WESTSIDE COMMUNITY DEVELOPMENT DISTRICT

FINANCIAL STATEMENTS

September 30, 2023

WESTSIDE COMMUNITY DEVELOPMENT DISTRICT
FINANCIAL STATEMENTS
September 30, 2023

CONTENTS
PAGE
Independent Auditors’ Report	1-3
Management’s Discussion and Analysis	4-7
Government-wide Financial Statements:
Statement of Net Position	8
Statement of Activities	9
Fund Financial Statements:
Balance Sheet – Governmental Funds	10
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	11
Statement of Revenues, Expenditures and Changes in
Fund Balances – Governmental Funds	12
Reconciliation of the Statement of Revenues, Expenditures And Changes in Fund Balances of Governmental Funds
to the Statement of Activities	13
Notes to the Financial Statements	14-27
Required Supplementary Information
Statement of Revenues and Expenditures – Budget and Actual – General Fund	28
Notes to Required Supplementary Information	29
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	30-31
Independent Auditor’s Report on Compliance with the Requirements of Section 218.415, Florida Statutes, Required by Rule 10.556 (10) of the Auditor General
of the State of Florida	32
Auditor’s Management Letter Required by Chapter 10.550, Florida Statutes	33-35

DMHB

DIBARTOLOMEO, MCBEE, HARTLEY & BARNES, P.A.
CERTIFIED PUBLIC ACCOUNTANTS

INDEPENDENT AUDITORS’ REPORT
To the Board of Supervisors
Westside Community Development District Osceola County, Florida
Opinions
We have audited the accompanying financial statements of the governmental activities and each major fund of Westside Community Development District, Osceola County, Florida (“District”) as of and for the year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
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 the District as of September 30, 2023, 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.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions.

2222 Colonial Road, Suite 200• Fort Pierce, Florida 34950•772-461-8833 • Fax: 772-461-8872 591 S.E. Port St. Lucie Blvd., •Port St. Lucie, Florida 34984•772-878-1952•Fax: 772-878-1709
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Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge 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 our report dated June 25, 2024, on our consideration of the Westside Community Development District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, rules, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the 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 the District’s internal control over financial reporting and compliance.
Report on Other Legal and Regulatory Requirements
We have also issued our report dated June 25, 2024 on our consideration of the District’s compliance with requirements of Section 218.415, Florida Statutes, as required by Rule 10.556(10) of the Auditor General of the State of Florida. The purpose of that report is to provide an opinion based on our examination conducted in accordance with attestation Standards established by the American Institute of Certified Public Accountants.

DiBartolomeo, McBee, Hartley & Barnes, P.A. Fort Pierce, Florida
June 25, 2024

Our discussion and analysis of Westside Community Development District, Osceola County, Florida (“District”) financial performance provides an overview of the District's financial activities for the fiscal year ended September 30, 2023. Please read it in conjunction with the District's Independent Auditor's Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

FINANCIAL HIGHLIGHTS

The assets of the District exceeded its liabilities at the close of the most recent fiscal year resulting in a net position balance of $27,273,541.

The change in the District's total net position in comparison with the prior fiscal year was
$5,708,635, an increase. The key components of the District's net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2023, the District's governmental funds reported combined ending fund balances of $5,431,844. A portion of fund balance is assigned to operating reserves and future capital repairs and replacement, and the remainder is unassigned fund balance which is available for spending at the District's discretion.

OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis is intended to serve as the introduction to the District's financial statements. The District's basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.
Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview of the District's finances, in a manner similar to a private-sector business.

The statement of net position presents information on all the District's assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.
The statement of activities presents information showing how the government's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.

The government-wide financial statements include all governmental activities that are principally supported by special assessment revenues. The District does not have any business-type activities. The governmental activities of the District include the general government (management) and maintenance and operations.
Fund Financial Statements

A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental funds.

Governmental Funds

Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District's near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government- wide financial statements. By doing so, readers may better understand the long-term impact of the District's near-term financing decisions.
Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains three individual governmental funds. Information is presented in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, debt service fund and capital projects fund. All funds are major funds. The District adopts an annual appropriated budget for its general fund. A budgetary comparison schedule has been provided for the general fund to demonstrate compliance with the budget.

Notes to the Financial Statements

The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.

GOVERNMENT WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of an entity's financial position. In the case of the District, assets exceeded liabilities at the close of the most recent fiscal year. A portion of the District's net position reflects its investment in capital assets (e.g. land, land improvements and infrastructure). These assets are used to provide services to residents; consequently, these assets are not available for future spending. The remaining balance of unrestricted net position may be used to meet the District's other obligations.
Key components of net position were as follows:
Statement of Net Position

		2023			2022		
Current assets	$  5,719,486	$	3,596,470	
Capital assets		48,043,266 		39,772,507 	
Total assets		53,762,752 		43,368,977 	
Deferred amount on refunding		362,405 		387,255 	
Current liabilities	1,630,925	1,340,307	
Long-term liabilities		25,220,691 		20,851,019 	
Total liabilities		26,851,616 		22,191,326 	
Net position
Net investment in capital assets	
22,354,980	
18,558,743	
Restricted for capital projects	1,586,527	22,021	
Restricted for debt service	1,655,239	1,312,332	
Unrestricted		1,676,795 		1,671,810 	
Total net position	 $ 27,273,541 	 $ 21,564,906 	
The District's net position increased during the most recent fiscal year. The majority of the change represents the degree to which program revenues exceeded ongoing cost of operations.
Key elements of the District's change in net position are reflected in the following table:
Change in Net Position

	2023		2022	
Program revenues	$  8,943,644		$  2,267,273	
General revenues		235,716 			13,472 	
Total revenues		9,179,360 			2,280,745 	
Expenses				
General government	173,193	123,082	
Physical environment	1,782,056	1,757,258	
Interest on long-term debt	1,236,801	1,011,225	
Cost of issuance		278,675 		-		
Total expenses		3,470,725 		2,891,565 	
Change in net position	5,708,635	(610,820)	
Net position - beginning of year		21,564,906 		22,175,726 	
Net position - end of year	 $ 27,273,541 	 $ 21,564,906 	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2023 was $3,470,725, which consisted of interest on long-term debt, cost of issuance and costs associated with constructed and maintaining certain capital improvements. The costs of the District’s activities were funded by special assessments.
GENERAL BUDGETING HIGHLIGHTS
An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2023.
The variance between budgeted and actual general fund revenues is considered significant. The actual general fund expenditures for the current fiscal year were significantly lower than the original budgeted amounts due primarily to anticipated costs which were not incurred in the current fiscal year.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets

At September 30, 2023, the District had $48,043,266 invested in capital assets and construction in process. Construction in process has not completed as of September 30, 2023 and therefore is not depreciated to date. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt

At September 30, 2023, the District had $26,050,691 Bonds outstanding for its governmental activities. More detailed information about the District’s capital debt is presented in the accompanying notes to the financial statements.
ECONOMIC FACTORS, NEXT YEAR'S BUDGET AND OTHER INFORMATION
For the fiscal year 2024, the District anticipates that the cost of general operations will remain fairly constant. In connection with the District's future infrastructure maintenance and replacement plan, the District Board has included in the budget, an estimate of those anticipated future costs and has assigned a portion of current available resources for that purpose.

CONTACTING THE DISTRICT'S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, land owners, customers, investors and creditors with a general overview of the District's finances and to demonstrate the District's accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact Westside Community Development District's Finance Department at 219 East Livingston Street Orlando, Florida 32801.

STATEMENT OF NET POSITION
September 30, 2023

	GOVERNMENTAL
	ACTIVITIES		
ASSETS		
Cash and cash equivalents	$	686,686	
Investments	975,521	
Assessments receivable	12,863	
Prepaid items	15,934	
Restricted assets:		
Investments	3,955,837	
Cash and cash equivalents	24,087	
Assessments receivable	48,558	
Capital assets:		
Non-depreciable	25,509,004	
Depreciable		22,534,262 	
TOTAL ASSETS	53,762,752	
DEFERRED OUTFLOWS OF RESOURCES
Deferred refunding obligation		362,405 

TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES

Accounts payable and accrued expenses	$	14,209	
Accrued interest payable	513,283	
Matured bonds payable	210,000	
Matured interest payable	63,433	
Bonds payable, due within one year	830,000	
Bonds payable, due in more than one year		25,220,691 	
TOTAL LIABILITIES	26,851,616	

LIABILITIES

NET POSITION

$	54,125,157

Net investment in capital assets	22,354,980	
Restricted for:
Capital projects	
1,586,527	
Debt service	1,655,239	
Unrestricted		1,676,795 	
TOTAL NET POSITION	 $	27,273,541 	

STATEMENT OF ACTIVITIES
Year Ended September 30, 2023

	Program Revenues	
Capital

Net (Expense) Revenues and Changes in Net Position

Functions/Programs Governmental activities		
Expenses		Charges for Services		Grants and Contributions		Governmental Activities	
General government		$	173,193		$	173,193		$ 6,641,403		$	6,641,403	
Physical environment		1,782,056		434,229		-		(1,347,827)	
Interest on long-term debt		1,236,801		1,694,819		-		458,018	
Cost of issuance			278,675 			-				-				(278,675)	
Total governmental activities		 $	3,470,725 		 $	2,302,241 		 $ 6,641,403 		5,472,919	
General revenues:
Investment earnings		235,716 
Total general revenues		235,716 
Change in net position	5,708,635

Net position - October 1, 2022		21,564,906 
Net position - September 30, 2023	$ 27,273,541

BALANCE SHEET – GOVERNMENTAL FUNDS
September 30, 2023

ASSETS

MAJOR FUNDS

	GENERAL	  DEBT SERVICE 

CAPITAL
	PROJECTS	

TOTAL GOVERNMENTAL
	FUNDS	

Cash and cash equivalents	$	686,686	$	-	$	-	$	686,686	
Investments	975,521	-	-	975,521	
Assessments receivable	12,863	-	-	12,863	
Prepaid items
Restricted Assets:	15,934	-	-	15,934	
Investments	-	2,393,397	1,562,440	3,955,837	
Cash and cash equivalents	-	-	24,087	24,087	
Assessments receivable		-			48,558 		-			48,558 	
TOTAL ASSETS	$	1,691,004	$  2,441,955	$  1,586,527	$	5,719,486	
LIABILITIES AND FUND BALANCES

LIABILITIES		
Accounts payable and accrued expenses	$	14,209	$	-	$	-	$	14,209	
Matured bonds payable	-	210,000	-	210,000	
Matured interest payable		-			63,433 		-			63,433 	
TOTAL LIABILITIES		14,209 		273,433 		-			287,642 	

FUND BALANCES
Nonspendable:
Prepaid items
Restricted for:	15,934		-		-		15,934	
Debt service	-		2,168,522		-		2,168,522	
Capital projects	-		-		1,586,527		1,586,527	
Unassigned		1,660,861 			-				-				1,660,861 	
TOTAL FUND BALANCES	1,676,795		2,168,522		1,586,527		5,431,844	
TOTAL LIABILITIES AND								
FUND BALANCES	 $	1,691,004 		 $  2,441,955 		 $  1,586,527 		 $	5,719,486 	

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

Total Governmental Fund Balances in the Balance Sheet	$	5,431,844

Amount reported for governmental activities in the Statement of Net Assets are different because:
Deferred charges on refunding of long-term debt are shown as deferred outflows of resources in the government-wide financial statements: however, this amount is not reported in the governmental
financial statements.	362,405
Capital asset used in governmental activities are not financial resources and therefore are not reported in the governmental funds:
Governmental capital assets	65,221,875
Less accumulated depreciation	(17,178,609)
Certain liabilities are not due and payable in the current period and therefore are not reported in the funds:

Accrued interest payable	(513,283)	
Original issue discount	34,309	
Governmental bonds payable	(26,085,000)	
Net Position of Governmental Activities	 $ 27,273,541 	

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS
Year Ended September 30, 2023

REVENUES

	GENERAL	

MAJOR FUNDS
DEBT
	SERVICE	

CAPITAL
	PROJECTS	

TOTAL GOVERNMENTAL
	FUNDS	

Special assessments

$	607,422

1,694,819	$

-	$	2,302,241

Investment earnings		52,573  	68,878  	114,265  	235,716 
TOTAL REVENUES		659,995  	1,763,697  	114,265  	2,537,957 
EXPENDITURES
General government	173,193	-	-	173,193	
Physical environment	481,818	-	708	482,526	
Capital outlay
Debt	-	-	2,928,886	2,928,886	
Principal	-	750,000	-	750,000	
Interest expense	-	1,090,505	-	1,090,505	
Bond issuance costs		-	 	-			278,675 		278,675 	
TOTAL EXPENDITURES		655,011  	1,840,505 		3,208,269 		5,703,785 	
EXCESS REVENUES OVER
(UNDER) EXPENDITURES		4,984  	(76,808) 	(3,094,004) 	(3,165,828)
OTHER SOURCES (USES)
Issuance of debt		-	 	536,490  	4,658,510  	5,195,000 
TOTAL OTHER SOURCES (USES)	-
EXCESS REVENUES OVER	536,490	4,658,510	5,195,000	
(UNDER) EXPENDITURES
AND OTHER SOURCES (USES)	4,984	
459,682	
1,564,506	
2,029,172	
FUND BALANCE
Beginning of year	
	1,671,811 	
	1,708,840 	
	22,021 	
	3,402,672 	
End of year	 $	1,676,795 	 $ 2,168,522 	 $  1,586,527 	 $	5,431,844 	

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
Year Ended September 30, 2023

Net Change in Fund Balances - Total Governmental Funds	$	2,029,172

Amount reported for governmental activities in the Statement of Activities are different because:
The issuance of long-term debt provides current financial resources to governmental funds. These transactions, however, have no effect on net
assets. This is the amount of long-term debt issued in the current period.	(5,195,000)
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the costs of those assets are depreciated over their estimated useful lives:
Capital outlay	2,928,886
Non cash Developer contribution of infrastructure improvements are recorded on the government wide financial statements but not on the
fund financials statements.	6,641,403
Repayment of long-term liabilities are reported as expenditures in the governmental fund financial statements, but such repayments reduce liabilities in the Statement of Net Position and are eliminated in the Statement of Activities:
Payments on long-term debt	750,000
Certain items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported expenditures in the governmental funds:

Current year provision for depreciation	(1,299,530)	
Change in accrued interest payable	(116,773)	
Provision for amortization of bond discount	(4,672)	
Provision for amortization of deferred charges		(24,851)	
Change in Net Position of Governmental Activities	 $	5,708,635 	

NOTE A- NATURE OF ORGANIZATION AND REPORTING ENTITY
Westside Community Development District ("District”) was established on August 30, 2004 by the Board of County Commissioners of Osceola County, Florida Ordinance 04-34, subsequently amended by Florida Ordinance 07-19 on August 20, 2007, pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.
The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.
The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected on an at large basis by the qualified electors of the property within the District. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes.
The Board has the responsibility for:
Assessing and levying assessments.
Approving budgets.
Exercising control over facilities and properties.
Controlling the use of funds generated by the District.
Approving the hiring and firing of key personnel.
Financing Improvements.
The financial statements were prepared in accordance with Governmental Accounting Standards Board ("GASB") Statement 14, and Statement 39, an amendment of GASB Statement 14. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District Board of Supervisors is considered to be financially accountable, and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements. The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Government-Wide and Fund Financial Statements (continued)

The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment. Operating-type special assessments for maintenance and debt service are treated as charges for services and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other Items not included among program revenues are reported instead as general revenues.

Measurement Focus, Basis of Accounting and Financial Statement Presentation

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and similar items are to be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the economic financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.
Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.

Assessments

Assessments are non-ad valorem assessments on benefited lands within the District. Assessments are levied to pay for the operations and maintenance of the District. The fiscal year for which annual assessments are levied begins on October 1 with discounts available for payments through February 28 and become delinquent on April 1. The District's annual assessments for operations are billed and collected by the County Tax Collector. The amounts remitted to the District are net of applicable discounts or fees and include interest on monies held from the day of collection to the day of distribution.

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus, Basis of Accounting and Financial Statement Presentation (continued)

Assessments (continued)

Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the government.

The District reports the following major governmental funds: General Fund
The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.

When both restricted and unrestricted resources are available for use, it is the government's policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.

Debt Service Fund
The debt service fund is used to account for the accumulation of resources for the annual payment of principal and interest of long-term debt.

Capital Projects Fund
The capital projects fund accounts for the financial resources to be used for the acquisition or construction of major infrastructure with the District.

Assets, Liabilities and Net Position or Equity

Restricted Assets

These assets represent cash and investments set aside pursuant to contractual restrictions. Deposits and Investments
The District's cash and cash equivalents are considered to be cash on hand and demand deposits
(interest and non-interest bearing).

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Assets, Liabilities and Net Position or Equity (continued)

The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section 218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:
The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.

The State Board of Administration’s (“SBA”) Local Government Surplus Funds Trust Fund (“Florida PRIME”) is a“2a-7 like” pool. A “2a-7 like” pool is an external investment pool that is not registered with the Securities and Exchange Commission (“SEC”) as an investment company, but nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC’s Rule 2a-7 of the Investment Company Act of 1940, which comprises the rules governing money market funds. Thus, the pool operates essentially as a money market fund. The District has reported its investment in Florida PRIME at amortized cost for financial reporting purposes.
Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due. In addition, surplus funds may be deposited into certificates of deposit which are insured.
The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.
Inventories and Prepaid Items
Inventories of governmental funds are recorded as expenditures when consumed rather than when purchased.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Liabilities and Net Position or Equity (continued)
Capital Assets
Capital assets, which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the government activities columns in the government- wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.
Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:
Assets	Years
Infrastructure	30
Improvements other than buildings	10
In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.
Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned.
Deferred Outflows/Inflows of Resources
The statement of net position reports, as applicable, a separate section for deferred outflows of resources. Deferred outflows of resources represent a consumption of net position that applies to future reporting period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until that time. For example, the District would record deferred outflows of resources related to debit amounts resulting from current and advance refundings resulting in the defeasance of debt (i.e. when there are differences between the reacquisition price and the net carrying amount of the old debt).

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Liabilities and Net Position or Equity (continued)
Deferred Outflows/Inflows of Resources (continued)
The statement of net position reports, as applicable, a separate section for deferred inflows of resources. Deferred inflows of resources represent an acquisition of net position that applies to future reporting period(s) and so will not be recognized as an inflow of resources (revenue) until that time. For example, when an asset is recorded in the governmental fund financial statements, but the revenue is not available, the District reports a deferred inflow of resources until such times as the revenue becomes available.
Fund Equity/Net Position
In the fund financial statements, governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.
Committed fund balance - Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.
Assigned fund balance - Includes spendable fund balance amounts that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board can assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year's appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.
The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.
Fund Equity/Net Position (continued)
Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Other Disclosures
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.
NOTE C - BUDGETARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year end.
The District follows these procedures in establishing the budgetary data reflected in the financial statements.
Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
Public hearings are conducted to obtain public comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriation for annually budgeted funds lapse at the end of the year.

NOTE D – DEPOSITS AND INVESTMENTS

Deposits

The District's cash balances, including certificates of deposit, were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.

NOTE D – DEPOSITS AND INVESTMENTS (CONTINUED)
Investments

The District’s investments were held as follows at September 30, 2023:

	Investment		 Fair Value			Credit Risk			Maturities	

US Bank Money Market
Investment in Local Government Surplus

$ 3,955,837

Not Available	Not Available maturity:

Funds Trust Fund (Florida PRIME)		975,521 	S&P AAAm	35 days
Total Investments	 $ 4,931,358 
Custodial credit risk - For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the District will not be able to recover the value of the investments or collateral securities that are in the possession of an outside party. The District has no formal policy for custodial risk. The investments listed in the schedule above are not evidenced by securities that exist in physical or book entry form.
Credit risk - For investments, credit risk is generally the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments.
Concentration risk - The District places no limit on the amount the District may invest in any one issuer.
Interest rate risk - The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates.
Fair Value Measurement - When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with GASB Statements. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques.
These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
Level 1: Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
Level 3: Investments whose inputs are unobservable.

NOTE D – DEPOSITS AND INVESTMENTS (CONTINUED)

Investments (continued)

The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.
Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. For external investment pools that qualify to be measured at amortized cost, the pool's participants should also measure their investments in that external investment pool at amortized cost for financial reporting purposes. Accordingly, the District's investments have been reported at amortized cost above.

The District participated in the following external investment pools:

The State Board of Administration for participation in the Local Government Investment Pool (Florida PrimeTM) created by Section 218.415, Florida Statutes is an investment pool that operates under investment guidelines established by Section 215.47, Florida Statutes. The District’s investments in Florida PrimeTM, a qualified external investment pool, meet the requirements of GASB Statement No. 79 and are reported at amortized cost.

NOTE E - CAPITAL ASSETS
Capital asset activity for the fiscal year ended September 30, 2023 was as follows:
Balance
10/01/2022	Increases	Decreases

Balance 09/30/23

Governmental activities:

Land and improvements	$ 11,741,451	$	-	$	-	$ 11,741,451	
Construction in progress		4,197,264 		9,570,289 		-			13,767,553 	
Total capital assets, not being depreciated		15,938,715 		9,570,289 		-			25,509,004 	
apital 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	
ess accumulated depreciation for: Infrastructure	
15,152,124	
1,299,530	
-	
16,451,654	
Improvements other than buildings		726,955 		-			-			726,955 	
Total accumulated depreciation		15,879,079 		1,299,530 		-			17,178,609 	
Total capital assets, being depreciated - net	
	23,833,792 	
	(1,299,530)	
	-		
	22,534,262 	
Governmental activities capital assets - net	
 $ 39,772,507 	
 $ 8,270,759 	
 $	-		
 $ 48,043,266 	

Capital assets, not being depreciated:

C

L

Depreciation expense was charged to physical environment.
The Developer contributed $6,641,403 of improvements to the District.
NOTE F – LONG-TERM LIABILITIES
During the year, the scheduled debt service payments on the Series 2005-2 Bonds, $80,796 in interest and $60,000 in principal, Series 2007-2 Bonds, $34,920 in interest and $10,000 in principal, were not paid in full by the District. These amounts are reflected in the balance of matured interest payable and matured bonds payable in the accompanying financial statements.
$2,285,000 Special Assessment Revenue Bonds, Series 2005-2 – On April 18, 2019, the District issued $2,285,000 in Special Assessment Revenue Bonds, Series 2005-2. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the property within the District. The Bonds are payable May 2037. The Bonds bear interest at 5.65% payable semi-annually on the first day of each May and November. Principal is due serially each May 1.
$715,000 Special Assessment Revenue Bonds, Series 2007-2 – On April 18, 2019, the District issued $715,000 in Special Assessment Revenue Bonds, Series 2007-2. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the property within the District. The Bonds are payable May 2038. The Bonds bear interest at 7.2% payable semi-annually on the first day of each May and November. Principal is due serially each May 1.

NOTE F – LONG-TERM LIABILITIES (CONTINUED)
$3,490,000 Special Assessment Revenue Bonds, Series 2018 (Solara Phase 1 Assessment Area) – On February 27, 2018, the District issued $3,490,000 in Special Assessment Revenue Bonds, Series 2018 (Solara Phase 1 Assessment Area). The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the property within the District. The Bonds are payable May 2048. The Bonds bear interest ranging from 5.0% to 5.2% payable semi- annually on the first day of each May and November. Principal is due serially each May 1, commencing May 2019.
$13,095,000 Special Assessment Revenue Refunding Bonds, Series 2019 – On September 30, 2019, the District issued $13,095,000 in Special Assessment Revenue Refunding Bonds, Series 2019. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the property within the District. The Bonds are payable May 2038. The Bonds bear interest ranging from 3.5% to 4.125% payable semi-annually on the first day of each May and November. Principal is due serially each May 1, commencing May 2020.
$3,230,000 Special Assessment Revenue Bonds, Series 2019 (Solara Phase 2 Assessment Area) – On April 4, 2019, the District issued $3,230,000 in Special Assessment Revenue Bonds, Series 2019 (Solara Phase 2 Assessment Area). The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the property within the District. The Bonds are payable May 2049. The Bonds bear interest ranging from 3.625% to 4.85% payable semi- annually on the first day of each May and November. Principal is due serially each May 1, commencing May 2020.
$1,860,000 Special Assessment Revenue Bonds, Series 2019 (Windsor Parcel K) – On December 6, 2019, the District issued $1,860,000 in Special Assessment Revenue Bonds, Series 2019 (Windsor Parcel K). The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the property within the District. The Bonds are payable May 2050. The Bonds bear interest ranging from 3.8% to 4.0% payable semi-annually on the first day of each May and November. Principal is due serially each May 1, commencing May 2033.
$1,825,000 Special Assessment Revenue Bonds, Series 2022-1 – On November 22, 2022, the District issued $1,835,000 in Special Assessment Revenue Bonds, Series 2022-1. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the property within the District. The Bonds are payable May 2048. The Bonds bear interest at 6.2% payable semi-annually on the first day of each May and November. Principal is due serially each May 1, commencing May 2039.
$3,360,000 Special Assessment Revenue Bonds, Series 2022-2 – On November 22, 2022, the District issued $3,360,000 in Special Assessment Revenue Bonds, Series 2022-2. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the property within the District. The Bonds are payable May 2053. The Bonds bear interest ranging from 5.25% to 6.0% payable semi-annually on the first day of each May and November. Principal is due serially each May 1, commencing May 2024.

NOTE F – LONG-TERM LIABILITIES (CONTINUED)

The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds 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.

The District is in compliance with those requirements of the Bond Indenture at September 30, 2023.

The following is a summary of activity in the long-term debt of the District for the year ended September 30, 2023:

	Balance
10/01/2022		
Additions		
Deletions		Balance
09/30/2023		Due Within
One Year	
Special Assessment Revenue
Bonds, Series 2005-2	
$	1,430,000		
$	-		
$	60,000		
$  1,370,000		
$	65,000	
Special Assessment Revenue
Bonds, Series 2007-2	
485,000		
-		
10,000		
475,000		
15,000	
Special Assessment Revenue
Bonds, Series 2018	
3,270,000		
-		
60,000		
3,210,000		
65,000	
Special Assessment Revenue
Refunding Bonds, Series 2019	
11,535,000		
-		
560,000		
10,975,000		
575,000	
Special Assessment Revenue
Bonds, Series 2019	
3,060,000		
-		
60,000		
3,000,000		
65,000	
Special Assessment Revenue
Bonds, Series 2019 (Windsor										
Parcel K)	1,860,000		-		-		1,860,000		-	
Special Assessment Revenue
Bonds, Series 2022-1	
-		
1,835,000		
-		
1,835,000		
-	
Special Assessment Revenue										
Bonds, Series 2022-2		-	 	3,360,000  	-	 	3,360,000  	45,000 	
	21,640,000		5,195,000		750,000		26,085,000		830,000	
Unamortized bond discount	(38,981)		-		(4,672)		(34,309)		-	
	$ 21,601,019		$ 5,195,000		$	745,328		$ 26,050,691		$  830,000	

NOTE F – LONG-TERM LIABILITIES (CONTINUED)

The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2023 are as follows:

September 30,		Principal		Interest		Total	
2024		$	830,000		$  1,234,564		$	2,064,564	
2025		860,000		1,201,716		2,061,716	
2026		905,000		1,165,972		2,070,972	
2027		940,000		1,128,361		2,068,361	
2028		985,000		1,089,109		2,074,109	
2029-2033		5,650,000		4,766,478		10,416,478	
2034-2038		6,485,000		3,363,300		9,848,300	
2039-2043		3,405,000		2,161,163		5,566,163	
2044-2048		4,440,000		1,160,273		5,600,273	
2049-2053		1,585,000		224,055		1,809,055	
		$ 26,085,000		$ 17,494,991		$	43,579,991	

NOTE G - MANAGEMENT COMPANY

The District has contracted with a management company to perform services which include financial and accounting advisory services. Certain employees of the management company also serve as officers of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, computer and other administrative costs.
NOTE H - 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; natural disasters; and environmental remediation. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. Settled claims from these risks have not exceeded commercial insurance coverage over the past three years.

NOTE I – 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, 2022 accrued from November 1, 2021 to October 31, 2022 bringing the District current on required interest payments.

.

STATEMENT OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL – GENERAL FUND
Year Ended September 30, 2023

	VARIANCE	
	WITH FINAL	
	BUDGET	
	POSITIVE	
	* BUDGET		ACTUAL		(NEGATIVE)	
REVENUES
Special assessments	
$	566,228		
$	607,422		
$	41,194	
Investment earnings		1,000 			52,573 			51,573 	
TOTAL REVENUES	567,228		659,995		92,767	
EXPENDITURES
Current
General government	184,875	173,193	11,682	
Physical environment		528,998 		481,818 		47,180 	
TOTAL EXPENDITURES		713,873 		655,011 		58,862 	
EXCESS OF REVENUES OVER				
(UNDER) EXPENDITURES	(146,645)	4,984	151,629	

OTHER FINANCING SOURCES (USES)	
Carry forward balance	261,645	-	(261,645)	
Transfer out - capital reserve		(115,000)		-			115,000 	
TOTAL OTHER FINANCING				
SOURCES (USES)	146,645	-	(146,645)	

EXCESS OF REVENUES OVER (UNDER) EXPENDITURES				
AND OTHER SOURCES	 $	-		4,984	 $	4,984 	
FUND BALANCES				
Beginning of year			1,671,811 		
End of year		 $ 1,676,795 		

* Original and final budget.

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget for the general fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles).

An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes, The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements, The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors, Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2023.

The variance between budgeted and actual general fund revenues is considered significant. The actual general fund expenditures for the current fiscal year were significantly lower than the original budgeted amounts due primarily to anticipated costs which were not incurred in the current fiscal year.

DMHB

DIBARTOLOMEO, MCBEE, HARTLEY & BARNES, P.A.
CERTIFIED PUBLIC ACCOUNTANTS

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

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 the 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 September 30, 2023 and for the year ended, which collectively comprise the Westside Community Development District’s basic financial statements and have issued our report thereon dated June 25, 2024.

Internal Control Over Financial Reporting
In planning and performing our audit, we considered the District’s internal control over financial reporting (internal control) to determine the 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 the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control over financial reporting.

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 misstatements on a timely basis. A material weakness is a deficiency, or a 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.

2222 Colonial Road, Suite 200• Fort Pierce, Florida 34950•772-461-8833 • Fax: 772-461-8872 591 S.E. Port St. Lucie Blvd., •Port St. Lucie, Florida 34984•772-878-1952•Fax: 772-878-1709
Member AICPA	Member AICPA Division for CPA Firms	Member FICPA Private Company Practice Section
WWW.DMHBCPA.NET

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

Purpose of this Report
This report is intended 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.

DiBartolomeo, McBee, Hartley & Barnes, P.A. Fort Pierce, Florida
June 25, 2024

- 31 -

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA

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

We have examined the District's compliance with the requirements of Section 218.415, Florida Statutes with regards to the District's investments during the year ended September 30, 2023. Management is responsible for the District's compliance with those requirements. Our responsibility is to express an opinion on the 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 the 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 the District's compliance with specified requirements.

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2023.
This report 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, management, and the Board of Supervisors of Westside Community Development District, Osceola County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

DiBartolomeo, McBee, Hartley & Barnes, P.A. Fort Pierce, Florida
June 25, 2024

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 Westside Community Development District as of and for the fiscal year ended September 30, 2023, and have issued our report thereon dated June 25, 2024.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of America; 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 Reports and Schedule
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Accountant’s Report on an examination conducted in accordance with AICPA Professional Standards, Section 601, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated June 25, 2024, should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual 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 2021.

A portion of the Series 2005-2 and Series 2007-2 Bonds needs to be cancelled in order for the annual assessments securing the Series 2005-2 and Series 2007-2 Bonds to be sufficient to make the annual principal and interest payments. The District is working with the Trustee and Bondholders to accomplish this adjustment.

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 2023. The owner of one undeveloped parcels of land within the District failed to timely pay the assessments as follows: 50% due 11/1/2022; 25% due 2/1/2023; And 25% due 5/1/2023. The landowner subsequently made their payment with the statutorily required interest.

Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. Refer to Note A in the notes to the financial statements.
Financial Condition
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require that we apply appropriate procedures and report 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 Westside Community Development District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.
Pursuant to Sections 10.554(1)(i)5.c. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures. It is management’s responsibility to monitor Westside Community Development District’s financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.
Specific 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 as N/A.
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the district’s fiscal year as 10.
	All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $4,000.

	All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $3,861,783.
The District does not have any construction projects with a total cost of at least
$65,000 that are scheduled to begin on or after October 1 of the fiscal year being reported.
The District did not amend its final adopted budget under Section 189.016(6), Florida Statutes.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)7, 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 range from $158 to $1,008 per residential unit.
The total amount of special assessments collected by or on behalf of the District as
$2,302,241.
The total amount of outstanding bonds issued by the district as $26,085,000.

Other 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 Chairman and Members of 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.

DiBartolomeo, McBee, Hartley & Barnes, P.A. Fort Pierce, Florida
June 25, 2024