Westside Community Development District ANNUAL FINANCIAL REPORT
September 30, 2020

Westside Community Development District ANNUAL FINANCIAL REPORT
September 30, 2020 TABLE OF CONTENTS

Page Number

REPORT OF INDEPENDENT AUDITORS	1-3
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-9
BASIC FINANCIAL STATEMENTS
Government-wide Financial Statements
Statement of Net Position	10
Statement of Activities	11
Fund Financial Statements
Balance Sheet – Governmental Funds	12
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	13
Statement of Revenues, Expenditures and Changes in
Fund Balances – Governmental Funds	14
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	15
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	16
Notes to Financial Statements	17-32
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	33-34
MANAGEMENT LETTER	35-37
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	38

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Westside Community Development District Osceola County, Florida

Report on the Financial Statements
We have audited the accompanying financial statements of Westside Community Development District as of and for the year ended September 30, 2020, 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 audit in accordance with auditing standards generally accepted in the United States of America. 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.

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To the Board of Supervisors
Westside Community Development District

Basis for Adverse Opinion on the Discretely Presented Component Units

The financial statements do not include financial data for one of the District’s legally separate component units. Accounting principles generally accepted in the United States of America require the financial data for the component unit to be reported with the financial data of the District’s primary government unless the District also issues financial statements for the financial reporting entity that include the financial data for its component unit. The District has not issued such reporting entity financial statements. Because of this departure from accounting principles generally accepted in the United States of America, the assets, liabilities, net position, revenues, and expenses of the aggregate discretely presented component units should have been presented.

Adverse Opinion

In our opinion, because of the significance of the matter discussed in the "Basis for Adverse Opinion on the Discretely Presented Component Units", the financial statements referred to above do not present fairly, the financial position of the discretely presented component units of the District as of September 30, 2020, or the changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Qualified Opinion

In our opinion, except for the effects of the matter described in the "Basis for Adverse Opinion on the Discretely Presented Component Unit" paragraph, the financial statements referred to above present fairly, in all material respects, the financial position of the aggregate remaining fund information of the District as of September 30, 2020, and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Unmodified Opinions

In our opinion, the financial statements referred to previously present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District, as of September 30, 2020, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.

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To the Board of Supervisors
Westside Community Development District

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 in accordance with governmental auditing standards generally accepted in the United States of America, which consisted principally 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 28, 2021 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 Westside Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 28, 2021

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Management’s discussion and analysis of Westside Community Development District (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; net investment in capital assets, restricted, and 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.

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 statement is designed to provide the reader with a broad overview of the District’s finances, in a manner similar to a private sector business. In the government-wide statement of net position, the governmental activities column is presented on a consolidated basis and is reported on a full-accrual economic resource basis, which recognizes all non-current assets and receivables as well as all non-current debt and obligations. The effect of interfund activity has been eliminated from the government-wide financial statements. In contrast, the governmental fund financial statements are grouped into funds to account for and to maintain control over resources that have been segregated for specific activities or objectives. The fund financial statements are presented using the current financial resources measurement focus and the modified accrual basis where as revenues are recorded when collected in the current period or within 60 days of year-end and expenditures are recorded when a liability is incurred. The difference between the two statements arises primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. A reconciliation of the government-wide and the fund financial statement is provided to illustrate these differences.

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, 2020.

The District’s total assets exceeded total liabilities by $21,954,683, (net position). Unrestricted net position for Governmental Activities was $1,367,550. Net investment in capital assets was $20,101,317. Restricted net position was $485,816.

Governmental activities revenues totaled $6,019,694 while governmental activities expenses totaled $3,143,297.

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

 	2020		2019
Current assets	$	1,611,921		$	1,476,025	
Restricted assets	2,290,335		2,191,473	
Capital assets	 	42,398,845 		 	39,209,879 	
Total Assets	 	46,301,101 		 	42,877,377 	

Deferred amount on refunding	 	436,957	 	461,808 

Current liabilities	1,461,700	1,274,172	
Non-current liabilities	 	23,321,675 	 	22,986,727 	
Total Liabilities	 	24,783,375 	 	24,260,899 	
Net investment in capital assets	20,101,317	17,373,738	
Net position - restricted	485,816	485,217	
Net position - unrestricted	 	1,367,550 	 	1,219,331 	
Total Net Position	  $	21,954,683 	  $	19,078,286 	

The increase in current assets is mostly the result of the increase in capital reserves in the current year.

The increase in capital assets and net investment in capital assets is primarily the result of the capital project and the capital contribution in the current year.

The increase in current liabilities is mainly related to the increase in matured interest payable and matured bonds payable in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District (Continued)

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

Change in Net Position
Governmental Activities
2020	2019
Program Revenues
Charges for services	$	2,456,591	$	2,412,269	
Grants and contributions	3,546,149	3,059,713	
General Revenues			
Investment earnings	16,954	79,822	
Gain on cancellation of debt	 	- 	 	12,282,199 	
Total Revenues	 	6,019,694 	 	17,834,003 	

Expenses			
General government	126,541	179,236	
Physical environment	1,525,251	1,484,106	
Interest and other changes	 	1,491,505 	 	1,433,180 	
Total Expenses	 	3,143,297 	 	3,096,522 	
Change in Net Position	2,876,397	14,737,481	
Net Position - Beginning of Year	 	19,078,286 	 	4,340,805 	
Net Position - End of Year	  $ 21,954,683 	  $ 19,078,286 	

The increase in grants and contributions is mostly attributable to a increase in developer capital contributions in the current year.

The decrease in general government expenses was primarily due to a decrease in the expenditures at the fund level related to the SPE.

A gain was realized in the prior year from the cancellation of debt related to the refunding of certain bonds.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of 2020 and 2019.

Governmental Activities
 	Description		2020	2019

Construction in progress	$	4,193,764	$	2,602,063	
Land improvements	11,741,451	11,741,451	
Improvements other than buildings	726,955	726,955	
Infrastructure	38,985,916	36,180,705	
Accumulated depreciation	 	(13,249,241)	 	(12,041,295)	

Total Capital Assets (Net)

  $	42,398,845 

  $	39,209,879 

 	

During the year, $4,396,912 was added to construction in progress, $2,805,211 was transferred to infrastructure, and $1,207,946 in depreciation was recorded.

General Fund Budgetary Highlights

The budget exceeded actual expenditures for the year primarily due to less legal fees, plant replacements, streetlighting, water and sewer and repair and maintenance expenditures than expected.

The September 30, 2020 budget was amended for capital reserves.

Debt Management

Governmental Activities debt includes the following:

In April 2019, the District bifurcated the Series 2005 Bonds by issuing $6,945,000 Series 2005-1 Bonds and $2,285,000 Series 2005-2 Bonds and $500,000 of the Series 2005 Bonds will remain outstanding with $3,425,000 of Series 2005 Bonds being cancelled. During a prior year, the Series 2005-1 Bonds were retired with the issuance of the Series 2019 Refunding Bonds. The balance outstanding at September 30, 2020 for the Series 2005 and Series 2005-2 Bonds was $500,000 and $1,545,000, respectively.

In April 2019, the District bifurcated the Series 2007 Bonds by issuing $6,610,000 Series 2007-1 Bonds and $715,000 Series 2007-2 Bonds and $500,000 of the Series 2007 Bonds will remain outstanding with $6,210,000 of Series 2007 Bonds being cancelled. During a prior year, the Series 2007-1 Bonds were retired with the issuance of the Series 2019 Refunding Bonds. The balance outstanding at September 30, 2020 for the Series 2007 and Series 2007-2 Bonds was
$500,000 and $505,000, respectively.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Debt Management (Continued)

In March 2018, the District issued $3,490,000 Special Assessment Revenue Bonds, Series 2018. The bonds were issued to finance the construction of the 2018 Project. The balance outstanding at September 30, 2020 was $3,385,000.

In April 2019, the District issued $13,095,000 Special Assessment Revenue Refunding Bonds, Series 2019. The bonds were issued to refund the Series 2005-1 and 2007-1 Special Assessment Revenue Bonds. The balance outstanding at September 30, 2020 was
$12,595,000.

In September 2019, the District issued $3,230,000 Special Assessment Revenue Bonds, Series 2019. The bonds were issued to finance the construction of the Series 2019 Project. The balance outstanding at September 30, 2020 was $3,175,000.

In December 2019, the District issued $1,860,000 Special Assessment Revenue Bonds, Series 2019 (Windsor Parcel K). The bonds were issued to finance a portion of the construction of the 2019 Project. The balance outstanding at September 30, 2020 was $1,860,000.

In September 2014, the District reached an agreement with a contractor of the prior developer to pay them $290,000 over five years. In December 2016, in a related claim, the District  reached settlement in mediation with Osceola County and the contractor to pay an additional sum of $50,000 in 2019 and $25,000 in 2020. The balance remaining at September 30, 2020 was $25,000.

Economic Factors and Next Year’s Budget

Westside Community Development District made a final payment for a portion of the outstanding principal on the Series 2005 and Series 2007 Bonds, in November 2020, resulting in the cancellation of any remaining outstanding bonds for each series. The District cannot determine the affect the bond cancellation will have on operations for the year ended September 30, 2021.

Request for Information

The financial report is designed to provide a general overview of Westside Community Development District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Westside Community Development District, Governmental Management Services, 219 E. Livingston St., Orlando, Florida 32801.

Westside Community Development District	
STATEMENT OF NET POSITION	
September 30, 2020	

Governmental	
Activities	

ASSETS		
Current Assets		
Cash	$	743,921	
Investments	829,663	
Due from other governments	11,717	
Due from developer	22,903	
Prepaid expenses	 	3,717 	
Total Current Assets	 	1,611,921 	
Non-Current Assets		
Restricted:		
Investments	2,264,095	
Cash	26,240	
Capital Assets Not Being Depreciated:		
Construction in progress	4,193,764	
Land and improvements	11,741,451	
Capital Assets Being Depreciated:		
Improvements other than buildings	726,955	
Infrastructure	38,985,916	
Less: accumulated depreciation	 	(13,249,241)	
Total Non-Current Assets	 	44,689,180 	
Total Assets	 	46,301,101 	

DEFERRED OUTFLOWS OF RESOURCES	
Deferred amount on refunding	

 	436,957 

LIABILITIES		
Current Liabilities		
Accounts payable and accrued expenses	19,481	
Matured bonds payable	90,000	
Matured interest payable	185,176	
Accrued interest payable	447,043	
Bonds payable - current	695,000	
Notes payable - current	 	25,000 	
Total Current Liabilities	 	1,461,700 	
Non-Current Liabilities		
Bonds payable	 	23,321,675 	
Total Liabilities	 	24,783,375 	

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

20,101,317	
485,816	
 	1,367,550 	
  $	21,954,683 	

See accompanying notes to financial statements.

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Westside Community Development District	
STATEMENT OF ACTIVITIES	
For the Year Ended September 30, 2020	

Net (Expenses)	
Revenues and	
Changes in	
Net Position	

Program Revenues
Operating		Capital Charges for	Grants and	Grants and

Governmental	
Activities	

Functions/Programs	
Primary government	
Governmental Activities	
General government	
Physical environment	
Interest and other charges	
Total Governmental Activities	

$	-	$	48,323	
2,721,021	1,634,246	
 	- 	 	1,176,874 	
$	2,721,021	2,859,443	

Expenses	Services	Contributions	Contributions

$	(126,541)	$	174,864	$	-	
(1,525,251)	438,476	-	
 	(1,491,505)	 	1,843,251 	 	825,128 	
$	(3,143,297)	$	2,456,591	$	825,128	

General revenues:	
Investment earnings	

 	16,954 

Change in Net Position	2,876,397

Net Position - October 1, 2019	
Net Position - September 30, 2020	

 	19,078,286 	
  $	21,954,683 	

See accompanying notes to financial statements.

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Westside Community Development District	
BALANCE SHEET –	
GOVERNMENTAL FUNDS	
September 30, 2020	

Governmental Funds	
	Debt	Debt	Debt	Debt	Debt Service	Debt					
	Service	Service	Service	Service	2019 Refunding	Service	Capital	Capital	Capital	Capital	
General	2005 Bonds	2007 Bonds	2018 Bonds	2019 Bonds	Bonds	2019K Bonds	Projects 2007	Projects 2018	Projects 2019	Projects 2019K	

ASSETS

Cash	
Investments, at fair value	
Due from other governments	
Due from developer	
Prepaid expenses	
Restricted assets:	
Investments, at fair value	
Cash	
Total Assets	

Deferred Inflows of Resources	
Unavailable revenues	

$ 743,921	
829,663	
3,127	
4,585	
3,717	

$	-	
-	
-	
-	
-	

$	-	
-	
-	
-	
-	

$	-	
-	
1,628	
-	
-	

$	-	
-	
-	
-	
-	

$	-	
-	
6,962	
18,318	
-	

$	-	
-	
-	
-	
-	

$	-	
-	
-	
-	
-	

$	-	
-	
-	
-	
-	

$	-	
-	
-	
-	
-	

$	-	
-	
-	
-	
-	

$	743,921	
829,663	
11,717	
22,903	
3,717	

-		556,473	
 	- 	 	- 	
  $1,585,013 	  $		556,473 	

187,246	
 	- 	
  $	187,246 	

215,471	
 	- 	
  $	217,099 	

177,196	
 	- 	
  $	177,196 	

984,955	
 	- 	
  $	1,010,235 	

129,886	
 	- 	
  $	129,886 	

-	
 	26,240 	
  $	26,240 	

2	
 	- 	
  $	2 	

1	
 	- 	
  $	1 	

12,865	
 	- 	
  $	12,865 	

2,264,095	
 	26,240 	
  $ 3,902,256 	

$ 19,481	
-	
-	
 	- 	
 	19,481 	

$	-	
-	
75,000	
 	105,796 	
 	180,796 	

$	-	
-	
15,000	
 	79,380 	
 	94,380 	

$	-	
-	
-	
 	- 	
 	- 	

$	-	
-	
-	
 	- 	
 	- 	

$	-	
-	
-	
 	- 	
 	- 	

$	-	
-	
-	
 	- 	
 	- 	

$	-	
-	
-	
 	- 	
 	- 	

$	-	
-	
-	
 	- 	
 	- 	

$	-	
-	
-	
 	- 	
 	- 	

$	-	
-	
-	
 	- 	
 	- 	

$	19,481	
-	
90,000	
 	185,176 	
 	294,657 	

LIABILITIES, DEFERRED INFLOWS OF	
RESOURCES AND FUND BALANCES	

LIABILITIES	
Accounts payable and accrued expenses	
Contracts/retainage payable	
Matured bonds payable	
Matured interest payable	
Total Liabilities	

 	4,585 	- 	- 	- 	- 	18,318 	- 	- 	- 	- 	- 	22,903 

3,717	-	-	-	-	-	-	-	-	-	-	3,717

-	
-	
406,601	
    1,150,629 	
    1,560,947 	

 	
375,677	
-	
-	
 	- 	
 	375,677 	

 	
92,866	
-	
-	
 	- 	
 	92,866 	

 	
217,099	
-	
-	
 	- 	
 	217,099 	

 	
177,196	
-	
-	
 	- 	
 	177,196 	

 	
991,917	
-	
-	
 	- 	
 	991,917 	

 	
129,886	
-	
-	
 	- 	
 	129,886 	

 	
-	
26,240	
-	
 	- 	
 	26,240 	

 	
-	
2	
-	
 	- 	
 	2 	

 	
-	
1	
-	
 	- 	
 	1 	

 	
-	
12,865	
-	
 	- 	
 	12,865 	

 	
1,984,641	
39,108	
406,601	
 	1,150,629 	
 	3,584,696 	

FUND BALANCES	
Nonspendable - prepaid expenses	
Restricted:	
Debt service	
Capital projects	
Assigned - capital reserves	
Unassigned	
Total Fund Balances	

Total Liabilities, Deferred Inflows of	
Resources and Fund Balances	

  $1,585,013 

  $	556,473 

  $	187,246 

  $	217,099 

  $	177,196 

  $	1,010,235 

  $	129,886 

  $	26,240 

  $	2 

  $	1 

  $	12,865 

  $ 3,902,256 

Total	
Governmental	
Funds	

See accompanying notes to financial statments.

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Westside Community Development District	
RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES	
TO NET POSITION OF GOVERNMENTAL ACTIVITIES	
September 30, 2020	

Total Governmental Fund Balances	$

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

Bond discount costs ($52,838), net of accumulated amortization ($(4,513)) used in	
governmental activities are not current financial uses, and therefore are not	
reported at the fund level.	

Deferred outflow of resources (deferred amount on refunding) are not current financial	
resources and therefore, are not reported at the fund level.	

Unavailable revenues are recognized as deferred inflows at the fund level, but	
this amount is recognized as revenues at the government-wide level.	

Accrued interest expense for long-term debt is not a current financial use and therefore,	
is not reported at the fund level.	

3,584,696

Capital assets not being depreciated (land and improvements ($11,741,451) and		
construction in progress ($4,193,764)) used in governmental activities are not current	
financial resources, and therefore are not reported at the fund level.	15,935,215	

Capital assets being depreciated, improvements other than buildings ($726,955) and	
infrastructure ($36,985,916) net of accumulated depreciation ($(13,249,241))	
used in governmental activities are not current financial resources, and therefore	
are not reported at the fund level.	26,463,630	

Long-term liabilities, including bonds payable ($24,065,000) and notes payable ($25,000)		
are not due and payable in the current period, and therefore are not reported at the	(24,090,000)	
fund level.		

48,325

436,957

22,903

(447,043)

Net Position of Governmental Activities	 $	21,954,683 

See accompanying notes to financial statements.
- 13 -

Westside Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES –	
GOVERNMENTAL FUNDS	
For the Year Ended September 30, 2020	

Revenues	
Special assessments	
Landholder contributions	
Developer contributions	
Investment earnings	
Total Revenues	

Governmental Funds	
										Debt Service													Total	
		Debt Service		Debt Service		Debt Service		Debt Service		2019 Refunding		Debt Service		Capital	Capital		Capital		Capital		Capital		Governmental	
General		2005 Bonds		2007 Bonds		2018 Bonds		2019 Bonds		Bonds		2019K		Projects 2005	Projects 2007		Projects 2018		Projects 2019		Projects 2019K		Funds	

$ 608,755		
$ 110,920		
$	39,266		
$ 234,980		
$ 203,925		
$	1,235,842		
$	-		
$	-	
$	-		
$	-		
$	-		
$	-		
$ 2,433,688	
-		635,252		189,876		-		-		-		-		-	-		-		-		-		825,128	
-		-		-		-		-		-		-		-	-		-		-		2,721,021		2,721,021	
 	10,107 		 	3,678 		 	1,327 		 	158 		 	190 		 	458 		 	66 		 	- 	 	10 		 	- 		 	376 		 	584 		 	16,954 	
 	618,862 		 	749,850 		 	230,469 		 	235,138 		 	204,115 		 	1,236,300 		 	66 		 	- 	 	10 		 	- 		 	376 		 	2,721,605 		 	5,996,791 	

Expenditures		
Current		
General government	126,241	
Physical environment	317,305	
Capital outlay	-	
Debt service		
Principal	50,000	
Interest	-	
Other debt service	 	- 	
Total Expenditures	 	493,546 	

-	
-	
-	

-	
-	
-	

-	
-	
-	

-	
-	
-	

-	
-	
-	

-	
-	
-	

-	
-	
-	

300	
-	
-	

-	
-	
-	

-	
-	
203,148	

-	126,541	
-	317,305	
4,193,764	4,396,912	

700,000	
155,092	
 	27,570 	
 	882,662 	

200,000	
86,760	
 	17,395 	
 	304,155 	

55,000	
175,550	
 	- 	
 	230,550 	

55,000	
158,499	
 	- 	
 	213,499 	

500,000	
299,101	
 	84,875 	
 	883,976 	

-	
29,781	
 	- 	
 	29,781 	

-	
-	
 	- 	
 	- 	

-	
-	
 	- 	
 	300 	

-	
-	
 	- 	
 	- 	

-	
-	
 	- 	
 	203,148 	

-	
-	
 	215,375 	
 	4,409,139 	

1,560,000	
904,783	
 	345,215 	
 	7,650,756 	

Excess/(deficiency) of revenues		
over/(under) expenditures	 	125,316 	

 	(132,812) 	(73,686) 	4,588 	(9,384) 	352,324 	(29,715) 	- 	(290) 	- 	(202,772) 	(1,687,534) 	(1,653,965)

Other financing sources (uses)		
Issuance of long-term debt	-	
Transfers in	-	
Transfers out	 		- 	
Total Other financing Sources/(Uses)  		- 	

-	
6	
 	(103)	
 	(97)	

-	
6	
 	(128)	
 	(122)	

-	
-	
 	- 	
 	- 	

-	
-	
 	- 	
 	- 	

-	
231	
 	- 	
 	231 	

159,601	
-	
 	- 	
 	159,601 	

-	
-	
 	(6)	
 	(6)	

-	
-	
 	(6)	
 	(6)	

-	
-	
 	- 	
 	- 	

-	
-	
 	- 	
 	- 	

1,700,399	
-	
 	- 	
 	1,700,399 	

1,860,000	
243	
 	(243)	
 	1,860,000 	

Net change in fund balances	125,316	

(132,909)	(73,808)	4,588	(9,384)	352,555	129,886	(6)	(296)	-	(202,772)	12,865	206,035

Fund Balances - October 1, 2019	     1,435,631 	

Fund Balances - September 30, 2020   	$1,560,947       $    375,677      $	92,866       $     217,099       $    177,196       $	991,917        $    129,886       $		

 	508,586 	166,674 	212,511 	186,580 	639,362 	- 	6 	26,536 	2 	202,773 	- 	3,378,661 

  

See accompanying notes to financial statements.

  

- 14 -

-       $	26,240       $	2       $	1 

   $	12,865 $ 3,584,696 

Westside Community Development 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, 2020	

Net Change in Fund Balances - Total Governmental Funds

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

Loan proceeds provide current financial resources at the fund level, However,	
at the government-wide level the loan proceeds increase long-term liabilities.	

Repayments of bond principal are expenditures in the governmental funds	
and reduce long-term liabilities in the Statement of Net Position.	

The deferred amount on refunding is recognized as an expenditure at the fund	
level but is recognized as a deferred outflow of resources at the	
government-wide level and amortized over the life of the new debt.	

Governmental funds report bond discounts as an expenditure. However,	
in the Statement of Activities, this cost is allocated over the bond repayment	
as amortization. This is the amount of amortization in the current period.	

Unavailable revenues are recognized as deferred inflows at the fund level, but	
this amount is recognized as revenues at the government-wide level.	

$	206,035

Governmental funds report capital outlays as expenditures. However, in the		
Statement of Activities, the cost of those assets is allocated over their		
estimated useful lives as depreciation. This is the amount that		
depreciation ($(1,207,946)) was exceeded by capital outlay ($4,396,912).	3,188,966	

(1,860,000)

1,560,000

(24,851)

(1,198)

22,903

In the Statement of Activities, interest is accrued on outstanding bonds; whereas	
in governmental funds, interest expenditures are reported when due.		
This is the decrease in accrued interest from the prior year.	 	(215,458)	

Change in Net Position of Governmental Activities	 $ 2,876,397 

See accompanying notes to financial statements.

Westside Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND	
CHANGES IN FUND BALANCES – BUDGET AND ACTUAL –	
GENERAL FUND	
For the Year Ended September 30, 2020	

Variance with	
Final Budget	
Positive	
(Negative)	

$ 589,433	
 	10,000 	
 	599,433 	

$ 589,433	
 	10,000 	
 	599,433 	

$	608,755	
 	10,107 	
 	618,862 	

Original	Final	
Budget	Budget	Actual	

Revenues	
Special assessments	
Investment earnings	
Total Revenues	

 	
$	19,322	
 	107 	
 	19,429 	

Expenditures	
Current	
General government	
Physical environment	
Debt Service	
Principal	
Total Expenditures	

221,673	
446,633	

221,673	
446,633	

126,241	
317,305	

95,432	
129,328	

 	- 	
 	668,306 	

 	- 	
 	668,306 	

 	50,000 	
 	493,546 	

 	(50,000)	
 	174,760 	

 	840,545 	1,435,631 	595,086 	
   $ 	771,672 	  $ 	1,560,947 	   $		789,275 	

Net change in fund balances	 		(68,873)	 	(68,873)	 	125,316 	194,189 Fund Balances - October 1, 2019	 	494,676 
Fund Balances - September 30, 2020	 $ 425,803 

See accompanying notes to financial statements.

Westside Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2020

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

Reporting Entity
The District was established on August 30, 2004, pursuant to Osceola County Ordinance Number 04-34, subsequently amended by Ordinance Number 07-19, and Chapter 190, Florida Statutes. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing or re-constructing, enlarging or extending, equipping, operating and maintaining water management, bridges or culverts, district roads, landscaping, street lights and other basic infrastructure projects within or outside the boundaries of the Westside Community Development District. The District is governed by a five-member Board of Supervisors who are elected on an at large basis by qualified electors within the District.  The District  operates within the criteria established by Chapter 190, Florida Statutes.
As required by GAAP, these financial statements present the Westside Community Development District (the primary government) as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.
Based upon the application of the above-mentioned criteria as set forth in Governmental Accounting Standards Board, the District has identified two component units.
The component units of the District are as follows:
Westside SPE, LLC – The Company is a special purpose entity (SPE) created by certain provisions in the Trust Indentures of the Series 2005 and Series 2007 Special Assessment Revenue Bonds. The Company and its operations, pursuant to an agreement between the Company, the District and the U.S. Bank National Association (the “Trustee”), are funded from amounts on deposit in the Trust estate. Funds received by the Company are to be remitted to the Trustee and applied in accordance with the Trust Indenture. This entity ceased operations during the year. The SPE is still in existence, however, it had no activity and is not reflected in the financial statements.
Westside CDD Holdings, LLC – The Company is a special purpose entity (SPE) created by certain provisions in the Trust Indentures of the Series 2005 and Series 2007 Special Assessment Revenue Bonds. The Trustee of this component unit has elected not to provide the District with its financial information. The SPE was dissolved as of December 31, 2019.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

Government-wide Financial Statements

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Government-wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.

Governmental activities are supported by special assessments, developer contributions 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 another financing source.

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

Fund Financial Statements

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

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

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.	Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds
The District classifies fund balance according to 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.

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.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

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

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

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

Debt Service Fund 2005, 2007, 2018, 2019, 2019 Refunding Bonds and 2019K – Accounts for the debt service requirements to retire the special assessment revenue bonds which were used, among other things, to retire the debt of the bond anticipation notes and to finance the acquisition and construction of certain master infrastructure improvements within the District.

Capital Projects Fund 2005, 2007, 2018, 2019 and 2019K – The Capital Projects Fund accounts for the construction of certain infrastructure improvements within the boundaries of the District.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)

Non-current Governmental Assets/Liabilities

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

Assets, Liabilities, and Net Position or Equity

Cash and Investments

Chapter 280, Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.

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

Direct obligations of the United States Treasury;

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

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

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

Restricted Assets

Certain net position of the District will be 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.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

4.	Assets, Liabilities, and Net Position or Equity (Continued)

Capital Assets

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

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

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

Depreciation of capital assets is computed and recorded by utilizing the straight-line method. Estimated useful lives of the various classes of depreciable capital assets are as follows:

Improvements other than buildings	10 years
Infrastructure	30 years

Budgets

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

Unamortized Bond Discounts

Bond discounts associated with the issuance of revenue bonds are amortized according to the straight line method of accounting. For financial reporting, unamortized bond discounts are netted against the applicable long-term debt.

Deferred Amount on Refunding

Deferred costs of refunding associated with the issuance of refunding bonds are presented on the financial statements and amortized over the life of the bonds using the straight line method of accounting. For financial reporting, the deferred costs of  refunding are reported as a deferred outflow of resources on the Statement of Net Position.

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, $3,584,696, differs from “net position” of governmental activities, $21,954,683, reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the Statement of Net Position versus the current financial resources focus of the Governmental Fund Balance Sheet. The effect of the differences is illustrated below.

Capital related items

When capital assets (improvements and infrastructure 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 assets among the assets of the District as a whole.	included those capital	
Construction in progress	$	4,193,764	
Land and improvements	11,741,451	
Improvements other than buildings	726,955	
Infrastructure	38,985,916	
Accumulated depreciation	 	(13,249,241)	
Total	$	42,398,845	
Deferred outflows of resources		
Deferred outflows of resources are not current financial resources, recognized at the fund level	and therefore, are not	
Deferred amount on refunding, net	$	436,957	

Deferred inflows of resources

Deferred inflows of resources in the Statement of Net Position differ from the amount reported in the governmental funds due to unavailable revenues. Governmental fund financial statements report revenues which are not available as deferred inflows of resources. However, unavailable revenues in governmental funds are susceptible to full accrual in the government-wide financial statements.
Deferred inflows of resources	$	22,903

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)

Long-term debt transactions

Long-term liabilities applicable to the District’s governmental activities are not due and payable in the current period and accordingly are not reported as fund liabilities.  All liabilities are reported in the Statement of Net Position. Balances at September 30, 2020 were:

Bonds payable		$	(24,065,000)	
Notes payable		(25,000)	
Bond discounts, net		 	48,325	
Total

Accrued interest

Accrued liabilities in the Statement	

of Net Position differ	$	(24,041,675)

from the amount reported in	
governmental funds due to the accrued interest on bonds.

Accrued interest	$	(447,043)
Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities
The “net change in fund balances” for government funds, $206,035, differs from the “change in net position” for governmental activities, $2,876,397, reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated below.
Capital related items
When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, in the Statement of Activities, the costs of those assets is allocated over their estimated useful lives and reported as depreciation expense. As a  result, fund balances decrease by the amount of financial resources expended, whereas net position decrease by the amount of depreciation expense charged for the year.

Depreciation	$	(1,207,946)	
Capital outlay	 	4,396,912	
Total	$	3,188,966	

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 (Continued)

Long-term debt transactions
Repayments of principal are reported as expenditures in the governmental funds and, thus, have the effect of reducing fund balance because current financial resources have been used.

Notes payable payments	$	50,000	
Bond principal payments	1,510,000	
Amortization of bond discounts	 	(1,198)	
Total	$	1,558,802	

The issuance of new debt provides current financial resources to governmental funds, but the issuance of new debt increases long-term liabilities
Proceeds from note payable	$	(1,860,000)

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	$	(215,458)

Net change in deferred amount on refunding	$	(24,851)

Deferred inflows of resources

Deferred inflows of resources reported at the fund level are recognized as revenues in the Statement of Activities.

Net change in deferred inflows of resources	$	22,903

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 follows the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2020, the District's bank balance and the carrying value were $770,161. 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, 2020, the District had the following investments and maturities:

 	Investment		   Maturities 	 	Fair Value		
Managed Money Markets	N/A	$	2,264,095	
State Board of Administration Florida Prime	48 days*	 	829,663 	
Total		  $	3,093,758 	

*Maturities are a weighted average maturity.

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

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

NOTE C – CASH AND INVESTMENTS (CONTINUED)
Interest Rate Risk
The formal investment policy of the District conforms with State statutory requirements and bond indentures for investment maturities as a means of managing its exposure to 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, 2020, the District’s investments in the State Board of Administration Florida Prime were rated AAAm by Standard and Poor’s.
Concentration of Credit Risk
The District places no limit on the amount it may invest in any one investment. The investments in Managed Money Market Accounts are 73% of the District’s total investments and the investments in Florida Prime are 27% of the District’s total investments.
The types of deposits and investments and their level of risk exposure as of September 30, 2020 were typical of these items during the fiscal year then ended. The District considers any decline in fair value for certain investments to be temporary.

NOTE D – CAPITAL ASSETS
Capital Asset activity for the year ended September 30, 2020 was as follows:

	Balance
October 1,						Balance
September 30,	
	 	2019			Additions		Deletions		2020	
Governmental Activities:
Capital Assets, Not Being Depreciated: Land and improvements	

$	11,741,451		

$	-		

$	-		

$ 11,741,451	
Construction in progress	 	2,602,063 		4,396,912		(2,805,211)		4,193,764	
Total Capital Assets, Not Being Depreciated	 	14,343,514 		4,396,912		(2,805,211)		15,935,215	

Capital Assets, Being Depreciated: Infrastructure	

36,180,705		

2,805,211		

-		

38,985,916	
Improvements other than buildings	 	726,955 		-		-		726,955	
Total Capital Assets, Being Depreciated	 	36,907,660 		2,805,211		-		39,712,871	

Less Accumulated Depreciation For: Infrastructure	

(11,347,039)		

(1,206,024)		

-		

(12,553,063)	
Improvements other than buildings	 	(694,256)		(1,922)		-		(696,178)	
Total Accumulated Depreciation	 	(12,041,295)		(1,207,946)		-		(13,249,241)	
Total Capital Assets Depreciated, Net	 	24,866,365 		1,597,265		-		26,463,630	

Governmental Activities Capital Assets	
$	39,209,879		
$ 5,994,177		
$ (2,805,211)		
$ 42,398,845	

Depreciation of $1,207,946 was charged to physical environment.		
NOTE E – LONG-TERM DEBT		
The following is a summary of debt activity for the District for the year 2020:	ended September 30,	
Bonds/notes payable at October 1, 2019	$	23,790,000	
Additions to bonds payable	1,860,000	
Principal payments	 	(1,560,000)	
Bonds/notes payable at September 30, 2020	$	24,090,000 	

NOTE E – LONG-TERM DEBT (CONTINUED)
In April 2019, the District bifurcated the Series 2005 Bonds by issuing $6,945,000 Series 2005-1 Bonds and $2,285,000 Series 2005-2 Bonds and $500,000 of the Series 2005 Bonds will remain outstanding. After the bifurcation $3,425,000 of Series 2005 Bonds and all matured interest still outstanding were cancelled. It is anticipated that the $500,000 of Series 2005 Bonds still outstanding will be cancelled by April 1, 2022.

In April 2019, the District bifurcated the Series 2007 Bonds by issuing $6,610,000 Series 2007-1 Bonds and $715,000 Series 2007-2 Bonds and $500,000 of the Series 2007 Bonds will remain outstanding. After the bifurcation $6,210,000 of Series 2007 Bonds and all matured interest still outstanding were cancelled. It is anticipated that the $500,000 of Series 2007 Bonds still outstanding will be cancelled by April 1, 2022.

During the year, the scheduled debt service payments on the Series 2005 Bonds, $28,250 in interest, Series 2005-2 Bonds, $63,421 in interest and $75,000 in principal, Series 2007 Bonds,
$36,000 in interest, and Series 2007-2 Bonds, $25,380 in interest and $15,000 in principal, were not paid by the District. These amounts are reflected in the balance of matured interest payable and matured bonds payable in the accompanying financial statements.

District debt is comprised of the following at September 30, 2020:

Special Assessment Revenue Bonds
$500,000 Series 2005 Special Assessment Revenue Bonds, interest at 5.65%, maturing thru May 1, 2037, payable on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited property
owners.	$ 500,000

$2,285,000 Series 2005-2 Special Assessment Revenue Bonds, interest at 5.65%, maturing thru May 1, 2037, payable on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited
property owners.	1,545,000
$500,000 Series 2007 Special Assessment Revenue Bonds, interest at 7.20%, maturing thru May 1, 2038, payable on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited property
owners.	500,000

$715,000 Series 2007-2 Special Assessment Revenue Bonds, interest at 7.2%, maturing thru May 1, 2038, payable on May 1 and November 1; collateralized by the pledged revenues of special assessments levied against the benefited
property owners.	505,000

NOTE E – LONG-TERM DEBT (CONTINUED)		
Special Assessment Revenue Bonds (Continued)		
$3,490,000 Series 2018 Special Assessment Revenue Bonds due in annual principal installments beginning in May 2019 through May 2048. Interest from 5.00% to 5.20% due May 1 and November 1 starting in May 2019.	

3,385,000	
$13,095,000 Series 2019 Special Assessment Revenue Refunding Bonds due in annual principal installments beginning in May 2020 through May 2038. Interest from 4.10% to 4.125% due May 1 and November 1 starting in
November 2019.	

12,595,000	
$3,230,000 Series 2019 Special Assessment Revenue Bonds due in annual principal installments beginning in May 2020 through May 2049. Interest from 3.625% to 4.85% due May 1 and November 1 starting in November 2019.	

3,175,000	
$1,860,000 Series 2019 (Windsor Parcel K) Special Assessment Revenue Bonds due in annual principal installments beginning in May 2033 through May 2050. Interest from 3.80% to 4.00% due May 1 and November 1 starting in May 2020.	

1,860,000	

Less bond discount, net	
 	(48,325)	
Net Bonds Outstanding	$	24,016,675	
Note Payable		
$365,000 note payable to contractor per agreement for work		
performed for the District, payable over seven years with no interest.	$	25,000	

NOTE E – LONG-TERM DEBT (CONTINUED)

The annual requirements to amortize the principal and interest of long term debt as of September 30, 2020 are as follows:

Year Ending
 	September 30,		 	Principal		 	Interest		 	Total	

2021	$	720,000	$	1,072,905	$	1,792,905	
2022	730,000	1,046,133	1,776,133	
2023	750,000	1,017,945	1,767,945	
2024	785,000	989,063	1,774,063	
2025	815,000	958,580	1,773,580	
2026-2030	4,660,000	4,259,455	8,919,455	
2031-2035	5,825,000	3,152,721	8,977,721	
2036-2040	5,340,000	1,670,030	7,010,030	
2041-2045	2,270,000	839,501	3,109,501	
2046-2050	 	2,195,000 	259,813	2,454,813	

Totals	$	24,090,000	$	15,266,147	$	39,356,147

Summary of Significant Bonds Resolution Terms and Covenants

Special Assessment Revenue Bonds

The Series 2005, 2005-2, 2007, 2007-2, 2018, 2019, 2019 Refunding and 2019K Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, in the manner provided by the Bond Indentures. The Series 2019 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.

The Trust Indentures establish certain amounts be maintained in a reserve account. In addition, the Trust Indentures have certain restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements.

NOTE E – LONG-TERM DEBT (CONTINUED)

Special Assessment Revenue Bonds (Continued)

Depository Funds – The bond resolution establishes certain funds and determines the order in which revenues are to be deposited into these funds. A description of the significant funds, including their purposes, is as follows:

	Reserve Funds – The 2005, 2007 and 2018 Reserve Accounts are funded from the proceeds of the Series 2005 Bonds, the Series 2007 Bonds and the Series 2018 Bonds in an amount equal to the highest remaining debt service payment. The Series 2019, 2019 Refunding and 2019 (Windsor Parcel K) Reserve accounts are funded from the proceeds of the Series 2019, Series 2019 Refunding Bonds and Series 2019 (Windsor Parcel K) Bonds in an amount equal to 50% of the highest remaining debt service payment. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.

	Reserve	Reserve
 	Balance		 Requirement 	
Special Assessment Revenue Bonds, Series 2005	$	102,200	$	34,650	
Special Assessment Revenue Bonds, Series 2005-2	$	100,342	$	100,342	
Special Assessment Revenue Bonds, Series 2007	$	37,820	$	40,750	
Special Assessment Revenue Bonds, Series 2007-2	$	36,260	$	35,760	
Special Assessment Revenue Bonds, Series 2018	$	115,065	$	115,065	
Special Assessment Revenue Bonds, Series 2019	$	101,595	$	101,595	
Special Assessment Revenue Refunding Bonds, Series 2019	$	503,604	$	503,479	
Special Assessment Revenue Bonds, Series 2019 (Windsor Parcel K)	
$	92,850	$	92,850	
NOTE F – RISK MANAGEMENT		
The District is exposed to various risks of loss related to	torts; theft of, damage to and	
destruction of assets; errors and omissions; and natural disasters for which the government carries commercial insurance. There were no claims or settled claims from these risks that have exceeded commercial insurance coverage over the past three years.

NOTE G – SUBSEQUENT EVENTS

Subsequent to year end, in November 2020, the District made a final payment for a portion of the outstanding principal on the Series 2005 and Series 2007 Bonds resulting in the cancellation of each.

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
Westside Community Development District Osceola County, 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 Westside Community Development District, as of and for the year ended September 30, 2020, and the related notes to the financial statements, and have issued our report thereon dated June 28, 2021.

Internal Control Over Financial Reporting

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

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

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

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Board of Supervisors
Westside Community Development District

Compliance and Other Matters
As part of obtaining reasonable assurance about whether Westside Community Development District's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
We noted certain matters that we reported to the management of Westside Community Development District in a separate letter dated June 28, 2021.
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 28, 2021

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MANAGEMENT LETTER

To the Board of Supervisors
Westside Community Development District Osceola County, Florida

Report on the Financial Statements

We have audited the financial statements of the Westside Community Development District as of and for the year ended September 30, 2020, and have issued our report thereon dated June 28, 2021.

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 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 Independent Accountant’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated June 28, 2021, 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. The current status of the prior findings is as follows:

Finding 2011-01
The District continues to be unable to make certain scheduled debt service payments and meet debt service reserve requirements on the Series 2005 Special Assessment Revenue Bonds and Series 2007 Special Assessment Revenue Bonds.

Management Response
During a prior year, property held by the SPE was sold and a portion of the proceeds was provided to the District as landholder contributions. The District made unscheduled debt service payments to pay off certain matured principal and interest on the Series 2005 and Series 2007 Bonds with the proceeds from the landholder contributions. The Series 2005 and 2007 Bonds were bifurcated, and a portion of the bifurcated Bonds were cancelled in the current year. The District is making all scheduled payments on the Series 2005-2 and 2007-2 Bonds.

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To the Board of Supervisors
Westside Community Development District

Current Status
The District made all scheduled debt service payments for the Series 2005-2 and  2007-2 Bonds; however, the District was unable to make the current year debt service payments for the unexchanged Series 2005 and 2007 Bonds. Subsequent to year end the balance outstanding, after a payment was made, on the unexchanged Series 2005 and 2007 Bonds was forgiven.

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 Westside Community Development District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and identification of the specific conditions met. In connection with our audit, we determined that the Westside Community Development District did meet one of the conditions described in Section 218.503(1), Florida Statutes in that the District did not make certain scheduled debt service payments and did not meet debt service reserve requirements.

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial conditions assessment procedures for Westside Community Development District. It is management’s responsibility to monitor Westside Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same.

Section 10.554(1)(i)2., Rules of the Auditor General, requires that we address in the Management Letter any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.

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To the Board of Supervisors
Westside Community Development District

Additional Matters

Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we did not have any findings in addition to the current status of prior audit findings noted above.

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 28, 2021

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

To the Board of Supervisors
Westside Community Development District Osceola County, Florida

We have examined Westside Community Development District’s compliance with Section 218.415, Florida Statutes during the year ended September 30, 2020. Management is responsible for Westside Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Westside Community Development District’s compliance based on our examination.

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

In our opinion, Westside Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2020.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 28, 2021

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