Rolling Oaks Community Development District

ANNUAL FINANCIAL REPORT

September 30, 2018

Rolling Oaks Community Development District

ANNUAL FINANCIAL REPORT

September 30, 2018

TABLE OF CONTENTS

	Page		
	Number		
REPORT OF INDEPENDENT AUDITORS	1-2		
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-8		
BASIC FINANCIAL STATEMENTS:			
Government-wide Financial Statements:	9		
Statement of Net Position			
Statement of Activities	10		
Fund Financial Statements:	11		
Balance Sheet – Governmental Funds			
Reconciliation  of  Total  Governmental  Fund  Balances  to  Net	12		
Position of Governmental Activities			
Statement  of  Revenues,  Expenditures  and Changes  in Fund	13		
Balances – Governmental Funds			
Reconciliation of the Statement of Revenues, Expenditures and			
Changes in Fund Balances of Governmental Funds to the			
Statement of Activities	14		
Statement  of  Revenues,  Expenditures  and Changes  in Fund			
Balances – Budget and Actual – General Fund	15		
Notes to Financial Statements	16-29		
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL			
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN			
AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH			
GOVERNMENT AUDITING STANDARDS	30-31		
MANAGEMENT LETTER	32-33		
INDEPENDENT ACCOUNTANT’S REPORT/COMPLIANCE			
WITH SECTION 218.415, FLORIDA STATUTES	34		

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Berger, Toombs,

Gaines & Frank

Certified Public Accountants	PL

600 Citrus Avenue

Suite 200

Fort Pierce, Florida 34950

772/461-6120 // 461-1155 FAX: 772/468-9278

Elam,

REPORT OF INDEPENDENT AUDITORS

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

Report on the Financial Statements

We have audited the accompanying financial statements of Rolling Oaks Community Development District as of and for the year ended September 30, 2018, and the related notes to financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

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

Auditor’s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Member AICPA

- 1 -
Member AICPA Division

For

CPA

Firms

Member

FICPA

Private Companies Practice Section

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Berger, Toombs, Gaines & Frank

CertifiedPublicAccountants	PL

Elam,

To the Board of Supervisors
Rolling Oaks Community Development District

Opinion

In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities, and each major fund of Rolling Oaks Community Development District as of September 30, 2018, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Other Matters

Management’s Discussion and Analysis

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by 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, economical 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 principally of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with the sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated June 25, 2019 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts.

The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Rolling Oaks Community Development District’s internal control over financial reporting and compliance.

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

June 25, 2019

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Rolling Oaks Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2018

Management’s discussion and analysis of Rolling Oaks 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.

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Rolling Oaks Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2018

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

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

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

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

Financial Highlights

The following are the highlights of financial activity for the year ended September 30, 2018.

	The District’s total liabilities exceeded total assets by $(865,737) (net position). Unrestricted net position for Governmental Activities was $131,086. Net Investment in Capital Assets was $(1,322,044). Restricted net position was $325,221.

	Governmental activities revenues totaled $1,221,743 while governmental activities expenses totaled $983,942.

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Rolling Oaks Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2018

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District

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

	Net Position								
			Governmental Activities		
			2018				2017			
Current assets	$	691,204	$	18,682			
Restricted assets			1,277,080				14,900,605			
Capital assets			13,193,250				-			
Total Assets			15,161,534				14,919,287			
Current liabilities			607,271				382,825			
Non-current liabilities			15,420,000				15,640,000			
Total Liabilities			16,027,271				16,022,825			
Net investment in capital assets			(1,322,044)				-			
Restricted for debt service			325,221				1,207,830			
Net position - unrestricted			131,086				(2,311,368)			
Total Net Position								
									
		$	(865,737)			$ (1,103,538)			

The increase in current assets is related to the special assessment receivable at the end of the current year.

The increase in capital assets and the decrease in restricted assets is mainly due to the current year capital project activity.

The increase in current liabilities and the decrease in non-current liabilities is primarily related to current portion of the bonds payable at September 30, 2018.

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Rolling Oaks Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2018

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Financial Analysis of the District (Continued)

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

Change In Net Position

		Governmental Activities		
		2018			2017		
Program Revenues							
Charges for services	$	1,120,756	$	69,992		
Contributions		80,884			71,760		
General Revenues							
Investment earnings		20,103			-		
Total Revenues							
		1,221,743			141,752		
Expenses							
General government		83,186			540,887		
Interest on long-term debt		900,756			715,601		
Total Expenses		983,942			1,256,488		
Change in Net Position		237,801			(1,114,736)		
Net Position - Beginning of Year		(1,103,538)			11,198		
Net Position - End of Year	$	(865,737)	$	(1,103,538)		

The increase in charges for services is related the increased debt service requirements in the current year.

The reduction in general government expense is related to the bond issuance costs paid in the prior year.

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Rolling Oaks Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2018

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, 2018 and 2017.

Description		Governmental Activities		
		2018			2017		
Construction in progress	$  13,193,250	$	-		

The activity for the year consisted of $13,193,250 in additions to construction in progress. General Fund Budgetary Highlights

Actual governmental expenditures were less than final budgeted amounts primarily due to lower engineering, legal and assessment administration expenditures than were anticipated in the approved budget.

There were no amendments to the 2018 budget.

Debt Management

Governmental Activities debt includes the following:

	In November 2016, the District issued $15,640,000 Series 2016 Special Assessment Bonds. These bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. At September 30, 2018 the balance outstanding was $15,640,000.

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Rolling Oaks Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS For the Year Ended September 30, 2018

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

Economic Factors and Next Year’s Budget

The District issued $13,160,000 of additional Bonds in October 2018 and expects to continue with the constuction of improvements to the District in fiscal year 2019.

Request for Information

The financial report is designed to provide a general overview of Rolling Oaks Community Development District 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 Rolling Oaks Community Development District, Governmental Management Services, 9145 Narcoossee Road, Suite A206, Orlando, FL 32827.

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Rolling Oaks Community Development District STATEMENT OF NET POSITION September 30, 2018

ASSETS

Current Assets

Cash

Assessments receivable

Due from developer

Prepaid items

Total Current Assets

Non-current Assets

Restricted assets

Investments

Capital assets, not being depreciated

Construction in progress

Total Non-current Assets

Total Assets

LIABILITIES

Current Liabilities

Accounts payable and accrued expenses

Unearned revenues

Accrued interest

Bonds payable - current portion

Total Current Liabilities

Non-current Liabilities

Bonds payable

Total Liabilities

NET POSITION

Net investment in capital assets

Restricted debt service

Unrestricted

Total Net Position

See accompanying notes.
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Governmental

Activities

$	7,451

670,378

7,625

5,750

691,204

1,277,080

13,193,250

14,470,330

15,161,534

6,205

5,750

375,316

220,000

607,271

15,420,000

16,027,271

(1,322,044)

325,221

131,086

$	(865,737)

Rolling Oaks Community Development District

STATEMENT OF ACTIVITIES

For the Year Ended September 30, 2018

					Net (Expense)		
					Revenues and		
		Program Revenues		Changes in		
				Net Position		
		Charges for	Operating				
			Grants and		Governmental		
Functions/Programs	Expenses	Services	Contributions		Activities		

Governmental Activities

General government

Interest on long-term debt

Total Governmental Activities

$	(83,186)		$	-	$	80,884	$	(2,302)	
	(900,756)			1,120,756			-			220,000	
$	(983,942)		$	1,120,756		$	80,884			217,698	
General revenues:									
	Investment earnings							20,103	
	Change in Net Position						237,801	
Net Position - October 1, 2017						(1,103,538)	
Net Position - September 30, 2018					$	(865,737)	

See accompanying notes.

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Rolling Oaks Community Development District

BALANCE SHEET –

GOVERNMENTAL FUNDS

September 30, 2018

											Total		
					Debt			Capital		Governmental		
ASSETS	General			Service			Projects			Funds		
Cash	$	7,451	$	-	$	-	$	7,451		
Due from developer		7,625			-			-			7,625		
Assessments receivable		-			670,378			-			670,378		
Prepaid items		5,750			-			-			5,750		
Restricted assets													
Investments, at fair value		-			1,154,865			122,215			1,277,080		
Total Assets	$	20,826		$	1,825,243		$	122,215		$	1,968,284		
LIABILITIES AND FUND BALANCES													
													
LIABILITIES													
Accounts payable and accrued expenses	$	6,205	$	-	$	-	$	6,205		
Unearned revenue		5,750			-			-			5,750		
Total Liabilities		11,955			-			-			11,955		
FUND BALANCES													
Nonspendable													
Prepaid items		5,750			-			-			5,750		
Restricted													
Debt service		-			1,825,243			-			1,825,243		
Capital projects		-			-			122,215			122,215		
Unassigned		3,121			-			-			3,121		
Total Fund Balances		8,871			1,825,243			122,215			1,956,329		
Total Liabilities and Fund Balances	$	20,826	$	1,825,243	$	122,215	$	1,968,284		

See accompanying notes.

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Rolling Oaks Community Development District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES September 30, 2018

Total Governmental Fund Balances	$	1,956,329	
Amounts reported for governmental activities in the Statement of Net Position			
are different because:			
Capital assets consisting of construction in progress used in governmental activities			
are not current financial resources and, therefore, are not reported at the fund level.		13,193,250	
Long-term liabilities are not due and payable in the current period and, therefore,			
are not reported at the fund level.		(15,640,000)	
Accrued interest expense for long-term debt is not a current financial use			
and, therefore, is not reported at the fund level.		(375,316)	
Net Position of Governmental Activities	$	(865,737)	

See accompanying notes.

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Rolling Oaks Community Development District

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES –

GOVERNMENTAL FUNDS

For the Year Ended September 30, 2018

										Total	
					Debt			Capital		Governmental	
		General			Service			Projects		Funds	
Revenues											
Special assessments	$	-	$	1,120,756	$	-	$ 1,120,756	
Developer contributions		80,884			-			-	80,884	
Investment earnings		-			15,217			4,886	20,103	
Total Revenues		80,884			1,135,973			4,886		1,221,743	
Expenditures											
Current											
General government		83,186			-			-	83,186	
Capital outlay		-			-			13,193,250	13,193,250	
Debt service											
Interest		-			900,756			-	900,756	
Total Expenditures		83,186			900,756			13,193,250		14,177,192	
Excess of revenues over (under)											
expenditures		(2,302)			235,217	(13,188,364)	(12,955,449)	
Other Financing Sources/(Uses)											
Transfers in		-			17,336			10,456	27,792	
Transfers out		-			(10,456)			(17,336)	(27,792)	
Total Other Financing Sources/(Uses)		-			6,880			(6,880)		-	
Net change in fund balances		(2,302)			242,097	(13,195,244)	(12,955,449)	
Fund Balances - October 1, 2017		11,173			1,583,146			13,317,459		14,911,778	
Fund Balances - September 30, 2018	$	8,871	$	1,825,243	$	122,215	$ 1,956,329	

See accompanying notes.

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Rolling Oaks Community Development District

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE

STATEMENT OF ACTIVITIES

For the Year Ended September 30, 2018

Net Change in Fund Balances - Total Governmental Funds	$	(12,955,449)	
Amounts reported for governmental activities in the Statement of Activities are			
different because:			
Governmental funds report capital outlays as expenditures. However,			
in the Statement of Activities, the cost of those assets is allocated over their			
estimated useful lives as depreciation. This is the amount of capital outlay in			
the current period.		13,193,250	
Change in Net Position of Governmental Activities	$	237,801	

See accompanying notes.	- 14 -

Rolling Oaks Community Development District

STATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCES – BUDGET AND ACTUAL –

GENERAL FUND

For the Year Ended September 30, 2018

										Variance With		
										Final Budget		
	Original			Final						Positive		
Revenues	Budget		Budget		Actual		(Negative)		
	$	120,105	$	120,105	$	80,884	$	(39,221)		
Developer contributions										
Expenditures													
Current													
General government		120,105			120,105			83,186			36,919		
Net change in fund balances		-			-			(2,302)			(2,302)		
Fund Balances - October 1, 2017		-			-			11,173			11,173		
Fund Balances - September 30, 2018	$	-	$	-	$	8,871	$	8,871		

See accompanying notes.

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Rolling Oaks Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2018

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

1.	Reporting Entity

	The District was established on December 19, 2014 by Osceola County, Florida, Ordinance 2014-173 under the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act"), as a Community Development District. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is governed by a five-member Board of Supervisors, two of which are currently elected for terms of four years, and three of which are currently elected for terms of two years. The District operates within the criteria established by Chapter 190. The Board has the responsibility for assessing and levying assessments, approving budgets, exercising control over facilities and properties, controlling the use of funds generated by the District, approving the hiring and firing of key personnel, and financing improvements.

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

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

2.	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

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Rolling Oaks Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2018

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.	Measurement Focus and Basis of Accounting (Continued)

a.	Government-wide Financial Statements

	Government-wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.

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

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

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

b.	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.

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Rolling Oaks Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2018

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.	Measurement Focus and Basis of Accounting (Continued)

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

	The District has various policies governing the fund balance classifications.

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

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

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

	Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when 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.

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Rolling Oaks Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2018

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.	Measurement Focus and Basis of Accounting (Continued)

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

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

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

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

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

	Debt service expenditures are recorded only when payment is due.

3.	Basis of Presentation

a.	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.

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Rolling Oaks Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2018

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

3.	Basis of Presentation (Continued)

a.	Governmental Major Funds (Continued)

	Debt Service Fund – Accounts for debt service requirements to retire certain capital improvement revenue bonds which were used to finance the construction of District infrastructure improvements and finance certain additional improvements. The bond series is secured by a pledge of debt service special assessment revenues in any fiscal year related to the improvements. A lien is placed on all benefited land in relationship to the debt outstanding.

	Capital Projects Fund – The Capital Project Fund accounts for construction of infrastructure improvements within the boundaries of the district.

b.	Non-current Governmental Assets/Liabilities

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

4.	Assets, Liabilities and Net Position or Equity

a.	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.

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Rolling Oaks Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2018

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

a.	Cash and Investments (Continued)

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

1.	Direct obligations of the United States Treasury;

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

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

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

Cash equivalents include time deposits and certificates of deposit with original maturities of three months or less and held in a qualified public depository as defined by Florida Statute 280.02.

b.	Restricted Net Position

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

c.	Capital Assets

	Capital assets, which include land, infrastructure, and improvements, are reported in the applicable governmental activities column.

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

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

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Rolling Oaks Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2018

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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

c.	Capital Assets (Continued)

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

d.	Budgets

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

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

1.	Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position

	“Total fund balances” of the District’s governmental funds, $1,956,329, differs from “net position” of governmental activities, $(865,737), 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.

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Rolling Oaks Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2018

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

1.	Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position (Continued)

	Capital related items

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

Construction in progress	$	13,193,250

Long-term debt transactions

Long-term liabilities and bond discount 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.

Bonds payable	$   (15,640,000)	

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	$	(375,316)

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Rolling Oaks Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2018

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

2.	Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities

	The “net change in fund balances” for government funds, $(12,955,449), differs from the “change in net position” for governmental activities, $237,801, 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 cost of those assets is allocated over their estimated useful lives and reported as depreciation. As a result, fund balances decrease by the amount of financial resources expended, whereas net position decrease by the amount of depreciation charged for the year.

Capital outlay	$  13,193,250	

NOTE C – CASH AND INVESTMENTS

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

Custodial Credit Risk – Deposits

Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk; however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2018, the District's bank balance was $14,571 and the carrying value was $7,451. 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.

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Rolling Oaks Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2018

NOTE C – CASH AND INVESTMENTS (CONTINUED)

Custodial Credit Risk – Deposits (Continued)

As of September 30, 2018, the District had the following investments and maturities:

Investment		Maturities		Fair Value		
Fidelity Govt Porfolio Money Market Fund		36 days*		$  1,277,080		
*Weighted average maturity						

The District categorizes its fair value measurement within the fair value hierarchy 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 realizable and is based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtained 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 paragraph, the investment above is a Level 1 asset. Investments
The District’s investment policy allows management to invest funds in investments permitted under Section 218.415, Florida Statutes. Among other investments, the policy allows the District to invest in the State Board of Administration Local Government Surplus Trust Funds.

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.

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Rolling Oaks Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2018

NOTE C – CASH AND INVESTMENTS (CONTINUED)

Credit Risk

The District's investments are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. As of September 30, 2018, the District's investment in Fidelity Govt Portfolio Money Market Fund is rated AAAm by Standards & Poors.

Concentration of Credit Risk

The District places no limit on the amount it may invest in any one fund. The investments in Fidelity Govt Portfolio Money Market Fund is 100% of the District’s total investments.

The types of deposits and investments and their level of risk exposure as of September 30, 2018 were typical of these items during the fiscal year then ended. The District considers any decline in fair value for certain investments to be temporary.

NOTE D – SPECIAL ASSESSMENT REVENUES

Assessments are non-ad valorem assessments on benefitted property within the District. Operating and Maintenance Assessments are based upon adopted budget and levied annually. Debt Service Assessments are levied when bonds are issued and collected annually. The District may collect assessments directly or utilize the uniform method of collection (Chapter 197.3632, Florida Statutes). Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed by County Tax Collector on November 1 and due on or before March 31 of each year. Property owners may prepay a portion or all of the Debt Service Assessments on their property subject to various provisions in the bond documents.

Assessments and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

-26-

Rolling Oaks Community Development District

NOTES TO FINANCIAL STATEMENTS
September 30, 2018

NOTE E – CAPITAL ASSETS

Capital Asset activity for the year ended September 30, 2018 was as follows:

				Beginning									Ending		
	Governmental Activities:		Balance		Additions			Deletions				Balance		

	Capital assets, not being depreciated:													
	Construction in progress	$	-	$  13,193,250	$	-			$  13,193,250		
NOTE F – LONG-TERM DEBT													
													
$15,640,000 Series 2016 Special Assessment Bonds due in									
annual  principal  installments  beginning  November  2018,									
maturing in November 2047. Interest rates ranging from 4.50%									
to 6.00% is due May 1 and November 1 beginning May 2017.									
Current portion is $220,000.					$ 15,640,000				

The annual requirements to amortize the principal and interest of bonded debt outstanding as of
September 30, 2018 are as follows:

Year Ending												
September 30,			Principal				Interest				Total	
2019	$	220,000	$	895,806	$	1,115,806	
2020			230,000				885,681				1,115,681	
2021			240,000				875,106				1,115,106	
2022			255,000				863,969				1,118,969	
2023			265,000				852,269				1,117,269	
2024-2028			1,530,000				4,039,119				5,569,119	
2029-2033			1,990,000				3,560,828				5,550,828	
2034-2038			2,650,000				2,884,844				5,534,844	
2039-2043			3,530,000				1,973,100				5,503,100	
2044-2048			4,730,000				774,300				5,504,300	
Totals		$	15,640,000		$	17,605,022		$	33,245,022	

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Rolling Oaks Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2018

NOTE F – LONG-TERM DEBT (CONTINUED)

Significant Bond Provisions

The Series 2016 Bonds are subject to redemption at the option of the District prior to their maturity in the manner provided by the Bond Indenture. The Series 2016 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Indenture.

The Bond Indenture established certain amounts be maintained in a reserve account. In addition, the Bond 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.

The following is a schedule of required reserve deposits as of September 30, 2018:

Reserve	Reserve

Balance	Requirement

Special Assessment Bonds, Series 2016	$  1,134,079	$  1,124,706	

NOTE G – INTERFUND BALANCES

Interfund balances at September 30, 2018, consisted of the following:

			Transfer In				
Transfer Out		Debt Service		Capital Projects		
			Fund			Fund			
Debt Service Fund	$	-	$	10,456			
Capital Projects Fund			17,336			-			
Total		$	17,336		$	10,456			

Interfund activity between the Debt Service Fund and the Capital Projects Fund is related to excess debt service reserves, and for the transfer of funds for debt service payments.

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Rolling Oaks Community Development District NOTES TO FINANCIAL STATEMENTS September 30, 2018

NOTE H– RELATED PARTY TRANSACTIONS

The majority of the voting members of the Board of Supervisors are employed by the Developer or a related entity. The Developer or a related entity owns a portion of land within the District; therefore, assessment revenues in the general fund and debt service fund include the assessments levied on those lots owned by the Developer or a related entity.

NOTE I – ECONOMIC DEPENDENCY

The Developer or a related entity owns a significant portion of land within the District. The District’s activity is dependent upon the continued involvement of the Developer or a related entity, the loss of which could have a material adverse effect on the District’s operations. At September 30, 2018, all board members are affiliated with the Developer or a related entity.

NOTE J – MANAGEMENT COMPANY

The District has contracted with a management company to perform management advisory services, which include financial and accounting advisory services. Certain employees of the management company also serve as officers (Board appointed non-voting positions) of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, and other administrative costs.

NOTE K – SUBSEQUENT EVENTS

In October 2018, the District issued $13,160,000 Series 2018 Special Assessment Bonds. The proceeds will be used to pay for the costs of acquiring a portion of the Series 2018 Project.

-29-

r~tt
CO:,

Berger, Toombs,

Gaines & Frank

Certified Public Accountants	PL

600 Citrus Avenue

Suite 200

Fort Pierce, Florida 34950

772/461-6120 // 461-1155 FAX: 772/468-9278

Elam,

INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

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

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of Rolling Oaks Community Development District, as of and for the year ended September 30, 2018, and the related notes to the financial statements, and have issued our report thereon dated June 25, 2019.

Internal Control Over Financial Reporting

In planning and performing our audit, we considered Rolling Oaks Community Development District's internal control over financial reporting to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Rolling Oaks Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Rolling Oaks Community Development District's internal control over financial reporting.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect 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 over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

Member AICPA

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Fort Pierce / Stuart			
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Member

FICPA

~~tt

,OJ

Berger, Toombs, Gaines & Frank

CertifiedPublicAccountants	PL

Elam,

Board of Supervisors
Rolling Oaks Community Development District

Compliance and Other Matters

As part of obtaining reasonable assurance about whether Rolling Oaks 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
Fort Pierce, Florida

June 25, 2019

-31-

r~tt
CO:,

Berger, Toombs,

Gaines & Frank

Certified Public Accountants	PL

600 Citrus Avenue

Suite 200

Fort Pierce, Florida 34950

772/461-6120 // 461-1155 FAX: 772/468-9278

Elam,

MANAGEMENT LETTER

To the Board of Supervisors
Rolling Oaks Community Development District

Osceola County, Florida

Report on the Financial Statements

We have audited the financial statements of the Rolling Oaks Community Development District as of and for the year ended September 30, 2018, and have issued our report thereon dated June 25, 2019.

Auditor’s Responsibility

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

Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals Standards, AT- C Section 315 regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in that report, which is dated June 25, 2019, 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 made to address findings and recommendations made in the preceding financial audit report. There were no findings or recommendations made 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, requires us to apply appropriate procedures and communicate the results of our determination as to whether or not Rolling Oaks 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 the Rolling Oaks Community Development District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.

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Berger, Toombs, Gaines & Frank

CertifiedPublicAccountants	PL

Elam,

To the Board of Supervisors
Rolling Oaks Community Development District

Pursuant to Sections 10.554(1)(i)5.c. and 10.556(8), Rules of the Auditor General, we applied financial conditions assessment procedures as of September 30, 2018 for the Rolling Oaks Community Development District . It is management’s responsibility to monitor the Rolling Oaks Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same.

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

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 which 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

June 25, 2019

-33-

r~tt
CO:,

Berger, Toombs,

Gaines & Frank

Certified Public Accountants	PL

600 Citrus Avenue

Suite 200

Fort Pierce, Florida 34950

772/461-6120 // 461-1155 FAX: 772/468-9278

Elam,

INDEPENDENT ACCOUNTANT’S REPORT/COMPLIANCE

WITH SECTION 218.415, FLORIDA STATUTES

To the Board of Supervisors
Rolling Oaks Community Development District

Osceola County, Florida

We have examined Rolling Oaks Community Development District's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2018. Management is responsible for Rolling Oaks Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Rolling Oaks 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 Rolling Oaks 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 Rolling Oaks Community Development District’s compliance with the specified requirements.

In our opinion, Rolling Oaks Community Development District complied, in all material respects, with the aforementioned requirements during the year ended September 30, 2018.

Berger, Toombs, Elam, Gaines & Frank
Certified Public Accountants PL

Fort Pierce, Florida

June 25, 2019

Member AICPA

Member

Private

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