment is primarily related to the increase in landscape maintenance in the current year.

The conveyance in the prior year was related to the completion of a road project that was conveyed to the city.

Boggy Creek Improvement District MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2021

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, 2021 and 2020.

	Governmental Activities	
Description	2021	2020	
Construction in progress	$	3,692,470	$	3,662,205	
Land	705,984	726,590	
Improvements other than buildings	70,888	70,888	
Accumulated depreciation	{4,726}		
Total Capital Assets	$	4,464,616	$	4,459,683

The activity for the year consisted of $30,265 in additions to construction in progress, a $20,606 deletion of land and depreciation of $4,726.

General Fund Budgetary Highlights

Actual governmental expenditures were less than final budgeted amounts primarily due to lower reserve costs than were anticipated.

The General Fund budget was amended in the current year for capital outlay.

Debt Management

Governmental Activities debt includes the following:

In April 2013, the District issued $56,815,000 Series 2013 Special Assessment Revenue and Revenue Refunding Bonds. The bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. The balance outstanding at September 30, 2021 was $46,560,000.

In July 2018, the District issued a not-to-exceed $25,000,000 Bond Anticipation Note. The Note was issued to fund a portion of the Series 2018 Project. The balance outstanding at September 30, 2021 was $14,104,936.

Economic Factors and Next Year's Budget

Boggy Creek Improvement District's construction is ongoing; however, the District does not anticipate economic factors to affect operations for the year ended September 30, 2022.

Boggy Creek Improvement District MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Year Ended September 30, 2021

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Request for Information

The financial report is designed to provide a general overview of Boggy Creek Improvement District's finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Boggy Creek Improvement District, PFM Group Consulting, LLC, 3501 Quadrangle Boulevard, Suite 570, Orlando, Florida 32817.

Boggy Creek Improvement District STATEMENT OF NET POSITION
September 30, 2021

	Governmental
Activities	
ASSETS		
Current Assets
Cash	$	396,716	
Investments	1,301	
Accrued interest receivable	109	
Due from developer	991	
Due from other governments	19,260	
Deposits	4,550	
Prepaid expenses		18 006 	
Total Current Assets	440,933	

Non-current Assets Restricted assets
Cash and investments
Capital assets, not being depreciated Land
Construction in progress Capital assets, being depreciated

5,107,185

705,984
3,692,470

lmprovemnets other than buildings	70,888	
Accumulated depreciation		(4,726)	
Total Non-current Assets	9,571,801	
Total Assets	10,012,734	

DEFERRED OUTFLOW OF RESOURCES
Deferred amount on refunding

LIABILITIES
Current Liabilities

4,192,319

Accounts payable and accrued expenses	81,296	
Contracts payable	7,151	
Bonds payable	1,600,000	
Accrued interest payable	1,258,685	
Total Current Liabilities	2,947,132	
Non-current liabilities
Bond anticipation notes payable	14,104,936	
Bonds payable, net	44,188,010	
Total Non-current Liabilities	58,292,946	
Total Liabilities	61,240,078	

NET POSITION
Net investment in capital assets	
4,192,319	
Unrestricted	(51,227,344)	
Total Net Position	$ (47,035,025)	

See accompanying notes to financial statements.

Boggy Creek Improvement District STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2021

Program Revenues
Operating

Net (Expense) Revenues and Changes in Net Position

Functions/Programs

Expenses

Charges for Services

Grants and Contributions

Governmental Activities

Governmental Activities		
General government	$	(122,513)	$	138,571		$	1,691	$	17,749	
Physical environment	(696,002)	781,885		9,539	95,422	
Interest on long-term debt	(3,359,333)		2,717,989 		 			(641,344) 	
Total Governmental Activities	$ (4,177,848)	$	3,638,445		 $	11,230		(528,173) 	

General Revenues
Investment earnings	2,411	
Gain on sale of assets		13,737 	
Total General Revenues		16,148 	

Change in Net Position

Net Position - October 1, 2020
Net Position - September 30, 2021

(512,025)

(46,523,000)
$ (47,035,025)

See accompanying notes to financial statements.

- 10 -

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Boggy Creek Improvement District
BALANCE SHEET -
GOVERNMENTAL FUNDS
September 30, 2021

	

General	

Debt Service	
Capital Projects	Total Governmental
Funds	
ASSETS
Cash	
$	383,585	
$	
$	13,131	
$	396,716	
Investments	1,301			1,301	
Accrued interest receivable		109		109	
Due from developer	991			991	
Due from other governments	19,034		226	19,260	
Prepaid expenses	18,006			18,006	
Deposits	4,550			4,550	
Restricted assets
Cash and investments, at fair value		
5,079,863	
27,322	
5,107,185	

Total Assets	
$	
427,467	
$5,079,972	
$	
40,679	
$	
5,548,118	

LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES

Liabilities
Accounts payable and accrued liabilities	$	81,296	$	$	$	81,296	
Contracts payable			7,151	7,151	
Total Liabilities	81,296		7,151	88,447	

Deferred Inflows of Resources					
Unavailable revenues	551			551	

Fund Balances					
Nonspendable - deposits/prepaids	22,556			22,556	
Restricted for debt service		5,079,972		5,079,972	
Unassigned	323,064		33,528	356,592	

Total Fund Balances	
345,620	
5,079,972	
33,528	
5,459,120	

Total Liabilities, Deferred Inflows of Resources and Fund Balances	

$	427,467	

$5,079,972	

$	40,679	

$ 5,548,118	

See accompanying notes to financial statements.
- 11 -

Boggy Creek Improvement District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES
TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2021

Total Governmental Fund Balances

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

Capital assets, land, $705,984, construction in progress, $3,692,470, and improvements other than buildings, $70,888, net of accumulated depreciation, $(4,726), used in governmental activites are not current financial resources and therefore, are not reported at the fund level.

Deferred outflows of resources, deferred amount on refunding net, are not current financial resources and therefore, are not reported at the governmental fund level.

Long-term liabilities, including bonds payable, $(60,664,936), net of bond discounts, net, $751,990 are not due and payable in the current period and therefore, are not reported at the governmental fund level.

Unavailable revenues are recognized as a deferred inflow at the fund level,

$	5,459,120

4,464,616

4,192,319

(59,892,946)

revenues are recognized when earned at the government-wide level.	551	
Accrued interest expense for long-term debt is not a current financial use and therefore, is not reported at the governmental fund level.	
(1,258,685)	

Net Position of Governmental Activities	
$ (47,035,025)	

See accompanying notes to financial statements.

- 12 -

Boggy Creek Improvement District
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
For the Year Ended September 30, 2021

REVENUES

	General	

Debt Service

Capital Projects

Totals Governmental
	Funds	

Special assessments	$	920,456	$2,717,989	$	$ 3,638,445	
Developer contributions	12,174			12,174	
Interest income		115 		2,293 		3 		2,411 	
Total Revenues		932,745 	2,720,282		3 	3,653,030	

EXPENDITURES
Current
General government	122,513			122,513	
Physical environment	691,276			691,276	
Capital outlay Debt service
Principal		

1,525,000	30,265	30,265

1,525,000	
Interest	 		3,045,794	 		3,045,794	
Total Expenditures		813,789 	4,570,794		30,265 	5,414,848	
Excess revenues over/(under) expenditures		118,956 	(1,850,512)		(30,262) 	(1,761,818)	
Other Financing Sources/(Uses)
Draws from bond anticipation notes		
703,699	
824,577	
1,528,276	
Sale of capital assets proceeds	34,343			34,343	
Transfers in			5,688	5,688	
Transfers out	 		(5,688)	 			(5,688) 	
Total Other Financing Sources/(Uses)		34,343 		698,011 		830,265 	1,562,619	
Net Change in Fund Balances		153,299 	(1,152,501)		800,003 	(199,199)	

Fund Balances - October 1, 2020	
	192,321 	
6,232,473	
(766,475)	
5,658,319	
Fund Balances - September 30, 2021	$	345,620	$5,079,972	$	33,528	$ 5,459,120	

See accompanying notes to financial statements.	- 13 -

Boggy Creek Improvement District
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2021

Net Change in Fund Balances -Total Governmental Funds

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

Capital outlay is reported as expenditures at the fund level. At the government-wide level, it is reported as additions to capital assets. This is the difference between capital outlay, $30,265, sale of capital assets, $(20,606) and depreciation, $(4,726).

Repayments of bond principal are expenditures at the fund level, but the repayments reduce long-term liabilities in the Statement of Net Position.

Bond anticipation note proceeds are reflected as an other financing source
at the fund level, however, they are reflected as an addition to 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.

Deferred outflows of resources for refunding debt is recognized as a component of interest on long term debt in the Statement of Activities, but not in the governmental funds. This is the amount of interest in the current year period.

Unavailable revenues are recognized as a deferred inflow at the fund level.

$	(199,199)

4,933

1,525,000

(1,528,276)

(35,090)

(279.488)

However, at the government-wide level revenue is recognized when earned.	(944)	
In the Statement of Activities, interest is accrued on outstanding bonds; whereas		
in governmental funds, interest expenditures are reported when due. This is the net amount between the prior year and current year accruals.	
	1,039 	

Change in Net Position of Governmental Activities	
$	(512,025)	

Boggy Creek Improvement District
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUNDBALANCES-BUDGETANDACTUAL-GENERALFUND
For the Year Ended September 30, 2021

Original Budget	

Final Budget	

Actual	Variance with Final Budget Positive
(Negative)	
evenues
Special assessments	$ 920,455	$ 920,455	$	920,456	$	1	
Developer contributions			12,174	12,174	
Interest income	100	115	115		
Total Revenues	920,555	920,570		 932,745		12 175	

R

Expenditures Current
General government	142,700	123,258	122,513		745	
Physical environment	777,855	709,004	691,276		17,728	
Capital outlay		88,308			88,308	
Total Expenditures	920,555	920,570		 813,789	 		106,781	

Excess revenues over/(under) expenditures	

	 118,956	

118,956	

Other Financing Sources/(Uses) Sale of capital assets proceeds	

		34,343	

	34 343 	
Net Change in Fund Balances	153,299	118,956	
Fund Balances - October 1, 2020	192,321	192,321	

Fund Balances - September 30, 2021	
$	$	$  345,620	
$	345,620	

Boggy Creek Improvement District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Reporting Entity

The District was established in 2001 by an ordinance of the City Council of Orlando, Florida, under the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act"), as a Community Development District. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is governed by a five-member Board of Supervisors. The District operates within the criteria established by Chapter 190, Florida Statutes. The Board has the responsibility for assessing and levying assessments, approving budgets, exercising control over facilities and properties, controlling the use of funds generated by the District, approving the hiring and firing of key personnel, and financing improvements.

The reporting entity for the District includes all functions of government in which the District's Board exercises oversight responsibility. Oversight responsibility includes, but is not limited to, financial interdependency, designation of management, significant ability to influence operations and accountability for fiscal matters. As required by GAAP, these financial statements present the Boggy Creek Improvement District (the primary government) as a stand-alone government.

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

Measurement Focus and Basis of Accounting

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

Government-wide financial statements

Fund financial statements

Notes to financial statements

Boggy Creek Improvement District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

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 the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.

Governmental activities are supported by special assessments and interest. Program revenues include charges for services, and payments made by parties outside of the reporting government's citizenry if that money is restricted to a particular program. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program.

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

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

Fund Financial Statements

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

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

Boggy Creek Improvement District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

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 has implemented the Governmental Accounting Standards Board Statement
54 - Fund Balance Reporting and Governmental Fund Type Definitions. The Statement requires the fund balance for governmental funds to be reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent.

The District has various policies governing the fund balance classifications.

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

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

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

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

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

Boggy Creek Improvement District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {CONTINUED)

Measurement Focus and Basis of Accounting {Continued)

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

Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period.

Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of "available spendable resources". Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period.

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

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

Debt service expenditures are recorded only when payment is due.

Basis of Presentation

Governmental Major Funds

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

Boggy Creek Improvement District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {CONTINUED)

Basis of Presentation (Continued)

Governmental Major Funds (Continued)

Debt Service Fund - Accounts for debt service requirements for the annual payment of principal and interest on long-term debt

Capital Projects Fund - The Capital Projects Fund accounts for construction of infrastructure improvements within the boundaries of the District.

Non-current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such as land and buildings, and non-current governmental liabilities, such as special assessment bonds, be reported in the governmental activities column in the government-wide Statement of Net Position.

Assets, Deferred Outflows of Resources, Liabilities and Net Position or Equity

Cash and Investments

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

Boggy Creek Improvement District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Deferred Outflows of Resources, Liabilities and Net Position or Equity (Continued)
Cash and Investments (Continued)
The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:
Direct obligations of the United States Treasury;
The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida lnterlocal Cooperative Act of 1969;
Interest-bearing time deposits or savings accounts in authorized qualified public depositories;
Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency.
Cash equivalents include time deposits and certificates of deposit with original maturities of three months or less and held in a qualified public depository as defined by Section 280.02, Florida Statutes.
Restricted Assets

Certain net position of the District are classified as restricted assets on the Statement of Net Position because their use is limited either by law through constitutional provisions or enabling legislation; or by restrictions imposed externally by creditors. In a fund with both restricted and unrestricted assets, qualified expenses are considered to be paid first from restricted net position and then from unrestricted net position.

Capital Assets

Capital assets, which include land and construction in progress and improvements other than buildings, are reported in the applicable governmental activities column.

The District defines capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of one year. The valuation basis for all assets is historical cost.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.

Major outlays for capital assets and improvements are capitalized as projects are constructed.

Depreciation of capital assets is computed and recorded by utilizing the straight-line method. Estimated useful lives of improvements other than buildings are 15 years.

Boggy Creek Improvement District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

Deferred Outflows of Resources

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

Deferred Inflows of Resources
Deferred inflows of resources represent an acquisition of net position that applies to a future reporting period(s) and so will not be recognized as an inflow of resources (revenue) until then. The District only has one item that qualifies for reporting in this category. Unavailable revenues are reported only in the governmental funds balance sheet. This amount is deferred and recognized as an inflow of resources in the period that amounts become available.

Budgets

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

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

1. 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, $5,459,120, differs from "net position" of governmental activities, $(47,035,025), reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the Statement of Net Position versus the current financial resources focus of the governmental fund balance sheet. The effect of the differences is illustrated on the next page.

Boggy Creek Improvement District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE	B	-		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position (Continued)
Capital related items

When capital assets (that are to be used in governmental activities) are purchased or constructed, the cost of those assets is reported as expenditures in governmental funds.
However, the statement of net position included those capital the District as a whole.	assets among the assets of	
Land	$	705,984	
Improvements other than buildings	70,888	
Construction in progress	3,692,470	
Accumulated depreciation		(4,726)	
Total	$	4 464,616	
Deferred outflow/ inflows of resources		

Deferred outflow of resources are not financial resources, and therefore, are not recognized at the fund level.
Deferred amount on refunding, net	$	4,192,319
Unavailable revenues are recognized as deferred inflows of resources at the fund level. Revenues are recognized when earned at the government-wide level.

Unavailable revenues
Long-term debt transactions

$	551

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, 2021 were:

Bonds payable
Bond anticipation notes payable Bond discount, net
Total

$  (46,560,000)
(14,104,936)
771,990
$  (59,892,946)

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	$	<1,258,685)

Boggy Creek Improvement District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

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, $(199,199), differs from the "change in net position" for governmental activities, $(512,025), reported in the statement of activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated below.
Capital related items
When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, the cost of those assets are capitalized at the government wide level and allocated over their estimated useful lives and reported as depreciation. As a result, fund balances decrease by the amount of financial resources expended, whereas, net position changes by the amount of capital additions net of any depreciation charged for the year.

Capital outlay	$	30,265	
Sale of capital assets	(20,606)	
Depreciation	(4,726)	
Total	$	4,933	
Long-term debt transactions
Repayments of bond principal are reported as an expenditure in the governmental funds and, thus, have the effect of reducing fund balance because current financial resources have been used.

Debt principal payments	$	1,525,000	
Bond anticipation note draws	(1,528,276)	
Bond discount amortization	(35,090)	
Total	$	(38,366)	
Some expenses reported in the Statement	of Activities do not require the use of current	
financial resources, therefore, are not reported as expenditures in governmental funds.

Net change in accrued interest payable Decrease in deferred amount on refunding
Total

Deferred inflows of resources

$	1,039
(279,488)
$	(278,449}

Unavailable revenues are recognized as deferred inflows of resources at the fund level. Revenues are recognized when earned at the government-wide level.
Unavailable revenues	$	(944)

Boggy Creek Improvement District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE C - CASH AND INVESTMENTS

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

Custodial Credit Risk - Deposits

Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk, however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2021, the District's bank balance was $466,154 and the carrying value was $396,716. Exposure to custodial credit risk was as follows. The District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.

As of September 30, 2021, the District had the following investments and maturities:

	Investment		Maturities		Fair Value		
Florida PRIME	49 days*	$	1,301	
Managed Money Market	NIA	3,973,347	
Business Money Market	NIA		1,133,838 	
Total		$  5,108,486	

* 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 prices for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtaining quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant unobservable inputs that use the best information available under the circumstances, which includes the District's own data in measuring unobservable inputs.

Based on the criteria in the preceding paragraph, the investments in Managed Money Market Funds are Level 1 assets.

Boggy Creek Improvement District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE C - CASH AND INVESTMENTS (CONTINUED)

Investments

The District's investment policy allows management to invest funds in investments permitted under Section 218.415, Florida Statutes. The investment in Florida PRIME is measured at amortized cost. Florida PRIME has established policies and guidelines regarding participant transactions and the authority to limit or restrict withdrawals or impose a penalty for an early withdrawal. As of September 30, 2021, there were no redemption fees, maximum transaction amounts, or any other requirements that would limit daily access to 100 percent of the account value.

Interest Rate Risk

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

Credit Risk

The District's investments are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. As of September 30, 2021 Florida PRIME was rated AAAm per Standard & Poor's. The Money Market Mutual Funds were not rated by any nationally recognized agency.

Concentration of Credit Risk

The District places no limit on the amount it may invest in any one fund. The investments in the Business Money Market were 22% and the Managed Money Market was 78% of the District's total investments. The investments in Florida PRIME were less than 1% of the District's total investments.

The types of deposits and investments and their level of risk exposure as of September 30, 2021 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.

Boggy Creek Improvement District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE D - SPECIAL ASSESSMENT REVENUES

Assessments are non-ad valorem assessments on all assessable property within the District. Assessments are levied to pay for the operations and maintenance and debt service of the District. Operations and maintenance assessments are levied on an annual basis and debt service assessments are levied at the issuance of bonds and certified for collection on an annual basis. The fiscal year for which annual assessments are levied begins October 1 and, if collected using the Uniform Method of Collection, with the discounts available for payments through February 28 and become delinquent on April 1. Alternatively, the District adopts a resolution provided for the collection dates and directly collects the assessments.

NOTE E - CAPITAL ASSETS

Capital Asset activity for the year ended September 30, 2021 was as follows:

Land	$	726,590	$	$	(20,606)	$	705,984	
Construction in progress	3,662,205	30,265		3,692,470	
Improvements other than buildings	70,888			70,888	
Accumulated depreciation		{4,726)		{4,726)	

Governmental Activities:	 Capital assets:

Beginning	Ending
 Balance	Additions	Deletions	Balance	

Total Capital Assets	$   4,459,683	$	25,539	$	{20,606)	$	4,464,616 

Depreciation of $4,726 was charged to physical environment.

NOTE F - LONG-TERM DEBT

The following is a summary of activity for long-term debt of the District for the year ended September 30, 2021:

Long-term debt at October 1, 2020 Note proceeds
Principal payments
Long-term Debt at September 30, 2021 Less bond discount, net
Total long-term debt, net, September 30, 2021

$56,815,000 Series 2013 Special Assessment Revenue and Revenue Refunding Bonds due in annual principal installments beginning May 2014 and maturing May 2043. Interest at a rate of 5.125% due in May and November beginning November 2013. Current portion is $1,600,000.

In July 2018, the District issued a bond anticipation note with a principal amount of not to exceed $25,000,000 with an interest rate of 4.5%. Interest will be due semi-annually commencing November 1, 2018.

$	60,661,660
1,528,276
(1,525,000)
60,664,936
(771,990)
$	59 892 946

$	46,560 000

$	14,104.936

Boggy Creek Improvement District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE F - LONG-TERM DEBT (CONTINUED)

The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2021 are as follows:

Year Ending
September 30,		 Principal		Interest	Total	

2022	$	1,600,000	$	2,386,200	$	3,986,200	
2023	1,685,000	2,304,200	3,989,200	
2024	1,770,000	2,217,844	3,987,844	
2025	1,860,000	2,127,131	3,987,131	
2026	1,955,000	2,031,806	3,986,806	
2027-2031	11,385,000	8,549,269	19,934,269	
2032-2036	14,610,000	5,317,956	19,927,956	
2037-2041	9,655,000	1,620,013	11,275,013	
2042-2043		2,040,000	 158,106	 2,198,106	

Totals	
 $	46,560,000 	
 $	26,712,525 	
 $	73,272,525 	

Future payments on the Series 2018, Bond Anticipation Note are not included in the above amortization schedule as the District is continuing to make draws on the note.

Summary of Significant Bonds Resolution Terms and Covenants
The District levies special assessments pursuant to Section 190.022, Florida Statutes and the assessment rolls are approved by resolutions of the District Board. The collections are to be strictly accounted for and applied to the debt service of the bond series for which they were levied. The District covenants to certify for collection special assessments in annual amounts adequate to provide for payment of principal and interest on the bonds. Payment of principal and interest is dependent on the money available in the debt service fund and the District's ability to collect special assessments levied.

The Series 2013 Bonds are subject to redemption at the option of the District and are also subject to extraordinary mandatory redemption prior to maturity in whole on any date, or in part on an interest payment date, without premium, together with accrued interest to the redemption date if monies are available to retire the debt in accordance with the provisions of the Indenture.

The Bond Indenture established a debt service reserve requirement. The Indenture requires that the District maintain adequate funds in the reserve account to meet the debt service requirements as defined in the Trust Indenture.

The Note established a debt service reserve requirement stating each draw request shall provided that 8% of each draw amount shall be deposited into the 2018 Note Reserve Account.

The District is in compliance with the requirements as of September 30, 2021.

Boggy Creek Improvement District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE F - LONG-TERM DEBT (CONTINUED)

Summary of Significant Bonds Resolution Terms and Covenants (Continued)

The bond indenture provides for Debt Service Reserve Funds, which shall be held by the Trustee separate and apart from all other funds. The following is a schedule of reserve requirements and balances in the reserve accounts at September 30, 2021:

	Balance		Requirement
Series 2013, Special Assessment
Revenue and Revenue Refunding Bonds	$ 3,946,022	$ 3,946,022	
Series 2018, Bond Anticipation Note	$ 1,128,502	$ 1,128,395	

NOTE G - INTERLOCAL AGREEMENTS

The District previously entered into an interlocal agreement related to cost sharing for certain infrastructure projects with Myrtle Creek Improvement District ("Myrtle Creek") and Greeneway Improvement District ("Greeneway"). These districts are related through a common developer. The agreement provides for the improvement to be constructed, acquired or otherwise provided by the District and that the District will be reimbursed for these costs from Myrtle Creek and Greeneway. The projected costs related to the agreement total approximately $33.8 million, with costs to be split 36% for Greeneway, 31.5% for Myrtle Creek and 32.5% for the District. The District, Myrtle Creek and Greeneway also previously entered into an agreement regarding interchange maintenance costs based on the same cost allocation.

The District was also previously entered into a cost sharing agreement with Myrtle Creek regarding maintenance cost associated with Lake Nona Gateway Road. The District agreed to share the maintenance costs based on allocation of 50.1% for Myrtle Creek and 49.9% for the District.

In August 2015, the District entered into a contribution and interlocal agreement with Orange County regarding Lake Nona Boulevard intersection improvements. The County agreed to make a contribution of no more than $2,200,000 toward County approved costs incurred by the District completing intersection improvements. The first contribution was received in the current year.

In August 2016, the District entered into an interlocal agreement with Greeneway Improvement District regarding the shared construction costs of Nemours Parkway (phase 7). Upon Greeneway's receipt of an invoice from the contractor, the Engineer will review it and make a determination as to the portion that will be due by Boggy Creek Improvement District.

Boggy Creek Improvement District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE H - ECONOMIC DEPENDENCY

A significant portion of the District's activity is dependent upon continued involvement of the Developer, the loss of which could have a material adverse effect on the District's operations. At September 30, 2021, the Developer owned a significant amount of the assessable property located within the District's boundaries.

NOTE I - RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters. The District maintains commercial insurance coverage to mitigate the risk of loss. Management believes such coverage is sufficient to preclude any significant uninsured losses to the District. The District has not filed any insurance claims in any of the previous three fiscal years.

NOTE J - RELATED PARTY TRANSACTIONS

Four members of the Board of Supervisors are affiliated with the Developer or a related entity. The District received $12,174 in contributions and assessments from the Developer for the year ended September 30, 2021. Additionally, the District has $991 due from the developer.

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 Boggy Creek Improvement District Orlando, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of Boggy Creek Improvement District, as of and for the year ended September 30, 2021, and the related notes to the financial statements, and have issued our report thereon dated June XX, 2022.

Internal Control Over Financial Reporting

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

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

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

To the Board of Supervisors Boggy Creek Improvement District

Compliance and Other Matters

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

Purpose of this Report

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June XX, 2022

MANAGEMENT LETTER

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

Report on the Financial Statements

We have audited the financial statements of the Boggy Creek Improvement District as of and for the year ended September 30, 2021, and have issued our report thereon dated June XX, 2022.

Auditor's Responsibility

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

Other Reporting Requirements

We have issued our Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor's Report on an examination conducted in accordance with A/CPA Professionals Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated June XX, 2022, 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 Boggy Creek Improvement District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection with our audit, we determined that Boggy Creek Improvement District did not meet any of the conditions described in Section 218.503(1) Florida Statutes.

To the Board of Supervisors Boggy Creek Improvement District

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for Boggy Creek Improvement District. It is management's responsibility to monitor the Boggy Creek Improvement District's financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same as of September 30, 2021.

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 Boggy Creek Improvement District reported:
The total number of district employees compensated in the last pay period of the District's fiscal year: 0
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District's fiscal year: 4
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: N/A
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $328,177
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, 2020, together with the total expenditures for such project: No projects started during the current fiscal year.
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 amended, see below.

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the Boggy Creek Improvement District reported:

The rate or rates of non-ad valorem special assessments imposed by the District.
$801.78 - $1,211,349.15.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $3,638,445.
The total amount of outstanding bonds issued by the District and the terms of such
bonds. Series 2013 Bonds, $46,560,000 maturing in May 2043 and Bond Anticipation Notes, $14,104,939.

To the Board of Supervisors Boggy Creek Improvement District		
			Variance with	
			Original	
			Budget	
	Original		Positive	
	Budget	Actual	(Negative)	
Revenues				
Special assessments	$	920,455	$	920,456	$	1	
Interest earning	100	115	15	
Developer contributions		12,174	12,174	
Total Revenues		920,555 		932,745 		16 	

Expenditures Current				
General government		142,700	122,513	20,187		
Physical environment		777,855	691,276	86,579		
Total Expenditures		920,555	813,789	106 766		

Other Financing Sources/(Uses)						
Proceeds from sale of assets			34 343	34,343		

Net changes in fund balance			
153,299	
141,125		

Fund Balances - October 1, 2020			
192,321	
192,321		

Fund Balances - September 30, 2021	
$		
$	3451620	
$	3331446		

Additional Matters						

Section	10.554(1)(i)3.,	Rules	of	
the	
Auditor	General,	requires	
us	to	comm		

unicate 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.

To the Board of Supervisors Boggy Creek Improvement District

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 June XX, 2022

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

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

We have examined Boggy Creek Improvement District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2021. Management is responsible for Boggy Creek Improvement District's compliance with those requirements. Our responsibility is to express an opinion on Boggy Creek Improvement District's compliance based on our examination.

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

In our opinion, Boggy Creek Improvement District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2021.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June XX, 2022

BOGGY CREEK IMPROVEMENT DISTRICT

Resolution 2022-07, Adopting the Uniform Method

RESOLUTION 2022-07

RESOLUTION OF THE BOARD OF SUPERVISORS OF THE BOGGY CREEK IMPROVEMENT DISTRICT EXPRESSING ITS INTENT TO UTILIZE THE UNIFORM METHOD OF LEVYING, COLLECTING, AND ENFORCING NON AD VALOREM ASSESSMENTS WHICH MAY BE LEVIED BY THE BOGGY CREEK IMPROVEMENT DISTRICT IN ACCORDANCE WITH SECTION 197.3632, FLORIDA STATUTES; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Boggy Creek Improvement District (“District”) was established pursuant to the provisions of Chapter 190, Florida Statutes, which authorizes the District to levy certain assessments which include benefit and maintenance assessments and further authorizes the District to levy special assessments pursuant to Chapters 170 and 197, Florida Statutes, for the acquisition, construction, or reconstruction of assessable improvements authorized by Chapter 190, Florida Statutes; and

WHEREAS, the Board has previously adopted Resolutions 2006-04 and 2009-07 authorizing the use of the Uniform Method for the levy, collection and enforcement of non-ad valorem special assessments authorized by Section 197.3632, Florida Statutes, (the “Uniform Method”), over certain lands within the District as described therein; and

WHEREAS, the external boundaries of the District have been expanded to include an additional 45.673 acres of land, more or less, as described in Exhibit A, attached hereto and incorporated herein by reference (the “Expansion Parcel”); and

WHEREAS, the District desires to use the Uniform Method for the levy, collection and enforcement of non-ad valorem special assessments authorized by Section 197.3632, Florida Statutes, for special assessments, including benefit and maintenance assessments, over the lands described in Exhibit A; and

WHEREAS, the above referenced assessments are non-ad valorem in nature and, therefore, may be collected under the provisions of Section 197.3632, Florida Statutes, in which the State of Florida has provided a uniform method for the levying, collecting, and enforcing such non-ad valorem assessments; and

WHEREAS, pursuant to Section 197.3632, Florida Statutes, the District has caused notice of a public hearing to be advertised weekly in a newspaper of general circulation within Orange County for four (4) consecutive weeks prior to such hearing.

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

SECTION 1. The Boggy Creek Improvement District, upon conducting its public hearing as required by Section 197.3632, Florida Statutes, hereby expresses its intent to use the uniform method of collecting assessments imposed by the District, over the lands described in Exhibit A, as provided in Chapters 170 and 190, Florida Statutes, each of which are non-ad valorem assessments which may be collected annually pursuant to the provisions of Chapter 190, Florida Statutes, for the purpose of paying principal and interest on any and all of its indebtedness and for the purpose of paying the cost of operating and maintaining its assessable improvements. By virtue of the passage of this Resolution, the District will have expressed its intent to use the uniform method of collecting assessments imposed by the District over all the lands within the current boundaries of the District, as described in Exhibit B. The non-ad valorem assessments and the District’s use of the uniform method of collecting its non-ad valorem assessment(s) may continue in any given year when the Board of Supervisors determines that use of the uniform method for that year is in the best interests of the District.

SECTION 2.  The District’s Secretary is authorized to provide the Property Appraiser and Tax Collector of Orange County and the Department of Revenue of the State of Florida with a copy of this Resolution.

SECTION 3. If any provision of this Resolution is held to be illegal or invalid, the other provisions shall remain in full force and effect.

SECTION 4.  This Resolution shall become effective upon its passage and shall remain in effect unless rescinded or repealed.

PASSED AND ADOPTED this 21st day of June, 2022.

ATTEST:	BOGGY CREEK IMPROVEMENT DISTRICT

Secretary/Assistant Secretary	Chairman

Exhibit A:	Legal Description of Expansion Parcels
Exhibit B:	Boggy Creek Improvement District Legal Description

EXHIBIT A

EXHIBIT B

4864-7264-4621.1

Page 4 of 5

4864-7264-4621.1	Page 5 of 5

BOGGY CREEK IMPROVEMENT DISTRICT

Traffic Engineering Services for Power Center Roundabouts with Kittelson

AGREEMENT FOR TRAFFIC ENGINEERING SERVICES
(POWER CENTER ROUNDABOUTS)

THIS AGREEMENT (“Agreement”) is made and entered into this   
	2022, by and between:

Boggy Creek Improvement District, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, located in the City of Orlando, Florida, with a mailing address of 3501 Quadrangle Blvd., Suite 270, Orlando, Florida, 32817 (“District”); and

Kittelson & Associates, Inc., an Oregon corporation, with an address of 225 East Robinson Street, Suite 355, Orlando, Florida 32801 (“Engineer”).

RECITALS

day of

WHEREAS, the District is a local unit of special purpose government established pursuant to the Uniform Community Development District Act of 1980, as codified in Chapter 190, Florida Statutes, by ordinance of the City Council for the City of Orlando, Florida; and

WHEREAS, the District is authorized to plan, acquire and/or maintain improvements, facilities and services in conjunction with the development and maintenance of the lands within the District; and

WHEREAS, the District desires Engineer to provide the District with certain traffic and roadway related engineering services for the roundabouts located in the Lake Nona Power Center site (“Project”), as described in more detail in Exhibit A (“Proposal”); and

NOW, THEREFORE, for and in consideration of the mutual covenants herein contained and the acts and deeds to be performed by the parties, the receipt and sufficiency of which are hereby acknowledged by the parties, it is mutually covenanted and agreed as follows:

RECITALS. The recitals set forth above are hereby incorporated into the terms of this Agreement.

SCOPE OF WORK. The Engineer will provide certain engineering services as described in the Proposal attached hereto.

REPRESENTATIONS. The Engineer hereby represents to the District that:

It has the experience and skill to perform the services required to be performed by this Agreement.
It shall design to and comply with applicable federal, state, and local laws, and codes, including without limitation, professional registration and licensing requirements (both corporate and individual for all required basic disciplines) in effect during the term of this Agreement, and shall, if requested by District,

provide certification of compliance with all registration and licensing requirements.
It shall perform said services in accordance with generally accepted professional standards in the most expeditious and economical manner, and to the extent consistent with the best interests of District.
It is adequately financed to meet any financial obligations it may be required to incur under this Agreement.

COMPENSATION. As compensation for the services identified in Exhibit A and further described herein, District agrees to pay Engineer a sum not-to-exceed Twenty-Nine Thousand Five Hundred Dollars ($29,500.00). Such Payment shall be due upon completion of the Services and submission of a final invoice as set forth herein. This Payment includes, but is not limited to, all permits, parts, materials and labor necessary to complete the Services as described herein. Engineer agrees to render a final invoice to the District, in writing, which shall be delivered or mailed to the District. The District shall pay the Engineer the Payment within twenty-five (25) days of receipt of such an invoice. The Engineer shall maintain records conforming to usual accounting practices. If the District should desire additional work or services not provided in Exhibit A, the Engineer agrees to negotiate in good faith to undertake such additional work or services. Upon successful negotiations, the parties shall agree in writing to a work order, addendum, addenda, or change order to this Agreement. The Engineer shall be compensated for such agreed additional work or services based upon a payment amount acceptable to the parties and agreed to in writing. No additional services shall be provided by the Engineer unless done at the direction of the District.

TERM. The term of this Agreement will be from the time of execution of this Agreement by both parties until either (1) the Project is complete, or (2) such time as this Agreement is terminated pursuant to its terms.

OWNERSHIP & REUSE OF DOCUMENTS. All rights in and title to all plans, drawings, specifications, ideas, concepts, designs, sketches, models, programs, software, creation, inventions, reports, or other tangible work product originally developed by Engineer pursuant to this Agreement (“Work Product”) shall be and remain the sole and exclusive property of the District when developed and paid for by the District and shall be considered work for hire.

The Engineer shall deliver all Work Product to the District upon completion thereof unless it is necessary for the Engineer in the District’s sole discretion, to retain possession for a longer period of time. Upon early termination of the Engineer’s services hereunder, the Engineer shall deliver all such Work Product whether complete or not. The District shall have all rights to use any and all Work Product. Engineer shall retain copies of the Work Product for its permanent records, provided the Work Product is not used without the District’s prior express written consent. The Engineer agrees not to recreate any Work Product contemplated by this Agreement, or portions thereof, which if constructed or otherwise materialized, would be reasonably identifiable with the Project.

The District exclusively retains all manufacturing rights to all materials or designs developed under this Agreement.  To the extent the services performed under this Agreement

produce or include copyrightable or patentable materials or designs, such materials or designs are work made for hire for the District as the author, creator, or inventor thereof upon creation, and the District shall have all rights therein including, without limitation, the right of reproduction, with respect to such work. The Engineer hereby assigns to the District any and all rights the Engineer may have including, without limitation, the copyright, with respect to such work. The Engineer acknowledges that the District is the motivating factor for, and for the purpose of copyright or patent, has the right to direct and supervise the preparation of such copyrightable or patentable materials or designs.

INSURANCE. Subject to the provisions of this Article, the Engineer shall maintain insurance during the performance of its services under this Agreement, with limits of liability not less than the following:
Workers’ Compensation	Statutory General Liability
Bodily Injury	$1,000,000/$2,000,000 (including Contractual)
Property Damage	$1,000,000/$2,000,000 (including Contractual)

Automobile Liability	Combined Single Limit $1,000,000 Bodily Injury / Property Damage

Professional Liability for
Errors and Omissions	$1,000,000

If any such policy of insurance is a “claims made” policy, and not an “occurrence” policy, the Engineer shall, without interruption, and at the District’s option, maintain the insurance for at least three years after the one year anniversary of this Agreement.

The District, its officers, supervisors, agents, staff, and representatives shall be named as additional insured parties, except with respect to the Worker’s Compensation Insurance and the Professional Liability for Errors and Omissions Insurance both for which only proof of insurance shall be provided. The Engineer shall furnish the District with the Certificate of Insurance evidencing compliance with the requirements of this Section. No certificate shall be acceptable to the District unless it provides that any change or termination within the policy periods of the insurance coverage, as certified, shall not be effective without written notice to the District per the terms of the applicable policy. Insurance coverage shall be from a reputable insurance carrier, licensed to conduct business in the state of Florida.

If the Engineer fails to have secured and maintained the required insurance, the District has the right (without any obligation to do so, however), to secure such required insurance in which event, the Engineer shall pay the cost for that required insurance and shall furnish, upon demand, all information that may be required in connection with the District’s obtaining the required insurance.

CONTINGENCY FEE. The Engineer warrants that it has not employed or retained any company or person, other than a bona fide employee working solely for the Engineer, to solicit or secure this Agreement and that it has not paid or agreed to pay any person, company, corporation, individual, or firm, other than a bona fide employee working solely for the Engineer, any fee, commission, percentage, gift, or other consideration contingent upon or resulting from the award or making of this Agreement.

AUDIT. Records of the Engineer pertaining to the services provided hereunder shall be kept on a basis of generally accepted accounting principles and shall be available to the District or its authorized representative for observation or audit at mutually agreeable times. The Engineer agrees that the District or any of its duly authorized representatives shall have access to and the right to examine any books, documents, papers, and records of the Engineer involving transactions related to the Agreement. The Engineer agrees that payment made under the Agreement shall be subject to reduction for amounts charged thereto that are found on the basis of audit examination not to constitute allowable costs. All required records shall be maintained until either (a) the completion of an audit and resolution of all questions arising therefrom, or (b) three years after the expenditure of all funds under this Agreement, or (c) the public record retention period established by the District’s records retention policy, whichever comes later.

INDEMNITY. To the extent allowed under section 725.08, Florida Statutes, the Engineer agrees to indemnify, defend and hold the District and its officers, supervisors, agents, staff, and representatives and any successors and assigns of the foregoing (together, “Indemnitees”) harmless from liabilities, damages, losses, and costs, including, but not limited to, reasonable attorney’s fees and costs and all fees and costs of mediation or alternative dispute resolution, which may come against the Indemnitees to the extent caused wholly or in part by negligent, reckless, or intentionally wrongful acts, omissions, or defaults by the Engineer or persons employed or utilized by Engineer in the course of any work done in connection with any of the matters set out in this Agreement.

SOVEREIGN IMMUNITY. The Engineer agrees and covenants that nothing in this Agreement shall constitute or be construed as a waiver of District’s limitations on liability pursuant to section 768.28, Florida Statutes, or any other statute or law.

PUBLIC RECORDS. Engineer understands and agrees that all documents of any kind provided to the District in connection with this Agreement may be public records, and, accordingly, Engineer agrees to comply with all applicable provisions of Florida law in handling such records, including but not limited, to Section 119.0701, Florida Statutes. Among other requirements and to the extent applicable by law, Engineer shall: 1) keep and maintain public records required by the District to perform the services; 2) upon request by the Public Records Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable time period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the Agreement term and following the Agreement term if Engineer does not transfer the records to the Public Records Custodian of the District; and 4) upon completion of

the Agreement, transfer to the District, at no cost, all public records in Engineer’s possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by Engineer, Engineer shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats. Engineer acknowledges that the designated Public Records Custodian for the District is Jennifer Walden.

IF ENGINEER HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO ENGINEER’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT (407) 723-5900, waldenj@pfm.com, OR 3501 QUADRANGLE BOULEVARD, SUITE 270, ORLANDO, FLORIDA 32817.

CONFLICTS OF INTEREST. The Engineer shall bear the responsibility for acting in the District’s best interests, shall avoid any conflicts of interest and shall abide by all applicable ethical canons and professional standards relating to conflicts of interest.

SUBCONTRACTORS. The Engineer may subcontract portions of the services, subject to the terms of this Agreement and subject to the prior written consent of the District, which may be withheld for any or no reason. Without in any way limiting any terms and conditions set forth in this Agreement, all subcontractors of Engineer shall be deemed to have made all of the representations and warranties of Engineer set forth herein and shall be subject to any and all obligations of Engineer hereunder. Prior to any subcontractor providing any services, Engineer shall obtain from each subcontractor its written consent to and acknowledgment of the terms of this Agreement. Engineer shall be responsible for all acts or omissions of any subcontractors.

INDEPENDENT CONTRACTOR. The District and the Engineer agree and acknowledge that the Engineer shall serve as an independent contractor of the District. Neither the Engineer nor employees of the Engineer, if any, are employees of the District under the meaning or application of any federal or state unemployment, insurance laws, or any other potentially applicable laws. The Engineer agrees to assume all liabilities or obligations by any one or more of such laws with respect to employees of the Engineer, if any, in the performance of this Agreement. The Engineer shall not have any authority to assume or create any obligation, express or implied, on behalf of the District and the Engineer shall have no authority to represent as agent, employee, or in any other capacity the District unless set forth differently herein or authorized by vote of the Board.

THIRD PARTIES. Nothing in the Agreement shall inure to the benefit of any third party for the purpose of allowing any claim which would otherwise be barred by operation of law.

CONTROLLING LAW. The Engineer and the District agree that this Agreement shall be controlled and governed by the laws of the State of Florida. Venue for any action arising under this Agreement shall be in the State Courts located in Orange County, Florida.

ASSIGNMENT. Neither the District nor the Engineer shall assign, sublet, or transfer any rights under or interest in this Agreement without the express written consent of the other, and any purported assignment without such written consent is void.

TERMINATION. The District may terminate this Agreement for cause immediately upon notice to Engineer. The District or the Engineer may terminate this Agreement without cause upon thirty (30) days written notice. At such time as the Engineer receives notification of the intent of the District to terminate the contract, the Engineer shall not perform any further services unless directed to do so in writing by the District. In the event of any termination or breach of any kind, the Engineer shall not be entitled to consequential damages of any kind (including but not limited to lost profits), but instead the Engineer’s sole remedy will be to recover payment for services rendered to the date of the notice of termination, subject to any offsets.

RECOVERY OF COSTS AND FEES. In the event either party is required to enforce this Agreement by court proceedings or otherwise, then the prevailing party shall be entitled to recover from the other party all costs incurred, including reasonable attorneys’ fees at all judicial levels.

AMENDMENTS. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both of the parties hereto and formally approved by the Board.

AGREEMENT. This Agreement reflects the negotiated agreement of the parties, each represented by competent legal counsel. Accordingly, this Agreement shall be construed as if both parties jointly prepared it, and no presumption against one party or the other shall govern the interpretation or construction of any of the provisions of this Agreement.

EXHIBITS. To the extent of any conflict between this Agreement and its Exhibit A, this Agreement shall control. Further, the “Terms and Conditions” referenced in the Proposal do not apply to this Agreement.

NOTICES. All notices, requests, consents and other communications hereunder (“Notices”) shall be in writing and shall be delivered, mailed by First Class Mail, postage prepaid, or telecopied to the parties, as follows:

If to Engineer:	Kittelson & Associates, Inc.
225 East Robinson Street, Suite 355
Orlando, Florida 32801 Attn: Adam Burghdoff, P.E.

If to District:	Boggy Creek Improvement District
3501 Quadrangle Boulevard, Suite 270
Orlando, Florida 32817 Attn: District Manager

With a copy to:    Kutak Rock LLP
107 West College Avenue Tallahassee, Florida 32301 Attn: District Counsel

Except as otherwise provided in this Agreement, any Notice shall be deemed received only upon actual delivery at the address set forth above. Notices delivered after 5:00 p.m. (at the place of delivery) or on a non-business day, shall be deemed received on the next business day. If any time for giving Notice contained in this Agreement would otherwise expire on a non-business day, the Notice period shall be extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the District and counsel for the Engineer may deliver Notice on behalf of the District and the Engineer. Any party or other person to whom Notices are to be sent or copied may notify the other parties and addressees of any change in name or address to which Notices shall be sent by providing the same on five (5) day’s written notice to the parties and addressees set forth herein.

INDIVIDUAL LIABILITY. UNDER THIS AGREEMENT, AND SUBJECT TO THE REQUIREMENTS OF SECTION 558.0035, FLORIDA STATUTES, WHICH REQUIREMENTS ARE EXPRESSLY INCORPORATED HEREIN, AN INDIVIDUAL EMPLOYEE OR AGENT MAY NOT BE HELD INDIVIDUALLY LIABLE FOR NEGLIGENCE.
[THIS SPACE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above written.

Attest:	BOGGY CREEK IMPROVEMENT DISTRICT

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

KITTELSON & ASSOCIATES, INC.

Witness	By: 	  Its: 	

EXHIBIT A - Proposal dated March 22, 2022

EXHIBIT A

BOGGY CREEK IMPROVEMENT DISTRICT

Operation and Maintenance Expenditures Paid in May 2022 in an amount totaling $155,927.38

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

Operation and Maintenance Expenditures For Board Approval

Attached please find the check register listing Operations and Maintenance expenditures paid from May 1, 2022 through May 31, 2022. This does not include expenditures previously approved by the Board.

The total items being presented:    $155,927.38

Approval of Expenditures:

	 Chairman

	 Vice Chairman

	 Assistant Secretary

6/9/22
5:04:16 PM

Boggy Creek Improvement District AP Check Register (Current by Bank) Check Dates: 5/1/2022 to 5/31/2022

Page: 1

Check No.	Date	Status*	Vendor ID	Payee Name	Amount	
BANK ID: SUN - CITY NATIONAL BANK	001-101-0000-00-01	
3931	05/06/22	M	BERCON	Berman Construction		$3,000.01	
3932	05/06/22	M	CEPRA	Cepra Landscape		$46,639.93	
3933	05/06/22	M	DONMC	Donald W. McIntosh Associates		$777.90	
3934	05/06/22	M	KUTAK	Kulak Rock		$1,166.00	
3935	05/06/22	M	ORLSEN	Orlando Sentinel		$1,332.52	
3936	05/06/22	M	PFMGC	PFM Group Consulting		$150.00	
3937	05/06/22	M	RLEVEY	Richard Levey		$200.00	
3938	05/06/22	M	TCZAPK	Thaddeus Czapka		$200.00	
3939	05/20/22	M	BLD	Blake Land Development		$9,785.43	
3940	05/20/22	M	KUTAK	Kulak Rock		$1,446.00	
3941	05/20/22	M	ORLSEN	Orlando Sentinel		$237.50	
3942	05/20/22	M	PFMGC	PFM Group Consulting		$3,334.42	
3943	05/25/22	M	AWC	Aquatic Weed Control, Inc.		$835.00	
3944	05/25/22	M	BLD	Blake Land Development		$681.38	
3945	05/25/22	M	CEPRA	Cepra Landscape		$13,146.20	
3946	05/25/22	M	DONMC	Donald W. McIntosh Associates		$1,909.60	
3947	05/25/22	M	TCZAPK	Thaddeus Czapka		$200.00	
3948	05/25/22	M	VGLOBA	VGlobalTech		$435.00	
3949	05/25/22	M	BERCON	Berman Construction		$3,000.01	
3950	05/25/22	M	CEPRA	Cepra Landscape		$46,639.93	
					BANK SUN REGISTER TOTAL:	$135,116.83	
					GRAND TOTAL :	$135,116.83	

135,116.83
10,628.,73

Checks.3931-3950	f
PA 543 - OUC invoice paid

155,927.38	O&M Cash Spent

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

BOGGY CREEK IMPROVEMENT DISTRICT

Pa"men A! hori#a ion #540
/8/2022	
 em No.	#7''	 .6/+%' N4-$'1	G'.'1#, F5.&	
1

2	Cepra Landscape
A01+, "'%3+/.2 1 & 2 L#.&2%#0+.( A01+, .3'1%)#.(' L#.&2%#0+.(
ouc
A%%3: 2562183178; "'16+%' 03/01/2022 -	
O!L1691 O!L 719	
$  428.93
$24 211.00

$10,031.35	
		4/01/2022		
		
TOTAL	
$ 56,671.28	

C*#+10'12/.

&6 !FM G;7?9 C73<?/=.4,
3501 "@$':$5-0) B8A1)B$;', #>). 70
 ;0$5(6, FL 32817
L$5*A@9+2.%72 II (407) 723-5925

By Amanda Lane at 11:42 am, Apr 12, 2022

Payment Authorization #541
4/22/2022

Item
No.	Payee	Invoice
Number	General
Fund	

1	
Berman Construction			
	April Administrator & Irrigation Specialist	18268	$  3,000.01	
2	Donald W McIntosh Associates			
	Engineering Services Through 03/25/2022	42468	$	187.50	
	Stormwater Management System Needs Analysis	42483	$	590.40	
3	Kutak Rock
General Counsel Through 03/31/2022	
3038453	
$  1,166.00	
4	Orlando Sentinel			
	Legal Advertising Through 04/03/2022 (Ad: 7176807)	OSC51741717	$  1,332.52	
5	PFM Group Consulting			
	March Reimbursables	OE-EXP-04-004	$	1.09	
6	Supervisor Fees - 04/19/2022 Meeting			
	Richard Levey		$	200.00	
	Thad Czapka		$	200.00	

TOTAL	$  6,677.52

Secretary/Assistant Secretary	Chairperson

Boggy Creek Improvement District
cJo PFM Group Consulting
3501 Quadrangle Boulevard, Ste. 270
Orlando, FL 32817

RECEIVED
By Amanda Lane at 11:49 am, Apr 28, 2022

LaneA@pfm.com II (407) 723-5925

Funding Request #034	
4/22/2022					
Item	Payee	Invoice	General	
No.		Number		Fund	

1	
Kutak Rock				
	Truist BEEP Loan Agreement (2021) Services	3038455	$	1,446.00	

TOTAL	$	1,446.00

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

Payment Authorization #542
4/29/2022

Item
No.	Payee	Invoice
Number	General
Fund	

1	
Blake Land Development
Lake Nona Blvd. Paver Repair	

1157	

$  9,785.43	
2	Orlando Sentinel
Legal Advertising Through 04/12/2022 (Ad: 7184553)	
OSC52417342	
$	237.50	
3	PFM Group Consulting
DM Fee: April 2022	
DM-04-2022-07	
$  3,333.33	

TOTAL	$ 13,356.26

Secretary/ Assistant Secretary	Chairperson

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

RECEIVED
By Amanda Lane at 8:47 am, May 09, 2022

Payment Authorization #543
5/6/2022				
Item	Payee	Invoice	General	
No.		Number	Fund	

1	
Aquatic Weed Control			
	May Waterway Service	70390	$	835.00	
2	Berman Construction			
	May Administrator & Irrigation Specialist	19172	$  3,000.01	
3	Cepra Landscape			
	March Irrigation Repairs	ORL1806	$  1,365.60	
	March Interchange Irrigation Repairs	ORL1805	$  1,520.00	
	May Sections 1 & 2 Landscaping	ORL1911	$22,428.93	
	May Interchange Landscaping	ORL1939	$ 24,211.00	
	Date Palm Replacement	ORL2010	$  4,000.00	

4	ouc
Acct: 2562183178; Service 04/01/2022 - 05/03/2022		
$10,628.73	

TOTAL	$ 67,989.27

ry/Assistant Secretary

Chairperson

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

BOGGY CREEK IMPROVEMENT DISTRICT

Payment Authorization #544
5/13/2022		
Item No.	Payee	Invoice Number	General Fund	

1	
Donald W McIntosh Associates			
	Engineering Services Through 04/22/2022	42593	$  1,024.00	
	Stormwater Management System Needs Analysis Through 04/22/2022	42605	$	885.60	

oe	

TOTAL	$  1,909.60

Chairperson

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

BOGGY CREEK IMPROVEMENT DISTRICT

Payment Authorization #545
5/20/2022

Item
No.	Payee	Invoice
Number	General
Fund	

1	
Blake Land Development			
	Veteran's Parkway Valve Can Repair	1165	$	681.38	
2	Cepra Landscape			
	April Ml and Repairs	ORL2024	$  6,104.60	
	Clock 14 Repair	ORL2030	$	156.00	
3	Supervisor Fees - 05/17/2022 Meeting
Thad Czapka		
$	200.00	
4	VGlobalTech
Quarter 1 ADA Audit	

3733	
$	300.00	
	May Website Maintenance	3865	$	135.00	

TOTAL	$  7,576.98

Secretary/Assistant Secretary	Chairperson

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

BOGGY CREEK IMPROVEMENT DISTRICT

Requisition Nos. 2018-239 – 2018-243 Paid in May 2022 in an amount totaling $14,676.67

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

Requisition Recap For Board Approval

Attached please find the listing of requisitions approved to be paid from bond funds from May 1, 2022 through May 31, 2022. This does not include requisitions previously approved by the Board.

REQUISITION NO	.	PAYEE	AMOUNT	
2018-239	Kittelson & Associates	$6,015.50	
2018-240	Atkins	$1,859.92	
2018-241	Donald W. McIntosh Associates	$4,437.50	
2018-242	Orlando Sentinel	$230.00	
2018-243	Kittelson & Associates	$2,133.75	
		$14,676.67	

DATE: PAYEE: ADDRESS:

April 29, 2022 Kittelson & Associates POBox40847
Portland, OR 97240

REQUISITION NO:	2018-239
AMOUNT DUE:	$6,015.50
FUND:	Acquisition/Construction

ITEM:

Invoice 126045 for Proiect 268530.000 (BCID Medical Citv Drive} Thromzh 03/31/2022

The undersigned hereby certifies that obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the 2018 Acquisition and Construction Account, referenced above, that each disbursement set forth above was incurred in connection with the acquisition and the construction of the 2018 Project (herein after the "Project") and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the monies payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage, which the District is at the date of such certificate entitled to retain.

It is hereby represented by the undersigned that the Governing Body of the District has approved this requisition or has approved the specific contract with respect to which disbursements pUISUant to this requisition are due and payable.

Attached hereto are photocopies of the invoice(s) from the vendor of the property acquired or services rendered with respect to which disbursement is hereby requested.

BOGGY CREEK IMPROVEMENT DISlRICT

BY:

CHAIRMAN or VICE CHAIRMAN

DISTRICT ENGINEER'S APPROVAL FOR PROJECT EXPENDITURES

The undersigned District Engineer hereby certifies that this disbursement is for a cost ofthe2018 Project and is consistent with: (i) the applicable or construction contract; (ii) the plans  specifications for the portion of the 2018 Project with respect to which such disbursement is being made; and iii) l e report o he District Engineer.

BY:

BCID Series 2018 Req. 239 - Kittelson & Associates	April 29, 2022	Page 1 ofl

RECEIVED
By Amanda Lane at 9:40 am, May 02, 2022

DATE: PAYEE: ADDRESS:

May 6, 2022
Atkins
PO Box 409357
Atlanta, GA 30384-9357

REQUISITION NO:	2018-240
AMOUNT DUE:	$1,859.92
FUND:	Acquisition/Construction

ITEM:

Invoice 4-1971125 for Project 100078231 (Laureate Blvd at Veterans Way) Through 05/02/2022

The undersigned hereby certifies that obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the 2018 Acquisition and Construction Account, referenced above, that each disbursement set forth above was incurred in connection with the acquisition and the construction of the 2018 Project (herein after the "Project") and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the monies payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage, which the District is at the date of such certificate entitled to retain.

It is hereby represented by the undersigned that the Governing Body of the District has approved this requisition or has approved the specific contract with respect to which disbursements pursuant to this requisition are due and payable.

Attached hereto are photocopies of the invoice(s) from the vendor of the property acquired or services rendered with respect to which disbursement is hereby requested.

BOGGY CREEK IMPROVEMENT DISTRICT

BY:		 CHAIRMAN or VICE CHAIRMAN

DISTRICT ENGINEER'S APPROVAL FOR PROJECT EXPENDITURES

ton, P.E.

The undersigned District Engineer hereby certifies that this disbursement is for a cost of the 2018 Project and is consistent with: (i) the applicable or construction contract; (ii) the plans and specifications for the portion of the 2018 Project with respect to which such disbursement is being made; and, ( ... he report oft e District Engineer.

BY:

BCID Series 2018 Req. 240-Atkins	May 6,2022	Page I ofl

RECEIVED
By Amanda Lane at 8:47 am, May 09, 2022

EXHIBITD

BOGGY CREEK IMPROVEMENT DISTRICT REQUISITION FOR PAYMENT AND
2018 NO1E REQUISITION AND CONSTRUCTION ACCOUNT

DA1E: PAYEE: ADDRESS:

May 13,2022
Donald W McIntosh Associates 2200 Parle Avenue North Winter Park, FL 32789

REQUISITTON NO:	2018-241
AMOUNTDUE:	$4,437.50
FUND:	Acquisition/Construction

l1EM:

•

Invoice 42594 for Project 23218 (Lake Nona Boggy Creek) Through 04/22/2022 -
$1,887.50
Invoice 42606 for Project 22542 (Lake Nona South Lift Station No. 9 and 6,000 LF of 10" Force Main) ThrouJili 04/22/2022 - $2,550.00

The undersigned hereby certifies that obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the 2018 Acquisition and Construction Account, referenced above, that each disbursement set forth above was incurred in connection with the acquisition and the construction of the 2018 Project (herein after the "Project") and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the monies payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage, which the District is at the date of such certificate entitled to retain.

It is hereby represented by the undersigned that the Governing Body of the District has approved this requisition or has approved the specific contract with respect to which disbursements pursuant to this requisition are due and payable.

Attached hereto are photocopies of the invoice(s) from the vendor of the property acquired or services rendered with respect to which disbursement is hereby requested.

BOGGY CREEK IMPROVEMENT DISTRICT

BY: 

µL_ _

CHAIRMAN or VICE CHAIRMAN

DISTRICT ENGINEER'S APPROVAL FOR PROJECT EXPENDITURES

The undersigned District Engineer hereby certifies that this dish	·	e 2018 Project and is consistent with: (i) the applicable or construction contract; (ii) the p			·	the 2018 Project with respect to which such disbursement is being made;

BY:

BCID Series 201B Req. 241 - Donald W McIntosh Associates	May 13,2022	Page 1 ofl

DATE: PAYEE: ADDRESS:

May 13,2022
Orlando Sentinel PO Box 100608
Atlanta, GA 30384-0608

REQUISITION NO:	 2018-242 AMOUNTDUE:	$230.00
FUND:	Acquisition/Construction

ITEM:

Invoice 53146226000 for Reference OSC53l 46226 (Ad #7189896) for Construction Legal Advertising of April Construction Committee Meetings (Split Five Ways, Will Be Reimbursed From GID, MCID, PE, MIDl

The undersigned hereby certifies that obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the 2018 Acquisition and Construction Account, referenced above, that each disbursement set forth above was incurred in connection with the acquisition and the construction of the 2018 Project (herein after the "Project") and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the monies payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage, which the District is at the date of such certificate entitled to retain.

It is hereby represented by the undersigned that the Governing Body of the District has approved this requisition or has approved the specific contract with respect to which disbursements pursuant to this requisition are due and payable.

Attached hereto are photocopies of the invoice(s) from the vendor of the property acquired or services rendered with respect to which disbursement is hereby requested.

BOGGY CREEK IMPROVEMENT DISTRICT

BY:
CHAIRMAN or VICE CHAIRMAN

DISTRICT ENGINEER'S APPROVAL FOR PROJECT EXPENDITURES

The undersigned District Engineer hereby certifies that this disbursement is for a cost of the 2018 Project and is consistent with: (i) the applicable or construction contract; (ii) the plans	ecifications r the portion of the 2018 Project with respect to which such disbursement is being made; and, (ii' th repo   ti  istrict

BY:

BCID Series 2018 Req. 242 - Orlando Sentinel	May 13,2022	Page 1 ofl

DATE: PAYEE: ADDRESS:

May27,2022
Kittelson & Associates PO Box40847
Portland, OR 97240

REQUISITION NO:	2018-243
AMOUNT DUE:	$2,133.75
FUND:	Acquisition/Construction

ITEM:

Invoice 126767 for Proiect 268530.000 CBCID Medical Citv Drivel Throulili 04/30/2022

The undersigned hereby certifies that obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the 2018 Acquisition and Construction Account, referenced above, that each disbursement set forth above was incurred in connection with the acquisition and the construction of the 2018 Project (herein after the "Project") and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the monies payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage, which the District is at the date of such certificate entitled to retain.

It is hereby represented by the undersigned that the Governing Body of the District has approved this requisition or has approved the specific contract with respect to which disbursements pursuant to this requisition are due and payable.

Attached hereto are photocopies of the invoice(s) from the vendor of the property acquired or services rendered with respect to which disbursement is hereby requested.

BOGGY CREEK IMPROVEMENT DISTRICT
;k-
BY:	 CHAIRMAN or VICE CHAIRMAN

DISTRICT ENGINEER'S APPROVAL FOR PROJECT EXPENDITURES

The undersigned District F.ngineer hereby certifies that this disbursement is for a cost of the 2018 Project and is consistent with: (i) the applicable or construction contract; (ii) the plans   specifications for the portion of the 2018 Project with respect to which such disbursement is being made; and, 1i)  ere  rt fthe District Engineer.

BY:

BCID Series 2018 Req. 243 - Kittelson & Associates	May27,2022	Page 1 oft

RECEIVED
By Amanda Lane at 2:10 pm, May 27, 2022

Work Authorization/Proposed Services
(if applicable)

District’s Financial Position and Budget to Actual YTD

General	Debt Service		Capital Projects	

Assets			

$584,978.10				
1,302.97				
41,888.00				
18,228.48				
5,000.00				
60,599.51				
7,089.32				
	$3,946,021.87			
	1,205,066.57			
	933,707.63			
	6,312.51			
			$13,132.56	
			27,117.15	
			321.25	
$719,086.38	$6,091,108.58		$40,570.96	
$0.00	$0.00		$0.00	
$719,086.38	$6,091,108.58		$40,570.96	

General Long- Term Debt		Total	

$0.00		

$584,978.10
1,302.97
41,888.00
18,228.48
5,000.00
60,599.51
7,089.32
3,946,021.87
1,205,066.57
933,707.63
6,312.51
13,132.56
27,117.15
321.25
$6,850,765.92	

$6,091,108.58 38,868,891.42
$44,960,000.00		
$6,091,108.58 38,868,891.42
$44,960,000.00	
$44,960,000.00		$51,810,765.92	

Current Assets
General Checking Account State Board of Administration
Accounts Receivable - Due from Developer Due From Other Governmental Units Deposits
Infrastructure Capital Reserve Interchange Maintenance Reserve Debt Service Reserve Series 2013 Debt Service Reserve Series 2018 Revenue Series 2013
Interest Series 2018 General Checking Account
Acquisition/Construction Series 2013 Due From Other Governmental Units
Total Current Assets

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

Total Assets

General Long- Term Debt		Total	

$0.00		

$45,593.83 41,888.00
$87,481.83	

$44,960,000.00
$44,960,000.00		
$44,960,000.00
$44,960,000.00	
$44,960,000.00		$45,047,481.83	

$0.00		

($17,637.70) 363,257.33
285,984.92

(2,994,061.89)
1,011,136.44

8,074,034.03
(22,384,631.35)
(4,278,816.79)
7,042.94

26,696,976.16
$6,763,284.09	
			
$44,960,000.00		$51,810,765.92	

General	Debt Service	Capital Projects

Liabilities and Net Assets

Current Liabilities Accounts Payable Deferred Revenue
Total Current Liabilities

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

Total Liabilities

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

Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

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

Net Assets - General Government
Total Net Assets

Total Liabilities and Net Assets

41,888.00
$87,481.83		
$0.00		
$0.00	
$0.00		$0.00		$0.00	
$87,481.83		$0.00		$0.00	

($17,637.70) 363,257.33
285,984.92

$631,604.55		

($2,994,061.89) 1,011,136.44
8,074,034.03

$6,091,108.58		

($22,384,631.35)
(4,278,816.79)
7,042.94

26,696,976.16
$40,570.96	
					
$719,086.38		$6,091,108.58		$40,570.96	

$45,593.83

 			 

Boggy Creek Improvement District
Statement of Activities As of 5/31/2022	
	
General	
Debt Service	
Capital Projects	General Long- Term Debt	
Total	

Revenues						
Off-Roll Assessments	$852,169.50				$852,169.50	
Developer Contributions	136,879.65				136,879.65	
Off-Roll Assessments		$3,683,823.10			3,683,823.10	
Other Assessments		1,236,050.44			1,236,050.44	
Inter-Fund Group Transfers In		(130.86)			(130.86)	
Debt Proceeds		722,920.64			722,920.64	
Inter-Fund Transfers In			$130.86		130.86	
Debt Proceeds			235,476.31		235,476.31	
Total Revenues	

$989,049.15	

$5,642,663.32	

$235,607.17	

$0.00	

$6,867,319.64	
Expenses						
Supervisor Fees	$2,200.00				$2,200.00	
Public Officials' Liability Insurance	3,620.00				3,620.00	
Trustee Services	6,345.68				6,345.68	
Management	26,666.64				26,666.64	
Engineering	6,190.00				6,190.00	
Dissemination Agent	2,500.00				2,500.00	
District Counsel	15,373.49				15,373.49	
Assessment Administration	7,500.00				7,500.00	
Travel and Per Diem	25.91				25.91	
Postage & Shipping	136.46				136.46	
Legal Advertising	4,086.29				4,086.29	
Miscellaneous	438.57				438.57	
Office Supplies	125.00				125.00	
Web Site Maintenance	1,630.00				1,630.00	
Holiday Decorations	400.00				400.00	
Dues, Licenses, and Fees	175.00				175.00	
Electric	3,347.13				3,347.13	
Water Reclaimed	19,997.33				19,997.33	
General Insurance	4,107.00				4,107.00	
Property & Casualty	3,933.00				3,933.00	
Irrigation Parts	26,921.80				26,921.80	
Landscaping Maintenance & Material	179,115.52				179,115.52	
Landscape Improvements	59,259.20				59,259.20	
Tree Trimming	2,600.00				2,600.00	
Contingency	10,466.81				10,466.81	

Boggy Creek Improvement District
Statement of Activities As of 5/31/2022

	Term Debt		
IME - Aquatics Maintenance	2,170.98								2,170.98	
IME - Irrigation	2,040.34								2,040.34	
IME - Landscaping	60,341.88								60,341.88	
IME - Lighting	518.65								518.65	
IME - Miscellaneous	99.12								99.12	
IME - Water Reclaimed	265.76								265.76	
Pest Control	1,510.00								1,510.00	
Entry and Wall Maintenance	3,493.72								3,493.72	
Shuttle Financing - Maintenance	43,110.00								43,110.00	
Shuttle Financing - Vehicle Cost	118,239.77								118,239.77	
Shuttle Financing - BEEP Operating Costs	14,753.88								14,753.88	
Streetlights	45,439.18								45,439.18	
Personnel Leasing Agreement	24,000.08								24,000.08	
Principal Payments (Series 2013)			$1,600,000.00						1,600,000.00	
Interest Payments (Series 2013)			2,386,200.00						2,386,200.00	
Interest Payments (Series 2018)			646,248.88						646,248.88	
Engineering					$44,432.50				44,432.50	
District Counsel					4,334.00				4,334.00	
Legal Advertising					377.75				377.75	
Contingency					179,422.07				179,422.07	
Total Expenses	$703,144.19		$4,632,448.88		$228,566.32		$0.00		$5,564,159.39	

General	Debt Service	Capital Projects

General Long-

Total

Other Revenues (Expenses) & Gains (Losses)

Interest Income	$79.96								$79.96	
Interest Income			$922.00						922.00	
Interest Income					$2.09				2.09	
Total Other Revenues (Expenses) & Gains (Losses)	$79.96		$922.00		$2.09		$0.00		$1,004.05	
Change In Net Assets	$285,984.92		$1,011,136.44		$7,042.94		$0.00		$1,304,164.30	

Net Assets At Beginning Of Year	
$345,619.63		
$5,079,972.14		
$33,528.02		
$0.00		
$5,459,119.79	

Net Assets At End Of Year	

$631,604.55		

$6,091,108.58		

$40,570.96		

$0.00		

$6,763,284.09	

Boggy Creek Improvement District	
Budget to Actual	
For the Month Ending 05/31/2022	

Actual		

Budget		

Variance	
FY 2022
Adopted Budget	
Percentage Spent	

Revenues								
Off-Roll Assessments	$	852,169.50	$  613,636.96	$	238,532.54	$  920,455.44	92.58%	
Developer Contributions	136,879.65		483,546.47		(346,666.82)	725,319.70	18.87%	
Carryforward Revenue	158,495.70		17,825.69		140,670.01	26,738.53	592.76%	
Net Revenues	$ 1,147,544.85	$ 1,115,009.12	$	32,535.73	$ 1,672,513.67	68.61%	
General & Administrative Expenses								
Legislative								
Supervisor Fees	$	2,200.00	$	3,200.00	$	(1,000.00)	$	4,800.00	45.83%	
Financial & Administrative								
Public Officials' Liability Insurance	3,620.00		2,566.67		1,053.33	3,850.00	94.03%	
Trustee Services	6,345.68		4,666.67		1,679.01	7,000.00	90.65%	
Management	26,666.64		26,666.67		(0.03)	40,000.00	66.67%	
Engineering	6,190.00		7,666.67		(1,476.67)	11,500.00	53.83%	
Dissemination Agent	2,500.00		3,333.33		(833.33)	5,000.00	50.00%	
District Counsel	15,373.49		20,000.00		(4,626.51)	30,000.00	51.24%	
Assessment Administration	7,500.00		5,000.00		2,500.00	7,500.00	100.00%	
Reamortization Schedules	-		166.67		(166.67)	250.00	0.00%	
Audit	-		3,333.33		(3,333.33)	5,000.00	0.00%	
Arbitrage Calculation	-		800.00		(800.00)	1,200.00	0.00%	
Travel and Per Diem	25.91		200.00		(174.09)	300.00	8.64%	
Telephone	-		33.33		(33.33)	50.00	0.00%	
Postage & Shipping	136.46		333.33		(196.87)	500.00	27.29%	
Copies	-		1,333.33		(1,333.33)	2,000.00	0.00%	
Legal Advertising	4,086.29		6,333.33		(2,247.04)	9,500.00	43.01%	
Bank Fees	-		240.00		(240.00)	360.00	0.00%	
Miscellaneous	438.57		2,000.01		(1,561.44)	3,000.00	14.62%	
Office Supplies	125.00		166.67		(41.67)	250.00	50.00%	
Property Taxes	-		100.00		(100.00)	150.00	0.00%	
Web Site Maintenance	1,630.00		1,800.00		(170.00)	2,700.00	60.37%	
Holiday Decorations	400.00		4,000.00		(3,600.00)	6,000.00	6.67%	
Dues, Licenses, and Fees	175.00		116.67		58.33	175.00	100.00%	
Total General & Administrative Expenses	$	77,413.04	$	94,056.68	$	(16,643.64)	$  141,085.00	54.87%	

Boggy Creek Improvement District
Budget to Actual
For the Month Ending 05/31/2022

		Actual	Budget		Variance	FY 2022
Adopted Budget	Percentage Spent	

Field Operations Expenses								
Electric Utility Services								
Electric	$	3,347.13	$	3,666.67	$	(319.54)	$	5,500.00	60.86%	
Entry Lighting		-	333.33		(333.33)	500.00	0.00%	
Water-Sewer Combination Services								
Water Reclaimed		19,997.33	20,000.00		(2.67)	30,000.00	66.66%	
Other Physical Environment								
General Insurance		4,107.00	2,933.33		1,173.67	4,400.00	93.34%	
Property & Casualty		3,933.00	2,800.00		1,133.00	4,200.00	93.64%	
Other Insurance		-	66.67		(66.67)	100.00	0.00%	
Irrigation Repairs		26,921.80	40,000.00		(13,078.20)	60,000.00	44.87%	
Landscaping Maintenance & Material		179,115.52	184,559.33		(5,443.81)	276,839.00	64.70%	
Landscape Improvements		59,259.20	43,333.33		15,925.87	65,000.00	91.17%	
Tree Trimming		2,600.00	13,333.33		(10,733.33)	20,000.00	13.00%	
Contingency		10,466.81	43,337.00		(32,870.19)	65,005.50	16.10%	
Pest Control		1,510.00	2,013.33		(503.33)	3,020.00	50.00%	
Shuttle Financing								
Insurance		-	3,333.33		(3,333.33)	5,000.00	0.00%	
Maintenance		43,110.00	144,000.00		(100,890.00)	216,000.00	19.96%	
Vehicle Cost		118,239.77	238,666.67		(120,426.90)	358,000.00	33.03%	
BEEP Operating Costs		14,753.88	97,546.47		(82,792.59)	146,319.70	10.08%	
Interchange Maintenance Expenses								
IME - Aquatics Maintenance		2,170.98	2,296.67		(125.69)	3,445.00	63.02%	
IME - Irrigation Repair		2,040.34	2,166.67		(126.33)	3,250.00	62.78%	
IME - Landscaping		60,341.88	58,913.40		1,428.48	88,370.10	68.28%	
IME - Lighting		518.65	541.67		(23.02)	812.50	63.83%	
IME - Miscellaneous		99.12	2,816.67		(2,717.55)	4,225.00	2.35%	
IME - Water Reclaimed		265.76	1,083.33		(817.57)	1,625.00	16.35%	
Road & Street Facilities								
Entry and Wall Maintenance		3,493.72	10,000.00		(6,506.28)	15,000.00	23.29%	
Streetlights		45,439.18	64,260.13		(18,820.95)	96,390.20	47.14%	
Parks & Recreation								
Personnel Leasing Agreement		24,000.08	24,000.00		0.08	36,000.00	66.67%	
Reserves								
Infrastructure Capital Reserve		-	13,444.45		(13,444.45)	20,166.67	0.00%	
Interchange Maintenance Reserve		-	1,573.33		(1,573.33)	2,360.00	0.00%	
Total Field Operations Expenses	$	625,731.15	$ 1,021,019.11	$	(395,287.96)	$ 1,531,528.67	40.86%	

Total Expenses	
$	
703,144.19	
$ 1,115,075.79	
$	
(411,931.60)	
$ 1,672,613.67	
42.04%	

Income (Loss) from Operations	
$	
444,400.66	
$	(66.67)	
$	
444,467.33	
$	(100.00)		
Other Income (Expense)								
Interest Income	$	79.96	$	66.67	$	13.29	$	100.00	79.96%	
Total Other Income (Expense)	$	79.96	$	66.67	$	13.29	$	100.00	79.96%	
Net Income (Loss)	$	444,480.62	$	-	$	444,480.62	$	-		

Boggy Creek Improvement District
Budget to Actual
For the Month Ending 05/31/2022

YTD Actual

$  852,169.50
136,879.65
158,495.70	
$  1,147,544.85

$	2,200.00

3,620.00
6,345.68
26,666.64
6,190.00
2,500.00
15,373.49
7,500.00
-
-
- 25.91
- 136.46
- 4,086.29
- 438.57
125.00
- 1,630.00
400.00
175.00	
$	77,413.04

$	3,347.13

19-,997.33

4,107.00	

	Nov-21	Dec-21	Jan-22	

$

$	

-
- (124,651.84)
(124,651.84)	

$	-	$	23,106.17
62,218.00	-
-	-
$  62,218.00	$	23,106.17	

$	

400.00	

$	-	$	400.00	

$	
-
- 3,333.33
383.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 125.00
-
-
4,241.33	
-	-
-	-
3,333.33	3,333.33
444.00	-
1,250.00	-
4,388.65	-
-	-
-	-
-	-
-	-
15.07	-
-	-
87.47	23.37
-	-
248.75	237.50
-	-
72.27	-
-	-
-	-
425.00	125.00
400.00	-
-	-
$  10,664.54	$	4,119.20	

$	

438.39
-	

$	432.48	$	448.44
-	-	
	
4,013.53	
2,220.82	
3,372.41	
	
-
-
-	
-
-
-	
-
-
-	

	Feb-22	Mar-22		Apr-22		May-22	

$	

51,977.26	

$ 687,260.13	

$	

82,937.79	

$	

6,888.15	
	29,797.00	21,580.18		21,838.47		1,446.00	
	-	-		-		-	

Oct-21

Revenues
Off-Roll Assessments Developer Contributions Carryforward Revenue
Net Revenues
General & Administrative Expenses Legislative
Supervisor Fees
Financial & Administrative
Public Officials' Liability Insurance Trustee Services
Management Engineering Dissemination Agent District Counsel
Assessment Administration Reamortization Schedules Audit
Arbitrage Calculation Travel and Per Diem Telephone
Postage & Shipping Copies
Legal Advertising Bank Fees Miscellaneous Office Supplies Property Taxes
Web Site Maintenance Holiday Decorations Dues, Licenses, and Fees

$	-
- 283,147.54

$ 283,147.54

$	400.00

3,620.00
6,345.68
3,333.33
-
-
- 7,500.00
-
-
-
-
-
-
- 1,317.52
-
-
-
- 125.00
- 175.00

 
$  81,774.26

$	400.00

-
- 3,333.33
1,969.00
1,250.00
1,906.00
-
-
-
- 5.10
- 24.53
-
-
-
- 125.00
-
-
-
-

$ 708,840.31

$	-

-
- 3,333.33
706.50
- 6,466.84
-
-
-
- 5.74
-
-
- 475.00
-
-
-
- 260.00
-
-

$ 104,776.26

$	400.00

-
- 3,333.33
777.90
- 2,612.00
-
-
-
-
-
- 1.09
- 1,570.02
12.00
65.36
-
-
-
-
-

$	8,334.15

$	200.00

-
- 3,333.33
1,909.60
-
-
-
-
-
-
-
-
-
- 237.50
(12.00)
300.94
-
- 570.00
-
-

Total General & Administrative Expenses

$  22,816.53

$	9,012.96	$  11,247.41	$	8,771.70	$	6,539.37

Field Operations
Electric Utility Services
Electric
Entry Lighting
Water-Sewer Combination Services
Water Reclaimed
Other Physical Environment
General Insurance
Property & Casualty Insurance Other Insurance

$	-
-
- 4,107.00
3,933.00
-

Page 1 of 2

$	445.54
- 2,813.90
-
-
-

$	505.26
- 1,871.10
-
-
-

$	599.30
- 2,590.84
-
-
-

$	477.72
- 3,114.73
-
-
-

3,933.00

Boggy Creek Improvement District
Budget to Actual
For the Month Ending 05/31/2022	

Irrigation Repairs
Landscaping Maintenance & Material Landscape Improvements
Tree Trimming Contingency Pest Control
Shuttle Financing Insurance Maintenance Vehicle Cost
BEEP Operating Costs
Interchange Maintenance Expenses
IME - Aquatics Maintenance IME - Irrigation
IME - Landscaping IME - Lighting
IME - Miscellaneous IME - Water Reclaimed
Road & Street Facilities
Entry and Wall Maintenance Streetlights
Parks & Recreation
Personnel Leasing Agreement
Reserves
Infrastructure Capital Reserve Interchange Maintenance Reserve
Total Field Operations Expenses

Total Expenses
Income (Loss) from Operations Other Income (Expense)
Interest Income
Total Other Income (Expense)

Net Income (Loss)	

$

 $ 

$

$
$

$	
Oct-21

- 22,389.44
19,158.00
-
-
-

-
- 25,000.00
-

271.37
- 6,565.22
-
-
-

-
- 3,000.01
-
-
84,424.04

107,240.57 

175,906.97

9.16
9.16

175,916.13	

$

 $	

$

$
$

$	
Nov-21	Dec-21	Jan-22

7,320.00	-	2,838.60
22,389.44	22,389.44	22,389.44
10,455.20	18,194.00	6,912.00
-	-	-
-	-	-
-	-	-

-	-	-
18,000.00	18,000.00	3,510.00
-	-	14,490.00
-	-	11,797.00

271.37	271.37	271.37
-	-	411.12
6,565.22	7,868.57	7,868.57
74.57	75.47	82.75
-	-	-
37.68	23.55	47.10

-	2,613.00	-
6,458.30	6,457.54	6,506.71

3,000.01	3,000.01	3,000.01

-	-	-
-	-	-
79,023.71	$  81,546.25	$	83,945.52

83,265.04    $  92,210.79    $	88,064.72 

(207,916.88)	$  (29,992.79)	$  (64,958.55)

8.47	$	8.12	$	6.68
8.47	$	8.12	$	6.68

(207,908.41)	$  (29,984.67)	$  (64,951.87)	

$

 $ 

$

$
$

$	
Feb-22

1,880.40
22,389.44
-
-
-
-

-
- 21,580.18
-

271.37
675.02
7,868.57
74.78
- 36.33

- 6,503.57

3,000.01

-
-
67,539.11

76,552.07 

5,222.19

6.19
6.19

5,228.38	
Mar-22

7,256.60
22,389.44
540.00
-
- 1,510.00

-
- 21,838.47
-

271.37
460.20
7,868.57
70.08
99.12
29.15

880.72
6,502.78

3,000.01

-
-
$  75,092.87

 $  86,340.28 

$ 622,500.03

$	11.73
$	11.73

$ 622,511.76	

$

 $ 

$

$
$

$	
Apr-22

- 22,389.44
- 2,600.00
9,785.43
-

-
- 20,931.12
-

271.38
- 7,868.58
74.02
- 35.21

- 6,505.14

3,000.01

-
-
76,650.47

85,422.17 

19,354.09

13.93
13.93

19,368.02	

$

 $ 

$

$
$

$	
May-22

7,626.20
22,389.44
4,000.00
- 681.38
-

- 3,600.00
14,400.00
2,956.88

271.38
494.00
7,868.58
66.98
- 56.74

- 6,505.14

3,000.01

-
-
77,509.18

84,048.55 

(75,714.40)

15.68
15.68

(75,698.72)	

 
YTD Actual	

26,921.80	
179,115.52	
59,259.20	
2,600.00	
10,466.81	
1,510.00	

43,110.00	
118,239.77	
-	
14,753.88	

2,170.98	
2,040.34	
60,341.88	
518.65	
99.12	
265.76	
3,493.72	
45,439.18	

24,000.08	
$	625,731.15	
$ -	
703,144.19	
-
$

$	
444,400.66	
	
79.96	
$	79.96	
$	444,480.62	

Page 2 of 2

Boggy Creek Improvement District Cash Flow

FY 2021 Inflows	FY 2021 Outflows	FY 2022 Inflows	FY 2022 Outflows	End. Cash	

18,333.46	
(71,709.28)	
3.95	
(56,830.27)	
205,736.94	
1,140.87	(3,383.50)	2.73	(12,698.11)	190,798.93	
551.00	(6,393.24)	82,682.61	(209,929.15)	57,710.15	
‐	‐	47,955.61	(26,914.66)	78,751.10	
‐	‐	99,844.44	(134,054.05)	44,541.49	
‐	‐	727,424.54	(101,795.26)	670,170.77	
‐	‐	144,179.06	(98,971.97)	715,377.86	
‐	‐	25,527.62	(155,927.38)	584,978.10	
‐	‐	20,931.12	(24,636.95)	581,272.27 as of 06/09/2022	

Beg. Cash

10/1/2021	315,939.08	
11/1/2021	205,736.94	
12/1/2021	190,798.93	
1/1/2022	57,710.15	
2/1/2022	78,751.10	
3/1/2022	44,541.49	
4/1/2022	670,170.77	
5/1/2022	715,377.86	
6/1/2022	584,978.10	

Totals	1,952,714.00	(1,798,380.81)	1,148,551.68	(839,763.48)

Boggy Creek Improvement District Construction Tracking - early June

Amount

Series 2018 Bond Issue
Original Construction Fund - Not To Exceed	$	25,000,000.00
Additions (Interest, Transfers from DSR, etc.)		166,432.81 Cumulative Draws Through Prior Month	(11,677,901.73)
==========
Construction Funds Available	$	13,488,531.08

Requisitions This Month
==========
Total Requisitions This Month	$	-
==========
Construction Funds Remaining	$	13,488,531.08

Committed Funding
Lake Nona Medical City Drive Phase 2 – Developer-owned as of 03/20	-
==========

Total Committed Funding	$	-
==========	
Net Uncommitted		13,488,531.08