Westside Community Development District ANNUAL FINANCIAL REPORT
September 30, 2021

Westside Community Development District ANNUAL FINANCIAL REPORT
September 30, 2021 TABLE OF CONTENTS

Page Number

REPORT OF INDEPENDENT AUDITORS	1-2
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-8
BASIC FINANCIAL STATEMENTS
Government-wide Financial Statements
Statement of Net Position	9
Statement of Activities	10
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	16-31
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS	32-33
MANAGEMENT LETTER	34-37
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, 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 audit 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.

- 1 -

To the Board of Supervisors
Westside Community Development District

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of Westside Community Development 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

Accounting principles generally accepted in the United States of America require that the Management 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 the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. 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 August 8, 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 Westside Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida August 8, 2022

- 2 -

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, 2021.

The District’s total assets and deferred outflows of resources exceeded total liabilities by
$22,175,726, (net position).  Unrestricted net position for Governmental Activities was
$1,420,085. Net investment in capital assets was $20,352,541. Restricted net position was $403,100.

Governmental activities revenues and debt cancellation totaled $3,065,038 while governmental activities expenses totaled $2,843,995.

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	$	1,655,765		$	1,611,921	
Restricted assets	1,990,531		2,290,335	
Capital assets		41,100,891 			42,398,845 	
Total Assets		44,747,187 			46,301,101 	
Deferred amount on refunding		412,106 			436,957 	
Current liabilities	1,387,220		1,461,700	
Non-current liabilities		21,596,347 			23,321,675 	
Total Liabilities		22,983,567 			24,783,375 	
Net investment in capital assets	20,352,541		20,101,317	
Net position - restricted	403,100		485,816	
Net position - unrestricted		1,420,085 			1,367,550 	
Total Net Position	 $	22,175,726 		 $	21,954,683 	

The decrease in restricted assets is related to the final payments on the Series 2005 and Series 2007 Bonds.

The decrease in capital assets in the current year is related to depreciation.

The decrease in non-current liabilities is related to principal payments and debt cancellation 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
2021	2020
Program Revenues
Charges for services	$	2,249,395	$	2,456,591	
Grants and contributions	99,720	3,546,149	
General Revenues			
Investment earnings	1,541	16,954	
Gain on cancellation of debt		714,382 		- 	
Total Revenues		3,065,038 		6,019,694 	

Expenses			
General government	115,931	126,541	
Physical environment	1,665,615	1,525,251	
Interest and other changes		1,062,449 		1,491,505 	
Total Expenses		2,843,995 		3,143,297 	
Change in Net Position	221,043	2,876,397	
Net Position - Beginning of Year		21,954,683 		19,078,286 	
Net Position - End of Year	 $ 22,175,726 	 $ 21,954,683 	

The decrease in grants and contributions capital contributions in the current year.	

is mostly attributable to	

a decrease in developer	

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

A gain was realized in the current year from the cancellation of debt related to certain bond series.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of 2021 and 2020.

Governmental Activities
Description	2021	2020

Construction in progress	$	4,197,264	$	4,193,764	
Land improvements	11,741,451	11,741,451	
Improvements other than buildings	726,955	726,955	
Infrastructure	38,985,916	38,985,916	
Accumulated depreciation		(14,550,695)		(13,249,241)	
Total Capital Assets (Net)	 $	41,100,891 	 $	42,398,845 	

During the year, $3,500 was added to construction in progress, and $1,301,454 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, 2021 budget was not amended.

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, 2021 for the Series 2005-2 Bonds was $1,490,000.

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, 2021 for the Series 2007-2 Bonds was $495,000.

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, 2021 was $3,330,000.

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,  2021  was
$12,075,000.

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, 2021 was $3,120,000.

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, 2021 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. During the year, the remaining balance was paid.

Economic Factors and Next Year’s Budget

Westside Community Development District does not expect any economic factors to have any significant effect on the financial position or results of operations of the District in fiscal year 2022.

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 Street, Orlando, Florida 32801.

Governmental	
Activities	

Westside Community Development District	
STATEMENT OF NET POSITION	
September 30, 2021	

ASSETS		
Current Assets		
Cash	$	136,228	
Investments	1,480,999	
Due from other governments	13,243	
Prepaid expenses		25,295 	
Total Current Assets		1,655,765 	
Non-Current Assets		
Restricted:		
Investments	1,965,037	
Cash	25,494	
Capital Assets Not Being Depreciated:		
Construction in progress	4,197,264	
Land and improvements	11,741,451	
Capital Assets Being Depreciated:		
Improvements other than buildings	726,955	
Infrastructure	38,985,916	
Less: accumulated depreciation		(14,550,695)	
Total Non-Current Assets		43,091,422 	
Total Assets		44,747,187 	

DEFERRED OUTFLOWS OF RESOURCES	
Deferred amount on refunding, net	

	412,106 

LIABILITIES		
Current Liabilities		
Accounts payable and accrued expenses	9,619	
Matured bonds payable	155,000	
Matured interest payable	83,484	
Accrued interest payable	409,117	
Bonds payable - current		730,000 	
Total Current Liabilities		1,387,220 	
Non-Current Liabilities		
Bonds payable, net		21,596,347 	
Total Liabilities		22,983,567 	

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

20,352,541	
403,100	
	1,420,085 	
 $	22,175,726 	

See accompanying notes to financial statements.

- 9 -

Westside Community Development District	
STATEMENT OF ACTIVITIES	
For the Year Ended September 30, 2021	

Net (Expenses)	
Revenues and	
Changes in	
Net Position	

Program Revenues	
	Operating	
Charges for	Grants and	
Services	Contributions	

Governmental	
Activities	

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

Expenses

$	(115,931)	
(1,665,615)	
	(1,062,449)	
 $	(2,843,995)	

$	134,127	
421,317	
	1,693,951 	
 $	2,249,395 	

$	-	
-	
	99,720 	
 $	99,720 	

$	18,196	
(1,244,298)	
	731,222 	
(494,880)	

General revenues:	
Investment earnings	

	1,541 

Debt cancellation		714,382 

Change in Net Position	221,043

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

	21,954,683 	
 $	22,175,726 	

See accompanying notes to financial statements.

- 10 -

Westside Community Development District	
BALANCE SHEET –	
GOVERNMENTAL FUNDS	
September 30, 2021	

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	
Prepaid expenses	
Restricted assets:	
Investments, at fair value	
Cash	
Total Assets	

LIABILITIES AND FUND BALANCES

LIABILITIES	
Accounts payable and accrued expenses	
Matured bonds payable	
Matured interest payable	
Total Liabilities	

          

$ 136,228	
1,480,999	
3,482	
25,295	

 
$	-	
-	
-	
-	

 
$	-	
-	
-	
-	

 
$	-	
-	
1,694	
-	

 	
$	-	
-	
1,501	
-	

	
$	-	
-	
5,985	
-	

	
$	-	
-	
581	
-	

	
$	-	
-	
-	
-	

 
$	-	
-	
-	
-	

 
$	-	
-	
-	
-	

 	
$	-	
-	
-	
-	

 
$	136,228	
1,480,999	
13,243	
25,295	

-	314,249	
	-  	- 	
 $1,646,004   $	314,249 	

 
106,813	
	- 	
 $	106,813 	

 
221,607	
	- 	
 $	223,301 	

 
182,499	
	- 	
 $	184,000 	

 
994,929	
	- 	
 $	1,000,914 	

 
135,571	
	- 	
 $	136,152 	

 
-	
	25,494 	
 $	25,494 	

 
2	
	- 	
 $	2 	

 
1	
	- 	
 $	1 	

 
9,366	
	- 	
 $	9,366 	

 
1,965,037	
	25,494 	
 $ 3,646,296 	

$	9,619	
-	
	- 	
	9,619 	

 
$	-	
130,000	
	59,184 	
	189,184 	

 
$	-	
25,000	
	24,300 	
	49,300 	

 
$	-	
-	
	- 	
	- 	

 	
$	-	
-	
	- 	
	- 	

	
$	-	
-	
	- 	
	- 	

	
$	-	
-	
	- 	
	- 	

	
$	-	
-	
	- 	
	- 	

 
$	-	
-	
	- 	
	- 	

 
$	-	
-	
	- 	
	- 	

 	
$	-	
-	
	- 	
	- 	

 
$	9,619	
155,000	
	83,484 	
	248,103 	

25,295	-	-	-	-	-	-	-	-	-	-	25,295

-	
-	
810,216	
  800,874 	
 1,636,385 	

 	
125,065	
-	
-	
      - 	
    125,065 	

	
57,513	
-	
-	
      - 	
    57,513 	

	
223,301	
-	
-	
      - 	
   223,301 	

	
184,000	
-	
-	
      - 	
   184,000 	

	
1,000,914	
-	
-	
       - 	
   1,000,914 	

	
136,152	
-	
-	
       - 	
    136,152 	

	
-	
25,494	
-	
      - 	
   25,494 	

	
-	
2	
-	
      - 	
      2 	

	
-	
1	
-	
      - 	
      1 	

	
-	
9,366	
-	
      - 	
    9,366 	

	
1,726,945	
34,863	
810,216	
   800,874 	
  3,398,193 	

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

Total Liabilities and Fund Balances

 $1,646,004 

 $	314,249 

 $	106,813 

 $	223,301 

 $	184,000 

 $	1,000,914 

 $	136,152 

 $	25,494 

 $	2 

 $	1 

 $	9,366 

 $ 3,646,296 

Total	
Governmental	
Funds	

See accompanying notes to financial statements.

- 11 -

Westside Community Development 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:	

Bond discount costs ($52,838), net of accumulated amortization ($(9,185)) 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.	

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

$	3,398,193

Capital assets not being depreciated, land and improvements ($11,741,451) and		
construction in progress, $(4,197,264), used in governmental activities are not current	
financial resources, and therefore, are not reported at the fund level.	15,938,715	

Capital assets being depreciated, improvements other than buildings ($726,955) and	
infrastructure ($38,985,916) net of accumulated depreciation ($(14,550,695))	
used in governmental activities are not current financial resources, and therefore,	
are not reported at the fund level.	25,162,176	

Long-term liabilities, including bonds payable, are not due and payable in the current	
period, and therefore, are not reported at the fund level.	(22,370,000)	

43,653

412,106

(409,117)

Net Position of Governmental Activities	 $	22,175,726 

See accompanying notes to financial statements.
- 12 -

Westside Community Development District	
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES –	
GOVERNMENTAL FUNDS	
For the Year Ended September 30, 2021	

Revenues	
Special assessments	
Landholder 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		Governmental	
General		2005 Bonds		2007 Bonds		2018 Bonds		2019 Bonds		Bonds		2019K Bonds		Projects 2007		Projects 2018		Projects 2019		Projects 2019K		Funds	

$  578,347		
$  110,963		
$	39,800		
$  233,990		
$  207,242		
$	1,021,757		
$	80,199		
$	-		
$	-		
$	-		
$	-		
$  2,272,298	
-		75,953		23,767		-		-		-		-		-		-		-		-		99,720	
	1,435 			16 			4 			12 			10 			54 			7 			2 			- 			- 			1 			1,541 	
	579,782 			186,932 			63,571 			234,002 			207,252 			1,021,811 			80,206 			2 			- 			- 			1 			2,373,559 	

Expenditures		
Current		
General government	115,183	
Physical environment	364,161	
Capital outlay	-	
Debt service		
Principal	25,000	
Interest	-	
Other debt service		- 	
Total Expenditures		504,344 	

-	
-	
-	

-	
-	
-	

-	
-	
-	

-	
-	
-	

-	
-	
-	

-	
-	
-	

748	
-	
-	

-	
-	
-	

-	
-	
-	

-	115,931	
-	364,161	
3,500	3,500	

306,554	
101,810	
    29,180 	
   437,544 	

44,064	
54,860	
      - 	
    98,924 	

55,000	
172,800	
      - 	
   227,800 	

55,000	
145,448	
      - 	
   200,448 	

520,000	
492,814	
       - 	
   1,012,814 	

-	
73,940	
      - 	
   73,940 	

-	
-	
       - 	
      748 	

-	
-	
       - 	
       - 	

-	
-	
       - 	
       - 	

-	
-	
       - 	
     3,500 	

1,005,618	
1,041,672	
    29,180 	
   2,560,062 	

Net change in fund balances	75,438	

(3,499)	(186,503)	

Fund Balances - October 1, 2020	  1,560,947 	

(250,612)	(35,353)	6,202	6,804	8,997	6,266	(746)	-	-

		375,677 		92,866 		217,099 		177,196 		991,917  	129,886 		26,240 		2 		1 		12,865 		3,584,696 	
Fund Balances - September 30, 2021  $ 1,636,385 	 $  125,065 	 $	57,513 	 $  223,301 	 $  184,000 	 $	1,000,914   $  136,152 	 $	25,494 	 $	2 	 $	1 	 $	9,366 	 $  3,398,193 	

See accompanying notes to financial statements.

- 13 -

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, 2021	

Net Change in Fund Balances - Total Governmental Funds

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

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.	

The cancellation of debt does not affect current resources and therefore, is not	
recognized at the fund level, however, it reduces long term debt at the	
government-wide level.	

Deferred revenues, that are not available to meet current uses, are not reflected as	
revenues at the fund level, however, revenues are recognized when earned at the	
government-wide level. This is the current year change in unavailable revenues.	

$	(186,503)

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, $(1,301,454) exceeded capital outlay $3,500.	(1,297,954)	

1,005,618

(24,851)

(4,672)

714,382

(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.		37,926 	

Change in Net Position of Governmental Activities	 $	221,043 

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, 2021	

Original	Final	
Budget	Budget	Actual	

Variance with	
Final Budget	
Positive	
(Negative)	

Revenues	
Special assessments	
Investment earnings	
Total Revenues	

 	
$	566,228	
	5,000 	
	571,228 	

	
$	566,228	
	5,000 	
	571,228 	

	
$	578,347	
	1,435 	
	579,782 	

	
$	12,119	
      (3,565)	
      8,554 	

Expenditures	
Current	
General government	
Physical environment	
Debt Service	
Principal	
Total Expenditures	

209,527	
489,687	

209,527	
489,687	

115,183	
364,161	

94,344	
125,526	

       - 	
   699,214 	

       - 	
   699,214 	

    25,000 	
    504,344 	

     (25,000)	
     194,870 	

	1,188,211 		1,188,211 		1,560,947 		372,736 	
$1,060,225	$1,060,225	$ 1,636,385	$	576,160	

Net change in fund balances		(127,986)		(127,986)		75,438  	203,424  Fund Balances - October 1, 2020
Fund Balances - September 30, 2021

See accompanying notes to financial statements.

Westside Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

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 no component units.

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

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, $3,398,193, differs from “net position” of governmental activities, $22,175,726, 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 included those capital assets among the assets of the District as a whole.

Construction in progress	$	4,197,264	
Land and improvements	11,741,451	
Improvements other than buildings	726,955	
Infrastructure	38,985,916	
Accumulated depreciation		(14,550,695)	
Total	$	41,100,891	
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	$	412,106 	

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, 2021 were:

Bonds payable		$  (22,370,000)	
Bond discounts, net			43,653 	
Total

Accrued interest

Accrued liabilities in the Statement	

of Net Position differ	$  (22,326,347)

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

Accrued interest	$	(409,117)
Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities
The “net change in fund balances” for government funds, $(186,503), differs from the “change in net position” for governmental activities, $221,043, 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. As a result, fund balances decrease by the amount of financial resources expended, whereas net position decrease by the amount of depreciation charged for the year.

Depreciation	$  (1,301,454)	
Capital outlay		3,500	
Total	$  (1,297,954)	

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)

2. 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.

Bond principal payments	$	1,005,618	
Debt cancellation		714,382	
Total	$	1,720,000	

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	$	37,926 

Amortization of bond discounts	$	(4,672)

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, 2021, the District's bank balance was $184,818 and the carrying value was $161,722. 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:

	Investments		 Maturities 		Fair Value		
Managed Money Market	N/A	$	1,965,033	
Fidelity Government Portfolio	30 days*	4	
Florida PRIME	49 days*		1,480,999 	
Total		 $	3,446,036 	

*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 Fidelity Government Portfolio and Managed Money Market investments listed above are Level 1 assets.

NOTE C – CASH AND INVESTMENTS (CONTINUED)

Investment

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 requirement that would limit daily access to 100 percent of the account value.
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, 2021, the District’s investments in the Florida PRIME and Fidelity Government Portfolio were rated AAAm by Standard and Poor’s. The District’s investments in Managed Money Market accounts were not rated 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 57% of the District’s total investments and the investments in Florida PRIME are 43% 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.

NOTE D – CAPITAL ASSETS
Capital Asset activity for the year ended September 30, 2021 was as follows:

	Balance
October 1,						Balance
September 30,	
	2020		Additions		Deletions		2021	
Governmental Activities:
Capital Assets, Not Being Depreciated: Land and improvements	

$	11,741,451		

$	-		

$	-		

$ 11,741,451	
Construction in progress	4,193,764		3,500		-		4,197,264	
Total Capital Assets, Not Being Depreciated	15,935,215		3,500		-		15,938,715	

Capital Assets, Being Depreciated: Infrastructure	

38,985,916		

-		

-		

38,985,916	
Improvements other than buildings	726,955		-		-		726,955	
Total Capital Assets, Being Depreciated	39,712,871		-		-		39,712,871	

Less Accumulated Depreciation For: Infrastructure	

(12,553,063)		

(1,299,531)		

-		

(13,852,594)	
Improvements other than buildings	(696,178)		(1,923)		-		(698,101)	
Total Accumulated Depreciation	(13,249,241)		(1,301,454)		-		(14,550,695)	
Total Capital Assets Depreciated, Net	26,463,630		(1,301,454)		-		25,162,176	

Governmental Activities Capital Assets	
$	42,398,845		
$ (1,297,954)		
$	-		
$ 41,100,891	

Depreciation of $1,301,454 was charged to physical environment.

NOTE E – LONG-TERM DEBT
The following is a summary of debt activity for the District for the year ended September 30, 2021:

Bonds/notes payable at October 1, 2020	$	24,090,000	
Principal payments	(1,005,618)	
Cancellation of debt		(714,382)	
Bonds payable at September 30, 2021	$	22,370,000 	
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. During the current year, the District made a final distribution retiring the Series 2005 Bonds and the remaining balance outstanding was cancelled.

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. During the current year, the District made a final distribution retiring the Series 2007 Bonds and the remaining balance was cancelled.

During the year, the scheduled debt service payments on the Series 2005-2 Bonds, $59,184 in interest and $55,000 in principal, Series 2007-2 Bonds, $24,300 in interest and $10,000 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.

NOTE E – LONG-TERM DEBT (CONTINUED)

District debt is comprised of the following at September 30, 2021:

Special Assessment Revenue Bonds

$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.	$   1,490,000

$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.	495,000

$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.	3,330,000

$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.	12,075,000

$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.	3,120,000

$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		(43,653)

Net Bonds Outstanding	$	22,326,347

NOTE E – LONG-TERM DEBT (CONTINUED)

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

Year Ending
	September 30,		
	Principal			
	Interest			
	Total		
2022	$	730,000		$	981,883		$	1,711,883	
2023	750,000		953,698		1,703,698	
2024	785,000		924,813		1,709,813	
2025	815,000		894,330		1,709,330	
2026	855,000		860,947		1,715,947	
2027-2031	4,870,000		3,743,001		8,613,001	
2032-2036	6,090,000		2,570,971		8,660,971	
2037-2041	3,425,000		1,309,220		4,734,220	
2042-2046	2,380,000		732,133		3,112,133	
2047-2050	1,670,000		158,248		1,828,248	

Totals	
$	22,370,000		
$	13,129,244		
$	35,499,244	

Summary of Significant Bonds Resolution Terms and Covenants

Special Assessment Revenue Bonds

The Series 2005-2, 2007-2, 2018, 2019, 2019 Refunding Bonds and 2019 (Windsor Parcel K) 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)

Summary of Significant Bonds Resolution Terms and Covenants (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:

1. 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
	Balance		Reserve
 Requirement	
Special Assessment Revenue Bonds, Series 2005-2	$	100,342	$	71,838	
Special Assessment Revenue Bonds, Series 2007-2	$	36,260	$	29,860	
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, the District made interest payments on the Series 2005-2 and Series 2007-2 Bonds for interest due as of November 1, 2021 accrued from November 1, 2020 to October 31, 2021 bringing the District current on required interest payments.

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, 2021, and the related notes to the financial statements, and have issued our report thereon dated August 8, 2022.

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 August 8, 2022.
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 August 8, 2022

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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, 2021, and have issued our report thereon dated August 8, 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 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 August 8, 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. The current status of the prior findings is as follows:

Finding 2011-01
The District had been 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.

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To the Board of Supervisors
Westside Community Development District

Current Status
During the year, the balance outstanding, after a payment was made, on the unexchanged Series 2005 and 2007 Bonds was cancelled. However, the District did not make all of the scheduled debt service payments for the Series 2005-2 and 2007-2 Bonds during fiscal year 2021.

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

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 Westside Community Development District reported:
The total number of district employees compensated in the last pay period of the District’s fiscal year: 0
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 8
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $1,200
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $728,607
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: The District had no construction projects during the 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 not amended.

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the Westside Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District: General Fund, $157.35 and Debt Service Fund, $379.40 - $1,008.40.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $2,272,298.
The total amount of outstanding bonds issued by the District and the terms of such bonds: See page 29, Note E.

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.

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To the Board of Supervisors
Westside Community Development 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 August 8, 2022

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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, 2021. 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, 2021.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida August 8, 2022

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