Dowden West Community Development District

Agenda May 16, 2024

Agenda

Dowden West
Community Development District

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

May 9, 2024
Board of Supervisors Dowden West Community Development District
Dear Board Members:
The Board of Supervisors of Dowden West Community Development District will meet Thursday, May 16, 2024 at 9:00 AM at the Offices of GMS-CF, 219 E. Livingston Street, Orlando, Florida. Following is the advance agenda for the meeting:
Roll Call
Public Comment Period
Approval of Minutes of April 18, 2024 Meeting
Consideration of Resolution 2024-12 Approving the Proposed Fiscal Year 2025 Budget and Setting a Public Hearing
Review and Acceptance of Fiscal Year 2023 Audit Report
Staff Reports
Attorney
Engineer
District Manager’s Report
Approval of Check Register
Balance Sheet and Income Statement
Presentation of Number of Registered Voters – 516
General Election Qualifying Period & Procedure – 2 Seats
Designation of November 21, 2024 as the Landowners’ Meeting Date – 1 Seat
Supervisor’s Requests
Other Business
Next Meeting Date
Adjournment

The balance of the agenda will be discussed at the meeting. In the meantime, if you have any questions, please contact me.
Sincerely,

Jason M. Showe District Manager
CC:	Jan Carpenter, District Counsel Rey Malave, District Engineer Darrin Mossing, GMS
Enclosures

Minutes

MINUTES OF MEETING DOWDEN WEST
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Dowden West Community Development District was held Thursday, April 18, 2024, at 9:00 a.m. in the offices of GMS-CF, LLC, 219 E. Livingston Street, Orlando, Florida.

Present and constituting a quorum were:

Chuck Bell	Chairman
Gabe Madlang	Vice Chairperson
Dane Hamilton	Assistant Secretary Also present were:
Jason Showe	District Manager
Jay Lazarovich	District Counsel
Rey Malave	District Engineer
Alan Scheerer	Field Manager

FIRST ORDER OF BUSINESS	Roll Call
Mr. Showe called the meeting to order and called the roll.

SECOND ORDER OF BUSINESS	Public Comment Period
There being no comments, the next item followed.

THIRD ORDER OF BUSINESS	Approval of the Minutes of the March 21,
2024 Meeting

On MOTION by Mr. Madlang seconded by Mr. Bell with all in favor the minutes of the March 21, 2024 meeting were approved as presented.

FOURTH ORDER OF BUSINESS	Ratification of Series 2024 Requisition No. 1
Mr. Showe: Requisition no. 1 is the cost for the Engineer to prepare reports and these costs were not included as part of the Cost of Issuance of the Bonds.

1

On MOTION by Mr. Bell seconded by Mr. Madlang with all in favor Requisition no. 1 from the 2024 series bond was ratified.

FIFTH ORDER OF BUSINESS	Consideration of Authorizing Establishment
of Account with the Florida State Board of Administration (Florida PRIME)
Mr. Showe: Since this District is starting to get some additional revenues, we are requesting authorization to open an account with the State Board of Administration to earn some interest on those funds.

On MOTION by Mr. Bell seconded by Mr. Madlang with all in favor staff was authorized to establish an account with the State Board of Administration.

SIXTH ORDER OF BUSINESS	Consideration	of	Standard	Lighting
Agreement with OUC for Phase N-4 Street Lighting
Mr. Showe: This is the standard OUC agreement that we have signed for multiple phases.
We have received one for the East West Connector in Phase 2 late yesterday.

On MOTION by Mr. Bell seconded by Mr. Madlang with all in favor the street lighting agreements with OUC for Phase N-4 and for the East West Connector were approved.

SEVENTH ORDER OF BUSINESS	Staff Reports
Attorney
Annual Reminder on Florida Laws for Public Officials
Mr. Lazarovich: Included in the agenda is our firm’s annual ethics reminder for your
review.

Engineer
Mr. Malave: There is an annual Engineer’s Report due by the end of June and I thought I had sent an additional work order for that, but the work is being done. That will be done and submitted before the end of June.
Manager
Approval of Check Register
Mr. Showe presented the March 2024 check register in the amount of $303,510.17.

On MOTION by Mr. Madlang seconded by Mr. Bell with all in favor the check register was approved.

Balance Sheet and Income Statement
A copy of the balance sheet and income statement were included in the agenda package.

Field Manager
Mr. Scheerer: We received notice that the contractor for the school is starting to widen Dowden Road. There are a couple palm trees that I authorized Yellowstone to install. They pulled all the palm trees that we weren’t counting on having removed. We are taking two of those and installing them in a location where palm trees have failed.

EIGHTH ORDER OF BUSINESS	Supervisor’s Requests
There being no comments, the next item followed.

NINTH ORDER OF BUSINESS	Other Business
There being no comments, the next item followed.

TENTH ORDER OF BUSINESS	Next Meeting Date
Mr. Showe: We anticipate having the budget at the next meeting on May 16, 2024.

ELEVENTH ORDER OF BUSINESS	Adjournment

On MOTION by Mr. Bell seconded by Mr. Madlang with all in favor the meeting adjourned at 9:07 a.m.

Secretary/Assistant Secretary	Chairman/Vice Chairman

Section IV

RESOLUTION 2024-12

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE DOWDEN WEST COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2024/2025 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW; ADDRESSING TRANSMITTAL, POSTING AND PUBLICATION REQUIREMENTS; ADDRESSING SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the District Manager has heretofore prepared and submitted to the Board of Supervisors (“Board”) of the Dowden West Community Development District (“District”) prior to June 15, 2024, a proposed budget (“Proposed Budget”) for the fiscal year beginning October 1, 2024 and ending September 30, 2025 (“Fiscal Year 2024/2025”); and
WHEREAS, the Board has considered the Proposed Budget and desires to set the required public hearing thereon.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE DOWDEN WEST COMMUNITY DEVELOPMENT DISTRICT:

PROPOSED BUDGET APPROVED. The Proposed Budget prepared by the District Manager for Fiscal Year 2024/2025 attached hereto as Exhibit A is hereby approved as the basis for conducting a public hearing to adopt said Proposed Budget.

SETTING A PUBLIC HEARING. A public hearing on said approved Proposed Budget is hereby declared and set for the following date, hour and location:

DATE:	August 15, 2024

HOUR:	9:00 a.m.

LOCATION:	Offices of GMS-CF, LLC
219 E. Livingston Street Orlando, FL 32801

TRANSMITTAL  OF  PROPOSED  BUDGET  TO  LOCAL  GENERAL
PURPOSE GOVERNMENT. The District Manager is hereby directed to submit a copy of the Proposed Budget to Orange County and City of Orlando at least 60 days prior to the hearing set above.

POSTING OF PROPOSED BUDGET. In accordance with Section 189.016, Florida Statutes, the District’s Secretary is further directed to post the approved Proposed Budget on the District’s website at least two days before the budget hearing date as set forth in Section 2, and shall remain on the website for at least 45 days.

PUBLICATION OF NOTICE. Notice of this public hearing shall be published in the manner prescribed in Florida law.

SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof.

EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED THIS 16th DAY OF MAY, 2024.

ATTEST:	DOWDEN	WEST	COMMUNITY DEVELOPMENT DISTRICT

By:	

Secretary/Assistant Secretary	Its:	

Dowden West
Community Development District

Proposed Budget
FY2025

Table of Contents

1-2	General Fund	

3-8	

General Fund Narrative	

9	

Series 2018 Debt Service Fund	

10	

Series 2018 Amortization Schedule	

11	

Series 2024 Debt Service Fund	

12	

Series 2024 Amortization Schedule	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description	FY2024	4/30/24	5 Months	9/30/24	FY2025	

Revenues						
Assessments	$	970,278	$	960,800	$	9,000	$	969,800	$	970,278	
Developer Contributions	300,000	-	-	-	502,715	
Total Revenues	$	1,270,278	$	960,800	$	9,000	$	969,800	$	1,472,993	

Expenditures						
General & Administrative						
Supervisor Fees	$	2,400	$	800	$	1,000	$	1,800	$	2,400	
PR-FICA	184	61	77	138	184	
Engineering	15,000	4,670	6,000	10,670	15,000	
Attorney	25,000	7,977	9,500	17,477	25,000	
Arbitrage Rebate	900	450	-	450	900	
Dissemination Agent	7,000	2,042	1,458	3,500	3,675	
Annual Audit	5,000	-	3,490	3,490	5,000	
Trustee Fees	8,100	5,051	-	5,051	5,051	
Assessment Administration	5,000	5,000	-	5,000	5,250	
Management Fees	40,124	23,406	16,718	40,124	42,500	
Information Technology	1,200	700	500	1,200	1,260	
Website Maintenance	800	467	333	800	840	
Telephone	300	-	150	150	300	
Postage & Delivery	750	72	500	572	750	
Printing & Binding	750	213	250	463	750	
Insurance General Liability	6,886	6,197	-	6,197	6,817	
Legal Advertising	5,000	4,363	4,200	8,563	7,500	
Other Current Charges	2,000	284	200	484	2,000	
Office Supplies	500	1	75	76	150	
Property Appraiser	250	-	-	-	250	
Dues, Licenses & Subscriptions	175	175	-	175	175	
	-	-	-	-		
Total General & Administrative:	$	127,319	$	61,929	$	44,452	$	106,380	$	125,751	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description	FY2024	4/30/24	5 Months	9/30/24	FY2025	

Operations & Maintenance						
Contract Services						
Field Management	$	16,695	$	9,739	$	6,956	$	16,695	$	17,530	
Landscape Maintenance	694,920	180,311	129,508	309,820	799,258	
Lake Maintenance	64,000	5,700	5,500	11,200	47,000	
Mitigation Monitoring	10,000	-	5,000	5,000	10,000	
Repairs & Maintenance						
General Repairs & Maintenance	2,500	-	2,500	2,500	2,500	
Operating Supplies	500	-	500	500	500	
Landscape Replacement	10,000	9,064	10,000	19,064	20,000	
Irrigation Repairs	3,000	4,531	2,000	6,531	7,500	
Alleway Maintenance	5,000	-	2,500	2,500	5,000	
Signage	3,500	-	1,500	1,500	3,500	
Utilities						
Electric	4,000	752	1,000	1,752	1,927	
Water & Sewer	85,000	30,349	15,400	45,749	68,624	
Streetlights	203,844	55,112	40,544	95,656	331,225	
Other						
Contingency	25,000	9,429	15,000	24,429	25,000	
Property Insurance	15,000	6,794	-	6,794	7,677	
Total Operations & Maintenance:	$	1,142,959	$	311,782	$	237,908	$	549,690	$	1,347,242	
						
Total Expenditures	$	1,270,278	$	373,710	$	282,360	$	656,070	$	1,472,993	
						
Excess Revenues/(Expenditures)	$	-	$	587,090	$	(273,360)	$	313,730	$	-	
				
Gross Assessments	
$	1,032,211	
(Less: Discounts & Collections 6%)  $	(61,933) 
Net Assessments $	970,278

Assessments - O&M		

Type	
Units	
ERU/Unit	
ERU's	Gross Per Unit Assessment	Net Per Unit Assessment	Total Gross Assessments	Total Net Assessments	
Townhome	364	0.5	182	$713.61	$670.79	$259,754.54	$244,169.27	
Single Family - 40'	225	0.8	180	$1,141.78	$1,073.27	$256,900.10	$241,486.09	
Single Family - 50'	207	1	207	$1,427.22	$1,341.59	$295,435.11	$277,709.01	
Single Family - 60'	81	1.2	97.2	$1,712.67	$1,609.91	$138,726.05	$130,402.49	
Unplatted - Admin	569	---	---	$143.05	$134.47	$81,394.83	$76,511.14	
Total	1446		666.2			$1,032,210.64	$970,278.00	

FY2024 - 2025 Comparison
	$893,766.86	

Type	FY2024 Gross Per Unit	FY2025 Gross Per Unit	Increase/ (Decrease)	
Townhome	$713.61	$713.61	$0.00	
Single Family - 40'	$1,141.78	$1,141.78	($0.00)	
Single Family - 50'	$1,427.22	$1,427.22	$0.00	
Single Family - 60'	$1,712.67	$1,712.67	($0.00)	

REVENUES:

Assessments

The District will levy a non-ad valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the fiscal year.

Developer Contributions

The District will enter into a Funding Agreement with the Developer to fund the operating expenditures not covered by assessments for the Fiscal Year

EXPENDITURES:

Administrative:

Supervisor Fees

Chapter 190, Florida Statutes, allows for each Board member to receive $200 per meeting, not to exceed $4,800 per year paid to each Supervisor for the time devoted to District business and meetings.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisors checks.

Engineering

The District's engineer, Dewberry Engineers, will provide general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices and various projects as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel, Latham, Luna, Eden & Beaudine, LLP, will provide general legal services to the District, e.g. attendance and preparation for meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager.

Arbitrage

The District has contracted with AMTEC to annually calculate the District’s Arbitrage Rebate Liability on its Series 2018 bonds. The budget includes estimates for an additional future issuance.

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5) which relates to additional reporting requirements for unrated bond issues. This service is contracted with Governmental Management Services-Central Florida, LLC and includes costs for our Series 2018 issuance and another anticipated issuance.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis. This service is contracted with Berger, Toombs, Elam, Gaines & Frank.

Trustee Fees

The District will incur trustee related costs with the Series 2018 bonds in addition to a second bond issuance with US Bank.

Assessment Administration

The District has contracted with Governmental Management Services-Central Florida, LLC to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Management Fees

The District has contracted with Governmental Management Services to provide Management, Accounting and Recording Secretary Services for the District. The services include, but not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reporting, annual audits, etc.

Information Technology

Represents various cost of information technology with Governmental Management Services-Central Florida, LLC for the District such as video conferencing, cloud storage and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc.

Website Maintenance

Represents the costs with Governmental Management Services – Central Florida LLC associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc.

Telephone

Telephone and fax machine

Postage

The District incurs charges for mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Copies

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Insurance

The District’s general liability, public official’s liability insurance and property insurance coverages with Florida Insurance Alliance.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings, public hearings, etc. in a newspaper of general circulation.

Other Current Charges

Bank charges and any other miscellaneous expenditures incurred during the year.

Office Supplies

Any supplies that may need to be purchased during the fiscal year, e.g., paper, minute books, file folders, labels, paper clips, etc.

Property Appraiser

Represents the fees to be paid to the Orange County Property Appraiser for annual assessment roll administration.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Commerce for
$175. This is the only expenditure under this category for the District.

Operations & Maintenance:

Contract Services:

Field Management

Represents the costs of onsite field management with Governmental Management Services – Central Florida LLC of contracts for the District such as landscape and lake maintenance. Services to include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Landscape Maintenance

Represents the estimated maintenance of the landscaping within the common areas of the District after the installation of landscape material has been completed.

Description	Monthly Amount	Annual Amount	
Current Landscape Maintenance	$	21,230	$	254,764	
East West Road Ph1 Maintenance	$	3,142	$	37,698	
East West Road Ph2 Maintenance	$	7,799	$	46,794	
Dowden Road Segment 4 Maintenance	$	11,605	$	139,260	
Dowden Road Segment 5 Maintenance	$	11,671	$	105,039	
North Sound Road	$	13,343	$	160,116	
N4 Maintenance	$	3,683	$	33,147	
N5 Maintenance	$	3,740	 $	22,440		
		$	799,258	

Lake Maintenance

Represents estimated costs for maintenance to all lakes the District must maintain within District boundaries.

Description	Monthly Amount	Annual Amount	
Lake Maintenance Phase 1 & 4	$	600	$	7,200	
Lake Maintenance Phase 2	$	350	$	4,200	
Dowden Road 4 Maintenance	$	600	$	7,200	
Dowden Road 5 Maintenance	$	350	$	4,200	
East West Road Ph1 Maintenance	$	150	$	1,800	
East West Road Ph2 Maintenance	$	650	$	7,800	
Meridian Parks N4 Maintenance	$	100	$	1,200	
Meridian Parks N5 Maintenance	$	200	$	2,400	
Midge Treatment		 $	11,000		
		$	47,000	

Mitigation Monitoring

The District will incur costs for scheduled monitoring of mitigation areas located throughout the District. The amounts are estimated.

Repairs & Maintenance:

General Repairs & Maintenance

Represents estimated costs for the general repairs and maintenance of various facilities throughout the District.

Operating Supplies

Represents estimated costs of supplies purchased for operating and maintaining common areas.

Landscape Replacement

Represents estimated costs related to the replacement of any landscaping needed throughout the fiscal year.

Irrigation Repairs

The District will incur costs related to repairing and maintaining its irrigation systems. The amount is based on estimated costs.

Alleyway Maintenance

Represents estimated costs for the maintenance of alleyways located within the District.

Signage

Represents estimated costs to replace miscellaneous signs throughout the fiscal year.

Utilities:

Electric

Represents estimated electric charges of common areas throughout the District.

Water & Sewer

Represents estimated costs for water and refuse services provided for common areas throughout the District.

Streetlights

Represents the cost to maintain street lights within the District Boundaries that are expected to be in place throughout the fiscal year.

Description	Annual Amount	
Current Streetlights	$103,851	
East West Road Ph1 Streetlights	$13,255	
East West Road Ph2 Streetlights	$9,346	
Dowden Road Segment 4 Streetlights	$61,177	
Dowden Road Segment 5 Streetlights	$38,236	
North Sound Road	$54,380	
N4 Streetlights	$38,236	
N5 Streetlights	$12,745	
	$331,226	

Other:

Contingency

Represents funds allocated to expenditures that the District could incur throughout the fiscal year that do not fit into any standard category.

Property Insurance

The District will incur fees to insure items owned by the District for its property needs. Coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage for government agencies.

Proposed Budget
Debt Service Fund Series 2018

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description	FY2024	4/30/24	5 Months	9/30/24	FY2025	

Revenues							
Assessments		$	420,744	$	414,571	$	6,173	$	420,744	$	420,744	
Interest		$	-	$	11,381	$	2,500	$	13,881	$	-	
Carry Forward Surplus		$	18,757	$	18,753	$	-	$	18,753	$	35,141	
Total Revenues		$	439,501	$	444,705	$	8,673	$	453,378	$	455,885	

Expenditures							
Interest - 11/1		$	156,619	$	156,619	$	-	$	156,619	$	154,073	
Principal - 5/1		$	105,000	$	-	$	105,000	$	105,000	$	110,000	
Interest - 5/1		$	156,619	$	-	$	156,619	$	156,619	$	154,073	
Total Expenditures		$	418,238	$	156,619	$	261,619	$	418,238	$	418,145	
							
Excess Revenues/(Expenditures)		$	21,264	$	288,086	$	(252,946)	$	35,141	$	37,740	
					
Interest - 11/1/25	
 $	154,073 	
					Total	 $	154,073 	
Assessments - Debt Service							

Type	Units	Gross Per Unit Assessment	Net Per Unit Assessment	Total Gross Assessments	Total Net Assessments			
Townhome	208	$500.00	$470.00	$104,000	$97,760			
Single Family - 40'	201	$800.00	$752.00	$160,800	$151,152			
Single Family - 50'	118	$1,000.00	$940.00	$118,000	$110,920			
Single Family - 60'	54	$1,200.00	$1,128.00	$64,800	$60,912			
Total	581			$447,600	$420,744			

Series 2018 Special Assessment Bonds Amortization Schedule

Date	Balance	Principal	Interest	Total

11/01/23	$	5,785,000.00	$	
05/01/24	$	5,785,000.00	$	105	
11/01/24	$	5,680,000.00	$	
05/01/25	$	5,680,000.00	$	110	
11/01/25	$	5,570,000.00	$	
05/01/26	$	5,570,000.00	$	115	
11/01/26	$	5,455,000.00	$	
05/01/27	$	5,455,000.00	$	125	
11/01/27	$	5,330,000.00	$	
05/01/28	$	5,330,000.00	$	130	
11/01/28	$	5,200,000.00	$	
05/01/29	$	5,200,000.00	$	135	
11/01/29	$	5,065,000.00	$	
05/01/30	$	5,065,000.00	$	145	
11/01/30	$	4,920,000.00	$	
05/01/31	$	4,920,000.00	$	150	
11/01/31	$	4,770,000.00	$	
05/01/32	$	4,770,000.00	$	160	
11/01/32	$	4,610,000.00	$	
05/01/33	$	4,610,000.00	$	170	
11/01/33	$	4,440,000.00	$	
05/01/34	$	4,440,000.00	$	180	
11/01/34	$	4,260,000.00	$	
05/01/35	$	4,260,000.00	$	190	
11/01/35	$	4,070,000.00	$	
05/01/36	$	4,070,000.00	$	200	
11/01/36	$	3,870,000.00	$	
05/01/37	$	3,870,000.00	$	210	
11/01/37	$	3,660,000.00	$	
05/01/38	$	3,660,000.00	$	220	
11/01/38	$	3,440,000.00	$	
05/01/39	$	3,440,000.00	$	235	
11/01/39	$	3,205,000.00	$	
05/01/40	$	3,205,000.00	$	245	
11/01/40	$	2,960,000.00	$	
05/01/41	$	2,960,000.00	$	260	
11/01/41	$	2,700,000.00	$	
05/01/42	$	2,700,000.00	$	275	
11/01/42	$	2,425,000.00	$	
05/01/43	$	2,425,000.00	$	290	
11/01/43	$	2,135,000.00	$	
05/01/44	$	2,135,000.00	$	310	
11/01/44	$	1,825,000.00	$	
05/01/45	$	1,825,000.00	$	325	
11/01/45	$	1,500,000.00	$	
05/01/46	$	1,500,000.00	$	345	
11/01/46	$	1,155,000.00	$	
05/01/47	$	1,155,000.00	$	365	
11/01/47	$	790,000.00	$	
05/01/48	$	790,000.00	$	385	
11/01/48	$	405,000.00	$	
05/01/49	$	405,000.00	$	405	
			$	5,785	

$	156,618.75	$	156,618.75	
$	156,618.75	$	-	
$	154,072.50	$	415,691.25	
$	154,072.50	$	-	
$	151,405.00	$	415,477.50	
$	151,405.00	$	-	
$	148,616.25	$	415,021.25	
$	148,616.25	$	-	
$	145,585.00	$	419,201.25	
$	145,585.00	$	-	
$	142,432.50	$	418,017.50	
$	142,432.50	$	-	
$	139,158.75	$	416,591.25	
$	139,158.75	$	-	
$	135,243.75	$	419,402.50	
$	135,243.75	$	-	
$	131,193.75	$	416,437.50	
$	131,193.75	$	-	
$	126,873.75	$	418,067.50	
$	126,873.75	$	-	
$	122,283.75	$	419,157.50	
$	122,283.75	$	-	
$	117,423.75	$	419,707.50	
$	117,423.75	$	-	
$	112,293.75	$	419,717.50	
$	112,293.75	$	-	
$	106,893.75	$	419,187.50	
$	106,893.75	$	-	
$	101,223.75	$	418,117.50	
$	101,223.75	$	-	
$	95,283.75	$	416,507.50	
$	95,283.75	$	-	
$	88,938.75	$	419,222.50	
$	88,938.75	$	-	
$	82,140.00	$	416,078.75	
$	82,140.00	$	-	
$	74,925.00	$	417,065.00	
$	74,925.00	$	-	
$	67,293.75	$	417,218.75	
$	67,293.75	$	-	
$	59,246.25	$	416,540.00	
$	59,246.25	$	-	
$	50,643.75	$	419,890.00	
$	50,643.75	$	-	
$	41,625.00	$	417,268.75	
$	41,625.00	$	-	
$	32,051.25	$	418,676.25	
$	32,051.25	$	-	
$	21,922.50	$	418,973.75	
$	21,922.50	$	-	
$	11,238.75	$	418,161.25	
$	11,238.75	$	-
$	416,238.75	

-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00

,000.00  $

5,233,255.00  $

11,018,255.00

Proposed Budget
Debt Service Fund Series 2024

Proposed Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description	FY2024	4/30/24	5 Months	9/30/24	FY2025	

Revenues

Assessments Interest
Carry Forward Surplus

$	-	$
$	-	$
$	-	$

-	$	-	$
-	$	-	$
-	$	-	$

-	$	224,800
-	$	-
-	$	103,749

Total Revenues	$	-	$	-	$	-	$	-	$	328,549

Expenditures

Interest - 11/1	$	-	$	-	$	-	$	-	$	103,749	
Principal - 5/1	$	-	$	-	$	-	$	-	$	50,000	
Interest - 5/1	$	-	$	-	$	-	$	-	$	86,310	
Total Expenditures	$	-	$	-	$	-	$	-	$	240,059	

Other Sources/(Uses)						
Bond Proceeds		$	216,149	$	216,149	$	-	$	216,149	$	-	
Total Other		$	216,149	$	216,149	$	-	$	216,149	$	-	
						
Excess Revenues/(Expenditures)		$	216,149	$	216,149	$	-	$	216,149	$	88,490	
				
Interest - 11/1/25	
$	86,310	
Assessments - Debt Service						

Type	Units	Gross Per Unit Assessment	Net Per Unit Assessment	Total Gross Assessments	Total Net Assessments		
Townhome	0	$0.00	$0.00	$0	$0		
Single Family - 40'	0	$0.00	$0.00	$0	$0		
Single Family - 50'	0	$0.00	$0.00	$0	$0		
Single Family - 60'	0	$0.00	$0.00	$0	$0		
Total	0			$0	$0		

Series 2024 Special Assessment Bonds Amortization Schedule

Date	Balance	Principal	Interest	Total

11/01/24	$	3,310,000.00	$	
05/01/25	$	3,310,000.00	$	50	
11/01/25	$	3,260,000.00	$	
05/01/26	$	3,260,000.00	$	50	
11/01/26	$	3,210,000.00	$	
05/01/27	$	3,210,000.00	$	55	
11/01/27	$	3,155,000.00	$	
05/01/28	$	3,155,000.00	$	55	
11/01/28	$	3,100,000.00	$	
05/01/29	$	3,100,000.00	$	60	
11/01/29	$	3,040,000.00	$	
05/01/30	$	3,040,000.00	$	60	
11/01/30	$	2,980,000.00	$	
05/01/31	$	2,980,000.00	$	65	
11/01/31	$	2,915,000.00	$	
05/01/32	$	2,915,000.00	$	70	
11/01/32	$	2,845,000.00	$	
05/01/33	$	2,845,000.00	$	70	
11/01/33	$	2,775,000.00	$	
05/01/34	$	2,775,000.00	$	75	
11/01/34	$	2,700,000.00	$	
05/01/35	$	2,700,000.00	$	80	
11/01/35	$	2,620,000.00	$	
05/01/36	$	2,620,000.00	$	80	
11/01/36	$	2,540,000.00	$	
05/01/37	$	2,540,000.00	$	85	
11/01/37	$	2,455,000.00	$	
05/01/38	$	2,455,000.00	$	90	
11/01/38	$	2,365,000.00	$	
05/01/39	$	2,365,000.00	$	95	
11/01/39	$	2,270,000.00	$	
05/01/40	$	2,270,000.00	$	100	
11/01/40	$	2,170,000.00	$	
05/01/41	$	2,170,000.00	$	105	
11/01/41	$	2,065,000.00	$	
05/01/42	$	2,065,000.00	$	110	
11/01/42	$	1,955,000.00	$	
05/01/43	$	1,955,000.00	$	120	
11/01/43	$	1,835,000.00	$	
05/01/44	$	1,835,000.00	$	125	
11/01/44	$	1,710,000.00	$	
05/01/45	$	1,710,000.00	$	130	
11/01/45	$	1,580,000.00	$	
05/01/46	$	1,580,000.00	$	140	
11/01/46	$	1,440,000.00	$	
05/01/47	$	1,440,000.00	$	145	
11/01/47	$	1,295,000.00	$	
05/01/48	$	1,295,000.00	$	155	
11/01/48	$	1,140,000.00	$	
05/01/49	$	1,140,000.00	$	165	
11/01/49	$	975,000.00		
05/01/50	$	975,000.00	$	175	
11/01/50	$	800,000.00		
05/01/51	$	800,000.00	$	185	
11/01/51	$	615,000.00		
05/01/52	$	615,000.00	$	195	
11/01/52	$	420,000.00		
05/01/53	$	420,000.00	$	205	
11/01/53	$	215,000.00		
05/01/54	$	215,000.00	$	215	
			$	3,310	

-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00

,000.00

,000.00

,000.00

,000.00

,000.00

3,749.44

$	103,749.44	$	10	
$	86,310.00	$	
$	86,310.00	$	22	
$	85,210.00	$	
$	85,210.00	$	22	
$	84,055.00	$	
$	84,055.00	$	22	
$	82,845.00	$	
$	82,845.00	$	22	
$	81,580.00	$	
$	81,580.00	$	22	
$	80,260.00	$	
$	80,260.00	$	22	
$	78,885.00	$	
$	78,885.00	$	22	
$	77,400.00	$	
$	77,400.00	$	22	
$	75,860.00	$	
$	75,860.00	$	22	
$	74,265.00	$	
$	74,265.00	$	22	
$	72,390.00	$	
$	72,390.00	$	22	
$	70,290.00	$	
$	70,290.00	$	22	
$	68,124.50	$	
$	68,124.50	$	22	
$	65,827.50	$	
$	65,827.50	$	22	
$	63,399.50	$	
$	63,399.50	$	22	
$	60,840.00	$	
$	60,840.00	$	22	
$	58,149.50	$	
$	58,149.50	$	22	
$	55,327.50	$	
$	55,327.50	$	22	
$	52,309.00	$	
$	52,309.00	$	22	
$	49,093.00	$	
$	49,093.00	$	22	
$	45,649.00	$	
$	45,649.00	$	22	
$	41,902.50	$	
$	41,902.50	$	22	
$	37,948.00	$	
$	37,948.00	$	22	
$	33,785.50	$	
$	33,785.50	$	22	
$	29,345.50	$	
$	29,345.50	$	22	
$	24,628.00	$	
$	24,628.00	$	22	
$	19,633.00	$	
$	19,633.00	$	22	
$	14,360.50	$	
$	14,360.50	$	22	
$	8,810.50	$	
$	8,810.50	$	22	
$	5,966.00	$	

- 2,620.00
- 0,420.00
- 3,110.00
- 0,690.00
- 3,160.00
- 0,520.00
- 2,770.00
- 4,800.00
- 1,720.00
- 3,530.00
- 4,780.00
- 0,580.00
- 1,249.00
- 1,655.00
- 1,799.00
- 1,680.00
- 1,299.00
- 0,655.00
- 4,618.00
- 3,186.00
- 1,298.00
- 3,805.00
- 0,896.00
- 2,571.00
-
3,691.00
- 4,256.00
- 4,266.00
- 3,721.00
- 2,621.00
-

,000.00  $

3,466,681.44  $

6,555,715.44

Section V

Dowden West Community Development District
ANNUAL FINANCIAL REPORT

September 30, 2023

Dowden West Community Development District ANNUAL FINANCIAL REPORT
September 30, 2023 TABLE OF CONTENTS
Page Number
REPORT OF INDEPENDENT AUDITORS	1-3
MANAGEMENT’S DISCUSSION AND ANALYSIS	4-9
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements:
Statement of Net Position	10
Statement of Activities	11
Fund Financial Statements:
Balance Sheet – Governmental Funds	12
Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities	13
Statement of Revenues, Expenditures and Changes in Fund
Balances – Governmental Funds	14
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities	15
Statement of Revenues, Expenditures and Changes in Fund
Balances – Budget and Actual – General Fund	16
Notes to Financial Statements	17-29
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	30-31
MANAGEMENT LETTER	32-34
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH
SECTION 218.415, FLORIDA STATUTES	35

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Dowden West Community Development District City of Orlando, Florida

Report on Audit of the Financial Statements
Opinion

We have audited the financial statements of the governmental activities and each major fund of Dowden West Community Development District (the “District”), as of and for the year ended September 30, 2023, and the related notes to financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of Dowden West Community Development District as of September 30, 2023, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.

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

Responsibilities of Management for the Financial Statements

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

- 1 -

To the Board of Supervisors
Dowden West Community Development District

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

Auditor’s Responsibility for the Audit of the Financial Statements

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

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

- 2 -

To the Board of Supervisors
Dowden West Community Development District

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

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated April 18, 2024 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 the effectiveness of the District’s 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 Dowden West Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida April 18, 2024

- 3 -

Management’s discussion and analysis of Dowden West 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; 1) net investment in capital assets, 2) restricted, and 3) unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.
The statement of activities presents information on all revenues and expenses of the District and the change in net position. Expenses are reported by major function and program revenues relating to those functions are reported, providing the net cost of all functions provided by the District. To assist in understanding the District’s operations, expenses have been reported as governmental activities. Governmental activities financed by the District include general government, physical environment and debt service.

Fund financial statements present financial information for governmental funds. These statements provide financial information for the major funds of the District. Governmental fund financial statements provide information on the current assets and liabilities of the funds, changes in current financial resources (revenues and expenditures), and current available resources.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Fund financial statements include a balance sheet and a statement of revenues, expenditures and changes in fund balances for all governmental funds. A statement of revenues, expenditures, and changes in fund balances – budget and actual is provided for the District’s General Fund. Fund financial statements provide more detailed information about the District’s activities. Individual funds are established by the District to track revenues that are restricted to certain uses or to comply with legal requirements.

The government-wide financial statements and the fund financial statements provide different pictures of the District. The government-wide financial statements provide an overall picture of the District’s financial standing. These statements are comparable to private-sector companies and give a good understanding of the District’s overall financial health and how the District paid for the various activities, or functions, provided by the District. All assets of the District, including capital assets, are reported in the statement of net position. All liabilities, such as principal outstanding on bonds are included. In the statement of activities, transactions between the different functions of the District have been eliminated in order to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long lived assets are reported as expenditures and long-term liabilities, such as general obligation bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, reconciliation is provided from the fund financial statements to the government-wide financial statements.
Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District and investments of the District 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, 2023.

The District’s total liabilities exceeded total assets by $318,325 (net position). Restricted net position was $68,874 and net investment in capital assets was $(695,472). Unrestricted net position was $944,923.

Governmental activities revenues totaled $6,059,605 while governmental activities expenses and conveyances totaled $4,375,943.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

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
2023	2022	

Current assets	
$	74,107	
$	86,072	
Restricted assets	414,890	392,205	
Capital assets		8,579,586 		4,211,854 	
Total Assets		9,068,583 		4,690,131 	

Current liabilities	
244,286	
270,468	
Non-current liabilities		8,505,972 		5,785,000 	
Total Liabilities		8,750,258 		6,055,468 	

Net Position
Net investment in capital assets	

(695,472)	

(462,232)	
Restricted net position	68,874	40,203	
Unrestricted		944,923 		(943,308)	

Total Net Position

 $	318,325 

 $ (1,365,337)

	

The increase in capital assets is related to infrastructure additions in the current year.

The increase in non-current liabilities is related to the issuance of long-term debt in the current year.
The decrease in net investments in capital assets is related to current year depreciation. The increase in net position is related to revenues exceeding expenses in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (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
	2023		2022	
Program Revenues				
Charges for services	$  1,051,579		$	702,642	
Grants and contributions	4,996,262		79,897	
General revenues		11,764 			273 	
Total Revenues		6,059,605 			782,812 	

Expenses				
General government	107,703	92,023	
Physical environment	767,464	433,224	
Interest and other charges		315,776 		320,125 	
Total Expenses		1,190,943 		845,372 	
Conveyance of capital assets		(3,185,000)		- 	
Change in Net Position	1,683,662	(62,560)	
Net Position - Beginning of Year		(1,365,337)		(1,302,777)	
Net Position - End of Year	 $	318,325 	 $ (1,365,337)	
The increase in charges for services is related to the increase in special assessments in the current year.
The increase in contributions is related to the contribution of the utility system in the current year.
The increase in general government is primarily related to an increase in engineering and legal fees in the current year.
The increase in physical environment is related to the increase in landscape maintenance and street lighting expenses in the current year.
The increase in conveyances is related to a utility system conveyed to another governmental entity in the current year.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of September 30, 2023 and 2022.

Governmental Activities
Description		2023		2022	
Infrastructure		$	9,229,818		$	4,628,846	
Equipment		45,240		45,240	
Accumulated depreciation			(695,472)			(462,232)	

Total Capital Assets (Net)

 $	8,579,586 

 $	4,211,854 

	

The activity for the year consisted of depreciation of $233,240, additions to infrastructure of
$7,785,972 and conveyances of $3,185,000.

General Fund Budgetary Highlights

Budgeted expenditures exceeded actual expenditures primarily due to less engineering and legal expenditures than were anticipated.
The September 30, 2023 budget was amended for increased maintenance costs.

Debt Management

Governmental Activities debt includes the following:
In December 2018, the District issued $6,170,000 Special Assessment Revenue Bonds, Series 2018. These bonds were issued to finance a portion of the cost of acquisition, construction, installation, and equipping of the 2018 Project. The balance outstanding on the Series 2018 Bonds at September 30, 2023 was $5,785,000.
During the year, the District acquired certain infrastructure from the Developer for $2,825,972. The balance will be repaid to the Developer upon issuance of Series 2024 Special Assessment Revenue Bonds. The balance outstanding at September 30, 2023 was $2,825,972.

Economic Factors and Next Year’s Budget

Dowden West Community Development District issued $3,310,000 Special Assessment Revenue Bonds, Series 2024 in March 2024. The District cannot anticipate the effect on the financial position or results of operations of the District in fiscal year 2024.

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Request for Information

The financial report is designed to provide a general overview of Dowden West 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 Dowden West Community Development District, Governmental Management Services – SF, LLC, 5385 N Nob Hill Road, Sunrise, Florida 33351.

ASSETS	
Current Assets	
Cash	
Special assessments receivable	
Due from developer	
Prepaid expenses	
Total Current Assets	
Non-current Assets	
Restricted assets	
Investments	
Capital assets, being depreciated	
Infrastructure	
Equipment	
Accumulated depreciation	
Total Non-current Assets	
Total Assets	

LIABILITIES	
Current Liabilities	
Accounts payable	
Bonds payable	
Accrued interest	
Total Current Liabilities	
Non-Current Liabilities	
Bonds payable	
Notes payable	
Total Long-Term Liabilities	
Total Liabilities	

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

See accompanying notes to financial statements.

- 10 -

Governmental Activities

$	34,779	
2,056	
36,262	
	1,010 	
	74,107 	

414,890

9,229,818	
45,240	
      (695,472)	
      8,994,476 	
      9,068,583 	

8,770	
105,000	
       130,516 	
       244,286 	

5,680,000	
      2,825,972 	
      8,505,972 	
      8,750,258 	

(695,472)	
68,874	
	944,923 	
 $	318,325 	

Dowden West Community Development District STATEMENT OF ACTIVITIES

Net (Expense)	
Revenues and	
Changes in	
Net Position	
Capital	Governmental Contributions		Activities	

For the Year Ended September 30, 2023

Charges for

Functions/Programs	Expenses	Services	
  
Governmental Activities	
General government	$	(107,703)	$	103,787	
Physical environment	(767,464)	514,798	
Interest and other charges		(315,776)		432,994 	
Total Governmental Activities	 $	(1,190,943)	 $	1,051,579 	

General Revenues	
Investment income	

Program Revenues Operating Grants and Contributions

$	6,084	
30,178	
	- 	
 $	36,262 	

$	-	$	2,168	
4,960,000	4,737,512	
	-  	117,218 	
 $	4,960,000 	4,856,898	

	11,764 

Conveyances of capital assets		(3,185,000)

Change in Net Position	1,683,662

Net Position - October 1, 2022		(1,365,337)

Net Position - September 30, 2023	 $	318,325 

See accompanying notes to financial statements.

- 11 -

Dowden West Community Development District BALANCE SHEET –
GOVERNMENTAL FUNDS
September 30, 2023

Total
Debt	Capital	Governmental

ASSETS	
Cash	
Special assessments receivable	
Due from other funds	
Due from developer	
Prepaid expenses	
Restricted Assets	
Investments	
Total Assets	

	General	 	Service	 	Projects	 	Funds	

$	34,779	
1,064	
-	
36,262	
1,010	

$	-	
992	
4,017	
-	
-	

$	-	
-	
-	
-	
-	

$	34,779	
2,056	
4,017	
36,262	
1,010	

	404,326  	10,564 	
 $	409,335   $	10,564 	

	414,890 	
 $	493,014 	

	- 

LIABILITIES AND FUND BALANCES	
LIABILITIES	
Accounts payable	
Due to other funds	
Total Liabilities	

$	8,770	$	-	$	-	$	8,770	
	4,017 		- 		- 		4,017 	
	12,787 		- 		- 		12,787 	

 $	73,115 

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

1,010	-	-	1,010

-	
-	
    59,318 	
    60,328 	

409,335	
-	
        - 	
    409,335 	

-	
10,564	
        - 	
     10,564 	

409,335	
10,564	
     59,318 	
    480,227 	

Total Liabilities and Fund Balances

 $	73,115 

 $	409,335 

 $	10,564 

 $	493,014 

   

See accompanying notes to financial statements.

Dowden West Community Development District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2023

Total Governmental Fund Balances

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

$	480,227

Capital assets, infrastructure, $9,229,818, and equipment, $45,240, net of	
accumulated depreciation, $(695,472), used in governmental activities are not	
current financial resources, and therefore, are not reported at the fund level.	

8,579,586

Long-term liabilities, bonds payable, $(5,785,000), and notes payable, $(2,825,972),	
are not due and payable in the current period, and therefore, are not reported	
at the fund level.	

(8,610,972)

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

	(130,516)

Net Position of Governmental Activities	 $	318,325 

See accompanying notes to financial statements.

Dowden West Community Development District STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES – GOVERNMENTAL FUNDS
For the Year Ended September 30, 2023

Total
Debt	Capital	Governmental

Revenues	
Special assessments	
Developer contributions	
Investment income	
Total Revenues	

$ 618,585	
36,262	
       - 	
   654,847 	

$	432,994	
-	
     11,453 	
    444,447 	

$	-	
-	
	311 	
	311 	

$	1,051,579	
36,262	
     11,764 	
   1,099,605 	

  General	 	Service	 	Projects	 	Funds	

Expenditures	
Current	
General government	
Physical environment	
Capital outlay	
Debt service	
Principal	
Interest	
Total Expenditures	

107,703	
534,224	
-	

-	
-	
-	

107,703	
534,224	
2,825,972	

-
- 2,825,972

-	100,000	-	100,000
	-  	317,588  	-  	317,588 
	641,927  	417,588  	2,825,972  	3,885,487 

Excess of revenues over/(under)	
expenditure	

(2,825,661)	(2,785,882)	

12,920	26,859

Other Financing Sources/(Uses)	
Issuance of long-term debt	

	-  	-  	2,825,972  	2,825,972 

Net Change in Fund Balances	12,920	26,859	311	40,090

Fund Balances - October 1, 2022		47,408  	382,476  	10,253  	440,137 

Fund Balances - September 30, 2023

 $	60,328 

 $	409,335 

 $	10,564 

 $	480,227 

   

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, 2023

Net Change in Fund Balances - Total Governmental Funds

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

Governmental funds report capital outlay as expenditures. However, in the	
Statement of Activities, the cost of those assets is allocated over their estimated	
useful lives as depreciation expense. This is the amount of contributed capital,	
$4,960,000, and capital outlay, $2,825,972, exceeded depreciation, $(233,240),	
and conveyances, $(3,185,000), in the current period.	

The issuance of long-term debt is recognized as an other financing source at the	
fund level, however, it increases liabilities at the government-wide level.	

Repayment of bond principal is an expenditure in the governmental funds,	
but the repayment reduces long-term liabilities in the Statement of Net Position.	

$	40,090

4,367,732

(2,825,972)

100,000

In the Statement of Activities, interest is accrued on outstanding bonds;		
whereas in the governmental funds, interest expenditures are reported when		
due. This is the change in accrued interest in the current period.		1,812 	

Change in Net Position of Governmental Activities	 $	1,683,662 

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND
For the Year Ended September 30, 2023

Variance with	
Final Budget	
Positive	
(Negative)	

Original	
Budget	

Final	
Budget	

Actual

Revenues	
Special assessments	
Developer contributions	
Total Revenues	

$ 605,457

$ 617,446

$ 618,585	$

1,139

	- 		61,334 		36,262 		(25,072)

Expenditures	
Current	
General government	
Physical environment	
Total Expenditures	

	605,457 		678,780 		654,847 		(23,933)

123,704	127,118	107,703	19,415
	481,753 		551,662 		534,224 		17,438 
	605,457 		678,780 		641,927 		36,853 

Net Change in Fund Balances		-		-		12,920		12,920 Fund Balances - October 1, 2022		- 		- 		47,408 		47,408 

Fund Balances - September 30, 2023

 $	- 

 $	- 

 $  60,328 

 $	60,328 

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 April 10, 2017, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, and City of Orlando Ordinance 2017-20, as a Community Development District. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing district roads, landscaping, and other basic infrastructure projects within or outside the boundaries of the Dowden West Community Development District. The District is governed by a Board of Supervisors who are elected to four year and two-year terms. The District operates within the criteria established by Chapter 190, Florida Statutes.
As required by GAAP, these financial statements present the Dowden West Community Development District (the primary government) as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.
Based upon the application of the above-mentioned criteria as set forth in Governmental Accounting Standards the District has identified no component units.
Measurement Focus and Basis of Accounting

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

Government-wide financial statements

Fund financial statements

Notes to financial statements

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

Government-wide Financial Statements
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Government- wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.
Governmental activities are supported by special assessments and developer contributions. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program.

Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as an other financing source.
Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.
Fund Financial Statements

The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self- balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.
Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2. Measurement Focus and Basis of Accounting (Continued)

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

The District has various policies governing the fund balance classifications.

Nonspendable Fund Balance – This classification consists of amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact.
Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by constitution, external resource providers, or through enabling legislation.

Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances can also be assigned by the District’s management company.
Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.
Fund Balance Spending Hierarchy – For all governmental funds except special revenue funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

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

Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”.

Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.
Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.

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

Basis of Presentation

Governmental Major Funds

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

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)

Governmental Major Funds (Continued)

Debt Service Fund – The Debt Service Fund accounts for debt service requirements to retire the Special Assessment Revenue Bonds Series 2018 issued to finance a portion of the cost of acquisition, construction, installation, and equipping of the 2018 project.

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

Non-current Governmental Assets/Liabilities

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

Assets, Liabilities, and Net Position or Equity
Cash and Investments

Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.
The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:

Direct obligations of the United States Treasury;

The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;
Interest-bearing time deposits or savings accounts in authorized qualified public depositories;

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

Cash and Investments (Continued)

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

Cash and investments include time deposits, certificates of deposit, money market funds, and all highly liquid debt instruments with original maturities of three months or less.

Capital Assets

Capital assets, which includes infrastructure and equipment, is reported in the applicable governmental activities column.
The District defines capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of two years. The valuation basis for all assets is historical cost. Donated capital assets are recorded at estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.

Major outlays for capital assets and improvements are capitalized as projects are constructed.
Capital assets of the District are depreciated using the straight-line method over the following useful lives:
Infrastructure	30 years
Equipment	20 years
Budgets

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

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, $480,227, differs from “net position” of governmental activities, $318,325, reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the Statement of Net Position versus the current financial resources focus of the governmental fund balance sheet. The effect of the differences is illustrated below:

Capital related items
When capital assets (infrastructure that is to be used in governmental activities) are purchased or constructed, the cost of those assets is reported as expenditures in governmental funds. However, the Statement of Net Position included those capital assets among the assets of the District as a whole.

Infrastructure	$	9,229,818	
Equipment	45,240	
Accumulated depreciation		(695,472)	
Total	$	8,579,586	

Long-term debt transactions

Long-term liabilities applicable to the District’s governmental activities are not due and payable in the current period and accordingly are not reported as fund liabilities. All liabilities (both current and long-term) are reported in the Statement of Net Position. Balances at September 30, 2023 were:
Bonds payable	$	(5,785,000)

Notes payable	$	(2,825,972)

Accrued interest
Accrued liabilities in the statement of net position differ from the amount reported in governmental funds due to accrued interest on bonds.
Accrued interest on bonds payable	$	(130,516)

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities
The “net change in fund balances” for government funds, $40,090, differs from the “change in net position” for governmental activities, $1,683,662, reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated below:

Capital related items

When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, in the Statement of Activities, the costs of those assets is allocated over their estimated useful lives and reported as depreciation expense. As a result, fund balances decrease by the amount of financial resources expended, whereas net position increases by the amount of capital outlay for the year.

Capital outlay	$	2,825,972	
Contributed capital	4,960,000	
Depreciation	(233,240)	
Conveyance		(3,185,000)	
Total	$	4,367,732	

Long-term debt transactions

Repayments of bond principal are reported as an expenditure in the governmental funds and, thus, have the effect of reducing fund balance because current financial resources have been used. Also interest is recognized when due at the fund level, but is accrued at the government-wide level.

Issuance of long-term debt	$	2,825,972	
Payments of long-term debt	$	100,000	
Net change in accrued interest	$	1,812	

NOTE C – CASH AND INVESTMENTS
All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash.
Custodial Credit Risk – Deposits
Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk, however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2023, the District's bank balance and carrying value were
$34,779. 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.
Investments
Investment	Maturities	Fair Value
US Bank Managed Money Market	N/A	 $	414,890 

The District categorizes its fair value measurements within the fair value hierarchy recently established by generally accepted accounting principles. The fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The District uses a market approach in measuring fair value that uses prices and other relevant information generated by market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.
Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtaining quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant unobservable inputs that uses the best information available under the circumstances, which includes the District’s own data in measuring unobservable inputs.
Based on the criteria in the preceding paragraphs, the investment listed above is a level 1 asset. Interest Rate Risk
The District does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. However, the District follows Section 218.415, Florida Statutes for their investments.
Credit Risk
The District's investments in money markets are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. The District’s investments in US Bank Managed Monet Market are not rated.

NOTE C – CASH AND INVESTMENTS (CONTINUED)
Concentration of Credit Risk
The District places no limit on the amount it may invest in any one fund. The investments in the US Bank Managed Money Market Fund represent 100% of the District’s total investments.
The types of deposits and investments and their level of risk exposure as of September 30, 2023 were typical.
NOTE D – CAPITAL ASSETS
Capital Asset activity for the year ended September 30, 2023 was as follows:

	Balance October 1,
	2022		

	Additions		

	Deletions		Balance September 30,
	2023		
Governmental Activities:					
Capital assets, being depreciated					
Infrastructure	$ 4,628,846	$ 7,785,972	$  (3,185,000)	$	9,229,818	
Equipment	45,240	-	-	45,240	
Accumulated depreciation		(462,232)		(233,240)		- 		(695,472)	
Total Capital Assets, net	 $ 4,211,854 	 $ 7,552,732 	 $  (3,185,000)	 $	8,579,586 	
Depreciation of $233,240 was charged to physical environment.
The District is a party to the construction activity in which the Developer is funding construction within the District’s boundaries that will be conveyed from the Developer to the District and subsequently to other governmental entities, or solely to the District. As the construction is ongoing and the Developer is funding the remaining construction costs, any conveyances of property and improvements from the Developer will be appropriately accounted for upon completion of the project.
NOTE E – INTERFUND ACTIVITY

Interfund balances at September 30, 2023, consisted of the following:

	Payable Fund	
 Receivable Fund	 	General Fund	
Debt Service Fund	 $	4,017 

Interfund balances are the result of the General Fund collecting funds on behalf of the Debt Service Funds that were not remitted as of year-end.

NOTE F – LONG-TERM DEBT
The following is a summary of activity for long-term debt of the District for the year ended September 30, 2023:
Long-term debt at October 1, 2022	$	5,885,000 Issuance of long-term debt		 2,825,972
Principal payments		(100,000)
Long-term debt at September 30, 2023	$	8,610,972

In December 2018, the District issued $6,170,000 Special Assessment Revenue Bonds Series 2018, due in annual principal installments beginning May 2020, maturing May 2049. Interest is due semi-annually on May 1 and November 1, beginning May 2019, at a rate of 4.35% on the $385,000 bonds, with a maturity date of May 1, 2023, 4.85% on the $720,000 bonds, with a maturity date of May 1, 2029, 5.40% on the $1,860,000 bonds, with a maturity date of May 1, 2039, and 5.55% on the $3,205,000 bonds, with a maturity date of May 1, 2049. Current portion is
$105,000.	$  5,785,000
The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2023 are as follows:

Year Ending
  September 30,		
	Principal		
	Interest		
	Total		
2024	$	105,000	$	313,238	$	418,238	
2025	110,000	308,145	418,145	
2026	115,000	302,810	417,810	
2027	125,000	297,233	422,233	
2028	130,000	291,170	421,170	
2029-2033	760,000	1,349,805	2,109,805	
2034-2038	1,000,000	1,120,238	2,120,238	
2039-2043	1,305,000	817,163	2,122,163	
2044-2048	1,730,000	410,978	2,140,978	
2049		405,000 		22,475 		427,475 	
Totals	 $	5,785,000 	 $	5,233,255 	 $  11,018,255 	

NOTE F – LONG-TERM DEBT (CONTINUED)
Significant Bond Provisions
The Special Assessment Revenue Bonds Series 2018 are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time after May 1, 2029 at a redemption price equal to the principal amount of the Special Assessment Revenue Bonds Series 2018 to be redeemed, together with accrued interest to the date of redemption. The Special Assessment Revenue Bonds Series 2018 are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.
The Trust Indenture established certain amounts be maintained in a reserve account. In addition, the Trust Indenture has certain restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements.
Depository Funds
The bond resolution establishes certain funds and determines the order in which revenues are to be deposited into these funds. A description of the significant funds, including their purposes, is as follows:
Reserve Fund – The 2018 Reserve Accounts are funded from the proceeds of the Special Assessment Revenue Bonds Series 2018 in amounts equal to fifty percent of the maximum annual debt service requirement for all outstanding Special Assessment Revenue Bonds Series 2018. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.

Reserve Balance

Reserve Requirement

Series 2018 Special Assessment Revenues Bonds	 $	209,945 	 $	209,945 

Developer Advance

The District acquired certain infrastructure for $2,825,972 from the Developer during the year. Upon the issuance of the Series 2024 Special Assessment Revenue Bonds, the advance of
$2,825,972 is to be repaid by the District. The Developer advance balance as of September 30, 2023 was $2,825,972.
NOTE G – ECONOMIC DEPENDENCY

The Developers own a significant portion of land within the District. The District’s activity is dependent upon the continued involvement of the Developers, the loss of which could have a material adverse effect on the District’s operations. At September 30, 2023, three board members are affiliated with the Developers.

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; and natural disasters for which the government carries commercial insurance. There were no claims or settled claims from these risks for each of the past three years.
NOTE I – SUBSEQUENT EVENT
In March 2024, the District issued Special Assessment Revenue Bonds, Series 2024 in the amount of $3,310,000 to fund the Series 2024 Project.

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
Dowden West Community Development District City of Orlando, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements, as listed in the table of contents, of Dowden West Community Development District, as of and for the year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the basic financial statements and have issued our report thereon dated April 18, 2024.

Report on Internal Control Over Financial Reporting
In planning and performing our audit, we considered Dowden West 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 Dowden West Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Dowden West Community Development District's internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that have not been identified.

- 30 -

To the Board of Supervisors
Dowden West Community Development District

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

Purpose of this Report

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

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida April 18, 2024

- 31 -

MANAGEMENT LETTER
To the Board of Supervisors
Dowden West Community Development District City of Orlando, Florida
Report on the Financial Statements
We have audited the financial statements of the Dowden West Community Development District as of and for the year ended September 30, 2023, and have issued our report thereon dated April 18, 2024.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards. Disclosures in that report, which is dated April 18, 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 financial audit report. There were no findings or recommendations in the preceding financial audit report.
Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not Dowden West Community Development District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection with our audit, we determined that Dowden West Community Development District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.

- 32 -

To the Board of Supervisors
Dowden West Community Development District
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for Dowden West Community Development District. It is management’s responsibility to monitor the Dowden West Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same as of September 30, 2023.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.
Specific Information
The information provided below was provided by management and has not been audited; therefore, we do not express an opinion or provide any assurance on the information.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Dowden West 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: 0
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: $0
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $0
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, 2022, together with the total expenditures for such project: $0
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the District amends a final adopted budget under Section 189.016(6), Florida Statutes: The budget was amended, see next page.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the Dowden West Community Development District reported:
The rate or rates of non-ad valorem special assessments imposed by the District: General Fund, $713.61 – 1,712.67 and Debt Service, $500 – $1,200.
The amount of special assessments collected by or on behalf of the District: Total special assessments collected was $1,051,579.
The total amount of outstanding bonds issued by the District and the terms of such bonds: Series 2018, $5,785,000 maturing May 2049.

- 33 -

To the Board of Supervisors
Dowden West Community Development District

Original Budget		

Actual		Variance with Original Budget Positive
(Negative)		
Revenues
Special assessments	
$	605,457		
$	618,585		
$	13,128		
Developer Contributions	-		36,262		36,262		
Total Revenues	605,457		654,847		49,390		

Expenditures							
Current
General government	123,704	107,703		
16,001	
Physical environment	481,753	534,224		(52,471)	
 
Total Expenditures	605,457	641,927		
(36,470)	

Net changes in fund balance	-	12,920		

12,920	
Fund Balances - October 1, 2022	-	46,398		46,398	

Fund Balances - September 30, 2023	$	-	$	59,318		

$	59,318	
 
Additional Matters			
Section	10.554(1)(i)3.,	Rules	of	the	Auditor	General,	requires		us	to	communicate	
noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings.
Purpose of this Letter

Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Board of Supervisors, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida April 18, 2024

- 34 -

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

To the Board of Supervisors
Dowden West Community Development District City of Orlando, Florida

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

In our opinion, Dowden West Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2023.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida April 18, 2024

- 35 -

Section VI

Section C

Section 1

Dowden West
COMMUNITY DEVELOPMENT DISTRICT

Check Register Fiscal Year 2024

Date	check #'s	Amount

4/1-4/30	366-377	$72,268.44

TOTAL	$72,268.44

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	5/09/24	PAGE	1
*** CHECK DATES 04/01/2024 - 04/30/2024 ***	DOWDEN WEST - GENERAL FUND
BANK A DOWDEN WEST-GF
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
4/05/24 00018	3/25/24 17436	202403 320-53800-47000	*	950.00
LAKE MAINTENANCE MAR24
AQUATIC WEED MANAGEMENT, INC.	950.00 000366
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/05/24 00027	3/15/24 1031909	202403 320-53800-46700	*	2,357.25
MAR 24 - MOSQUITO CONTROL
CLARKE ENVIRONMENTAL MOSQUITO MGMT	2,357.25 000367
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/05/24 00006	3/29/24 22402800 202402 310-51300-31100	*	315.00
GENERAL ENGINEERING FEB24
3/29/24 22402837 202402 310-51300-31100	*	1,260.00
GENERAL ENGINEERING FEB24
DEWBERRY ENGINEERS, INC.	1,575.00 000368
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/05/24 00009	4/05/24 04052024 202404 300-20700-10100	*	13,199.78
TRANSFER OF TAX RECEIPTS
DOWDEN WEST CDD/US BANK	13,199.78 000369
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/05/24 00002	3/18/24 124015	202402 310-51300-31500	*	988.00
GENERAL COUNSEL FEB24
3/18/24 124016	202402 310-51300-31500	*	494.00
CONVEYANCES FEB24
LATHAM, LUNA, EDEN& BEAUDINE, LLP	1,482.00 000370
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/05/24 00026	3/21/24 MAR 24	202403 320-53800-43200	*	4,042.24 MAR 24 - WATER
ORANGE COUNTY UTILITY (AUTOPAY)	4,042.24 000371
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/05/24 00004	2/29/24 88607990 202402 310-51300-48000	*	4,362.75
NOTICE OF PUBLIC HEARING
TRIBUNE PUBLISHING COMPANY, LLC DBA	4,362.75 000372
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/05/24 00014	3/11/24 OE 66930 202402 320-53800-47300	*	537.60
IRRIGATION REPAIRS-FEB 24
3/25/24 OE 67257 202403 320-53800-46100	*	1,649.40 LANDSCAPE ENHANCEMENT
3/25/24 OE 67257 202403 320-53800-47300	*	119.77
IRRIGATION
4/01/24 OE 67435 202404 320-53800-46000	*	25,901.64 LANDSCAPE MAINT APR24
YELLOWSTONE LANDSCAPE-SOUTHEAST LLC	28,208.41 000373
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/18/24 00027	4/15/24 1032014	202404 320-53800-46700	*	2,357.25
APR 24 - MOSQUITO CONTROL
CLARKE ENVIRONMENTAL MOSQUITO MGMT	2,357.25 000374
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
DOWD DOWDEN WEST	PPOWERS

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	5/09/24	PAGE	2
*** CHECK DATES 04/01/2024 - 04/30/2024 ***	DOWDEN WEST - GENERAL FUND
BANK A DOWDEN WEST-GF
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#

4/18/24 00001	4/01/24	
	4/01/24	
	4/01/24	
	4/01/24	
	4/01/24	
	4/01/24	
	4/01/24	
	4/01/24	

*	3,343.67		
*	66.67			
*	100.00			
*	291.67			
*	.03			
*	.64			
*	31.50			
*	1,391.25			

133	202404 310-51300-34000
MANAGEMENT FEES APR24
133	202404 310-51300-35200
WEBSITE ADMIN APR24
133	202404 310-51300-35100
INFORMATION TECH APR24
133	202404 310-51300-31300
DISSEMINATION SVCS APR24
133	202404 310-51300-51000
OFFICE SUPPLIES APR24
133	202404 310-51300-42000
POSTAGE APR24
133	202404 310-51300-42500
COPIES APR24
134	202404 320-53800-12000
FIELD MANAGEMENT - APR24
GOVERNMENTAL MANAGEMENT SERVICES-	5,225.43 000375
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/18/24 00002	4/15/24 124492	202403 310-51300-31500	*	104.00
GENERAL COUNSEL MAR24
4/15/24 124493	202403 310-51300-31500	*	390.00
CONVEYANCES MAR24
LATHAM, LUNA, EDEN& BEAUDINE, LLP	494.00 000376
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
4/30/24 00013	3/31/24 MAR 24	202403 320-53800-43100	*	7,907.22 MAR 24 - WATERALIGHTS
3/31/24 MAR 24	202403 320-53800-43000	*	107.11
MAR 24 - WATERALIGHTS
ORLANDO UTILITIES COMM (AUTOPAY)	8,014.33 000377
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	72,268.44
TOTAL FOR REGISTER	72,268.44

DOWD DOWDEN WEST	PPOWERS

Section 2

Dowden West
Community Development District

Unaudited Financial Reporting
April 30,2024

Table of Contents

1		Balance Sheet	

2-3	
	General Fund	

4	
	Debt Service Fund Series 2018	

5	
	Debt Service Fund Series 2024	

6	
	Capital Project Fund Series 2018	

7	
	Capital Project Fund Series 2024	

8-9	
	Month to Month	

10	
	Long Term Debt Report	

11	
	Assessment Receipt Schedule	

Combined Balance Sheet April 30, 2024

General Fund	Debt Service Fund	Capital Project Fund	Totals Governmental Funds	

Assets:							
Cash:							
Operating Account	$	647,419	$		-	$	-	$	647,419	
Accounts Receivables	-			-	-	-	
Due from General Fund	-			-	-	-	

Series 2018
Reserve	
-	209,945	
-	
209,945	
Interest	-	-	-	-	
Revenue	-	468,724	-	468,724	
Principal	-	-	-	-	
Construction Series 2024
Reserve	-	-

-	112,400	10,894

-	10,894

112,400	
Cap Interest	-	103,749	-	103,749	
Construction	-	-	2,835,491	2,835,491	
Prepaid Expenses	-	-	-	-	
Total Assets	$	647,419	$	894,818	$	2,851,748	$	4,393,985	

Liabilities:				
Accounts Payable Due to Debt Service	$	-	
-	$	-	
-	$	-	
-	$	-	
-	
Total Liabilites	$	-	$	-	$	-	$	-	
Fund Balance: Restricted for: Debt Service	

$	-	

$	894,818	

$	-	$	894,818	
Capital Project		-	2,851,748	2,851,748	
Unassigned	647,419	-	-	647,419	
Total Fund Balances	$	647,419	$	894,818	$	2,851,748	$	4,393,985	
				
Total Liabilities & Fund Balance	$	647,419	$	894,818	$	2,851,748	$	4,393,985	

Adopted	Prorated Budget	Actual	
Budget	Thru 04/30/24	Thru 04/30/24	Variance	

Revenues:		
Assessments - Tax Roll	$	645,975	$	645,975	$	636,497	$	(9,478)	
Assessments - Direct	324,303	324,303	324,303	-	
Developer Contibutions	300,000	-	-	-	
Total Revenues	$	1,270,278	$	970,278	$	960,800	$	(9,478)	

Expenditures:					
General & Administrative:					
Supervisor Fees	$	2,400	$	1,400	$	800	$	600	
PR-FICA	184	107	61	46	
Engineering	15,000	8,750	4,670	4,080	
Attorney	25,000	14,583	7,977	6,607	
Arbitrage Rebate	900	525	450	75	
Dissemination Agent	7,000	4,083	2,042	2,042	
Annual Audit	5,000	-	-	-	
Trustee Fees	8,100	5,051	5,051	-	
Assessment Administration	5,000	5,000	5,000	-	
Management Fees	40,124	23,406	23,406	(0)	
Information Technology	1,200	700	700	-	
Website Maintenance	800	467	467	(0)	
Telephone	300	175	-	175	
Postage & Delivery	750	438	72	366	
Printing & Binding	750	438	213	224	
Insurance General Liability	6,886	6,886	6,197	689	
Legal Advertising	5,000	2,917	4,363	(1,446)	
Other Current Charges	2,000	1,167	284	883	
Office Supplies	500	292	1	291	
Property Appraiser	250	146	-	146	
Dues, Licenses & Subscriptions	175	175	175	-	
Total General & Administrative	$	127,319	$	76,704	$	61,927	$	14,777	

Adopted	Prorated Budget	Actual	
Budget	Thru 04/30/24	Thru 04/30/24	Variance	

Operations & Maintenance		
Contract Services
Field Management	

$	16,695	

$	9,739	

$	9,739	

$	-	
Landscape Maintenance	694,920	405,370	180,311	225,059	
Lake Maintenance	64,000	37,333	5,700	31,633	
Mitigation Monitoring	10,000	5,833	-	5,833	
Repairs & Maintenance
General Repairs & Maintenance	

2,500	

1,458	

-	

1,458	
Operating Supplies	500	292	-	292	
Landscape Replacement	10,000	5,833	9,064	(3,230)	
Irrigation Repairs	3,000	1,750	4,531	(2,781)	
Alleway Maintenance	5,000	2,917	-	2,917	
Signage	3,500	2,042	-	2,042	
Utilities
Electric	

4,000	

2,333	

752	

1,581	
Water & Sewer	85,000	49,583	30,349	19,234	
Streetlights	203,844	118,909	55,112	63,797	
Other
Contingency	

25,000	

14,584	

9,429	

5,155	
Property Insurance	15,000	8,750	6,794	1,956	
Total Operating & Maintenance	$	1,142,959	$	666,726	$	311,782	$	354,945	
					
Total Expenditures	$	1,270,278	$	743,430	$	373,708	$	369,722	
					
Excess (Deficiency) of Revenues over Expenditures	$	-	$	226,848	$	587,092	$	360,244	

Other Financing Sources/(Uses):					
Transfer In/(Out)	$	-	$	-	$	-	$	-	
Total Other Financing Sources/(Uses)	$	-	$	-	$	-	$	-	
					
Net Change in Fund Balance	$	-	$	226,848	$	587,092	$	360,244	
					
Fund Balance - Beginning	$	-		$	60,327		
					
Fund Balance - Ending	$	-		$	647,419		

	Adopted	Prorated Budget	Actual		
	Budget	Thru 04/30/24	Thru 04/30/24	Variance	

Revenues:					
Special Assessments - Tax Roll	$	420,744	$	420,744	$	414,571	$	(6,173)	
Interest Income	-	-	11,381	11,381	
Total Revenues	$	420,744	$	420,744	$	425,952	$	5,208	

Expenditures:					
Interest - 11/1	$	156,619	$	156,619	$	156,619	$	-	
Principal - 5/1	105,000	-	-	-	
Interest - 5/1	156,619	-	-	-	
Total Expenditures	$	418,238	$	156,619	$	156,619	$	-	
					
Excess (Deficiency) of Revenues over Expenditures	$	2,506	$	264,125	$	269,333	$	5,208	

Other Financing Sources/(Uses):					
Transfer In/(Out)	$	-	$	-	$	-	$	-	
Total Other Financing Sources/(Uses)	$	-	$	-	$	-	$	-	
					
Net Change in Fund Balance	$	2,506	$	264,125	$	269,333	$	5,208	
					
Fund Balance - Beginning	$	188,757		$	409,336		
					
Fund Balance - Ending	$	191,263		$	678,669		

	Proposed	Prorated Budget	Actual		
	Budget	Thru 04/30/24	Thru 04/30/24		Variance		

Revenues:							
Special Assessments - Tax Roll Interest Income	$	-
-	$	-
-	$	-
-	$		-
-	
Total Revenues	$	-	$	-	$	-	$		-	

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

Other Financing Sources/(Uses):							
Bond Proceeds	$	216,149	$	216,149	$	216,149	$		0	
Total Other Financing Sources/(Uses)	$	216,149	$	216,149	$	216,149	$		0	
							
Net Change in Fund Balance	$	216,149	$	216,149	$	216,149	$		0	
							
Fund Balance - Beginning	$	-		$	-				
							
Fund Balance - Ending	$	216,149		$	216,149				

Adopted	Prorated Budget	Actual	
Budget	Thru 04/30/24	Thru 04/30/24	Variance	

Revenues

Interest Income	

$	

-	$	

-	$	330	

$	330	
Total Revenues	$	-	$	-	$	330	$	330	

Expenditures:

Capital Outlay	

$	

-	$	

-	$	-	

$	-	
Total Expenditures	$	-	$	-	$	-	$	-	
					
Excess (Deficiency) of Revenues over Expenditures	$	-	$	-	$	330	$	330	

Other Financing Sources/(Uses)

Transfer In/(Out)	

$	

-	$	

-	$	-	

$	-	
Total Other Financing Sources (Uses)	$	-	$	-	$	-	$	-	
					
Net Change in Fund Balance	$	-	$	330		
					
Fund Balance - Beginning	$	-	$	10,564		
					
Fund Balance - Ending	$	-	$	10,894		

Adopted	Prorated Budget	Actual	
Budget	Thru 04/30/24	Thru 04/30/24	Variance	

Revenues		
Interest Income	$	-	$	-	$	2,429	$	2,429	
Total Revenues	$	-	$	-	$	2,429	$	2,429	

Expenditures:			
Capital Outlay	$	-	$	-	$	14,850	$	(14,850)	
Cost of Issuance	-	-	240,575	(240,575)	
Total Expenditures	$	-	$	-	$	255,425	$	(255,425)	
			
Excess (Deficiency) of Revenues over Expenditures	$	-	$	-	$	(252,996)	$	(252,996)	

Other Financing Sources/(Uses)			
Bond Proceeds	$	-	$	-	$	3,093,851	$	3,093,851	
Total Other Financing Sources (Uses)	$	-	$	-	$	3,093,851	$	3,093,851	
			
Net Change in Fund Balance	$	-	$	2,840,855		
			
Fund Balance - Beginning	$	-	$	-		
			
Fund Balance - Ending	$	-	$	2,840,855		

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

Revenues:

Assessments - Tax Roll	$	-	$	17,082	$  206,851	$	10,019	$  382,280	$	20,266	$	-	$	-	$	-	$	-	$	-	$	-	$  636,497	
Assessments - Direct	162,152		-	-	-	81,076	-	81,076	-	-	-	-	-	324,303	
Total Revenues	$  162,152	$	17,082	$  206,851	$	10,019	$  463,355	$	20,266	$	81,076	$	-	$	-	$	-	$	-	$	-	$	960,800	
Expenditures:											
General & Administrative:											
Supervisor Fees	$	-	$	-	$	-	$	400	$	-	$	400	$	-	$	-	$	-	$	-	$	-	$	-	$	800	
PR-FICA	-		-	-	31	-	31	-	-	-	-	-	-	61	
Engineering	800		945	-	1,350	-	1,575	-	-	-	-	-	-	4,670	
Attorney	1,938		933	543	2,588	-	1,482	494	-	-	-	-	-	7,977	
Arbitrage Rebate	-		-	-	450	-	-	-	-	-	-	-	-	450	
Dissemination Agent	292		292	292	292	292	292	292	-	-	-	-	-	2,042	
Annual Audit	-		-	-	-	-	-	-	-	-	-	-	-	-	
Trustee Fees	1,010		-	-	4,041	-	-	-	-	-	-	-	-	5,051	
Assessment Administration	5,000	.		-	-	-	-	-	-	-	-	-	-	5,000	
Management Fees	3,344		3,344	3,344	3,344	3,344	3,344	3,344	-	-	-	-	-	23,406	
Information Technology	100		100	100	100	100	100	100	-	-	-	-	-	700	
Website Maintenance	67		67	67	67	67	67	67	-	-	-	-	-	467	
Telephone	-		-	-	-	-	-	-	-	-	-	-	-	-	
Postage & Delivery	3		7	17	1	38	6	1	-	-	-	-	-	72	
Printing & Binding	-		19	-	-	89	75	32	-	-	-	-	-	213	
Insurance General Liability	6,197		-	-	-	-	-	-	-	-	-	-	-	6,197	
Legal Advertising	-		-	-	-	-	4,363	-	-	-	-	-	-	4,363	
Other Current Charges	38		38	47	38	41	41	40	-	-	-	-	-	284	
Office Supplies	0		0	0	0	0	0	0	-	-	-	-	-	1	
Property Appraiser	-		-	-	-	-	-	-	-	-	-	-	-	-	
Dues, Licenses & Subscriptions	175		-	-	-	-	-	-	-	-	-	-	-	175	
Total General & Administrative	$	18,963	$	5,744	$	4,408	$	12,700	$	3,969	$	11,774	$	4,369	$	-  $	-  $	-  $	-  $	-  $	61,927	

	Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total	
Operations & Maintenance													
Contract Services
Field Management	
$	1,391	
$	1,391	
$	1,391	
$	1,391	
$	1,391  $	
1,391  $	
1,391	
$	-	
$	-	
$	-	
$	-	
$	-	$	9,739	
Landscape Maintenance	$	25,902	$	25,902	$	24,902	$	25,902	$	25,902  $	51,803	$	-	$	-	$	-	$	-	$	-	$	-	$  180,311	
Lake Maintenance	$	950	$	950	$	950	$	950	$	950  $	950	$	-	$	-	$	-	$	-	$	-	$	-	$	5,700	
Mitigation Monitoring	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Repairs & Maintenance
General Repairs & Maintenance	
$	-	
$	-	
$	-	
$	-	
$	-	$	-	
$	-	
$	-	$	-	$	-	$	-	$	-	$	-	
Operating Supplies	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Landscape Replacement	$	-	$	-	$	5,073	$	-	$	2,341  $	1,649	$	-	$	-	$	-	$	-	$	-	$	-	$	9,064	
Irrigation Repairs	$	436	$	987	$	1,587	$	-	$	864  $	657	$	-	$	-	$	-	$	-	$	-	$	-	$	4,531	
Alleway Maintenance	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Signage	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Utilities
Electric	
$	126	
$	109	
$	99	
$	111	
$	100  $	101	
$	107	
$	-	$	-	$	-	$	-	$	-	$	752	
Water & Sewer	$	-	$	11,206	$	5,948	$	5,190	$	3,964  $	4,042	$	-	$	-	$	-	$	-	$	-	$	-	$	30,349	
Streetlights	$	7,838	$	7,832	$	8,018	$	7,876	$	7,887  $	7,754	$	7,907	$	-	$	-	$	-	$	-	$	-	$	55,112	
Other
Contingency	
$	-	
$	-	
$	-	
$	2,357	
$	2,357  $	2,357	
$	2,357	
$	-	$	-	$	-	$	-	$	-	$	9,429	
Property Insurance	$	6,794	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	6,794	
Total Operations & Maintenance	$	43,437	$	48,377	$	47,967	$	43,777	$	45,756  $	70,705	$	11,763	$	-  $	-  $	-  $	-  $	-  $  311,782	
								
Total Expenditures	$	62,400	$	54,121	$	52,374	$	56,477	$	49,725  $	82,480	$	16,131	$	-  $	-  $	-  $	-  $	-  $  373,708	
								
Excess (Deficiency) of Revenues over Expendi	$	99,751	$  (37,039)	$  154,477	$  (46,458)	$  413,630  $  (62,214)	$	64,944	$	-  $	-  $	-  $	-  $	-  $  587,092	
								
Total Other Financing Sources/Uses	$	-	$	-	$	-	$	-	$	-  $	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-	
								
Net Change in Fund Balance	$	99,751	$  (37,039)	$  154,477	$  (46,458)	$  413,630  $  (62,214)	$	64,944	$	-  $	-  $	-  $	-  $	-  $  587,092	

Dowden West
Community Development District Long Term Debt Report

	Series 2018, Special Assessment Revenue Bonds		
Interest Rate:	4.35%, 4.85%, 5.40%, 5.55%		
Maturity Date:	5/1/2049		
Reserve Fund Definition	50% of Maximum Annual Debt Service		
Reserve Fund Requirement	$209,945		
Reserve Fund Balance	209,945		
Bonds Outstanding - 02/02/2018		$6,170,000	
Less: Principal Payment - 05/01/20		($90,000)	
Less: Principal Payment - 05/01/21		($95,000)	
Less: Principal Payment - 05/01/22		($100,000)	
Less: Principal Payment - 05/01/23		($100,000)	
Current Bonds Outstanding		$5,785,000	

	Series 2024, Special Assessment Revenue Bonds		
Reserve Fund Definition	Lesser of:		
	(i) MADS		
	(ii) 125% of Annual DS		
	(iii) 10% of original proceeds		
Reserve Fund Requirement	$112,400		
Reserve Fund Balance	112,400		
Interest Rate:	$610,000.00	4.40%		
Maturity Date:	5/1/34		
	$990,000.00	5.25%		
	5/1/44		
	$1,710,000.00	5.55%		
	5/1/54		
Bonds Outstanding - 03/31/2024		$3,310,000	
Less: Principal Payment - 05/01/2025		$0	
Current Bonds Outstanding		$3,310,000	

ON ROLL ASSESSMENTS

Dowden West
COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Receipts Fiscal Year 2024

Gross Assessments	$	687,207.60	$	447,600.00	$	1,134,807.60	
Net Assessments	$	645,975.14	$	420,744.00	$	1,066,719.14	

allocation in %	60.56%	39.44%	100.00%

Date	
Gross Amount	Discount/ (Penalty)	
Commission	
Interest	
Net Receipts	
O&M Portion	2018		Debt Service	
Total	

11/13/23	
$	9,708.89	
$	388.35	
$	-	
$	-	
$	9,320.54	
$	5,644.26	
$	3,676.28	
$	9,320.54	
11/28/23	19,674.11	786.95	-	-	18,887.16	11,437.53	7,449.63	18,887.16	
12/05/23	21,845.01	873.78	-	-	20,971.23	12,699.59	8,271.64	20,971.23	
12/12/23	81,554.69	3,262.20	-	-	78,292.49	47,411.73	30,880.76	78,292.49	
12/19/23	251,703.35	10,067.64	-	680.56	242,316.27	146,739.93	95,576.34	242,316.27	
01/12/24	17,233.27	689.32			16,543.95	10,018.55	6,525.40	16,543.95	
02/16/24	$658,101.67	$26,323.59	$507.75		631,270.33	$382,279.58	$248,990.75	$631,270.33	
03/15/24	27,670.33		1,106.78	6,902.06	33,465.61	20,265.83	13,199.78	33,465.61	
					-	-	-	-	
					-	-	-	-	
					-	-	-	-	
TOTAL	$	1,087,491.32	$	42,391.83	$	1,614.53	$	7,582.62	$	1,051,067.58	$	636,497.00	$	414,570.58	$	1,051,067.58	

$

98.53%
47,316.28

Percent Collected
Balance Remaining to Collect

DIRECT ASSESSMENTS	
	Due Date	Invoiced	Received	Due	
Beachline South Residential, LLC	11/1/23	$162,151.52	$162,151.52	$0.00	
Beachline South Residential, LLC	2/1/24	$81,075.75	$81,075.75	$0.00	
Beachline South Residential, LLC	5/1/24	$81,075.75	$81,075.75	$0.00	
		$324,303.02	$324,303.02	$0.00	

Section 3

April 22, 2024

Jason Showe, District Manager Dowden West CDD
Governmental Management Services 219 East Livingston Street
Orlando, FL 32801

To whom it may concern,

Per the requirements of Chapter 190.006, Florida Statutes, the Orange County Supervisor of Elections Office Mapping Department has determined the number of registered voters in the district as of April 15, 2024. Our research is based on the most recent legal description provided to us by the District Office.

As of April 15, 2024, there are

516

registered voter(s) in the

Dowden West CDD.

A map and list of addresses can be provided upon request. Please contact the Mapping Department at 407-254-6554 with any questions.

Sincerely,

Mapping Department
Orange County Supervisor of Elections Phone: 407-254-6554
119 W. Kaley Street Orlando, FL 32806
soemapping@ocfelections.gov

119 West Kaley Street, Orlando ■ Reply to: Post Office Box 562001, Orlando, Florida 32856 Phone
(407) 836-2070 ■ Fax (407) 254-6596 ■ TDD (407) 422-4833 ■ Internet: www.ocfelections.gov

Section 4

2024 SPECIAL DISTRICTS QUALIFYING PROCEDURE
Qualifying Period – Noon, Monday, June 10, 2024 – Noon, Friday, June14, 2024
(Dates are subject to change)

Special District Candidates who WILL NOT incur election expenses or contributions will do the following:
Present the items listed below during the qualifying period
Form 1 – Statement of Financial Interest
Form DS-DE 302NP Candidate Oath – Nonpartisan Office
Qualifying fee of $25.00 or
25 valid petitions.

Special District Candidates who WILL incur election expenses or contributions must do the following:
File DS-DE9 Appointment of Campaign Treasurer/Designation of Campaign Depository (open campaign account). This must be completed prior to accepting campaign contributions and making campaign expenditures, (section 99.061(3), F.S.).
Read Chapter 106 of the Florida Statutes and submit a DS-DE84 Statement of Candidate.
File required campaign treasurer’s reports
Present qualifying documents during the qualifying period.
Form 1 – Statement of Financial Interest
Form DS-DE 302NP Candidate Oath – Nonpartisan Office
Qualifying fee of $25.00 or
25 valid petitions
Candidates Paying the Qualifying Fee:
All special district candidates, except a person certified to qualify by the petition method or seeking to qualify as a write-in candidate, must pay the qualifying fee of $25.00.
The qualifying fee for a special district candidate is not required to be drawn upon the candidate’s campaign account.
Candidates Qualifying by Petition Method:
Special district candidates need 25 valid signatures of qualified electors within the district. There is a fee of 10 cents per petition to be paid to the Supervisor of Elections for the cost of verifying the signature. The fee must be paid at the time the petitions are submitted.
The deadline for submitting candidate petitions is Noon, Monday, May 13, 2024.
Special district candidates are not required to file Form DS-DE 9 prior to collecting signatures.

See Section 99.061(3), Florida Statutes.

Section 5

LANDOWNER PROXY LANDOWNERS’ MEETING – NOVEMBER 21, 2024
Dowden West Community Development District Orange County, Florida

NOW ALL MEN BY THESE PRESENTS, that the undersigned, the fee simple owner of the lands described herein, hereby constitutes and appoints:

Proxy Holder

for and on behalf of the undersigned, to vote as proxy at the meeting of the landowners of the Dowden West Community Development District to be held at the offices of GMS-CF, LLC, 219 E. Livingston Street, Orlando, FL 32801 on Thursday, November 21, 2024 at 9:00 AM, and at any continuances or adjournments thereof, according to the number of acres of unplatted land and/or platted lots owned by the undersigned landowner which the undersigned would be entitled to vote if then personally present, upon any question, proposition, or resolution or any other matter or thing which may be considered at said meeting including, but not limited to, the election of members of the Board of Supervisors. Said Proxy Holder may vote in accordance with their discretion on all matters not known or determined at the time of solicitation of this proxy, which may legally be considered at said meeting.

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

Printed Name of Fee Simple Landowner		
Signature of Fee Simple Landowner

Parcel Description		Date

Acreage	

Authorized Votes*	

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

Total Number of Authorized Votes:

*Pursuant to section 190.006(2)(b), Florida Statutes (2004), a fraction of an acre is treated as one (1) acre entitling the landowner to one vote with respect thereto.

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

INSTRUCTIONS

At the Board meeting, when the landowners’ election is announced, instructions on how landowners may participate in the election, along with a sample proxy, shall be provided.

At a landowners’ meeting, landowners shall organize by electing a chair who shall conduct the meeting. The chair may be any person present at the meeting. If the chair is a landowner or proxy holder of a landowner, he or she may nominate candidates and make and second motions.

Nominations are made from the floor.

After all nominations are made, a ballot is distributed and votes are cast

Each landowner is entitled to one vote for each acre he owns or portion of an acre.

SAMPLE AGENDA

Determination of Number of Voting Units Represented

Call to Order

Election of a Chairman for the Purpose of Conducting the Landowners Meeting

Nominations for the Position of Supervisor

Casting of Ballots

Ballot Tabulation

Landowners Questions and Comments

Adjournment