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Backup Documents 09/13/2016 Item #16F 1 (08/09/2016 Absentia) LIST & UTING 1 6 F ORIGINAL DOCUMENTS ALL ORIGINALKDOCUMENTO SENT TO 1 TO ACCOMPANY THE BOARD OF COUNTY COMMISSIONERS OFFICE FOR SIGNATURE Print on pink paper. Attach to original document. The completed routing slip and original documents are to be forwarded to the County Attorney Office at the time the item is placed on the agenda. All completed routing slips and original documents must be received in the County Attorney Office no later than Monday preceding the Board meeting. **NEW** ROUTING SLIP Complete routing lines#1 through#2 as appropriate for additional signatures,dates,and/or information needed. If the document is already complete with the exception of the Chairman's signature,draw a line through routing lines#1 through#2,complete the checklist,and forward to the County Attorney Office. Route to Addressee(s) (List in routing order) Office Initials Date 1. 2. 3 County Attorney Office County Attorney Office L'1\ Ay//(0 4. BCC Office Board of County I--o e"\N / Commissioners al\Vz \b 5. Minutes and Records Clerk of Court's Office q 1131A l(:0(Q6 PRIMARY CONTACT INFORMATION Normally the primary contact is the person who created/prepared the Executive Summary. Primary contact information is needed in the event one of the addressees above,may need to contact staff for additional or missing information. Name of Primary Staff Scott A. Stone,ACA Phone Number 252-5740 Contact/ Department Agenda Date Item was August 9,2016 Agenda Item Number +- t' $'.3 Approved by the BCC \?j ?�� ( -�-\ Type of Document Resolution ��2 Number of Original 1 Attached Documents Attached PO number or account number if document is to be recorded INSTRUCTIONS & CHECKLIST Initial the Yes column or mark"N/A"in the Not Applicable column,whichever is Yes N/A(Not appropriate. (Initial) Applicable) 1. Does the document require the chairman's original signature? N/A 2. Does the document need to be sent to another agency for additional signatures? If yes, N/A provide the Contact Information(Name;Agency;Address;Phone)on an attached sheet. 3. Original document has been signed/initialed for legal sufficiency. (All documents to be SAS signed by the Chairman,with the exception of most letters,must be reviewed and signed by the Office of the County Attorney. 4. All handwritten strike-through and revisions have been initialed by the County Attorney's N/A Office and all other parties except the BCC Chairman and the Clerk to the Board 5. The Chairman's signature line date has been entered as the date of BCC approval of the SAS document or the final negotiated contract date whichever is applicable. 6. "Sign here"tabs are placed on the appropriate pages indicating where the Chairman's SAS signature and initials are required. 7. In most cases(some contracts are an exception),the original document and this routing slip N/A should be provided to the County Attorney Office at the time the item is input into SIRE. Some documents are time sensitive and require forwarding to Tallahassee within a certain time frame or the BCC's actions are nullified. Be aware of your deadlines! 8. The document was approved by the BCC on 8/9/16.,—)and all changes made SAS during the meeting have been incorporated in the attached c ent. The Co ty Attorney's Office has reviewed the changes,if applicable.ha 9. Initials of attorney verifying that the attached document is the version approved by the SAS b�\ BCC, all changes directed by the BCC have been made,and the document is ready f r theme Chairman's signature. V ' I:Forms/County Forms/BCC Forms/Original Documents Routing Slip WWS Original 9.03.04,Revised 1.26.05,Revised 2.24.05;Revised 11/30/12 Ct' cly�1 SS` 16F I Martha S. Vergara From: Martha S.Vergara Sent: Friday, September 16, 2016 10:49 AM To: Stone, Scott Subject: Resolution 2016-172 Attachments: Resolution 2016-172.pdf Morning Scott, Attached for your records is a scanned copy of the aforementioned resolution. Thanks, Martha Vergara, BMR Senior Clerk Minutes and Records Dept. Clerk of the Circuit Court & Value Adjustment Board Office: (239) 252-7240 Fax: (239) 252-8408 E-mail: martha.vergara@collierclerk.com 1 16F 1 RESOLUTION NO. 161 7 2 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS RELATING TO ORDINANCE NO. 2016-06, WHICH ESTABLISHED A TEMPORARY MORATORIUM FOR CHARTER SCHOOLS WITHIN ALL COMMERCIAL, RESIDENTIAL AND ESTATES ZONED PROPERTIES, TO REAFFIRM THE BOARD'S INTENT THAT THE TEMPORARY MORATORIUM SHALL REMAIN IN EFFECT UNTIL SEPTEMBER 22,2016. WHEREAS, on March 22, 2016, the Board of County Commissioners of Collier County ("Board") adopted Ordinance No. 2016-06 ("Ordinance"), which placed a temporary moratorium on all applications for development orders concerning all commercial, residential and estates zoned properties with respect to charter schools for six months following the enactment of the Ordinance; and WHEREAS, in accordance with Florida Statutes Section 125.66(2)(b), an ordinance is enacted on the date it is approved by the Board at an advertised regular or special meeting; and WHEREAS, on September 13, 2016, the Board is scheduled to consider an amendment to the Land Development Code relating to charter schools which will address the issues described in the Ordinance, including protection of charter school property interests as well as property rights of those which may be adversely impacted by such developments; and WHEREAS,the Board wishes to clarify that the temporary moratorium will remain in effect until September 22, 2016, which is six months following March 22, 2016, the date that the Ordinance was enacted. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA that the Board hereby reaffirms its intent that the temporary moratorium described in Ordinance No. 2016-06 shall remain in effect until September 22, 2016, unless otherwise extended. THIS RESOLUTION ADOPTED thist3O,day ofc c„w.Vir-s -' , 2016. ATTEST: BOARD OF COUNTY COMMISSIONERS DWIGHT E. BROCK,CLERK CO IER COUNT ,FLORIDA e 1 --)ilit . ani, test as h a �- - v DONNA FIALA,CHAIRMAN signature only. App •• ed as to form and legality: Approved in absentia per Resolution No. 2000-149 on August 9, 2016 1C...mg — _____ Am C.,62..„, I- By: - - � Scott A. Stone Leo . chs,Jr.,Coun,, Man.ger Assistant County Attorney H1 16F1 BOARD OF COUNTY COMMISSIONERS MISCELLANEOUS CORRESPONDENCE August 9, 2016 1. MISCELLANEOUS ITEMS TO FILE FOR RECORD WITH ACTION AS DIRECTED: A. DISTRICTS: 1) Cedar Hammock Community Development District: Meeting Agenda 04/11/2016 Meeting Minutes 04/11/2016 2) Heritage Greens Community Development District: Meeting Agenda 04/18/2016 Meeting Minutes 04/18/2016 B. OTHER: 1) South Florida Water Management District: Comprehensive Annual Financial Report Fiscal Year ended September 30, 2015 16F1Ei .!j 51 2No.il Cedar Hammock Community Development District Board of Supervisors By Tom Cook,Chairman Calvin Teague,District Manager Gary McClellan,Vice Chairman Dan Cox,District Counsel Larry Minamyer,Assistant Secretary Sam Marshall,District Engineer Norman Day,Assistant Secretary Quentin Greeley,Assistant Secretary Regular Meeting Agenda April 11,2016—3:00 p.m. 1. Roll Call 2. Approval of the Minutes of the March 14, 2016 Meeting 3. Audience Comments 4. Consideration of Proposals for Road Maintenance Project 5. FY 2017 Budget Public Hearing A. Adoption of the Budget for Fiscal Year 2017(Resolution 2016-4) B. Levy of Non-Ad Valorem Assessments(Resolution 2016-5) 6. Old Business A. Update on Bulkhead Repairs B. Update on Recharge Well Project C. Aerator Project Update 7. New Business 8. Manager's Report A. Financial Report for February, 2016 B. Resolution 2016-6-General Election C. Meeting Schedule for Fiscal Year 2017 9. Attorney's Report 10. Engineer's Report 11. Communication to Master Board 12. Supervisors Request 13. Adjournment THE NEXT REGULAR MEETING IS SCHEDULED FOR MAY 9,2016 at 3:00 P.M. 1 6 F 1 H 1 Al ................................___.... .. ..,S.N.Vr. ',-,,e,',Z.,.t',X~n''- ',,,,,,' .,.k:',4,,':::,''4:.'7,14174'4.;4$74,10,is,:i7ip-,:kitt4. fi*iiiir- --"' - "'' 7, 4 I, IFter 1- tutu Net = ),a1 Sales Rep:lvonue(Rai(N9103) Phone:(239)262-3161 Email:ivonnc.gori@naplesncws.com r e £ This is a proof of your ad scheduled to rim on the dates indicated below. Date:03/08/16 k Account Number:531406(N056685) Please confirm placement prior to deadline by contacting your account i z rep at(239)262-3161. Company Name:CEDAR HAMMOCK COMMUNITY l Contact Name: Ad Id:981446 P.O.No.: Total Cost:$909.08 , , Email:Mona.Slaughter®STServices.com t Tag Line:Cedar Hammock Community Development 1. Address: 210 N UNIVERSITY DR#702, CORAL SPRINGS, FL, Start Date:03/18/16 Stop Date:03/25/16 H L , 4 33071 Number of Times:2 Class:16180-Notice tftftf( Phone:(954)753-0380 Fax:(954)775-6701 t Publications:ND-Naples Daily News,ND-Intemet-naplesnews.com I agree this ad is accurate and as ordered. t Cedar Hammock Community Deyelepmartt District i. NOTICE OF REGULAR BOARD MEETING AND NOTICE OF PUBLIC HEARING TO RECEIVE PUBLIC COMMENT ON THE FISCAL YEAR 2017 PROPOSED FINAL BUDGET TO CONSIDER 1. THE IMPOSITION OF MAINTENANCE AND OPERATION SPECIAL ASSESSMENTADOPTIONADOPTION OF AN ASSESSMENT ROLL;AND PROVIDING FOR THE LEVY;COLLECTION AND ENFORCEMENT OF THE SAME -Y The Board of Supervisors of the Cedar Hammock i Community Development District will hold a public hearing and regular meeting on Monday,April 11,1016 at 3:00 p.m.at the i Cedar Hammock Clubhouse,0660 Cedar Hammock Boulevard, f Naples,Florida. ) The purpose of the public hearing Is to receive public f comment and objections on tae Fiscal Year 2017 Proposed final Budget,to cons der the adoption of an assessment roll,the k i imposition of special assessments to fund the proposed budget Don the lands located within the District,and to provide for the levy,collection and enforcement of the non-ad valorem assessments.The public hearing Is being conducted pursuant 1 i to Chapters 190 and 197,Florida Stat5(eS.The purpose of the 4 regular meeting is to conduct any business which may properly Mf come before e Board. r The District may also fund various facilities through the collection of certain rates,fees and charges,which are e identified within the budget. A copy of the Proposed Final Budget,preliminary assessment roll and/or the agenda for the hearing/meeting may be obtained at the offices of the District E Management Company,Severn Trent Services 5911 Country l Lakes Drive ft.Myers,Florida 33905,ph:(239)145.7118 during normal business hours. In accordance with Section 189.016, t i Florida Statutes,the proposed budget will be posted on the District's website httyi//y7 w cedarNpmtlocjstdd.com/at least ( two days before the budgetpublichearing. The Board will also consider any other business. r which may properly come before it. The hearing/meeting is ? on to the public and will be conducted in accordance with the The ihea,ing/mea Irs may be continued to aodale,tdm,ri nsd )' pace to be spedfled 00 the record at the hearing/meeting. There may be occasions when nne or more Supervisors will participate by telephone.In accordance with the provisions of the Americans with Oieabilitles Act,any person requiring special accommodations at this hearing/meeting because of a disability or physical impairment Should contact the District Management Company,Severn Trent Services at(239)245-7118. If you are hearing or speech impaired,please contact the Florida Relay Service at(800)W6-8770 for aid In contacting the District Office at least two(2)days prior to the date of the hearing and meeting. Each person who decides to appeal any decision made by the G Board with respect to any matter considered at the hearing/ meeting Is advised that person will need a record of tine i proceedings and that accordingly,the person may need to ensure that a verbatim record of the proceedings is mad. Including the testimony and evidence upon which such appeal is to be based. ( Calvin Teague District Manager March 18&25,2016 No,981446 'thank you for your business. Our commitment to a quality product includes the advertising in our publications.As such,Journal Media Croup reserves the s right to categorize,edit and refuse certain dassified ads.Your satisfaction is important. If you notice errors in your ad,please notify the classified depart- meat immediately so that we can make corrections before the second print date. The number to call is 239-263-4700. Allowance may not be made for errors reported past the second print date.The Naples Daily News may not issue refunds for classified advertising purchased in a package rate;ads purchased on the open rate may be pro-rated for the remaining full days for which the ad did not run., i I6F1H1A1 1 Faircloth,Justin From: Steve Lucas <slucas@rosepaving.com> Sent: Wednesday, March 23,2016 4:24 PM To: Faircloth,Justin; Norman Day Cc: Sharon Caruthers Subject: Emailing: 16-010396 Cedar Hammock Island &Cedar Hammock roads Attachments: 16-010396 Cedar Hammock Island&Cedar Hammock roads.pdf;Cedar Hammock Circle, Naplesjpg Dear Justin, Norm, Attached please find Estimate#16-010396 Attached is the Island&roads,separated as asked.The striping has a lump sum in the heading but is broken down in the proposal.Sawgrass will be a separate proposal. Note the roads are bid to be done with the Islands. The price for a parking stall which would include removing the wheel stop and placing within a few feet of the stall, applying the Grip-Flex as explained in the proposal,and one line stripe at$373.00 additional areas and striping not included. Thank you for the opportunity to bid your project! If you have any questions feel free to call me at the numbers below. I look forward to working with you! Thanks, Steve Lucas Account Executive Rose Paving LLC. Beyond Paving. BEYOND EXPECTATIONS.T Tampa Office 5718 E.Columbus Dr. Tampa,FL 33619 (813)226-6686 office (727)686-8935 mobile (813)514-6688 fax (slucas@rosepaving.com (888)773-ROSE. rosepaving.com U.S.Offices:Atlanta,GA I Chicago, IL I Denver,CO I Los Angeles,CA I Tampa, FL 1 1ÔF1 IS Hl Al C �VI. ! ,:i > N p•.+ pV a ,W.'\.. j a Q '$ co 8t v. .:s ! ��° g tis • +r .� A iy a. ht I - • t Is ^ .t, its, € .� t� ` �• r. 1+' { t 1>!. 4,474...,:,E r d f, iQy,t� ii OA,A i,,,,i �A.- t� ti I 1 Sr rt. 4{+,y,?.. t �{ 1 `"� r k 0-0'.:•• � n' S" „n,,�s,cel'�rN '�3'* "'+•1 t ,h1 I - � I'i7 J r/1P^ 4P t• c`RR ... r+')„c" ; ,z.. y # , c‘''' 1,-,51''' ',4.7*.'" l t' el• }.., '� r j(jr,%-: _ A h "� .a,T� r s'v' • _. -_. . . "sem-'- '�r/re,; V / .+� �'�' 'w ,r ..f„ e `.fi.y,� ` . I�3. ✓: .,r �� r;y .vFj� - ;. ';3 ',.',..{Z '..:;i1:,,,,';''''', _ ..>f n 4. �� f _ 2 F f '. ,:-N•,,, , .. + SLS — _ . v:.41 _ t l ,�, 7/(ti ��' _ f 7..; a: t-1.2,:',....,,,*--;,-..._.. . .t3 .,�. r�4",+or.z=.Wl,.., ..,�am',�,,. x DESIGN MIX: 21 Ibs.Type 1 Granite per Gal.Coverage Rate - .50 Gal./Sq.Yd. GRIP-FLEX PROVIDES MAXIMUM: •Skid Resistance • Fuel Resistance •Oxidation Resistance Micro-Surfacing • Improved Surface Profile with New Long-Term Wearing Surface • 25+Year Useful Life USEFUL LIFE: 25+Yrs,On Structurally Sound Pavement Surfaces 70000 ---- ___- 60000 ----- ________ 50000 �� _____.______---_ 40000 70,000 Parris Per Million 30000 -- ---_ PAH!VOC /Y'^------_..._ _ Note L• Data on GRIP-FLEX emulsion based upon testingdone by / _ P 20000 — t h ' 7OO Parts ----- Envantage Laboratories.Lab results on GRIP-FLEX available.at ,�Imo, Les Thft Per Million www.GRIP-FLEX.com.Data on Median Asphalt Sealcoat Emulsion and h .alp -----PAH lvOC Median CoalTar Sealer based upon information presented byMr.Torn f.4%77 IIII. •`d __..—__ Ennis.PE,LEED,lead Environmental Engineer for the City of Austin,Texas. �0000 �w�i~,�� 0 -G/ /"dllIllir—s-- Note 2:Testing of GRIP-FLEX Thermoplastic Products vs.Coal Tar - Rejuvenators was not necessary as.it is commonly understood that most ®--- -_— rejuvenator products have extremely high PAH/VOC content. {; F ASTMfaet f,(as&fa Median _ r,r OxMagfon R -- A`I I Median Note 3; GRIP-FLEX,is manufactured by cross linking an environmentally I a �,+�,�4, Emulsion Coal Tar -I friendly version of highly refined(light ends removed)coal tar with fuel D)R°� .e .. Pavement t 1 SWd 3,x ' Enurlsl°n resistant thermoplastics.Combining non-oxidizing closed ring hydrocar- Ufelist4E 10.2 Team AI Sealer Pavement `p -! c bons creates this extraordinary long-lasting pavement protection. CSealer Tampa Office • 5718 E.Columbus Drive •Tampa,FL 33619 • (727) 209-6686 or (813) 226-6686 • RosePaving.com 16F1 fil Al t: R L - A 14 - S1,0 Q ��c brings you GRIP-FLEX— a remarkably durable surfacing system for parking lots, roads, and even airport runways. What is GRIP-FLEX? GRIP-FLEX is an innovative thermoplastic coal tar resin binder,specifically formulated to be blended with special- grade aggregates to form a fuel-and skid-resistant surfacing course on asphalt and concrete pavements.The result is a long-lasting wearing course that will stay resistant,resilient and looking brand new for years to come. Flexible Means Durable. The unique thermoplastic coal tar resin formulation is what makes GRIP-FLEX resilient and prevents it from becoming brittle.GRIP-FLEX can stretch five times its length and then recover 40%of that length in one minute.This elasticity allows GRIP-FLEX to expand and contract with the underlying pavement,and keep it from cracking as a result of weathering. More Traction. Less Skidding. GRIP-FLEX binds aggregate permanently in place to either concrete or asphalt.The aggregate won't be washed away by rains,so the surface retains Its excellent skid resistance. For airport runways,this superior "grabbing"power eliminates the need to groove surfaces. Better Surface Protection. GRIP-FLEX wont'disintegrate like asphalt or concrete because water,oils,fuels,and even de-icing agents can't penetrate its surface.Liquids stay on top where they'll evaporate without causing problems or damage. No Fading Over Time. Unlike asphalt,GRIP-FLEX won't become splotchy or bleach out and turn gray.GRIP-FLEX will keep its original rich black color,making the surface look new even when it's years old. Lasting Results. Guaranteed. GRIP-FLEX comes with an e4. ,4cr . 'Year Limited Warranty when applied in accordance with specifications and installed by an authorized contractor likt- ' To you,that means long-lasting results and added peace or mind. Service Beyond The Surface. Only professional application can guarantee that your GRIP-FLEX surface will endure years of hard wear. At, ,our experts are fully trained and authorized to apply GRIP-FLEX surfacing systems,giving you exceptional service,quality,and value.141.0 „ s a full-service asphalt paving and maintenance contractor with over 30 years of experience. — Call u s today at 813-226-6686 - J ,r,( — " —- I 5718 E. Columbus Drive l Tampa, FL 33619 16E1 Hi it1 Nationwide .. - Dula JO YEARS of SEAM PAVING LLC Paving Experts OVERVIEW ABOUT US Established in 1974,Rose Paving Company is the original pioneer of National Parking Lot Management. We possess a true understanding of best practices and a dedication to our trade that is unmatched by any other competitor. Simply put: l . we are all things you expect from a local partner in paving with national ® �� capabilities to better serve you in the state of Florida. OUR SERVICES We never accept shortcuts or compromises when it comes to the quality of our : ` , work. This is why we always use the highest quality materials and state-of the-art .2-i=1,,-.'.‘,:-'' mt application techniques. 2>n L Our promise is to virtually eliminate burden,guesswork,and unbudgeted ry , expenses for our clients by doing it right the first time. Specialty services include: , • Asphalt Patching and Repair • Cracksealing f ► .,` a' • Asphalt Resurfacing Sealcoating _�� u 11 • Grip-Flex • Lot Marking �, ,�s 1 a, • Concrete Maintenance • ADA Compliance `""' • Sport Surfaces • Permeable Paver Installation Specialty industries include: Z. • Real Estate • Leisure/ Entertainment V— • HOA/Apartment Communities • Retail I • Healthcare • Business/Consumer Services --�`' • Hospitality • Religious Institutions Local satisfied clients: • Winn D�>�ie>Stores Inc ? rr � AAA Auto Club b ,. _ � z �, f s`.,4d , L .;,„:�;.tea:_-1,-1* ) . - ,� a ;:t. • m� t4 d ]beb '�� n • `rap2� ahF F )] at r r: iso 1 ::". Ilik S _ . 1.;'''; Tampa Office•5718 E.Columbus Drive•Tampa,FL 33619•(727)209-6686 or(813)226-6686• RosePaving.com ©2016 Rose Paving LIC,All Rights Reserved 16F1 HiAl Re erences Streamwood,IL • Denver,CO iF, a 3 -:a f''is;f1;7/ *ff ero+ 1 s re€f 1, � Los Angeles,CA Centrally headquartered in the - Chicago area,Rose Paving offers parking lot management solutions and expertise to clients nationwide. Atlanta,GA Tampa,FL Partial List of Satisfied Rose Paving Clients • AAA Auto Club • Lowe's Companies,Inc. • Ashley Furniture HomeStores • Meijer,Inc. • Best Buy Co.,Inc. • Penske Corporation • CarMax,Inc. • Pep Boys • Cinemark USA,Inc. • PetSmart,Inc. • The Coca-Cola Company • Pilot Flying J • Costco Wholesale Corporation • Recreational Equipment Incorporation • Dick's Sporting Goods,Inc. • Rite Aid Corporation • Family Dollar Stores,Inc. • Tampa Maid Foods • The Home Depot,Inc. • Target Corporation • Kohl's Department Stores,Inc. • U-Haul Moving&Storage • Kraft Foods,Inc. • United Rentals,Inc. • The Kroger Co. • Westgate Resorts • La Quinta Inns & Suites • Winn-Dixie Stores,Inc. 5718 E Columbus Dr.Tampa FL 33619• (813) 226-6686 (727) 209-6686 PAVING LLC s•w�ar►ony.neroNo ext eernnans.-- (888)773-ROSE • RosePaving.com All Company l'Jsmes are Trademarks or Registered Trademat ks TI en Respect ovrners Copyright U 201 o Rose.Pawn g LLC All.R:g is Reserved I6F1KIAI r, t3NyuruY Anvrrrg �(� March 23,2016 .wile PAVING CO. PROPOSAL $ ,:.,---i ,., ' . „,, ,,-,..;:,,,,,:„.,,L., e, a , ,, fi ' �,�" .. ,� 8 � iT ° c ^1 .t ; r-v ? �:f r sto e o atio r o ite o atio / ose a i o atio Severn Trent-North America Cedar Hammock CDD Quote#:16-010396 5911 Country Lakes Blvd., Cedar Hammock Circle Contact:Steve Lucas Ft Myers,FL 34112 Naples,FL 34112 Cell:727-686-8935 Contact Justin Faircloth Email:slucas@rosepaving.com Phone:239-785-0675 / ` Hello and thank you for giving Rose Paving the opportunity to provide you with the following proposal for your parking lot. All pricing includes dedicated project management,traffic control and exceptional communication to ensure an overall great experience for the owners, tenants and customers. Please note that permits and fees, if required, are not included with this price,however,we will complete all _, paperwork as deemed necessary and once approved and project is executed,we will add the total fees to the final invoiced price. Thank you and please do not hesitate to contact me with any questions at 727-686-8935. Base Bid Grip-Flex Microsurfacing Cedar Hammock Circle $21,051.00 Quantity: 24,072 SF Process: Grip-Flex Microsurfacing. Trim back grass from edge of pavement.Power blow and sweep rntire area.Tape off all concrete gutter, manhole covers,to give a crisp edge to completed product Burn off all oiland grease stains as necessary and treatwith special oil spot primer.Spray one coat of Grip-Flex primer.Apply one coat of Grip-Flex Thermoplastic Coal Tar with aggregate by squeegee to approximately 24,072 sq.ft. *The total investment is based on7 sections. If additional sections are required,there will be a charge of $1,800 for each. *Sealer will not hide cracks. *Rose is not responsible for fixing damage to seal coat application due to tire scuffing or power steering marks. *Each section of this work will require 48 hours from the start of the seal coat application to the end or required cure time. Any trespassing on these sections will void all warranties. *Customer is responsible for any towing charges incurred,if vehicles need to be towed so that we can complete our work.Cars must be moved by 7:30 AM the day of work. Crew downtime waiting for cars to be moved will be charged at a rate of$250 per hour. PRICE IS BASED ON PERFORMING THE WORK WITH ISLAND ROADS Initial for Approval: 1/2,„wo W.r a::,...1pevi30,.U`ik?el b ;"1. : e Page 1 of 5 16F1 1.11 Al 1 ,,7 � PilI �� March 23,2016 41 PROPOSAL P.Air''tArF� C4T, ` _ s ,, ;2 ` "8i•14 3 i` ti d0. `"a - � r� � ' } s ` ,r 4 ..e ' ,- a ,«` ;,.:°,-,, R`� �ka2 x -t ,aa kt d ;� Grip-Flex Microsurfacing Island Roads $70,477.50 Quantity: 106,582 SF Process: Grip-Flex Microsurfacing. Trim back grass from edge of pavement. Power blow and sweep entire area.Tape off all concrete gutter, manhole covers,to give a crisp.edge to completed product. Burn off all oiland grease stains as necessary and treat with special oil spot primer. Fill approx.400 lin.ft of cracks with Grip-Flex product.Spray one coat of Grip-Flex primer.Apply one coat of Grip-Flex Thermoplastic Coal Tar with aggregate by squeegee to approximately 82,510 sq.ft. *The total investment is based on 7 sections. If additional sections are required,there will be a charge of $1,800 for each. *Sealer will not hide cracks. *Rose is not responsible for fixing damage to seal coat application due to tire scuffing or power steering marks. *Each section of this work will require 48 hours from the start of the seal coat application to the end or required cure time. Any trespassing on these sections will void all warranties. *Customer is responsible for any towing charges incurred,if vehicles need to be towed so that we can complete our work.Cars must be moved by 730 AM the day of work. Crew downtime waiting for cars to be moved will be charged at a rate of$250 per hour. Initial for Approval: Lot Marking $3,405.00 Quantity: 0 EA Process: Layout and Stripe Cedar Hammock Circle 1 white stop bar$855.00 Island Roads 7 white stop bars$2,550.00 Initial for Approval: Base Bid Total = $ 94,93330 'ragvw.r�ss �.�ufr�a a.co+ca •4, F : �,,Y. .. r mss,a :: _ip r. Page 2 of 5 16F1 'HlAl 1 -tx., 4 , �� rr,,,,� tlngrcamlisav '"March 23,2016 PAVING CCD. i �.+E► AP'1Li €f. C', :t , d w '4c i,-w ✓':‘-''';4'•::-'1'1,,i-,,,-.,,_ Y,'..„-;..:.;,,.. .V.::',4.,,,yss? - ..,,,,...,,K;:,„:1;:,:.;',-.,,,,,,:-4::,,4:-'.4.,; h::_:, i:.a a,„3.��9"',. (Csto/rer 1)kt/rrtion -. d Picite 4,1, ifise Fdvinghkrrrtition Severn Trent-North America Cedar Hammock CDD Quote#: 16-010397 5911 Country Lakes Blvd., Sawgrass Way Contact Steve Lucas Ft Myers,FL 34112 Naples,FL 34112 Cell:727-686-8935 Contact:Justin Faircloth Email:slucastrosepaving.com Phone:239-785-0675 ouj / Hello and thank you for giving Rose Paving the opportunity to provide you with the following proposal for your parking lot. All pricing includes dedicated project management,traffic control and exceptional communication to ensure an overall great experience for the owners, tenants and customers. Please note that permits and fees,if required,are not included with this price,however,we will complete all paperwork as deemed necessary and once approved and project is executed,we will add the total fees to the final invoiced price. Thank you and please do not hesitate to contact me with any questions at 727-686-8935. Base Bid Grip-Flex microsurfacing Sawgrass Quantity: 103,524 SF Process: Grip-Flex Microsurfacing. Trim back grass from edge of pavement.Power blow and sweep rntire area.Tape off all concrete gutter, manhole covers,to give a crisp edge to completed product. Burn off all oiland grease stains as necessary and treatwith special oil spot primer.Spray one coat of Grip-Flex primer.Apply one coat of Grip-Flex Thermoplastic Coal Tar with aggregate by squeegee to approximately 103,524 sq.ft. *The total investment is based on7sections. If additional sections are required,there will be a charge of $1,800 for each. *Sealer will not hide cracks. *Fine is not responsible for firing damage to seal coat application due to tire scuffing or power steering marks. *Each section of this workwill require 48hours from the start of the seal coat application to the end or required cure time. Any trespassing on these sections will void all warranties. *Gistomer is responsible for any towing charges incurred,if vehicles need to be towed so that we can complete our work Cars must be moved by 7:30 AM the day of work QGew downtime waiting for cars to be moved will be charged at a rate of$250 per hour. Initial for Approval: a4 .� i*Vii"� t Z aT' '��` 'a f`, ` � , "� ' � www-rose avian coee� 4u+ �c ? ' a_ 9 '- � £.X, - .`� €� S• . i t '`z ISfi a',r 21 ear �`. ;,sa r4< .. , ed"F.,z .�a .,� r S- s Page 1 of 4 16F1H141 � � March 23,2016BeyoeiciRoq-, 11? -- PROPOSAL PAVING CAS i•. Lot Marking - Layout Quantity: 0 EA Process: Striping/Painting-New Layout-We will paint using our power equipment and the best Federal Specification paint available.Our power equipment assures a 30-50%better flow rate of paint.This will assure you of a longer lasting job. IN WHITE 6 24"SLOW stencils 6 stop bars 306 lin.ft.crosswalk footage 16 crosswalk bars Initial for Approval: Base Bid Total = $ .93,888.00 Approval Selection: Total Dollars Approved: Date Approved: Name: Authorized Signature: www,ros002,4n t:cn, TR o-413 i k.. .� ,a'1Yo'.,si ,. Page 2 of 4 16F1 H1 A 1 RESOLUTION 2016-4 A RESOLUTION OF THE CEDAR HAMMOCK COMMUNITY DEVELOPMENT DISTRICT RELATING TO THE ANNUAL APPROPRIATIONS OF THE DISTRICT AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1,2016 AND ENDING SEPTEMBER 30, 2017, AND REFERENCING THE MAINTENANCE AND BENEFIT SPECIAL ASSESSMENTS TO BE LEVIED BY THE DISTRICT FOR SAID FISCAL YEAR WHEREAS, pursuant to the provisions of Section 190.008(2)(a), Florida Statutes, the District Manager has submitted to the Board of Supervisors(the'Board") a proposed budget for the next ensuing budget year along with an explanation and a complete financial plan for each fund of the District,prior to the fifteenth(15th)day in June,2016;and WHEREAS,at least sixty (60)days prior to the adoption of the proposed annual budget and any proposed long-term financial plan or program of the District for future operations(the"Proposed Budget) the District did file a copy of the Proposed Budget with the general purpose local governing authorities having jurisdiction over the area included in the District pursuant to the provisions of Section 190.008(2)(b),Florida Statutes;and WHEREAS, on February 8, 2016, the Board set April 11, 2016 as the date for a public hearing thereon and caused notice of such public hearing to be given by publication pursuant to Section 190.008(2)(a)Florida Statutes;and WHEREAS, Section 190.008(2)(a), Florida Statutes requires that, prior to October 1 of each year, the District Board by passage of the Annual Appropriation Resolution shall adopt a budget for the ensuing fiscal year and appropriate such sums of money as the Board deems necessary to defray all expenditures of the District during the ensuing fiscal year;and WHEREAS,the District Manager has prepared a Proposed Budget on a Cash Flow Budget basis, whereby the budget shall project the cash receipts and disbursements anticipated during a given time period,including reserves for contingencies for emergency or other unanticipated expenditures during the • fiscal year;and WHEREAS, Section 190.021, Florida Statutes provides that the Annual Appropriation Resolution shall also fix the Maintenance Special Assessments and Benefit Special Assessments upon each piece of property within the boundaries of the District benefited, specifically and peculiarly,by the maintenance and/or capital improvement programs of the District, such levy representing the amount of District assessments necessary to provide for payment during the ensuing budget year of all properly authorized expenditures to be incurred by the District,including principal and interest of special revenue, capital improvement and/or benefit assessment bonds, in order for the District to exercise its various general and special powers to implement its single and specialized infrastructure provision purpose;and WHEREAS, the Board of Supervisors of the Cedar Hammock Community Development District finds and determines that the non-ad valorem special assessments it imposes and levies on the parcels of property by this Resolution for the operations of the District and the maintenance of its facilities will constitute a mechanism by which the property owners lawfully and validly will reimburse the District for Aiimmimmignimismirri I6F1H1A1 those certain special and peculiar benefits the District has determined are received by, and flow to, the parcels of property from the systems, facilities and services being provided, and that the special and peculiar benefits are apportioned in a manner that is fair and reasonable in accordance with applicable assessment methodology and related case law;and WHEREAS, the Chair of the Board of Supervisors may designate the District Manager or other person to certify the non-ad valorem assessment roll to the Tax Collector in and for Collier County political subdivision on compatible electronic medium tied to the property identification number no later than 15 September 2016 so that the Tax Collector may merge that roll with others into the collection roll from which the November tax notice is to be printed and mailed;and WHEREAS, the proceeds from the collections of these imposed and levied non-ad valorem assessments shall be paid to the Cedar Hammock Community Development District;and WHEREAS, the Tax Collector, under the direct supervision of the Florida Department of Revenue performs the state work in preparing, mailing out,collecting and enforcing against delinquency the non-ad valorem assessments of the District using the Uniform Collection Methodology for non-ad valorem assessments;and WHEREAS, if the Property Appraiser and the Tax Collector have adopted a different technological procedure for certifying and merging the rolls,then that procedure must be worked out and negotiated with Board approval through the auspices of the District Manager before there are any deviations from the provisions of Section 197.3632, Fla. Stat., and Rule 12D-18, Florida Administrative Code. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF CEDAR HAMMOCK COMMUNITY DEVELOPMENT DISTRICT; Section 1. The provisions of the whereas clauses are true and correct and are incorporated herein as dispositive. Section 2. Budget a. That the Board of Supervisors has reviewed the District Manager's Proposed Budget, a copy of which is on file with the office of the District Treasurer and the office of the Recording Secretary, and is hereby attached to this resolution, and hereby approves the Proposed Budget subject to amendments made at the public hearing,if any. b. That the District Manager's Proposed Budget, as amended by the Board, is adopted hereby in accordance with the provisions of Section 190.008(2)(a), Florida Statutes and incorporated herein by reference; provided, however, that the comparative figures contained in the adopted budget may he revised subsequently as deemed necessary by the District Manager to reflect actual revenues and expenditures for the Fiscal Year 2016 and/or revised projections for Fiscal Year 2017. c. That the adopted budget, as amended, shall be maintained in the office of the District Treasurer and the District Recording Secretary and identified as "The Budget for the Cedar Hammock Community Development District for the Fiscal Year Ending September 30,2017,as Adopted by the Board of Supervisors on April 11,2016." 16F1 t. H ,4 Section 3. Appropriations That there be,and hereby is appropriated out of the revenues of the Cedar Hammock Community Development District,for the Fiscal Year beginning October 1,2016,and ending September 30,2017 the sum of ($ ) to be raised by the applicable imposition and levy by the Board of non-ad valorem special assessments and otherwise, which sum is deemed by the Board of Supervisors to be necessary to defray all expenditures of the District during said budget year, to be divided and appropriated in the following fashion: TOTAL GENERAL FUND $ DEBT SERVICE FUND $0 Total All Funds $ Section 4. Supplemental Appropriations The Board may authorize by resolution supplemental appropriations or revenue changes for any lawful purpose from funds on hand or estimated to be received within the fiscal year as follows: a. Board may authorize a transfer of the unexpended balance or portion thereof of any appropriation item. b. Board may authorize an appropriation from the unappropriated balance of any fund. c. Board may increase any revenue or income budget account to reflect receipt of any additional unbudgeted monies and make the corresponding change to appropriations or the unappropriated balance. The District Manager and Treasurer shall have the power within a given fund to authorize the transfer of any unexpended balance of any appropriation item or any portion thereof, provided such transfers do not exceed Ten Thousand ($10,000)Dollars or have the effect of causing more than 10%of the total appropriation of a given program or project to be transferred previously approved transfers included. Such transfer shall not have the effect of causing a more than $10,000 or 10% increase, previously approved transfers included, to the original budget appropriation for the receiving program. Transfers within a program or project may be approved by the applicable department director and the District Manager or Treasurer. The District Manager or Treasurer must establish administrative procedures, which require information on the request forms proving that such transfer requests comply with this section. Section 5. Maintenance and Benefit Special Assessment Levy: Fixed and Referenced and to be Levied by the Board a. That the Fiscal Year 2017 Maintenance and Benefit Special Assessment Levies(the"assessment levy") for the assessment upon all the property within the boundaries of the District based upon the special and peculiar benefit received and further based upon reasonable and fair apportionment of the special benefit, shall be in accordance with the attached Exhibit A, which levy represents the amount of District assessments necessary to provide for payment during the aforementioned budget year of all properly authorized.expenditures to be incurred by the District, 16FIH1 : including principal and interest of special revenue, capital improvement and/or benefit assessment bonds. Said assessment levy shall be distributed as follows: General Fund 0&M $[See Assessment Levy Resolution 2016-5 Debt Service Fund $[See Assessment Levy Resolution 2016-5] b. The designee of the Chair of the Board of Supervisors of the Cedar Hammock Community Development District shall be the Manager or the Treasurer of the District designated to certify the non-ad valorem assessment roll to the Tax Collector in and for the Collier County political subdivision, in accordance with applicable provisions of State law (Chapters 170, 190 and 197, Fla. Stat.) and applicable rules (Rule 12D-18, Florida Administrative Code) which shall include not only the maintenance special assessment levy but also the total for the debt service levy, as required by and pursuant to law. Introduced,considered favorably,and adopted this 11th day of April,2016. Cedar Hammock Community Development District Tom Cook Chairman Attest: Calvin Teague Secretary 16. F1H 1 Attach Budget to Resolution Numbers need to be filled in by the Accountant from Budget K:\Users\twalker\severn trent\resolution annual appropriations.doc 16F1 Ml Al RESOLUTION 2016-5 A RESOLUTION LEVYING AND IMPOSING A NON AD VALOREM MAINTENANCE AND BENEFIT SPECIAL ASSESSMENT FOR THE CEDAR HAMMOCK COMMUNITY DEVELOPMENT DISTRICT FOR FISCAL YEAR 2017 Preamble WHEREAS, the Cedar Hammock Community Development District owns certain improvements and facilities incurs costs of operation,repairs and maintenance;and WHEREAS, the Board of Supervisors of the Cedar Hammock Community Development District find that the District's total General Fund operation assessments, taking into consideration other revenue sources during Fiscal Year 2017,will amount to$ ; and WHEREAS, the Board of Supervisors of the Cedar Hammock Community Development District finds the District's Debt Service Fund Assessment during Fiscal Year 2017 will amount to$0;and WHEREAS, the Board of Supervisors of the Cedar Hammock Community Development District finds that the maintenance and benefit non-ad valorem special assessments it levies and imposes by this resolution for operations, repair and maintenance will reimburse the District for certain special and peculiar benefits received by the property subject to the assessment flowing from the operations, repair and maintenance of the systems, facilities and services provided by the District and are apportioned in a manner that is fair and reasonable,in accordance with the applicable assessment methodology;and WHEREAS, the District Board understands that this resolution levies the maintenance and benefit assessments for 2017 and the Chair of the District, or his designee, the District Manager, shall certify a total non-ad valorem assessment roll in a timely manner to the Tax Collector in and for Collier County for collection to include all assessments levied and approved by the District. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE CEDAR HAMMOCK COMMUNITY DEVELOPMENT DISTRICT OF COLLIER COUNTY, FLORIDA; Section 1. All the whereas clauses are incorporated herein and are dispositive. Section 2. A special assessment for maintenance as provided for in Section 190.021(3), Florida Statutes, and a special assessment for the exercise of the District's powers as provided for in 411.1.11.1.1111V .MIONAMMOSM101.0.. 16F1 HlAl Section 190.021(2), Florida Statutes (hereinafter referred to as Assessments) are hereby levied on the plaited lots within the District. Section 3. That the collection and enforcement of the aforesaid Assessments on platted lots shall be by the Tax Collector serving as agent of the State of Florida in Collier County (Tax Collector) and shall be at the same time and in like manner as ad valorem taxes and subject to all ad valorem tax collection and enforcement procedures which attend the use of the official annual tax notice. Section 4. The levy and imposition of the Assessments on platted lots included in the District will be certified as a total amount on the non-ad valorem assessment roll to the Collier County Tax Collector by the designee of the Chair of the Board on compatible medium no later than 15 September 2016,and shall then be collected by the Tax Collector on the tax notice along with other non- ad valorem assessments from other local governments and with all applicable property taxes to each platted parcel of property. Section 5. The proceeds therefrom shall be paid to the Cedar Hammock Community Development District. Section 6. The Chair of the Board of the Cedar Hammock Community Development District designates the District Manager to perform the certification duties. • Section 7. Be it further resolved, that a copy of this Resolution be transmitted to the proper public officials so that its purpose and effect may be carried out in accordance with law. PASSED AND ADOPTED this 11th day of April, 2016, by the Board of Supervisors of the Cedar Hammock Community Development District,Collier County,Florida. Calvin Teague Tom Cook Secretary Chairman 16F1H1A Assessment####s to be filled in by Assessment Department.... 16F1111 Al CEDAR HAMMOCK Community Development District Annual Operating Budget Fiscal Year 2017 Version 2-Modified Approved Tentative Budget. (Printed on 3/31/2016 2pm) Prepared by: SEVERN SERVICES. 16F1 H1 Al CEDAR HAMMOCK Community Development District Table of Contents Page# OPERATING BUDGET General Fund Summary of Revenues,Expenditures and Changes in Fund Balances 1 Budget Narrative 2-4 Exhibit A-Allocation of Fund Balances 5 SUPPORTING BUDGET SCHEDULES 2016-2017 Non-Ad Valorem Assessment Summary 6 16F1 Al Al Cedar Hammock Community Development District Operating Budget Fiscal Year 2017 16F1 Hi Al CEDAR HAMMOCK Community Development District General Fund Summary of Revenues,Expenditures and Changes in Fund Balances Fiscal Year 2017 Proposed Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET THRU MARCH- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2015 FY 2016 FEB-2016 SEP-2016 FY 2016 FY 2017 REVENUES Interest-Investments $ 2,707 $ 2,017 $ 1,109 $ 908 $ 2,017 $ 2,017 Special Assmnts-Tax Collector 279,650 279,653 266,613 13,040 279,653 279,653 Special Assmnts-Delinquent 350 - - - - - Special Assmnts-Discounts (10,132) (11,186) (10,261) - (10,261) (11,186) TOTAL REVENUES 272,575 270,484 257,461 13,948 271,409 270,484 I EXPENDITURES Administrative ProfServ-Engineering 23,957 20,000 598 9,402 10,000 15,000 ProfServ-Legal Services 627 3,000 250 250 500 2,000 ProfServ-Mgmt Consulting Sery 34,123 35,146 14,644 20,502 35,146 36,200 ProfServ-Property Appraiser 4,195 4,195 4,195 - 4,195 4,195 ProfServ-Special Assessment 2,772 2,855 2,855 - 2,855 2,855 ProfServ-Web Site Maintenance - - - - 618 Auditing Services 5,000 5,000 5,000 - 5.000 5,000 Postage and Freight 425 1,065 224 506 730 765 Insurance-General Liability 7,061 8,120 7,135 - 7,135 7,500 Printing and Binding 633 700 434 498 932 1,000 Legal Advertising 668 2,000 419 500 919 1,500 Misc-Bank Charges 609 600 339 280 619 600 Misc-Assessmnt Collection Cost 3,297 5,593 5,127 261 5,388 5,593 Misc-Web Hosting 345 800 332 350 682 232 Office Supplies 44 400 121 240 361 400 Annual District Filing Fee 175 175 175 - 175 175 Total Administrative 83,931 89,649 41,848 32,789 74,637 83,633 Field ProfSery-Field Management 500 700 700 - 700 1,450 Contracts-Water Mgmt Services 7,200 7,200 3,000 4,200 7,200 7,200 Contracts-Water Quality 10,910 10,910 3,580 7,330 10,910 10,910 Utility-Cameras 1,136 1,200 541 840 1,381 1,380 R&M-Lake - 3,000 313 2,343 2,656 3,000 R&M-Plant Replacement 3,533 - - - - 3,015 Misc-Contingency 1,938 16,000 125 4,875 5,000 18,071 Capital Outlay 5,631 24,825 - 15,000 15,000 24,825 Reserve-Bridges - 15,000 - - - 15,000 Reserve-Bulkheads 40,041 15,000 - 30,000 30,000 15,000 Reserve-Lakes - 15,000 - 72,000 72,000 15,000 Reserve-Roadways 120,767 72,000 - - - 72,000 Total Field 191,656 180,835 8,259 136,588 144,847 186,851 TOTAL EXPENDITURES 275,587 270,484 50,107 169,377 219,484 270,484 I Net change In fund balance (3,012) - 207,354 (155,429) 51,925 0 FUND BALANCE,BEGINNING 668,162 665,150 665,150 - 665,150 717,075 FUND BALANCE,ENDING $ 665,160 J $ 665,150 $ 872,504. $ (15514291 $ 717,075 $ 717,075 Annual Operating Budget Fiscal Year 2017 Page 1 16F1 Hf Al Cedar Hammock Community Development District General Fund Budget Narrative Fiscal Year 2017 REVENUES: Interest Income The District earns interest on the monthly average collected balance for their operating accounts,money market accounts and certificates of deposits. Special Assessments-Tax Collector The District will levy a Non-Ad Valorem assessment on all sold and platted parcels within the District in order to pay for the operating expenditures during the Fiscal Year. Special Assessments-Discounts Per Section 197.162, Florida Statutes, discounts are allowed for early payment of assessments. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments. EXPENDITURES: Administrative: Prof Service-Engineering The District's engineer will be providing general engineering services to the District, i.e., attendance and preparation for monthly board meetings,review invoices,etc. Prof Service-Legal Services The District's legal counsel will be providing general legal services to the District, i.e., attendance&preparation for monthly meetings,review operating&maintenance contracts,etc. Prof Service-Management Consulting Sery The District receives Management, Accounting and Administrative services as part of a Management Agreement with Severn Trent Environmental Services, Inc. These services are further outlined in Exhibit"A"of the Management Agreement. Prof Service-Property Appraiser The Property Appraiser provides the District with a listing of the legal description of each property parcel within the District boundaries,and the names and addresses of the owners of such property. The District reimburses the Property Appraiser for necessary administrative costs incurred to provide this service. Per the Florida Statutes,administrative costs shall include,but not be limited to,those costs associated with personnel, forms,supplies,data processing, computer equipment,postage, and programming. The budget for property appraiser costs was based on 1.5%of gross assessments. Annual Operating Budget Fiscal Year 2017 Page 2 16F1FI1 Al Cedar Hammock Community Development District General Fund Budget Narrative Fiscal Year 2017 Prof Service-Special Assessment The District's Collection Agent will be providing financials services which include the collection of prepaid assessments, maintenance of District's assessment roll and levying the annual operating and maintenance assessments. Prof Service—Web Site Maintenance Severn Trent Services maintains the District's email accounts & updates the web site information. Auditing Services The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. Postage and Freight Mailing of agenda packages, overnight deliveries,correspondence,etc. Insurance-General Liability The District's General Liability &Public Officials Liability Insurance policy is with The Florida League of Cities, Inc. The Florida League of Cities, Inc. specializes in providing insurance coverage to governmental agencies. Printing&Binding Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary,envelopes etc. Legal Advertising The District is required to advertise various notices for monthly Board meetings,public hearings, etc. in a newspaper of general circulation. Misc-Bank Charges Bank analysis fees that are incurred during the year. Misc-Assessment Collection Costs The District reimburses the Tax Collector for her or his necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted,whichever is greater. The budget for collection costs was based on a maximum of 2%of the anticipated assessment collections. Misc—Web Hosting The District incurs expenses to maintain and renew their website domain and email accounts. Annual Operating Budget Fiscal Year 2017 Page 3 16F1H { Al Cedar Hammock Community Development District General Fund Budget Narrative Fiscal Year 2017 Office Supplies Miscellaneous office supplies required for the preparation of agenda packages. Annual District Filing Fee The District is required to pay an annual fee of$175 to the Dept of Economic Opportunity Div. Field Services: Prof Service—Field Management Severn Trent Services inspects the field and provides an annual report. Contracts—Water Mgmt Services Professional services for environmental permit compliance. Currently all fees associated with the renewal of the Water Use Permit. Contracts-Water Ouality Professional services in monitoring water quality for reporting to regulatory agencies. Utility—Cameras Comcast provides monitoring services for the District's gate cameras. R&M-Lake Repair and maintenance expenses related to lakes including washout repairs and erosion. Misc-Contingency Any current year Field expenditure that may not have been provided for in the budget. Capital Outlay Capital expenditures for items such as irrigation equipment or other items meeting capital expenditure requirements with a cost of at least$1,000 and a life expectancy of at least 3 years. Reserve-Bridges Funds to be set aside for future bridge expenditures as determined by the BOS. Reserve- Bulkheads Funds to be set aside for future bulkhead expenditures as determined by the BOS. Reserve-Lakes Funds to be set aside for future lake expenditures as determined by the BOS. Reserve-Roadways Funds to be set aside for future roadway expenditures as determined by the BOS. Annual Operating Budget Fiscal Year 2017 Page 4 16F1 Al Al CEDAR HAMMOCK Community Development District General Fund Exhibit"A" Allocation of Fund Balances AVAILABLE FUNDS Amount Beginning Fund Balance-Fiscal Year 2017 $ 717,075 Net Change in Fund Balance-Fiscal Year 2017 - Reserves-Fiscal Year 2017 Additions 117,000 Total Funds Available(Estimated)-9/3012017 834,076 ALLOCATION OF AVAILABLE FUNDS Assigned Fund Balance Operating Reserve-First Quarter Operating Capital 38,371 111 Reserves-Bridges FY 2011 Reserve Funding 9,477 FY 2012 Reserve Funding 23,703 FY 2013 Reserve Funding 25,000 FY 2014 Reserve Funding 15,000 FY 2015 Reserve Funding 15,000 FY 2016 Reserve Funding 15,000 FY 2017 Reserve Funding 15,000 118,180 Reserves-Bulkheads FY 2011 Reserve Funding 40,000 FY 2012 Reserve Funding 38,245 FY 2013 Reserve Funding 47,000 FY 2014 Reserve Funding 15,000 FY 2015 Reserve Funding 15,000 FY 2015 Use of Reserve Funding (40,041) FY 2016 Reserve Funding(projected) (15,000) FY 2017 Reserve Funding 15,000 115,204 Reserves-Lakes FY 2011 Reserve Funding 14,627 FY 2012 Reserve Funding 36,833 FY 2013 Reserve Funding 19,000 FY 2014 Reserve Funding 15,000 • FY 2015 Reserve Funding 15,000 FY 2016 Reserve Funding(projected) (57,000) FY 2017 Reserve Funding 15,000 58,460 Reserves-Roadways FY 2011 Reserve Funding 145,000 FY 2012 Reserve Funding 23,375 FY 2013 Reserve Funding 25,223 FY 2014 Reserve Funding 72,000 FY 2015 Use of Reserve Funding (120,767) FY 2016 Reserve Funding 72,000 FY 2017 Reserve Funding 72,000 288,831 Subtotal 619,046 Total Allocation of Available Funds 619,046 Total Unassigned(undesignated)Cash $ 215,029 Notes (1)Represents approximately 3 months of operating expenditures Annual Operating Budget Fiscal Year 2017 Page 5 16F1 Hi Al Cedar Hammock Community Development District Supporting Budget Schedules Fiscal Year 2017 16F1 HIA1 CEDAR HAMMOCK Community Development District Cedar Hammock Community Development District 2016-2017 Assessment O&M Assessment Percent Product FY 2016 FY 2017 Change All Units $ 350.00 $ 350.00 0.0% Annual Operating Budget Fiscal Year 2017 Page 6 . 16F1HIA1 _., _, _. f) r r` C) D D ft) W W COCO CO w a Al X m 0 a. ^ c c c c c o --1 3 0 1. . rc ,° o ° Ce0wa0 m a0) X z C ° a m yO a a aa a 3 -+ <N + ) `� 7 7 :4 a 'O a c ) - • C z G) 0. w. v. �:... 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OF Bob Shenkel • Marine Contractor - Owner 9/3)27_615 6440 Topaz Ct. • Fort Myers, FL 33912 CALCULATED BY DATE Ph: 941.936.1782 Fax: 941.936.8250 CHECKED BY DATE License MR 00026 SCALE • i • // J • l i t . i....".i. ..t. -. i + s a 0 a b o i �,I 14" ` r/ZM 7.717.71/117' 7- 7/2 ..7 33.4. . . -. i• I 1 =. 1 I . , 1 I ; 1 0•!1 fC,/.CbNc Fj'Tt A-4 ,W ; a� kCa ice. cc ,� 1 s t `t"c}f ,,,i.--,•' 0'I��` wr s rF ( 1-1� ,04-.10 • • . ail • ' 11FF� V , z t4c 1. ., ,� .t,.: of , v. i ; i 1 ,,rs"=�> ; .0,400 : , ; i .;.. i ; ,, - , . , , , 4, . .... . ..- �.. .. .�.. Vii ! Wf I I 1 ,• ' gyp•• ,,.. ;I seeicy1 ; t ..i S i 7 fhG_ "" � 1 .1 i ' ��. r „eijj f I W I_ . `t '• • 1 s • 1 � I (tier - x }t r 0 ,„ iI s. , --I 1 ry��I .. 5 3 I1 ' i ; ; I I l/ . • i -...,,.,.1..... - .... .. .. .'. , F f� 1 , i ilk ti ^' L 1 ` i I ! 1 ! 1 1 i ' 1 .� . .: i # , .. i 1 ; i I i ; 1 1 1 1 6 F 1 H 1A1 _....,..... - ____ ._, _,,... _.,., „..., __,. . „...- LEGEND: Li-KAW- X ,--:--....iPLAND MONITOR WELL //? 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FlO g x° ff 1 I bx A rrwxo,...• I I 9 sly Iw P . o a r �� I 9t tlJNWI1N'JNW WHO NiNYW IN'•X.W9 tl3UWf1N ONW:Utla tl 11%W1N ONMtllA 1ÔFIH1Al Cedar Hammock Community Development District Financial Report February29,2016 Prepared by , SEVERN SERVICES,.. 16F1 11i Al CEDAR HAMMOCK Community Development District Table of Contents FINANCIAL STATEMENTS Balance Sheet Page 1 Statement of Revenues,Expenditures and Changes in Fund Balances General Fund Page 2 SUPPORTING SCHEDULES Non-Ad Valorem Special Assessments Page 3 Accounts Payable Report&Invoice Copies Pages 4-15 Cash and Investment Report Page 16 Suntrust Bank Reconciliation Page 17 Check Register&Invoice Copies Pages 18-23 16F1 HIAI Cedar Hammock Community Development District Financial Statements (Unaudited) February 29,2016 16 F1 Hi � 1 CEDAR HAMMOCK General Fund Community Development District Balance Sheet February 29,2016 ACCOUNT DESCRIPTION TOTAL ASSETS Cash-Checking Account $ 108,384 Investments: Certificates of Deposit-12 Months 200,000 Certificates of Deposit-18 Months 100,600 Money Market Account 469,560 TOTAL ASSETS $ 878,544 LIABILITIES Accounts Payable $ 4,765 Accrued Expenses 1,275 TOTAL LIABILITIES 6,040 I FUND BALANCES Assigned to: Operating Reserves 38,371 Reserves-Bridges 88,180 Reserves-Bulkheads 115,204 Reserves-Lakes 100,460 Reserves-Roadways 216,831 Unassigned: 313,458 TOTAL FUND BALANCES $ 872,504 TOTAL LIABILITIES&FUND BALANCES $ 878,544 Report Date:3/31/2016 Page 1 16F1 H1 Al 1 CEDAR HAMMOCK Community Development District General Fund Statement of Revenues,Expenditures and Changes in Fund Balances For the Period Ending February 29,2016 ANNUAL ADOPTED YTD YTD VARIANCE(6) FEB-16 ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ACTUAL REVENUES Interest-Investments $ 2,017 $ 840 $ 1,109 $ 269 $ 416 Special Assmnts-Tax Collector 279,653 265,000 266,613 1,613 5,600 Special Assmnts-Discounts (11,186) (11,186) (10,261) 925 (84) TOTAL REVENUES 270,484 254,654 257,461 2,807 5,932 EXPENDITURES Administration Profserv-Engineering 20,000 8,334 598 7,738 598 ProfServ-Legal Services 3,000 1,250 250 1,000 - ProfServ-Mgmt Consulting Sery 35,146 14,645 14,644 1 2,929 ProtServ-Property Appraiser 4,195 4,195 4,195 - - ProtServ-Special Assessment 2,855 2,855 2,855 - - Auditing Services 5,000 5,000 5,000 - - Postage and Freight 1,065 444 224 220 57 Insurance-General Liability 8,120 8,120 7,135 985 - Printing and Binding 700 285 434 (149) (66) Legal Advertising 2,000 835 419 416 - Misc-Bank Charges 600 250 339 (89) 58 Misc-Assessmnt Collection Cost 5,593 5,300 5,127 173 110 Misc-Web Hosting 800 330 332 (2) 50 Office Supplies 400 166 121 45 - Annual District Filing Fee 175 175 175 - - Total Administration 89,649 52,184 41,848 10,336 3,736 Field ProfServ-Field Management 700 700 700 - 200 Contracts-Water Mgmt Services 7,200 3,000 3,000 - 600 Contracts-Water Quality 10,910 5,455 3,580 1,875 (955) Utility-Cameras 1,200 500 541 (41) 115 R&M-Lake 3,000 1,250 313 937 156 Misc-Contingency 16,000 6,666 125 6,541 125 Capital Outlay 24,825 10,345 - 10,345 - Reserve-Bridges 15,000 15,000 - 15,000 - Reserve-Bulkheads 15,000 15,000 - 15,000 - Reserve-Lakes 15,000 15,000 - 15,000 - Reserve-Roadways 72,000 72,000 - 72,000 - Total Field 180,835 144,916 8,259 136,657 241 TOTAL EXPENDITURES 270,484 197,100 50,107 146,993 3,977 Net change in fund balance $ - $ 57,554 $ 207,354 $ 149,800 $ 1,955 FUND BALANCE,BEGINNING(OCT 1,2015) 665,150 665,150 665,150 FUND BALANCE,ENDING $ 665,150 $ 722,704 $ 872,504 Report Date:3/3112016 Page 2 16F1HIA'l Cedar Hammock Community Development District Supporting Schedules Febnuery29,2016 , . 16F1 Hi Al CEDAR HAMMOCK Community Development District Non-Ad Valorem Special Assessments (Collier County Tax Collector-Monthly Collection Distributions) For the Fiscal Year Ending September 30,2016 Discount/ County Gross Date Net Amount (Penalties) Expense Amount Received Received Amount Amount Received Assessments Levied $279,650 Allocation % 100% 11/04/15 $ 3,249 $ 185 $ 66 $ 3,500 11/16/15 51,368 2,184 1,048 54,600 11/30/15 119,199 5,068 2,433 126,700 12/14/15 51,755 2,138 1,056 54,950 12/31/15 13,979 436 285 14,700 01/29/16 6,269 165 128 6,563 02/29/16 5,406 84 110 5,600 TOTAL $ 251,225 $ 10,261 $ 5,127 $ 266,613 % COLLECTED 95% TOTAL OUTSTANDING $ 13,038 Report Date:3/31/2016 Page 3 16F1111Al Aged Accounts Payable Thursday,March 31,2016 9:48 AM Cedar Hammock COD Page 1 STSWATERIMPOLANEC (Detail,aged as of February 29,2016) Aged by due date. Document Number is External Document No. No. Name Document ___ Aged Overdue Amounts _ Doc. Due Date Description Type Number Balance Due Current Up To 30 Days 31-60 Days Over 60 Days Curr. 4 FEDEX Phone: 8006221147 Contact: 2/9/2016 2/1/16 POSTAGE Invoice 5-314-07555 38.66 0.00 38.66 0.00 0.00 2/16/2016 2/10/16 POSTAGE Invoice 5-321-73036 10.27 0.00 10.27 0.00 0.00 4 Total Amount Due 48.93 0.00 48.93 0.00 0.00 0.00% 100.00% 0.00% 0.00% 5 BANKS ENGINEERING INC Phone: Contact: 3/1/2016 JAN ENGINEERING SVC Invoice 1263CD0-049 598.20 598.20 0.00 0.00 0.00 5 Total Amount Due 598.20 598.20 0.00 0.00 0.00 100.00% 0.00% 0.00% 0.00% 8 SEVERN TRENT ENVIRONMENTAL Phone: 281-578-4200 Contact: 2/19/2016 FEB MGMT FEE Invoice 2083056 3,120.93 0.00 3,120.93 0,00 0.00 6 Total Amount Due 3,120.93 0.00 3,120.93 0.00 0.00 0.00% 100.00% 0.00% 0.00% V00015 CARDNO ENTRIX Phone: 713-666-6223 Contact 3/2/2016 FEB MONTHLY MONITORING Invoice 188991 600.00 600.00 0.00 0.00 0.00 V00015 Total Amount Due 600.00 600.00 0.00 0.00 0.00 100.00% 0.00% 0.00% 0.00% V00030 GAMMA TECH SERVICES,LLC Phone: 239-330-4939 Contact: 3/20/2016 IT SERVICES FOR GUARD Invoice INV-7327 125.00 125.00 0.00 0.00 0.00 V00030 Total Amount Due 125.00 125.00 0.00 0.00 0.00 100.00% 0.00% 0.00% 0.00% V00033 COMCAST Phone: 800-391-3000 Contact: 3/8/2018 2/19/16-3/18/16 INTERNET Invoice 02072016 115.25 115.25 0.00 0.00 0.00 V00033 Total Amount Due 115.25 115.25 0.00 0.00 U.00 100.00% 0.00% 0.00% 0.00% Page 4 Al . 16 F 1 Aged Accounts Payable Thursday,March 31,2016 9:48 AM Cedar Hammock CDD Page 2 STSWATER\MPOLANEC (Detail,aged as of February 29,2016) No. Name Document ____Aged Overdue Amounts Doc. Due Date Description Type Number Balance Due Current Up To 30 Days 31-60 Days Over 80 Days Curr. V00037 PENINSULA IMPROVEMENT CORP Phone: Contact: 1/3112016 QUARTERLY ISLAND MAINT Invoice INV003403 156.25 0.00 156.25 0.00 0.00 V00037 Total Amount Due 156.25 0.00 158.25 0.00 0.00 0.00% 100.00% 0.00% 0.00% Report Total Amount Due(USD) 4,764.56 1,438.45 3,326.11 0.00 0.00 30.44% 69.56% 0.00% 0.00% Page 5 16 F 1 HI +A l CEDAR HAMMOCK Community Development District Cash and Investment Report February 29,2016 General Fund Account Name Bank Name Investment Type Maturity Yield Balance Checking Account-Operating SunTrust Bank n/a n/a 0.04% $ 108,384 Certificate of Deposit BankUnited 12 month CD 2/11/17 0.80% 200,000 Certificate of Deposit Stonegate Bank 18 month CD 8/10/16 0.60% 100,600 Money Market Account Stonegate Bank Public Funds MMA n/a 0.40% 469,560 Total $ 878,544 Report Date:3/31/2016 Page 16 16F111 Al Cedar Hammock CDD Bank Reconciliation Bank Account No. 9995 SunTrust-GF Statement No. 02-16 Statement Date 2/29/2016 G/L Balance(LCY) 108,383.59 Statement Balance 108,383.59 GIL Balance 108,383.59 Outstanding Deposits 0.00 Positive Adjustments 0.00 Subtotal 108,383.59 Subtotal 108,383.59 Outstanding Checks 0.00 Negative Adjustments 0.00 Differences 0.00 Ending G/L Balance 108,383.59 Ending Balance 108,383.59 Difference 0.00 Posting Document Document Cleared Date Type No. Description Amount Amount Difference Page 17 16F1 H1A1 8 8 o g � � � � $ � 0 o 2 g o 0 0 co 0 to ccoo U) ,o2 o o 'g' 0io- _ v> vj. `v f Co d E 11 rn 888881 m J D 02v) ulu? n 1- I NS I� W N. tD N nppU U ) A 1 i UUsr N � In o yy 1 Y N co O N N p Eco t to z E N rn E t o rn co m g I 4 N U g N a a • m to E a '� m o 16 44 a CO U M W W, m Z 2 m m m V ° ut g_ c O2 G i+ 7 > a , a H m Q a a .2 0 G rn 08 N JC C v N 0 0 �W z z v1 O Z o w pp c • S. �— t f a E _C N t O H 0 [ 'D O g u'- z R O J+ yQ O ›- _J W W W W W I Q. IID 0 x ' m `k 4 O } _ LL LL LL W LL } R Q -6 v c H - g z a c '� O O CD d t� H s- M 2 2 2 g 2 4 w zz E ✓ �= U .5 Q o Q ' Q Q a4' Q E N E `o _ cp cp ap E LL M NI V V C W V' N- k T. N co N N- N- N- N h to$$CCjj„ O pN N N N AN co co t v o o N 1 t z Z U j ots up co co CO CO t W W W W W Is V O O O 0 W cr. cc d W W W W UJ a- m X 0 CO N CO C x H H H H H 11111 • z olr1,� z T 0 W H H CK F- F- I- W ` o w z co ct cc rt Et cc z > > > > > a Co CC CI O W W W W W 4 { 0 Z m 0 0 u) 0 CO CO CO 0 E N _ m (D CO f0 CO (O (O CO (O M Y' � c� ..- o 2$ a a a a a a � 0 9a U $ o o g o 0 0 0 0 0 $ o 0as W m x * * * Y Y Y Y Y n 3 Z° W y o y o y o y o 0 0 0 o y o C6 tD 0 t) U 0 U I6FIH1 Al RESOLUTION 2016-6 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE CEDAR HAMMOCK COMMUNITY DEVELOPMENT DISTRICT CONFIRMING THE DISTRICT'S USE OF THE COLLIER COUNTY SUPERVISOR OF ELECTIONS TO CONTINUE CONDUCTING THE DISTRIC'T'S ELECTION OF SUPERVISORS IN CONJUNCTION WITH THE GENERAL ELECTION. WHEREAS, the Cedar Hammock Community Development District (hereinafter the "District") is a local unit of special-purpose government created and existing pursuant to Chapter 190,Florida Statutes,being situated entirely within Naples, Florida; and WHEREAS, the Board of Supervisors of Cedar Hammock Community Development District (hereinafter the "Board") seeks to implement section 190.006(3)(A)(2)(c), Florida Statutes and to instruct the Collier County Supervisor of Elections (the "Supervisor") to conduct the District's General Elections. WHEREAS, the Supervisor has requested the District adopt a resolution confirming the District's use of the Supervisor for the purpose of conducting the District's future supervisor elections in conjunction with the General Election; and WHEREAS, the District desires to continue to use the Supervisor for the purpose of conducting the District's supervisor elections in conjunction with the General Election. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE CEDAR HAMMOCK COMMUNITY DEVELOPMENT DISTRICT: Section 1. The Board is currently made up of the following individuals: Thomas Cook, Gary McClellan,Larry Minamyer,Norman Day and Quentin Greeley Section 2. The term of office for each member of the Board is as follows: Supervisor Term(Including Expiration Date) Larry Minamyer 11/2016 Quentin Greeley 11/2016 Thomas D. Cook 11/2018 Gary McClellan 11/2018 Norman Day 11/2018 Section 3. Seat 4, currently held by Larry Minamyer and Seat 5, currently held by Quentin Greeley are scheduled for the General Election in November 2016. Section 4. Pursuant to section 190.006(8), Florida Statutes, members of the Board shall be entitled to receive for his or her services an amount not to exceed $200 per meeting of the I6F1HI Al Board,not to exceed$4,800 per year per member. Section 5. The term of office for the individuals to be elected to the Board in the November 2016 General Election is four years. Section 6. The new Board members shall assume office on the second Tuesday following their election. Section 7. The District hereby instructs the Supervisor to continue conducting the District's elections in conjunction with the General Election. The District understands that it will be responsible to pay for its proportionate share of the General Election cost and agrees to pay same within a reasonable time after receipt of an invoice from the Supervisor. PASSED AND ADOPTED THIS 11th DAY OF APRIL,2016. ATTEST: CEDAR HAMMOCK COMMUNITY DEVELOPMENT DISTRICT — 1-1L-01-1Y-'6 Calvin Teague Thomas Cook Secretary Chairman 16F1 Ill Al Notice of Meetings Cedar Hammock Community Development District The Board of Supervisors of the Cedar Hammock Community Development District will hold their meetings for Fiscal Year 2017 at the Cedar Hammock Clubhouse, 8660 Cedar Hammock Boulevard, Naples, Florida at 3:00 p.m. on the second Monday of the following months except as noted: October 10,2016 November 14, 2016 January 9,2017 February 13,2017 March 13,2017 April 17,2017(third Monday) May 8,2017 There may be occasions when one or more Supervisors will participate by telephone. Meetings may be continued to a date and time certain which will be announced at the meeting. In accordance with the provisions of the Americans with Disabilities Act,any person requiring special accommodations at this meeting because of a disability or physical impairment should contact the District Management Company,Severn Trent Services at(954)753-5841. If you are hearing or speech impaired,please contact the Florida Relay Service at(800)955-8770 for aid in contacting the District Office at least two(2)days prior to the date of the hearing and meeting. Each person who decides to appeal any action taken at these meetings is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based. Calvin Teague District Manager 16F1FII 1 Cedar Hammock Golf & Country Club 8660 Cedar Hammock Blvd. Naples, FL 34112 3/21/2016 Bathymetry Selected Three Pond Properties Perimeter, Acreage, Depth & Volume Prepared By Community Environmental Services, LLC 17011 Alico Commerce Ct. #503 • Fort Myers, Fl 33967 Phone: (239) 822-6087 16F1H1 Al On March 10,2016,three ponds at Cedar Hammock Golf and Country Club in Naples,FL were sounded(#'s 8,12 and 13)in order to ascertain baseline measurements for addressing issues of excessive algae growth. Each sounding was associated with its respective GPS coordinates. The shoreline was also plotted for each pond. With this information,an underwater map or bathymetry has been created for each of the three selected ponds. These measures are necessary to 1)determine the amount of aeration needed to attain necessary turnover rates for water quality improvement and for the slowing of sediment accumulation,2)identify the deepest areas for effective aeration,3)locate optimum sediment coring sites for the understanding of pond aging and internal cycling of nutrients that support algae blooms and 4) calculate more precisely the amount of herbicide required for volumetric applications. Note, the bathymetry is relative to the day the field samples were taken(March 10,2012). On this day,the water levels were approximately 1.5 to 2 feet below control elevation. Note,this is a close estimation based on measurement of the high water mark down to the waterline on vertical structures in the same basin. A precise measurement was not available on site at the time of this report. The chart below indicates mean depth,acre-feet and volume in gallons on the day of sampling and estimated mean depth,acre-feet and volume in gallons at control elevation. Also,please note the acreage of the three ponds differ from those supplied from the Banks Engineering Base Line map- Pond 8 was listed as 1.54 acres and was found to be 1.45 acres. Pond 12 was listed as 0.89 and actually is 0.61 acres. Pond 13 changed from 1.39 acres listed compared to an actual 1.03 on the ground. These numbers are significant as the actual numbers will potentially save money for the community in terms of aeration purchases and herbicide treatments if needed. Cedar Hammock Selected Three Ponds lir440 _ 1fy'` "`<-^-.. Blo y *. 5W t tF 'rte t' , l 11;-„,,,-. # $ " Ria -, ,. , t mLEs i ,� �n e �' 4 L# •,,,..: �. D 1, R. mix : `tia g_ ., ` ,.^k fi a• t-,£. 0 95, I '( .tw+ .w�' , t 7 ' ' '.,,,`"14,-,,, ,."'"—..,:,,,47'`''''''' ' . ' t5, -§s:‘i, ,2,,..„,14.......t., , ,.,,...„....... 1 :, ._,,..,..:,:_.r' :. ' ' , ',-• '',,'• -, , *71, '-- - .,' -----,,,. Pond # Perimeter (ft.) Acres Mean Depth (ft) Acre-Feet Volume (Gallons) 8 1.,350 1.45 5.2 7.54 2,457,000 6.1 @ control 8.85 @ control 2,884,000 @ control 5.4 3.29 1,072,000 12 820 0.61 6.1 @ control 3.72 @ control 1,212,000 @ control 4.4 4.53 1,476,000 13 1,020 1.03 5.4 @ control 5.56 @ control 1,812,000 @ control Community Environmental Services 0 Ecological Designs&Environmental Solutions in SW Florida Ponds and Preserves/Lake Aeration Systems 239-822-6087 1 6F1 H1A1 aftCommunity Environmental Services Cedar Ecological Designs&Environmental Solutions in SW Florida Hammock Ponds and Preserves/Lake Aeration Systems 239-822-6087 Pond #8 Perimeter: 1,350 ft. Area: 1.45 acres Mean Depth: 5.2 ft. Volume: 7.54 Acre/ft or 2,457,000 gallons At Control: Mean Depth: 6.1 ft. Volume: 8.85 Acre/ft or 2,884,000 gallons Bathymetry of Cedar Hammock Pond 8 2892,40- fl ;4e+ + 4,_ 1 11-x- ' .'s ,,( 'i j �4t�r,lr ,.0.,„:2, , r?F �, 2892320 :i�i4i` ti �,,,,,,,y, a;� ' 1 '' 2892300- 1''1� �; i ;,IN .1 111 r i ib #� (i': -2 ... 2892280- 4� 0•,!•,1', • E :i -3 r - -4 .r t13 2892260- ;f.t f / i �` :.;' 'l i r) Q � l )f//T 4;i {iiia0 , fi Z 2892240- 1', 7 2' 2892220 e,. .'i 1' ,t -`) � Sit '' 2892200 °.,: -11 l'w ,._w-12 r • 2892180- 1 It 4.30660 4'.101380 Eastern (m) 16F1 iii Al Community Environmental Services Cedar Ecological Designs t Environmental Solutions in SW Florida Hammock Ponds and Preserves/Lake Aeration Systems Pond #12 CIA 1.I.0 II Ron/L 111.11,443 239-822-6087 Perimeter: 820 ft. Area: 0.61 acres Mean Depth:• 5.4 ft. Volume: 3.29 Acre/ft or 1,072,000 gallons At Control: Mean Depth: 6.1 ft. •Volume: 3.72 Acre/ft or 1;212,000 gallons Bathymetry of Cedar Hammock Pond 12 ''4' .t.' ---:-.% ' , ' ' ', " ., a 28191860 ---NN.\\ . fi' , 4, 2891850 lJ 2801840— r 1 2891830— r, 3 '4 C 2891820— 5 t -7 +sw. 4> 28918 1 U� L `}. Z 2891000— '.n a =,y,. _ -y `.1} h _ .'1C1 2891790— u -11 ,. 'c� 1 1 ?8917z10 -13 Al } _ _ -: ?_891770... ""� & , 1 2891760— t —_t — r 1 e ior- 4308017 430810 4;3(1£120 4+0830 430840 } ' -,.. Eastern (m) 16F1H1A41 • Community Environmental Services Cedar Ecological Designs&Environmental Solutions in SW Florida Hammock Lake Aeration Systems Pond #13 Ponds and Preserves/Lake Aeration Systems ,--,----- 239-822-6087 Perimeter: 1,020 ft. Area: L03 acres Mean Depth: 4.4 ft. Volume: 4.53 Acre/ft or 1,476,000 gallons At Control: Mean Depth: 5.4 ft. 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'''''.'F'''', ,*.i.e,-,:::-',•:- ' . 14 • 16F1H1 " Cedar Hammock Golf & Country Club 8660 Cedar Hammock Blvd. Naples, FL 34112 3/10/2016 Sediment Coring &Analysis Prepared By 41§0 Community Environmental Services, LLC 17011 Alico Commerce Ct. #503 • Fort Myers, Fl 33967 Phone: (239) 822-6087 1 16F1 }IIA1 Introduction On March 10, 2016, three ponds at Cedar Hammock (#'s 8, 12 and 13) were sampled for organic and inorganic sedimentation. Sample locations were based upon bathymetric mapping conducted on the same day and also upon a spatial analysis of the pond. The presence and quantity of the organic portions of the samples are listed on the following pages. Organic sediments are the remnant biological decay of all dead organisms or waste products of living things within the watershed of the pond. Some of the material comes from organisms living in the water body (internal loading) and some comes from organisms living on land within the watershed (external loading). This includes runoff fertilizer, blades of turf grass, leaves from trees or bushes, animal waste, fish, aquatic plants, algae, etc. Rainwater washes all terrestrial organic material into the pond from the golf course and nearby houses whether they are adjacent to the lake or not. The material settles to the bottom or floats within the water column and becomes food for aquatic plants including algae. The information in this report will be helpful in determining which pond management services to employ in treating an ongoing buildup of algae populations each spring through fall that are feeding on the organic material. Please note, regarding inorganic sediment that is mostly clay and sand, management will have no direct effect on this matter. The inorganic sediments are often an indicator of shoreline erosion which in turn can be managed to retain this material at the edge of the pond. Additionally, a Secchi disk reading was taken to measure how deep light is penetrating and is an indicator of nutrients in the water column. Methodolgy A coring device, constructed of an acrylic tube and extended with three foot sections of PVC pipe is inserted from a boat into preselected sites. The device is then closed at the top creating suction which allows bottom sediments to remain in the acrylic tube. Once lifted to the surface, a rubber stopper is inserted into the bottom end of the acrylic. The acrylic tube is then removed from the extension(s). A visual inspection is made to measure 1) floc (flocculent), 2) organic matter, 3) sand and 4) clay. Six sites were preselected for extraction of materials from the acrylic tube utilizing a custom made plunging apparatus. The bottom rubber stopper is removed and the plunging rod is inserted into the bottom of the acrylic tube. The top rubber stopper is removed and the plunging rod is gently moved up the tube displacing the top levels of water until the floc layer is even with the top of the acrylic tube. A hand ruler is then utilized to measure the floc. The core is then dropped back in the water. Twelve additional sites were also chosen for visual inspection only. No extractions were performed on these samples. 2 16FI: HIA1 Community Environmental Services Ecological Designs&Environmental Solutions in SW Florida Wetland,Lake and Preserve Management 239-822-6087 / Fax 630-604-2616 „,, www.CESecodesigns.ronl • Cedar Hammock Selected Three Ponds - . , ;599 . ,7 AIhS* @ is :`° "3 S i fk 7� t. i l,. t, fr 1 ''/ !pry t t a.icr :4-i : c 8vs�nc s'Grt,, '' �1 _ ,% '..‘:, 'ik,,,,v...Titt .' *Ai, t-A-' •''',VI*it, ' 4.',;.-1- "Istaz ttoritt'cm, -,....., 4=„r$ . ti.T.,* . ,, , , I 4,1- tt4. i ' r ' 3� i� Ntf 1, z O R litl 3 i + d f . 4 Vie, ,- * ,i,„:, GidarP r , «. f - �� .''`. Pond # Perimeter(ft.) Acres Mean Depth (ft) Acre-Feet Volume (Gallons) 8 1,350 1.45 5.2 7.54 2,457,000 6.1 @ control 8.85 @ control 2,884,000 @ control 12 820 0.61 5.4 3.29 1,072,000 6.1 @ control 3.72 a control 1,212,000 @control 13 1,020 1.03 4.4 4.53 1,476,000 5.4 @ control 5.56 @ control 1,812,000 @ control 3 16F1 Hi Analysis — Organic Material A 1 In terms of the depth of organic material, a mean depth of less than six inches was found at all three ponds. This a low number based on the 17 year period since construction in which they have had time to collect material from the surrounding landscape. The most organic sediment was found on pond 13 with a mean of 4.1 inches. This is a relative number and is no cause for alarm. Mean Organic Sediment Layer(in) 4.5 4.0 G 35 _..... _. y30 c t a e. 7 ti I.. 5- 4- _ _..._- 4�Average Sediment t20 4 " , n Layer 10 13 S 12 Pond d Floc Floc is decayed material in the body of water that has sunk to the bottom and sits over the sediments. It has the consistency of water but is rich in organic material. In time, it will become part of the organic sediments or it may be reincorporated back into the water column through high wind events or temperature inversions. It is significant as an indicator of sedimentation in a pond. Floc results from each extracted station ranged from 0 to 1.5 inches which are moderate readings. Its presence adds to algae production in the ponds. The floc layer will be highly disrupted in a properly aerated pond thus slowing sedimentation. Similar to organic material, the most floc was consistently found on pond 13. Mean Floculent Layer(in) 0.9 E06 41 A or 0 S s 1 tf, re Average Floculent 0.4r layer 0.3 i. rri, .,. ,. 4 £, 01 13 N 12 Pond d 4 16F1 H1A � Inorganic Material Inorganic sedimentation occurs from the initial excavation of the site and erosion processes along the shoreline. Erosion appears to be a contributor to sedimentation on this pond as evidenced by the some washouts and escarpments. The last amount of inorganic material was found in pond 13 with a mean of 4.2 inches. Over one foot of material was found in ponds 8 and 12. Aeration will not address this material. To slow the amount of inorganic sedimentation, aquatic plantings can be utilized along the shore to stabilize the banks. Mean Inorganic Sediment Layer (in) ._ 14.0 _ 12.0 - _. � , ,.... ___...._. > 10.0 — 8.0 Average c Sediment Layer a 6.0 0,41114.2 4.0 .,E + % (4 2.0 0.0 -ike!,'tft3,._ x aak ��. __ ==- 12 12 8 13 Pond It S 16F1 Al A Secchi Disk Reading A Secchi disk reading measures how deep an object can be seen from the surface and is an inexpensive means to see how far light can penetrate into the water column. Simply put, it measures how clear the water is. There are many factors that may contribute to clouding of the pond, many of which are caused by excess nutrients. This particular cause of turbidity can be diminished by aeration. The secchi disk reading at Cedar Hammock on March 10, 2016 was 2 feet at all three pond locations. Note, this is snapshot in time and will likely change monthly or even weekly depending on site conditions. A 2 foot reading is a very low number. Concerns mount as the reading falls to three feet or less. Clouding of the water, especially green in nature, will likely occur as spring and summer approach. This is a yellow flag warning for deteriorating pond conditions in which warmer water forms a layer over cooler water in ponds that are not aerated. The bottom layer can become very low in oxygen. Secchi Depth (ft) 8 — — — Secchi Depth L 6 5 r — — W 4 I _....-._..____.. �.__. .___._.__.. _.—_�__ _.._.... ._.._. _.....__.. __..__-_..__. fats[han•hrcefcc! I Indlcaces pardtchtt cardldatessec 2 ........... 33 _.... .. "Y .. .__._ _.__.. 1 has diHee s S 12 13 Pond# 6 16F1 H1A1 Summary The sampled ponds at Cedar Hammock have accumulated a low amount of organic sediment in a period of 17 years from its inception. In all three cases, the ponds measured a mean depth of less than six inches of organic sediments generally distributed over their entire respective areas with deeper pockets in deeper water. The overall water mean depth is approximately seven to eight feet with the deepest areas measuring 13 feet in March 2016. This same water at control elevation would be about 15 feet deep. At current rates of sedimentation, the ponds would require 400+ additional years to fill in completely. Therefore, dredging of the ponds is not needed. Ponds show their age through the sediments. Note, everything that dies in the water basin, which includes not just the pond, but the entire land based community, eventually washes into the pond where it decays and settles. Many other area ponds that are 17 years of age show much higher rates of sedimentation. There are red flags though in the analysis. Stations throughout the ponds possess moderate amounts of floc which is readily available as food for algae. Aggressive and full coverage of aeration will greatly diminish this parameter. Additionally, the moderate presence of filamentous algae in ponds already in early March indicates probable external loading of nutrients from the surrounding terrestrial landscape. In particular, algae is present in larger populations in pond #8 which is adjacent to larger hilly areas of the golf course. This adjacent terrain may be contributing higher amounts of external nutrients due to storm runoff. Shoreline erosion does not appear to be a great contributor to overall sedimentation at this time although a more thorough aquatic planting of the shoreline with ongoing maintenance would be highly advised to diminish transfer of sediment to deeper water. Recommendations • Preventative springtime or early summer algae treatment. It is easier to treat early than late. • An aggressive aeration design with 150 foot placement between diffusers to outgas carbon and nitrogen and to sequester phosphorus as unavailable nutrients required by algae • Pond management - phosphorus blockers such as lanthanum thus starving the algae of a needed food source • Shoreline erosion corrections with plantings and runoff breaks • Lowering of external loading through landscape management - more plantings to diminish runoff, use of zero phosphorus fertilizer 16F1 A1A1 • Continued water testing is recommended for nitrogen and phosphorus levels however, this report serves the purpose of showing the need for the above items without water testing. Diffuser Placement Diffusers are generally good for full mixing of the water up to 75 feet therefore, a maximum of 150 feet between diffusers and/or 75 feet from shore is optimum for full pond mixing. Likewise, new technologies accomplish more aggressive mixing. The following aerials represent a diffuser placement scheme for full aeration of all three ponds. Distances between diffusers range from 100 to 150 feet. Pond 8 Pond 12 Pond 13 . 4 4PE ,..'Cr:-79, ' t f, ,. , 1 tom.. ' g n n syr,: ^ 4 . .I t*fST� �x a S `t M. • ' i j7:-..',,:',:::` r,.. ,_ '-, '''',;:r:70 l', ,.., , ill' A 8 16F1 H1A1 Community Environmental Services Cedar Ecological Designs&Environmental Solutions in SW Florida Hammock 17011 Alico Commerce Ct. #503 Pond 8 Fort Myers,FL 33967 v..v.., 239 822 6087 3/10/2016 Perimeter: 1,350 ft. Area: 1.45 acres Mean Depth: 5.2 ft. Volume: 7.54 Acre/ft or 2,457,000 gallons At Control: Mean Depth: 6.1 ft. Volume: 8.85 Acre/ft or 2,884,000 gallons Core Locations 1 -primary extracted cores 2-secondary non-extracted cores Bathymetry of Cedar Hammock Pond 8 . - 2asz.)no .:. f 2892320 , 0 lM 2892300- i• ',At 1 ui ,ay,st l I 1 !(Ii '11'it , -2 2892280.- ' 1 Ai k�/ali � -3 i1 14t� r n C } �,1 ` =�n y,V Qy 2892260- 7 a7 -5 -P'', z ze92:?40a to , ft/ 2 � -s 2892220 -9 2891200-\,,,,. '‘ s91200 \� -11 —._..-12 s 2892180 % :;..1V • : r____-..... 430660 430680 Eastern (m) Pond 8 Data Set Total McnM''''''° S"'hi fl or depth lengthoe one Clay Send Name Visual (R) (h) (In) (in) , (in) _(in) (In) Comments CHOS-01 Measured 2 11 20 1 1.5 17.5 0 CROS-Ola Visual X 10 17 0.5 3.5 13 0 0108-01b Visual X 11 1.2.5 0.5 2 10 0 CH(MI-02 Measured X 10 18.5 0.5 2 14 2 CH08-02a Visual X 7 11 1 5 5 0 9 16F1 Hi, Al ;;;,, f`-‘ 1, 1" '," - ' 1,,- i.' , . '" ......„ k -r r . • i,. ,/..'.i.4.,:,,..--:;$ ,• } /\ 1 r . , , ),/-,\ L • - .'"'- .-.-I -4 1 (.,. ' j‘,.. ,,...'..,r, • t, ' . h 7;1' ' . , •, : •'•\' . '• "•'''' ,,.'s,•• ' ()Co\ ‘.3(1. t•',•,,,,,,,o,1, , .,,,.. - , • ., ...1•0,.; . . (--,0 . '1 •\ e) A e.".•,- • ', ' --1 , '• --• 1 ekL 1 / ,, .. , . ". , , • •. . .,••!,,,,, • l',. ,t.. .... . . Itt . . , ., ., 1 ' ' ;..,.. ,, , ‘ \ e X10)A. N• • ' e _ 1, 1,,, , ''., :t4,, .,..,', L.--, i ' 1,-, ,,:` .1 ; 'v .. - . '• ' , •44'.;•,-.-,.;'„' l'-.. _........ --- - ' ,.-k i,''''-"''-• , 1 I\ . i . \ •1,-., -,- - . .--\ 1, t__. • , ,,, ,, . , e - •,,, •,,,. ...„..., , r\( AA--‘6r, 1 1 . .. -,,,,r ' •i•, '• C)(..,0-, , - lio,rn•. , - • ,‘ \ ‘ is--,,' • -4,',,,,'.„,•„•,, .. :.•• - . • ,.-yi,„:,. -0,f• -,-,,,t , •:',. ,,.,, ---- . 4k, / ,,,7' , , ,• ,--t ,,A,''''• '''' . -';''Z..„-',,:,,,, - -\- (-..-: . ', '•- - ' --...', ; 1, ,;,.' ) I -`, . ,..*:',:.,,UX,...,,..q:,..r„ ..:4, '1. .1 er\ ‘-'), `.'.:''''., •'', ' : ,•?,'I'',...i,,c,,K4,' -.,/v.,- -r„,,,-, t''' : \ " IV ' - -,,,;''A ....'.---,i,----.-.. ,.•..-,A,,,F,-,:, 4 1-2',.('-- : ',.*. \--(' '`),..,g'."=,'''t'ii.vg',-•,--•....:42,. .- .-.,-. ..:',f4,. •,'1:24,';, , ,,,,,,,........ 1 • k _ . "1. CY-1)\-ViOr • 1-t,.,,,,,,e..( ., ,, • ........_ • , • ) •• • % •-•., ) • 1: .., • - •i ti)r..I'k\• • ' -h--;:i. '.'„,:tv •,1,44- -,,,t--;, -,1 ; „ :;.•- •I 11% , . . . .,•,' - ,,,,,,,, ftl.,-.5.. ,F -.....•,-, to , • .- „,. , 4 j 1 16F1 H1 Al Community Environmental Services0 Cedar Ecological Designs&Environmental Solutions in SW Florida Hammock 17011 Alico Commerce Ct.#503 Pond 12 Fort Myers,FL 33967 -- --- —--- 239-822-6087 3/10/2016 Perimeter: 820 ft. Area: 0.61 acres Mean Depth: 5.4 ft. Volume: 3.29 Acre/ft or 1,072,000 gallons At Control: Mean Depth: 6.1 ft. Volume: 3.72 Acre/ft or 1,212,000 gallons Core Locations 1--primary extracted cores 2—secondary non-extracted cores Bathymetry of Cedar Hammock Pond 12 2891660 " 2891850 w ,t 2891840- n -1 4 t -2 2,891830- in 3 -' _ i. E 2891820 (" \\ - d.e Qt 2891816- -7 t c 0 8 Z 2891800- :r t V, 2691790- ._...-11 ' 2891780- 4,,IftiA,,,t-,';.. 1:3 It , M 28917/0_fei � a28917fii-1 — 430800 4308111 43(1H26 4304:30 430806 ., Eastern (m) Pond 12 Data Set Total Measurod Secchi or depth length floc Ory Clay Sand Nama Visaal (ft) (ft) , (in) On) (in) (M) _fin) Common. C1112-01 Measured 2 11 20 1 1.5 17.5 0 C1112-01a Visual X 10 17 0.5 3.5 13 0 CH12-01b Visual X 11 12.5 0.5 2 10 0 11 1 6 F11-1l Al ,.. , = -- -. '1 p,. \ \ • ..it \ - . . \/\ - , ) -, . i • , , I , ,,,7, ,•• -,(,i\. , ,, = ( K 6\ , ' • g•-' i (.\\-•I \ ( ) 1 , ' • , " 1 I .',i A:;:''''':'''' ';',':'-:,Iii,''', ..40.. i'''..**'''''` Z. .-',,.Z ..' , ''• ' ' '''''' --\ E 1 , \L.._ r)(....-60r1°(-1* .•T ' ." 1 12 16F1H1 , Community Environmental Services Cedar Ecological Designs&Environmental Solutions in SW Florida Hammock 17011 Alico Commerce Ct. #503 Pond 13 Fort Myers,FL 33967 ,,.»,.-,. 239-822-6087 3/10/2016 Perimeter: 1,020 ft. Area: 1.03 acres Mean Depth: 4.4 ft. Volume: 4.53 Acre/ft or 1,476,000 gallons At Control: Mean Depth: 5.4 ft. Volume: 5.56 Acre/ft or 1,812,000 gallons Core Locations I -prima') extracted cores 2-secondary non-extracted cores s-.a_ k Bathymetry of Cedar Hammock Pond 13 4f 2891860- 4v - ti i- t `, r 2891840-- Nego•kIIV 1 0 t'I1 2891820 1 A1C,.. ,.r, .W._.,-2 E 2891800-, u? 4 O o z5 , -5 Z 2091780- 6 , g -7 i -8 11 2691760- _9 I 1U 4, o) 2891740- w. 431020 431040 Eastern (m) Pond 13 Data Set Mearretl 6eochl Total or depth length floc Ora Clay Sand Name Visual (R) (R) , (in) (in) (In) (i) (in) , Comments 0-113-01 Measured 2 7 6 0.5 5.5 0 0 CH13-01a Visual X 6 5 1 4 0 0 CH13-01b Visual X 8 6 0.5 5.5 0 0 - CH13-02 Measured X 9 9 0.5 0.5 8 0 CH13-02a Visual X 9 10 1 7 2 0 CI-113-02U Visual X 9 18.5 1.5 2 12 3 13 \II:c)(4, v1,-;1 ! MINUTES OF MEETING CEDAR HAMMOCK 16F1i1l Al �_ COMMUNITY DEVELOPMENT DISTRICT BY The regular meeting of the Board of Supervisors of the Cedar Hammock Community Development District was held on Monday, April 11, 2016 at 3:00 PM at Cedar Hammock Clubhouse, 8660 Cedar Hammock Boulevard,Naples, Florida. Present and constituting a quorum were: Thomas Cook Chairman Gary McClellan Vice Chairman Larry Minamyer Assistant Secretary Norman Day Assistant Secretary Quentin Greeley Assistant Secretary Also present were: Cal Teague District Manager Ben Bledsaw Banks Engineering Steve Lucas Rose Paving Residents The following is a summary of the discussions and actions taken at the April 11, 2016 Cedar Hammock Board of Supervisors meeting. FIRST ORDER OF BUSINESS Roll Call Mr. Cook called the meeting to order and Mr. Teague called the roll. SECOND ORDER OF BUSINESS Approval of the Minutes of the March 14, 2016 Meeting • Edits were made and will be incorporated in the minutes. On MOTION by Mr. Minamyer seconded by Mr. Greeley with all in favor, the minutes of the March 14, 2016 meeting were approved as amended. THIRD ORDER OF BUSINESS Audience Comments • Residents addressed the lakes with regard to algae and aeration. 16F1HI .4A1 April 11,2016 Cedar Hammock CDD FOURTH ORDER OF BUSINESS Consideration of Proposals for Road Maintenance Project • Mr. Steve Lewis, Rose Paving, presented a proposal for resurfacing Cedar Hammock Circle and Sawgrass Way with Grip Flex. o The product is a combination of coal tar,thermoplastic and aggregate. o The alternate to Grip Flex would be to edge mill along both sides of the roadways and then put down a one inch cap of asphalt. • Q&A o What is the noise level of cars driving on this surface is it different since it looks rougher? Not at all. o The brochure states 25 year useful life - if it was applied now there would be no need to do the roads for 25 years? The roadways have a sub-base, base and then asphalt. Asphalt is like a mirror and reflects whatever is going on underneath so it is only as good as what is going on underneath. If the sub-base and base is good, yes it will last indefinitely. o What is the remedy if the Grip Flex gets cracks? The cracks do not come back very big so there is not anything you would need to do. We can crack fill but it is not as attractive. If a repair needs to be done, it can be cut out, the asphalt replaced, allow the asphalt to cure for 30 days, put the Grip Flex back and it will blend somewhat. o Discussion followed on repairing a small patched area. o A concern was raised regarding the temperature level of a black surface. o What prevents tracking during the process? It does not track. o How soon can cars drive on it? 48 hours. o What kind of contract and warranty is offered? The product has a three year at 100%,fourth year at 50%and the fifth year is 10%. o Discussion followed on road failure versus product failure. • Mr. Marshall noted the first thing they want to do is protect the structural integrity of the road. o Coring is good insurance policy before any activity is done. • Mr. Doug Besteman outlined the different communities they toured with the Grip Flex. • Discussion continued on the road maintenance project. 2 16F1 thAi April 11,2016 Cedar Hammock CDD o Speak with the associations regarding parking areas. o Coring. o Heat-is there a way to do a test of this. o Tracking-treat any application as if it will track. o Cost of Grip Flex per yard versus asphalt. o Can a special assessment be created for an association area. • A resident noted the walking path is starting to crack. FIFTH ORDER OF BUSINESS FY 2017 Budget Public Hearing • Mr. Teague reviewed the budget noting there is no increase in non-ad valorem assessments. • Mr. Cook noted the current wells going in are going to make a dent in the total. A. Adoption of the Budget for Fiscal Year 2017(Resolution 2016-4) The public hearing was opened. Hearing no comments the public hearing was closed. On MOTION by Mr. Minamyer seconded by Mr. Greeley,with all in favor, Resolution 2016-4, a resolution of the Cedar Hammock Community Development relating to the annual appropriations of the District and adopting the budget for fiscal year beginning October 1, 2016 and ending September 30, 2017, and referencing the maintenance and benefit special assessments to be levied by the District for the said fiscal year was adopted. B. Levy of Non-Ad Valorem Assessments (Resolution 2016-5) On MOTION by Mr.McClellan seconded by Mr. Greeley,with all in favor, Resolution 2016-5, a resolution levying and imposing a non-ad valorem maintenance and benefit special assessment for the Cedar Hammock Community Development District for fiscal year 2017 was adopted. SIXTH ORDER OF BUSINESS Old Business A. Update on Bulkhead Repairs • Mr.Teague reviewed the drawing addressing the whalers. • The areas are being marked. 3 16F1H1AI April 11,2016 Cedar Hammock CDD B. Update on Recharge Well Project • Mr. Teague provided and reviewed a map with the locations of where the recharge wells are going in. • The electrical connections were addressed with it being noted they arc awaiting the easement for Terrace 1 for Well 4. • The boring was addressed with a question being raised of what happens if the contractor runs into boulders. o Mr. Teague noted the contactor would have to come to them to ask for an increase. o There may be a possibility that they would have to open trench. C. Aerator Project Update • Mr. Cook addressed a meter stand on Wax Myrtle. At the last meeting they discussed having something low that can be hidden behind shrubbery. Is there an electrical or city code that specifies the height? o Mr.Teague responded by code it has to be four feet. o Need to look at it to sec if something can be done to lower the height, relocate it or screen it. • A question was raised regarding aerators effectiveness for algae. • o Mr. Marshall noted he looks at aerators for life in the lake and increasing oxygen. Aerators do promote some churning of the water. o Aerators do improve the appearance of a lake. o Discussion followed on littorals and decreasing chemical levels. • Mr. Teague addressed easement issues noting they will have to go a longer route for Lake 8 which might increase the cost. o Discussion followed on the CDD and other utility/service providers having easement rights in the Master documents. o The consensus is the Board would rather have easements from the residents where possible. o Mr.Teague will contact the homeowner to discuss the need for the easement. 4 16F11 Al April 11,2016 Cedar Hammock CDD • The aerator decibel level was tested and it was found the pool pump on the side of the house has a higher level than the aerator. The residents came down to listen to the aerator and had no problems with it. SEVENTH ORDER OF BUSINESS New Business There being none,the next item followed. EIGHTH ORDER OF BUSINESS Manager's Report A. Financial Report for February,2016 • Mr. Teague noted the project summary has been updated and reflects about $120,000 remaining that has been committed to projects. • Discussion followed on designated reserves,undesignated reserves and fund balance. On MOTION by Mr. McClellan seconded by Mr. Minamyer, with all in favor, the February financials were accepted. B. Resolution 2016-6-General Election • Mr. Teague addressed the General Elections noting Mr. Minamyer and Mr. Greeley's seats are up for election. o The qualifying period is noon,June 20 to noon,June 24. On MOTION by Mr. Greeley seconded by Mr. McClellan,with all in favor, Resolution 2016-6 a resolution of the Board of Supervisors of the Cedar Hammock Community Development District confirming the District's use of the Collier County Supervisor of Elections to continue conducting the District's election of Supervisors in conjunction with the general election was adopted. C. Meeting Schedule for Fiscal Year 2017 • Mr. Teague reviewed the meeting schedule. On MOTION by Mr. Greeley seconded by Mr. Minamyer,with all in favor, the meeting schedule for fiscal year 2017 was approved as presented. 5 16F1 Hi Al April 11, 2016 Cedar Hammock CDD D. Follow Up • The bathymetric and coring reports were discussed. NINTH ORDER OF BUSINESS Attorney's Report There being none, the next item followed. TENTH ORDER OF BUSINESS Engineer's Report There being none,the next item followed. ELEVENTH ORDER OF BUSINESS Communication to Master Board There being none,the next item followed. TWELFTH ORDER OF BUSINESS Supervisor Requests • Discussion followed on the community's reaction to road improvement plan. The record will reflect Mr. McClellan left the meeting. • Discussion followed on roadway options- micro-surfacing,milling,paving. • When is the best timeframe to do a roadway project. The record will reflect Mr. Minamyer left the meeting. • Discussion followed on obtaining coring samplings. On MOTION by Mr. Day seconded by Mr. Greeley, with a vote of three to zero, authorizing the Engineer and District Manager to have core samplings taken from Cedar Hammock Circle and Sawgrass Way at a cost not to exceed$2,000 was approved. THIRTEENTH ORDER OF BUSINESS Adjournment There being no further business, On MOTION by Mr. Day seconded by Mr. Greeley, with a vote of three to zero,the meeting was adjourned. 00,040 Cal Teague ir (5 Tom Cook Secretary Chairman 6 16 ,0 I 1 Ae JUN 2 3�aftbli Heritage Greens Community Development District By Q OrYtr— Board of Supervisors District Staff George Coombs, Chairman Calvin Teague, District Manager Jim Marshall,Vice Chairman Greg Urbancic,District Counsel Marsha Coghlan,Assistant Secretary James Carr,PE, District Engineer Henry Michaelson,Assistant Secretary John Jordan, Assistant Secretary Meeting Agenda April 18, 2016 —6:00 p.m. 1. Roll Call 2. Approval of the Minutes A. March 21,2016 Board Meeting 3. Audience Comments 4. Old Business A. Swale/Gutter Pan Cleaning 5. New Business 6. Manager's Report A. Acceptance of Audit for Fiscal Year 2015 B. Fiscal Year 2017 Budget Discussion C. Financial Statements D. Follow-Up Items 7. Attorney's Report 8. Engineer's Report 9. Supervisors'Requests and/or Comments 10. Audience Comments 11. Adjournment NEXT MEETING IS SCHEDULED FOR MAY 16,2016 District Office: Meeting Location: 210 N. University Drive,Suite 702 Heritage Greens Community Center Coral Springs,Florida 2215 Heritage Greens Drive 954-753-5841 Naples,Florida www.heritagegreenscdd.org 16F1HJ. A2 �' >,Ad roof leSIaitp rw Sales Rep:Ivonne Gori(N9103) Phone:(239)262-3161 Email:ivonne.gori@naplesnews.cnm >Account Information:- .>Insertion Information Date.09/25/15 This is a proof of your ad scheduled to run on the dates indicated below. Account Number:531310(N027769) Please confirm placement prior to deadline by contacting your account Company Name:HERITAGE GREENS COMMUNITY rep at(239)262-3161. Ad Id:713957 P.O.No.: Total Cost:$453.36 Contact Name: Email:Jane.Ben-Hayon@stservices.com Tag Line:Notice of Meetings Heritage Greens C Address: 210 N UNIVERSITY DR #702, CORAL SPRINGS, FL, Start Date:10/01/15 Stop Date:10/01/15 33071 Number of Times:I Class:16180-Notice Phone:(954)753-0380 Fax:(954)755-6701 Publications:ND-Naples Daily News,ND-lntemet-naplesnews.com >Ad Proof I agree this ad is accurate and as ordered. Notice of Meetings Heritage Greens Community Development District The Board of Supervisors of the Heritage Greens Community Development District will hold their meetings for Fiscal Year 2016 at 6:00 p.m.at the Heritage Greens Community Center,2215 Heritage Greens Drive,Naples,Florida on the third Monday of each month as indicated below: October 19,2015 November 16.2015 January 18,2016 February 22,2016 March 21,2016 April 18,2016 May 16,2016 June 20,2016 July 18,2016 August 15,2016 September 19,2016 There may be occasions when one or more Supervisors will participate by telephone. Meetings may be continued to a date, time, and place to be specified on the record at the meeting. Any person requiring special accommodations at this meeting because of a disability or physical impairment should contact the District Office at(954)753-5841 at least two calendar days prior to the meeting.If you are hearing or speech impaired,please contact the Florida Relay Service at(800)955- 8770 for aid in contacting the District Office. Each person who decides to appeal any action taken at these meetings is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based. Calvin Teague District Manager October 1,2015 No.713957 Thank you for your business. Our commitment to a quality product includes the advertising in our publications. As such,Journal Media Group reserves the right to categorize,edit and refuse certain classified ads.Your satisfaction is important. If you notice errors in your ad,please notify the classified depart- ment immediately so that we can make corrections before the second print date. The number to call is 239-263-4700. Allowance may not be made for errors reported past the second print date.The Naples Daily News may nut issue refunds for classified advertising purchased in a package rate;ads purchased on the ' open rate may be pro-rated for the remaining full days for which the ad did not run. 1 6 F 1 A 2 HERITAGE GREENS COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY,FLORIDA FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2015 16F1 H1A2 HERITAGE GREENS COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY,FLORIDA TABLE OF CONTENTS Page INDEPENDENT AUDITOR'S REPORT 1-2 MANAGEMENT'S DISCUSSION AND ANALYSIS 3-6 BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements: Statement of Net Position 7 Statement of Activities 8 Fund Financial Statements: Balance Sheet—Governmental Fund 9 Statement of Revenues, Expenditures and Changes in Fund Balance— Governmental Fund 10 Notes to the Financial Statements 11-16 REQUIRED SUPPLEMENTARY INFORMATION Schedule of Revenues,Expenditures and Changes in Fund Balance— Budget and Actual—General Fund 17 Notes to Required Supplementary Information 18 INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 19-20 INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA 21 MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA 22-23 16F1H A 2 2700 North Military Trail•Suite 350 \` BocaRaton, Florida 33431 Grau & Associates (561)994-9299•(800)299-4728 Fax (561)994-5823 CERTIFIED PUBLIC ACCOUNTANTS www.graucpa.com INDEPENDENT AUDITOR'S REPORT To the Board of Supervisors Heritage Greens Community Development District Collier County, Florida Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities and the major fund of Heritage Greens Community Development District,Collier County,Florida("District")as of and for the fiscal year ended September 30,2015,and the related notes to the 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 opinions 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 Auditing 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 opinions. Opinions In our opinion,the financial statements referred to above present fairly,in all material respects,the respective financial position of the governmental activities and the major fund of the District as of September 30,2015, and the respective changes in financial position thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America. 16F1H1 A2 Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board,who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational,economic,or historical context.We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America,which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries,the basic financial statements,and other knowledge we obtained during our audit of the basic financial statements.We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards,we have also issued our report dated March 24,2016,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,contracts,grant agreements and other matters.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 the Districts internal control over financial reporting and compliance. Report on Other Legal and Regulatory Requirements We have also issued our report dated March 24,2016,on our consideration of the District's compliance with the requirements of Section 218.415,Florida Statutes,as required by Rule 10.556(10)of the Auditor General of the State of Florida.The purpose of that report is to provide an opinion based on our examination conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. March 24,2016 2 16F1H1A2 MANAGEMENT'S DISCUSSION AND ANALYSIS Our discussion and analysis of Heritage Greens Community Development District, Collier County, Florida ("District")provides a narrative overview of the District's financial activities for the fiscal year ended September 30, 2015. Please read it in conjunction with the District's Independent Auditor's Report, basic financial statements,accompanying notes and supplementary information to the basic financial statements. FINANCIAL HIGHLIGHTS • The assets of the District exceeded its liabilities at the close of the most recent fiscal year resulting in a net position balance of$2,504,753. • The change in the District's total net position in comparison with the prior fiscal year was($87,153),a decrease. The key components of the District's net position and change in net position are reflected in the table in the government-wide financial analysis section. • At September 30, 2015, the District's governmental fund reported an ending fund balance of $196,524, an increase of$39,944 in comparison with the prior fiscal year. A portion of the fund balance is assigned to subsequent year's expenditures, and the remainder is unassigned fund balance which is available for spending at the District's discretion. OVERVIEW OF FINANCIAL STATEMENTS This discussion and analysis are intended to serve as the introduction to the District's basic financial statements. The District's basic financial statements are comprised of three components: 1)government-wide financial statements,2)fund financial statements,and 3)notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. 1) Government-Wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of the District's finances,in a manner similar to a private-sector business. The statement of net position presents information on all the District's assets,deferred outflows of resources, liabilities and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The statement of activities presents information showing how the government's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs,regardless of the timing of related cash flows. Thus,revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods. The government-wide financial statements include all governmental activities that are principally supported by special assessment revenues. The District does not have any business-type activities. The governmental activities of the District include the general government(management)and maintenance functions. 2) Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District,like other state and local governments,uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category:governmental funds. 3 16F12 H OVERVIEW OF FINANCIAL STATEMENTS(Continued) Fund Financial Statements(Continued) Governmental Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However,unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflow of spendable resources,as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District's near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so,readers may better understand the long-term impact of the District's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The District maintains one governmental fund for external reporting. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures,and changes in fund balances for the general fund,which is a major fund. The District adopts an annual appropriated budget for its general fund. A budgetary comparison schedule has been provided for the general fund to demonstrate compliance with the budget. 3) Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. GOVERNMENT-WIDE FINANCIAL ANALYSIS As noted earlier,net position may serve over time as a useful indicator of an entity's financial position.In the case of the District,assets exceeded liabilities at the close of the most recent fiscal year. Key components of the District's net position are reflected in the following table: NET IosmON St.!'i tMBER 30, 2015 2014 Assets,excluding capital assets $ 218,576 $ 168,671 Capital assets,net of depreciation 2,308,229 2,435,326 Total assets 2,526,805 2,603,997 Liabilities,excluding long-term liabilities 22,052 12,091 Total liabilities 22,052 12,091 Net position Invested in capital assets 2,308,229 2,435,326 Unrestricted 196,524 156,580 Total net position $ 2,504,753 $ 2,591,906 The District's net position reflects its investment in capital assets (e.g. land, land improvements, and infrastructure);less any related debt used to acquire those assets that is still outstanding. These assets are used to provide services to residents;consequently,these assets are not available for future spending. The remaining balance of unrestricted net position may be used to meet the District's other obligations. 4 1 6F1H1A2 GOVERNMENT-WIDE FINANCIAL ANALYSIS(Continued) The District's net position decreased during the most recent fiscal year. The majority of the decrease represents the extent to which the cost of operations and depreciation expense exceeded ongoing program revenues. Key elements of the change in net position are reflected in the following table: CHANGES IN NE POSITION FOR THE FISCAL Y EAR END SEPTEMBER 30, 2015 2014 Revenues: Program revenues $ 235,793 $ 211,270 General revenues 497 498 Total revenues 236,290 211,768 Expenses: General government 78,114 76,698 Physical environment 245,329 264,189 Total expenses 323,443 340,887 Change in net position (87,153) (129,119) Net position-beginning 2,591,906 2,721,025 Net position-ending $ 2,504,753 $ 2,591,906 As noted above and in the statement of activities,the cost of all governmental activities during the fiscal year ended September 30, 2015 was $323,443. The costs of the District's activities were primarily funded by program revenues. Program revenues,comprised primarily of assessments, increased in the current fiscal year.The majority of the increase is the result of an increase in the per unit assessment to homeowners.The decrease in current fiscal year expenses is primarily the result of a decrease in maintenance expense. GENERAL BUDGETING HIGHLIGHTS An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30,2015. The variance between budgeted and actual general fund revenues for the current fiscal year was not considered significant. The actual general fund expenditures were lower than budgeted amounts due primarily to anticipated repair and maintenance costs which were not required. CAPITAL ASSETS At September 30,2015,the District had$4,656,757 invested in land,infrastructure,and improvements,for its governmental activities. In the government-wide financial statements depreciation of$2,348,528 has been taken,which resulted in a net book value of$2,308,229.More detailed information about the District's capital assets is presented in the notes of the financial statements. ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND OTHER EVENTS The District does not anticipate any major projects or significant changes to its infrastructure maintenance program for the subsequent fiscal year. In addition,it is anticipated that the general operations of the District will remain fairly constant. 5 I6F1U1A2 CONTACTING THE DISTRICT'S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens,land owners,customers,investors and creditors with a general overview of the District's finances and to demonstrate the District's accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the Heritage Greens Community Development District's Finance Department at 210 N. University Drive,Suite 702,Coral Springs, Florida,33071. 6 16F1 H �. A2 HERITAGE GREENS COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY,FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30,2015 Governmental Activities ASSETS Cash and cash equivalents $ 216,126 Investments 632 Due from other governments 1,818 Capital assets: Nondepreciable 918,434 Depreciable, net 1,389,795 Total assets 2,526,805 LIABILITIES Accounts payable and accrued expenses 22,052 Total liabilities 22,052 NET POSITION Invested in capital assets 2,308,229 Unrestricted 196,524 Total net position $ 2,504,753 See notes to the financial statements 7 I6F1HI A2 4 HERITAGE GREENS COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY,FLORIDA STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2015 Net(Expense) Program Revenue and Changes Revenues in Net Position Charges for Governmental Functions/Programs Expenses Services Activities Primary government: Governmental activities: General government $ 78,114 $ 78,114 $ - Physical environment 245,329 157,679 (87,650) Total governmental activities 323,443 235,793 (87,650) General revenues: Unrestricted investment earnings 497 Total general revenues 497 Change in net position (87,153) Net position-beginning 2,591,906 Net position-ending $ 2,504,753 See notes to the financial statements 8 16F1H1 A2 HERITAGE GREENS COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY,FLORIDA BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30,2015 Major Govemmental Fund General Fund ASSETS Cash and cash equivalents $ 216,126 Investments 632 Due from other govemments 1,818 Total assets $ 218,576 LIABILITIES AND FUND BALANCES Liabilities: Accounts payable and accrued expenses $ 22,052 Total liabilities 22,052 Fund balance: Assigned to: Operating Reserve 58,697 Future repairs and maintenance 74,037 Unassigned 63,790 Total fund balance 196,524 Total liabilities and fund balance $ 218,576 Amounts reported for govemmental activities in the statement of net position are different because: Fund balance-govemmental fund $ 196,524 Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in the governmental funds. The statement of net position includes those capital assets, net of any accumulated depreciation, in the net position of the government as a whole. Cost of capital assets 4,656,757 Accumulated depreciation (2,348,528) 2,308,229 Net position of governmental activities $ 2,504,753 See notes to the financial statements 9 16F1U1 A 2 HERITAGE GREENS COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY,FLORIDA STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2015 Major Governmental Fund General Fund REVENUES Assessments $ 234,143 Other revenues 1,650 Interest 497 Total revenues 236,290 EXPENDITURES Current: General government 78,114 Physical environment 118,232 Total expenditures 196,346 Excess of revenues over expenditures 39,944 Fund balance-beginning 156,580 Fund balance-ending $ 196,524 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balances-governmental fund $ 39,944 Depreciation on capital assets is not recognized in the governmental fund financial statement but is reported as an expense in the statement of activities. (127,097) Change in net position of governmental activities $ (87,153) See notes to the financial statements 10 Hi 1 6 F' A 2 HERITAGE GREENS COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 1—NATURE OF ORGANIZATION AND REPORTING ENTITY Heritage Greens Community Development District("District")was created on July 20,1993 by Ordinance 93- 39 of the Board of County Commissioners of Collier County, Florida, pursuant to the Uniform Community Development District Act of 1980,otherwise known as Chapter 190,Florida Statutes.The Act provides among other things,the power to manage basic services for community development,power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District. The District is governed by the Board of Supervisors("Board"), which is composed of five members. The Supervisors are elected by the owners of the property within the District. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190,Florida Statutes. The Board has the responsibility for: 1. Assessing and levying assessments. 2. Approving budgets. 3. Exercising control over facilities and properties. 4. Controlling the use of funds generated by the District. 5. Approving the hiring and firing of key personnel. 6. Financing improvements. The financial statements were prepared in accordance with Governmental Accounting Standards Board ("GASB")Statements. Under the provisions of those standards,the financial reporting entity consists of the primary government,organizations for which the District is considered to be financially accountable,and other organizations for which the nature and significance of their relationship with the District are such that, if excluded,the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District;therefore,the financial statements include only the operations of the District. NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Government-Wide and Fund Financial Statements The basic financial statements include both government-wide and fund financial statements. The government-wide financial statements(i.e.,the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part,the effect of interfund activity has been removed from these statements. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use, or directly benefit from goods,services, or privileges provided by a given function or segment; operating-type special assessments for maintenance and debt service are treated as charges for services and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment.Other items not included among program revenues are reported instead as general revenues. 11 16F1 Hi A2 NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued) Measurement Focus,Basis of Accounting and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred,regardless of the timing of related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and similar items are to be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose,the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred,as under accrual accounting. However,debt service expenditures are recorded only when payment is due. Assessments Assessments are non-ad valorem assessments on benefited lands within the District.Assessments are levied to pay for the operations and maintenance of the District. The fiscal year for which annual assessments are levied begins on October 1 with discounts available for payments through February 28 and become delinquent on April 1_The District's annual assessments for operations and debt service are billed and collected by the County Tax Assessor/Collector. The amounts remitted to the District are net of applicable discounts or fees and include interest on monies held from the day of collection to the day of distribution. Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. The District reports the following major governmental fund: General Fund The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund. When both restricted and unrestricted resources are available for use, it is the government's policy to use restricted resources first for qualifying expenditures,then unrestricted resources as they are needed. Assets,Liabilities and Net Position or Equity Deposits and Investments The District's cash and cash equivalents are considered to be cash on hand and demand deposits(interest and non-interest bearing). The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section 218.415 (17)Florida Statutes. The District may invest any surplus public funds in the following: a) The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act; b) Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency; c) Interest bearing time deposits or savings accounts in qualified public depositories; d) Direct obligations of the U.S.Treasury. Securities listed in paragraphs c and d shall be invested to provide sufficient liquidity to pay obligations as they come due. In addition, surplus funds may be deposited into certificates of deposit which are insured. The District records all interest revenue related to investment activities in the respective funds and reports investments at fair value. 12 1 6F NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued) Assets,Liabilities and Net Position or Equity(Continued) Prepaid Items Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. Capital Assets Capital assets,which include property,plant and equipment,and infrastructure assets(e.g.,roads,sidewalks and similar items) are reported in the government activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Property,plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives: Assets Years Improvements other than buildings 10-20 Infrastructure 20-30 In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements. Unearned Revenue Governmental funds report unearned revenue in connection with resources that have been received,but not yet earned. Deferred Outflows/Inflows of Resources Deferred outflows of resources represent a consumption of net position that applies to future reporting period(s). For example, the District would record deferred outflows of resources on the statement of net position related to debit amounts resulting from current and advance refundings resulting in the defeasance of debt(i.e.when there are differences between the reacquisition price and the net carrying amount of the old debt). Deferred inflows of resources represent an acquisition of net position that applies to future reporting period(s). For example,when an asset is recorded in the governmental fund financial statements, but the revenue is unavailable,the District reports a deferred inflow of resources on the balance sheet until such times as the revenue becomes available. Fund Equity/Net Position In the fund financial statements,governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change. 13 16F1 H1A2 NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued) Assets,Liabilities and Net Position or Equity(Continued) Fund Equity/Net Position(Continued) The District can establish limitations on the use of fund balance as follows: Committed fund balance—Amounts that can be used only for the specific purposes determined by a formal action(resolution)of the Board of Supervisors.Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action(resolution)that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category. Assigned fund balance — Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year's appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment. The District first uses committed fund balance,followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used. Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets,restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District's Bond covenants or other contractual restrictions.Unrestricted net position consists of the net position not meeting the definition of either of the other two components. Other Disclosures Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates. NOTE 3—BUDGETARY INFORMATION The District is required to establish a budgetary system and an approved Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year-end. The District follows these procedures in establishing the budgetary data reflected in the financial statements. a) Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1. b) Public hearings are conducted to obtain public comments. c) Prior to October 1,the budget is legally adopted by the District Board. d) All budget changes must be approved by the District Board. e) The budgets are adopted on a basis consistent with generally accepted accounting principles. f) Unused appropriation for annually budgeted funds lapse at the end of the year. 14 16F1 H1A2 .* NOTE 4—DEPOSITS AND INVESTMENTS Deposits The District's cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral(generally,U.S. Governmental and agency securities,state or local government debt, or corporate bonds)to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository,the remaining public depositories would be responsible for covering any resulting losses. Investments The District's investments were held as follows at September 30,2015: Investment Fair Value Credit Risk Maturity Weighted average of the fund Florida PRIME $ 632 S&PAAAm portfolio:29 days Total Investments $ 632 Credit risk—For investments,credit risk is generally the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments. Concentration risk—The District places no limit on the amount the District may invest in any one issuer. Interest rate risk—The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates. NOTE 5—CAPITAL ASSETS Capital asset activity for the fiscal year ended September 30,2015 was as follows: Beginning Ending Balance Additions Reductions Balance Governmental activities Capital assets,not being depreciated Land and land improvements $ 918,434 $ - $ - $ 918,434 Total capital assets,not being depreciated 918,434 - - 918,434 Capital assets,being depreciated Improvements other than buildings 355,506 - - 355,506 Infrastructure 3,382,817 - - 3,382,817 Total capital assets,being depreciated 3,738,323 - - 3,738,323 Less accumulated depreciation for Improvements other than buildings 317,139 8,697 - 325,836 Infrastructure 1,904,292 118,400 - 2,022,692 Total accumulated depreciation 2,221,431 127,097 - 2,348,528 Total capital assets,being depreciated,net 1,516,892 (127,097) - 1,389,795 Governmental activities capital assets,net $ 2,435,326 $ (127,097) $ - $ 2,308,229 Depreciation expense was charged to the physical environment function. 15 16F1H1A2 NOTE 6—MANAGEMENT COMPANY The District has contracted with a management company to perform management advisory services,which include financial and accounting services. Certain employees of the management company also serve as officers of the District. Under the agreement, the District compensates the management company for management, accounting,financial reporting,and other administrative costs. NOTE 7—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.The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks;coverage may not extend to all situations.There have been no claims from these risks that exceeded commercial insurance coverage over the past three years. 16 1 6 F11.11 Al2 HERITAGE GREENS COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL—GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2015 Variance with Budgeted Final Budget- Amounts Actual Positive Original& Final Amounts (Negative) REVENUES Assessments $ 233,187 $ 234,143 $ 956 Other revenue 1,200 1,650 450 Interest 400 497 97 Total revenues 234,787 236,290 1,503 EXPENDITURES Current: General government 79,147 78,114 1,033 Physical environment 155,640 118,232 37,408 Total expenditures 234,787 196,346 38,441 Excess (deficiency)of revenues over(under)expenditures - 39,944 39,944 Fund balance-beginning 156,580 Fund balance-ending $ 196,524 See notes to required supplementary information 17 16F1 H HA2 HERITAGE GREENS COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION The District is required to establish a budgetary system and an approved Annual Budget for the general fund. The District's budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America(generally accepted accounting principles). The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate.Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors.Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2015. The variance between budgeted and actual general fund revenues for the current fiscal year was not considered significant. The actual general fund expenditures were lower than budgeted amounts due primarily to anticipated repair and maintenance costs which were not required. 18 Hi A2 '1 2700 North Military Trail•Suite 350 / Boca Raton, Florida 33431 Grau& Associates (561)994-9299•(800)299-4728 Fax (561)994-5823 CI 12TIl'Il i) PUBLIC ACCOUNTANTS www.graucpa.com 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 Heritage Greens Community Development District Collier 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 the governmental activities and the major fund of Heritage Greens Community Development District,Collier County, Florida("District")as of and for the fiscal year ended September 30,2015,and the related notes to the financial statements,which collectively comprise the District's basic financial statements, and have issued our opinion thereon dated March 24,2016. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements,we considered the District's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements,but not for the purpose of expressing an opinion on the effectiveness of the District's internal control.Accordingly,we do not express an opinion on the effectiveness of the District's internal control. 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 a combination of deficiencies, in internal control,such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency,or a combination of deficiencies,in intemal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies.Given these limitations,during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses.However,material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether the District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and 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. 19 1 6 F 1 HA2 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. 1��•�1��-ate�a March 24,2016 20 16F1 Hi 2700 North Military Trail•Suite 350 Boca Raton, Florida 33431 Grau & Associates (561)994-9299•(800)299-4728 Fax (561)994-5823 CI R'PIEFIEI) PUBLIC ACCOUNTANTS www.graucpa.com INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415,FLORIDA STATUTES,REQUIRED BY RULE 10.556(10)OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA To the Board of Supervisors Heritage Greens Community Development District Collier County, Florida We have examined Heritage Greens Community Development District,Collier County, Florida's(District") compliance with the requirements of Section 218.415,Florida Statutes,in accordance with Rule 10.556(10)of the Auditor General of the State of Florida during the fiscal year ended September 30,2015.Management is responsible for the District's compliance with those requirements.Our responsibility is to express an opinion on the District's compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and,accordingly,included examining,on a test basis,evidence about the District's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on District's compliance with specified requirements. In our opinion,the District complied, in all material respects,with the aforementioned requirements for the fiscal year ended September 30,2015. This report is intended solely for the information and use of the Legislative Auditing Committee,members of the Florida Senate and the Florida House of Representatives,the Florida Auditor General,management,and the Board of Supervisors of Heritage Greens Community Development District,Collier County,Florida and is not intended to be and should not be used by anyone other than these specified parties. March 24,2016 21 6 F 1 Hi, 42 .. 2700 North Military Trail•Suite 350 i Boca Raton, Florida 33431 Grau & Associates (561)994-9299•(800)299-4728 Fax (561)994-5823 CERTIFIED Ptlul.IC ACCOUNTANTS www.graucpa.com MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA To the Board of Supervisors Heritage Greens Community Development District Collier County, Florida Report on the Financial Statements We have audited the accompanying basic financial statements of Heritage Greens Community Development District,Collier County,Florida("District")as of and for the fiscal year ended September 30,2015,and have issued our report thereon dated March 24,2016. Auditor's Responsibility We conducted our audit in accordance with auditing standards generally accepted in the United States of America;the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the United States;and Chapter 10.550, Rules of the Florida Auditor General. Other Reports and Schedule We have issued our Independent Auditor's Report on Internal Control over Financial Reporting and Compliance and Other Matters based on an audit of the financial statements performed in accordance with Government Auditing Standards; and Independent Auditor's Report on an examination conducted in accordance with AICPA Professional Standards, Section 601, regarding compliance requirements in accordance with Chapter 10.550,Rules of the Auditor General.Disclosures in those reports,which are dated March 24,2016, should be considered in conjunction with this management letter. Purpose of this Letter The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General for the State of Florida. Accordingly,in connection with our audit of the financial statements of the District, as described in the first paragraph,we report the following: I. Current year findings and recommendations. II. Status of prior year findings and recommendations. III. Compliance with the Provisions of the Auditor General of the State of Florida. 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,as applicable,management,and the Board of Supervisors of Heritage Greens Community Development District,Collier County,Florida and is not intended to be and should not be used by anyone other than these specified parties. We wish to thank Heritage Greens Community Development District,Collier County,Florida and the personnel associated with it,for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us. March 24,2016 22 16F1HI REPORT TO MANAGEMENT I. CURRENT YEAR FINDINGS AND RECOMMENDATIONS None II. PRIOR YEAR FINDINGS AND RECOMMENDATIONS None III. COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA Unless otherwise required to be reported in the auditor's report on compliance and internal controls,the management letter shall include,but not be limited to the following: 1. A statement as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30,2014. 2. Any recommendations to improve the local governmental entity's financial management. There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30,2015. 3. 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. There were no such matters discovered by, or that came to the attention of, the auditor, to be reported,for the fiscal year ended September 30,2015. 4. The name or official title and legal authority of the District are disclosed in the notes to the financial statements. 5. The financial report filed with the Florida Department of Financial Services pursuant to Section 218.32(1)(a), Florida Statutes agrees with the September 30,2015 financial audit report. 6. The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes. 7. We applied financial condition assessment procedures and no deteriorating financial conditions were noted as of September 30,2015.It is management's responsibility to monitor financial condition,and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same. 23 16F1H1A2 HERITAGE GREENS Community Development District Annual Operating Budget Fiscal Year 2017 Version 2-Proposed Budget (Printed on 04/12/16 2:00pm) Prepared by: SEVERN TRENT SERVICES 16F1 Hi A2 HERITAGE GREENS Community Development District Table of Contents Page# OPERATING BUDGET General Fund Summary of Revenues,Expenditures and Changes in Fund Balances 1 -2 Budget Narrative 3-7 Exhibit A-Allocation of Fund Balances 8 SUPPORTING BUDGET SCHEDULE Comparison of Assessment Rates 9 16F1H1 A2 HERITAGE GREENS Community Development District Operating Budget Fiscal Year 2017 16F1H1A2 i HERITAGE GREENS Community Development District General Fund Summary of Revenues,Expenditures and Changes in Fund Balances Fiscal Year 2017 Proposed Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL ACTUAL BUDGET THRU APR- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2014 FY 2015 FY 2016 MAR-16 SEP-16 FY 2016 FY 2017 REVENUES Interest-Investments $ 498 $ 491 $ 500 $ 376 $ 270 $ 646 $ 500 Interest-Tax Collector - 7 - 7 - 7 - Special Assmnts-Tax Collector 217,904 242,905 242,903 237,028 5,875 242,903 242,904 Special Assmnts-Discounts (7,919) (8,762) (9,716) (8,889) - (8,889) (9,716) Other Miscellaneous Revenues 15 400 - 1,040 - 1,040 - Gate Bar Code/Remotes 1,270 1,250 1,100 995 600 1,595 1,100 TOTAL REVENUES 211,768 238,291 234,787 230,557 6,745 237,302 234,788 I EXPENDITURES Administrative PIR-Board of Supervisors 5,400 6,200 7,200 3,000 3,600 6,600 7,200 FICA Taxes 413 474 551 230 275 505 551 ProfServ-Engineering - 1,099 1,000 225 500 725 1,000 ProfServ-Legal Services 4,016 4,721 4,000 163 2,000 2,163 4,000 ProfServ-Mgmt Consulting Sery 36,973 38,081 39,223 19,611 19,612 39,223 40,401 ProfServ-Property Appraiser 3,269 3,644 3,644 3,644 - 3,644 3,644 ProfServ-Special Assessment 5,463 5,463 5,463 5,463 - 5,463 5,628 ProfServ-Web Site Development 500 814 650 362 250 612 650 Auditing Services 3,200 3,200 3,200 2,000 900 2,900 3,000 Postage and Freight 1,590 580 1,500 210 300 510 1,500 Insurance-General Liability 7,477 7,557 8,691 7,865 - 7,865 8,652 Printing and Binding 887 1,082 1,000 355 625 980 1,000 Legal Advertising 2,635 1,302 1,500 453 1,025 1,478 1,500 Misc-Bank Charges 596 696 800 356 420 776 800 Misc-Assessmnt Collection Cost 2,643 2,864 4,855 4,563 118 4,681 4,855 Office Supplies 79 162 175 - 150 150 175 Annual District Filing Fee 175 175 175 175 - 175 175 Total Administrative 75,316 78,114 83,627 48,675 29,775 78,450 84,731 Public Safety Contracts-Mgmt Services - - - 500 600 1,100 1,200 Contracts-Security Services 46,751 49,117 47,000 23,371 23,436 46,807 47,000 Contracts-Cleaning Services - - 1,920 1,185 1,450 2,635 3,016 Contracts-HVAC - 189 350 - 350 350 350 Contracts-Sheriff 2,295 7,013 - - - - - Communication-Telephone 1,383 1,731 1,750 879 875 1,754 1,750 Electricity-Entrance 1,795 1,937 2,200 960 1,080 2,040 2,200 Utility-Water&Sewer 665 712 700 370 360 730 700 Lease-Carts 1,500 1,500 1,500 - 1,500 1,500 1,500 R&M-Gate 2,542 138 3,000 587 1,700 2,287 2,400 R&M-Gatehouse 1,432 1,020 2,130 1,389 900 2,289 2,130 OpSupplies-Transmitters 1,030 794 1,200 439 600 1,039 1,200 Op Supplies-Gatehouse 2,431 613 900 752 300 1,052 900 Cap Outlay-Equipment - - 3,800 - 3,800 3,800 3,000 Total Public Safety 61,824 64,764 66,450 30,432 36,951 67,383 67,346 Annual Operating Budget Fiscal Year 2017 1 i6F1H1A.2 HERITAGE GREENS Community Development District General Fund Summary of Revenues, Expenditures and Changes in Fund Balances Fiscal Year 2017 Proposed Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL ACTUAL BUDGET THRU APR- PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2014 FY 2015 FY 2016 MAR-16 SEP-16 FY 2016 FY 2017 Landscape Contracts-Landscape 16,111 21,276 18,000 8,283 8,283 16,566 18,000 Contracts-Preserve Management - 1,760 2,000 880 680 1,760 1,760 Electricity-Irrigation 1,970 2,046 2,200 976 1,050 2,026 2,200 R&M-Renewal and Replacement - - 1,000 225 650 875 900 R&M-Canals - 1,840 2,600 - 2,000 2,000 2,000 R&M-Fountain 2,300 1,894 2,700 604 1,812 2,416 2,516 R&M-Grounds - 1,763 3,000 125 2,500 2,625 3,000 R&M-Irrigation - 828 1,500 200 250 450 1.500 R&M-Preserves 880 - 100 - 50.00 50 100 Misc-Special Projects 13,339 1,415 7,000 4,600 2,400 7,000 7,000 Total Landscape 34,600 32,822 40,100 15,893 19,875 35,768 38,976 Road and Street Facilities Electricity-Streetlighting 10,243 10,446 11,000 5,163 5,190 10,353 10,500 R&M-Drainage 12,473 - 1,500 - 1,500 1,500 1,500 R&M-Roads&Alleyways 7,345 800 2,000 - 2,000 2,000 2,000 R&M-Sidewalks 3,000 - 4,000 - 3,000 3,000 3,485 Traffic Signage Rehabilitation 440 - 1,260 1,380 - 1,380 1,400 Reserve-Roadways 8.550 9,400 24,850 - - - 24,850 Total Road and Street Facilities 42,051 20,646 44,610 6,543 11,690 18,233 43,735 TOTAL EXPENDITURES 213,791 196,346 234,787 101,543 98,291 199,834 234,788 Excess(deficiency)of revenues Over(under)expenditures (2,023) 39,945 - 129,014 (91,546) 37,468 - Net change in fund balance (2,023) 39,945 - 129,014 (91,546) 37,468 - FUND BALANCE,BEGINNING 158,603 156,580 196,525 196,525 - 196,525 233,993 FUND BALANCE,ENDING $ 156,580 $ 196,525 $ 196,525 $ 325539 $ (91,546) $ 233,993 $ 233,993 Annual Operating Budget Fiscal Year 2017 2 16F1 H 6 I AZ HERITAGE GREENS Community Development District General Fund Budget Narrative Fiscal Year 2017 REVENUES Interest Income(Investments) The District earns interest on the monthly average collected balance for their operating account and money market account. Special Assessment-On Roll 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 for the Fiscal Year. Special Assessment—Discount Per Section 197.162, Florida Statutes, discounts are allowed for early payment of assessments. The budgeted amount for the fiscal year is calculated at 4%of the anticipated Non-Ad Valorem assessments. Gate Bar Code/Remotes The District receives amounts for gate remotes that operate the gates of the District. I EXPENDITURES Administrative P/R—Board of Supervisors Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting at which they are in attendance.The amount for the Fiscal Year is based upon all supervisors attending all of the meetings. Professional Services-Engineering The District's engineer provides general engineering services to the District, i.e. attendance and preparation for monthly board meetings when requested, review invoices and other specifically requested assignments. Professional Services-Legal Services The District's legal counsel provides general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating and maintenance contracts,etc. Professional Services-Management Consulting Services The District receives Management,Accounting and Administrative services as part of a Management Agreement with Severn Trent Environmental Services, Inc. Also included are costs for Information Technology charges to process all of the District's financial activities, i.e. accounts payable, financial statements, budgets, etc., on a main frame computer owned by Severn Trent in accordance with the management contract and the charge for rentals. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement,with a 3% proposed increase. Annual Operating Budget Fiscal Year 2017 3 HA2 HERITAGE GREENS Community Development District General Fund Budget Narrative Fiscal Year 2017 Expenditures—Administrative (Continued) Professional Services-Property Appraiser The Property Appraiser provides the District with a listing of the legal description of each property parcel within the District boundaries, and the names and addresses of the owners of such property. The District reimburses the Property Appraiser for necessary administrative costs incurred to provide this service. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, postage, and programming. The budget for property appraiser costs was based on 1.5% of gross assessments. Professional Services-Special Assessment The District's Collection Agent will be providing financials services which include the collection of prepaid assessments, maintenance of Districts assessment roll and levying the annual operating and maintenance assessments. Professional Services-Web Site Development The District incurs fees as they relate to the development and ongoing maintenance of its own website. Auditing Services The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from an existing engagement letter. Postage and Freight Mailing of agenda packages,overnight deliveries,correspondence,etc. Insurance—General Liability The District's General Liability & Public Officials Liability Insurance policy is with Public Risk Insurance Agency, Inc. They specialize in providing insurance coverage to governmental agencies. The budgeted amount allows for a projected 10%increase in the premium. Printing and Binding Printing and Binding agenda packages for board meetings, printing of checks,stationary, envelopes,etc. Legal Advertising The District is required to advertise various notices for monthly Board meetings, public hearings, etc in a newspaper of general circulation. Miscellaneous—Bank Charges Bank charges that incurred during the year. Miscellaneous—Assessment Collection Cost The District reimburses the Collier County Tax Collector for her or his necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 2% on the amount of special assessments collected and remitted, whichever is greater. The budget for collection costs was based on a maximum of 2%of the anticipated assessment collections. Annual Operating Budget Fiscal Year 2017 4 L6F1H1A2 HERITAGE GREENS Community Development District General Fund Budget Narrative Fiscal Year 2017 Expenditures—Administrative(Continued) Office Supplies Supplies used in the preparation and binding of agenda packages,required mailings,and other special projects Annual District Filing Fee The District is required to pay a$175 annual fee to the Department of Community Affairs. Expenditures-Public Safety Contracts—Management Services The District has contracted with Severn Trent Environmental Services, Inc.to take over the data call box service. Contracts—Security Services The District has contracted with Kent Security to have a security officer on duty at the front gate for a set period of time to check guests coming into the community and to tour the property to check for any problems that may need to be addressed. Contracts—Cleaning Services This includes guardhouse cleaning services. Contracts—HVAC To service the air conditioning unit at the guardhouse. Communication—Telephone This includes any telephone or fax usage for the guardhouse to allow the security officer to be able to communicate with management and residents. This also allows the gate system to be operable when there is no security officer present. Electricity—Entrance Electricity usage for the guardhouse. Costs are based on historical expenses incurred with Florida Power & Light (FPL). Utilities—Water&Sewer Any cost associated with the water and sewer used at the guardhouse. Lease—Carts The District leases a golf cart for$750 every six months. The guard-on-duty uses it to do community patrol and to lock and unlock the community center. R&M—Gates This represents any repairs or maintenance that may need to be done to the gates. R&M—Gatehouse Cost associated with any normal repairs and maintenance of the guardhouse along with the cost incurred with Collier County Utilities to run the tele-entry system. Annual Operating Budget Fiscal Year 2017 5 16F1H1 HERITAGE GREENS Community Development District General Fund Budget Narrative Fiscal Year 2017 Expenditures-Public Safety(Continued) Op Supplies—Transmitters Cost associated with supplying transmitters to residents for operation of the gate. Op Supplies—Gatehouse This is for costs associated with any supplies purchased for use within the guardhouse. Capital Outlay—Equipment This is for any capital items needed to improve security within the District. Expenditures-Landscape Contracts—Landscape The District is responsible for cutting all CDD property which are common areas which includes the entry way and guardhouse. Contracts—Preserve Maintenance The District has contracted with Aquatic Weed Control, Inc for the maintenance of the preserves. Currently treatments are on a semi-annual basis. Electricity—Irrigation Any electricity cost incurred to run the irrigation system as well as the fountain that is owned by the District. R&M—Renewal and Replacement This line item includes costs associated with renewing or replacing plant material on CDD property. Additionally, various repair and maintenance costs incurred as needed. R&M—Canals The District is responsible for maintaining the canal banks of high weeds and must cut them several times per year or be subject to property maintenance code violations. R&M—Fountains This is to include any repairs or maintenance that need to be addressed to make sure that the fountains the District is responsible are in proper working order.The amount budgeted for FY16 reflects last year's expenditures. R&M—Grounds This is for the maintenance of mulch and pesticides to all CDD property identified as common areas. R&M—Irrigation Cost associated with the maintenance of the irrigation system throughout the District. R&M—Preserves The District is responsible for having the preserves treated for invasive plants on an annual basis. Annual Operating Budget Fiscal Year 2017 6 42„ 16F1H1 6 HERITAGE GREENS Community Development District General Fund Budget Narrative Fiscal Year 2017 Expenditures—Landscape (Continued) Miscellaneous—Special Projects This is a contingency in case the District is to incur costs relating to any special projects that are felt to be needed and identified by the Board of Supervisors. Expenditures-Road and Street Facilities Electricity—Streetlightinq This is for street lighting usage for District facilities and assets. Costs are based on historical expenses occurred incurred with Florida Power&Light(FPL). R&M—Drainage The District is responsible for making any repairs to the storm drainage infrastructure. R&M—Roads&Alleyways This represents miscellaneous repairs of the roads and alleyways of the District. R&M—Sidewalks This includes all costs associated with sidewalks within the District. Traffic Signage Rehabilitation This is for any costs that are associated with any roadway signage the District may incur. Reserves—Roadways This is for the reserve for the road improvements. Annual Operating Budget Fiscal Year 2017 7 16F1H1 )%2 HERITAGE GREENS Community Development District General Fund Exhibit"A" Allocation of Fund Balances AVAILABLE FUNDS Amount Beginning Fund Balance-Fiscal Year 2017 233,993 Net Change in Fund Balance-Fiscal Year 2017 - Reserves-Fiscal Year 2017 Additions 24,850 Total Funds Available(Estimated)-9/30/17 258,843 I ALLOCATION OF AVAILABLE FUNDS Assigned Fund Balance Operating Reserve-Operating Capital 58,697 11l Reserves-Drainage 6,000 Reserves-Fountains 5,500 Reserves-Irrigation System 7,500 Reserves-Roads and Sidewalks-Previous years 35,251 Reserves-Roads and Sidewalks-FY16 24,850 Reserves-Roads and Sidewalks-FY17 24,850 84,951 Reserves-Signage 1,000 Reserves-Wall Painting 6,000 Reserves-Wall Replacement 12,786 Total Allocation of Available Funds 182,434 I Total Unassigned(undesignated)Cash $ 76,409 Notes (1)Represents approximately 3 months of operating expenditures Annual Operating Budget Fiscal Year 2017 8 16F1- H1 ,A2 HERITAGE GREENS Community Development District Supporting Budget Schedule Fiscal Year 2017 I6F1H1A21 HERITAGE GREENS Community Development District Comparison of Assessment Rates Fiscal Year 2017 vs Fiscal Year 2016 FY 2017 FY2016 Gross Assessments 242,904 242,903 Assessable Units 527 527 Gross Assessments Per Unit $ 460.92 $ 460.92 Annual Operating Budget Fiscal Year 2017 9 16F1 H1AZ HERITAGE GREENS Community Development District Financial Report March 31, 2016 Prepared by SEVERN TRENT SERVICES 16F1HIA2 HERITAGE GREENS Community Development District FINANCIAL.STATEMENTS Balance Sheet Page 1 Statement of Revenues,Expenditures and Changes in Fund Balances General Fund Page 2-3 SUPPORTING SCHEDULES Non-Ad Valorem Special Assessments Page 4 Cash and Investment Report Page 5 Bank Reconciliation Page 6 Check Register Page 7 16F1 H1A2 HERITAGE GREENS Community Development District Financial Statements (Unaudited) March 31, 2016 LCI 1 H1A2 HERITAGE GREENS Community Development District General Fund Balance Sheet March 31,2016 ACCOUNT DESCRIPTION TOTAL ASSETS Current Assets Cash-Checking Account $ 207,449 Investments: Money Market Account 127,154 SBA Account 633 Total Current Assets 335,236 TOTAL ASSETS $ 335,236 LIABILITIES Current Liabilities Accounts Payable $ 6,996 Accrued Expenses 2,701 Total Current Liabilities 9,697 TOTAL LIABILITIES 9,697 FUND BALANCES Assigned to: Operating Reserves 58,697 Reserves-Drainage 6,000 Reserves-Fountains 5,500 Reserves-Irrigation System 7,500 Reserves-Roads and Sidewalks 35,251 Reserves-Signage 1,000 Reserves-Wall Painting 6,000 Reserves-Wall Replacement 12,786 Unassigned: 192,805 TOTAL FUND BALANCES $ 325,539 TOTAL LIABILITIES&FUND BALANCES $ 335,236 1 Report Date:4/12/2016 Page 1 .4 I6F1H1A2 HERITAGE GREENS Community Development District General Fund Statement of Revenues,Expenditures and Changes in Fund Balances For the Period Ending March 31,2016 ANNUAL YTD ACTUAL ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE($) AS A%OF ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD REVENUES Interest-Investments $ 500 $ 250 $ 376 $ 126 75.20% Interest-Tax Collector - - 7 7 0.00% Special Assmnts-Tax Collector 242,903 242,903 237,028 (5,875) 97.58% Special Assmnts-Discounts (9,716) (9,716) (8,889) 827 91.49% Other Miscellaneous Revenues - - 1,040 1,040 0.00% Gate Bar Code/Remotes 1,100 552 995 443 90.45% TOTAL REVENUES 234,787 233,989 230,557 (3,432) 98.20% EXPENDITURES Administration PIR-Board of Supervisors 7,200 3,600 3,000 600 41.67% FICA Taxes 551 276 230 46 41.74% ProfServ-Engineering 1,000 498 225 273 22.50% ProfServ-Legal Services 4,000 1,998 163 1,835 4.08% ProfServ-Mgmt Consulting Sery 39,223 19,614 19,611 3 50.00% ProfServ-Property Appraiser 3,644 3,644 3,644 - 100.00% ProfServ-Special Assessment 5,463 5,463 5,463 - 100.00% ProfServ-Web Site Development 650 250 362 (112) 55.69% Auditing Services 3,200 2,500 2,000 500 62.50% Postage and Freight 1,500 750 210 540 14.00% Insurance-General Liability 8,691 8,691 7,865 826 90.50% Printing and Binding 1,000 498 355 143 35.50% Legal Advertising 1,500 750 453 297 30.20% Misc-Bank Charges 800 402 356 46 44.50% Misc-Assessmnt Collection Cost 4,855 4,855 4,563 292 93.99% Office Supplies 175 90 - 90 0.00% Annual District Filing Fee 175 175 175 - 100.00% Total Administration 83,627 54,054 48,675 5,379 58.20% Public Safety Contracts-Mgmt Services - - 500 (500) 0.00% Contracts-Security Services 47,000 23,502 23,371 131 49.73% Contracts-Cleaning Services 1,920 960 1,185 (225) 61.72% Contracts-HVAC 350 174 - 174 0.00% Communication-Telephone 1,750 876 879 (3) 50.23% Electricity-Entrance 2,200 1,100 960 140 43.64% Utility-Water&Sewer 700 348 370 (22) 52.86% Lease-Carts 1,500 750 - 750 0.00% R&M-Gate 3,000 1,500 587 913 19.57% Report Date:4/12/2016 Page 2 1 A2 1 6 F 1 H HERITAGE GREENS Community Development District General Fund Statement of Revenues,Expenditures and Changes in Fund Balances For the Period Ending March 31,2016 ANNUAL YTD ACTUAL ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE($) AS A%OF ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD R&M-Gatehouse 2,130 1,418 1,389 29 65.21% OpSupplies-Transmitters 1,200 600 439 161 36.58% Op Supplies-Gatehouse 900 450 752 (302) 83.56% Cap Outlay-Equipment 3,800 1,902 - 1,902 0.00% Total Public Safety 66,450 33,580 30,432 3,148 45.80% Landscaoe Service Contracts-Landscape 18,000 9,000 8,283 717 46.02% Contracts-Preserve Management 2,000 1,000 880 120 44.00% Electricity-Irrigation 2,200 1,098 976 122 44.36% R&M-Renewal and Replacement 1,000 498 225 273 22.50% R&M-Canals 2,600 1,300 - 1,300 0.00% R&M-Fountain 2,700 1,350 604 746 22.37% R&M-Grounds 3,000 1,500 125 1,375 4.17% R&M-Irrigation 1,500 750 200 550 13.33% R&M-Preserves 100 24 - 24 0.00% Misc-Special Projects 7,000 3,498 4,600 (1,102) 65.71% Total Landscape Services 40,100 20,018 15,893 4,125 39.63% Road and Street Facilities Electricity-Streetlighting 11,000 5,500 5,163 337 46.94% R&M-Drainage 1,500 750 - 750 0.00% R&M-Roads&Alleyways 2,000 1,002 - 1,002 0.00% R&M-Sidewalks 4,000 1,998 - 1,998 0.00% Traffic Signage Rehabilitation 1,260 630 1,380 (750) 109.52% Reserve-Roadways 24,850 - - - 0.00% Total Road and Street Facilities 44,610 9,880 6,543 3,337 14.67% TOTAL EXPENDITURES 234,787 117,532 101,543 15,989 43.25% Excess(deficiency)of revenues Over(under)expenditures - 116,457 129,014 12,557 0.00% Net change in fund balance $ - $ 116,457 $ 129,014 $ 12,557 0.00% FUND BALANCE,BEGINNING(OCT 1,2015) 196,525 196,525 196,525 FUND BALANCE,ENDING $ 196,525a $ 312,982 $ 325,539 Report Date:4/12/2016 Page 3 16F1H1 A2 March 25, 2016 Y Dear Residents, of the Heritage Gre 'ns CommunityDevelopment District At a recent meeting g p (CDD) the issue of the drains in th sw s was discussed. The recent, record setting rains of January highlighted n issue of great importance. With sudden, heavy rains the drains in the sways may become blocked and can cause local flooding. <S , Local residents responding quickly can alleviate this problem. This is the easiest and most expedient way of dealing with this issue. If you can help and clear these areas it would be of great assistance to the entire community. Please keep in mind that the Florida Good Samaritan Act encourages citizens to take initiative during an emergency. If you encounter a problem with the drainage system please contact Severn Trent Management Services at (239) 245-7118. Sincerely, Heritage Greens CI)D 16F1HIA2 Faircloth,Justin From: Norwood,Troy <Troy.Norwood@dot.state.fl.us> Sent: Monday,April 18,2016 4:51 PM To: Faircloth,Justin Subject: Speed Table Signing and Marking - No Parking Sign Specs Attachments: STATE LAW YIELD-STOP.pdf;MUTCD - Speed Table Crosswalk.pdf; No Parking on Pavement.png Hey Justin, I'm sorry to hear about the troubles you're having in your community. Please see attached.There is a section detailing proper pavement markings and signing for speed humps(tables)with crosswalks,you can see that there is no"one" right way to do so.Also attached is the sign I was telling you about referencing the state law to yield/stop for pedestrians inside of crosswalk. Please also see our specs for no parking signs on the state highway system.We would use a 24" x 30" no parking sign for a smaller roadway. Notice the codes(R8-1)&(R8-1RW)these are MUTCD codes and if you use them when ordering that will assure that the sign panels will meet DOT requirements. Hope this helps,let me know if you need anything else. Have a good one Troy Norwood Florida Department of Transportation District 1 Traffic Operations Phone: (239)225-1978 Troy.Norwood@dot.state.fl.us D C/I )T' "So every single day, I found something to be grateful for and that's a powerful lesson." - Alice Barrett 16F1 HI A2 2009 Edition Page 395 �1 Curbs at openings in a continuous median island need not be marked unless an engineering study indicates the need for this type of marking. Option: 12 Retroreflective or internally illuminated raised pavement markers of the appropriate color may be placed on the pavement in front of the curb and/or on the top of curbed as of raised medians and curbs of islands,as a supplement to or substitute for retroreflective curb markings used for delineation. Section 3B.24 Chevron and Diagonal Crosshatch Markings Option: al Chevron and diagonal crosshatch markings may be used to discourage travel on certain paved areas,such as shoulders,gore areas,flush median areas between solid double yellow center line markings or between white channelizing lines approaching obstructions in the roadway(see Section 3B.10 and Figure 3B-15),between solid double yellow center line markings forming flush medians or channelized travel paths at intersections(see Figures 3B-2 and 3B-5),buffer spaces between preferential lanes and general-purpose lanes(see Figures 3D-2 and 3D-4), and at grade crossings(see Part 8). Standard: 02 When crosshatch markings are used in paved areas that separate traffic flows in the same general direction,they shall be white and they shall be shaped as chevron markings,with the point of each chevron facing toward approaching traffic,as shown in Figure 3B-8,Drawing A of Figure 311-9,Figure 3B-10,and • Drawing C of Figure 3B-15. 03 When crosshatch markings are used in paved areas that separate opposing directions of traffic,they shall be yellow diagonal markings that slant away from traffic in the adjacent travel lanes,as shown in Figures 3B-2 and 3B-5 and Drawings A and B of Figure 3B-15. 04 When crosshatch markings are used on paved shoulders,they shall be diagonal markings that slant away from traffic in the adjacent travel lane. The diagonal markings shall be yellow when used on the left-hand shoulders of the roadways of divided highways and on the left-hand shoulders of one-way streets or ramps. The diagonal markings shall be white when used on right-hand shoulders. Guidance: as The chevrons and diagonal lines used for crosshatch markings should be at least 12 inches wide for roadways having a posted or statutory speed limit of 45 mph or greater,and at least 8 inches wide for roadways having posted or statutory speed limit of less than 45 mph. The longitudinal spacing of the chevrons or diagonal lines should be determined by engineering judgment considering factors such as speeds and desired visual impacts. The chevrons and diagonal lines should form an angle of approximately 30 to 45 degrees with the longitudinal lines that they intersect. Section 3B.25 Speed Hump Markings Standard: 01 If speed hump markings are used,they shall be a series of white markings placed on a speed hump to identify its location. If markings are used for a speed hump that does not also function as a crosswalk or speed Table,the markings shall comply with Option A,B,or C shown in Figure 3B-29. If markings are used for a speed hump that also functions as a crosswalk or speed Table,the markings shall comply with Option A or B shown in Figure 3B-30. Section 3B.26 Advance Speed Hump Markin Option: 0i Advance speed hump markings(see Figure 3B-31)may be used in advance of speed humps or other engineered vertical roadway deflections such as dips where added visibility is desired or where such deflection is not expected. 02 Advance pavement wording such as BUMP or HUMP(see Section 3B.20)may be used on the approach to a speed hump either alone or in conjunction with advance speed hump markings. Appropriate advance warning signs may be used in compliance with Section 2C.29. Standard: 03 If advance speed hump markings are used,they shall be a series of eight white 12-inch transverse lines that become longer and are spaced closer together as the vehicle approaches the speed hump or other deflection. If advance markings are used,they shall comply with the detailed design shown in Figure 3B-31. Guidance: 04 If used,advance speed hump markings should be installed in each approach lane. December 2009 Sect.3B.23 to 3B.26 A2 tóFi 'Hi Page 396 2009 Edition Figure 38-29. Pavement Markings for Speed Humps without Crosswalks OPTION A OPTION B c,of Roadway 1.--12 ft typical I I-.-12 ft typical .-6 ft—.1 I ; 1-6 ft--I ? 'Sz ‘5141 zt �� ,�, >�'�� Center of l !-4b:�;�� `� ��; 1 a travel lane { ,�o a i f 12 ft ^w urttx 12ft typical gA,..;4-A.,.,&7..;,.... ,1 `' r� � typical - 5 0 Y Canter„ k� - i1 k:, :::;;A4.3*. e ��t; 47 ai r speed" "p 141, , 1 r„ 1 ,' '"40 •,-...,_ .- 1? ,�£ 0-... :«' A` �x :'a .. " ., „> .: 4 a .di'Fes' a "IA 7 t II I 12 inches 12-inch F_ 12 inches 12 inch white white markings markings 011 t \ I t g fi ,��§� OPTION C 'i 1 of Roadway Legend —►Direction of travel 12ft 1+--typical Canter of k--9.5 ft—'-I ' travel lane :"4,'•4:‘Vif.144;;;A77111‘4 I Center of p r y I� " 12 ft speed hump' �; l iv 1 typical 3i?::::: -Z,,,74.•.his 1+ I � 12-Inch Ij white markings I 10.4 inches t 12 inches Sect.38.26 December 2009 16F1 Hi A2 2009 Edition Page 397 Figure 38-30. Pavement Markings for Speed Tables or Speed Humps with Crosswalks OPTION A OPTION B Legend gof Roadway -+Direction of travel ✓i.-112 ft typical--- i-12 ft typical— I-4-6 ft-1 I i Center of 1.-6 ft I 1 ,../ travel lane � ' 44 77v)1 r , 6ft 4ft� � ,, l s ,,,,-. :,,,K 6 s � ' "` typical $ typica . a ft zt t r �o• q typical typical -ay,a,--'ep..4.;.1-rn, ,..,,,.,c,..._ -c-:.,,,-„,-64 tri z t 4,, i: "' '''' ',4040:ATTe-t0 6 ft , , , 7� a 6tt � ,&ti -` -r� .,a 4 ‘.r "A as typical kM#, I , • � .1 f typical taAs irit vim. -. dt,A '",,Z-.:4 i-. !.x..� ,i, 3r:, __L._ ,,1 I I I , 12 Inches 12-inch 12 inches 12-inch white white iv t markings I t markings Note:Optional crosswalk lines are not shown in this figure December 2009 Sect.3B.26 AZ 16F1 Hi Page 398 2009 Edition Figure 38-31. Advance Warning Markings for Speed Humps lv kcR.. k:. Legend , , 8 ft --!►Direction of travel 2 ft ( j i'--f � li .sa y: �. z I ' 3 3 `< en 7f 4 -' g-,,, cuti', ( Leading edge a � �„ I I of speed hump � 10 ft �� .1 ,i I Eft % t'� 100 ft i 12ft ' MN � , �� -s17=r\ 14 ft 12-inch iit,�: �' ,sex a" ;. 4'{t _ white pavement zr ».r a w 4 §. I i I { �t,, ,,,v7..." markings t � r ,1 - . V iii:',,,,';1:3*., � 100 ft ' ' '_ WP, center of speed hump * 16ft 1:: Speed hump g, -,p t design widthI sem; ., = 12-inch white I 18 ft i 1' -,4'!-:4:!-*,- pavement markings � v ,, (see detail on this sheet) 2ft � ° ak` 4'W- <•` Width varies ; -" " (see detail on this sheet) --.1 I•— "Aft : 41 .„."1":1," 1 a? I itAt ,FI�� ,:::'-'5,`''-',4,42'7;;°0,14-4r *aSeFigures 3B 29 3and Se,6-30 for pavement 20 ft Center line of 1 Ftravel lane markngs on speed humps I �..§Y ci "''g" 1 11ft sit '- '--' "' ' '`"' • 4 DETAIL—SPEED HUMP ADVANCE WARNING MARKINGS Sect.3E3.26December 2009 I. F H1 A2 • I Heia 'O're-e-ra Residents that have no clickers Anderson 1921-181 CW Wife no clicker Bosley 2023 MS ' Son no dicker / 1urwr •.f; Danielle Durenberger 2134 MS Daughter no clicker Felice 2328 HG -Son no clicker Hamilton 1997-125 CW Daughter no clicker Holbrechts 1900 CW -no clicker Kabashi 2260 HG Mother no clicker Kelly 1863 MS -no clicker I Lefebure 1965-153 CW -no clicker Linares 2094 MS "'Mother & Son no clicker Lowe 1994 MS -no clicker , Ni° '16)(4 elkA Mello 2380 HG -Son no clicker f rYt n l D l (),I ( QPm Smith 2118 MS -no clicker /z)6 7 ISP° ' Velaszuez 1895 MS -no clicker White 1830 MS -no clicker Williams 1717 MS -Son no clicker Note; The list will continue. These Residents expect imine late entry. • 16F1 H1 A2 1 77 HAMILTON W 3 _ 78 HAMWAY 0 &A 79 HANLON D 80 HATCH D 81 HAWLEYG & R 82 HEBERLING J &Y 83 HERRMANN M & K _ 84 HICKS H & D _ 85 HIGGINS B & K 86 M & C 87 HURSTA & M 88 INCAMMISA J 89 JACOBS V 90 JACOBS R C 91 JARJOURA J B 92 JOHNSTON J & 93 JORDAN J & S 94 JOYCE J & B 95 KABLITZ P 96 KAMARYT J & 97 KEARNS] & B98 KELLER M 99 KELLEY K &J 100 KING E 101 KINGSTON K 102 KLUJIAN M & S 103 KNIPFING G P 104 KORHONEN G & E 105 KORHONEN G & E 106 KOSEK C &J 107 KRIEGEL K 108LAUSTERERD & L 109 LAWS V & N 110 LAYTON N & E 111 LECCESE L 112 LEMAY L & N 113 !LEONARD ] & L -j IoF1H1 A2 To r N co co O co N_ 10 O o CSC) LI) C) N N- CO M H N N 1 CO o oo t` co O co co ❑ CD CO 10 C- U _ N VN' W N N N CSC) C O U N I` -4' co O N O O O O _ p O U N I N 0) N N N U) CO 0) U M I"- CO CD d' O O O O = Cn O O U 0 CD iCO amIINC)n l( LI)) UN N `n O N V' '- d' I' CO CO CO > 0) -N CO N N N Cfl Cb U Cr)• N 6 N .N- '- C) CO N 0 V N -a- co Cp O co CO Co d' in O CO Oszrco 6 0 CO r- CO CD O 0) 60) CDNL0 (/) COO M CCPV CO CN 4N N 7 o)9 N `' to co a U o w n. C C N aN d" C N J D 4- N- N — Z4_. j6FH1 A2 [ 'n �nL?j 2;110014 MINUTES OF MEETING HERITAGE GREENS COMMUNITY DEVELOPMENT DISTRICT The regular meeting of the Board of Supervisors of the Heritage Greens Community Development District was held on Monday, April 18, 2016 at the Heritage Greens Community Center,2215 Heritage Greens Drive,Naples,Florida. Present and constituting a quorum were: George Coombs Chairman Jim Marshall Vice Chairman Marsha Coghlan Assistant Secretary Henry Michaelson Assistant Secretary John Jordan Assistant Secretary Also present were: Calvin Teague District Manager The following is a summary of the minutes and actions taken at the April 18, 2016 Heritage Greens CDD Board of Supervisors meeting. FIRST ORDER OF BUSINESS Roll Call Mr. Coombs called the meeting to order and called the roll. SECOND ORDER OF BUSINESS Approval of the Minutes A. March 21,2016 Regular Board Meeting There being no comments, �On MOTION by Mr. Coombs seconded by Mr. Marshall with all in favor the minutes of the March 21,2016 meeting were approved. o After a brief discussion, the Board decided to add a sentence to the March minutes indicating there were many more residents in attendance than there usually are. On MOTION by Mr. Marshall seconded by M. Coombs with all in favor the minutes of the March 21,2016 meeting were approved as amended. THIRD ORDER OF BUSINESS Audience Comments There not being any,the next item followed. 1 16F1 Hit A2 April 18,2016 Heritage Greens C.D.D. FOURTH ORDER OF BUSINESS Old Business A. Swale/Gutter Pan Cleaning o Mr.Faircloth spoke with PJM about the swale/gutter pan cleaning and was informed they would handle the work as part of their contract. However,Ms. Coghlan noted that it not correct and not part of their contract. o Staff will follow up and get clarification. o Mr. Teague was informed the work has already been completed. FIFTH ORDER OF BUSINESS New Business There not being any,the next item followed. SIXTH ORDER OF BUSINESS Manager's Report A. Acceptance of Audit for Fiscal Year 2015 o Mr.Teague noted the District received a good,clean audit. On MOTION by Mr. Coombs seconded by Mr. Marshall with all in favor the Audit for Fiscal Year ended September 30, 2015 was accepted and the Chairman was authorized to sign the Annual Financial Report. B. Fiscal Year 2017 Budget Discussion o The proposed budget for Fiscal Year 2017 was briefly reviewed. o Mr.Jordan requested some changes be made to the Narrative in the Budget. o Increase Gate Maintenance to$12,000. o Because some Supervisors will be out of town on May 16th, they decided to change the next meeting date to May 23rd. C. Financial Statements There being no questions or comments, On MOTION by Mr. Coombs seconded by Ms. Coghlan with all in favor the financial statements were accepted. D. Follow-Up Items o Mr.Teague noted assessment information has been posted on the website. o At the previous meeting, it was noted the Chairman would send a letter to the residents regarding drains and gutters. However,due to the large number of homes the letter would 2 I6F1H1A2 April 18,2016 Heritage Greens C.D.D. need to be sent to,the Board decided to revise some wording in the letter and then post on the website instead. A draft of the letter is attached hereto. o Mr. Teague noted staff is spending a lot of time trying to resolve the issue of the school crossing and entering the school grounds. The County told staff to talk to FDOT. Staff contacted FDOT who were more or less unresponsive. o Mr. Coombs is trying to enlist the help of several people including Mr. Tom Henning, Commissioner, and neighboring affected communities with heavy traffic and ask them to contact the Commissioners about their concerns. o Staff will order two hand-held signs stating "SLOW" for volunteers assisting at the school crossing. o The flagpole rope was replaced with a new one last Tuesday. o No more people hanging out with the guards. o Kent Security has supplied a list of residents without clickers. o Each clicker costs an estimated$25. o A notice can be posted on the website that clickers are available. o Staff will request the guards provide a list each month to see how severe the clicker problem is. SEVENTH ORDER OF BUSINESS Attorney's Report There being no report,the next item followed. EIGHTH ORDER OF BUSINESS Engineer's Report There being no report,the next item followed. NINTH ORDER OF BUSINESS Supervisors' Requests and/or Comments o Mr.Michaelson noted several months ago the Board spoke about replacing the gates. o There was a discussion on the value of swing gates versus lift arms. o Mr. Marshall recommended replacing the swing gates with the lift arms, which would cost a few thousand dollars. o The Board wanted this issue placed on the agenda at the next Master HOA meeting for discussion. o Staff was requested to get prices for lift arms. o Mr.Jordan noted the golf course gutters need to be cleaned out. Staff will follow up. 3 16F1Hi ' 2 April 18,2016 Heritage Greens C.D.D. o Mr.Marshall noted a call box list for the guards needs to be updated and sent on a regular basis. Staff will create a list. o The Board asked if there was a way to fmd out how many hits they receive on their website. o The Board wanted the district's website address be added to their letterhead. TENTH ORDER OF BUSINESS Audience Comments o Ms. Barbara Pitts noted the tall bush covering the call box needs to be trimmed. She also commented the Board should consider having a blast email service. o Audience members commented on sidewalk cleaning, who is responsible, and insurance issues. o Ms.Pitts voiced concern if there was a legal lawsuit,the CDD would be responsible. ELEVENTH ORDER OF BUSINESS Adjournment There being no further business, On MOTION by Mr. Jordan seconded by Ms. Coghlan with all in favor the meeting adjourned at 7:20 p.m. QtraN Calvin Teague Ge,rge ombs Secretary Chairman 4 e`:a'�tR A444, 16F1 Hi gi °Tes t 'f SOUTH FLORIDA WATER MANAGEMENT DISTRICT W_ •� Q June 30, 2016 Re: South Florida Water Management District Fiscal Year 2015 Comprehensive Annual Financial Report The financial audit of the South Florida Water Management District has concluded for the Fiscal Year ended September 30, 2015 and the Comprehensive Annual Financial Report (CAFR)has been completed. The document is now available on the District's website at: wwnw.5lwmd.gov'cafr If you have any questions please contact our office at 561-682-2095. Sincerer, 4_2j Christian Flierl,Chief o C, elm Finance Bureau r C— C CF/lms N -v r>.' 3301 Gun Club Road,West Palm Beach,Florida 33406•(561)686-8800•1-800-432-2045•wwwsfwmd.gov 6 FH 1 .111• SOUTH FLORIDA WATER MANAGEMENT DISTRICT .. 1,--•-..,..,0' ...f.- • --,.:c;r• ,:,.;kr'.',...t.,i. ..121, ''''''r -'7,., ... 116.• lif , ,Allt -k 4* , •,.N. .. .. ..„:11: '•'---- ' . •-: . , - '„1:'::;--,:?Vt'4'''-'-tl'f;::,‘, — ''''" ''''' '''' •,', % , I, , ,_ r lik. , . ' * ' - ' ' .' ",' '.' - ".'-'- •_' ' '414/016 /OW .,, ,,,, 4.101111111140fr' - S.114' 11/01N11 •. - • • - .... ' . . . , IP , --„,, ..‘7,7*w..t3;_ * . • \ 1;•04-- lisuileimmilt- w 4 . .. . . .. . ._,.. . . i _ ......._,,, .,..........meme----- - . - - .... ..„.... . . ....- , — , .... . ... .... Ot ... -.... '' ' — SI -(. _ 7. . ,........ ., . . , , .. . ,.... . . ,. .. . ,. , . .,,....„,„ ._ _ _ . . ......._... . . . .. .. . . ... .. .., . ...,,,4,,. • , . . , . ., . . . 13010 .. 11 . • ,- * r ,„ . w.,' ,, . , -. _ ..,...,, ... I COMPREHENSIVE ANNUAL FINANCIAL REPORT The South Florida Water iVianagentent District Fiscal Year Ended is a Component Unit of the State of Florida September 30,2015 - •*,04*'• , • ' lot- 441:44- ' ' -'''''"-'--'2H.-' "t4-‘4---k',4.'ir;--M4---• : . - •• ,' 11° ,,ilia,4flif-* , -44 4 -1.,r1P,,, '-.--7.f.,`,..ii-,-Ati•• '••°•-•••----'..-,•-•- . ' :At 4. 4, 1-4 ' Adkiiii„H- --- ' :-11111F .... '''' ' ' ""1"'I'"'---;'1-2`',--,,- - ''-'''',4:',4'.., -------,L::::-:4-''-',:",: 5":-; 1'.,..-:-..- 1 6 FA H 1 B 1 ,,,,,,,, int- -- _.'rt-41*--1P.7-:**111,4 7:: . .. . . r _ .,� ...__ - ,.w. A , Roseate The roseate spoonbill Spoonbill is the only spoonbill native to the Western Hemisphere. Their pink coloration comes from organisms in their diet, consisting of carotenoids that contain the pigment can ion, In the South Florida region, spoonbills are found mostly in Stormwater Treatment Area 5, Everglades National Park and coastal areas. 16F1 His Bi COMPREHENSIVE ANNUAL FINANCIAL REPORT ! 0 allili"Mik gb ��90 ,aiir '• �AOFM ISIA` . S SOUTH FLORIDA WATER MANAGEMENT DISTRICT A Component Unit of the State of Florida Fiscal Year Ended September 30, 2015 Prepared by Finance Bureau, Administrative Services Division Christian Flier!, Bureau Chief 16F1 HIB1 ,dit,,„( at. 4004 ,:z.tzt S-!,r 11:61,0;67C111. This Page has been Intentionally Left Blank 16F1 BI SOUTH FLORIDA WATER MANAGEMENT DISTRICT COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2015 TABLE OF CONTENTS INTRODUCTORY SECTION LETTER OF TRANSMITTAL I-1 ORGANIZATION CHART AND LIST OF PRINCIPAL OFFICIALS 1-9 GFOA CERTIFICATE OF ACHIEVEMENT 1-10 MAP OF THE GEOGRAPHIC BOUNDARIES OF THE DISTRICT 1-11 FINANCIAL SECTION REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS I1-1 MANAGEMENT'S DISCUSSION AND ANALYSIS (MD&A)(UNAUDITED) 11-3 BASIC FINANCIAL STATEMENTS GOVERNMENT-WIDE FINANCIAL STATEMENTS Statement of Net Position III-1 Statement of Activities 111-2 FUND FINANCIAL STATEMENTS Governmental Funds Financial Statements Balance Sheet 111-3 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 111-5 Statement of Revenues, Expenditures and Changes in Fund Balances 111-6 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 111-8 Proprietary Funds Financial Statements Statement of Position 111-9 Statement of Revenues, Expenses, and Changes in Fund Net Position I11-10 Statement of Cash Flows I11-11 NOTES TO THE BASIC FINANCIAL STATEMENTS 111-13 16F1 HI. B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2015 TABLE OF CONTENTS FINANCIAL SECTION (Continued) REQUIRED SUPPLEMENTARY INFORMATION OTHER THAN MD&A(UNAUDITED) BUDGET TO ACTUAL COMPARISON—MAJOR FUNDS(General and Special Revenue) General Fund IV-1 Okeechobee Basin SR IV-3 Everglades Restoration Trust SR IV-5 Lake Belt Mitigation Trust SR IV-6 SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY-FRS IV-7 SCHEDULE OF THE DISTRICT'S CONTRIBUTIONS- FRS IV-8 SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY-HIS IV-9 SCHEDULE OF THE DISTRICT'S CONTRIBUTIONS- HIS IV-10 SCHEDULE OF EMPLOYER CONTRIBUTIONS-OPEB IV-11 SCHEDULE OF FUNDING PROGRESS-OPEB IV-11 NOTES TO REQUIRED SUPPLEMENTARY INFORMATION IV-12 OTHER SUPPLEMENTARY INFORMATION Nonmajor Governmental Funds Descriptions of the Nonmajor Governmental Funds V-1 Combining Balance Sheet V-5 Combining Statement of Revenues, Expenditures and Changes in Fund Balances...V-14 Budget to Actual Comparison-Other Major and Nonmajor Governmental Funds Special Revenue Funds Big Cypress Basin V-24 Save Our Rivers V-25 State Appropriations V-26 Invasive Aquatic Plant Control V-27 Upland Invasive Plant Control V-28 Wetland Mitigation V-29 Indian River Lagoon Restoration V-30 Federal Land Management V-31 External Grants V-32 Everglades License Plate V-33 Lake Okeechobee V-34 Save Our Everglades V-35 Land Acquisition Trust V-36 Federal Emergency Management Agency V-37 Florida Bay V-38 ii 16F1 Hi B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2015 TABLE OF CONTENTS FINANCIAL SECTION (Continued) OTHER SUPPLEMENTARY INFORMATION (Continued) Budget to Actual Comparison -Other Major and Nonmajor Governmental Funds(Continued) Capital Projects Funds District V-39 Okeechobee Basin V-40 Big Cypress Basin V-41 Save Our Rivers V-42 State Appropriations V-43 Everglades Trust Fund V-44 Federal Emergency Management Agency V-45 Florida Bay V-46 Wetland Mitigation V-47 Comprehensive Everglades Restoration Plan (CERP) V-48 Federal Land Acquisition V-49 Save Our Everglades V-50 Comprehensive Everglades Restoration Plan—Other Creditable Fund V-51 COPS—Everglades Forever Act V-52 COPS—Comprehensive Everglades Restoration Plan V-53 Lake Belt Mitigation V-54 Lake Okeechobee V-55 Permanent Fund Wetland Mitigation V-56 Internal Service Funds Descriptions of the Internal Service Funds V-57 Combining Statement of Net Position V-58 Combining Statement of Revenues, Expenses and Changes in Fund Net Position V-59 Combining Statement of Cash Flows V-60 iii 16F1 HIB1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2015 TABLE OF CONTENTS STATISTICAL SECTION (UNAUDITED) Net Position by Category VI-2 Changes in Net Position VI-3 Fund Balances, Governmental Funds VI-5 Changes in Fund Balances, Governmental Funds VI-6 Revenues by Source VI-8 Property Tax Revenue by County VI-9 Direct Property Tax Rates VI-11 Property Tax Collections VI-12 Taxable Property Values and Just Values of Taxable Property by County VI-13 Taxable Value of Property VI-14 Assessed Value Per Capita VI-15 Principal Property Tax Payers VI-16 Ratios of Outstanding Debt by Type VI-17 Pledged-Revenue Bond Coverage VI-18 Demographic and Economic Statistics VI-19 District Population by County VI-20 Employment Data VI-21 Ten Largest Employers within District Boundaries VI-22 Authorized Positions per 100,000 Population VI-23 District Employees by Resource Area and Major Program VI-24 District Employees by Major Program VI-25 Permit Applications Received VI-26 Water Moved by District Pump Stations VI-27 Exotic Plant Control VI-28 Prescribed Burns VI-29 Stormwater Treatment VI-30 Capital Assets by Major Program VI-31 DISCLOSURE SECTION (UNAUDITED) SEC RULE 15c2-12 DISCLOSURES District Agreement and Effective Dates VII-1 Annual Financial Information VII-2 Security for the Bonds VII-2 Documentary Stamp Tax VII-2 Funding and Allocation of the Trust Fund VII-3 Use of the Trust Fund VII-4 Escrow and Reserve Funds VII-4 Security for the Certificates of Participation VII-5 Annual Debt Service Requirements VII-6 Audited Annual Financial Statements VII-6 Required Notices VII-7 iv 1 6 F H1 H1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2015 TABLE OF CONTENTS SINGLE AUDIT MANAGEMENT LETTER ATTESTATION REPORT 16F1 Hi Bi crepik-e°"4\ �tt tlllltoss,Av� This Page has been Intentionally Left Blank 16F1 H1BI INTRODUCTORY SECTION 16F1 H1B1 4,„.-reg y9c, SOUTH FLORIDA WATER MANAGEMENT DISTRICT TO: Governing Board Members and Peter Antonacci, Executive Director SUBJECT: Comprehensive Annual Financial Report— Fiscal Year 2015 Florida Statutes require an external audit of the financial statements be performed by a firm of independent certified public accountants to express an opinion that the basic financial statements of the South Florida Water Management District (District) are fairly presented in conformance with accounting principles generally accepted in the United States(GAAP). Pursuant to this requirement, the comprehensive annual financial report for the District is hereby issued for the fiscal year ended September 30, 2015. Responsibility for the integrity, objectivity, accuracy, completeness and fairness of presentation of these basic financial statements rests with management. The basic financial statements were prepared in conformity with generally accepted accounting principles for governmental entities. Management believes the information to be accurate in all material respects and fairly presents the District's financial position and operating results. The report includes disclosures required to provide an understanding of the District's financial affairs. Management is responsible for maintaining an internal control structure designed to ensure that District assets are protected from loss, theft, or misuse. The concept of reasonable assurance recognizes that the cost of a control should not exceed the expected benefits, and the evaluation of costs and benefits requires management's estimates. The Governing Board and management have a plan of organization and policies in place to safeguard assets, validate the reliability of accounting data, promote operational efficiency, and encourage adherence to prescribed managerial policies and procedures. District management believes these existing internal accounting controls adequately safeguard assets and provide reasonable, but not absolute, assurance of proper recording and reporting of District finances. Independent auditors have audited the basic financial statements in accordance with generally accepted auditing standards and included a review of internal accounting controls to the extent necessary to express an opinion on the fairness of these basic financial statements. The independent auditors concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that the South Florida Water Management District's basic financial statements for the fiscal year ended September 30,2015 are fairly presented, in all material respects, in accordance with GAAP. The independent auditors' report is presented as the first component of the financial section (Section II) of this report. The independent audit of the District's basic financial statements was part of a broader federal and state mandated "Single Audit" designed to meet the special needs of federal and state grantor agencies. The standards governing Single Audit engagements require the independent auditors to report not only on the fair presentation of the basic financial statements, but also on the District's internal controls and compliance with legal requirements, with special emphasis on internal controls and legal requirements involving the administration of major federal awards and major state financial assistance. These reports are available in the District's separately issued Single Audit Report. 3301 Gun Club Road,West Palm Beach,Florida 33406 • (561)686-8800 • FL WATh 1-800-432-2045 Mailing Address:P.O.Box 24680,West Palm Beach,FL 33416-4680 • www.sfwmd.gov I6F1AI B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT Generally accepted accounting principles require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement MD&A and should be read in conjunction with it. The District's MD&A can be found immediately following the report of the independent auditors. DISTRICT BACKGROUND South Florida's subtropical extremes of hurricane, flood, and drought combined with efforts to populate this "new frontier" led the U.S. Congress to adopt legislation creating the Central and Southern Florida Flood Control Project in 1948. The project's primary goal was to serve the needs of the region's growing agricultural and urban populations and to protect and manage water resources. The United States Army Corps of Engineers would, over the following decades, design and build a vast network of levees, canals, water control structures, and other improved waterways designed to help manage the often unpredictable weather extremes of the region. In 1949 the Florida Legislature created the Central and Southern Florida Flood Control District(FCD) to act as the local sponsor for the project, operating and maintaining the water control network with funding from property taxes levied within the District boundaries. Throughout its history,this regional water resource agency evolved and grew primarily in response to population growth and development and their impact on water resources. The Florida Water Resources Act of 1972 launched the most significant change in the state's approach to natural resource management. This legislation divided the state into five regional water management districts and greatly expanded the responsibilities of the existing FCD. This included a greater emphasis on water quality and environmental protection initiatives. The FCD was renamed the South Florida Water Management District (the "District") in 1976, and new boundaries were drawn to encompass the region's primary watersheds. Since 1949,the District has grown into a multi-faceted agency responsible for most water resource related issues — from providing flood protection and water supply protection to people living in cities and on farms to restoring and managing natural ecosystems. The District's Governing Board is composed of nine members appointed from specific geographic areas within District boundaries. The members are appointed by the Governor and are confirmed by the Florida Senate. Appointments are made on a staggered basis and members serve without salary for a term of four years. The Board elects its own officers, including a chairman and vice- chairman. GEOGRAPHIC BOUNDARIES OF THE DISTRICT Water management district boundaries are based on natural, hydrological basins rather than political or county limits to allow for effective and efficient planning and management. The boundaries of the District encompass all or part of 16 south Florida counties, covering a total area of 17,930 square miles. Approximately 8.1 million people live within the District's boundaries. A map showing the geographic boundaries of the District can be found on page I-11. 1-2 16F 1 II1B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT GENERAL OPERATIONS The District's water management system includes roughly 4,101 miles of maintained canals and levees along with 678 water control structures and weirs and 678 smaller project culverts operated by the District. The District has approximately 70 pumping stations which can move hundreds of millions of gallons of water in and out of storage areas, providing both water supply and flood protection. The man-made water management system undergoes continuous enlargement and refinement with new construction,acquisitions,and upgrades to the existing network. This enhances the system's ability to provide flood control and water supply protection as well as preserve water quality and environmental values. District employees are located at facilities across the 16 county jurisdiction to offer the public more direct and responsive access to permitting and other agency functions. These locations include eight Field Stations located in St. Cloud, Okeechobee, Clewiston, West Palm Beach, Fort Lauderdale, Miami, Homestead, and Naples. District headquarters are in West Palm Beach with Service Centers located in Fort Myers, Naples, Orlando and Okeechobee. The Big Cypress Basin Branch Office and Field Station are headquartered in Naples. Operations and policies for the Basin are directed by a six-member Basin Board and are carried out by Basin staff, under the direction of the Basin Administrator. REGULATORY POWERS The District has a number of regulatory programs designed to protect the region's water resources. Under the State's 1993 environmental streamlining initiative, land alteration activities or works affecting water resources are regulated under one type of permit — the Environmental Resource Permit. The water management districts and the Florida Department of Environmental Protection have developed uniform wetland delineation, mitigation banking, and environmental resource permitting criteria. The District is also responsible for regulating consumptive uses of water. Types of activities regulated by the District include: • projects with impacts on wetlands or other surface waters(dredge and fill), • use of District lands, canals, streams or aquifers, • drainage system construction or operation, and • well construction. OTHER DISTRICT PROGRAMS The District's responsibilities reach far beyond regulatory programs and operations. The District acquires, manages, and restores lands for the conservation and preservation of water resources as well as for the ancillary benefit of public recreation. Water resource education targeted at schools and at the general public is an important District focus. Partnerships and coordination with other levels of government and other agencies help support water resource development projects, development of alternative water supplies, water conservation, reuse, and stormwater management goals. 1-3 1 1 b F , 111 B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT Research, data collection, and analysis help ensure District projects and programs are effective and efficient. Emergency operations and management are a cornerstone of District operations, especially during the hurricane season, or the seven-month dry season when serious water shortages can occur. The District is also a leader in melaleuca, aquatic weed, and other exotic pest plant control. REGIONAL ECONOMIC CONDITION AND OUTLOOK Conditions in the local economy affect the District's ability to generate revenues. This is because the District's primary revenue is from ad valorem taxes,which are property taxes based on assessed values of property in the region. Population growth and the associated construction of housing and commercial structures along with unemployment and interest rates are the primary factors that contribute to changes in property prices, which result in adjustments to assessed values. Population growth within the District's geographic boundaries has remained fairly consistent during the recent fiscal year, with a 1.6 percent increase, compared to the prior year's increase of 1.2 percent. The District's population is expected to steadily increase by 7.6 percent from 2015 through 2020, with the largest numerical increases through 2020 occurring in Lee, Miami-Dade, and Palm Beach Counties and the highest percentage growth rates occurring in Lee, Osceola, and St. Lucie Counties,according to data published by the Florida Office of Economic and Demographic Research. Florida, along with the nation, continues to manage the slow economic conditions. The October 2015 unemployment rate for Florida was 5.4 percent compared to 6.3 percent(adjusted)from a year ago; and 5.0 percent for the entire United States compared to 5.7 (adjusted) percent from a year ago. This decrease in state and national unemployment rates suggests stabilization in the economic downturn of recent years, and the reduced unemployment rate, coupled with other economic indicators such as a moderate resurgence in the housing market and leveling off of foreclosure rates should translate into property values remaining steady in 2015 and even experiencing a slight increase over values of recent past. The District's adopted ad valorem millage rates decreased for fiscal year 2015, to a District-wide rate of.1577 for fiscal year 2015 compared to.1685 mills for the prior fiscal year. This decrease in millage rate is a reflection of Governing Board policy to levy rolled-back millage rate which represents no tax increase. In 2011 Senate Bill (SB)2142 set a maximum amount of revenue that can be raised each fiscal year by the five water management districts. Senate Bill 1986 subsequently superseded SB 2142, authorizing the Florida Legislature to set the maximum millage rate for each water management district, and providing legislative review and oversight for district budgets. In addition, the District's ad valorem revenue growth is limited by the Property Tax Reduction and Reform bill passed by the Florida Legislature in June 2007, which required a reduction in taxes by all local governments and special taxing districts from three to nine percent, depending on their past per capita tax increases. This legislation also limited future year revenues by setting more stringent Governing Board voting requirements to increase agency millage rates. The District's 2015 budget reflected a 0.5 percent reduction in ad valorem property taxes levied, which equates to a decrease of$1.2 million from the prior fiscal year. 1-4 16F1 H1 Bi SOUTH FLORIDA WATER MANAGEMENT DISTRICT MAJOR INITIATIVES EVERGLADES RESTORATION Florida's Everglades are the largest subtropical wetlands in the United States and are a unique resource. The Everglades "River of Grass" contains a diversity of plants and wildlife not found anywhere else in the United States. For more than a century, human activities have altered the ecosystem to provide for the development of a growing population, agriculture, and protection against deadly hurricanes and droughts. Today, the Everglades face critical challenges as a result of more than 100 years of human progress. Phosphorus-enriched agricultural and stormwater runoff has threatened the ecosystem's delicate balance. Other threats include changes in the quantity, distribution, and timing of freshwater; an infestation of non-native plants and animals; mercury accumulation in the tissue of some Everglades fish, birds, and other animals; and a reduction in the size of the Everglades marshes. The Everglades Forever Act(EFA), passed by the Florida Legislature in 1994, directed the District to acquire land, design, permit, and construct a series of Stormwater Treatment Areas (STAB) to reduce phosphorus levels from stormwater runoff and other sources before it enters the Everglades Protection Area. The District implemented the Everglades Construction Project and the Everglades Restoration Program in order to meet the requirements of the Everglades Forever Act. In 2003, the Everglades Forever Act was amended, requiring the implementation of the Long-Term Plan for Achieving Water Quality Goals in the Everglades Protection Area(Long-Term Plan). The Everglades Construction Project (ECP) was the first major step in Everglades restoration pursuant to the 1994 Everglades Forever Act. The STAs, which consist of six large constructed wetlands, totaling over 57,000 acres of effective treatment area, are the cornerstone of the ECP. Other ECP components include hydropattern improvements and diversion of stormwater flows from Lake Okeechobee. Operations and maintenance of the STAs and other features of the ECP have commenced upon completion of each individual project. The latest data indicates that over the past sixteen years, phosphorus control programs consisting of Stormwater Treatment Areas and best farming/management practices together have prevented over 4,860 metric tons of phosphorus from entering the Everglades. The Long-Term Plan, which builds upon and expands the ECP, contains activities to achieve Everglades water quality goals and to permit the State of Florida and the District to fulfill their obligations under both the Everglades Forever Act and the Federal Everglades Settlement Agreement.The success of the Long-term Plan is predicated upon using an adaptive implementation approach, whereby the best available information is used to develop and implement incremental improvement measures as their need and utility is confirmed. The Comprehensive Everglades Restoration Plan (CERP) is a 30-year plan which provides the framework for the restoration, protection, and preservation of the naturally occurring water resources of the central and southern Florida region which originate in the Everglades. As the plan's major local sponsor, the South Florida Water Management District has partnered with the United States Army Corps of Engineers to implement CERP, the goal of which is to increase water storage and improve the timing, quality, and distribution of water deliveries to the Everglades ecosystem. Principal features of the plan are the creation of new reservoirs and wetlands-based water treatment areas. 1-5 1 6 F 1 1-1181 SOUTH FLORIDA WATER MANAGEMENT DISTRICT The United States Congress approved CERP in 2000, under the Water Resources Development Act, authorizing ten initial full-scale projects along with six pilot projects. Implementation is currently estimated to cost $13.5 billion (at 2009 price levels, including subsequently authorized CERP revisions), according to the 2010 Report to Congress, half of which will be paid by the federal government. The estimated costs for CERP have increased to $17.6 billion, based on price level (inflation)adjustments to 2014 dollars. During 2005, the District launched an expedited initiative to be financed by Certificates of Participation to revitalize the ecosystem by increasing the pace on eight restoration projects included in the CERP and Everglades plans. Through fiscal year 2015, proceeds from the certificates, including interest earnings, totaling $604.6 million have been utilized to reimburse project construction costs. LAKE OKEECHOBEE The Lake Okeechobee Project is a multi-year, multi-component project which is designed to improve Lake Okeechobee and its estuaries by reducing excess nutrient loading, managing water levels, and reducing or eliminating exotic plant species. In 2000, the Florida State Legislature passed the Lake Okeechobee Protection Bill, which required the District, in partnership with the Florida Department of Agriculture and Consumer Services and the Florida Department of Environmental Protection, to restore the lake and its watershed. In 2007, the project was further extended under the Northern Everglades and Estuaries Protection legislation. This legislation, which expanded the existing Lake Okeechobee Protection Bill to include the Caloosahatchee and St. Lucie Rivers and estuaries, addressed both water quality and water storage needs. Total expenditures for the Lake Okeechobee Project for fiscal year 2015 totaled $12.2 million. FINANCIAL POLICIES LONG RANGE FINANCIAL PLANNING AND FINANCIAL POLICIES In accordance with Senate Bill 1986 and budgetary guidance from the Florida Department of Environmental Protection and our Governing Board, the District has thoroughly evaluated its fiscal commitments in order to fulfill Executive and Legislative direction. The District has reduced taxes and directed its fiscal resources towards its core mission of flood control,water supply, water quality and natural systems. The District has established a five-year spend-down plan to dedicate accumulated reserves and cash balances toward further improvements in water storage and water quality in the northern and southern Everglades, Lake Okeechobee and the St. Lucie and Caloosahatchee watersheds, while ensuring sufficient reserves remain available to address hurricane or unanticipated flood control infrastructure emergencies. In addition, a long-range strategic plan is prepared which provides the District and the public it serves with a guide for successfully meeting the District's priorities for the next five years. The plan is used during the development of the annual operating budget and to achieve the long term goals of the District. PRINCIPLES OF SOUND FINANCIAL MANAGEMENT Management acknowledges its responsibility for sound administration of the District's financial resources. This responsibility begins with Principles of Sound Financial Management. These are sixteen guiding principles established by the Governing Board that reflect core business beliefs of 1-6 16F1H11 B SOUTH FLORIDA WATER MANAGEMENT DISTRICT the District. One of the principles states that the District will maintain accountability and prudently use financial resources. Asan integral part of the goal of fiscal accountability, management currently provides useful, timely, and accurate financial information for reporting, analysis, and decision making. The objective of this report is to clearly communicate the agency's operating results and financial position. BUDGET ADOPTION AND CONTROLS The Truth-in-Millage (TRIM) Act enacted by state legislation requires disclosures of information regarding tax millage and budget adoption. Each year, following the required disclosures and two statutorily required public hearings, the Governing Board sets millage rates and adopts a budget. The District's level of budgetary control, defined as the lowest level at which management may not reallocate resources without approval of the Governing Board, is at the program level within a fund and resource area. The Board also approves budget transfers among departments and capital projects during the year. Chapter 373.536, Florida Statutes, provides additional guidance and criteria regarding the District's budget development, adoption and approval process. Encumbrance accounting is used to reserve budgeted appropriations of commitments for unperformed contracts for goods and services. DEBT ADMINISTRATION The majority of the District's debt is comprised of the unpaid balance of revenue bonds referred to as Certificates of Participation (COPS), Series 2006, and to a lesser extent, the unpaid balance of Special Obligation Land Acquisition Bonds. The certificates were issued to provide funds for the construction of projects in furtherance of Everglades restoration. Acquisition bonds were issued to finance the purchase of environmentally sensitive lands and are secured by a share of statewide documentary stamp tax collections. At September 30, 2015, the District's COPS were rated Aa3, AA and AA- by Moody's, S&P and Fitch Ratings, respectively and the District's Land Acquisition Bonds, Series 2002 and 2003 were rated A3, A+ and A by Moody's, S&P and Fitch Ratings, respectively. The total liability for the revenue bonds and the land acquisition bonds at September 30, 2015 is $466.9 million and $6.7 million, respectively. The District is obligated for payments on the COPS through fiscal year 2037, and on the bonds through fiscal year 2016. Legislation passed by the Florida Legislature in 2009 limits the District's annual debt service for revenue bonds to an amount not to exceed 20.0 percent of annual ad valorem tax revenues of the District, unless otherwise approved by the Joint Legislative Budget Commission. Bonds issued and outstanding before January 1, 2009, are exempt from this statute and are not included in the calculation of this limitation. CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING The Government Finance Officers Association of the United States and Canada (GFOA) awarded their Certificate of Achievement for Excellence in Financial Reporting to the South Florida Water Management District for its comprehensive annual financial report for the fiscal year ended September 30, 2014. This was the twenty-fifth consecutive year the District has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish w 16F1L1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT an easily readable and efficiently organized comprehensive annual financial report, satisfying both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. Management believes that the current comprehensive annual financial report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. ACKNOWLEDGMENTS Management extends its sincere appreciation to the many District employees who provide their dedicated efforts to complete the research and analysis necessary for the preparation of this report. Special thanks go to the employees of the Finance Bureau for their diligence in the production of this report. Respectfully submitted, .7l 7Z):.,e4 liyiL ii/L,,, /L,,, , Do othy ,radshaw Christian Flierl, Chief Dir cto of Administrative Services Finance Bureau, Administrative Services June 2 4,,2016 1-s 16F1 Hi 81 SFWMD ORGANIZATION CHART AND LIST OF PRINCIPAL OFFICERS r ELECTORATE I GOVERNOR ) r f GOVERNING BOARD BIG CYPRESS BASIN BOARD Rick Barber,Chair Daniel O'Keefe,Chair Kevin Powers,Vice-Chair Marielle M.Kitchener,Vice Chair Sam Accursio Rick Barber David Farmer Sandy Batchelor Clarke Harlow Ralph Haskins Mitch Hutchtraft James J.Moran John Vaughn ,Melanie Peterson David Weston Inspector General t i.Timothy Beirnes 1� Executive Director Peter Antonacci r Assistant Executive Director `,,, s f 1 / t -� Governing Board& Administrative Communications& Executive Services General Counsel Services Public Affairs r r ' r • Everglades Policy& Field Operations&Land Operations,Engineering Coordination Management Resources Management &Construction -, L 2 '• i 1 \ -\ % 1 Information Regulation Technology Real Estate Big Cypress Service Center 1-9 16F1 iii Ri Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to South Florida Water Management District For its Comprehensive Annual Financial Report for the Fiscal Year Ended September 30, 2014 4e/fora49,04*.0 Executive Director/CEO r:: 16 F 1II H`1 Bi South Florida Water Management District Geographic Boundaries Orlando ORANGE Cities, w Counties I •;CE• A Atlantic and Ocean \ Basins16, cot/ POL HIGHLA DS OKEECHOBEE Fort Pierce li ST LUCX, Gulf Of MARTIN 'GLADES Lake Mexico CHARLOTTE, Okeech West HENDRY PALM Palm LEE BEACH Beach Fort Myers k Naples COLLIER I BROWARD Ft. Lauderdale 10400 Miami ISLANDS 1 MIAMI{ DADE Homestead A t MC (VROEr Big Cypress Basin --r Okeechobee ,-- Ronda Basin BaY FLORIDA Key west KEYS The South Florida Water Management District(SFWMD)encompasses all or part* of 16 counties: Broward Glades Martin Osceola* Charlotte* Hendry Monroe Palm Beach Collier Highlands* Okeechobee* Polk* Miami-Dade Lee Orange* St. Lucie I-11 16F1 Hi B1 /* 1 it ! 4:3:. ,.....r_, \,,,, av, ;$7 ______7i \,.. .,0,,,- ,,„„,...,..," „,......„......-........0-....... This Page has been Intentionally Left Blank 16F1 1-11 B1 FINANCIAL SECTION 16F1tii 81 RSM Independent Auditor's Report RSM US LLP To the Governing Board South Florida Water Management District West Palm Beach, Florida Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities,each major fund, and the aggregate remaining fund information of the South Florida Water Management District(the District), a component unit of the State of Florida,as of and for the year ended September 30, 2015, and the related notes to the 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 opinions 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 Auditing 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 opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the District, as of September 30, 2015, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. THE POWER OF BEING UNDERSTOOD AUDIT TAX CONSULTING II-1 Ri`vll i5 F• USrut rIr r.,I 1,,.I:.-I rr:,rk r n:,. Iii l..., il.!.. _,:._..,..,,Iii ...`:�I., ,o! t. 1.1,1.• l 1.4SR'.911=.i , 6F1 �l1 Bi Emphasis of Matter As discussed in Note 2 to the financial statements,the District adopted the recognition and disclosure requirements of Governmental Accounting Standards Board (GASB)Statement No. 68,Accounting and Financial Reporting for Pensions—an Amendment of GASB Statement No. 27 and Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date—an Amendment of GASB Statement No. 68, effective October 1, 2014.The net position balance of the District as of October 1, 2014, has been restated. Our opinion was not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis, schedules of the proportionate share of net pension liability, schedules of contributions, schedule of funding progress, and schedule of employer contributions, and the budgetary comparison schedules—General Fund,the Okeechobee Basin Special Revenue Fund, the Everglades Restoration Special Revenue Fund and the Lake Belt Mitigation Special Revenue Fund be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context.We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America,which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries,the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued, under separate cover,our report dated June 24, 2016, on our consideration of the District's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. 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 internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District's internal control over financial reporting and compliance. r-sN vs .tt_P West Palm Beach, Florida June 24, 2016 II -2 16F1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT H1 B1 MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Management's discussion and analysis of the South Florida Water Management District's financial performance provides an overview of the District's financial activities for the fiscal year ended September 30, 2015. Please read it in conjunction with the transmittal letter beginning on page I-1 and the District's basic financial statements, which begin on page III-1. FINANCIAL HIGHLIGHTS • District assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources at fiscal year-end 2015 by approximately$4.78 billion. • Net position increased approximately $143.0 million, or approximately 3.0 percent during the year, remaining relatively stable at$4.78 billion at September 30, 2015. The current year's increase was partially offset by a reduction of beginning net position of$72.0 million due to the implementation of GASB Statement Nos. 68 and 71. • At the end of the current fiscal year, unassigned fund balance for the General Fund was $9.3 million, or about 9.4 percent of total General Fund expenditures. • The District's total capital assets increased by $106.6 million during the current fiscal year. This increase is the net of $120.3 million in additions resulting from construction of various projects, and $13.7 million in retirements. OVERVIEW OF THE BASIC FINANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to the District's basic financial statements. The District's basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also includes other supplementary information in addition to the basic financial statements themselves. Government-wide financial statements The government-wide financial statements are designed to provide readers with a broad overview of the District's finances in a manner similar to a private-sector business. There are two basic government-wide financial statements: the statement of net position and the statement of activities. Both basic government-wide financial statements are presented using the economic resources measurement focus and the accrual basis of accounting. The statement of net position presents information on all of the District's assets and deferred outflows of resources, and liabilities and deferred inflows of resources, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The statement of activities presents information showing how the government's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). The government-wide financial statements can be found on pages III-1 to 111-2 of this report. 11-3 SOUTH FLORIDA WATER MANAGEMENT DISTRIC4oFIH181 MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 • Fund financial statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District maintains governmental funds and proprietary funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental funds balance sheet and the governmental funds statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The District maintains 36 individual governmental funds. Information is presented separately in the governmental funds balance sheet and in the governmental funds statement of revenues, expenditures, and changes in fund balances for the General Fund, Okeechobee Basin Special Revenue Fund, Everglades Restoration Trust Special Revenue Fund, Lake Belt Mitigation Special Revenue Fund, Everglades Trust Capital Projects Fund, and Save Our Everglades Capital Projects Fund, all of which are considered to be major funds. Data from the other 30 governmental funds are combined into a single, aggregated presentation. The basic governmental fund financial statements can be found on pages III-3 to III-8 of this report. Individual fund data for each of the 29 non-major governmental funds is provided in the form of combining statements on pages V-5 to V-22 of this report. Proprietary funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements, which are in a manner similar to a private- sector business. Similar to the government-wide financial statements, proprietary fund financial statements focus on both short-term and long-term financial information. Proprietary fund financial statements consist of a statement of net position, a statement of revenues, expenses, and changes in fund net position and a statement of cash flows. These statements are prepared using the economic resources measurement focus and the accrual basis of accounting. Proprietary funds can be categorized as enterprise funds or internal service funds. Enterprise funds account for goods and services provided to those outside the District, generally on a user-charge basis. Internal service funds report activities that provide supplies and services for the District's other programs and activities. 11-4 16F1 H1B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Currently, the District maintains no enterprise funds. However, the District maintains two individual internal service funds. Information is presented combined in the statement of net position, the statement of revenues, expenses, and changes in fund net position and the statement of cash flows for the Self-Insurance Fund and the Health Benefits Fund. Because these services predominantly benefit governmental rather than business-type functions, they have been included within governmental activities in the government-wide financial statements. The basic proprietary fund financial statements can be found on pages III-9 to III-11 of this report. Individual fund data for each of the two proprietary funds is provided in the form of combining statements on pages V-58 to V-60 of this report. The District adopts an annual appropriated budget for all of its funds. Budgetary comparison schedules have been provided that include the original and final appropriated budgets as well as the final actual results of operations for the General Fund, Okeechobee Basin Special Revenue Fund, and Everglades Restoration Trust Special Revenue Fund to demonstrate compliance with these budgets. The budgetary comparison schedules for these three funds are being reported as required supplementary information other than management's discussion and analysis and are presented immediately after the notes on pages IV-1 to IV-6. Budgetary comparison schedules for the other governmental funds are presented on pages V-24 to V-56 of this report. Notes to the basic financial statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the basic financial statements can be found on pages III-13 to III-54 of this report. GOVERNMENT-WIDE FINANCIAL ANALYSIS As noted earlier, net position may serve over time as a useful indicator of a government's financial position. In the case of the District, net position is $4.78 billion at the close of the most recent fiscal year, an increase of $143.0 million from the prior fiscal year, as restated. By far, the largest portion of the District's net position (91.6 percent) reflects its investment in capital assets (e.g., land, buildings, equipment) less any related outstanding debt used to acquire those assets. The District uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the District's investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. All of the remaining net position plus an additional $16.6 million are subject to external restrictions on how they may be used. As such, the District is reporting a negative unrestricted net position of $16.6 million at the end of fiscal year 2015, which was primarily caused by the recording of a net pension liability related to the Florida Retirement System as part of the adoption of GASB Statement Nos. 68 and 71. The balance of current and other assets at the end of fiscal year 2015 increased from the prior year balance, reflecting a net increase of $23.6 million. A number of variances contributed to the increase, the most significant of which are increases in cash and investments, due from other 11-5 16F1 Hi B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 governments and other assets of $20.1 million, $21.6 million, and $13.0 million respectively, netted against a net$31.1 million decrease in temporarily and permanently restricted cash and investments. Total liability obligations saw an increase of $56.2 million primarily due to the implementation of GASB Statement No.68,"Accounting and Financial Reporting for Pensions,an amendment of GASB Statement No. 27" and GASB Statement No. 71, "Pension Transition for Contributions Made Subsequent to the Measurement Date-an amendment of GASB Statement No.68",effective for fiscal year 2015.The implementation of GASB Statements Nos. 68 and 71 resulted in the District recording a net pension liability of$65.7 million as of September 30, 2015 related to its pension plans. This increase was offset by the pay-down of outstanding debt($18.0 million)and decreases in other long- term liabilities of $0.4 million offset by an increase in accounts payable balance of $8.2 million. Together, the changes in current assets and total liabilities between fiscal years represents the significant portion of the change in restricted and unrestricted net position, which shows a net decrease of$44.5 million.The increase of$98.2 million in net investment in capital assets is primarily a result of capital assets, net of depreciation increasing by $106.6 million from fiscal year 2014 to fiscal year 2015, and the outstanding debt associated with capital assets being reduced by $18.0 million during the same period. Additional information relative to capital asset and long term debt activity during fiscal year 2015 can be found on pages 11-16 to 11-19 of this report. Key elements of the total net position increase are presented below. District's Net Position As of September 30 2015 2014 Current and Other Assets $ 591,749,707 $ 568,165,087 Capital Assets, Net 4,853,700,108 4,747,093,454 Deferred Outlflows of Resources 29,149,945 - Total Assets 5,474,599,760 5,315,258,541 Current and Other Liabilities 62,781,406 54,597,908 Long-term Liabilities Outstanding 599,149,254 551,128,744 Deferred Inflows of Resources 32,106,636 - Total Liabilities & Deferred 694,037,296 605,726,652 Net Position: Net Investment in Capital Assets 4,377,051,438 4,278,898,454 Restricted 420,142,620 385,052,895 Unrestricted (16,631,594) 45,580,540 Total Net Position $4,780,562,464 $4,709,531,889 11-6 1 6 F1 H1 B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 District's Changes in Net Position Fiscal Years Ended September 30 2015 2014 Revenues Program Revenues Charges for Services $ 36,785,015 $ 37,677,609 Operating Grants and Contributions 36,637,096 41,020,689 Capital Grants and Contributions 105,323,512 65,112,460 General Revenues Property Taxes 280,137,735 280,667,290 Investment Earnings 8,079,756 6,058,186 Other 2,265,383 2,087,127 Total Revenues 469,228,497 432,623,361 Expenses Land Stewardship $ 17,226,734 $ 13,762,682 Mssion Support 42,800,144 45,166,915 Modeling and Scientific Support 10,841,821 11,572,865 Operations and Maintenance 113,623,935 114,290,603 Regulation 18,286,488 19,194,734 Restoration 86,042,884 85,037,648 Water Supply 14,888,542 17,464,823 Interest on Long-Term Debt 22,536,959 23,272,985 Total Expenses 326,247,507 329,763,255 Increase (Decrease) in Net Position 142,980,990 102,860,106 Net Position at Beginning of Year, as restated * 4,637,581,474 4,606,671,783 Net Position at End of Year $ 4,780,562,464 $ 4,709,531,889 * Balance as of October 1, 2014 was restated to reflect the adoption of GASB Statement Nos. 68 and 71. See Note 2(p) Restatement for details. 11-7 16F1HJ. Bi SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Property taxes continue as the District's primary source of revenue. For fiscal year 2015, revenue from property taxes totaled $280.1 million of which $11.1 million represents Agricultural Privilege Taxes. This reflects a slight decrease of$0.5 million, or 0.2 percent, from fiscal year 2014. The Agricultural Privilege Tax is one of the dedicated funding sources identified in the Everglades Forever Act (EFA) and is used to fund Everglades Construction Project and Long Term Plan expenditures. Agricultural Privilege Tax revenues are based on tax roll information received from Palm Beach and Hendry counties' property appraisers. The Agricultural Privilege Tax continues to be a steady source of revenue for the Everglades Trust Fund and it is calculated based on the assessed tax-per-acre on the number of agricultural acres reflected on the tax rolls. Acres can be taken off the tax rolls due to construction and change in land status to non-agricultural use tax classification. As such, the amount collected can vary from year to year based on the acres in production in the Everglades Agricultural Area and C-139 basin. The Governing Board certifies the tax rolls at the District's Annual Tentative Budget Adoption Public Hearing held each September. During fiscal year 2015 tax revenues derived from the Agricultural Privilege Tax remained consistent with the prior fiscal year's level of $11.4 million. Charges for services totaled $36.8 million for fiscal year 2015 decrease of $0.9 million. This decrease is primarily due to a decrease Lake Belt Mitigation Water Treatment Plant Upgrade Fees. Operating grants and contributions totaled $36.6 million for fiscal year 2015, a decrease of approximately $4.8 million from the prior fiscal year. This decrease is attributable to $2.4 million of FDOT Alligator Alley Toll Revenue being shifted from the Operating to Capital category based on the spending plan. In addition, the District recognized a net$1.9 million less in current year revenue from The State for reimbursement of expenditures related to Hurricanes Charley and Isaac. The remaining$0.5 million net decrease represents less intergovernmental revenues recognized in fiscal year 2015 within this category. Capital grants and contributions totaled $105.3 million for fiscal year 2015, an increase of approximately$40.2 million from fiscal year 2014. The majority of this increase is due to an increase of approximately $32.2 million of deferred revenue recognized beyond that of last fiscal year. The majority of this amount is due from Florida Department of Environment related to Save Our Everglades Trust Fund. In addition, this category recognized $6.6 million of FDOT Alligator Alley Toll Revenue, a portion which is new revenue and a portion which was recorded in the operating category in fiscal year 2014. Investment earnings during fiscal year 2015 increased by $2.0 million to $8.1 million from the previous fiscal year 2014 level of $6.1 million. This increase is due to market gains totaling $2.6 million recognized in the fourth quarter of fiscal year 2015 due to the fall in bond yields. No such gain was recognized during the previous year. Other Revenue consists primarily of miscellaneous revenue not otherwise designated. The total of $2.3 million for fiscal year 2015 represents a slight increase of$0.2 million from the prior year. 11-8 16F 1 x-11 B 1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Program Expenses totaled $326.0 million for fiscal year 2015, a slight decrease of approximately $0.2 million from fiscal year 2014. The three largest District programs: Operations and Maintenance, Restoration and Mission Support Programs counted for approximately $242.5 million or 73.5 percent of the $330.0 million in total expenses for fiscal year 2015. This is a decrease of $2.0 million from the prior fiscal year. The other program expenses totaled $87.5 for fiscal year 2015 and reflected an increase of approximately $2.2 million over the previous year. The three largest District programs and the most significant reasons for variances from prior fiscal year 2014 program expenses are discussed below. Mission Support Program expenses decreased $2.4 million, or 5.2 percent, from $45.2 million in fiscal year 2014 to $42.8 million in fiscal year 2015 The most significant variances contributing to the net decrease resulted from a $1.2 million decrease in salaries and benefits within the program and a $1.0 million decrease in contract services, which is mostly contributable to decreases relate IT hardware and software, and IT consulting and licenses. Other offsetting variances include an increase in $0.4 million net increase in tax collector and appraiser fees, a $0.3 million decrease in Self Insurance charges, and a $0.3 million decrease in depreciation. This program delivers critical business support services such as information technology, procurement, finance, human resources, legal support, project management, internal audit, and public and executive level policy guidance. The strategic priority goal of the program is to provide the District with optimum support and logistical functions. Operations and Maintenance (O&M) Program expenses incurred during fiscal year 2015 was $113.6 million, a decrease of $0.7 million from the $114.3 million expensed in fiscal year 2014. A number of variances within the Program contributed to the net decrease in expenses; the most significant of which was a $2.0 million reduction in salaries and fringes and$1.9 million in inventory usage and costs of fuel offset with net increases of $4.6 million related to various types of maintenance and repairs contracts, contractual services and other operating expenses. This program is primarily responsible for the operation and maintenance and flood control within 16 counties of South Florida. The District's operations and maintenance consists of activities to effectively and efficiently manage the primary canals and associated structures in South Florida. Operation maintenance program activities included the C&SF Project, as well as the Big Cypress Basin, as authorized by Chapter 373 F.S and the USACE. Currently, region-wide water management is accomplished by the District's multi-purpose system, which currently includes 692 water control structures and weirs; 618 smaller project culverts; management of 71 pump stations, which send water south and through waterways eastward and westward to both coasts; and oversight of approximately 4,098 miles of canals and levees. The strategic priority goal of the Operations and Maintenance Program is to refurbish, replace, improve and manage the regional water management system by implementing flood control system refurbishment projects as part of the 50-year plan; incorporating new works into water management system operations; operating the water management system to meet flood control and water supply needs; optimizing infrastructure maintenance by adhering to, or exceeding, industry standards and best practices; and coordinating with the U.S. Army Corps of Engineers on levee inspections and improvements 11-9 16F1 H1 81 SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Projects completed or significantly under way included ongoing construction on the S-5A Refurbishment; Hillsboro Canal Bank Stabilization; North Shore Trash Rakes, Gates, Paving, Automation; C-4 Canal Bank Improvements;J.W. Corbett Levee Improvement; S-13 Repowering and Automation; S-6 Tower Replacement; Other ongoing projects included BCB Field Station Relocation; Vertical Control Network-NAVD88 Upgrades; and replacement of Microwave Towers and upgrading the Control Equipment Shelters throughout the District's area of responsibility. Completion of the S- 150 Replacement&Automation and G-94 Refurbishment. During the fiscal year, completion of work associated with annual programs such as the Work Control Structure Inspection Program, Gate Overhaul Program and Culvert Replacements, Other tasks include ongoing exotic plant control, mowing, vehicle inspection, pumping operations and maintenance programs. Restoration Program expenses for fiscal year 2015 were$86.0 million when compared to the$85.0 million expensed in the prior year resulted in an overall increase of$1.0 million. This program oversees restoration projects for the agencies Coastal Watersheds, Comprehensive Everglades Restoration Plan, District Everglades, Kissimmee Watershed, and Lake Okeechobee programs. The program activities include project development through implementation; providing computer modeling, water quality monitoring, and assessment for all aspects of water management; and fulfilling the District's responsibilities outlined in the Everglades Forever Act and the Federal Settlement Agreement as well as implementation of the Comprehensive Everglades Restoration Plan. In June 2012, the State of Florida and the U.S. Environmental Protection Agency reached consensus on new restoration strategies for further improving water quality in America's Everglades. Under these strategies, the District is implementing a regional water quality plan to complete six water treatment and storage projects, implementation of additional source controls and a science plan that will ensure continued research and monitoring to improve and optimize the performance of the STAs. During fiscal year 2015, there were 116 active projects within the Restoration Program which incurred costs. Projects included Picayune Strand Restoration and within the Dispersed Water Management Program; continued construction on the C-44 Reservoir and Stormwater Treatment Area Project; and within Restoration Strategies continued construction of the A-1 Flow Equalization Basin (FEB) Project, the L-8 FEB Project, G-541 and L-8 Divide Structure; and the STA-1 West Expansion. FINANCIAL ANALYSIS OF THE DISTRICT'S FUNDS As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with budget-related legal requirements. The focus of the District's governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the District's financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. 11-10 16F1 H181 SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 General Fund The General Fund is the chief operating fund of the District. It accounts for all financial resources, except those accounted for in another fund. This fund accounts for District-wide expenditures and is supported primarily by ad valorem property taxes, permit fees and investment earnings. At fiscal year-end, the fund balance of the General Fund was$63.6 million,of which$55.9 million was either assigned or unassigned and $7.7 million was committed to various District projects. As a measure of the General Fund's liquidity, it may be useful to compare both assigned and unassigned fund balance and total fund balance to total fund expenditures. Assigned/unassigned fund balance represents 56.5 percent of the General Fund expenditures totaling $99.0 million, while total fund balance represents 64.3 percent of that same amount. Revenues exceeded expenditures by $20.0 million and the General Fund had net operational transfers to other funds amounting to$19.8 million resulting in a slight increase in fund balance of$0.2 million. Total revenues in the General Fund increased approximately $0.9 million from the prior year. The majority of the increase relates to investment earnings and other revenues. Investment earnings increased between the fiscal years by approximately $0.5 million, primarily due to a significant net market gain on investments. Other revenues also increased by approximately$0.4 million largely due to the District receiving a refund for life insurance (prior years: 2009 through 2013) from Insurance Provider. Total expenditures decreased approximately $4.6 million, or .4 percent, in fiscal year 2015 to $99.0 million. The most significant variances contributing to the net decrease resulted from a $2.7 million reduction in salaries and fringes; $1.0 million less spent in fiscal year 2015 compared to the prior year relative to interagency agreements with local, state and federal governments;and $0.5 million in inventory usage for chemicals, fuel, and parts. Other decreases in operating expenditures were realized in various types of parts and supplies including computer related of $1.1 million and other operating expenditures netting to$0.4 million. A number of offsetting variances contributed to the net increase of $1.1 million in contractual services expenditures; the most significant of which was approximately $3.0 million in external provider contracts with net reductions in aquatic spraying services, computer software licenses and IT consulting services of$1.9 million. Operating transfers from the fund netted to a total of$19.8 million for fiscal year 2015. Of significance, transfers-out in the amount of $22.5 million went to the District Capital Projects Fund, representing the General Fund's annual contribution to fund planned capital projects and debt service on the Certificates of Participation. Operating transfers into the General Fund totaled $2.7 million, from the District Capital Projects Fund and Comprehensive Everglades Restoration Plan-Other Creditable Fund to fund related non-capital expenditures. II-11 16F1 till B 1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Okeechobee Basin Special Revenue Fund The Okeechobee Basin Special Revenue Fund is restricted to accounting for revenues and expenditures within all or part of a 15-county area designated as the Okeechobee Basin. Revenue is provided by ad valorem property taxes, intergovernmental funding, permit fees, investment earnings and other sources. The total fund balance of the Okeechobee Basin Special Revenue Fund at September 30, 2015 was $116.2 million, an increase of $8.3 million from fiscal year 2014. Of the$116.2 million in total fund balance, $111.7 is restricted due to the Governing Board obligating these funds for future fiscal years(FY2017-FY2020)and the remaining $4.5 million in non-spendable inventory reserve. Revenues in excess of expenditures of$37.9 million were offset by a $29.6 million decrease related to net transfers out of the Fund.Total revenues recorded in the Okeechobee Basin Special Revenue Fund of$125.6 million represent an increase of$5.0 million from the prior year total of$120.6 million. The increase is largely attributable to approximately$3.3 million in other revenues comprising of$3.0 million received this fiscal year from FEMA recorded as Refund of Prior Year Expenditures for funding the District paid in the prior year due to de-obligated costs related to Hurricane Charlie and an overall increase in miscellaneous income of$0.3 million largely attributed to the District receiving a refund for life insurance(prior years: 2009 through 2013)from Insurance Provider and;an increase $1.4 million in intergovernmental revenues from federal sources; and an increase of$0.5 million in investment earnings due to higher rate of return and gain on investments during fiscal year 2015. Total expenditures decreased by$4.9 million, or 5.0 percent in fiscal year 2015 to $87.7 million. This decrease was primarily due to net decreases in various contract services costs of$1.7 million; salaries and fringe benefits of$1.6 million and fuel costs of$1.0 million. In fiscal year 2015, operating transfers recorded within the fund netted to a total of $29.5 million. Operating transfers-in of $32.3 million was transferred to the Okeechobee Basin Capital Projects Fund to support scheduled capital improvement projects. Operating transfers-out of$3.0 million was transferred into the fund from the Okeechobee Basin Capital Projects Fund to pay for related non- capital expenditures during the year. Everglades Restoration Trust Special Revenue Fund The Everglades Restoration Trust Special Revenue Fund accounts for fiscal activity related to the operations and maintenance of the Stormwater Treatment Areas (STAs) as required by the Everglades Forever Act. Funding is provided through a .0548 mill tax levy; non-ad valorem assessments to property owners in the Everglades Agricultural Area; Alligator Alley toll revenues pursuant to Florida Statutes; and interest earnings. At September 30, 2015, total fund balance amounted to $16.0 million, of which the entire amount is restricted.The fund balance is restricted due to the Governing Board obligating these funds for future fiscal years (FY2017-FY2020) Budget Stabilization of$1.6 million; Okeechobee Basin operations of $11.3 million; and future projects consisting of approximately $3.0 million for Restoration Strategies projects and LTP Everglades Source Control projects. Ad valorem and agricultural privilege tax revenues of$35.6 million and $11.1 million, respectively, were recognized in fiscal year 2015, which is comparable to prior year revenues of$35.7 million and $11.4 million. 11-12 16F1M1 B. 1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Revenues of the Everglades Restoration Trust Special Revenue Fund decreased from 2014 by approximately $3.0 million from $52.3 million to $48.3 million in fiscal year 2015. Transfers-out to other funds totaled $20.2 million, with $19.6 million going to the Everglades Restoration Trust Capital Projects Fund for Everglades Forever Act debt service and capital expenditures and the remaining $0.6 million to the Everglades Trust Capital Projects Fund for related capital expenditures.Transfers- in from the Everglades Trust Capital Projects Fund totaled $6.3 million to fund one-time fiscal year 2015 expenditure items in the Everglades Restoration Trust Special Revenue Fund. Lake Belt Mitigation Special Revenue Fund The Lake Belt Mitigation Special Revenue Fund accounts for revenues received pursuant to Chapter 373.41492, Florida Statutes,which requires mitigation from the impacts of rock mining in the Lake Belt area of Miami-Dade County, and related expenditures incurred towards the restoration and management of environmentally sensitive lands. At September 30, 2015, total fund balance was$60.7 million, of which the entire amount is restricted. The restriction is due to the Governing Board obligating these funds for future fiscal year (FY2017- FY2020)acquisition, restoration and/or management of environmentally sensitive lands and for Lake Belt Wetland creation, restoration and management. Fund balance increased$16.9 million, the net of the $17 million that revenues exceeded expenditures during the year and transfers-out of $0.1 million. Revenues in the fund totaled$18.1 million which consisted of various Lake Belt Mitigation Permit fees of$17.4 million and investment earnings of$0.7 million at the end of fiscal year 2015. During fiscal year 2015, expenditures totaled $1.1 million. The majority of the expenditures related to the C-139 Annex Mitigation Project. Operating transfers-out totaled $0.1 million which comprised of a transfer to the Wetland Mitigation Permanent Fund for Long-Term Management and to the Save Our Rivers Capital Projects Fund to fund related capital expenditures. Everglades Trust Capital Projects Fund The Everglades Trust Capital Projects Fund was established to account for and report financial resources that are restricted, committed or assigned to construct Stormwater Treatment Areas (STAB) which cleanse stormwater runoff from the Everglades Agricultural Area (EAA) through naturally occurring biological and physical processes. Additional objectives include hydroperiod restoration and water supply. Revenue for this fund is provided mainly through operating transfers from the Everglades Restoration Trust Special Revenue Fund. During fiscal year 2015, the fund balance of the Everglades Trust Capital Projects Fund decreased $5.8 million to$91.0 million at fiscal year-end. 11-13 16F1 H �1 H1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Total revenues in the fund increased by $0.5 million; to $1.6 million. This increase relates to investment earnings, which saw a $0.4 million increase between fiscal years primarily due to a significant net market gain on investments. Total expenditures decreased by approximately $2.5 million in fiscal year 2015 to $21.3 million. This decrease was primarily due to no land purchases during fiscal year 2015 when compared to the land acquisition and associated costs(title fees)of$2.2 million which occurred in the prior year. For fiscal year 2015, operating transfers netted to a total of $13.9 million. Transfers-in from other funds totaled $20.2 million to fund the annual Everglades Forever Act Debt Service Payments and support costs associated with capital outlay incurred towards projects pursuant to the Everglades Forever Act for restoration of the Everglades.The recipient fund was the Everglades Restoration Trust Special Revenue Fund. Transfers-out to other funds totaled $6.3 million to fund one-time fiscal year 2015 expenditure items in the Everglades Restoration Trust Special Revenue Fund. Save Our Everglades Capital Projects Fund The Save Our Everglades Capital Projects Fund accounts for revenues and capital expenditures for the Comprehensive Everglades Restoration Plan (CERP) and the Northern Everglades Estuary Protection Program (NEEPP)which are funded from the State's Save Our Everglades Trust Fund. During fiscal year 2015, the fund balance of the Save Our Everglades Capital Projects Fund decreased $25.3 million to ($27.7) million from the previous fiscal year of($2.4)million. This deficit is expected to be funded by pending and future reimbursements from Florida Department of Environmental Protection. Revenues in the fund decreased $7.7 million from the prior fiscal year to $42.6 million. Multiple changes This decrease is due an increase in deferred revenues in fiscal year 2015 of $13.2 million and a decrease in L-8 funding of$6.3 million, coupled with fiscal year 2014 revenues of$26.1 million received from Palm Beach County for the purchase of approximately 1.9 thousand acres of land related to the Loxahatchee River Watershed Restoration Project, which did not have comparable revenues in the current year. These decreases were offset by increases in intergovernmental revenues related to C-44 Reservoir and Stormwater Treatment Area ($21.8 and $5.6 million, respectively)and the Restoration Strategies A-1 Flow Equalization Basin ($8.3 million). The remaining variance is due to decreases in funding for various other projects. During fiscal year 2015, no operating transfers were recorded in the Save Our Everglades Capital Projects Fund. 11-14 16F1 Ft1 B SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 GENERAL FUND BUDGETARY HIGHLIGHTS Final budgeted revenues and expenditures in the final General Fund budget were $115.8 million and $138.5 million, respectively. Budgeted revenues remained the same from the original adopted budget for fiscal year 2015, while budgeted expenditures increased (approximately $2.6 million) from the original budget. Actual revenues were $3.2 million (2.7 percent) more than the budget. At the end of fiscal year 2015, the General Fund budget for Administrative Services and Executive Offices reflected a remaining available balance of$8.9 million. This was primarily due to outstanding encumbrances in the Mission Support Program and the Restoration Program totaling approximately $1.3 million. The majority of the outstanding encumbrances in Mission Support related to the Information Technology and Office of Counsel organization units, and the outstanding encumbrance in the Restoration Program related to local government agreements with various counties and contractual services. At the end of fiscal year 2015, the General Fund budget for Operations and Maintenance reflected a remaining available balance $3.6 million. Of that amount, $1.5 million was attributed to the Operations and Maintenance Program and consisted of approximately $0.3 million in unspent budget due to salaries and fringes and lower fuel costs and $1.2 million in outstanding encumbrances related to the CERP Bio-Control Implementation Project($0.7 million)and the SCADA Stilling Wells/Platform Replacement Project ($0.4 million). The remaining available budget can be attributed to $1.6 million of outstanding encumbrances related to the C-44 Reservoir/STA Project, Picayune Strand Restoration Project, other contractual services, and Restoration Program consisting of salaries and fringes. The final amended General Fund budget included $25.0 million in reserves comprised of managerial reserves of $9.3 million and $15.7 million in contingency reserves. The District does not expend funds directly out of managerial or contingency reserve accounts. The use of this funding requires Governing Board budget transfer approval, authorizing the movement of budget authority out of managerial reserves and/or contingency reserves to a District program within a resource area's operating or capital budget. 11-15 I6F1H1 B 1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 CAPITAL ASSETS AND DEBT ADMINISTRATION CAPITAL ASSETS As of September 30, 2015, the District's investment in capital assets was $4.9 billion, up $106.6 million from the end of fiscal year 2014. This investment in capital assets includes land, easements, canals and levees, buildings, intangibles, equipment, improvements, water control structures, and construction in progress. Capital Assets (net of depreciation) 2015 2014 Land $2,575,585,166 $2,564,959,930 Easements 72,741,276 70,390,549 Canals and Levees 702,354,410 702,110,108 Buildings 83,744,955 84,503,044 Intangibles 10,640,487 8,617,340 Equipment 36,355,432 40,636,068 Improvements 13,799,118 14,990,688 Water Control Structures 811,472,668 813,466,178 Construction in Progress 547,006,596 447,419,549 Total $4,853,700,108 $4,747,093,454 Major capital asset activity during the current fiscal year included the following: Construction in Progress Highlights The District's investment in construction in progress increased $99.6 million during fiscal year 2015. This change is primarily due to the net effect of the following: o $120.8 million expended on continuing projects as follows: ■ $35.2 million expended on C-44 Reservoir/STA ■ $32.5 million expended on Restoration Strategies EAA A-1 FEB ■ $16.4 million expended on L-8 Reservoir Infrastructure ■ $6.7 million expended on Restoration Strategies STA 1W Expansion #1 ■ $30.0 million expended on other projects o $20.8 million related to completed projects which were transferred out of construction in progress, the most significant of which are: 11-16 16F1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 • $5.0 million for Operations Decision Supports System (software design). • $2.9 million for G94 Refurbishment(Water Control Structure) • $2.8 million for Miami Field Station B47 Building Replacement • $2.6 million for Lower Floridan Aquifer Investigation, Kissimmee Basin • $7.5 million for other projects. Land Highlights The District's investment in land increased $10.6 million during fiscal year 2015. This change is primarily due to the net effect of the following: o $23.0 million expended on new land acquisitions: • $17.4 million expended on lands acquired to build projects and implement programs to restore America's Everglades from the Kissimmee Headwaters to Florida Bay • $4.0 million expended on lands acquired for Kissimmee River Restoration and Headwaters revitalization • $1.6 million expended on other lands • $11.2 million related to retirements of unused lands and other adjustments. Equipment Highlights The District's investment in equipment decreased $4.3 million during fiscal year 2015. This change is primarily due to the net effect of the following: o $7.1 million of depreciation on equipment o $2.2 million expended on the purchase of new equipment, vehicles and computer hardware o $1.1 million of electrical motor pumps was transferred from construction in progress o $0.5 million representing the net effect of the retirement of equipment Additional information on the District's capital assets can be found in Note 9 on page III-34 of this report. 11-17 1 6 F1 Uk B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 LONG-TERM DEBT ADMINISTRATION At the end of fiscal year 2015, the District had $473.6 million in total outstanding long-term debt, representing a decrease of $18.1 million from the prior year. The balance is comprised of bonds and Certificates of Participation (COPS). Long-term Debt Outstanding 2015 2014 Special Obligation Land Acquisition Bonds $ 6,705,000 $ 13,105,000 Certificates of Participation 466,940,000 478,550,000 Total $ 473,645,000 $ 491,655,000 The Special Obligation Land Acquisition Refunding Bonds Series 2002 ($2.5 million) and Series 2003 ($4.2 million) finance the acquisition of environmentally sensitive lands. Documentary stamp tax revenues provided through the State of Florida's Water Management Lands Trust Fund secure the repayment of this debt. In November 2006, the District issued $546.1 million in Certificates of Participation to provide for the lease-purchase financing of the acquisition, construction, and equipping of certain expedited Everglades Restoration projects. The outstanding balance at the end of fiscal year 2015 was $466.9 million. At September 30, 2015, the District's COPS were rated Aa3, AA and AA- by Moody's, S&P and Fitch Ratings, respectively and the District's Land Acquisition Bonds, Series 2002 and 2003 were rated A3, A+ and A by Moody's, S&P and Fitch Ratings, respectively. A bond rating indicates the investment quality of the bonds, which is based on an assessment of the economic and financial condition of the agency, and is reflective of the overall managerial expertise of the agency. The District strives to maintain superior bond rating for its obligations in order to realize more favorable borrowing costs. Debt Management Policy Since the 1990's, the District made a commitment to the citizens of South Florida to operate in accordance with sixteen guiding principles designed to achieve and maintain the highest standards of fiscal accountability. The Governing Board of the District adopted a Debt Management Policy in May 1993, which was updated in April 2005 and revised again in October 2008. The policy and related guidelines enables the District to identify and address potential concerns and alternatives early in the capital planning and debt issuance process. 11-18 F I HI. � 1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 The policy directs the District to: • Exhibit purposeful restraint in incurring debt. • Follow a policy of full disclosure in all financial reports and official statements issued for indebtedness. • Refrain from issuing short-term debt that requires repeated annual appropriation. • Limit long-term debt to no more than the estimated life of the capital assets financed and refrain from issuing debt to finance current operations or normal maintenance. • Project debt requirements on a five-year basis to facilitate better short-term decisions in light of other priorities that may arise, and examine the longer-range implications and effects of debt issuance. Included in the District's adopted Debt Management Policy are benchmarks which are self- imposed boundaries and not statutorily established levels of acceptance dedicated to prudent debt management. The District's debt burden shall not exceed the benchmark levels, as described below, and no additional debt shall be authorized if the projected debt burden would exceed these levels: • The net debt per capita shall not exceed $350. • Debt service shall not exceed 30 percent of revenues legally available to the District to pay debt service including, but not limited to, the available ad-valorem revenues, related interest income thereon and permit fee revenue. • The debt-to-assessed value shall not exceed 0.30 percent of the assessed value of property within the District. Florida Statute requires that total annual debt service for debt issued after January 1, 2009 cannot exceed 20 percent of the annual ad valorem tax revenues, unless approved by the Joint Legislative Budget Commission. Additional information about the District's long-term debt can be found in Note 10 on pages III-35 through III-36 of this report. 11-19 16F1HlBt ' SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES Economic Outlook Ad valorem property taxes continue to be the District's largest single, ongoing source of revenue. Approximately 35.6 percent of the District's fiscal year 2016 budget is projected to be funded through ad valorem tax revenues. Taxable property values within the District increased by 6.6 percent from $694.9 billion in 2014 to $741.0 billion in 2015. Ad valorem taxes projected for fiscal year 2016 are $266.9 million, an estimated $1.0 million more than the prior year. This increase in ad valorem revenue is a result of increased new construction values offsetting the reduction in prior year taxable values. The District's fiscal year 2016 budget is based on a rolled-back millage rate calculated pursuant to Section 200.065, F.S. Method of Fixing Millage to maintain baseline ad valorem revenue at $265.9 million. Rolled-back millage rates do not provide a continuation level of baseline Ad Valorem revenue due to reduced prior year final taxable values. The adopted rates will generate $263.0 million in baseline revenues, plus $3.9 million of new construction, for total ad valorem revenue of $266.9 million. The remaining revenue budget includes anticipated funding from state and federal sources, as well as from fees and investment earnings. State revenues, which are the District's second major source of funding, are projected at $181.4 million, primarily from the Save Our Everglades Trust Fund and Land Acquisition Trust Fund in support of initiatives related to Everglades' restoration. The District recognizes the importance of how available revenues can change in response to economic factors. There are many economic factors to consider and monitor relating to the District and changes in these economic factors directly impact the District's financial health and future revenue outlook. The following discussion will focus on economic factors affecting the District's ad valorem revenue budget and were considered in preparing the budget for the 2015 fiscal year. Property Values Property values have a significant and direct impact on ad valorem taxes. An increase in property values will often indicate a healthy economy. Counties experiencing population and economic growth are likely to experience long-term increases in property values due to increased demand for homes. Since property values are the primary revenue source of the District, the District monitors the market values and continues to perform rolled-back rate calculations in accordance with the Truth In Millage(TRIM)process in an effort to achieve a stabilized revenue source. The housing market has deteriorated significantly since its peak at the end of 2006 and Florida has been one of the hardest hit states along with Arizona, California, and Nevada. This downturn, which began in 2007, can be attributed to soaring home prices and over-supply from home builders and investors. These conditions resulted from the easing of underwriting standards and the consumers increased appetite for risk, making it less difficult for prospective homebuyers to qualify for a mortgage. In order to afford a home, homebuyers became increasingly dependent on exotic mortgage products intended to reduce down payments and monthly payments. After reaching the lowest levels in late 2010 / early 2011, property values have seen a gradual increase in the past five years, with indications of stabilization to moderate gains through 2016, as further depicted by trend data presented under the Home Prices section. n-20 16F1 Hi 81 SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Foreclosures According to RealtyTrac®, the leading online marketplace for foreclosure properties, foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, were reported on 890,329 properties in the United States as of the report date, compared to the prior year of 922,267 properties. Their report shows a nationwide foreclosure rate of one in every 1,308 U.S. housing units, compared to one in every 1,316 twelve months prior. Florida, one of the top five states for foreclosure rates, reflected a foreclosure rate of one in every 727 units, compared to one in every 518 units reported last year. Of the five top counties in Florida, in terms of foreclosure rates only Okeechobee is within the District's boundaries. In April 2016, the number of properties that received a foreclosure filing in Florida was equal to the previous month and 42.0% lower than the same time last year. In summary, while foreclosure rates decreased nationwide and Florida's foreclosure rates decreased as well over the past year, Florida continues to lead the nation in foreclosures. Out of the 16 counties residing within the District's tax base, 13 of them have foreclosure rates higher than the national average rate and 6 of them have foreclosure rates higher than the statewide rate. Therefore high foreclosure rates will have a continuing impact on economics of the region and accordingly, tax revenues available to the District. Home Prices The Federal Housing Finance Agency's House Price Index indicates that home prices have increased slightly since bottoming out in 2011 when real estate values saw declines in the fifty percent range compared to peaks in 2007. Home prices and property values in central and south Florida have seen a continual and steady resurgence over the past few years, gaining a portion of the market loss of 10 to 12 percent on average compared to the low experienced in 2011. While home prices continue to be significantly below the peaks of late 2006, recent trends indicate a continual upward movement in value. The Federal Housing Finance Agency Home Price Index, graphically depicted below, measures the average change in value of residential real estate in central and southern Florida given a constant level of quality. Federal Housing Finance Agency Home Price Index 2006—2015 350 F300 .2250 c..)x 200 sb 150 100 m u 50 a 0 _ �• � y�,ycQ,�cQ,ycQ,ycQ,yB,yo ,yo do rt. ,yo rto do do ,o ,o rt. ,yo Year-Quarter Housing Price Index 11-21 SOUTH FLORIDA WATER MANAGEMENT DISTR ICT1 6F1 H1 B1 MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Population Growth Another economic factor driving ad valorem taxes is population growth and the impact it has on property values. Population growth impacts property values because as the population increases, demand for homes increases, which results in higher property values. This relationship between the real estate market and change in population will affect District revenues because ad valorem taxes are collected from property owners based on property values set by the respective county property appraiser. It is important to monitor population trends to effectively develop future budgets capable of being supported by the tax base. In addition, as the population increases, the use of water resources increases,which amplifies the need to protect and restore natural resources and manage and regulate the usage and storage of the region's water supply. In 2015, the District's population increased by 1.59 percent, compared to the prior year's increase of 1.2 percent. Over the past ten years(2006 to 2015)the population growth across the District averaged 1.42 percent. The rate of population growth within the District's boundary is consistent with the state- wide trend as shown below with exception of 2012 and 2015: Population Growth -Annual Percentage Change 3.0% UI -1.0% Year -4-District -0-State Source: State of Florida,Office of Economic&Demographic Research H-22 16F1 till fll SOUTH FLORIDA WATER MANAGEMENT DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 General Fund —Assigned and Unassigned Fund Balance At the end of fiscal year 2015, the total assigned and unassigned fund balance in the General Fund was $55.9 million. This represents an increase of $7.4 million or approximately 15.3 percent from the comparable fund balance reported in fiscal year 2015.The District has appropriated$46.7 million of the $55.9 million for spending in the fiscal year 2016 budget. NEXT YEAR'S BUDGETS AND RATES The District's fiscal year 2016 adopted millage rates are lower than fiscal year 2015 rates. In fiscal year 2016, all property owners within the District's boundaries will be assessed a District-at-Large millage rate of .1459 mills, reduced from the prior year's rate of .1577 mills. In addition, property owners within the Okeechobee Basin will be assessed both the Okeechobee Basin tax rate of.1586 mills and the Everglades Construction Project tax rate of.0506 mills, both of which are reduced from the fiscal year 2015 rates of.1717 and .0548, respectively, for a combined tax assessment of.3551 mills. Property owners within the Big Cypress Basin will be assessed the Big Cypress Basin millage rate of .1429 mills, which represents a reduction from the fiscal year 2015 rate of .1520, and the District-at-Large tax rate of.1459 mills, for a combined tax assessment of.2888 mills. State law limits the combined District-at-Large and basin tax millage for each of the two basins at 0.8 mills (80 cents per$1,000 of taxable value). The state constitutional limit is slightly higher at 1 mill ($1.00 per$1,000 of taxable value). Consequently, the District's approved budget for fiscal year 2016 totals $749.6 million, an increase of approximately $27.6 million from the fiscal year 2015 amended budget of $722.0 million. Requests for Information The District's basic financial statements are designed to present users (citizens, taxpayers, customers, investors and creditors) with a general overview of the District's finances and to demonstrate the District's accountability. If you have questions about the report or need additional financial information, contact the District's Finance Bureau Chief, Administrative Services Division at P.O. Box 24680,West Palm Beach, Florida 33416-4680. 11-23 16F1 Hi B1 4tost crehr VI 111110 This Page has been Intentionally Left Blank 11-23 16F1 H1 81 ' FINANCIAL SECTION BASIC FINANCIAL STATEMENTS 16F1 Hi Bi South Florida Water Management District Statement of Net Position September 30, 2015 Total Governmental Activities ASSETS Cash and Investments $ 379,659,140 Accounts Receivable 1,293,533 Due from Other Governments 41,991,876 Inventory 4,799,677 Prepaids 75,000 Other Assets 16,386,607 Restricted Assets: Temporarily Restricted Cash and Investments 131,893,685 Permanently Restricted Cash and Investments 15,650,189 Capital Assets Land and Easements 2,648,326,442 Construction In Progress 547,006,596 Canals and Levees 702,354,410 Other Capital Assets, Net of Depreciation 956,012,660 Total Assets 5,445,449,815 DEFERRED OUTFLOWS OF RESOURCES Pensions 29,149,945 Total Deferred Outflows of Resources 29,149,945 LIABILITIES Accounts Payable 61,567,028 Due to Other Governments 214,378 Unearned Revenue 1,000,000 Due Within One Year Bonds Payable 6,705,000 Certificates of Participation Payable 12,165,000 Compensated Absences 10,686,000 Self Insurance Claims Payable 2,385,404 Due in More Than One Year Certificates of Participation Payable, Net of Unamortized Premiums/Discounts 466,661,841 Compensated Absences 3,054,300 OPEB Obligation 29,074,409 Self Insurance Claims Payable 2,697,815 Net Pension Liability 65,719,485 Total Liabilities 661,930,660 DEFERRED INFLOWS OF RESOURCES Pensions 32,106,636 Total Deferred Inflows of Resources 32,106,636 NET POSITION Net Investment in Capital Assets 4,377,051,438 Restricted for: Debt Service 30,676,809 Wetlands Mitigation Expendable 26,235,007 Nonexpendable 15,650,188 Environmental Programs 317,637,626 Capital Construction 29,942,990 Unrestricted(Deficit) (16,631,594) Total Net Position $4,780,562,464 See Accompanying Notes to the Financial Statements Ill-1 16F1 111 B1 South Florida Water Management District Statement of Activities For the Year Ended September 30, 2015 Net Revenue (Expense)and Change in Net Program Revenues Position Operating Capital Total Charges for Grants and Grants and Governmental Functions/Programs Expenses Services Contributions Contributions Activities Land Stewardship $ 17,226,734 $ 20,801,570 $ 3,869,549 $ 862,500 $ 8,306,885 Mission Support 42,800,144 12,240,195 199,427 - (30,360,522) Modeling and Scientific Support 10,841,821 - 43,733 - (10,798,088) Operations and Maintenance 113,623,935 99,695 14,804,859 271,937 (98,447,444) Regulation 18,286,488 3,643,555 12,955 - (14,629,978) Restoration 86,042,884 - 17,603,573 104,189,075 35,749,764 Water Supply 14,888,542 - 103,000 - (14,785,542) Interest on Long Term Debt 22,536,959 - - - (22,536,959) Total $326,247,507 $ 36,785,015 $ 36,637,096 $105,323,512 ($ 147,501,884) General Revenues: Taxes: Property Taxes, Levied for General Purposes 233,437,089 Property Taxes, Levied for Everglades Restoration 46,700,646 Investment Earnings 8,079,756 Miscellanlaneous 2,265,383 Total General Revenues 290,482,874 Change in Net Position 142,980,990 Net Position at Beginning of Year,as restated(see note 2(p)) 4,637,581,474 Net Position at End of Year $4,780,562,464 See Accompanying Notes to the Financial Statements 111-2 16F1 I HiBi South Florida Water Management District Page 1 of 2 Balance Sheet Governmental Funds September 30, 2015 Okeechobee Everglades Lake Belt Basin Restoration Trust Mitigation General Special Revenue Special Revenue Special Revenue ASSETS Cash and Investments $ 70,827,081 $ 98,011,346 $ 16,539,363 $ 45,384,185 Cash Held by Trustee - - - - Accounts Receivable 118,853 634,961 30,982 45,017 Due from Other Governments 1,012,240 1,696,045 355,982 - Due from Other Funds - 17,217,647 - - Inventory - 4,506,245 - - Other Assets 105,844 - - 15,365,388 Total Assets $ 72,064,018 $ 122,066,244 $ 16,926,327 $ 60,794,590 LIABILITIES,DEFERRED INFLOWS OF RESOURCES&FUND BALANCES LIABILITIES Accounts Payable $ 8,245,789 $ 4,825,714 $ 907,423 $ 68,446 Due to Other Governments 29,500 - - - Due to Other Funds - - - - Unearned Revenue - - - - DEFERRED INFLOWS OF RESOURCES Unavailable Revenue 144,626 1,064,021 - - Total Liabilities&Deferred Inflows of 8,419,915 5,889,735 907,423 68,446 Resources FUND BALANCES Nonspendable - 4,506,245 - - Restricted - 111,670,264 16,018,904 60,726,144 Committed 7,703,792 - - - Assigned 46,652,734 - - - Unassigned 9,287,577 - - - Total Fund Balances 63,644,103 116,176,509 16,018,904 60,726,144 Total Liabilities, Deferred Inflows of $ 72,064,018 $ 122,066,244 $ 16,926,327 $ 60,794,590 Resources&Fund Balances See Accompanying Notes to the Financial Statements Continued 111-3 16F11 B1 South Florida Water Management District Page 2 of 2 Balance Sheet Governmental Funds September 30, 2015 Everglades Save Our Other Total Trust Everglades Governmental Governmental Capital Projects Capital Projects Funds Funds ASSETS Cash and Investments $ 77,813,253 $ 1,188,464 $ 167,110,902 $ 476,874,594 Cash Held by Trustee 13,168,348 - 19,526,095 32,694,443 Accounts Receivable 78,396 - 343,658 1,251,867 Due from Other Governments - 33,949,213 4,978,396 41,991,876 Due from Other Funds - - 715,078 17,932,725 Inventory - - 293,432 4,799,677 Other Assets - - 75,375 15,546,607 Total Assets $ 91,059,997 $ 35,137,677 $ 193,042,936 $ 591,091,789 LIABILITIES,DEFERRED INFLOWS OF RESOURCES&FUND BALANCES LIABILITIES Accounts Payable $ 96,192 $ 17,415,270 $ 17,728,058 $ 49,286,892 Due to Other Governments - - 184,878 214,378 Due to Other Funds - 11,490,056 6,442,669 17,932,725 Unearned Revenue - - 1,000,000 1,000,000 DEFERRED INFLOWS OF RESOURCES Unavailable Revenue - 33,949,213 3,932,284 39,090,144 Total Liabilities&Deferred Inflows 96,192 62,854,539 29,287,889 107,524,139 of Resources FUND BALANCES Nonspendable - - 15,943,620 20,449,865 Restricted 90,963,805 - 125,113,315 404,492,432 Committed - - - 7,703,792 Assigned - - 26,496,490 73,149,224 Unassigned - (27,716,862) (3,798,378) (22,227,663) Total Fund Balances(Deficits) 90,963,805 (27,716,862) 163,755,047 483,567,650 Total Liabilities, Deferred Inflows of $ 91,059,997 $ 35,137,677 $ 193,042,936 $ 591,091,789 Resources&Fund Balances See Accompanying Notes to the Financial Statements 111-4 16F141 BI SOUTH FLORIDA WATER MANAGEMENT DISTRICT Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position September 30,2015 Fund balances-total governmental funds $ 483,567,650 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in government activities are not financial resources and therefore are not reported in the governmental funds. Governmental capital assets 5,254,734,652 Less accumulated depreciation ($401,061,559) 4,853,673,093 Long term liabilities not due and payable with current available resources are not reported in the governmental funds. Bonds payable (6,705,000) Certificates of participation (466,940,000) Certificates of participation premium (11,886,841) Compensated absences (13,740,300) Other post employment benefits(OPEB) (29,074,409) Net pension liability (65,719,485) (594,066,035) Bond and certificates of participation interest due October 1,2015 are not reported as a liability of the governmental funds. Accrued interest payable-bonds (160,538) Accrued interest payable-certificates of participation (11,646,272) (11,806,810) Assets not available to provide current resources are offset with deferred inflows of resources in the fund statements. The reduction of the liability and recognition of revenue increases net assets in the Statement of Net Position. 39,090,144 Internal Service Funds are used by management to charge the costs of certain activities,such as worker's compensation,general and automobile liability,and health benefits to individual funds. The assets and liabilities of the Internal Service Funds are included in governmental activities in the statement of net position. 13,061,113 Deferred outflows(inflows)of resources are not reported in the governmental funds. Net deferred inflows-pensions (2,956,691) Net position of governmental activities $ 4,780,562,464 See Accompanying Notes to the Financial Statements 111-5 16F1 H1 ,Bi South Florida Water Management District Page 1 of 2 Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds For the Year Ended September 30,2015 Okeechobee Everglades Lake Belt Basin Restoration Trust Mitigation General Special Revenue Special Revenue Special Revenue REVENUES Ad Valorem Property Taxes $ 112,412,773 $ 111,564,055 $ 35,619,789 $ - Agricultural Privilege Taxes - - 11,080,857 - Intergovernmental 317,484 6,905,056 1,028,965 - Investment Earnings 1,813,712 1,973,240 440,208 682,154 Licenses, Permits and Fees 3,647,455 122,715 - 17,443,476 Sale of District Property 27,761 201,751 9,441 - Leases 89,462 1,246,431 - - Other 740,710 3,557,901 77,174 - Total Revenues 119,049,357 125,571,149 48,256,434 18,125,630 EXPENDITURES Current Operating Land Stewardship 484,490 5,313,165 - 1,092,884 Mission Support 27,505,786 2,773,040 - - Modeling and Scientific Support 11,595,911 168,897 - - Operations and Maintenance 17,578,040 69,696,038 13,738 - Regulation 17,460,327 13,923 - - Restoration 18,088,686 9,570,013 28,210,272 - Water Supply 6,295,956 180,189 - - Capital Outlay - - - - Debt Service Bond Principal Retirement - - - - Bond Interest - - - - COPS Bond Principal Retirement - - - - COPS Bond Interest - - - - Total Expenditures 99,009,196 87,715,265 28,224,010 1,092,884 Revenues in Excess of(Less than)Expenditures 20,040,161 37,855,884 20,032,424 17,032,746 OTHER FINANCING SOURCES(USES) Transfers In 2,738,456 3,137,898 6,276,576 - Transfers Out (22,554,212) (32,674,195) (20,173,238) (108,777) Total Other Financing Sources(Uses) (19,815,756) (29,536,297) (13,896,662) (108,777) Net Change in Fund Balances 224,405 8,319,587 6,135,762 16,923,969 Fund Balances at Beginning of Year 63,419,698 107,856,922 9,883,142 43,802,175 Fund Balances at End of Year $ 63,644,103 $ 116,176,509 $ 16,018,904 $ 60,726,144 See Accompanying Notes to the Financial Statements Continued III-6 '16F1 Bl South Florida Water Management District Page 2 of 2 Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds For the Year Ended September 30,2015 Everglades Save Our Other Total Trust Everglades Governmental Governmental Capital Projects Capital Projects Funds Funds REVENUES Ad Valorem Property Taxes $ - $ - $ 9,460,261 $ 269,056,878 Agricultural Privilege Taxes - - - 11,080,857 Intergovernmental 328,261 41,576,195 53,204,391 103,360,352 Investment Earnings 1,249,095 - 1,694,138 7,852,547 Licenses, Permits and Fees - - 3,331,174 24,544,820 Sale of District Property 97 808,490 3,394,544 4,442,084 Leases - - 3,036,168 4,372,061 Other - 230,301 507,028 5,113,114 Total Revenues 1,577,453 42,614,986 74,627,704 429,822,713 EXPENDITURES Current Operating Land Stewardship - - 7,065,990 13,956,529 Mission Support - - 234,708 30,513,534 Modeling and Scientific Support - - 85,000 11,849,808 Operations and Maintenance - - 8,151,719 95,439,535 Regulation - - 36,409 17,510,659 Restoration - - 16,094,666 71,963,637 Water Supply - - 1,319,528 7,795,673 Capital Outlay 1,816,957 67,967,934 81,146,419 150,931,310 Debt Service Bond Principal Retirement - - 6,400,000 6,400,000 Bond Interest - - 474,200 474,200 COPS Bond Principal Retirement 6,420,678 - 5,189,322 11,610,000 COPS Bond Interest 13,036,160 - 10,536,087 23,572,247 Total Expenditures 21,273,795 67,967,934 136,734,048 442,017,132 Revenues in Excess of(Less than)Expenditures (19,696,342) (25,352,948) (62,106,344) (12,194,419) OTHER FINANCING SOURCES(USES) Transfers In 20,173,238 - 73,722,344 106,048,512 Transfers Out (6,276,576) - (24,261,514) (106,048,512) Total Other Financing Sources(Uses) 13,896,662 - 49,460,830 - Net Change in Fund Balances (5,799,680) (25,352,948) (12,645,514) (12,194,419) Fund Balances at Beginning of Year 96,763,485 (2,363,914) 176,400,561 495,762,069 Fund Balances(Deficit)End of Year $ 90,963,805 ($ 27,716,862) $ 163,755,047 $ 483,567,650 See Accompanying Notes to the Financial Statements III-7 16F1 ul Bi SOUTH FLORIDA WATER MANAGEMENT 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 30,2015 Net change in fund balances-total governmental funds ($12,194,419) 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 are depreciated over their estimated useful lives. Capital outlay 150,931,310 Current year depreciation expense (37,157,613) 113,773,697 The net effect of various transactions involving capital assets(i.e.adjustments, disposals,transfers,donations)is a decrease to net position (7,161,932) Repayment of borrowed principal from bonds,bank loans,and capital leases is an expenditure in the governmental funds,but the repayment reduces long-term liabilities in the statement of net position. Bonds principal payment 6,400,000 COPs loan principal payment 11,610,000 18,010,000 Some expenses reported in the statement of activities do not require current financial resources and therefore are not reported as expenditures in the governmental funds. Change in long term compensated absences 648,300 Change in OPEB payable (2,751,449) Change in bond interest payable 153,125 Change in COPs interest payable 279,703 Amortization of deferred interest on bonds (280,765) Amortization of discount on debt-bonds (3,237) Amortization of discount on debt-certificates (1,620) Amortization of premium on debt-bonds 37,076 Amortization of premium on debt-certificates 1,325,206 Change in pension liability and related deferred balances 3,274,237 2,680,576 Revenues that are earned but not received within the District's availability period are recognized in the Statement of Activities when earned and subsequently in the governmental funds when they become available. The net difference is recorded as a reconciling item. 29,008,836 Internal service funds are used by management to charge the costs of certain activities to the individual funds. The change in net assets of the internal service funds is reported with governmental activities. (1,135,768) Change in net position of governmental activities $ 142,980,990 See Accompanying Notes to the Financial Statements III-8 16F11 1 11191 South Florida Water Management District Statement of Net Position Proprietary Funds September 30,2015 Governmental Activities Internal Service Funds ASSETS Current Assets Cash and Investments $ 17,633,977 Accounts Receivable 41,666 Other Assets 915,000 Total Current Assets 18,590,643 Noncurrent Assets Furniture,Fixtures and Equipment 27,459 Computer Hardware 3,030 Vehicles 36,224 Accumulated Depreciation (39,698) Total Noncurrent Assets 27,015 Total Assets 18,617,658 LIABILITIES Current Liabilities Accounts Payable $ 473,326 Claims Payable 2,385,404 Total Current Liabilities 2,858,730 Noncurrent Liabilities Claims Payable 2,697,815 Total Noncurrent Liabilities 2,697,815 Total Liabilities 5,556,545 NET POSITION Net Investment in Capital Assets 27,015 Unrestricted 13,034,098 Total Net Position $ 13,061,113 See Accompanying Notes to the Financial Statements 111-9 16F1 ' Hi 81 1 South Florida Water Management District Statement of Revenues, Expenses, and Changes in Fund Net Position Proprietary Funds For the Year Ended September 30,2015 Governmental Activities Internal Service Funds OPERATING REVENUES Charges for Services $ 28,958,392 Other Operating Revenue 181,673 Total Operating Revenues 29,140,065 OPERATING EXPENSES Salaries 388,530 Benefits 126,882 Claims 24,962,644 Purchased Services 180,810 Administrative Fees 2,171,543 Premiums and Other 2,667,522 Depreciation 5,111 Total Operating Expenses 30,503,042 OPERATING LOSS (1,362,977) NONOPERATING REVENUES Investment Earnings 227,209 Total Nonoperating Revenues 227,209 Change in Net Position (1,135,768) Net Position at Beginning of Year 14,196,881 Net Position at End of Year $ 13,061,113 See Accompanying Notes to the Financial Statements 111-10 16F1. ' 81 H1 South Florida Water Management District Statement of Cash Flows Proprietary Funds For the Year Ended September 30,2015 Governmental Actvitities Internal Service Funds CASH FLOWS FROM OPERATING ACTIVITIES: Cash Receipts from Participants and Other Funds $ 28,957,670 Cash Payments to Suppliers (4,742,856) Cash Payments for Salaries,Benefits (515,412) Claims Paid (25,397,343) Other Receipts 964,395 Net Cash Used in Operating Activities (733,546) CASH FLOWS FROM INVESTING ACTIVITIES: Investment Earnings 227,209 Net Cash Provided by Investing Activities 227,209 Net Increase(Decrease)in Cash and Cash Equivalents (506,337) Cash and Cash Equivalents, Beginning of Year 18,140,314 Cash and Cash Equivalents,End of Year 17,633,977 RECONCILIATION OF OPERATING LOSS TO NET CASH USED IN OPERATING ACTIVITES: Operating Loss (1,362,977) Adjustments to Reconcile Operating Loss to Net Cash Used In Operating Activities Depreciation 5,111 CHANGES IN ASSETS AND LIABILITIES: Decrease(Increase)in Accounts Receivable 10,221 Decrease(Increase)in Due from Other Funds 782,722 Decrease(Increase)in Prepaids 538,249 Increase(Decrease)in Accounts Payable (269,834) Increase(Decrease)in Due to Other Funds (2,339) Increase(Decrease)in Estimated Unpaid Claims (434,699) Net Cash Used in Operating Activities $ (733,546) See Accompanying Notes to the Financial Statements III-11 16F1, 'lit H B1 4g0P4N, 14ftt, { si 'et z This Page has been Intentionally Left Blank 16F1 H1i1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (1) DESCRIPTION OF THE SOUTH FLORIDA WATER MANAGEMENT DISTRICT 111-14 (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 111-14 (a) Reporting Entity 111-14 (b) Government-wide and Fund Financial Statements 111-15 (c) Measurement Focus and Basis of Accounting 111-15 (d) Major Governmental Funds and Other Fund Types 111-16 (e) Budgetary Information 111-17 (f) Cash and Investments 111-17 (g) Prepaid Items 111-18 (h) Inventory III-18 (i) Capital Assets 111-18 (j) Long Term Obligations 111-19 (k) Compensated Absences 111-19 (I) Deferred Inflows/Outflows of Resources 111-20 (m) Wetland Mitigation 111-21 (n) Fund Balances/ Net Position 111-21 (o) Use of Estimates 111-22 (p) Impact of Recently Issued Accounting Pronouncements III-23 (q) Retirement Plans 111-26 (3) CASH AND INVESTMENTS 111-26 (4) ACCOUNTS RECEIVABLE 111-30 (5) INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS III-31 (6) OPERATING LEASE RENTAL REVENUES 111-32 (7) PROPERTY TAXES 111-32 (8) INTERGOVERNMENTAL TRANSACTIONS 111-33 (9) CAPITAL ASSETS ACTIVITY 111-34 (10) LONG-TERM LIABILITIES 111-35 (11) FUND BALANCE REPORTING 111-37 (12) DEFICIT FUND BALANCES 111-39 (13) OPERATING LEASES 111-39 (14) RETIREMENT PLANS 111-39 (15) OTHER POST-EMPLOYMENT BENEFITS (OPEB) 111-48 (16) INSURANCE ACTIVITIES 111-50 (17) CONDEMNATION PROCEEDINGS 111-52 (18) MAJOR CONSTRUCTION COMMITMENTS 111-52 (19) OTHER COMMITMENTS AND CONTINGENCIES 111-54 (20) SUBSEQUENT EVENTS 111-54 III-13 16F1. Hi bi SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (1) DESCRIPTION OF THE SOUTH FLORIDA WATER MANAGEMENT DISTRICT The South Florida Water Management District (the "District") is a public corporation organized under Florida Statutes, Chapter 373, and is controlled by a Governing Board consisting of nine (9) members appointed by the Governor to staggered four-year terms. The District covers all or parts of sixteen counties in Central and Southern Florida. The primary objectives of the District are to promote the protection and restoration of natural systems,facilitate the development and proper utilization of surface and ground water within District boundaries, and prevent damage from floods, soil erosion and excessive drainage. To accomplish these objectives, the District is empowered to manage and regulate the usage and storage of water within District boundaries and to acquire properties and construct facilities as necessary. The District works in concert with the State of Florida (the "State") and agencies of the federal government to accomplish the previously described water management objectives. (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying financial statements conform to accounting principles generally accepted in the United States of America (GAAP)for governmental units as prescribed by the Governmental Accounting Standards Board (GASB) and other recognized authoritative sources. The more significant accounting policies are summarized in the following paragraphs. (a) Reporting Entity The District follows the standards promulgated by GASB Codification No. 2100, "Defining the Financial Reporting Entity" to determine the inclusion of an organization as part of its reporting entity. The Statement defines the criteria for inclusion as 1)the economic resources received or held by the separate organization are primarily for the direct benefit of the primary government, 2) the primary government is entitled to, or has the ability to access a majority of the economic resources received or held by the separate organization and 3)the economic resources received or held by the separate organization on behalf of the specific primary government are significant to that primary government. Based on these criteria, the District has determined that the South Florida Water Management District Leasing Corporation (the "Corporation") is a blended component unit. The Corporation is legally separate from the District, its sole purpose is to provide financing for certain District projects, the Board of the Corporation consists of the nine Board members of the District and there is a financial benefit or burden relationship between the District and the Corporation. In addition, the Corporations outstanding debt is expected to be repaid by the District. Therefore, the financial activities of the Corporation have been blended (reported as if it were part of the District)with the activities of the District. The Corporation does not publish individual component unit financial statements. The District is not a participant in any joint venture. The District is a component unit of the State of Florida since the Governor appoints the nine member Governing Board and the District has a financial benefit/burden relationship with the State. The State provides funding for District programs through the sale of State debt,the sharing of documentary stamp revenues, and the approval of various annual grants and entitlements. The government-wide financial statements, i.e., the statement of net position and the statement of activities, report information on all of the activities of the District. For the most part, the effect of interfund activity has been removed from these statements. 111-14 16F1H1B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(continued) (b) Government-wide and Fund Financial Statements The statement of activities demonstrates the degree to which the direct expenses of a given function are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include: 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function, and 2)grants and contributions that are restricted to meeting the operational or capital requirements of a particular function. Taxes and other items not properly included among program revenues are reported as general revenues. Separate financial statements are provided for governmental and proprietary funds. Major individual governmental funds are reported as separate columns in the fund financial statements. (c) Measurement Focus and Basis of Accounting The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. The District considers revenues from property taxes, intergovernmental sources and interest to be available if they are collected within sixty (60) days of the end of the current fiscal period. Revenues susceptible to accrual are property taxes, interest on investments, intergovernmental revenues, and leases. Property taxes are recorded as revenues in the fiscal year in which they are levied for, provided they are collected in the current period or within sixty(60)days thereafter. Interest on invested funds is recognized when earned and available. Intergovernmental revenues that are reimbursements for specific purposes or projects are recognized when all eligibility requirements are met and it is available. All other revenues are recognized when cash is received. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenses related to compensated absences, claims and judgments, pension obligations, and other post-employment benefits (OPEB) are recorded only when payment is due. The District often acquires land for environmental restoration and related purposes sometimes involving condemnation action in a court of law. Upon action of the Court's Stipulated Order of Taking, the District recognizes an expenditure for the amount deposited with the Court. When both restricted and unrestricted resources are available for use, it is the District's policy to use restricted resources first, then unrestricted resources as they are needed. III-15 L6F1 I-Iii SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(continued) (c) Measurement Focus and Basis of Accounting(continued) The following are definitions of the governmental fund types, excluding the general fund: Special revenue funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes other than debt service or capital projects. The restricted or committed proceeds are expected to comprise a substantial portion of the inflows reported in the fund. Capital projects funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditures for capital outlays, including the acquisition or construction of capital facilities, land, infrastructure,and other capital assets. In addition to governmental funds, the District uses a proprietary fund type to report its internal service fund activity. Proprietary funds are reported using the economic resources measurement focus and the accrual basis of accounting. With the accrual method of accounting, revenues are recorded when earned and expenses are recorded at the time the liabilities are incurred. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating expenses include salaries, benefits, claims payments, purchased services and depreciation. All items not meeting this definition are reported as nonoperating revenues and expenses. (d) Major Governmental Funds and Other Fund Types The District reports the following major governmental funds: The General Fund is the District's primary operating fund, and accounts for all financial resources of the District, except those accounted for in another fund. The Okeechobee Basin Special Revenue Fund is used to record revenues from within all or part of a 15-county area designated as the Okeechobee Basin. Funding is provided by a .1717 mill property tax levy, intergovernmental revenues and permitting fees,which must be used for expenditures within the Okeechobee Basin. The Everglades Restoration Trust Special Revenue Fund is used to account for expenditures related to the operations and maintenance of the Stormwater Treatment Areas (STAs) as required by the Everglades Forever Act. Funding is provided through a .0548 mill tax levy, non-ad valorem assessments to property owners in the Everglades Agricultural Area(EAA), State and Federal contributions, and interest earnings. The Lake Belt Mitigation Special Revenue Fund accounts for revenues received pursuant to Chapter 373.41492, Florida Statutes, which requires mitigation from impacts resulting from rock mining in the Lake Belt area of Miami-Dade County, and related expenditures incurred towards the restoration and management of environmentally sensitive lands. III-16 1 6F1 1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(continued) (d) Major Governmental Funds and Other Fund Types(continued) The Everglades Trust Capital Projects Fund is used to record capital expenditures to construct stormwater treatment areas to cleanse stormwater runoff from the EAA through naturally occurring biological and physical processes. Additional objectives include hydroperiod restoration and water supply. Funding is provided from operating transfers from the Everglades Restoration Trust Special Revenue Fund, and interest earnings. The Save Our Everglades Capital Projects Fund accounts for revenues and capital expenditures for the Comprehensive Everglades Restoration Plan(CERP)and the Northern Everglades Estuary Protection Program (NEEPP)which are funded from the State's Save Our Everglades Trust Fund. The District reports the following type of proprietary funds: Internal service funds are used to account for the financing of goods and services provided by one department to another on a cost reimbursement basis. The District reports two internal service funds, one used to account for workers' compensation, general liability, automobile, and other insurance activities and one to account for self-funded health and medical benefits provided to the employees of the District and retirees who choose to remain within the plan. (e) Budgetary Information The District has elected to report budgetary comparisons as required supplementary information (RSI). Please refer to the accompanying notes to the RSI for the District's budgetary information on page IV-12. (f) Cash and Investments Cash includes currency on hand and demand deposits. Cash equivalents for purposes of the statement of cash flows consist of pooled cash and short-term investments with original maturities of three months or less from the date of acquisition. The District utilizes pooled cash accounting whereby excess monies are aggregated for investment purposes. Earnings from such investments are allocated to the respective funds based on applicable cash participation by each fund. Negative cash balances in individual funds are reported as interfund payables with offsetting receivables recorded in loaning fund(s). In accordance with GASB Statement No. 31, the District reports investments at their fair market value, with unrealized gains and losses credited to or charged against investment earnings. The District's investment portfolio is valued based on a blend of third-party market pricing services such as BONDEDGE, FISERV, YIELDBOOK and BLOOMBERG. Non-participating investments, such as non-negotiable certificates of deposit with redemption values that do not consider market rates, are reported at amortized costs. The District has investments in two investment pools, Florida Prime (previously known as the Local Government III-17 16F1 H 1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(continued) (f) Cash and Investments(continued) Surplus Funds Trust Fund - Pool A), and the Florida Local Government Investment Trust(Trust Fund). Florida Prime is managed by the State Board of Administration. The Florida Local Government Investment Trust is a member-owned, member-governed investment fund. Under the guidelines of GASB Statement No. 31, Florida Prime is a "2a-7 like" pool. Accordingly, investments in Florida Prime are reported at amortized cost. The Trust Fund is accounted for as net asset value(NAV)pools. As such, its investments have been valued based on their respective fair value factor as of the financial statement date. During the year,the District did not directly invest any resources in derivatives. Investments made through State-administered trust funds may include derivatives. These investments are made on a pooled basis and the individual risk to the District is unknown. (g) Prepaid Items Prepaid items consist of certain costs which have been paid prior to the end of the fiscal year, but represent items which are applicable to future accounting periods. These amounts do not constitute available spendable resources even though they are a component of current assets. The cost is recorded as an expenditure at the time individual items are consumed. (h) Inventory Inventory is stated at moving average cost and consists of fuel, chemicals and supplies held for consumption. The cost is recorded as an expenditure at the time individual inventory items are consumed. (1) Capital Assets Capital assets, which include land, canals and levees, buildings, equipment, vehicles, infrastructure assets (bridges, water control structures) and intangible assets are reported in the government-wide financial statements. Capital assets are defined by the District as assets with an initial, individual cost of $1,000 or more and an estimated useful life of one year or more. Intangible assets are defined as assets that lack physical substance, are nonfinancial in nature, and have initial useful lives which extend beyond a single reporting period. The District reports two main types of intangible assets, easements, which are considered non-depreciable and internally generated software,which is depreciated over its estimated useful life. Items purchased or acquired are reported at historical cost or estimated historical cost. Donated assets are recorded at their estimated fair value on the date donated. Maintenance, repairs and minor renovations are not capitalized. Expenditures that materially increase values, change capacities or extend useful lives of assets are capitalized. Upon sale or retirement, the costs and their related accumulated depreciation are eliminated from the respective accounts. m-18 16F1111 Bit SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(continued) (i) Capital Assets(continued) Capital assets are depreciated using the straight-line method over the following estimated useful lives: Asset Years Intangibles 5-10 Vehicles and Equipment 5-25 Buildings 10-40 Improvements Other Than Buildings 12-25 Water Control Structures 25-50 Land, easements(intangibles), canals and levees have indefinite useful lives and as such are not considered to be depreciable capital assets. Q) Long-term Obligations In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the government-wide Statement of Net Position. Bonds payable are reported net of the applicable bond premium or discounts. Bond premiums and discounts are amortized over the life of the bonds using the straight line method, which does not result in a material difference from the effective interest method. Deferred amounts(the difference between the reacquisition price and the net carrying amount) on refunding are amortized over the shorter of the remaining life of the old debt or the life of the new debt using the straight line method,which does not result in a material difference from the effective interest method. Debt issuance costs, except for the portion which relates to prepaid insurance costs, are recognized as an expense in the period incurred. Prepaid insurance costs are reported as an asset and are recognized as expense on a straight line basis over the duration of the related debt. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts are reported as other financing uses. Debt principal payments and issuance costs, whether or not withheld from actual debt proceeds, are reported as debt service expenditures. (k) Compensated Absences District employees are granted a specific number of vacation and sick leave hours with pay. Non- management employees are permitted to accrue a maximum of 240 hours of vacation as of the end of the payroll calendar year. Managers are permitted to accrue a maximum of 480 hours of vacation as of the end of the payroll calendar year. Annual leave in excess of maximum carryover amounts at the end of the payroll calendar year will be converted to sick leave. Upon termination of employment, employees hired prior to July 1, 2012 are paid for 25 percent of unused sick leave after vesting with at least six years of service. Employees hired after July 1, 2012 must have eight or more consecutive years of District service to receive the 25 percent payout. The maximum payout for accrued but unused sick leave is 480 hours. III-19 16FIHI H1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(continued) (k) Compensated Absences(continued) The costs of vacation and sick leave benefits (compensated absences) are budgeted and expended in the respective operating funds. In the governmental funds, the cost of vacation and sick pay benefits is recognized when payments are made to employees or when the related liability matures. The government-wide statements and proprietary funds recognize a liability and expense in the period the vacation and sick pay benefits are earned. However, the liability for all accrued and vested vacation and sick leave benefits is recorded in the government-wide financial statements. The District normally liquidates its liability for compensated absences resulting from payouts of vested accrued leave upon termination, separation, retirement, etc. from the General Fund and the Okeechobee Basin Special Revenue Fund. (I) Deferred Outflows/Inflows of Resources In addition to assets, the statement of net position includes a separate section for deferred outflows of resources. This separate financial statement section represents a consumption of net resources applicable to future periods and will not be recognized as an outflow of resources (expenses/expenditures) until the future period to which is applies. Currently, the District reports deferred outflows related to pensions in this section. In addition to liabilities, the statement of net position includes a separate section for deferred inflows of resources. This separate financial statement section represents the acquisitions of net resources applicable to future periods and will not be recognized as an inflow of resources (revenue)until the future period to which is applies. Currently,the District reports deferred inflows related to pensions in the government-wide statements. The District also reports deferred inflows related to unavailable revenue in the governmental fund statements. The unavailable revenue will be recognized as inflows of resources in the period that the amounts become available. The sources of unavailable revenue are: Governmental Description Balances Intergovernmental Sources: Reimbursement 38,640,144 Other Sources: Pollution Remediation 450,000 Total Unavailable Revenue $ 39,090,144 111-20 81 1oF1H1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(continued) (m) Wetland Mitigation The District manages a program for mitigating the impact of wetland destruction through a specialized regulatory permitting process. Permit applicants are required to remit a specified cash payment to the District as part of the permit conditions. The permit restricts the use of the funds received by the District to land acquisition, land restoration and long-term management of the lands in areas managed by the District that are near the lands being developed by permittes. The District accounts for the money received to assure it is used only for the approved purpose in the assigned area. Funds received for land acquisition and restoration (expendable) are placed in the Wetland Mitigation Special Revenue and Capital Projects Funds. Funds received for long- term management(nonexpendable)are placed in the Wetland Mitigation Permanent Fund. (n) Fund Balances/Net Position In the fund financial statements, governmental funds report fund classifications that comprise a hierarchy based primarily on the extent to which the District is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. Fund balance is reported in five components: nonspendable, restricted, committed, assigned and unassigned. Nonspendable — Represents amounts which are (a) not in spendable form or (b) legally or contractually required to be maintained intact. "Not in spendable form" includes items that are not expected to be converted to cash, such as inventories and prepaid amounts, and items such as long-term amount of loans and notes receivable. The corpus, or principal of a permanent fund is an example of an amount that is legally or contractually required to be maintained intact. Restricted — Represents amounts that can be spent only for specific purposes stipulated by (a) external resource providers such as creditors (by debt covenants), grantors, contributors, or laws or regulations of other governments; or (b) imposed by law through constitutional provisions or enabling legislation. Committed — Represents amounts that can be used only for the specific purposes determined by a formal action (resolution)of the District's Governing Board, the District's highest level of decision making authority. Commitments may be changed or lifted only by the Board taking the same formal action(resolution)that imposed the constraint originally. Assigned—Represents amounts that are constrained by the District's intent to be used for specific purposes, but are neither restricted nor committed. Assignments are made by the District's Executive Director or his or her designee based on Board direction as delegated in Chapter 101 of the District's policies and procedures. Unassigned-Represents the residual classification for the general fund.This classification represents spendable fund balance that has not been assigned to other funds and that has not been restricted, committed, or assigned to specific purposes within the general fund. Unassigned fund balance may also include residual deficit equity balances of other governmental funds, after allocating amounts to nonspendable, restricted, and committed categories. 111-21 16F1 i-iith SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(continued) (n) Fund Balances/Net Position (continued) When both restricted and unrestricted amounts of fund balance are available for use for expenditures incurred, it is the District's policy to use restricted amounts first and then unrestricted amounts as they are needed. Additionally, the District would first use committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used. Net position represents the difference between assets & deferred outflows of resources and liabilities & deferred inflows of resources, and is reported in the three components of net investment in capital assets, restricted, and unrestricted. Net investment in capital assets component of net position consists of capital assets (net of accumulated depreciation)and deferred outflow of resources for losses on refunding transactions; reduced by the outstanding balance of debt related to the acquisition or construction of those assets and deferred inflow of resources for gains on refunding transactions. Net position is restricted when there are limitations imposed on use either through the enabling legislation or through external restrictions imposed by creditors, grantors, or laws or regulations of other governments. The types of restrictions the District has on its net position are: Restricted for Debt Service - Represents the portion of net position which is restricted for debt service payments or long-term borrowings. Restricted for Wetlands Mitigation - Represents the expendable and nonexpendable portions of net position which are restricted for land acquisition, land restoration and long- term management of the wetlands. Restricted for Environmental Programs - Represents the portion of net position which is restricted for specific environmental programs through legally enforceable requirements stipulated in legislation or through external restrictions imposed by creditors, grantors, or laws or regulations of other governments. As of September 30, 2015, the District has approximately$318.0 million in restricted net position through enabling legislation. Restricted for Capital Construction— Represents the portion of net position restricted for construction of capital facilities through legally enforceable legislative requirements. Net position unrestricted represents amounts not included in other categories, which is generally available for use. (o) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, deferred items, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenue and expenses/expenditures during the reporting period. Actual results could differ from those estimates. 111-22 16F11 i 81 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(continued) (p) Impact of Recently Issued Accounting Pronouncements Recently Issued and Implemented Accounting Pronouncements The District implemented GASB Statement No. 68, "Accounting and Financial Reporting for Pensions, an amendment of GASB Statement No. 27" and GASB Statement No. 71, "Pension Transition for Contributions Made Subsequent to the Measurement Date-an amendment of GASB Statement No. 68",effective for fiscal year 2015.The District participates in the Florida Retirement System (FRS) defined benefit pension plan and the Health Insurance Subsidy (HIS) defined benefit plan administered by the Florida Division of Retirement. As a participating employer, GASB 68 requires employers participating in cost-sharing multiple-employer defined benefit pension plans to report the employer's proportionate share of the net pension liabilities and related pension amounts of the defined benefit pension plans. Restatement This implementation of GASB Statement Nos. 68 and 71 described above, required the District to restate Net Position in the government-wide statements to report the District's net pension liability, deferred inflows/outflows and related pension amounts for the defined benefit plans. Accordingly, Beginning Net Position has been restated as follows: Governmental Activities Beginning net position per CAFR 4,709,531,889 Adjustment to Beginning Net position 10/1/14-FRS (39,659,569) Adjustment to Beginning Net position 10/1/14-HIS (32,290,846) Total Adjustment to Beginning Net Position FY15 (71,950,415) Restated Net Position Beginning FY15 4,637,581,474 The implementation of GASB Statements Nos. 68 and 71 resulted in the District recording deferred outflows of$29,134,366 deferred inflows of $32,091,057, and a net pension liability of $65,719,485 as of September 30, 2015, related to their pension plans. In June 2015, GASB issued Statement No. 76"The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments". The objective of this Statement is to identify, in the context of the current governmental financial reporting environment, the hierarchy of generally accepted accounting principles (GAAP). The "GAAP hierarchy" consists of the sources of accounting principles used to prepare financial statements of state and local governmental entities in conformity with GAAP and the framework for selecting those principles.This Statement reduces the GAAP hierarchy to two categories of authoritative GAAP and addresses the use of authoritative and nonauthoritative literature in the event that the accounting treatment for a transaction or other event is not specified within a source of authoritative GAAP. The District implemented this Statement during the fiscal year ended September 30, 2015. The implementation had no effect on the District financial statements. 111-23 SOUTH FLORIDA WATER MANAGEMENT DISie F 1 El 1 El 1 NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(continued) (p) Impact of Recently Issued Accounting Pronouncements(continued) The District has not yet determined the impact of the following GASB pronouncements which have been issued but are not yet effective and have not been implemented. In February 2015, GASB issued Statement No. 72 "Fair Value Measurement and Application". This Statement provides guidance for determining a fair value measurement for financial reporting purposes and also provides guidance for applying fair value to certain investments and disclosures related to all fair value measurements. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2015. The District is required to implement this Statement in its fiscal year beginning October 1, 2015. In June 2015, GASB issued Statement No. 73"Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68". This Statement establishes requirements for pensions and pension plans that are not administered through a trust meeting certain criteria. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2015, except for those provisions that address employers and governmental non- employer contributing entities for pensions that are not within the scope of GASB Statement No. 68, which are effective for fiscal years beginning after June 15, 2016. The District is required to implement certain provisions of this this Statement in its fiscal year beginning October 1, 2015 and the remainder in its fiscal year beginning October 1, 2016. In June 2015, GASB issued Statement No. 74 "Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans". This Statement establishes rules on reporting by OPEB plans that administer benefits on behalf of governments. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2016. The District is required to implement this Statement in its fiscal year beginning October 1, 2016. In June 2015, GASB issued Statement No. 75 "Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions". This Statement establishes standards for recognizing and measuring liabilities, deferred outflows of resources, deferred inflows of resources, and expense/expenditures related to accounting and financial reporting for OPEB. The implementation of this statement will result in the recognition of a significant liability that is not yet measurable. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2017. The District is required to implement this Statement in its fiscal year beginning October 1, 2017. In August 2015, GASB issued Statement No. 77 "Tax Abatement Disclosures". This Statement requires state and local governments to disclose information about tax abatement agreements. It requires governments to disclose information about their own tax abatements separately from information about tax abatements that are entered into by other governments and reduce the reporting government's tax revenues. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2015. The District is required to implement this Statement in its fiscal year beginning October 1, 2016. 111-24 §I SOUTH FLORIDA WATER MANAGEMENT DISSRT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(continued) (p) Impact of Recently Issued Accounting Pronouncements(continued) In December 2015, GASB issued Statement No. 78"Pensions Provided through Certain Multiple- Employer Defined Benefit Pension Plans". The objective of this Statement is to address a practice issue regarding the scope and applicability of Statement No. 68, Accounting and Financial Reporting for Pensions. This issue is associated with pensions provided through certain multiple- employer defined benefit pension plans and to state or local governmental employers whose employees are provided with such pensions. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2015. The District is required to implement this Statement in its fiscal year beginning October 1, 2016. In December 2015, GASB issued Statement No. 79"Certain External Investment Pools and Pool Participants". This Statement addresses accounting and financial reporting for certain external investment pools and pool participants. Specifically, it establishes criteria for an external investment pool to qualify for making the election to measure all of its investments at amortized cost for financial reporting purposes. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2015, except for certain provisions which are in effect for reporting periods beginning after December 15, 2015. The District is required to implement certain provisions of this Statement in its fiscal year beginning October 1, 2015 and other provision in its fiscal year beginning October 1, 2016. In January 2016, GASB issued Statement No. 80"Blending Requirements for Certain Component Units—an amendment of GASB Statement No. 14". The objective of this Statement is to improve financial reporting by clarifying the financial statement presentation requirements for certain component units. This Statement amends the blending requirements established in Statement No. 14, "The Financial Reporting Entity", as amended. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2016.The District is required to implement this Statement in its fiscal year beginning October 1, 2016. In March 2016, GASB issued Statement No. 81 "Irrevocable Split-Interest Agreements". The objective of this Statement is to improve accounting and financial reporting for irrevocable split- interest agreements by providing recognition and measurement guidance for situations in which a government is a beneficiary of the agreement. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2016. The District is required to implement this Statement in its fiscal year beginning October 1, 2017. In March 2016, GASB issued Statement No. 82 "Pension Issues—an amendment of GASB Statements No. 67, No. 68, and No. 73". This Statement addresses issues regarding (1) the presentation of payroll-related measures in required supplementary information, (2)the selection of assumptions and the treatment of deviations from the guidance in an Actuarial Standard of Practice for financial reporting purposes, and (3) the classification of payments made by employers to satisfy employee (plan member) contribution requirements. The provisions of this Statement are effective for financial statements in which the measurement date of the pension liability is on or after June 15, 2017. The District is required to implement this Statement in its fiscal year beginning October 1, 2017. 111-25 16F1 Ri 1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(continued) (q) Retirement Plans For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Florida Retirement System(FRS)and Health Insurance Subsidy(HIS)deferred benefit plans additions to/deductions from both Plans fiduciary net position have been determined on the same basis as they are reported by the Plans and are recorded in the government-wide financial statements. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. (3) CASH AND INVESTMENTS Statement of Policy The purpose of the District's investment policy is to set forth the investment objectives and parameters for the management of public funds of the District. The policy is designed to ensure the prudent management of public funds, the availability of operating and capital funds when needed and investment returns competitive with comparable funds and financial market indices. The District's policy is written in accordance with Section 218.415, Florida Statutes,which applies to funds under the control of local governments and special districts. The policy and any subsequent revisions are adopted by the District's Governing Board and apply to funds in excess of those required to meet current expenditures. In March 2012 the Governing Board approved changes to a majority of District policies to update references to positions and departments to ensure they were aligned with the District's new organization structure. No substantive changes were made to the policies during that effort. The most recent substantive revisions to the investment policy were approved by the Governing Board in June 2008. The District's investment policy authorizes investments in: 1) the Florida Local Government Surplus Funds Trust Fund (which includes Florida Prime, Pool B and the Florida Local Government Investment Trust), 2) United States government securities unconditionally guaranteed by the full faith and credit of the United States government, 3) United States government agencies backed by the full faith and credit of the United States government, 4) United States government-sponsored agencies, 5) interest bearing time deposit or savings accounts of Florida Banks and Savings and Loan Associations approved under Chapter 280, Florida Statutes, 6) commercial paper rated Prime 1 by Moody's, Al by Standard and Poor's or F-1 by Fitch, 7) corporate notes rated at a minimum Aa by Moody's, AA by Standard and Poor's or AA by Fitch, 8)Bankers Acceptances rated at a minimum P-1 by Moody's and A-1 by Standard and Poor's, 9) state and/or local government taxable and/or tax exempt debt, general obligation and/or revenue bonds, rated at least Aa by Moody's and AA by Standard and Poor's or AA by Fitch for long term debt or rated at least MIG-1 by Moody's and SP-1 by Standard and Poor's for short-term debt, 10) money market mutual funds rated AAAm or AAAm-G or better by Standard & Poor's, or the equivalent by another rating agency, 11) master repurchase agreements collateralized by United States government, government agencies and federal instrumentalities, 12) hedging instruments, 13) reverse repurchase agreements and 14) agency mortgage backed securities or non-agency mortgage backed securities that maintain a AAA rating by a nationally recognized statistical rating agency. 111-26 16F1 1 B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (3) CASH AND INVESTMENTS (continued) As of September 30, 2015, the District had placed approximately 20% of its investments in U.S. government agencies backed by the full faith and credit of the United States government, 48% in U.S. government-sponsored agencies, 3% in Corporate Bonds, 11% in Florida Prime and the Local Government Investment Pool and 18% in the Florida Local Government Investment Trust. Florida Prime is an investment pool available for investing temporarily idle cash by Florida governments and is managed by the State Board of Administration (the"SBA"). According to the SBA, Florida Prime meets the criteria to be considered as "2a-7 like", as defined by GASB Statement No. 31. Accordingly, it has been reported at the same value as the pool shares allocated to the District. Florida Prime maintains an AAAm rating by Standard and Poor's Ratings Services. Florida Prime is governed by the rules of Chapter 19-7 of the Florida Administrative Code. These rules provide guidance and establish the general operating procedures for the administration of ' the Funds. Additionally, the Office of the Auditor General performs the operational audit of the activities and investments of the SBA. Interest Rate Risk Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. Investments are made based upon prevailing market conditions at the time of the transaction. While the overall intent is to hold securities to maturity, the ongoing management of the portfolio allows for actions designed to meet cash needs of the District and attempts to maximize investment yield while minimizing losses. Investments can be sold prior to maturity to improve yield, modify the target duration or improve the overall credit position of the portfolio. The District uses a duration method to construct a portfolio of bonds to fund its future cash needs. For reporting purposes, it selects the effective duration to disclose the portfolio's exposure to changes in interest rates. Through its investment policy, the District manages its exposure to fair value losses arising from interest rate increases by limiting the effective duration of its investment portfolio, including cash balances, to less than three(3)years. The District maintains an allocation of its investments in U.S. Agency Obligation securities which are callable by the issuer. These bonds are subject to the risk of being called prior to maturity. The District invests in Mortgage Backed Securities, including Collateralized Mortgage Obligations (CMO's) in part to maximize yield and as a protection against a rise in interest rates. These securities are based on cash flows from payments on underlying mortgages; therefore, they are sensitive to prepayments by mortgagees, which may result from a decline in interest rates. An increase in interest rates may increase the average maturity of these investments. The District currently limits its exposure to all mortgage investments to 30% of total available funds at the time of purchase. 111-27 16F1H1 B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (3) CASH AND INVESTMENTS(continued) As of September 30, 2015 the District had the following investments in its pooled portfolio: Effective Investment Type Fair Value Duration(in yrs) U.S. Agency Obligations $ 60,117,000 1.87 Investments in Mortgage Backed Securities 144,903,363 3.93 Corporate Bonds 10,019,000 0.19 Florida Prime 33,968,696 0.11 Florida Local Govemment Investment Trust 52,931,815 1.43 Total Fair Value $ 301,939,874 Portfolio Effective Duration 2.52 Credit Risk Credit risk is the risk that an issuer will not fulfill its obligations. For liquidity purposes,the District invests in Florida Prime, which is managed in accordance with State statutes. Florida Prime is rated AAAm by Standard & Poor's, and investment into the fund by local governments is consistent with SEC rule 2a-7. All of the District's investments in agency securities for fiscal year 2015 were rated AA+ by Standard and Poor's, AAA by Fitch ratings, and Aaa by Moody's Investor Services. In addition, all of the District's investments in Mortgage Backed Securities were rated AAA by at least two of the three listed rating services. This applies to the direct agency obligations as well as the investment into non-agency mortgages and CMO's. Credit Quality Distribution for Securities with Credit Exposure Investment Type Credit Rating Fair Value Certificates (SBA) Unrated $ 8,751,491 Florida Prime AAAm 33,968,696 Fannie Mae—U.S.Agency Obligations AAA 39,995,000 Fannie Mae—Mortgage Backed Securities AAA 68,356,491 Freddie Mac—Mortgage Backed Securities AAA 46,191,875 Federal Farm Credit Bank—U.S.Agency Obligations AAA 10,008,000 Federal Home Loan Bank—U.S.Agency Obligations AAA 10,114,000 Ginnie Mae-Mortgage Backed Securities AAA 21,603,506 General Electric Capital Corp. AA+ 10,019,000 Florida Local Gowmment Investment Trust AAAf 52,931,815 $ 301,939,874 111-28 1 6 F . Hlgj. SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (3) CASH AND INVESTMENTS (continued) Custodial Credit Risk- Deposits All of the District's cash deposits are held in accounts at depository institutions which are recognized as State of Florida Qualified Public Depositories in accordance with state statutes and the District's investment policy. All bank balances are covered by federal deposit insurance and the bank's participation in the Florida Security for Public Deposits Act. The balance held with these institutions at September 30, 2015 is$192,568,697. A significant cash deposit of the District at September 30, 2015 is the balance of proceeds from the issuance of Certificates of Participation (COPS) in fiscal year 2007. The "Cash and Investments Held by Trustee" balance consists of $8,883,171 in COPS proceeds which are invested in FLGIT and held in trust by a third party financial institution on behalf of the District, and $23,811,272 representing debt service on the COPS due October 1, 2015. Custodial Credit Risk—Investments The District's investment policy requires that all securities be held with a third-party custodian in a separate account which is registered as an asset of the District. The custodian acts as the safekeeper of the District's investment securities. No withdrawal of securities, in whole or in part, is made from safekeeping without written authorization of designated District staff. The investments are in the name of the District. Concentration of Credit Risk The District's policy authorizes investment allocation limits on security types, issuers,and maturity limitations. However, the Executive Director has the option to modify investment percentages from time-to-time based on market conditions, risk and diversification investment strategies. These actions are delegated to the District Treasurer to implement as needed. Percentage Allocation by Issuer as of September 30, 2015 Issuer Percent of Total SBA 14.62% Fannie Mae 35.68% Freddie Mac 15.24% Federal Farm Credit Bank 3.30% Federal Home Loan Bank 3.33% Ginnie Mae 7.11% General Electric Capital Corp. 3.30% Florida Local Government Investment Trust 17.42% 111-29 16F1 111131 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (3) CASH AND INVESTMENTS (continued) Cash and investments as of September 30, 2015 are comprised of the following: Cash Deposits: Money Market Accounts $ 40,549,990 Demand Deposit Accounts 152,012,957 Petty Cash 5,750 Total Cash Deposits 192,568,697 Cash and Investments Held by Trustee: 32,694,443 Investments: U.S. Agency Obligations 60,117,000 Investments in Mortgage Backed Securities 144,903,363 Corporate Bonds 10,019,000 Florida Prime 33,968,696 Florida Local Government Investment Trust 52,931,815 Total Investments 301,939,874 Total Cash and Investments $ 527,203,014 (4)ACCOUNTS RECEIVABLE Accounts receivable at September 30, 2015 consist of the following: Okeechobee Everglades Lake Belt Everglades Non Major/ General Basin SR Trust SR Mitigation SR Trust CP Internal Fund Fund Fund Fund Fund Service Funds Total Leases $ 532 $ 500,925 $ - $ - $ - $ 237,622 $ 739,079 Interest 114,686 131,717 30,982 45,017 78,396 121,083 521,881 Other 3,635 2,319 - - - 26,619 32,573 $ 118,853 $ 634,961 $ 30,982 $ 45,017 $ 78,396 $ 385,324 $1,293,533 111-30 16F1 H1131 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (5) INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS Interfund receivables and payables as of September 30, 2015 are as follows: Interfund lnterfund Receivable Payable Okeechobee Basin Fund $ 17,217,647 $ - Save Our Everglades CP Fund - 11,490,056 Other Governmental Funds 715,078 6,442,669 $ 17,932,725 $ 17,932,725 Interfund balances at year end represent temporary loans to cover negative cash balances and amounts due to internal service funds for amounts due at year end. Interfund transfers during the year are as follows: To: Okeechobee Everglades Everglades Other General Basin SR Trust SR Trust CP Governmental From: Fund Fund Fund Fund Funds Totals General Fund $ - $ - $ - $ - $22,554,212 $22,554,212 Okee.Basin SR Fund - - - - 32,674,195 32,674,195 Everglades Trust SR Fund - - - 20,173,238 - 20,173,238 Lake Belt Mitigation SR Fund - - - - 108,777 108,777 Everglades Trust CP Fund - - 6,276,576 - - 6,276,576 Other Governmental Funds 2,738,456 3,137,898 - - 18,385,160 24,261,514 $ 2,738,456 $ 3,137,898 $ 6,276,576 $20,173,238 $ 73,722,344 $ 106,048,512 Transfers into the General Fund from the CERP Capital Projects Fund reflect a District decision to phase out the CERP Capital Projects Fund, resulting in the movement of a portion of existing fund balance over to the General Fund for future appropriations. Transfers into the Okeechobee Basin Capital Projects Fund from the Okeechobee Basin Special Revenue Fund reflect funding support related to capital outlay expenditures recorded in that fund. Similarly, transfers into the Everglades Trust Capital Projects Fund from the Everglades Trust Special Revenue Fund reflect support for capital outlay expenditures incurred in the capital fund. Transfers into the COPS Everglades Forever Act CP Fund from the COPS-CERP CP Fund were to fund Al Flow Equalization Basin (FEB)expenditures accounted for in that fund. The majority of the remaining transfers represent funding for District-wide capital projects and funding between special revenue funds and their related capital projects fund as required. 111-31 16F1. Hi Bi SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (6) OPERA TING LEASE RENTAL REVENUES Property on Operating Leases and Property Held for Lease The District purchases land for environmental restoration projects. Often there are agricultural activities occurring on parts of the land at the time of purchase. If the land is not needed for a project immediately, the District allows these activities to continue as it results in lower land maintenance costs. In addition, rent is charged for the use of the land for farming until such time it is needed for project purposes. The District investment in land on which operating leases exist is $543.2 million as of September 30, 2015. Revenues under Operating Leases The following is a schedule by year of minimum future revenues on noncancelable operating leases, including contingent revenues which may be received under certain leases of land on the basis of use in excess of stipulated minimums. For fiscal year 2015, contingent revenues were $-0-. Year Ending September 30: 2016 $ 3,487,345 2017 3,099,222 2018 2,595,690 2019 1,953,788 2020 1,212,935 2021 -2025 1,104,219 Total minimum future revenues $13,453,199 (7) PROPERTY TAXES The District is permitted by Florida Statutes to levy taxes up to .800 mills per$1,000 of assessed valuation. The rate levied for a majority of the District for fiscal year 2015 was .3842 mills. Property taxes are levied each November 1 on the assessed value listed as of the prior January 1 for real and personal property located within the District. The assessed value at January 1, 2014, upon which the fiscal year 2015 levy was based, was approximately$736.0 billion. A four percent discount is allowed if the taxes are paid in November, with the discount declining by one percentage point each month thereafter. Taxes become delinquent April 1 of each year. Delinquent property tax certificates are sold to the public beginning June 1, at which time a lien attaches to the property. By fiscal year end, virtually all property taxes are collected either directly or through tax certificate sales. Property tax revenues are recorded by the District based on the amount of receipts reported by the county tax collectors. Property taxes receivable from the county tax collectors at September 30, 2015, is $2,111,672 and is included in tax revenues. III-32 16F1 H1 4B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (8) INTERGOVERNMENTAL TRANSACTIONS Amounts due from other governments at September 30, 2015 and intergovernmental revenues for 2015 consist of the following: Due From Intergovernmental Other Governments Revenues U.S.Army Corps of Engineers $ 601,677 $ 1,396,119 U.S. Department of Homeland Security 3,760 - U.S. Department of the Interior 25,652 25,654 U.S. Department of Agriculture&Consumer Affairs 1,701 240,515 U.S. Fish and Wildlife Service - 338,486 Federal Emergency Management Agency 376,858 1,841,289 Florida Department of Environmental Protection 38,546,248 84,681,617 Florida Department of Motor Vehicles - 334,565 Florida Department of Transportation 1,935 8,600,980 Florida Fish and Wildlife Conservation Commission 295,989 5,541,387 Collier County 5,478 Lee County - 20,000 Miami Dade County 14,163 14,970 Southwest Florida Water Management District 6,743 158,186 St.Johns River Water Management District - 166,584 Ad Valorem Taxes 700,002 - * Property Appraiser/Tax Collector Fee Credits 1,411,670 - * Total $ 41,991,876 $ 103,360,352 On the Statement of Revenues,Expenditures and Changes in Fund Balances,Ad Valorem Taxes are reported as Ad Valorem Property Taxes and the Property Appraiser/Tax Collector Fee Credits are netted against the original expenditure in the respective program. III-33 16F1 H1 B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (9) CAPITAL ASSETS ACTIVITY Balance at Balance at October 1, Adjustments/ September 30, 2014 Additions Retirements Reclassifications 2015 Capital Assets Not Being Depreciated: Land $2,564,959,930 $ 23,003,246 $ (11,247,392) $ (1,130,618) $2,575,585,166 Easements(Intangibles) 70,390,549 1,310,871 - 1,039,856 72,741,276 Construction in Process 447,419,549 120,763,752 (362,675) (20,814,030) 547,006,596 Canals and Levees 702,110,108 216,686 - 27,616 702,354,410 3,784,880,136 145,294,555 (11,610,067) (20,877,176) 3,897,687,448 Capital Assets Being Depreciated: Buildings 122,942,724 131,326 (77,462) 3,078,614 126,075,202 Intangibles 41,138,754 2,050,604 - 5,759,862 48,949,220 Equipment 136,503,962 2,208,663 (5,186,391) 1,059,883 134,586,117 ImproN,ements 30,000,784 20,362 - - 30,021,146 Water Control Structures 1,001,796,504 7,781,036 (3,074,125) 10,978,817 1,017,482,232 1,332,382,728 12,191,991 (8,337,978) 20,877,176 1,357,113,917 Less Accumulated Depreciation: Buildings (38,439,680) (3,848,792) 35,067 (76,842) (42,330,247) Intangibles (32,521,414) (5,787,319) - - (38,308,733) Equipment (95,867,894) (7,094,031) 4,729,778 1,462 (98,230,685) Improvements (15,010,096) (1,211,932) - - (16,222,028) Water Control Structures (188,330,326) (19,220,650) 1,466,032 75,380 (206,009,564) (370,169,410) (37,162,724) 6,230,877 - (401,101,257) Capital Assets Being Depreciated,Net 962,213,318 (24,970,733) (2,107,101) 20,877,176 956,012,660 Capital Assets, Net $4,747,093,454 $ 120,323,822 $ (13,717,168) $ - $4,853,700,108 Depreciation expense was charged to the following programs during the fiscal year: Mission Support $ 6,825,097 Operations and Maintenance 25,973,150 Restoration 3,989,545 Water Supply 369,821 37,157,613 Depreciation of capital assets held in internal service funds are charged to the various programs based on the asset function 5,111 Total Depreciation Expense $ 37,162,724 III-34 SOUTH FLORIDA WATER MANAGEMENT DISTRIL 6F1 1H1 NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (10) LONG-TERM LIABILITIES The following is a summary of changes in long-term liabilities for the fiscal year ended September 30, 2015: Balance at Retirements Balance at Amounts October 1, And September 30, Due Within 2014 Additions Adjustments 2015 One Year Land Acquisition Bonds $ 13,105,000 $ - $ (6,400,000) $ 6,705,000 $ 6,705,000 Bond Premium /Discount 33,839 - (33,839) - - COPS 478,550,000 - (11,610,000) 466,940,000 12,165,000 COPS Premium/Discount 13,210,427 - (1,323,587) 11,886,841 - Compensated Absences 14,388,600 8,007,000 (8,655,300) 13,740,300 10,686,000 Other Post Em p Benefits 26,322,960 2,751,449 - 29,074,409 - Pensions 48,502,430 28,975,268 (11,758,213) 65,719,485 - Self Insurance Claims 5,517,918 24,962,644 (25,397,343) 5,083,219 2,385,404 $ 599,631,174 $ 64,696,361 $ (65,178,282) $ 599,149,254 $ 31,941,404 Special Obligation Land Acquisition Bonds are issued by the District to provide funds for the acquisition of environmentally sensitive lands. Principal and interest on the Land Acquisition Bonds are secured by a lien on documentary stamp excise taxes collected statewide by the State of Florida and allocated to the State's five water management districts through the Water Management Lands Trust Fund (WMLTF). For the current fiscal year, principal and interest payments and total revenue recognized by the District were $6,874,200 and $7,026,075, respectively. The District accounts for related debt service in the Save Our Rivers SR Fund. Summary of the status of the District's bonded debt as of September 30, 2015 is shown below: Original Fiscal Year Interest Remaining Issue Amount Maturity Rates Balance 2002 Refunding $ 23,810,000 2015-2016 3.875-4.000% $ 2,475,000 2003 Refunding 34,550,000 2015-2016 4.100-5.250% 4,230,000 $ 58,360,000 $ 6,705,000 Fiscal year requirement to amortize bonded debt as of September 30, 2015 is as follows: Principal Interest Total 2016 $ 6,705,000 $ 160,538 $ 6,865,538 $ 6,705,000 $ 160,538 $ 6,865,538 An interagency agreement between the District and Florida Department of Environmental Protection (FDEP) requires FDEP to set aside and escrow from the first monies allocable to the District in the WMLTF, sufficient monies for the payment of principal and interest on the land acquisition bonds becoming due in each subsequent year. As of the District's financial statement date, FDEP had reserved an amount of$6,865,538 for such purpose. 111-35 16F1 Hi 131 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (10) LONG-TERM LIABILITIES(continued) In fiscal year 2007, the District issued Certificates of Participation (COPS), Series 2006, in order to provide funds for the construction of accelerated projects in furtherance of restoration of the Everglades. COPS are statutorily-authorized tax-exempt certificates evidencing undivided proportionate interests of the owners thereof in basic lease payments to be made by the Governing Board of the District, pursuant to a master lease purchase agreement by and between the District and the South Florida Water Management District Leasing Corporation (the "Corporation"), a not-for-profit entity(see Note(2)(a)on page III-14). The COPS are secured by and payable from the Trust Estate established for the Series 2006 Certificates(the"Trust Estate") pursuant to the Trust Agreement and any amounts payable under the Financial Guaranty Insurance Policy. The Trust Estate consists of all estate, right, title and interest of the Trustee in and to the Basic Lease Payments under the Series 2006 Lease, and all amounts held in the funds and accounts under the Trust Agreement in accordance with the provisions of the Master Lease and the Trust Agreement, including investment earnings thereon, and any and all monies received by the Trustee pursuant to the Series 2006 Lease and the Trust Agreement which are not required to be remitted to the Governing Board or the Corporation pursuant to the Master Lease or the Trust Agreement. Lease payments are funded from ad valorem revenues. Total COPS issued amounted to $546,120,000, having interest rates ranging from 3.5% to 5.0%. The District accounts for debt service transactions relative to COPS in the Everglades Trust Fund and the Comprehensive Everglades Restoration Plan Fund. Fiscal year requirements to amortize the COPS as of September 30, 2015 are as follows: Principal Interest Total 2016 $ 12,165,000 $ 23,000,372 $ 35,165,372 2017 12,750,000 22,392,425 35,142,425 2018 13,385,000 21,742,025 35,127,025 2019 14,055,000 21,056,025 35,111,025 2020 14,755,000 20,335,775 35,090,775 2021-2025 85,535,000 89,641,725 175,176,725 2026-2030 109,110,000 65,466,750 174,576,750 2031-2035 139,250,000 34,568,750 173,818,750 2036-2037 65,935,000 3,336,875 69,271,875 $466,940,000 $301,540,722 $768,480,722 The liability for compensated absences is generally liquidated by the General Fund and the Okeechobee Basin SR Fund and the liability for other post-employment benefits is generally liquidated from the General Fund. 111-36 1ÔF1 1-1181 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (11) FUND BALANCE REPORTING The following is the governmental fund balances in detail as of September 30, 2015 (in thousands): Okeechobee Everglades Lake Belt General Basin Trust Mitigation Fund SR Fund SR Fund CP Fund Nonspendable: Inventory $ - $ 4,506 $ - $ - Permanent fund principal - - - - Restricted for: LTP Everglades Source control projects - - 85 - Budget Stabilization - 11,178 1,611 - Okeechobee Basin operations - 100,492 11,353 - Water protection,ecosystem management,and restoration projects - - - - Everglades conservation and natural resource protection - - - - Big Cypress Basin operations - - - - Debt service - - - - Indian River Lagoon tag program - - - - Indian River Lagoon/St.Lucie Restoration - - - - Everglades restoration - - - - Lake Okeechobee restoration - - - - Big Cypress Basin capital projects - - - - Acquisition,restoration or management of environmentally sensitive lands - - - 43,131 Florida Bay restoration - - - - Lake Belt Wetland creation,restoration and management - - - 17,595 Construction and ops.of facilities for Everglades restoration and protection - - - - Restoration strategies projects - - 2,970 - Land management activities - - - - Aquatic plant control - - - - Other capital projects - - - - Commited for: Budget Stabilization 2,801 - - - Source control projects 225 - - - Land Management/Forest Management 20 - - - Restoration strategies projects 4,658 - - - Assigned to: District operations 46,653 - - - Other capital projects - - - - Everglades restoration - - - - Wetland creation,restoration and management - - - - Unassigned: 9,288 - - - $ 63,644 $ 116,177 $ 16,019 $ 60,726 III-37 16F1HI1 B 1 ' SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (11) FUND BALANCE REPORTING (continued) Everglades Save Our Other Total Trust Everglades Governmental Governmental CP Fund CP Fund Funds Funds Nonspendable: Inventory $ - $ - $ 293 $ 4,800 Permanent fund principal - - 15,650 15,650 Restricted for: LTP Everglades Source control projects - - - 85 Budget Stabilization - - - 12,789 Okeechobee Basin operations - - - 111,845 Water protection,ecosystem management,and restoration projects - - 8,249 8,249 Everglades conservation and natural resource protection - - 249 249 Big Cypress Basin operations - - 10,149 10,149 Debt service 13,168 - 17,508 30,677 Indian River Lagoon tag program - - 7 7 Indian River Lagoon/St.Lucie Restoration - - 380 380 Everglades restoration - - 923 923 Lake Okeechobee restoration - - 2,104 2,104 Big Cypress Basin capital projects - - 7,490 7,490 Acquisition,restoration or management of environmentally sensitive I - - 12,240 55,372 Florida Bay restoration - - 9,087 9,087 Lake Belt Wetland creation,restoration and management - - 26,706 44,301 Construction and ops.of facilities for Everglades restoration and prot - - 1,255 1,255 Restoration strategies projects 62,358 - - 65,328 Land management activities - - 6,279 6,279 Aquatic plant control - - 32 32 Other capital projects 15,438 - 22,453 37,890 Commited for: Budget Stabilization - - - 2,801 Source control projects - - - 225 Land Management/Forest Management - - - 20 Restoration strategies projects - - - 4,658 Assigned to: District operations - - - 46,653 Other capital projects - - 17,961 17,961 Everglades restoration - - 4,253 4,253 Wetland creation,restoration and management - - 4,283 4,283 Unassigned: - (27,717) (3,798) (22,228) $ 90,964 $ (27,717) $ 163,755 $ 483,568 III-38 16F1 HiRl SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (12) DEFICIT FUND BALANCES At September 30, 2015, the following fund has a deficit fund balance: Save Our Everglades Capital Project Fund $ 27,716,862 Save Our Rivers Special Revenue Fund 2,080,960 Upland Invasive Plant Control Special Revenue 292,382 External Grants Fund 1,125,886 Save Our Everglades Special Revenue Fund 297,297 Lake Okeechobee Capital Project Fund 1,853 The deficits in the Save Our Everglades Capital Project and Special Revenue Fund, the External Grant Fund and the Save our Rivers Special Revenue Fund will be funded by pending reimbursements from Florida Department of Environmental Protection. The deficit in the Upland Invasive Plant Control Special Revenue Fund will be funded by pending reimbursements from Florida Fish and Wildlife Conservation. The deficit in the Lake Okeechobee Capital Projects Fund will be funded by an operating transfer from the Lake Okeechobee Special Revenue Fund. (13) OPERATING LEASES The District is committed under various operating leases for building,office space, vehicles, office equipment and data processing equipment. The majority of the operating leases contain renewal options that the District may exercise. In most cases,the District expects that in the normal course of business the leases will be renewed or replaced with other leases. Lease expenditures for the year ended September 30, 2015 amounted to approximately$0.9 million. Future minimum lease payments for these leases are as follows: Year Ending September 30: 2016 $ 930,443 2017 616,121 2018 505,553 2019 338,500 2020 309,292 $ 2,699,909 (14) RETIREMENT PLAN The District provides retirement benefits to its employees through the Florida Retirement System (FRS and HIS), Deferred Retirement Option Program (DROP), as well as state approved Other Post Employment Benefits(OPEB)in the form of subsidized health insurance premiums. 111-39 16F1 H1B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (14) RETIREMENT PLAN(continued) Florida Retirement System The District participates in the Florida Retirement System(FRS).The FRS was created in Chapter 121, Florida Statutes,to provide a defined benefit pension plan for participating public employees. The FRS was amended in 1998 to add the Deferred Retirement Option Program under the defined benefit plan and amended in 2000 to provide a defined contribution plan alternative to the defined benefit plan for FRS members effective July 1, 2002. This integrated defined contribution pension plan is the FRS Investment Plan. Chapter 112, Florida Statutes, established the Retiree Health Insurance Subsidy(HIS)Program, a cost-sharing multiple-employer defined benefit pension plan, to assist retired members of any state-administered retirement system in paying the costs of health insurance. Essentially all regular employees of the District are eligible to enroll as members of the State- administered FRS. Provisions relating to the FRS are established by Chapters 121 and 122, Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and FRS Rules, Chapter 60S, Florida Administrative Code; wherein eligibility, contributions, and benefits are defined and described in detail. Such provisions may be amended at any time by further action from the Florida Legislature. The FRS is a single retirement system administered by the Florida Department of Management Services, Division of Retirement, and consists of the two cost- sharing, multiple-employer defined benefit plans and other nonintegrated programs. A comprehensive annual financial report of the FRS, which includes its financial statements, required supplementary information, actuarial report, and other relevant information, is available from the Florida Department of Management Services'Web site(www.dms.myflorida.com). FRS Pension Plan Plan Description. The FRS Pension Plan (Plan) is a cost-sharing multiple-employer defined benefit pension plan,with a Deferred Retirement Option Program(DROP)for eligible employees. The general classes of membership are as follows: Regular Class — Members of the FRS who do not qualify for membership in the other classes. Elected County Officers Class — Members who hold specified elective offices in local government. Senior Management Service Class (SMSC) — Members in senior management level positions. Special Risk Class—Members who are employed as law enforcement officers and meet the criteria to qualify for this class. Employees enrolled in the Plan prior to July 1, 2011, vest at six years of creditable service and employees enrolled in the Plan on or after July 1, 2011, vest at eight years of creditable service. All vested members, enrolled prior to July 1, 2011, are eligible for normal retirement benefits at age 62 or at any age after 30 years of service(except for members classified as special risk who are eligible for normal retirement benefits at age 55 or at any age after 25 years of service). All members enrolled in the Plan on or after July 1, 2011, once vested, are eligible for normal retirement benefits at age 65 or any time after 33 years of creditable service(except for members classified as special risk who are eligible for normal retirement benefits at age 60 or at any age after 30 years of service). Members of the Plan may include up to 4 years of credit for military service toward creditable service. 111-40 16F1 H1R1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (14) RETIREMENT PLAN(continued) The Plan also includes an early retirement provision; however, there is a benefit reduction for each year a member retires before his or her normal retirement date. The Plan provides retirement, disability, death benefits, and annual cost-of-living adjustments to eligible participants. DROP, subject to provisions of Section 121.091, Florida Statutes, permits employees eligible for normal retirement under the Plan to defer receipt of monthly benefit payments while continuing employment with an FRS employer. An employee may participate in DROP for a period not to exceed 60 months after electing to participate, except that certain instructional personnel may participate for up to 96 months. During the period of DROP participation, deferred monthly benefits are held in the FRS Trust Fund and accrue interest. The net pension liability does not include amounts for DROP participants, as these members are considered retired and are not accruing additional pension benefits. Benefits Provided. Benefits under the Plan are computed on the basis of age and/or years of service, average final compensation, and service credit. Credit for each year of service is expressed as a percentage of the average final compensation. For members initially enrolled before July 1, 2011, the average final compensation is the average of the five highest fiscal years' earnings; for members initially enrolled on or after July 1, 2011, the average final compensation is the average of the eight highest fiscal years' earnings.The total percentage value of the benefit received is determined by calculating the total value of all service, which is based on the retirement class to which the member belonged when the service credit was earned. Members are eligible for in-line-of-duty or regular disability and survivors' benefits. The following chart shows the percentage value for each year of service credit earned: Class, Initial Enrollment, and Retirement Age/Years of Service % Value Regular Class members initially enrolled before July 1, 2011 Retirement up to age 62 or up to 30 years of service 1.60 Retirement at age 63 or with 31 years of service 1.63 Retirement at age 64 or with 32 years of service 1.65 Retirement at age 65 or with 33 or more years of service 1.68 Regular Class members initially enrolled on or after July 1, 2011 Retirement up to age 65 or up to 33 years of service 1.60 Retirement at age 66 or with 34 years of service 1.63 Retirement at age 67 or with 35 years of service 1.65 Retirement at age 68 or with 36 or more years of service 1.68 Elected County Officers 3.00 Senior Management Service Class 2.00 Special Risk Regular Service from December 1, 1970 through September 30, 1974 2.00 Service on and after October 1, 1974 3.00 111-4 1 16F1 H1B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (14) RETIREMENT PLAN(continued) As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the FRS before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost-of- living adjustment is 3 percent per year. If the member is initially enrolled before July 1, 2011, and has service credit on or after July 1, 2011, there is an individually calculated cost-of-living adjustment. The annual cost-of-living adjustment is a proportion of 3 percent determined by dividing the sum of the pre-July 2011 service credit by the total service credit at retirement multiplied by 3 percent. Plan members initially enrolled on or after July 1, 2011, will not have a cost-of-living adjustment after retirement. Contributions. The Florida Legislature establishes contribution rates for participating employers and employees. Contribution rates during fiscal year 2014- 2015 are as follows: Percent of Gross Salary Class Employee Employer(1) FRS, Regular 3.00 7.37 FRS, Elected County Officers 3.00 43.24 FRS, Senior Management Service 3.00 21.14 FRS, Special Risk Regular 3.00 19.82 FRS, Special Risk Administrative 3.00 42.07 DROP -Applicable to Members from All of the Above Classes 0.00 12.28 FRS, Reemployed Retiree (2) (2) Notes: (1)Employer rates include 1.26 percent for the postemployment health insurance subsidy. Also, employer rates, other than for DROP participants, include 0.04 percent for administrative costs of the Investment Plan. (2) Contribution rates are dependent upon retirement class in which reemployed. The District's contributions for FRS totaled $6.1 million and employee contributions totaled $2.68 million for the fiscal year ended September 30, 2015. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions. At September 30, 2015, the District reported a liability of $32.3 million for its proportionate share of the FRS Plan's net pension liability. The net pension liability was measured as of June 30, 2015, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2015. The District's proportionate share of the net pension liability was based on the District's 2015 fiscal year contributions relative to the 2015 fiscal year contributions of all participating members. At June 30, 2015, the District's proportionate share was .58 percent,which was a decrease of.03 percent from its proportionate share measured as of June 30, 2014. 111-42 16F1H1B1 1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (14) RETIREMENT PLAN(continued) For the fiscal year ended September 30, 2015, the District recognized pension expense of $3 million related to the Plan. In addition, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows of Inflows of Description Resources Resources Differences between expected and actual experience $ 3,408,664 $ 765,775 Change of assumptions 2,143,068 Net difference between projected and actual earning on FRS pension plan investments 19,062,309 26,772,160 Changes in proportion and differences between District FRS contributions and proportionate share of contributions 1,941,821 District FRS contributions subsequent to the measurement date 1,460,737 - $ 26,074,778 $ 29,479,756 The deferred outflows of resources related to pensions, totaling $1.46 million, resulting from District contributions to the Plan subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the fiscal year ended September 30, 2016. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Year Ending September 30: 2016 $ (1,400,862) 2017 (1,400,862) 2018 (1,400,862) 2019 (1,400,861) 2020 563,804 Thereafter 173,928 Actuarial Assumptions. The total pension liability in the July 1, 2015 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 2.60 percent Salary Increases 3.25 percent, average, including inflation Investment rate of return 7.65 percent, net of pension plan investment expense, including inflation Mortality rates were based on the Generational RP-2000 with Projection Scale BB, with adjustments for mortality improvements based on Scale AA. The actuarial assumptions used in the July 1, 2014 valuation were based on the results of an actuarial experience study for the period July 1, 2008 through June 30, 2014. 111-43 16F1 H1 81 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (14) RETIREMENT PLAN(continued) The long-term expected rate of return on pension plan investments was not based on historical returns, but instead is based on a forward-looking capital market economic model.The allocation policy's description of each asset class was used to map the target allocation to the asset classes shown below. Each asset class assumption is based on a consistent set of underlying assumptions, and includes an adjustment for the inflation assumption. The target allocation and best estimates of arithmetic and geometric real rates of return for each major asset class are summarized in the following table: Compound Annual Target Annual Arithmetic (Geometric) Standard Asset Class Allocation(1) Return Return Deviation Cash 1.00% 3.11% 3.10% 1.65% Intermediate-Term Bonds 18.00% 4.18% 4.05% 5.15% High Yield Bonds 3.00% 6.79% 6.25% 10.95% Broad US Equities 26.50% 8.51% 6.95% 18.90% Developed Foreign Equities 21.20% 8.66% 6.85% 20.40% Emerging Market Equities 5.30% 11.58% 7.60% 31.15% Private Equity 6.00% 11.80% 8.11% 30.00% Hedge Funds/Absolute Return 7.00% 5.81% 5.35% 10.00% Real Estate(Property) 12.00% 7.11% 6.35% 13.00% Total 100.00% Assumed inflation- Mean 2.60% 2.00% (1)As outlined in the Plan's investment policy Discount Rate. The discount rate used to measure the total pension liability was 7.65 percent. The Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the discount rate for calculating the total pension liability is equal to the long-term expected rate of return. Sensitivity of the District's Proportionate Share of the Net Position Liability to Changes in the Discount Rate.The following presents the District's proportionate share of the net pension liability calculated using the discount rate of 7.65 percent, as well as what the District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1- percentage-point lower (6.65 percent) or 1-percentage-point higher (8.65 percent) than the current rate: 1.00% Current 1.00% Decrease Discount Rate Increase (6.65%) (7.65%) (8.65%) District's proportionate share of the net pension liability $ 83,665,696 $ 32,288,072 $ (10,466,551) Pension Plan Fiduciary Net Position. Detailed information about the Plan's fiduciary net position is available in the separately issued FRS Pension Plan and Other State Administered Systems Comprehensive Annual Financial Report. 111-44 16FIH1 81 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (14) RETIREMENT PLAN(continued) The Retiree Health Insurance Subsidy Program(HIST Plan Description. The Retiree Health Insurance Subsidy Program (HIS Plan) is a cost-sharing multiple-employer defined benefit pension plan established under section 112.363, Florida Statutes, and may be amended by the Florida Legislature at any time. The benefit is a monthly payment to assist retirees of the State-administered retirement systems in paying their health insurance costs and is administered by the Division of Retirement within the Florida Department of Management Services, Division of Retirement. Benefits Provided. For the fiscal year ended September 30,2015,eligible retirees and beneficiaries received a monthly HIS payment of$5 for each year of creditable service completed at the time of retirement, with a minimum HIS payment of $30 and a maximum HIS payment of $150 per month, pursuant to Section 112.363, Florida Statutes.To be eligible to receive a HIS Plan benefit, a retiree under a State-administered retirement system must provide proof of health insurance coverage, which may include Medicare. Contributions.The HIS Plan is funded by required contributions from FRS participating employers as set by the Florida Legislature. Employer contributions are a percentage of gross compensation for all active FRS members. For the fiscal year ended September 30, 2015, the contribution rate was 1.26 percent of payroll pursuant to section 112.363, Florida Statues. The District contributed 100 percent of its statutorily required contributions for the current and preceding three years. The HIS Plan contributions are deposited in a separate trust fund from which payments are authorized. The HIS Plan benefits are not guaranteed and are subject to annual legislative appropriation. In the event the legislative appropriation or available funds fail to provide full subsidy benefits to all participants, benefits may be reduced or canceled. The District's contributions for the HIS plan totaled $1.25 million for fiscal year 2015. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions. At September 30, 2015, the District reported a net pension liability of$33.4 million for its proportionate share of the HIS Plan's net pension liability. The net pension liability was measured as of June 30, 2015,and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2014.The District's proportionate share of the net pension liability was based on the District's 2013-14 fiscal year contributions relative to the total 2013-14 fiscal year contributions of all participating members. At September 30, 2015, the District's proportionate share was .33 percent, which was a decrease of .01 percent from its proportionate share measured as of June 30, 2014. For the fiscal year ended September 30, 2015, the District recognized pension expense of$2.0 million related to the HIS Plan. In addition,the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: 111-45 16F1 H1 Bi SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (14) RETIREMENT PLAN(continued) Deferred Deferred Outflows of Inflows of Description Resources Resources Change of assumptions $ 2,630,180 $ Net difference between projected and actual earnings on HIS pension plan investments 18,097 Changes in proportion and differences between District HIS contributions and proportionate share of HIS contributions - 2,626,880 District HIS contributions subsequent to measurement date 426,890 - $ 3,075,167 $ 2,626,880 The deferred outflows of resources related to pensions, totaling $426,890, resulting from District contributions to the HIS Plan subsequent to the measurement date will be recognized as a reduction of the net pension liability in the fiscal year ended September 30, 2016. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Year Ending September 30: 2016 $ (30,013) 2017 (30,013) 2018 (30,013) 2019 (30,013) 2020 (34,537) Thereafter 175,986 Actuarial Assumptions. The total pension liability in the July 1, 2014, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 2.60 percent Salary Increases 3.25 percent, average, including inflation Investment rate of return 3.80 percent, Municipal Bond Rate Mortality rates were based on the Generational RP-2000 with Projected Scale BB. The actuarial assumptions used in the June 30, 2015 valuation were based on the results of an actuarial study with an Actuarial Valuation date of June 30, 2014. Discount Rate. The discount rate used to measure the total pension liability was 3.80 percent. In general, the discount rate for calculating the total pension liability is equal to the single rate equivalent to discounting at the long-term expected rate of return for benefit payments prior to the projected depletion date. Because the HIS benefit is essentially funded on a pay-as-you-go basis, the depletion date is considered to be immediate, and the single equivalent discount rate is equal to the municipal bond rate selected by the HIS Plan sponsor.The Bond Buyer General Obligation 20-Bond Municipal Bond Index was adopted as the applicable municipal bond index. 111-46 16F1 Hi Bi SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (14) RETIREMENT PLAN(continued) Sensitivity of the District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate.The following presents the District's proportionate share of the net pension liability calculated using the discount rate of 3.80 percent, as well as what the District's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1- percentage-point lower (2.80 percent) or 1-percentage-point higher (4.80 percent) than the current rate: 1.00% Current 1.00% Decrease Discount Rate Increase (2.80%) (3.80%) (4.80%) District's proportionate share of the net pension liability $ 38,093,539 $ 33,431,413 $ 29,543,900 Pension Plan Fiduciary Net Position. Detailed information about the HIS Plan's fiduciary net position is available in the separately issued FRS Pension Plan and Other State Administered Systems Comprehensive Annual Financial Report. FRS—Defined Contribution Pension Plan The District contributes to the FRS Investment Plan (Investment Plan), a defined contribution pension plan, for its eligible employees electing to participate in the Investment Plan. The Investment Plan is administered by the State Board of Administration (SBA), and is reported in the SBA's annual financial statements and in the State of Florida Comprehensive Annual Financial Report. As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in the Investment Plan in lieu of the FRS defined-benefit plan. District employees participating in the DROP are not eligible to participate in the Investment Plan. Employer and employee contributions, including amounts contributed to individual member's accounts, are defined by law, but the ultimate benefit depends in part on the performance of investment funds. Benefit terms, including contribution requirements,for the Investment Plan are established and may be amended by the Florida Legislature. The Investment Plan is funded with the same employer and employee contribution rates that are based on salary and membership class(Regular Class, Elected County Officers, etc.), as the FRS defined benefit plan. Contributions are directed to individual member accounts, and the individual members allocate contributions and account balances among various approved investment choices.Allocations to the investment member's accounts during the 2014- 15 fiscal year were as follows: Percentage of Gross Membership Class Compensation FRS, Regular 6.30 FRS, Elected County Officers 11.34 FRS, Senior Management Service 7.67 111-47 16F1 Ii1 B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (14) RETIREMENT PLAN(continued) For all membership classes,employees are immediately vested in their own contributions and are vested after one year of service for employer contributions and investment earnings. If an accumulated benefit obligation for service credit originally earned under the FRS Pension Plan is transferred to the Investment Plan, the member must have the years of service required for FRS Pension Plan vesting (including the service credit represented by the transferred funds) to be vested for these funds and the earnings on the funds. Nonvested employer contributions are placed in a suspense account for up to five years. If the employee returns to FRS-covered employment within the five year period, the employee will regain control over their account. If the employee does not return within the five year period, the employee will forfeit the accumulated account balance. Costs of administering the Investment Plan, including the FRS Financial Guidance Program, are funded through an employer contribution of 0.04 percent of payroll and by forfeited benefits of Investment Plan members. For the fiscal year ended September 30, 2015, the information for the amount of forfeitures was unavailable from the SBA; however, management believes that these amounts, if any, would be immaterial to the District. After termination and applying to receive benefits, the member may rollover vested funds to another qualified plan, structure a periodic payment under the Investment Plan, receive a lump- sum distribution, leave the funds invested for future distribution, or any combination of these options. Disability coverage is provided; the member may either transfer the account balance to the FRS Pension Plan when approved for disability retirement to receive guaranteed lifetime monthly benefits under the FRS Pension Plan, or remain in the Investment Plan and rely upon that account balance for retirement income. The District's Investment Plan pension contributions totaled $1.44 million for the fiscal year ended September 30, 2015. (15) OTHER POST EMPLOYMENT BENEFITS(OPEB) Plan Description District retirees and their eligible dependents may continue participation in the District health insurance program as required by Florida Statutes, Section 112.0801. Because the cost to the retirees cannot be greater than that to active employees for the same coverage, an implicit subsidy is being provided to retirees. In January 2007, the District Governing Board approved a direct subsidy program to aid retirees in retaining quality healthcare coverage. The subsidy is a discount of the total premium contribution equal to 2%for each year of creditable service under the Florida Retirement System to a maximum of 30 years of creditable service or 60%. Effective July 2, 2012, the direct subsidy program was closed to new participants. Eligibility requirements include a minimum six years of consecutive District service immediately preceding retirement and be age 62 or older, or have a minimum of 25 years of FRS service, regardless of age. In order to maintain eligibility for the 2.0% retiree subsidy program, current employees were required to declare their intent to retire by July 2, 2012, and must have separated from District employment by December 12, 2012. 111-48 Hip Bi 16F1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (15) OTHER POST EMPLOYMENT BENEFITS(OPEB) (continued) The plan, a single employer defined benefit plan, is administered by the District. No formal trust is currently in place and benefits are provided through the annual budget appropriation. The provisions of the direct subsidy were established and may be amended by resolution of the District Governing Board. There is no separately issued financial report for the plan. As of the July 2013 valuation date, the plan covered 1,546 active participants and 372 retirees. Funding Policy The District contributes 2% for each year of creditable service up to a maximum of 30 years or 60% of the total premium for retirees currently in the program. All other costs are paid by the retirees. The plan is financed on a pay-as-you-go basis. Annual OPEB Costs and Net OPEB Obligation For the fiscal year ended September 30, 2015, the District's annual OPEB cost of$4,993,092 was equal to the annual required contribution (ARC)for the fiscal year, one year's interest on the net OPEB obligation, and an adjustment equal to the discounted present value of the balance of the net OPEB obligation at the beginning of the year. The District's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net OPEB obligation for fiscal years 2015, 2014, and 2013 are as follows: 2015 2014 2013 Normal Cost(Service cost for one year) $ 1,968,628 $ 1,857,787 $ 2,007,312 Amortization of Unfunded Actuarial Accrued Liability 3,066,411 2,948,472 2,701,206 Interest on Normal Cost and Amortization 49,612 47,359 47,538 Annual Required Contribution(ARC) 5,084,651 4,853,618 4,756,056 Interest on NOO 1,052,918 961,575 865,917 Adjustment to ARC (1,144,477) (1,045,190) (854,576) Annual OPEB Cost(Expense) 4,993,092 4,770,003 4,767,397 Employer Contributions Made (2,241,643) (2,486,411) (1,847,965) Increase(decrease)in NOO 2,751,449 2,283,592 2,919,432 Net OPEB Obligation(NOO)at beginning of year 26,322,960 24,039,368 21,119,936 Estimated NOO at end of year 29,074,409 26,322,960 24,039,368 Percentage of annual OPEB Cost Contributed 44.89% 52.13% 38.76% 111-49 16F1 ' Bi H1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (15) OTHER POST EMPLOYMENT BENEFITS(OPEB) (continued) Funded Status and Funding Progress The funded status of the plan as of September 30, 2015 was as follows: Actuarial Accrued Liability(AAL) $ 66,497,952 Actuarial Value of Plan Assets — Unfunded Actuarial Accrued Liability(UAAL) 66,497,952 Funded Ratio(Actuarial Value of Plan Assets/AAL) - Covered Payroll (Active Plan Members) 103,092,344 UAAL as a Percentage of Covered Payroll 64.50% Actuarial valuations of an OPEB plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continued revision as actual results are compared to past expectations and new estimates are made about the future. Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members)and include the types of benefits provided at the time of each valuation and the pattern of sharing of benefit costs between employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long- term perspective of the calculations. In the July 1, 2013 actuarial valuation, as updated, the individual entry age actuarial cost method was used. The actuarial assumptions induded a 4.0% investment rate of return, a 3.0% rate of general price inflation,and an annual healthcare cost trend rate of 8.5%in 2015,followed by 8.0% and 7.5%trend rates the next two years, respectively,followed by a trending down to an ultimate rate of 5.26% per year after 12 years, or 2030. The actuarial value of assets was not determined as the District has not advance funded its obligation. The Plan's unfunded actuarial accrued liability is being amortized as a level percent of payroll over a 22-year period with a closed amortization method. The assumed rate of payroll growth is 4.0% per year. The required schedule of funding progress,as shown in the Notes to the Required Supplementary Information (see page IV-11), presents multi-year trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits. The projection of benefits for financial reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations. (16) INSURANCE ACTIVITIES The District is exposed to the various risks of loss related to torts, theft of, damage to and destruction of assets, errors and omissions, injuries to employees, and natural disasters. In 1976 the District established a self-insurance program for its workers' compensation exposure and in 1986 the District established a self-insurance program for automobile and general liability claims. 111-50 1 6 Fl H i91 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (16) INSURANCE ACTIVITIES(continued) These self-insured claims are administered by a third party and are accounted for in the Self Insurance Fund (an internal service fund). The District is totally self-insured for workers' compensation claims and the District's financial exposure for automobile and general liability is limited to$200,000 per person and $300,000 per occurrence pursuant to Section 768.28, Florida Statutes. Expenditures relating to insurance are charged to other funds based on a cost allocation study performed by Management. These expenditures include actuarial estimates utilizing the Casualty Actuarial Society Statement of Principles Regarding Property and Casualty Loss and Loss Adjustment Expense. The actuarial calculations are utilized to determine the amount needed for losses incurred but not reported (IBNR) at year end. The District transfers its risk for personal and commercial property, as well as aviation, through the purchase of an insurance policy. The coverage is written on a 100% replacement/stated value basis, with varying retentions. The District has a self-insurance program for health benefits, including medical, dental and vision coverage, for its employees and retirees who choose to remain within the plan. The claims are administered by a third party and accounted for in the Health Benefits Fund (an internal service fund). The participating funds make payments to the Health Benefits Fund by means of premiums charged and employee payroll deductions. The payments are based on management's estimates, using historical trends, of the amounts needed to pay prior and current year claims. The expenditures include an actuarial estimate to determine the amount needed for losses incurred but not reported at year end. The District maintains excess insurance coverage for health care costs. The claims liabilities are based on actuarial valuations performed by independent actuaries as of September 30, 2015, and are presented on a net undiscounted basis. The liability includes claims incurred but not reported. The estimated liabilities by risk category at September 30, 2015 are as follows: Amounts Due Balance Within One 9/30/2015 Year Workers'Compensation $ 3,537,000 $ 823,853 General and Automobile 59,000 74,332 Health Insurance 1,487,219 1,487,219 $ 5,083,219 $ 2,385,404 Changes in the claims liability amount for the current and prior fiscal year are summarized below: Current Claims Fiscal Beginning and Changes in Claim Ending Year Liability Estimates Payments Liability 2014 6,343,956 26,204,480 (27,030,518) 5,517,918 2015 5,517,918 24,962,644 (25,397,343) 5,083,219 111-51 16F1 H1 B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (17) CONDEMNATION PROCEEDINGS To minimize the financial impact of potential unforeseen catastrophes, District policy allows a fund balance reserve for the self-insurance of workers' compensation, general and automobile liability claims, of up to $10 million in excess of the most recent actuarially-estimated liability determination. There were no significant changes in insurance coverage from the prior year and the amount of settlements did not exceed the insurance coverage for each of the past three years. The District is party to numerous lengthy condemnation proceedings (as plaintiff) and inverse condemnation proceedings (as defendant or co-defendant) regarding the taking of private lands throughout the District for public use. The court may rule there was no taking of land by the District resulting in no commitment to the District. Where a taking is ruled, the court determines the value of the land claimed by the owner and payment is made to the owner upon transfer of title to the District. At September 30, 2015, the court had yet to rule on a number of proceedings for which the land value and title transfer date is undetermined. The District is unable to estimate the potential financial exposure relative to these rulings, if any. When the court rules there is a taking,the District will budget and appropriate funds to pay for the purchase of the land. (18) MAJOR CONSTRUCTION COMMITMENTS The Everglades Construction Project(ECP), the first major step in the Everglades restoration pursuant to the Everglades Forever Act (EFA) was passed by the Florida Legislature in 1994. The 1994 EFA directed the District to acquire land, design, permit, and construct a series of Stormwater Treatment Areas (STAs) to reduce phosphorus levels from stormwater runoff and other sources before it enters the Everglades Protection Area (EPA). In total, the ECP was composed of 12 interrelated construction projects located between Lake Okeechobee and the EPA. The STAs, which consist of six large constructed wetlands with a combined area of over 52,000 acres, are the cornerstone of the ECP. The ECP is one of the largest public works projects in the nation for environmental restoration. The total cost associated with implementing the ECP is shared among the District, state and federal governments, and the agricultural community. Major funding sources for the EFA include a one-tenth mill ad valorem property tax levy(0.0548 mill for FY2015), agricultural privilege taxes, state funds,federal funds, Alligator Alley toll revenues, and other environmental mitigation funds. The 1994 ECP capital projects were completed in fiscal year 2007 for a total cost of$514.8 million (local share). When combined with the federal share of $198.9 million, the total capital cost associated with the 1994 ECP is $713.7 million. In 2003 the Florida Legislature amended the 1994 EFA to include the 2003 Long-Term Plan for Achieving Water Quality Goals for Everglades Protection Area Tributary Basins(Long-Term Plan) as the strategy for achieving the long-term water quality goals for the Everglades Protection Area. The amended EFA also expanded the use of the District's one-tenth mill ad valorem property tax 111-52 16F1 H B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (18) MAJOR CONSTRUCTION COMMITMENTS(continued) levy, agricultural privilege taxes and other funding sources for implementing the initial phase of the Long-Term Plan, including Everglades Stormwater Treatment Area enhancements, research and optimization, and operation and maintenance of the ECP. Also in 2003, the State of Florida's Environmental Regulation Commission adopted a water quality standard for phosphorus within the EPA that includes a numeric criterion of 10 parts per billion (ppb)for total phosphorus. In 2004, the Long-Term Plan was revised to include the addition of approximately 18,000 acres of STAs on Compartments B and C in the Everglades Agricultural Area (EAA). There were subsequent revisions occurring in 2005, 2006 and 2007. These revisions also addressed modifications to the STA enhancement projects, changes to the source controls component of the plan, changes to the plan's Process Development and Engineering component, and the addition of new projects to the Long-Term Plan. The revised Long-Term Plan's initial 13-year phase is projected to cost approximately$1.2 billion. In 2013,the Florida legislature modified the EFA and redefined the Long-Term Plan to also include the Restoration Strategies Regional Water Quality Plan, as defined in Section 373.4592(2)(j), F.S. In fiscal year 2015, a total of$73.1 million was expended for work associated with the Everglades Forever Act. Of this amount, $5.8 million was expended for Restoration Strategies — Regional Projects Conceptual Planning and Design,$23.6 million for construction on Restoration Strategies project in EAA and $21 million for STA Operations and Maintenance. Debt Service payments related to Certificates of Participation issued in 2006 (FY2007)to fund construction totaled $19.5 million. The remaining $3.3 million was spent on other EFA-related components such as program support, monitoring, assessment, research, and evaluation in the EPA. The District's estimated remaining commitment for the ECP and Long-Term Plan is $121.8 million. The Comprehensive Everglades Restoration Plan is a conceptual plan that proposes major modifications to the Central and Southern Florida Project in order to reverse decades of ecosystem decline. Specifically, the plan describes nearly 50 major projects and 68 project components to be constructed at an original cost estimate of$10.9 billion, in 2004 dollars. Major components of CERP focus on restoring the quantity, quality, timing, and distribution of water for the natural system, and include aquifer storage and recovery, in-ground reservoirs, rainfall-driven operations, removing barriers to sheetflow, seepage management, stormwater treatment areas, surface water storage reservoirs, and water reuse and conservation. The estimated costs for CERP have increased to$17.6 billion, based on price level(inflation)adjustments to 2014 dollars; and revisions made to scope based on finalized designs for projects such as the Indian River Lagoon —South, Picayune Strand Restoration, Fran Reich Preserve - Site 1 Impoundment, and C-111 Spreader Canal Western projects. CERP is an equal partnership between the State of Florida and the federal government.The State of Florida and the South Florida Water Management District have invested approximately $2.1 billion toward this effort. Through September 30, 2015, 251,236 acres or 65 percent of the estimated lands needed to implement CERP have been acquired. In fiscal year 2015, a total of$90.4 million dollars were expended for the implementation of CERP projects, of which payments of Debt Service related to Certificates of Participation issued by the SFWMD and bonds issued by FDEP totaled $30.5 million dollars. The District's estimated remaining commitment for the CERP is $756.7 million. 111-53 16F1 I11 B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (19) OTHER COMMITMENTS AND CONTINGENCIES The District also participates in several other federal and state assistance programs that are subject to financial and program compliance audits. Such audits could lead to reimbursements to the grantor agency for disallowed expenditures. However, management believes any additional such disallowances, if any, will be immaterial. (20) SUBSEQUENT EVENTS In February 2016, the District advance refunded $442,025,000 of the par value of its Series 2006 Certificates of Participation (COPs). This in-substance defeasance was financed through the issuance of the Series 2015 Refunding COPs with a par value of $385,425,000 together with a net premium of$70,872,796.80. In addition, the District contributed $6,900,000 of funds on hand toward the advance refunding. These funds have been placed into escrow with U.S. Bank National Association from which $1.1 million was paid for the costs of issuance. Remaining debt service for the defeased Series 2006 COPs is$724.4 million while remaining debt service for the Series 2015 Refunding COPs is $625.5 million for a total savings over the remaining life of the debt of$98.9 million. The economic gain on the refunding is a net present value savings of$72.2 million through fiscal year 2037. 111-54 16F1 ' HI 1 FINANCIAL SECTION REQUIRED SUPPLEMENTARY INFORMATION OTHER THAN MD&A (UNAUDITED) 16F1 tii Bi South Florida Water Management District Page 1 of 2 General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual-(Unaudited) For the Year Ended September 30,2015 Variance with Final Budget- Original Final Positive (Negative) Budget Budget Actual REVENUES Ad Valorem Property Taxes $ 111,016,451 $ 111,016,451 $ 112,412,773 $ 1,396,322 Intergovernmental 475,352 475,352 317,484 (157,868) Investment Earnings(Losses) 1,000,000 1,000,000 1,813,712 813,712 Licenses, Permits and Fees 2,742,999 2,742,999 3,647,455 904,456 Sale of District Property 75,000 75,000 27,761 (47,239) Leases 49,000 49,000 89,462 40,462 Other 434,700 434,700 740,710 306,010 Total Revenues 115,793,502 115,793,502 119,049,357 3,255,855 EXPENDITURES Current Administrative Services and Executive Offices Land Stewardship 380,087 349,137 305,689 43,448 Mission Support 30,577,664 30,593,855 27,168,723 3,425,132 Modeling and Scientific Support 3,436,374 3,196,211 2,488,663 707,548 Operations and Maintenance 10,788,613 10,715,849 9,559,826 1,156,023 Regulation 5,467,861 4,827,571 3,783,359 1,044,212 Restoration 14,368,446 9,862,689 7,625,799 2,236,890 Water Supply 993,923 863,917 523,401 340,516 Total Administrative Services and Executive Offices 66,012,968 60,409,229 51,455,460 8,953,769 Operations,Maintenance,and Construction Land Stewardship 228,568 207,088 178,801 28,287 Mission Support 465,423 448,978 337,064 111,914 Modeling and Scientific Support 2,151,290 1,907,606 1,844,899 62,707 Operations and Maintenance 10,254,961 9,491,461 8,001,858 1,489,603 Regulation 73,531 91,257 90,807 450 Restoration 5,665,419 7,016,230 5,148,471 1,867,759 Water Supply 626,113 715,513 690,446 25,067 Total Operations, Maintenance,and Construction 19,465,305 19,878,133 16,292,346 3,585,787 Regulation Modeling and Scientific Support 23,044 6,865 - 6,865 Operations and Maintenance 18,127 18,127 16,355 1,772 Regulation 13,748,060 13,681,437 13,586,161 95,276 Restoration 555,205 578,641 539,910 38,731 Water Supply 98,984 87,461 57,036 30,425 Total Regulation 14,443,420 14,372,531 14,199,462 173,069 IV-1 16F1 ' HiB1 1 South Florida Water Management District Page 2 of 2 General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual-(Unaudited) For the Year Ended September 30,2015 Variance with Final Budget- Original Final Positive (Negative) Budget Budget Actual Water Resources Modeling and Scientific Support 7,182,717 7,529,674 7,262,350 267,324 Restoration 5,716,853 5,707,285 4,774,505 932,780 Water Supply 7,359,417 5,592,001 5,025,073 566,928 Total Water Resources 20,258,987 18,828,960 17,061,928 1,767,032 Contingency Managerial Reserve - 9,294,729 - 9,294,729 Managerial Reserve-Contingency 15,742,735 15,742,735 - 15,742,735 Total Contingency 15,742,735 25,037,464 - 25,037,464 Total Expenditures 135,923,415 138,526,317 99,009,196 39,517,121 Revenues in Excess of(Less than)Expenditures (20,129,913) (22,732,815) 20,040,161 42,772,976 OTHER FINANCING SOURCES(USES) Transfers In 8,586,248 11,189,149 2,738,456 (8,450,693) Transfers Out (31,004,905) (31,004,905) (22,554,212) 8,450,693 Total Other Financing Sources(Uses) (22,418,657) (19,815,756) (19,815,756) - Net Change in Fund Balance (42,548,570) (42,548,571) 224,405 42,772,976 Fund Balance at Beginning of Year 63,419,698 63,419,698 63,419,698 - Fund Balance at End of Year $ 20,871,128 $ 20,871,127 $ 63,644,103 $ 42,772,976 IV-2 16F1 Hi 81 South Florida Water Management District Page 1 of 2 Okeechobee Basin Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual-(Unaudited) For the Year Ended September 30,2015 Variance with Final Budget- Original Final Positive (Negative) Budget Budget Actual REVENUES Ad Valorem Property Taxes $ 110,317,070 $ 110,317,070 $ 111,564,055 $ 1,246,985 Intergovernmental 2,356,571 2,356,571 6,905,056 4,548,485 Investment Earnings(Losses) 1,150,000 1,150,000 1,973,240 823,240 Licenses, Permits and Fees 60,000 60,000 122,715 62,715 Sale of District Property 175,000 175,000 201,751 26,751 Leases 1,269,105 1,269,105 1,246,431 (22,674) Other 25,000 25,000 3,557,901 3,532,901 Total Revenues 115,352,746 115,352,746 125,571,149 10,218,403 EXPENDITURES Current Administrative Services and Executive Offices Land Stewardship 1,081,886 1,084,136 671,250 412,886 Mission Support 3,920,953 3,722,272 2,764,618 957,654 Operations and Maintenance 4,541,488 2,556,734 1,173,607 1,383,127 Regulation - 3,206 3,201 5 Restoration 15,748,072 4,477,150 2,511,925 1,965,225 Total Administrative Services and Executive Offices 25,292,399 11,843,498 7,124,601 4,718,897 Operations,Maintenance,and Construction Land Stewardship 4,996,438 5,046,291 4,641,915 404,376 Mission Support - 8,423 8,423 - Modeling and Scientific Support 226,559 226,559 160,376 66,183 Operations and Maintenance 70,689,666 74,066,362 68,518,606 5,547,756 Regulation - 11,955 10,720 1,235 Restoration 2,892,140 3,525,237 3,029,612 495,625 Water Supply - 17,370 15,750 1,620 Total Operations, Maintenance,and Construction 78,804,803 82,902,197 76,385,402 6,516,795 Regulation Operations and Maintenance 500 500 500 - Restoration 675,384 525,384 508,201 17,183 Total Regulation 675,884 525,884 508,701 17,183 Water Resources Modeling and Scientific Support - 9,095 8,521 574 Operations and Maintenance - 4,700 3,326 1,374 Restoration 5,663,958 5,104,196 3,520,274 1,583,922 Water Supply 280,952 229,872 164,440 65,432 Total Water Resources 5,944,910 5,347,863 3,696,561 1,651,302 IV-3 1 6 F 1 1 HIBi , South Florida Water Management District Page 2 of 2 Okeechobee Basin Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual-(Unaudited) For the Year Ended September 30,2015 Variance with Final Budget- Original Final Positive Budget Budget Actual (Negative) Contingency Managerial Reserve - 13,123,657 - 13,123,657 Managerial Reserve-Contingency 40,512,602 40,512,602 - 40,512,602 Total Contingency 40,512,602 53,636,259 - 53,636,259 Total Expenditures 151,230,598 154,255,701 87,715,265 66,540,436 Revenues in Excess of(Less than)Expenditures (35,877,852) (38,902,955) 37,855,884 76,758,839 OTHER FINANCING SOURCES(USES) Transfers In 8,570 3,137,898 3,137,898 - Transfers Out (32,569,971) (32,674,195) (32,674,195) - Total Other Financing Sources(Uses) (32,561,401) (29,536,297) (29,536,297) - Net Change in Fund Balance (68,439,253) (68,439,252) 8,319,587 76,758,839 Fund Balance at Beginning of Year 107,856,922 107,856,922 107,856,922 - Fund Balance at End of Year $ 39,417,669 $ 39,417,670 $ 116,176,509 $ 76,758,839 IV-4 16F1 1B1 H1 South Florida Water Management District Page 1 of 1 Everglades Restoration Trust Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual-(Unaudited) For the Year Ended September 30,2015 Variance with Final Budget- Original Final Positive (Negative) Budget Budget Actual REVENUES Ad Valorem Property Taxes $ 35,208,943 $ 35,208,943 $ 35,619,789 $ 410,846 Agricultural Privilege Taxes 10,950,000 10,950,000 11,080,857 130,857 Intergovernmental 1,000,000 1,000,000 1,028,965 28,965 Investment Earnings(Losses) 950,000 950,000 440,208 (509,792) Sale of District Property - - 9,441 9,441 Other - - 77,174 77,174 Total Revenues 48,108,943 48,108,943 48,256,434 147,491 EXPENDITURES Current Administrative Services and Executive Offices Restoration 7,211,959 4,375,754 2,991,240 1,384,514 Water Supply 80,852 - - - Total Administrative Services and Executive Offices 7,292,811 4,375,754 2,991,240 1,384,514 Operations,Maintenance,and Construction Operations and Maintenance - 20,061 13,738 6,323 Restoration 23,023,614 20,460,276 19,114,652 1,345,624 Total Operations, Maintenance,and Construction 23,023,614 20,480,337 19,128,390 1,351,947 Regulation Restoration 1,177,678 1,146,258 1,068,381 77,877 Total Regulation 1,177,678 1,146,258 1,068,381 77,877 Water Resources Modeling and Scientific Support - 2,336 - 2,336 Restoration 5,100,651 5,541,544 5,035,999 505,545 Total Water Resources 5,100,651 5,543,880 5,035,999 507,881 Contingency Managerial Reserve - 4,460,820 - 4,460,820 Managerial Reserve-Contingency 3,000,000 3,000,000 - 3,000,000 Total Contingency 3,000,000 7,460,820 - 7,460,820 Total Expenditures 39,594,754 39,007,049 28,224,010 10,783,039 Revenues in Excess of(Less than)Expenditures 8,514,189 9,101,894 20,032,424 10,930,530 OTHER FINANCING SOURCES(USES) Transfers In 6,276,576 6,276,576 6,276,576 - Transfers Out (19,585,533) (20,173,238) (20,173,238) - Total Other Financing Sources(Uses) (13,308,957) (13,896,662) (13,896,662) - Net Change in Fund Balance (4,794,768) (4,794,768) 6,135,762 10,930,530 Fund Balance at Beginning of Year 9,883,142 9,883,142 9,883,142 - Fund Balance at End of Year $ 5,088,374 $ 5,088,374 $ 16,018,904 $ 10,930,530 IV-5 16F1 Hi. B1. ' South Florida Water Management District Page 1 of 1 Lake Belt Mitigation Special Revenue Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual-(Unaudited) For the Year Ended September 30,2015 Variance with Final Budget- Original Final Positive (Negative) Budget Budget Actual REVENUES Investment Earnings(Losses) - - 682,154 682,154 Licenses, Permits and Fees 1,260,053 1,260,053 17,443,476 16,183,423 Total Revenues 1,260,053 1,260,053 18,125,630 16,865,577 EXPENDITURES Current Administrative Services and Executive Offices Land Stewardship 110,993 108,678 58,321 50,357 Total Administrative Services and Executive Offices 110,993 108,678 58,321 50,357 Operations,Maintenance,and Construction Land Stewardship 19,999,052 19,905,283 1,034,563 18,870,720 Total Operations, Maintenance,and Construction 19,999,052 19,905,283 1,034,563 18,870,720 Contingency Managerial Reserve - 8,967 - 8,967 Total Contingency - 8,967 - 8,967 Total Expenditures 20,110,045 20,022,928 1,092,884 18,930,044 Revenues in Excess of(Less than)Expenditures (18,849,992) (18,762,875) 17,032,746 35,795,621 OTHER FINANCING SOURCES(USES) Transfers Out (21,660) (108,777) (108,777) - Total Other Financing Sources(Uses) (21,660) (108,777) (108,777) - Net Change in Fund Balance (18,871,652) (18,871,652) 16,923,969 35,795,621 Fund Balance at Beginning of Year 43,802,175 43,802,175 43,802,175 - Fund Balance at End of Year $ 24,930,523 $ 24,930,523 $ 60,726,144 $ 35,795,621 IV-6 16F1 (11 B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY- FLORIDA RETIREMENT SYSTEM PENSION PLAN SEPTEMBER 30, 2015 2015 2014 District's proportion of the FRS net pension liability 0.2500% 0.2630% District's proportionate share of the FRS net pension liability $ 32,288,072 $ 16,048,859 District's covered-employee payroll $ 100,948,387 $ 104,429,837 District's proportionate share of the FRS net pension liability as a percentage of its covered-employee payroll 31.98% 15.37% FRS Plan fiduciary net position as a percentage of the total pension liability 92.00% 96.09% Note: The amounts presented for each fiscal year were determined as of June 30th. The schedule is presented to illustrate the requirements of GASB Statement No. 68. Currently, only data for fiscal year ending June 30, 2015 and 2014 are available. Iva 16F1 H1 B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF THE DISTRICT'S CONTRIBUTIONS — FLORIDA RETIREMENT SYSTEM PENSION PLAN SEPTEMBER 30, 2015 2015 2014 Contractually required FRS contribution $ 6,094,687 $ 5,761,531 FRS contributions in relation to the contractually required contribution (6,094,687) (5,761,531) FRS contribution deficiency(excess) $ - $ - District's cowred-employee payroll $ 103,723,669 $ 103,356,785 FRS contributions as a percentage of covered-emloyee payroll 5.88% 5.57% Note: The amounts presented for each fiscal year were determined as of September 30th. The schedule is presented to illustrate the requirements of GASB Statement No. 68. Currently, only data for fiscal year ending September 30, 2014 and 2015 are available. IV-8 16F1. 1141 B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY- HEALTH INSURANCE SUBSIDY PENSION PLAN SEPTEMBER 30, 2015 2015 2014 Districts proportion of the HIS net pension liability 0.3278% 0.3471% District's proportionate share of the HIS net pension liability $ 33,431,413 $ 32,453,571 Districts covered-employee payroll $ 100,948,387 $ 104,429,837 District's proportionate share of the HIS net pension liability as a percentage of its covered-employee payroll 33.12% 31.08% HIS Plan fiduciary net position as a percentage of the total pension liability 0.50% 0.99% Note: The amounts presented for each fiscal year were determined as of June 30th. The schedule is presented to illustrate the requirements of GASB Statement No. 68. Currently, only data for fiscal year ending June 30, 2015 and 2014 are available. IV-9 16F1 B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF THE DISTRICT'S CONTRIBUTIONS- HEALTH INSURANCE SUBSIDY PENSION PLAN SEPTEMBER 30, 2015 2015 2014 Contractually required HIS contribution $ 1,253,092 $ 1,189,007 HIS contributions in relation to the contractually required contribution (1,253,092) (1,189,007) HIS contribution deficiency (excess) $ - $ - District's covered-employee payroll 103,723,669 103,356,785 HIS contributions as a percentage of covered-emloyee payroll 1.21% 1.15% Note: The amounts presented for each fiscal year were determined as of September 30th. The schedule is presented to illustrate the requirements of GASB Statement No. 68. Currently, only data for fiscal year ending September 30, 2014 and 2015 are available. Iv-10 16F1 ' 181 South Florida Water Management District Schedule of Employer Contributions Other Post-Employment Benefit Plans September 30, 2015 Schedule of Employer Contributions Annual Required Year Ended Employer Contribution Percentage September 30, Contributions (ARC) Contributed 2010 $ 1,560,396 $ 7,972,296 19.57% 2011 $ 3,705,335 $ 7,834,678 47.29% 2012 $ 2,344,703 $ 4,813,042 48.72% 2013 $ 1,847,965 $ 4,756,056 38.85% 2014 $ 2,486,411 $ 4,853,618 51.23% 2015 $ 2,241,643 $ 5,084,651 44.09% Schedule of Funding Progress (3) (4) (1) (2) Unfunded Funded Ratio (5) (6) Actuarial Actuarial Actuarial Actuarial (Actuarial Covered UAAL as a Valuation Value of Plan Accrued Accrued Value of Plan Payroll (Active Percentage of Date Assets Liability(AAL) Liability(UAAL) Assets/AAL) Plan Members) Covered Payroll (2)-(1) (1)/(2) (3)/(5) 7/1/2009 — $ 93,842,506 $ 93,842,506 0% $110,368,449 85.03% 7/1/2011 — $ 62,913,036 $ 62,913,036 0% $108,728,010 57.86% 7/1/2013 — $ 66,497,952 $ 66,497,952 0% $103,092,344 64.50% As required by GASB Statement No. 45 an actuarial valuation is required at least biennially. * Denotes update for plan change since previous valuation. iv-11 16F1ii SOUTH FLORIDA WATER MANAGEMENT DISTRICT NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION SEPTEMBER 30, 2015 BUDGETARY INFORMATION • Budgets are legally adopted for all funds and are adopted on a basis consistent with generally accepted accounting principles. The adopted budget represents a fiscal-year financial plan that details Governing Board approved revenues and expenditures. The District's level of budgetary control, defined as the lowest level at which management may not reallocate resources without approval of the Governing Board, is at the program level within a fund and resource area. There are seven Programs: Land Stewardship, Mission Support, Modeling and Scientific Support, Operations and Maintenance, Regulation, Restoration, and Water Supply. The District is organized by four main resource areas: Administrative Services and Executive Offices; Operations, Maintenance, and Construction; Regulation; and Water Resources. • The accompanying budgetary data represent the original and the final amended budgets as approved by the Governing Board. During fiscal year 2015, the Governing Board approved one budget amendment which effected governmental funds. The budget amendment recognized $1,655,000 of unanticipated state revenues from the Florida Department of Environmental Protection. This amendment impacted governmental funds other than the four presented herein. As part of the adoption of the original District budget, the Governing Board-authorized resolution provides for the transfer of funds from and to the General Fund and/or Special Revenue Funds to and from the corresponding Capital Projects Fund to cover additional expenditures which are recorded to the corresponding fund types. These transfers are processed throughout the fiscal year, and while there is no impact to the overall District budget total, individual Funds will realize increases or decreases in budget in comparison to the amount originally adopted. • As a result of the aforementioned inter-fund transfers processed during fiscal year 2015, General Fund and the Okeechobee Basin Special Revenue Fund realized increases in budgeted expenditures of$2,602,902 and $3,025,103, respectively.While the Everglades Restoration Trust Special Revenue Fund and the Lake Belt Mitigation Special Revenue Fund realized decreases in budgeted expenditures of $587,705 and $87,117, respectively. None of the reported funds had expenditures for the fiscal year in excess of the final budgetary appropriation. OTHER POST-EMPLOYMENT BENEFITS(OPEB) • The employer contributions reported on the Schedule of Employer Contributions (see page IV-11)represents the current amount paid by the District for the current year cost of the benefits, which were entirely paid to or on behalf of retirees. Accordingly, no assets have been placed in trust to advance fund the employer's obligation. IV-12 16F1 H1 81 FINANCIAL SECTION OTHER SUPPLEMENTARY INFORMATION L6F1H1 B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT Nonmajor Governmental Funds Special Revenue Funds Special Revenue Funds are maintained to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specific purposes. Big Cypress Basin Fund Accounts for the normal operating expenditures of the Big Cypress Basin, an area covering all or part of two counties in Southwest Florida. Funding is provided by a .1520 mill tax levy and interest earnings. Save Our Rivers Fund Accounts for revenues provided by: 1)a portion of documentary stamp tax revenues appropriated and allocated in the District's name and deposited in the Florida Water Management Lands Trust Fund administered by the State of Florida, 2)regulatory fines, and 3) interest earnings used to fund expenditures incurred towards the management and restoration of environmentally sensitive water resource lands within the District. This fund also accounts for the principal and interest payments on special obligation land acquisition bonds. State Appropriations Fund Accounts for revenue collected and operating expenditures for various projects utilizing state sources. Among the funding sources are the Ecosystem Management and Restoration Trust Fund, the Water Protection and Sustainability Trust Fund, and various state agencies. Invasive Aquatic Plant Control Fund Accounts for revenues provided by the Florida Department of Environmental Protection towards expenditures incurred for aquatic plant control throughout the District, including the Kissimmee River and Upper Chain of Lakes. Upland Invasive Plant Control Fund Accounts for revenues provided by the Florida Department of Environmental Protection which fund expenditures incurred in order to control the spread of melaleuca trees in environmentally sensitive areas. Wetland Mitigation Fund Accounts for revenues provided by private and other governmental contributions as part of the required permit to fund expenditures incurred to create new wetlands or improve alternative existing wetlands due to the destruction of designated wetlands. Revenues are also provided by interest earnings on unspent fund balances. Indian River Lagoon Restoration Fund Accounts for revenues provided by sales of Indian River Lagoon license plates, used in funding expenditures incurred for the purpose of enhancing the environmental and scenic value of surface waters in the Indian River Lagoon. Federal Land Management Fund Accounts for grant revenues received from the federal government in support of expenditures relating to the management and maintenance of environmentally sensitive lands. v-i 16FiE111 SOUTH FLORIDA WATER MANAGEMENT DISTRICT Nonmajor Governmental Funds Special Revenue Funds(continued) External Grants Fund Accounts for revenues and expenditures related to grants that are received and used primarily for monitoring, restoration,and maintenance efforts. This separate fund facilitates the detailed tracking of expenditures and/or cost share contributions. Everglades License Plate Fund Accounts for proceeds derived from Everglades license plate sales, which are used to fund expenditures incurred towards the conservation and protection of the natural resources and abatement of water pollution in the Everglades. Lake Okeechobee Fund Accounts for revenues provided by the State of Florida through the Department of Environmental Protection towards restoration projects associated with Lake Okeechobee. Save Our Everglades Fund Accounts for revenues and operating expenditures for the Comprehensive Everglades Restoration Plan (CERP)and the Northern Everglades Estuary Protection Program(NEEPP)which are funded from the State's Save Our Everglades Trust Fund. Land Acquisition Trust Fund Accounts for revenues and operating expenditures received from the Trust Fund of the same name. Funding is used for debt service, land management, and dispersed water manage projects. Federal Emergency Management Agency Fund Accounts for revenues provided by the Department of Homeland Security to fund operating costs associated with noncapital project expenditures. Florida Bay Fund Accounts for operating expenditures associated with restoring a more natural quantity, distribution, and timing of water flows to Florida Bay. V-2 ? 6F1 B1 H1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT Nonmajor Governmental Funds Capital Projects Funds Capital Projects Funds are maintained to account for financial resources to be used for the purchase of real property and the acquisition or construction of major capital facilities. District Fund Accounts for capital expenditures on projects associated with District-wide functions. Revenue is provided through operating transfers from the General Fund. Okeechobee Basin Fund Accounts for capital expenditures incurred towards projects benefiting all or part of a 15-county area designated as the Okeechobee Basin. Revenue is provided through operating transfers from the Okeechobee Basin Special Revenue Fund. Big Cypress Basin Fund Accounts for capital expenditures incurred towards projects benefiting the Big Cypress Basin. Revenue is provided through operating transfers from the Big Cypress Basin Special Revenue Fund. Save Our Rivers Fund Accounts for revenues received from annual allocations through the State's Florida Forever Trust Fund, and related expenditures incurred for the purchase of environmentally sensitive lands. State Appropriations Fund Accounts for capital expenditures incurred towards various projects utilizing state sources. Revenue is provided through operating transfers from the State Appropriations Special Revenue Fund. Federal Emergency Management Agency Fund Accounts for revenues provided by the Department of Homeland Security to fund related capital project expenditures. Florida Bay Fund Accounts for capital expenditures associated with restoring a more natural quantity,distribution, and timing of water flows to Florida Bay. Wetland Mitigation Fund Accounts for revenues provided by private and other governmental contributions as part of the required permit to fund capital expenditures incurred to create new wetlands or improve alternative existing wetlands due to the destruction of designated wetlands. Revenues are also provided by interest earnings on unspent fund balances. Comprehensive Everglades Restoration Plan (CERP) Fund Accounts for capital expenditures associated with projects included in the Central and Southern Florida (C&SF) Restudy and which form the basis of the CERP. These projects are designed to increase the availability of water supplies for consumptive use or cost share with the federal government on regional projects intended to mitigate consequences that are an outgrowth of the original C&SF Flood Control Project. Funding is provided by transfers from the General Fund and Okeechobee Basin Special Revenue Fund. V-3 16F1 1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT Nonmajor Governmental Funds Capital Projects Funds(continued) Federal Land Acquisition Fund Accounts for grant revenues received from the federal government in support of expenditures relating to the purchase of environmentally sensitive lands. Comprehensive Everglades Restoration Plan (CERP)—Other Creditable Funds Fund Accounts for revenues received from and expenditures funded through various sources for the Comprehensive Everglades Restoration Plan, excluding revenues and expenditures from federal sources, district ad-valorem property tax sources, and the state's Save Our Everglades Trust Fund. COPS Everglades Forever Fund Accounts for capital expenditures to support the construction of projects in the Everglades/Long Term Plan Implementation program with resources from issuance of Certificates of Participation. COPS—Comprehensive Everglades Restoration Plan (CERP) Fund Accounts for revenues from Certificates of Participation issued to support the accelerated construction of projects in the Comprehensive Everglades Restoration Plan. Lake Belt Mitigation Fund Accounts for revenues received pursuant to Chapter 373.41492, Florida Statutes, which requires mitigation from impacts resulting from rock mining in the Lake Belt area of Miami-Dade County, and related capital expenditures incurred towards the acquisition, restoration and management of environmentally sensitive lands. Lake Okeechobee Fund Accounts for revenues provided by the State of Florida through the Department of Environmental Protection towards capital restoration projects associated with Lake Okeechobee. Permanent Fund The Permanent Fund is used to report resources that are legally restricted to the extent that only earnings, not principal, may be used for purposes that support the District's programs. Wetland Mitigation Fund Accounts for the long-term maintenance portion of fees collected from private businesses and other governmental agencies as a condition for issuing wetlands mitigation permits. Interest earned on these fees is used to pay for the costs associated with long-term maintenance of lands purchased pursuant to the District's wetlands mitigation program. V-4 L6F1H1 JB1 South Florida Water Management District Combining Balance Sheet Page 1 of 9 Nonmajor Governmental Funds September 30,2015 Special Revenue Funds Invasive Big Cypress State Aquatic Plant Basin Save Our Rivers Appropriations Control ASSETS Cash and Investments $ 10,763,570 $ - $ 9,173,689 $ - Cash Held by Trustee - - - - Accounts Receivable 9,820 142,046 - - Due from Other Governments 90,284 2,520,425 - 220,807 Due from Other Funds - - 1,853 - Inventory 293,432 - - - Other Assets - - - - Total Assets $ 11,157,106 $ 2,662,471 $ 9,175,542 $ 220,807 LIABILITIES,DEFERRED INFLOWS OF RESOURCES&FUND BALANCES LIABILITIES Accounts Payable $ 529,383 $ 1,059,164 $ 963,349 $ 164,139 Due to Other Governments 184,878 - - - Due to Other Funds - 713,225 - 11,546 Unearned Revenue - 1,000,000 - - DEFERRED INFLOWS OF RESOURCES Unavailable Revenue - 1,971,042 - 13,002 Total Liabilities&Deferred Inflows of 714,261 4,743,431 963,349 188,687 Resources FUND BALANCES Nonspendable 293,432 - - - Restricted 10,149,413 - 8,212,193 32,120 Assigned - - - - Unassigned - (2,080,960) - - Total Fund Balances 10,442,845 (2,080,960) 8,212,193 32,120 Total Liabilities, Deferred Inflows of $ 11,157,106 $ 2,662,471 $ 9,175,542 $ 220,807 Resources&Fund Balances Continued V-5 16F1 Hi B1 South Florida Water Management District Combining Balance Sheet Page 2 of 9 Nonmajor Governmental Funds September 30, 2015 Special Revenue Funds(Continued) Upland Indian River Invasive Plant Wetland Lagoon Federal Land Control Mitigation Restoration Management ASSETS Cash and Investments $ - $ 20,902,226 $ 375,390 $ 4,783,823 Cash Held by Trustee - - - - Accounts Receivable - 21,170 379 - Due from Other Governments 75,181 - - - Due from Other Funds - - - - Inventory - - - - Other Assets - - - - Total Assets $ 75,181 $ 20,923,396 $ 375,769 $ 4,783,823 LIABILITIES,DEFERRED INFLOWS OF RESOURCES&FUND BALANCES LIABILITIES Accounts Payable $ 207,583 $ 74,250 $ - $ 223,047 Due to Other Governments - - - - Due to Other Funds 159,980 - - - Unearned Revenue - - - - DEFERRED INFLOWS OF RESOURCES Unavailable Revenue - - - - Total Liabilities&Deferred Inflows of 367,563 74,250 223,047 Resources FUND BALANCES Nonspendable - - - - Restricted - 20,849,146 375,769 4,560,776 Assigned - - - - Unassigned (292,382) - - - Total Fund Balances (292,382) 20,849,146 375,769 4,560,776 Total Liabilities,Deferred Inflows of Resources&Fund Balances $ 75,181 $ 20,923,396 $ 375,769 $ 4,783,823 V-6 16F1 141 B1 South Florida Water Management District Combining Balance Sheet Page 3 of 9 Nonmajor Governmental Funds September 30,2015 Special Revenue Funds(Continued) Everglades Lake Save Our External Grants License Plate Okeechobee Everglades ASSETS Cash and Investments $ - $ 700,855 $ 2,166,753 $ 1,489,275 Cash Held by Trustee - - - - Accounts Receivable - 1,139 - 95,576 Due from Other Governments 235,874 - - 1,484,793 Due from Other Funds - - - - Inventory - - - - Other Assets - - - - Total Assets $ 235,874 $ 701,994 $ 2,166,753 $ 3,069,644 LIABILITIES,DEFERRED INFLOWS OF RESOURCES&FUND BALANCES LIABILITIES Accounts Payable $ 311,668 $ - $ 44,308 $ 1,999,529 Due to Other Governments - - - - Due to Other Funds 814,218 - - - Unearned Revenue - - - - DEFERRED INFLOWS OF RESOURCES Unavailable Revenue 235,874 - - 1,367,412 Total Liabilities&Deferred Inflows of 1,361,760 44,308 3,366,941 Resources FUND BALANCES Nonspendable - - - - Restricted - 701,994 2,122,445 - Assigned - - - - Unassigned (1,125,886) - - (297,297) Total Fund Balances (1,125,886) 701,994 2,122,445 (297,297) Total Liabilities, Deferred Inflows of Resources&Fund Balances $ 235,874 $ 701,994 $ 2,166,753 $ 3,069,644 Continued V-7 t6Ft H1 South Florida Water Management District Combining Balance Sheet Page 4 of 9 Nonmajor Governmental Funds September 30,2015 Special Revenue Funds(Concluded) Federal Land Emergency Acquisition Management Trust Agency Florida Bay Total ASSETS Cash and Investments $ 6,865,538 $ 3,540 $ 961,795 $ 58,186,454 Cash Held by Trustee - - - - Accounts Receivable - - 589 270,719 Due from Other Governments - 710 - 4,628,074 Due from Other Funds - - - 1,853 Inventory - - - 293,432 Other Assets - - - - Total Assets $ 6,865,538 $ 4,250 $ 962,384 $ 63,380,532 LIABILITIES,DEFERRED INFLOWS OF RESOURCES&FUND BALANCES LIABILITIES Accounts Payable $ - $ - $ 118,988 $ 5,695,408 Due to Other Governments - - - 184,878 Due to Other Funds - - - 1,698,969 Unearned Revenue - - - 1,000,000 DEFERRED INFLOWS OF RESOURCES Unavailable Revenue - - - 3,587,330 Total Liabilities&Deferred Inflows of - - 118,988 12,166,585 Resources FUND BALANCES Nonspendable - - - 293,432 Restricted 6,865,538 - 843,396 54,712,790 Assigned - 4,250 - 4,250 Unassigned - - - (3,796,525) Total Fund Balances 6,865,538 4,250 843,396 51,213,947 Total Liabilities,Deferred Inflows of Resources&Fund Balances $ 6,865,538 $ 4,250 $ 962,384 $ 63,380,532 V-8 16F1 H1 B1 South Florida Water Management District Combining Balance Sheet Page 5 of 9 Nonmajor Governmental Funds September 30, 2015 Capital Projects Funds Okeechobee Big Cypress Save Our District Basin Basin Rivers ASSETS Cash and Investments $ 15,330,597 $ 29,604,169 $ 8,690,485 $ 9,302,916 Cash Held by Trustee 10,642,924 - - - Accounts Receivable 19,360 1,188 7,589 9,463 Due from Other Governments 5,368 - - 344,954 Due from Other Funds - - - 713,225 Inventory - - - - Other Assets 75,000 375 - - Total Assets $ 26,073,249 $ 29,605,732 $ 8,698,074 $ 10,370,558 LIABILITIES,DEFERRED INFLOWS OF RESOURCES&FUND BALANCES LIABILITIES Accounts Payable $ 564,252 $ 7,152,945 $ 1,207,871 $ - Due to Other Governments - - - - Due to Other Funds - - - - Unearned Revenue - - - - DEFERRED INFLOWS OF RESOURCES Unavailable Revenue - - - 344,954 Total Liabilities&Deferred Inflows of 564,252 7,152,945 1,207,871 344,954 Resources FUND BALANCES Nonspendable - - - - Restricted 10,642,924 22,452,787 7,490,203 10,025,604 Assigned 14,866,073 - - - Unassigned - - - - Total Fund Balances 25,508,997 22,452,787 7,490,203 10,025,604 Total Liabilities,Deferred Inflows of Resources&Fund Balances $ 26,073,249 $ 29,605,732 $ 8,698,074 $ 10,370,558 Continued V-9 t6FlHulBl South Florida Water Management District Combining Balance Sheet Page 6 of 9 Nonmajor Governmental Funds September 30,2015 Capital Projects Funds(Continued) Federal Emergency State Management Wetland Appropriations Agency Florida Bay Mitigation ASSETS Cash and Investments $ 89,741 $ 19 $ 8,686,923 $ 9,179,092 Cash Held by Trustee - - - - Accounts Receivable - - 9,247 9,277 Due from Other Governments - - - - Due from Other Funds - - - - Inventory - - - - Other Assets - - - - Total Assets $ 89,741 $ 19 $ 8,696,170 $ 9,188,369 LIABILITIES, DEFERRED INFLOWS OF RESOURCES&FUND BALANCES LIABILITIES Accounts Payable $ 41,644 $ - $ - $ - Due to Other Governments - - - - Due to Other Funds - - - - Unearned Revenue - - - - DEFERRED INFLOWS OF RESOURCES Unavailable Revenue - - - - Total Liabilities&Deferred Inflows of 41,644 - - - Resources FUND BALANCES Nonspendable - - - - Restricted 48,097 - 8,696,170 4,905,682 Assigned - 19 - 4,282,687 Unassigned - - - - Total Fund Balances 48,097 19 8,696,170 9,188,369 Total Liabilities,Deferred Inflows of $ 89,741 $ 19 $ 8,696,170 $ 9,188,369 Resources&Fund Balances Continued V-10 16F1 1-Il B1 i South Florida Water Management District Combining Balance Sheet Page 7 of 9 Nonmajor Governmental Funds September 30, 2015 Capital Project Funds(Continued) Comprehensive Comprehensive Everglades Everglades COPS Restoration Plan Federal Land Restoration Plan Everglades (CERP) Acquisition Other Creditable Forever ASSETS Cash and Investments $ 3,247,785 $ 3,932,715 $ 4,272,561 $ - Cash Held by Trustee - - - 8,800,845 Accounts Receivable - - - - Due from Other Governments - - - - Due from Other Funds - - - - Inventory - - - - Other Assets - - - - Total Assets $ 3,247,785 $ 3,932,715 $ 4,272,561 $ 8,800,845 LIABILITIES,DEFERRED INFLOWS OF RESOURCES&FUND BALANCES LIABILITIES Accounts Payable $ 152,473 $ - $ 24,412 $ 2,886,652 Due to Other Governments - - - - Due to Other Funds - - - 4,741,847 Unearned Revenue - - - - DEFERRED INFLOWS OF RESOURCES Unavailable Revenue - - - - Total Liabilities&Deferred Inflows of 152,47324,412 7,628,499 - Resources FUND BALANCES Nonspendable - - - - Restricted - 3,932,715 - 1,172,346 Assigned 3,095,312 - 4,248,149 - Unassigned - - - - Total Fund Balances 3,095,312 3,932,715 4,248,149 1,172,346 Total Liabilities, Deferred Inflows of $ 3,247,785 $ 3,932,715 $ 4,272,561 $ 8,800,845 Resources&Fund Balances Continued v-11 L6F1F11 ' B1 South Florida Water Management District Combining Balance Sheet Page 8 of 9 Nonmajor Governmental Funds September 30,2015 Capital Project Funds(Concluded) COPS Comprehensive Everglades Lake Belt Lake Restoration Mitigation Okeechobee Total ASSETS Cash and Investments $ 115 $ 473,228 $ - $ 92,810,346 Cash Held by Trustee 82,326 - - 19,526,095 Accounts Receivable - 550 - 56,674 Due from Other Governments - - - 350,322 Due from Other Funds - - - 713,225 Inventory - - - - Other Assets - - - 75,375 Total Assets $ 82,441 $ 473,778 $ - $ 113,532,037 LIABILITIES,DEFERRED INFLOWS OF RESOURCES&FUND BALANCES LIABILITIES Accounts Payable $ - $ 2,401 $ - $ 12,032,650 Due to Other Governments - - - Due to Other Funds - - 1,853 4,743,700 Unearned Revenue - - - - DEFERRED INFLOWS OF RESOURCES Unavailable Revenue - - - 344,954 Total Liabilities&Deferred Inflows of Resources - 2,401 1,853 17,121,304 FUND BALANCES Nonspendable - - - - Restricted 82,441 471,377 - 69,920,346 Assigned - - - 26,492,240 Unassigned - - (1,853) (1,853) Total Fund Balances 82,441 471,377 (1,853) 96,410,733 Total Liabilities,Deferred Inflows of Resources&Fund Balances $ 82,441 $ 473,778 $ - $ 113,532,037 Continued V-12 16F1 1 B1 H1 South Florida Water Management District Combining Balance Sheet Page 9 of 9 Nonmajor Governmental Funds September 30,2015 Permanent Fund Total Wetland Nonmajor Mitigation Governmental ASSETS Cash and Investments $ 16,114,102 $ 167,110,902 Cash Held by Trustee - 19,526,095 Accounts Receivable 16,265 343,658 Due from Other Governments - 4,978,396 Due from Other Funds - 715,078 Inventory - 293,432 Other Assets - 75,375 Total Assets $ 16,130,367 $ 193,042,936 LIABILITIES,DEFERRED INFLOWS OF RESOURCES&FUND BALANCES LIABILITIES Accounts Payable $ - $ 17,728,058 Due to Other Governments - 184,878 Due to Other Funds - 6,442,669 Unearned Revenue - 1,000,000 DEFERRED INFLOWS OF RESOURCES Unavailable Revenue - 3,932,284 Total Liabilities&Deferred Inflows of 29,287,889 Resources FUND BALANCES Nonspendable 15,650,188 15,943,620 Restricted 480,179 125,113,315 Assigned - 26,496,490 Unassigned - (3,798,378) Total Fund Balances 16,130,367 163,755,047 Total Liabilities, Deferred Inflows of $ 16,130,367 $ 193,042,936 Resources&Fund Balances V-13 Concluded 16F1 Eli 81 i South Florida Water Management District Page 1 of 9 Combining Statement of Revenues,Expenditures and Changes in Fund Balances Nonmajor Governmental Funds September 30,2015 Special Revenue Funds Invasive Big Cypress State Aquatic Plant Basin Save Our Rivers Appropriations Control REVENUES Ad Valorem Property Taxes $ 9,460,261 $ - $ - $ - Intergovernmental - 824,353 12,270,982 2,132,212 Investment Earnings 170,571 - - - Licenses, Permits and Fees 10,725 - - - Sale of District Property 91,007 32,600 - - Leases 64,798 820,196 - - Other 2,413 491 - 2,888 Total Revenues 9,799,775 1,677,640 12,270,982 2,135,100 EXPENDITURES Current Operating Land Stewardship 160,005 522,450 - - i Mission Support 234,708 - - - Modeling and Scientific Support - - - - Operations and Maintenance 2,975,635 3,006,729 24,489 2,135,100 Regulation 18,838 - - - Restoration 3,750,639 1,481 5,110,684 - Water Supply 1,319,528 - - - Capital Outlay - - - - Debt Service Bond Principal Retirement - 6,400,000 - - Bond Interest - 474,200 - - COPS Bond Principal Retirement - - - - COPS Bond Interest - - - - Total Expenditures 8,459,353 10,404,860 5,135,173 2,135,100 Revenues in Excess of(Less than)Expenditures 1,340,422 (8,727,220) 7,135,809 - OTHER FINANCING SOURCES(USES) Transfers In 356,818 - - - Transfers Out (1,580,000) (81,756) (898,399) - Total Other Financing Sources(Uses) (1,223,182) (81,756) (898,399) - Net Change in Fund Balances 117,240 (8,808,976) 6,237,410 - Fund Balances(Deficits)at Beginning of Year 10,325,605 6,728,016 1,974,783 32,120 Fund Balances(Deficits)at End of Year $ 10,442,845 ($ 2,080,960) $ 8,212,193 $ 32,120 Continued V-14 I6Flfil 81 South Florida Water Management District Page 2 of 9 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds September 30,2015 Special Revenue Funds Upland Indian River Invasive Plant Wetland Lagoon Federal Land Control Mitigation Restoration Management REVENUES Ad Valorem Property Taxes $ - $ - $ - $ - Intergovernmental 3,409,176 - 88,423 - Investment Earnings - 296,438 5,124 2,035 Licenses,Permits and Fees - 2,637,359 - - Sale of District Property - - - - Leases - - - 1,517,696 Other 14,523 4,989 - - Total Revenues 3,423,699 2,938,786 93,547 1,519,731 EXPENDITURES Current Operating Land Stewardship 3,716,081 1,285,995 - 466,205 Mission Support - - - - Modeling and Scientific Support - - - - Operations and Maintenance - 9,766 - - Regulation - 17,571 - - Restoration - 137,351 4,301 - Water Supply - - - - Capital Outlay - - - - Debt Service Bond Principal Retirement - - - - Bond Interest - - - - COPS Bond Principal Retirement - - - - COPS Bond Interest - - - - Total Expenditures 3,716,081 1,450,683 4,301 466,205 Revenues in Excess of(Less than)Expenditures (292,382) 1,488,103 89,246 1,053,526 OTHER FINANCING SOURCES(USES) Transfers In - - - - Transfers Out - - - - Total Other Financing Sources(Uses) - - - - Net Change in Fund Balances (292,382) 1,488,103 89,246 1,053,526 Fund Balances(Deficits)at Beginning of Year - 19,361,043 286,523 3,507,250 Fund Balances(Deficits)at End of Year ($ 292,382) $ 20,849,146 $ 375,769 $ 4,560,776 v-15 16F1 Hi Bi South Florida Water Management District Page 3 of 9 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds September 30, 2015 Special Revenue Funds (Continued) Everglades Lake Save Our External Grants License Plate Okeechobee Everglades REVENUES Ad Valorem Property Taxes $ - $ - $ - $ - Intergovernmental 98,806 246,142 - 1,579,258 Investment Earnings - 8,048 - 5,620 Licenses, Permits and Fees - - - - Sale of District Property - - - - Leases - - - 633,478 Other 264,908 - - - Total Revenues 363,714 254,190 - 2,218,356 EXPENDITURES Current Operating Land Stewardship - - - 915,254 Mission Support - - - - Modeling and Scientific Support - - - - Operations and Maintenance - - - - Regulation - - - - Restoration 1,328,039 30,000 547,906 3,682,636 Water Supply - - - - Capital Outlay - - - - Debt Service Bond Principal Retirement - - - - Bond Interest - - - - COPS Bond Principal Retirement - - - - COPS Bond Interest - - - - Total Expenditures 1,328,039 30,000 547,906 4,597,890 Revenues in Excess of(Less than)Expenditures (964,325) 224,190 (547,906) (2,379,534) OTHER FINANCING SOURCES(USES) Transfers In - - 420,298 4,716 Transfers Out - - - - Total Other Financing Sources(Uses) - - 420,298 4,716 Net Change in Fund Balances (964,325) 224,190 (127,608) (2,374,818) Fund Balances(Deficits)at Beginning of Year (161,561) 477,804 2,250,053 2,077,521 Fund Balances(Deficits)at End of Year ($ 1,125,886) $ 701,994 $ 2,122,445 ($ 297,297) Continued V-16 16F1 ( Ii a1 South Florida Water Management District Page 4 of 9 Combining Statement of Revenues,Expenditures and Changes in Fund Balances Nonmajor Governmental Funds September 30,2015 Special Revenue Funds(Concluded) Federal Land Emergency Acquisition Management Trust Fund Agency Florida Bay Total REVENUES Ad Valorem Property Taxes $ - $ - $ - $ 9,460,261 Intergovernmental 6,865,538 710 1,001,020 28,516,620 Investment Earnings - - 7,378 495,214 Licenses,Permits and Fees - - - 2,648,084 Sale of District Property - - - 123,607 Leases - - - 3,036,168 Other - - - 290,212 Total Revenues 6,865,538 710 1,008,398 44,570,166 EXPENDITURES Current Operating Land Stewardship - - - 7,065,990 Mission Support - - - 234,708 Modeling and Scientific Support - - 85,000 85,000 Operations and Maintenance - - - 8,151,719 Regulation - - - 36,409 Restoration - 710 1,500,919 16,094,666 Water Supply - - - 1,319,528 Capital Outlay - - - - Debt Service Bond Principal Retirement - - - 6,400,000 Bond Interest - - - 474,200 COPS Bond Principal Retirement - - - - COPS Bond Interest - - - - Total Expenditures - 710 1,585,919 39,862,220 Revenues in Excess of(Less than)Expenditures 6,865,538 - (577,521) 4,707,946 OTHER FINANCING SOURCES(USES) Transfers In - - 473,887 1,255,719 Transfers Out - (8,570) - (2,568,725) Total Other Financing Sources(Uses) - (8,570) 473,887 (1,313,006) Net Change in Fund Balances 6,865,538 (8,570) (103,634) 3,394,940 Fund Balances(Deficits)at Begining of Year - 12,820 947,030 47,819,007 Fund Balances(Deficits)at End of Year $ 6,865,538 $ 4,250 $ 843,396 $ 51,213,947 V-17 16F1 H1B1 South Florida Water Management District Page 5 of 9 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds September 30,2015 Capital Projects Funds Okeechobee Big Cypress Save Our District Basin Basin Rivers REVENUES Ad Valorem Property Taxes $ - $ - $ - $ - Intergovernmental 5,368 97,985 - 16,984,718 Investment Earnings 221,437 147,920 130,360 77,387 Licenses, Permits and Fees - - - - Sale of District Property 909 780,722 104 2,488,800 Leases - - - - Other 1,292 215,524 - - Total Revenues 229,006 1,242,151 130,464 19,550,905 EXPENDITURES Current Operating Land Stewardship - - - - Mission Support - - - - Modeling and Scientific Support - - - - Operations and Maintenance - - - - Regulation - - - - Restoration - - - - Water Supply - - - - Capital Outlay 4,700,636 25,297,162 4,092,568 21,671,110 Debt Service Bond Principal Retirement - - - - Bond Interest - - - - COPS Bond Principal Retirement 5,189,322 - - - COPS Bond Interest 10,536,087 - - - Total Expenditures 20,426,045 25,297,162 4,092,568 21,671,110 Revenues in Excess of(Less than)Expenditures (20,197,039) (24,055,011) (3,962,104) (2,120,205) OTHER FINANCING SOURCES(USES) Transfers In 23,538,483 32,784,377 1,580,000 81,756 Transfers Out (2,539,424) (3,129,328) (356,818) - Total Other Financing Sources(Uses) 20,999,059 29,655,049 1,223,182 81,756 Net Change in Fund Balances 802,020 5,600,038 (2,738,922) (2,038,449) Fund Balances(Deficits)at Beginning of Year 24,706,977 16,852,749 10,229,125 12,064,053 Fund Balances(Deficits)at End of Year $ 25,508,997 $ 22,452,787 $ 7,490,203 $ 10,025,604 Continued V-18 16F1HjB1 South Florida Water Management District Page 6 of 9 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds September 30,2015 Capital Projects Funds (Continued) Federal Emergency State Management Wetland Appropriatons Agency Florida Bay Mitigation REVENUES Ad Valorem Property Taxes $ - $ - $ - $ - Intergovernmental 999,700 - 6,600,000 - Investment Earnings - - 59,386 132,687 Licenses, Permits and Fees - - - - Sale of District Property - - - - Leases - - - - Other - - - - Total Revenues 999,700 - 6,659,386 132,687 EXPENDITURES Current Operating Land Stewardship - - - - Mission Support - - - - Modeling and Scientific Support - - - - Operations and Maintenance - - - - Regulation - - - - Restoration - - - - Water Supply - - - - Capital Outlay 1,347,068 - 10,473 1,432 Debt Service Bond Principal Retirement - - - - Bond Interest - - - - COPS Bond Principal Retirement - - - - COPS Bond Interest - - - - Total Expenditures 1,347,068 - 10,473 1,432 Revenues in Excess of(Less than)Expenditures (347,368) - 6,648,913 131,255 OTHER FINANCING SOURCES(USES) Transfers In 395,465 - - - Transfers Out - (114,898) (473,887) - Total Other Financing Sources(Uses) 395,465 (114,898) (473,887) - Net Change in Fund Balances 48,097 (114,898) 6,175,026 131,255 Fund Balances(Deficits)at Beginning of Year - 114,917 2,521,144 9,057,114 Fund Balances(Deficits)at End of Year $ 48,097 $ 19 $ 8,696,170 $ 9,188,369 Continued V-19 16F1 111 B South Florida Water Management District Page 7 of 9 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds September 30,2015 Capital Projects Funds (Continued) COPS Comprehensive Comprehensive Everglades COPS Restoration Plan Federal Land Restoration Plan Everglades (CERP) Acquisition Other Creditable Forever REVENUES Ad Valorem Property Taxes $ - $ - $ - $ - Intergovernmental - - - - Investment Earnings - - - 195,177 Licenses, Permits and Fees - - - - Sale of District Property 263 - - 24 Leases - - - - Other - - - - Total Revenues 263 - - 195,201 EXPENDITURES Current Operating Land Stewardship - - - - Mission Support - - - - Modeling and Scientific Support - - - - Operations and Maintenance - - - - Regulation - - - - Restoration - - - - Water Supply - - - - Capital Outlay 77,808 - 3,909 23,553,472 Debt Service Bond Principal Retirement - - - - Bond Interest - - - - COPS Bond Principal Retirement - - - - COPS Bond Interest - - - - Total Expenditures 77,808 - 3,909 23,553,472 Revenues in Excess of(Less than)Expenditures (77,545) - (3,909) (23,358,271) OTHER FINANCING SOURCES(USES) Transfers In - - - 13,895,131 Transfers Out (1,119,826) - (63,477) - Total Other Financing Sources(Uses) (1,119,826) - (63,477) 13,895,131 Net Change in Fund Balances (1,197,371) - (67,386) (9,463,140) Fund Balances(Deficits)at Beginning of Year 4,292,683 3,932,715 4,315,535 10,635,486 Fund Balances(Deficits)at End of Year $ 3,095,312 $ 3,932,715 $ 4,248,149 $ 1,172,346 Continued V-20 1 South Florida Water Management District Page 8 of 9 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds September 30,2015 Capital Projects Funds (Concluded) COPS Comprehensive Everglades Lake Belt Lake Restoration Mitigation Okeechobee Total REVENUES Ad Valorem Property Taxes $ - $ - $ - $ - Intergovernmental - - - 24,687,771 Investment Earnings - 9,535 - 973,889 Licenses,Permits and Fees - - - - Sale of District Property 115 - - 3,270,937 Leases - - - - Other - - - 216,816 Total Revenues 115 9,535 - 29,149,413 EXPENDITURES Current Operating Land Stewardship - - - - Mission Support - - - - Modeling and Scientific Support - - - - Operations and Maintenance - - - - Regulation - - - - Restoration - - - - Water Supply - - - - Capital Outlay - 299,306 91,475 81,146,419 Debt Service Bond Principal Retirement - - - - Bond Interest - - - - COPS Bond Principal Retirement - - - 5,189,322 COPS Bond Interest - - - 10,536,087 Total Expenditures - 299,306 91,475 96,871,828 Revenues in Excess of(Less than)Expenditures 115 (289,771) (91,475) (67,722,415) OTHER FINANCING SOURCES(USES) Transfers In - 87,117 82,636 72,444,965 Transfers Out (13,895,131) - - (21,692,789) Total Other Financing Sources(Uses) (13,895,131) 87,117 82,636 50,752,176 Net Change in Fund Balances (13,895,016) (202,654) (8,839) (16,970,239) Fund Balances(Deficits)at Beginning of Year 13,977,457 674,031 6,986 113,380,972 Fund Balances(Deficits)at End of Year $ 82,441 $ 471,377 ($ 1,853) $ 96,410,733 Continued V-21 16F1 H1Bi South Florida Water Management District Page 9 of 9 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds September 30,2015 Permanent Fund Total Nonmajor Wetland Governmental Mitigation Funds REVENUES Ad Valorem Property Taxes $ - $ 9,460,261 Intergovernmental - 53,204,391 Investment Earnings 225,035 1,694,138 Licenses, Permits and Fees 683,090 3,331,174 Sale of District Property - 3,394,544 Leases - 3,036,168 Other - 507,028 Total Revenues 908,125 74,627,704 EXPENDITURES Current Operating Land Stewardship - 7,065,990 Mission Support - 234,708 Modeling and Scientific Support - 85,000 Operations and Maintenance - 8,151,719 Regulation - 36,409 Restoration - 16,094,666 Water Supply - 1,319,528 Capital Outlay - 81,146,419 Debt Service Bond Principal Retirement - 6,400,000 Bond Interest - 474,200 COPS Bond Principal Retirement - 5,189,322 COPS Bond Interest - 10,536,087 Total Expenditures - 136,734,048 Revenues in Excess of(Less than)Expenditures 908,125 (62,106,344) OTHER FINANCING SOURCES(USES) Transfers In 21,660 73,722,344 Transfers Out - (24,261,514) Total Other Financing Sources(Uses) 21,660 49,460,830 Net Change in Fund Balances 929,785 (12,645,514) Fund Balances(Deficits)at Beginning of Year 15,200,582 176,400,561 Fund Balances(Deficits)at End of Year $ 16,130,367 $ 163,755,047 Concluded V-22 16 ' 1 1 B1 , This Page has been Intentionally Left Blank V-23 16F1 H1 131 South Florida Water Managment District Special Revenue Fund Big Cypress Basin Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30, 2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Ad Valorem Property Taxes $ 9,393,146 $ 9,460,261 $ 67,115 Intergovernmental 123,920 - (123,920) Investment Earnings 150,000 170,571 20,571 Licenses, Permits and Fees 8,000 10,725 2,725 Sale of District Property - 91,007 91,007 Leases 64,664 64,798 134 Other 1,500 2,413 913 Total Revenues 9,741,230 9,799,775 58,545 EXPENDITURES Administrative Services and Executive Offices Mission Support 366,735 234,708 132,027 Operations and Maintenance 265,878 55,394 210,484 Regulation 18,962 18,838 124 Restoration 4,864,339 3,007,824 1,856,515 Water Supply 1,338,445 1,319,528 18,917 Total Administrative Services and Executive Offices 6,854,359 4,636,292 2,218,067 Operations, Maintenance,and Construction Land Stewardship 174,685 160,005 14,680 Operations and Maintenance 4,080,408 2,920,241 1,160,167 Restoration 699,739 630,094 69,645 Total Operations, Maintenance,and Construction 4,954,832 3,710,340 1,244,492 Water Resources Restoration 197,558 112,721 84,837 Total Water Resources 197,558 112,721 84,837 Contingency Managerial Reserve 864,456 - 864,456 Managerial Reserve-Contingency 760,401 - 760,401 Total Contingency 1,624,857 - 1,624,857 Total Expenditures 13,631,606 8,459,353 5,172,253 Revenues in Excess of(Less than)Expenditures (3,890,376) 1,340,422 5,230,798 OTHER FINANCING SOURCES(USES) Transfers In 356,818 356,818 - Transfers Out (1,580,000) (1,580,000) - Total Other Financing Sources(Uses) (1,223,182) (1,223,182) - Net Change in Fund Balance (5,113,558) 117,240 5,230,798 Fund Balance at Beginning of Year 10,325,605 10,325,605 - Fund Balance at End of Year $ 5,212,047 $ 10,442,845 $ 5,230,798 V-24 South Florida Water Managment District 1 6 F:' 1 H 1 E31 Special Revenue Fund Save Our Rivers Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ 10,776,097 $ 824,353 ($ 9,951,744) Sale of District Property - 32,600 32,600 Leases 758,586 820,196 61,610 Other - 491 491 Total Revenues 11,534,683 1,677,640 (9,857,043) EXPENDITURES Administrative Services and Executive Offices Land Stewardship 198,519 198,031 488 Restoration 5,029 1,481 3,548 Total Administrative Services and Executive Offices 203,548 199,512 4,036 Operations,Maintenance,and Construction Land Stewardship 447,770 324,419 123,351 Operations and Maintenance 3,874,123 3,006,729 867,394 Total Operations, Maintenance,and Construction 4,321,893 3,331,148 990,745 Debt Service Bond Principal Retirement 6,400,000 6,400,000 - Bond Interest 474,200 474,200 - Total Debt Service 6,874,200 6,874,200 - Contingency Managerial Reserve 98,427 - 98,427 Total Contingency 98,427 - 98,427 Total Expenditures 11,498,068 10,404,860 1,093,208 Revenues in Excess of(Less than)Expenditures 36,615 (8,727,220) (8,763,835) OTHER FINANCING SOURCES(USES) Transfers Out (81,756) (81,756) - Total Other Financing Sources(Uses) (81,756) (81,756) - Net Change in Fund Balance (45,141) (8,808,976) (8,763,835) Fund Balance at Beginning of Year 6,728,016 6,728,016 - Fund Balance at End of Year $ 6,682,875 ($ 2,080,960) ($ 8,763,835) V-25 16F1 HIL Ri South Florida Water Managment District Special Revenue Fund State Appropriations Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30, 2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ 15,769,525 $ 12,270,982 ($ 3,498,543) Total Revenues 15,769,525 12,270,982 (3,498,543) EXPENDITURES Administrative Services and Executive Offices Restoration 10,900,597 5,110,684 5,789,913 Total Administrative Services and Executive Offices 10,900,597 5,110,684 5,789,913 Operations, Maintenance,and Construction Operations and Maintenance 2,434,400 24,489 2,409,911 Total Operations,Maintenance,and Construction 2,434,400 24,489 2,409,911 Contingency Managerial Reserve 3,500,000 - 3,500,000 Total Contingency 3,500,000 - 3,500,000 Total Expenditures 16,834,997 5,135,173 11,699,824 Revenues in Excess of(Less than)Expenditures (1,065,472) 7,135,809 8,201,281 OTHER FINANCING SOURCES(USES) Transfers Out (898,399) (898,399) - Total Other Financing Sources(Uses) (898,399) (898,399) Net Change in Fund Balance (1,963,871) 6,237,410 8,201,281 Fund Balance at Beginning of Year 1,974,783 1,974,783 - Fund Balance at End of Year $ 10,912 $ 8,212,193 $ 8,201,281 V-26 . F1 Hi . 81 South Florida Water Managment District Special Revenue Fund Invasive Aquatic Plant Control Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ 5,000,000 $ 2,132,212 ($ 2,867,788) Other - 2,888 2,888 Total Revenues 5,000,000 2,135,100 (2,864,900) EXPENDITURES Administrative Services and Executive Offices Operations and Maintenance 36,600 - 36,600 Total Administrative Services and Executive Offices 36,600 - 36,600 Operations, Maintenance,and Construction Operations and Maintenance 5,028,879 2,135,100 2,893,779 Total Operations,Maintenance,and Construction 5,028,879 2,135,100 2,893,779 Total Expenditures 5,065,479 2,135,100 2,930,379 Revenues in Excess of(Less than)Expenditures (65,479) - 65,479 Net Change in Fund Balance (65,479) - 65,479 Fund Balance at Beginning of Year 32,120 32,120 - Fund Balance at End of Year ($ 33,359) $ 32,120 $ 65,479 V-27 16F1 H1 Bi South Florida Water Managment District Special Revenue Fund Upland Invasive Plant Control Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ 3,725,000 $ 3,409,176 ($ 315,824) Other - 14,523 14,523 Total Revenues 3,725,000 3,423,699 (301,301) EXPENDITURES Operations, Maintenance,and Construction Land Stewardship 3,725,000 3,716,081 8,919 Total Operations,Maintenance,and Construction 3,725,000 3,716,081 8,919 Total Expenditures 3,725,000 3,716,081 8,919 Revenues in Excess of(Less than)Expenditures - (292,382) (292,382) Net Change in Fund Balance - (292,382) (292,382) Fund Balance at Beginning of Year - - - Fund Balance at End of Year $ - ($ 292,382) ($ 292,382) V-28 16F1 Ii Bi South Florida Water Managment District Special Revenue Fund Wetland Mitigation Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Investment Earnings $ - $ 296,438 $ 296,438 Licenses, Permits and Fees - 2,637,359 2,637,359 Other - 4,989 4,989 Total Revenues - 2,938,786 2,938,786 EXPENDITURES Administrative Services and Executive Offices Land Stewardship 5,500 - 5,500 Total Administrative Services and Executive Offices 5,500 - 5,500 Operations,Maintenance,and Construction Land Stewardship 1,477,949 1,285,995 191,954 Operations and Maintenance 10,000 9,766 234 Restoration 178,726 137,351 41,375 Total Operations, Maintenance,and Construction 1,666,675 1,433,112 233,563 Regulation Regulation 20,812 17,571 3,241 Total Regulation 20,812 17,571 3,241 Contingency Managerial Reserve 531,705 - 531,705 Total Contingency 531,705 - 531,705 Total Expenditures 2,224,692 1,450,683 774,009 Revenues in Excess of(Less than)Expenditures (2,224,692) 1,488,103 3,712,795 Net Change in Fund Balance (2,224,692) 1,488,103 3,712,795 Fund Balance at Beginning of Year 19,361,043 19,361,043 - Fund Balance at End of Year $ 17,136,351 $ 20,849,146 $ 3,712,795 V-29 1ÔFI Hi 1B1 South Florida Water Managment District Special Revenue Fund Indian River Lagoon Restoration Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ 95,000 $ 88,423 ($ 6,577) Investment Earnings - 5,124 5,124 Total Revenues 95,000 93,547 (1,453) EXPENDITURES Administrative Services and Executive Offices Restoration 215,930 4,301 211,629 Total Administrative Services and Executive Offices 215,930 4,301 211,629 Contingency Managerial Reserve 34,634 - 34,634 Total Contingency 34,634 - 34,634 Total Expenditures 250,564 4,301 246,263 Revenues in Excess of(Less than)Expenditures (155,564) 89,246 244,810 Net Change in Fund Balance (155,564) 89,246 244,810 Fund Balance at Beginning of Year 286,523 286,523 - Fund Balance at End of Year $ 130,959 $ 375,769 $ 244,810 V-30 16F1 ' H1 B1 South Florida Water Managment District Special Revenue Fund Federal Land Management Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30, 2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Investment Earnings $ - $ 2,035 $ 2,035 Leases - 1,517,696 1,517,696 Total Revenues - 1,519,731 1,519,731 EXPENDITURES Administrative Services and Executive Offices Land Stewardship 400 - 400 Total Administrative Services and Executive Offices 400 - 400 Operations, Maintenance,and Construction Land Stewardship 503,525 466,205 37,320 Total Operations,Maintenance,and Construction 503,525 466,205 37,320 Contingency Managerial Reserve 154,125 - 154,125 Total Contingency 154,125 - 154,125 Total Expenditures 658,050 466,205 191,845 Revenues in Excess of(Less than)Expenditures (658,050) 1,053,526 1,711,576 Net Change in Fund Balance (658,050) 1,053,526 1,711,576 Fund Balance at Beginning of Year 3,507,250 3,507,250 - Fund Balance at End of Year $ 2,849,200 $ 4,560,776 $ 1,711,576 V-31 1 6F1Hi 81 South Florida Water Managment District Special Revenue Fund External Grants Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ 3,550,386 $ 98,806 ($ 3,451,580) Other - 264,908 264,908 Total Revenues 3,550,386 363,714 (3,186,672) EXPENDITURES Administrative Services and Executive Offices Restoration 2,519,957 1,164,253 1,355,704 Total Administrative Services and Executive Offices 2,519,957 1,164,253 1,355,704 Operations,Maintenance,and Construction Operations and Maintenance 497,398 - 497,398 Restoration 7,106 7,106 - Total Operations, Maintenance,and Construction 504,504 7,106 497,398 Water Resources Restoration 279,000 156,680 122,320 Total Water Resources 279,000 156,680 122,320 Contingency Managerial Reserve 600,000 - 600,000 Total Contingency 600,000 - 600,000 Total Expenditures 3,903,461 1,328,039 2,575,422 Revenues in Excess of(Less than)Expenditures (353,075) (964,325) (611,250) Net Change in Fund Balance (353,075) (964,325) (611,250) Fund Balance at Beginning of Year (161,561) (161,561) - Fund Balance at End of Year ($ 514,636) ($ 1,125,886) ($ 611,250) V-32 16F1 1111 Bi South Florida Water Managment District Special Revenue Fund Everglades License Plate Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ 200,000 $ 246,142 $ 46,142 Investment Earnings - 8,048 8,048 Total Revenues 200,000 254,190 54,190 EXPENDITURES Water Resources Restoration 225,000 30,000 195,000 Total Water Resources 225,000 30,000 195,000 Total Expenditures 225,000 30,000 195,000 Revenues in Excess of(Less than)Expenditures (25,000) 224,190 249,190 Net Change in Fund Balance (25,000) 224,190 249,190 Fund Balance at Beginning of Year 477,804 477,804 - Fund Balance at End of Year $ 452,804 $ 701,994 $ 249,190 V-33 'B1 16F1H1 South Florida Water Managment District Special Revenue Fund Lake Okeechobee Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30, 2015 Variance with Final Final Budget-Positive Budget Actual (Negative) EXPENDITURES Administrative Services and Executive Offices Restoration $ 1,666,583 $ 545,448 $ 1,121,135 Total Administrative Services and Executive Offices 1,666,583 545,448 1,121,135 Operations, Maintenance,and Construction Restoration 15,968 2,458 13,510 Total Operations, Maintenance,and Construction 15,968 2,458 13,510 Contingency Managerial Reserve 757,180 - 757,180 Total Contingency 757,180 - 757,180 Total Expenditures 2,439,731 547,906 1,891,825 Revenues in Excess of(Less than)Expenditures (2,439,731) (547,906) 1,891,825 OTHER FINANCING SOURCES(USES) Transfers In 421,161 420,298 (863) Total Other Financing Sources(Uses) 421,161 420,298 (863) Net Change in Fund Balance (2,018,570) (127,608) 1,890,962 Fund Balance at Beginning of Year 2,250,053 2,250,053 - Fund Balance at End of Year $ 231,483 $ 2,122,445 $ 1,890,962 V-34 16F1 H1 -- B1 South Florida Water Managment District Special Revenue Fund Save Our Everglades Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30, 2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ 13,103,645 $ 1,579,258 ($ 11,524,387) Investment Earnings - 5,620 5,620 Leases 540,221 633,478 93,257 Total Revenues 13,643,866 2,218,356 (11,425,510) EXPENDITURES Administrative Services and Executive Offices Land Stewardship 536,245 498,497 37,748 Restoration 262,193 257,477 4,716 Total Administrative Services and Executive Offices 798,438 755,974 42,464 Operations, Maintenance,and Construction Land Stewardship 513,157 416,757 96,400 Restoration 8,831,246 3,425,159 5,406,087 Total Operations, Maintenance,and Construction 9,344,403 3,841,916 5,502,487 Contingency Managerial Reserve 5,998,361 - 5,998,361 Total Contingency 5,998,361 - 5,998,361 Total Expenditures 16,141,202 4,597,890 11,543,312 Revenues in Excess of(Less than)Expenditures (2,497,336) (2,379,534) 117,802 OTHER FINANCING SOURCES(USES) Transfers In 154,413 4,716 (149,697) Total Other Financing Sources(Uses) 154,413 4,716 (149,697) Net Change in Fund Balance (2,342,923) (2,374,818) (31,895) Fund Balance at Beginning of Year 2,077,521 2,077,521 - Fund Balance at End of Year ($ 265,402) ($ 297,297) ($ 31,895) V-35 16F1 �s � South Florida Water Managment District Special Revenue Fund Land Acquisition Trust Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ - $ 6,865,538 $ 6,865,538 Total Revenues - 6,865,538 6,865,538 EXPENDITURES Revenues in Excess of(Less than)Expenditures - 6,865,538 6,865,538 Net Change in Fund Balance - 6,865,538 6,865,538 Fund Balance at End of Year $ - $ 6,865,538 $ 6,865,538 V-36 16F H1 1Bie South Florida Water Managment District Special Revenue Fund Federal Emergency Management Agency Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ - $ 710 $ 710 Total Revenues - 710 710 EXPENDITURES Administrative Services and Executive Offices Restoration 960 710 250 Total Administrative Services and Executive Offices 960 710 250 Total Expenditures 960 710 250 Revenues in Excess of(Less than)Expenditures (960) - 960 OTHER FINANCING SOURCES(USES) Transfers Out (8,570) (8,570) - Total Other Financing Sources(Uses) (8,570) (8,570) Net Change in Fund Balance (9,530) (8,570) 960 Fund Balance at Beginning of Year 12,820 12,820 - Fund Balance at End of Year $ 3,290 $ 4,250 $ 960 V-37 16F1 Hi 4B1 South Florida Water Managment District Special Revenue Fund Florida Bay Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ 1,000,000 $ 1,001,020 $ 1,020 Investment Earnings - 7,378 7,378 Total Revenues 1,000,000 1,008,398 8,398 EXPENDITURES Administrative Services and Executive Offices Restoration 328,099 139,282 188,817 Total Administrative Services and Executive Offices 328,099 139,282 188,817 Water Resources Modeling and Scientific Support 145,000 85,000 60,000 Restoration 1,823,181 1,361,637 461,544 Total Water Resources 1,968,181 1,446,637 521,544 Total Expenditures 2,296,280 1,585,919 710,361 Revenues in Excess of(Less than)Expenditures (1,296,280) (577,521) 718,759 OTHER FINANCING SOURCES(USES) Transfers In 473,887 473,887 - Total Other Financing Sources(Uses) 473,887 473,887 Net Change in Fund Balance (822,393) (103,634) 718,759 Fund Balance at Beginning of Year 947,030 947,030 - Fund Balance at End of Year $ 124,637 $ 843,396 $ 718,759 V-38 16F1 Hi ' Bl South Florida Water Managment District Capital Projects Fund District Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ - $ 5,368 $ 5,368 Investment Earnings - 221,437 221,437 Sale of District Property - 909 909 Other - 1,292 1,292 Total Revenues - 229,006 229,006 EXPENDITURES Administrative Services and Executive Offices Mission Support 597,713 264,764 332,949 Modeling and Scientific Support 31,800 16,200 15,600 Operations and Maintenance 560,135 165,399 394,736 Regulation 75,635 25,635 50,000 Restoration 554,002 532,609 21,393 Total Administrative Services and Executive Offices 1,819,285 1,004,607 814,678 Operations,Maintenance,and Construction Land Stewardship 31,000 31,000 - Mission Support 6,464 6,464 - Operations and Maintenance 3,878,081 902,227 2,975,854 Restoration 7,281,852 2,513,439 4,768,413 Total Operations,Maintenance,and Construction 11,197,397 3,453,130 7,744,267 Water Resources Modeling and Scientific Support 215,007 213,875 1,132 Restoration 33,643 29,024 4,619 Total Water Resources 248,650 242,899 5,751 Debt Service COPS Bond Principal Retirement 5,189,322 5,189,322 - COPS Bond Interest 10,536,087 10,536,087 - Total Debt Service 15,725,409 15,725,409 - Contingency Managerial Reserve 16,549,648 - 16,549,648 Total Contingency 16,549,648 - 16,549,648 Total Expenditures 45,540,389 20,426,045 25,114,344 Revenues in Excess of(Less than)Expenditures (45,540,389) (20,197,039) 25,343,350 OTHER FINANCING SOURCES(USES) Transfers In 23,538,483 23,538,483 - Transfers Out (2,539,424) (2,539,424) - Total Other Financing Sources(Uses) 20,999,059 20,999,059 - Net Change in Fund Balance (24,541,330) 802,020 25,343,350 Fund Balance at Beginning of Year 24,706,977 24,706,977 - Fund Balance at End of Year $ 165,647 $ 25,508,997 $ 25,343,350 V-39 1 1 6 F 1 iH1 131 South Florida Water Managment District Capital Projects Fund Okeechobee Basin Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ - $ 97,985 $ 97,985 Investment Earnings - 147,920 147,920 Sale of District Property - 780,722 780,722 Other - 215,524 215,524 Total Revenues - 1,242,151 1,242,151 EXPENDITURES Administrative Services and Executive Offices Land Stewardship 41,534 22,000 19,534 Restoration 5,809,099 882,343 4,926,756 Total Administrative Services and Executive Offices 5,850,633 904,343 4,946,290 Operations, Maintenance,and Construction Land Stewardship 8,150 6,583 1,567 Operations and Maintenance 29,109,834 22,180,537 6,929,297 Restoration 7,168,449 2,179,679 4,988,770 Total Operations,Maintenance,and Construction 36,286,433 24,366,799 11,919,634 Water Resources Restoration 30,000 26,020 3,980 Total Water Resources 30,000 26,020 3,980 Contingency Managerial Reserve 4,208,264 - 4,208,264 Total Contingency 4,208,264 - 4,208,264 Total Expenditures 46,375,330 25,297,162 21,078,168 Revenues in Excess of(Less than)Expenditures (46,375,330) (24,055,011) 22,320,319 OTHER FINANCING SOURCES(USES) Transfers In 32,784,377 32,784,377 - Transfers Out (3,129,328) (3,129,328) - Total Other Financing Sources(Uses) 29,655,049 29,655,049 - Net Change in Fund Balance (16,720,281) 5,600,038 22,320,319 Fund Balance at Beginning of Year 16,852,749 16,852,749 - Fund Balance at End of Year $ 132,468 $ 22,452,787 $ 22,320,319 V-40 16F1 H1 Bi South Florida Water Managment District Capital Projects Fund Big Cypress Basin Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30, 2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Investment Earnings $ - $ 130,360 $ 130,360 Sale of District Property - 104 104 Total Revenues - 130,464 130,464 EXPENDITURES Administrative Services and Executive Offices Restoration 50,000 25,000 25,000 Total Administrative Services and Executive Offices 50,000 25,000 25,000 Operations,Maintenance,and Construction Operations and Maintenance 4,972,597 4,003,673 968,924 Restoration 63,895 63,895 - Total Operations,Maintenance,and Construction 5,036,492 4,067,568 968,924 Contingency Managerial Reserve 1,401,833 - 1,401,833 Total Contingency 1,401,833 - 1,401,833 Total Expenditures 6,488,325 4,092,568 2,395,757 Revenues in Excess of(Less than)Expenditures (6,488,325) (3,962,104) 2,526,221 OTHER FINANCING SOURCES(USES) Transfers In 1,580,000 1,580,000 - Transfers Out (356,818) (356,818) - Total Other Financing Sources(Uses) 1,223,182 1,223,182 Net Change in Fund Balance (5,265,143) (2,738,922) 2,526,221 Fund Balance at Beginning of Year 10,229,125 10,229,125 - Fund Balance at End of Year $ 4,963,982 $ 7,490,203 $ 2,526,221 V-41 16F1 Hi B1 South Florida Water Managment District Capital Projects Fund Save Our Rivers Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ 20,000,000 $ 16,984,718 ($ 3,015,282) Investment Earnings - 77,387 77,387 Sale of District Property - 2,488,800 2,488,800 Leases 11,805 - (11,805) Total Revenues 20,011,805 19,550,905 (460,900) EXPENDITURES Administrative Services and Executive Offices Land Stewardship 57,000 57,000 - Restoration 25,050,790 21,606,548 3,444,242 Total Administrative Services and Executive Offices 25,107,790 21,663,548 3,444,242 Operations, Maintenance,and Construction Land Stewardship 24,756 7,562 17,194 Total Operations,Maintenance,and Construction 24,756 7,562 17,194 Contingency Managerial Reserve 4,635,289 - 4,635,289 Total Contingency 4,635,289 - 4,635,289 Total Expenditures 29,767,835 21,671,110 8,096,725 Revenues in Excess of(Less than)Expenditures (9,756,030) (2,120,205) 7,635,825 OTHER FINANCING SOURCES(USES) Transfers In 81,756 81,756 - Total Other Financing Sources(Uses) 81,756 81,756 Net Change in Fund Balance (9,674,274) (2,038,449) 7,635,825 Fund Balance at Beginning of Year 12,064,053 12,064,053 - Fund Balance at End of Year $ 2,389,779 $ 10,025,604 $ 7,635,825 V-42 16F1 H1B1 ' South Florida Water Managment District Capital Projects Fund State Appropriations Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ 3,000,000 $ 999,700 ($ 2,000,300) Total Revenues 3,000,000 999,700 (2,000,300) EXPENDITURES Administrative Services and Executive Offices Restoration 395,465 347,368 48,097 Total Administrative Services and Executive Offices 395,465 347,368 48,097 Operations,Maintenance,and Construction Restoration 3,000,000 999,700 2,000,300 Total Operations, Maintenance,and Construction 3,000,000 999,700 2,000,300 Total Expenditures 3,395,465 1,347,068 2,048,397 Revenues in Excess of(Less than)Expenditures (395,465) (347,368) 48,097 OTHER FINANCING SOURCES(USES) Transfers In 395,465 395,465 - Total Other Financing Sources(Uses) 395,465 395,465 Net Change in Fund Balance - 48,097 48,097 Fund Balance at Beginning of Year - - - Fund Balance at End of Year $ - $ 48,097 $ 48,097 V-43 16F1 'H1 Ri South Florida Water Managment District Capital Projects Fund Everglades Trust Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ - $ 328,261 $ 328,261 Investment Earnings - 1,249,095 1,249,095 Sale of District Property - 97 97 Total Revenues - 1,577,453 1,577,453 EXPENDITURES Operations, Maintenance,and Construction Restoration 2,839,555 1,633,731 1,205,824 Total Operations,Maintenance,and Construction 2,839,555 1,633,731 1,205,824 Water Resources Restoration 185,417 183,226 2,191 Total Water Resources 185,417 183,226 2,191 Debt Service COPS Bond Principal Retirement 6,420,678 6,420,678 - COPS Bond Interest 13,036,160 13,036,160 - Total Debt Service 19,456,838 19,456,838 - Contingency Managerial Reserve 5,132,416 - 5,132,416 Total Contingency 5,132,416 - 5,132,416 Total Expenditures 27,614,226 21,273,795 6,340,431 Revenues in Excess of(Less than)Expenditures (27,614,226) (19,696,342) 7,917,884 OTHER FINANCING SOURCES(USES) Transfers In 20,173,238 20,173,238 - Transfers Out (6,276,576) (6,276,576) - Total Other Financing Sources(Uses) 13,896,662 13,896,662 Net Change in Fund Balance (13,717,564) (5,799,680) 7,917,884 Fund Balance at Beginning of Year 96,763,485 96,763,485 - Fund Balance at End of Year $ 83,045,921 $ 90,963,805 $ 7,917,884 V-44 16F1 N1 611 South Florida Water Managment District Capital Projects Fund Federal Emergency Management Agency Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) EXPENDITURES OTHER FINANCING SOURCES(USES) Transfers Out ($ 114,898) ($ 114,898) $ - Total Other Financing Sources(Uses) (114,898) (114,898) Net Change in Fund Balance (114,898) (114,898) - Fund Balance at Beginning of Year 114,917 114,917 - Fund Balance at End of Year $ 19 $ 19 $ - V-45 16F1 H1 IIB1 South Florida Water Managment District Capital Projects Fund Florida Bay Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ 6,600,000 $ 6,600,000 $ - Investment Earnings - 59,386 59,386 Total Revenues 6,600,000 6,659,386 59,386 EXPENDITURES Administrative Services and Executive Offices Restoration 235,794 - 235,794 Total Administrative Services and Executive Offices 235,794 - 235,794 Water Resources Restoration 10,572 10,473 99 Total Water Resources 10,572 10,473 99 Contingency Managerial Reserve 7,604,727 - 7,604,727 Total Contingency 7,604,727 - 7,604,727 Total Expenditures 7,851,093 10,473 7,840,620 Revenues in Excess of(Less than)Expenditures (1,251,093) 6,648,913 7,900,006 OTHER FINANCING SOURCES(USES) Transfers Out (473,887) (473,887) - Total Other Financing Sources(Uses) (473,887) (473,887) Net Change in Fund Balance (1,724,980) 6,175,026 7,900,006 Fund Balance at Beginning of Year 2,521,144 2,521,144 - Fund Balance at End of Year $ 796,164 $ 8,696,170 $ 7,900,006 V-46 16F1. ?H1 B1 South Florida Water Managment District Capital Projects Fund Wetland Mitigation Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30, 2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Investment Earnings $ - $ 132,687 $ 132,687 Total Revenues - 132,687 132,687 EXPENDITURES Operations,Maintenance,and Construction Restoration 1,432 1,432 - Total Operations, Maintenance,and Construction 1,432 1,432 - Contingency Managerial Reserve 3,369,748 - 3,369,748 Total Contingency 3,369,748 - 3,369,748 Total Expenditures 3,371,180 1,432 3,369,748 Revenues in Excess of(Less than)Expenditures (3,371,180) 131,255 3,502,435 Net Change in Fund Balance (3,371,180) 131,255 3,502,435 Fund Balance at Beginning of Year 9,057,114 9,057,114 - Fund Balance at End of Year $ 5,685,934 $ 9,188,369 $ 3,502,435 V-47 16F1 Hi B1 South Florida Water Managment District Capital Projects Fund Comprehensive Everglades Restoration Plan(CERP) Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Sale of District Property $ - $ 263 $ 263 Total Revenues - 263 263 EXPENDITURES Administrative Services and Executive Offices Restoration 2,650 - 2,650 Total Administrative Services and Executive Offices 2,650 - 2,650 Operations, Maintenance,and Construction Restoration 2,119,442 77,808 2,041,634 Total Operations,Maintenance,and Construction 2,119,442 77,808 2,041,634 Contingency Managerial Reserve 1,050,730 - 1,050,730 Total Contingency 1,050,730 - 1,050,730 Total Expenditures 3,172,822 77,808 3,095,014 Revenues in Excess of(Less than)Expenditures (3,172,822) (77,545) 3,095,277 OTHER FINANCING SOURCES(USES) Transfers Out (1,119,826) (1,119,826) - Total Other Financing Sources(Uses) (1,119,826) (1,119,826) - Net Change in Fund Balance (4,292,648) (1,197,371) 3,095,277 Fund Balance at Beginning of Year 4,292,683 4,292,683 - Fund Balance at End of Year $ 35 $ 3,095,312 $ 3,095,277 V-48 16F1 Hal B1 South Florida Water Managment District Capital Projects Fund Federal Land Acquisition Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30, 2015 Variance with Final Final Budget-Positive Budget Actual (Negative) EXPENDITURES Fund Balance at Beginning of Year $ 3,932,715 $ 3,932,715 $ - Fund Balance at End of Year $ 3,932,715 $ 3,932,715 $ - V-49 16F1 Hi B1 South Florida Water Managment District Capital Projects Fund Save Our Everglades Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Intergovernmental $ 119,290,022 $ 41,576,195 ($ 77,713,827) Sale of District Property - 808,490 808,490 Leases 70,220 - (70,220) Other - 230,301 230,301 Total Revenues 119,360,242 42,614,986 (76,745,256) EXPENDITURES Administrative Services and Executive Offices Restoration 97,288 42,987 54,301 Total Administrative Services and Executive Offices 97,288 42,987 54,301 Operations,Maintenance,and Construction Restoration 104,515,299 67,924,947 36,590,352 Total Operations, Maintenance,and Construction 104,515,299 67,924,947 36,590,352 Contingency Managerial Reserve 35,438,193 - 35,438,193 Total Contingency 35,438,193 - 35,438,193 Total Expenditures 140,050,780 67,967,934 72,082,846 Revenues in Excess of(Less than)Expenditures (20,690,539) (25,352,948) (4,662,409) OTHER FINANCING SOURCES(USES) Transfers Out (149,697) - 149,697 Total Other Financing Sources(Uses) (149,697) - 149,697 Net Change in Fund Balance (20,840,236) (25,352,948) (4,512,712) Fund Balance at Beginning of Year (2,363,914) (2,363,914) - Fund Balance at End of Year ($ 23,204,150) ($ 27,716,862) ($ 4,512,712) V-50 16F1 1H1 Bi South Florida Water Managment District Capital Projects Fund Comprehensive Everglades Restoration Plan-Other Creditable Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) EXPENDITURES Operations,Maintenance,and Construction Restoration $ 1,610,993 $ 3,909 $ 1,607,084 Total Operations,Maintenance,and Construction 1,610,993 3,909 1,607,084 Contingency Managerial Reserve 2,642,870 - 2,642,870 Total Contingency 2,642,870 - 2,642,870 Total Expenditures 4,253,863 3,909 4,249,954 Revenues in Excess of(Less than)Expenditures (4,253,863) (3,909) 4,249,954 OTHER FINANCING SOURCES(USES) Transfers Out (63,477) (63,477) - Total Other Financing Sources(Uses) (63,477) (63,477) - Net Change in Fund Balance (4,317,340) (67,386) 4,249,954 Fund Balance at Beginning of Year 4,315,535 4,315,535 - Fund Balance at End of Year ($ 1,805) $ 4,248,149 $ 4,249,954 V-51 1 6F1 4-11 B 1 South Florida Water Managment District Capital Projects Fund COPS-Everglades Forever Act(EFA) Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30,2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Investment Earnings $ - $ 195,177 $ 195,177 Sale of District Property - 24 24 Total Revenues - 195,201 195,201 EXPENDITURES Operations,Maintenance,and Construction Restoration 24,375,130 23,553,472 821,658 Total Operations,Maintenance,and Construction 24,375,130 23,553,472 821,658 Total Expenditures 24,375,130 23,553,472 821,658 Revenues in Excess of(Less than)Expenditures (24,375,130) (23,358,271) 1,016,859 OTHER FINANCING SOURCES(USES) Transfers In 13,895,131 13,895,131 - Total Other Financing Sources(Uses) 13,895,131 13,895,131 Net Change in Fund Balance (10,479,999) (9,463,140) 1,016,859 Fund Balance at Beginning of Year 10,635,486 10,635,486 - Fund Balance at End of Year $ 155,487 $ 1,172,346 $ 1,016,859 V-52 16F1H1 BI South Florida Water Managment District Capital Projects Fund COPS-Comprehensive Everglades Restoration Plan(CERP) Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30, 2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Sale of District Property $ - $ 115 $ 115 Total Revenues - 115 115 EXPENDITURES Revenues in Excess of(Less than)Expenditures - 115 115 OTHER FINANCING SOURCES(USES) Transfers Out (13,895,994) (13,895,131) 863 Total Other Financing Sources(Uses) (13,895,994) (13,895,131) 863 Net Change in Fund Balance (13,895,994) (13,895,016) 978 Fund Balance at Beginning of Year 13,977,457 13,977,457 - Fund Balance at End of Year $ 81,463 $ 82,441 $ 978 V-53 16F1H1 B1 ` South Florida Water Managment District Capital Projects Fund Lake Belt Mitigation Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30, 2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Investment Earnings $ - $ 9,535 $ 9,535 Licenses,Permits and Fees 5,000,000 - (5,000,000) Total Revenues 5,000,000 9,535 (4,990,465) EXPENDITURES Administrative Services and Executive Offices Land Stewardship 331,917 240,000 91,917 Total Administrative Services and Executive Offices 331,917 240,000 91,917 Operations,Maintenance,and Construction Land Stewardship 5,055,647 59,306 4,996,341 Total Operations,Maintenance,and Construction 5,055,647 59,306 4,996,341 Total Expenditures 5,387,564 299,306 5,088,258 Revenues in Excess of(Less than)Expenditures (387,564) (289,771) 97,793 OTHER FINANCING SOURCES(USES) Transfers In 87,117 87,117 - Total Other Financing Sources(Uses) 87,117 87,117 - Net Change in Fund Balance (300,447) (202,654) 97,793 Fund Balance at Beginning of Year 674,031 674,031 - Fund Balance at End of Year $ 373,584 $ 471,377 $ 97,793 V-54 16F1I-t1 Bi South Florida Water Managment District Capital Projects Fund Lake Okeechobee Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30, 2015 Variance with Final Final Budget-Positive Budget Actual (Negative) EXPENDITURES Administrative Services and Executive Offices Restoration $ 82,636 $ - $ 82,636 Total Administrative Services and Executive Offices 82,636 - 82,636 Operations,Maintenance,and Construction Restoration 91,475 91,475 - Total Operations, Maintenance,and Construction 91,475 91,475 - Total Expenditures 174,111 91,475 82,636 Revenues in Excess of(Less than)Expenditures (174,111) 91,475 82,636 OTHER FINANCING SOURCES(USES) Transfers In 82,636 82,636 - Total Other Financing Sources(Uses) 82,636 82,636 Net Change in Fund Balance (91,475) (8,839) 82,636 Fund Balance at Beginning of Year 6,986 6,986 - Fund Balance at End of Year ($ 84,489) ($ 1,853) $ 82,636 V-55 16F1 H` 1 B1 South Florida Water Managment District Permanent Fund Wetland Mitigation Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual For the Year Ended September 30, 2015 Variance with Final Final Budget-Positive Budget Actual (Negative) REVENUES Investment Earnings $ - $ 225,035 $ 225,035 Licenses, Permits and Fees - 683,090 683,090 Total Revenues - 908,125 908,125 EXPENDITURES Contingency Managerial Reserve 21,660 - 21,660 Total Contingency 21,660 - 21,660 Total Expenditures 21,660 - 21,660 Revenues in Excess of(Less than)Expenditures (21,660) 908,125 929,785 OTHER FINANCING SOURCES(USES) Transfers In 21,660 21,660 - Total Other Financing Sources(Uses) 21,660 21,660 Net Change in Fund Balance - 929,785 929,785 Fund Balance at Beginning of Year 15,200,582 15,200,582 - Fund Balance at End of Year $ 15,200,582 $ 16,130,367 $ 929,785 V-56 16F1H1 B1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT Internal Service Funds Internal Service Funds are used to account for District activities that provide services to other funds and organizational units on a cost reimbursement basis. Self Insurance Fund Accounts for the operations related to providing workers' compensation, general liability, and automobile insurance coverage to all District resource areas. Revenue is provided through interfund charges based on a cost allocation study. Health Benefits Fund Accounts for the operations related to providing health and medical insurance coverage to District employees and retirees who choose to remain in the plan. Revenue is provided through interfund charges and employee and retiree contributions. V-57 16F1 Hi BI. South Florida Water Management District Combining Statement of Net Position Internal Service Funds September 30, 2015 Self Insurance Health Benefits Fund Fund Total ASSETS Current Assets Cash and Investments $ 9,259,967 $ 8,374,010 $ 17,633,977 Accounts Receivable 40,993 673 41,666 Other Assets 140,000 775,000 915,000 Total Current Assets 9,440,960 9,149,683 18,590,643 Noncurrent Assets Furniture,Fixtures and Equipment 27,459 - 27,459 Computer Hardware 3,030 - 3,030 Vehicles 36,224 - 36,224 Accumulated Depreciation (39,698) - (39,698) Total Noncurrent Assets 27,015 - 27,015 Total Assets 9,467,975 9,149,683 18,617,658 LIABILITIES Current Liabilities Accounts Payable $ 1,298 $ 472,028 $ 473,326 Claims Payable 898,185 1,487,219 2,385,404 Total Current Liabilities 899,483 1,959,247 2,858,730 Noncurrent Liabilities Claims Payable 2,697,815 - 2,697,815 Total Noncurrent Liabilities 2,697,815 - 2,697,815 Total Liabilities 3,597,298 1,959,247 5,556,545 NET POSITION Net Position Net Investment in Capital Assets 27,015 - 27,015 Unrestricted 5,843,662 7,190,436 13,034,098 Total Net Position $ 5,870,677 $ 7,190,436 $ 13,061,113 V-58 16F1 j 1 81 South Florida Water Management District Combining Statement of Revenues, Expenses,and Changes in Fund Net Position Internal Service Funds For the Year Ended September 30,2015 Self Insurance Health Benefits Fund Fund Total OPERATING REVENUES Charges for Services $ 1,519,292 $ 27,439,100 $ 28,958,392 Other Operating Revenue 63,565 118,108 181,673 Total Operating Revenues 1,582,857 27,557,208 29,140,065 OPERATING EXPENSES Salaries 304,459 84,071 388,530 Benefits 108,293 18,589 126,882 Claims 784,612 24,178,032 24,962,644 Purchased Services 170,679 10,131 180,810 Administrative Fees - 2,171,543 2,171,543 Premiums and Other 1,459,726 1,207,796 2,667,522 Depreciation 5,111 - 5,111 Total Operating Expenses 2,832,880 27,670,162 30,503,042 OPERATING INCOME(LOSS) (1,250,023) (112,954) (1,362,977) NONOPERATING REVENUES Investment Earnings 129,559 97,650 227,209 Total Nonoperating Revenues 129,559 97,650 227,209 Change in Net Position (1,120,464) (15,304) (1,135,768) Net Position at Beginning of Year 6,991,141 7,205,740 14,196,881 Net Position at End of Year $ 5,870,677 $ 7,190,436 $ 13,061,113 V-59 16F1 H1 81 South Florida Water Management District Combining Statement of Cash Flows Internal Service Funds For the Year Ended September 30,2015 Self Insurance Health Benefits Fund Fund Total CASH FLOWS FROM OPERATING ACTIVITIES: Cash Receipts from Participants and Other Funds $ 1,523,219 $ 27,434,451 $ 28,957,670 Cash Payments to Suppliers (1,193,269) (3,549,587) (4,742,856) Cash Payments for Salaries, Benefits (412,752) (102,660) (515,412) Claims Paid (961,612) (24,435,731) (25,397,343) Other Receipts 63,565 900,830 964,395 Net Cash Provided by(Used in)Operating Activities (980,849) 247,303 (733,546) CASH FLOWS FROM INVESTING ACTIVITIES: Investment Earnings 129,559 97,650 227,209 Net Cash Provided by Investing Activities 129,559 97,650 227,209 Net Increase(Decrease)in Cash and Cash Equivalents (851,290) 344,953 (506,337) Cash and Cash Equivalents, Beginning of Year 10,111,257 8,029,057 18,140,314 Cash and Cash Equivalents,End of Year $ 9,259,967 $ 8,374,010 $ 17,633,977 RECONCILIATION OF OPERATING LOSS TO NET CASH PROVIDED BY(USED IN)OPERATING ACTIVITIES: Operating Loss (1,250,023) (112,954) (1,362,977) Adjustments to Reconcile Operating Loss to Net Cash Provided by(Used In)Operating Activities Depreciation 5,111 - 5,111 CHANGES IN ASSETS AND LIABILITIES: Decrease(Increase)in Accounts Receivable 3,927 6,294 10,221 Decrease(Increase)in Due from Other Funds - 782,722 782,722 Decrease(Increase)in Prepaids 538,249 - 538,249 Increase(Decrease)in Accounts Payable (98,774) (171,060) (269,834) Increase(Decrease)in Due to Other Funds (2,339) - (2,339) Increase(Decrease)in Estimated Unpaid Claims (177,000) (257,699) (434,699) Net Cash Provided by(Used in)Operating Activities $ (980,849) $ 247,303 $ (733,546) V-60 16F1 `H1 B1 • STATISTICAL SECTION 16F1141 B1 ' Statistical Section This part of the South Florida Water Management District's Comprehensive Annual Financial Report presents detailed information as context for understanding what the information in the financial statements, note disclosure, and required supplementary information says about the District's overall financial health. FINANCIAL TRENDS VI-2 These schedules contain trend information to help the reader understand how the District's financial performance and well-being have changed over time. REVENUE CAPACITY VI-8 These schedules contain information to help the reader assess the factors affecting the District's ability to generate its property taxes. DEBT CAPACITY VI-17 These schedules present information to help the reader assess the affordability of the District's current levels of outstanding debts and the District's ability to issue additional debt in the future. DEMOGRAPHIC AND ECONOMIC INFORMATION VI-19 These schedules offer demographic and economic indicators to help the reader understand the environment within which the District's financial activities take place and to help make comparisons over time and with other governments. OPERATING INFORMATION VI-23 These schedules contain information about the District's operations and resources to help the reader understand how the District's financial information relates to the services the District's provides and the activities it performs. Sources: Unless otherwise noted, the information in these schedules is derived from the Comprehensive Annual Financial Reports for the relevant year. vI-1 16F1 HI Bi m 0 r m to o O Y e 8 8 °288 8 8 0 ID v) 8 8fa 8 O m N m m 0 m N r M N . r N O d m c6,.., ro a r M 8 COmLII m n n 8 8 8 V-.. m m o v en m n a? ao °1 88 1r o o 8 S3� 000 N N p N N M CC , O1 N g O O M A O .4-- a a N 8 8 8 2 8 8 m 8 N m u) m N mm M_ 8 v M A 8 m2 M W aN o m 0 8 O u-, N ,- N N Si m N COod 01 M M N N M m V V 69 y M N N ^ M co V 0 (mp m 0 M CO A CO 0. 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E 52 a 2r o C ' • C m O N 4 O. m CO 0 N 1� CO CO CU 2 O " Z Hm 61 a c') ' N ' a ' CO >N L- t0 L- N CO - -y V Ov ti a OCN N U.p c 0 Ln N J U) NC r m O N N L EN: N >.` Ocoa `m 2 N c a a — -o m `oz. 2 'CU C C8 8 C 2 `mom rn2 'E U C_ m Sma w « g' N Y a a m mL— 7 A 'O a V 0 C aE Nrm� m .. NVN N T a ll co N a O OC OO O O « m Q 0L jCa CC- Sm(nIILA O-8Q 6 4i C0yO a O)N y « OO C 10 '5 0 0UU 2 3X20&-c 5 Z V) 1 6 F . H1 6 1 7,04444.„iziewf c --41,....,.. i \i,,:$4, so,,,w) ,c,i," ,„,...1,,,,;„ _ , . This Page has been Intentionally Left Blank 16F1 H1 Bi DISCLOSURE SECTION S.E.C. RULE 15c2-12 DISCLOSURES H1 � i 16F1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT CONTINUING ANNUAL AND EVENT DISCLOSURES The following disclosures comply with amendments of the Securities and Exchange Commission (SEC) Rule 15c2-12(b)(5)(i)(A)to(D). Effective in 1995, the amendments required municipal bond underwriters to gain reasonable assurance from bond issuers that they will provide annual information and notices of material events for disclosure to the secondary bond market. To enter the bond market, the District and other issuers of state and local government securities are indirectly affected by these amendments. We are using this section of the District's Comprehensive Annual Financial Report to comply with our continuing disclosure agreement. DISTRICT AGREEMENT AND EFFECTIVE DATES In respective Bond Resolutions, the District agreed to provide continuing disclosure of annual information and notices of material events upon issuing its • Special Obligation Land Acquisition Refunding Bonds, Series 2002, • Special Obligation Land Acquisition Refunding Bonds, Series 2003, and • Certificates of Participation, Series 2006. SUMMARY OF CONTINUING BOND DISCLOSURE REQUIREMENTS Notice of Annual Financial Audited Annual Notice of Failure to Provide Recipient Information Financial Statements Material Events Annual Financial Information SEC Rule 15c2-12 SEC Rule 15c2-12 SEC Rule 15c2-12 SEC Rule15c2-12 (b)(5)(i)(A) (b)(5)(i)(B) (b)(5)(i)(C) (b)(5)(i)(D) Effective FYE(1) Effective FYE(1) Effective Effective April 1 After Jan. 1, 1996 After Jan. 1, 1996 July 3, 1995 After FYE(1) Each NRMSIR(2) or the MSRB(3) X X Each NRMSIR(2) X X Paying Agent(4) X X X X Underwriters(4) X X X X (1) For the District,the date first effective was for Fiscal Year Ended(FYE)September 30, 1996. (2)Nationally Recognized Municipal Securities Information Repository. (3) Municipal Securities Rulemaking Board. (4)Required under Governing Board Resolution 95-28, Section 24, in connection with the issuance of the Special Obligation Land Acquisition Refunding Bonds, Series 1995. vn-1 Hi 16F1Bi SOUTH FLORIDA WATER MANAGEMENT DISTRICT ANNUAL FINANCIAL INFORMATION SEC Rule 15c2-12(b)(5)(i)(A) requires annual financial information and operating data that are generally consistent with the presentation included in the Official Statements for each bond issue. The following paragraphs summarize the "Security for the Bonds" and the "Security for the Certificates" appearing in the Official Statements. Subsequent paragraphs, tables, and exhibits contain the required financial information and operating data to include: • pledged revenues, • funding and allocation of monies and deposits of the Trust Fund, and • lease payments. SECURITY FOR THE BONDS The Bonds are secured by a first lien on and payable solely from the "Pledged Revenues" as provided in the Bond Resolution. The Bonds are limited obligations of the District. As such, the District, the State of Florida, or any public body in the State shall not: • pledge its full faith and credit to the payment of bond principal, interest or premium; or • directly or indirectly be contingently obligated to levy any taxes or to make any appropriation for payment except from the pledged revenues for debt service on the Bonds. Pledged Revenues consist of all monies collected, allocated to the District, and deposited in the Lands Acquisition Trust Fund (the"Trust Fund")which consist of: • a share of the Documentary Stamp Tax, • funds from the sale or other disposition of land, water areas, or related resources acquired on or after July 1, 2015, • investment earnings. The pledged revenues equally and ratably secure the Series 2002 and 2003 Bonds. The Florida Department of Environmental Protection maintains the Trust Fund. DOCUMENTARY STAMP TAX The State of Florida imposes an excise tax on documents (the "Documentary Stamp Tax"). Under current law,the Documentary Stamp Tax is levied upon certain instruments whereby interests in real property are conveyed, original issues of stock, bonds and debentures issued in the State of Florida, promissory notes or other written obligations to pay money, and mortgages recorded in the State of Florida. In general, the amount of the Documentary Stamp Tax due with respect to an instrument is based upon the amount of indebtedness evidenced or secured thereby, or in the case of documents transferring interests in property, upon the consideration for the transfer, or, in the case of stocks and bonds, upon the face value or actual value thereof. The Documentary Stamp Tax is collected by the Florida Department of Revenue(DOR) and by the Clerks of the Circuit Courts of the counties in Florida on behalf of the DOR. The Documentary Stamp Tax is distributed, for various purposes, pursuant to a statutorily-prescribed formula. VII-2 16F1 ' H 1 Bi SOUTH FLORIDA WATER MANAGEMENT DISTRICT Under current law, the DOR distributes the Documentary Stamp Tax collections and investment earnings, thereon, as follows: • The first 8%to the State of Florida General Revenue Fund to pay a portion of the costs of general government. • The costs of collection and enforcement of the Documentary Stamp Tax are deducted by and for the use of the Department of Revenue. • A portion of the then remaining Documentary Stamp Tax collections (including investment earnings)are required to be deposited in the Trust Fund. There is no assurance that the Florida Legislature will not change the percentage allocations to the General Fund, the Documentary Stamp Tax collections to the Trust Fund, or the percentage of the Trust Fund allocable to the District. Likewise, the Legislature could implement an appropriations bill affecting the distributions to the Trust Fund. Such changes, if made, could affect distributions to the Trust Fund. However, there exists an implied contract with the State to allocate sufficient documentary stamp revenues to cover debt service. The following table illustrates the current and historical taxation rates and percentage distribution to the Trust Fund. DOCUMENTARY STAMP TAX RATES AND TRUST FUND DISTRIBUTION Tax(Per$100) Tax(Per$100) Percent to Year Effective Stocks/Bonds/Mortgages Deeds Trust Fund 1963 $0.15 - - 1981 $0.15 $0.45 7.20% 1985 $0.15 $0.50 9.80% 1987 $0.15 $0.55 9.20% 1990 $0.32 $0.55 6.90% 1991 $0.32 $0.60 6.56% 1992 $0.35 $0.70 5.84% 2001 $0.35 $0.70 4.20% FUNDING AND ALLOCATION OF THE TRUST FUND Deposits distributed to the Trust Fund began accruing to the District and the State's other four water management districts in August 1981. Under present law, moneys from the Trust Fund(net of DEP's administrative expenses)are applied as follows: • First, to pay debt service or to fund debt service reserve funds, rebate obligations, or other amounts payable with respect to Florida Forever bonds and Everglades restoration bonds. • Next, to pay debt service or to fund debt service reserve funds, rebate obligations, or other amounts payable with respect to bonds issued by the South Florida and St. Johns Water Management Districts. • Then, to distribute $32 million each fiscal year to the South Florida Water Management District for the Long-Term Plan. VII-3 16F1 Hi 181 SOUTH FLORIDA WATER MANAGEMENT DISTRICT USE OF THE TRUST FUND Expenditure of moneys from the Trust Fund is limited to payment of debt service and the acquisition, management, maintenance and capital improvement costs of certain lands included within the District's Five-Year Plan and to DEP's cost to administer the Trust Fund. Moneys in the Trust Fund not needed to meet land acquisition and management costs, or current debt service, are invested by the State Treasurer to the credit of the Trust Fund, in the manner provided by Florida law. Interest received on such investments is credited to the Trust Fund. ESCROW AND RESERVE FUNDS Security for payment of debt service on outstanding bonds is provided from two sources: • an Escrow Fund within the Trust Fund and • a Surety Bond issued by AMBAC and held by the Trustee. Trust Fund Escrow An agreement between the District and the Florida Department of Environmental Protection (DEP) requires DEP to set aside and escrow from the first moneys allocable to the District in the Trust Fund,sufficient moneys for the payment of principal and interest on the Bonds becoming due in such Bond Year. DEP is obligated to pay Trust Fund moneys sufficient to pay debt service as it becomes due on the Bonds to the District's Paying Agent. However, such payment shall not exceed the District's cumulative portion of funds in the Trust Fund. Debt Service Reserve Fund/Surety Bond The Bond Resolution provides for establishment and maintenance of the Reserve Fund for the purpose of making deposits in the Debt Service Fund in the event the moneys therein are insufficient for the payment of sums due on the Bonds, and for no other purpose. Moneys on deposit in the Reserve Fund shall be maintained for the benefit of the holders of the Series 2002 and 2003 Bonds, and any parity obligations of the District issued pursuant to the Resolution. The District is required to have on deposit in the Reserve Fund an amount of money and/or Debt Service Reserve Fund Surety Bonds equal to the Reserve Fund Requirement. Beginning in 1995, the District obtained a Debt Service Reserve Fund Surety Bond to meet this requirement. The Reserve Fund Requirement is defined in the Resolution to mean, at any time, an amount equal to the lesser of: • the maximum amount of principal and interest on all outstanding bonds due in any succeeding fiscal year, or • the aggregate of ten (10%)of the original proceeds of each series of bonds. VII-4 16Fi B H1 1 SOUTH FLORIDA WATER MANAGEMENT DISTRICT SECURITY FOR THE CERTIFICATES OF PARTICIPATION The Series 2006 Certificates evidence undivided proportionate interests in the principal portion and interest portion of Basic Lease Payments made by the Governing Board to the Corporation under the Series 2006 Lease. The Series 2006 Certificates are secured by and payable from the Trust Estate established for the Series 2006 Certificates (the "Trust Estate") pursuant to the Trust Agreement and any amounts payable under the Financial Guaranty Insurance Policy. The Trust Estate consists of all estate,right,title and interest of the Trustee in and to the Basic Lease Payments under the Series 2006 Lease, and all amounts held in the funds and accounts under the Trust Agreement in accordance with the provisions of the Master Lease and the Trust Agreement, including investment earnings thereon, and any and all monies received by the Trustee pursuant to the Series 2006 Lease and the Trust Agreement which are not required to be remitted to the Governing Board or the Corporation pursuant to the Master Lease or the Trust Agreement. Purpose of the Series 2006 Certificates The Series 2006 Lease is entered into, and the Series 2006 Certificates issued to provide for the lease-purchase financing of the acquisition, construction, installation and equipping of certain facilities and improvements to land for the restoration, protection and preservation of the Everglades ecosystem pursuant to the Acceler8 Project; refinance certain interim financings of the District, a portion of which was used to commence construction of certain of the 2006 Facilities;and pay certain costs of issuance of the Series 2006 Certificates, including the premium on a financial guaranty insurance policy for the Series 2006 Certificates. The Series 2006 Certificates are executed and delivered pursuant to a Master Trust Agreement dated November 1, 2006, and as amended and supplemented by the Series 2006 Supplemental Trust Agreement, dated November 1, 2006. Lease Payments All Basic and Additional Lease Payments and all other amounts required to be paid by the Governing Board under the Series 2006 Lease and all other Leases are payable solely from legally available funds budgeted and appropriated by the Governing Board for such purpose. Revenues available to the Governing Board for operational purposes and capital projects such as the Series 2006 Facilities include, but are not necessarily limited to, ad valorem taxes, operating grants and contributions from various sources, including the State of Florida, and capital grants and contributions from various sources, including the State and Federal Government. VII-5 16F1 N1 Bi SOUTH FLORIDA WATER MANAGEMENT DISTRICT ANNUAL DEBT SERVICE REQUIREMENTS Debt service requirements on the Series 2002 and 2003 Bonds, and Series 2006 Certificates are as follows: ANNUAL DEBT SERVICE (Principal and Interest) REQUIREMENTS (in Millions) Fiscal Years Total Series 2002 Series 2003 Series 2006 2016 $ 42.03 $ 2.52 1 $ 4.34 1 $ 35.17 2017 35.14 35.14 2018 35.13 35.13 2019 35.11 35.11 2020 - 2024 175.28 175.28 2025 -2029 174.71 174.71 2030 -2034 173.99 173.99 2035- 2037 103.96 103.96 2 Totals $ 775.35 $ 2.52 $ 4.34 $ 768.49 AUDITED ANNUAL FINANCIAL STATEMENTS Section II of this Comprehensive Annual Financial Report contains the District's Basic Financial Statements and related Report of Independent Certified Public Accountants. These statements are consistent with the Basic Financial Statements contained in the Official Statements in compliance with SEC Rule 15c2-12(b)(5)(i)(A)and (B). 1 Scheduled payoff—October 1, 2015. 2 Scheduled payoff—October 1, 2036. VII-6 16FI 81 HI SOUTH FLORIDA WATER MANAGEMENT DISTRICT REQUIRED NOTICES The following table lists each material event and required notice defined in SEC Rule 15c2- 12(b)(5)(i)(C) and (D). The table confirms that no notice to the NRMSIR or the MSRB and the SID was required for any of the material events related to each of the indicated Land Acquisition Bond Series currently outstanding. This confirms compliance with SEC Rule 15c2-12(b)(5)(i)(C) and (D) from July 3, 1995 to the date of this report. NOTICE OF MATERIAL EVENTS LAND ACQUISITION CERTIFICATES OR FAILURE TO PROVIDE REQUIRED BONDS ANNUAL FINANCIAL INFORMATION RULE SERIES SERIES SERIES SEC. DESCRIPTION 2002 2003 2006 (C)(1) Principal and interest payment delinquencies. None None None (C)(2) Non-payment related defaults. None None None Unscheduled draws on debt service reserves reflecting (C)(3) financial difficulties. None None None Unscheduled draws on credit enhancements reflecting (C)(4) financial difficulties. None None None Substitution of credit or liquidity providers, or their failure to (C)(5) perform. None None None Adverse tax opinions or events affecting the tax-exempt (C)(6) status of the security. None None None (C)(7) Modifications to rights of security holders. None None None (C)(8) Bond calls. None None None (C)(9) Defeasances. None None (c) Release, substitution, or sale of property securing (C)(10) repayment of the securities. None None None (C)(11) Ratings changes. (a) (a) (a) (C)(12) Bankruptcy, insolvency, receivership,or similar events. None None None Merger, consolidation, or acquisition involving the sale of all (C)(13) or substantially all assets, other than in the ordinary course None None None of business. Appointment of a successor or additional trustee, or the (C)(14) change of name of a trustee. None None (b) Failure to provide annual financial information or (D) operating data in a timely manner. None None None Default of the Florida Department of Environmental (*) Protection on its obligations under the Agreement. None None None vna 16F1Hti SOUTH FLORIDA WATER MANAGEMENT DISTRICT (a) During fiscal year 2011, Moody's Investor Services(Moody's)and Standard and Poor's(S&P)withdrew their ratings of the District's bond insurer,AMBAC Assurance Corporation. This rating was previously withdrawn by Fitch Ratings. During fiscal year 2012, Moody's lowered its credit rating on the District's Certificates and Land Acquisition Bonds to Aa3 from Aa2 and to A3 from Al and Fitch Ratings downgraded the rating on the District's COPS to AA-from AA. On January 14, 2014, Fitch Ratings affirmed both the AA- rating on the District's COPS and the A rating on the Land Acquisition Bonds. The rating on all District debt is based on the District's underlying "non-insured" rating for the current fiscal year as follows: • Certificates of Participation, Series 2006, rated Aa3, AA and AA- by Moody's, Standard & Poor's and Fitch, respectively. • Land Acquisition Bonds,Series 2002 and 2003,rated A3,A+and A by Moody's,Standard&Poor's and Fitch, respectively. (b) During fiscal year 2013, U.S. Bank National Association, the lead bank of U.S. Bancorp, became the District's Trustee for the Certificates of Participation, Series 2006 when it acquired the municipal bond trustee business of Deutsche Bank,who formerly served as the District's Trustee. (c) In February 2016, the District advance refunded $442,025,000 of the par value of its Series 2006 Certificates of Participation(COPs). This in-substance defeasance was financed through the issuance of the Series 2015 Refunding COPs with a par value of$385,425,000 together with a net premium of $70,872,796.80. In addition, the District contributed $6,900,000 of funds on hand toward the advance refunding. These funds have been placed into escrow with U.S. Bank National Association from which $1.1 million was paid for the costs of issuance. Remaining debt service for the defeased Series 2006 COPs is $724.4 million while remaining debt service for the Series 2015 Refunding COPs is $625.5 million for a total savings over the remaining life of the debt of$98.9 million.The economic gain on the refunding is a net present value savings of$72.2 million through fiscal year 2037. VII-8 16F1 Hi 81 SINGLE AUDIT K 16F1 N11 South Florida Water Management District, a Component Unit of the State of Florida Single Audit Reports in Accordance With OMB Circular A-133 and Chapter 10.550, Rules of the Auditor General of the State of Florida Year Ended September 30, 2015 l6Ft H1 Bit Contents 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 1-2 Report on compliance for each major federal program and state project; report on internal control over compliance; and report on the schedule of expenditures of federal awards and state financial assistance required by OMB Circular A-133 and Chapter 10.550, Rules of the Auditor General, State of Florida 3-5 Schedule of expenditures of federal awards and state financial assistance 6-8 Notes to schedule of expenditures of federal awards and state financial assistance 9 Schedule of findings and questioned costs 10-12 Summary schedule of prior audit findings 13 16F1 H 1 E31 1.1 RSM RSM US LLP 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 Independent Auditor's Report The Governing Board South Florida Water Management District West Palm Beach 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 the governmental activities, each major fund, and the aggregate remaining fund information of the South Florida Water Management District(the District), as of and for the year ended September 30,2015, and the related notes to the financial statements, which collectively comprise the District's basic financial statements, and have issued our report thereon dated June 24, 2016. Our report included an emphasis of matter paragraph for the adoption of Government Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, an Amendment of GASB Statement No. 27 and Statement No. 71,Pension Transition for Contributions Made Subsequent to the Measurement Date, an amendment of GASB Statement No. 68, effective October 1, 2014. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the District's internal control over financial reporting (internal control)to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District's internal control.Accordingly, we do not express an opinion on the effectiveness of the District's internal control. 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 a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis.A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies.Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. THE POWER OF BEING UNDERSTOOD AUDIT TAX CONSULTING 1 16F1 Hi B1 Compliance and Other Matters As part of obtaining reasonable assurance about whether the District's financial statements are free from 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. West Palm Beach, Florida June 24, 2016 2 16F1 81 RSM RSM US LLP Report on Compliance for Each Major Federal Program and State Project; Report on Internal Control Over Compliance; and Report on the Schedule of Expenditures of Federal Awards and State Financial Assistance Required by OMB Circular A-133 and Chapter 10.550, Rules of the Auditor General, State of Florida Independent Auditor's Report The Governing Board South Florida Water Management District West Palm Beach, Florida Report on Compliance for Each Major Federal Program and State Project We have audited the South Florida Water Management District's(the District)compliance with the types of compliance requirements described in the OMB CircularA-133 Compliance Supplement and the requirements described in the Florida Department of Financial Services'State Projects Compliance Supplement,that could have a direct and material effect on each of the District's major federal programs and it's major state project for the year ended September 30, 2015.The District's major federal programs and state project are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs. Management's Responsibility Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal programs and state projects. Auditor's Responsibility Our responsibility is to express an opinion on compliance for each of the District's major federal programs and state project based on our audit of the types of compliance requirements referred to above.We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America: the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133,Audits of States, Local Governments, and Non-Profit Organizations and Chapter 10.550, Rules of the Auditor General of the State of Florida.Those standards and OMB Circular A-133 and Chapter 10.550 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program and state project occurred.An audit includes examining, on a test basis, evidence about the District's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program and state project. However, our audit does not provide a legal determination of the District's compliance. Opinion on Each Major Federal Program and State Project In our opinion,the District complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs and state project for the year ended September 30,2015. THE POWER OF BEING UNDERSTOOD AUDIT TAX CONSULTING 3 16F1 H1B1 Report on Internal Control Over Compliance Management of the District is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance,we considered the District's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program and state project to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and state project and to test and report on internal control over compliance in accordance with OMB Circular A-133 and Chapter 10.550, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the District's internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions,to prevent,or detect and correct, noncompliance with a type of compliance requirement of a federal program or state project on a timely basis.A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program or state project will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program or state project that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies.We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133 and Chapter 10.550.Accordingly, this report is not suitable for any other purpose. 4 16F1 Hi 81 Report on Schedule of Expenditures of Federal Awards and State Financial Assistance Required by OMB Circular A-133 and Chapter 10.550 We have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the District as of and for the year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the District's basic financial statements.We issued our report thereon dated June 24, 2016, which contained unmodified opinions on those financial statements and included an emphasis of matter paragraph for the adoption of GASB Statements No. 68 and 71. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the basic financial statements.The accompanying schedule of expenditures of federal awards and state financial assistance is presented for purposes of additional analysis as required by OMB Circular A-133 and Chapter 10.550, Rules of the Auditor General of the State of Florida and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements.The information, except Note 4 marked "unaudited"of which we express no opinion, has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves,and other additional procedures in accordance with auditing standards generally accepted in the United States of America.The information marked"unaudited"has not been subjected to the auditing procedures applied in the audit of the basic financial statements,and accordingly, we do not express an opinion or provide any assurance on it. In our opinion, except for the portion marked"unaudited", the schedule of expenditure of federal awards and state financial assistance is fairly stated in all material respects in relation to the basic financial statements as a whole. s,4vs1..4P West Palm Beach, Florida June 24,2016 5 1 6 F1 Hi 8 1 South Florida Water Management District Schedule of Expenditures of Federal Awards and State Financial Assistance Year Ended September 30,2015 Grant/Contract Pass-Through Amount Federal Grantor/State Agency CFDA No. Number Expenditures to Subrecipient I.Cash Federal Awards Federal grants: U.S.Department of Interior: East Coast Buffer/Water Preserve Areas Land Acquisitions 15' FB-1 $ 54,303 N/A Everglades Watershed Restoration-Program Income 15' LWCF-1 411,300 N/A National Park Service Conservation,Protection,Outreach and Education 15' P15AC00435 25,652 N/A Talisman-Program Income 15' FB-4 1,222,683 N/A Fish and Wildlife Coordination and Assistance Programs 15.664 338,486 N/A Total U.S.Department of Interior 2,052,424 U.S.Department of Agriculture: NRCS Wetlands Reserve Program Allapattah Ranch Wetlands Reserve Program 10.072 66-4209-12-809 232,174 N/A Total U.S.Department of Agriculture 232,174 U.S.Department of Transportation—Federal Highway Administration: Pass-through Florida Department of Transportation Highway Planning and Construction 20.205 BOH 68 2,915 N/A Total U.S.Department of Transportation 2,915 Total Cash Federal Awards $ 2,287,513 CFDA number not available (Continued) 6 16 F`'1 HB 1 South Florida Water Management District Schedule of Expenditures of Federal Awards and State Financial Assistance(Continued) Year Ended September 30, 2015 Grant/Contract Pass-Through Amount Federal Grantor/State Agency CSFA No. Number Expenditures to Subrecipient Florida Department of Environmental Protection: Water Management District—Land Acquisition and Construction: SOETF FYI1 NEEPP/CERP 37.022 SOETF11 NEEPP/CERP $ 27,068 N/A SOETF FY12 NEEP/CERP 37.022 SOETF12 NEEP/CERP 1,946,240 N/A SOETF FY13 NEEP/CERP 37.022 SOETFI3 NEEP/CERP 1,166,437 N/A SOETF FY14 NEEPP/CERP/Restoration Strategies 37.022 SOETF14 NEEPP/CERP/RS 34,381,336 N/A SOETF FY15 CERP/Restoration Strategies 37.022 SOETF15 CERP/RS 35,807,111 N/A SOETF FY13 NEEP/CERP 37.022 FFTF 16,984,718 N/A WMLTF Cost of Bonds 37.022 WMLTF 9,170,311 N/A 99,483,221 Water Management District Operations: Water Policy and Ecosystems Restoration 37.037 S0760 DWM 2,246,493 N/A C-43 West Basin Storage Reservoir 37.037 S0761 C-43 WEST BASIN 999,700 N/A 3,246,193 Surface Water Restoration and Wastewater Projects: Various Surface Water Rest.&Waste Water Projects-Lake 0 37.039 SFW31 870 N/A Various Surface Water Rest.&Waste Water Projects-CBIR 37.039 SFW61 100,000 100,000 Various Surface Water Rest.&Waste Water Projects-Lake 0 37.039 SFW61 131,286 18,173 Various Surface Water Rest.&Waste Water Projects-CBIR 37.039 SFW71 429,395 124,373 Various Surface Water Rest.&Waste Water Projects-Lake 0 37.039 SFW71 345,897 N/A Various Surface Water Rest.&Waste Water Projects-CBIR 37.039 SFW81 170,298 159,002 Various Surface Water Rest.&Waste Water Projects-CBIR 37.039 SFW91 400,730 41,541 Various Surface Water Rest.&Waste Water Projects 37.039 S0767 1,426,529 N/A Various Surface Water Rest.&Waste Water Projects 37.039 S0707 24,000 N/A Various Surface Water Rest.&Waste Water Projects 37.039 S0784 15,100 N/A Lake Okeechobee Fast Track-Nubbin Slough 37.039 N/A 93,127 N/A 3,137,232 443,089 Total Florida Department of Environmental Protection $ 105,866,646 (Continued) 7 16F1 HI B1 South Florida Water Management District Schedule of Expenditures of Federal Awards and State Financial Assistance(Continued) Year Ended September 30,2015 Grant/Contract Pass-Through Amount Federal Grantor/State Agency CSFA No. Number Expenditures to Subrecipient Florida Department of Motor Vehicles: Indian River Lagoon License Plate Revenue 76.010 IRL License Plate $ 4,301 N/A Everglades River of Grass License Plate Project 76.013 Everglades License 30,000 N/A Total Florida Department of Motor Vehicles 34,301 Florida Department of Transportation: Everglades Restoration Program DOT Alligator Alley Toll Fees 55.025 C-7425 2,644,080 N/A Total Florida Department of Transportation 2,644,080 Total State Financial Assistance 108,545,027 Total Expenditures of Federal Awards and State Financial Assistance $ 110,832,540 See notes to schedule of expenditures of federal awards and state financial assistance. N/A is not applicable 8 16F1 Hi 81 South Florida Water Management District Notes to Schedule of Expenditures of Federal Awards and State Financial Assistance Year Ended September 30,2015 1. Basis of Presentation The accompanying schedule of Expenditures of Federal Awards and State Financial Assistance(the Schedule)includes the activity of all federal awards and state projects of the South Florida Water Management District(the District)for the year ended September 30, 2015. All federal awards and state financial assistance received directly from federal and state agencies, as well as federal and state awards passed through other government agencies are included in the accompanying Schedule. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget(OMB)Circular A-133,Audits of States, Local Governments, and Non-Profit Organizations. Because the schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position or cash flows of the District.The District's reporting entity is described in Note 1 to the financial statements. 2. Summary of Significant Accounting Policies Expenditures reported on the Schedule are presented using the modified accrual basis of accounting for grants which are accounted for in the governmental fund types. The information in the Schedule of Expenditures of Federal Awards and State Financial Assistance is presented in accordance with the requirements of OMB Circular A-133,Audits of States, Local Governments, and Non-Profit Organizations and Chapter 10.550, Rules of the Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. 3. Subrecipients Certain program funds are passed through the District to subrecipient organizations. Subrecipients are noted on the schedule as"pass-through amount to subrecipient." 4. Non-Cash Federal Financial Assistance(Unaudited) In accordance with various cost sharing projects the District has entered into with the U.S.Army Corps of Engineers(ACOE), a portion of the project is funded and performed by the ACOE and is considered to be noncash federal financial assistance to the District. However, since the amount is provided by the ACOE and cannot be verified by the District, it has not been subjected to audit as part of the District's federal awards under OMB Circular A-133 and the Federal Single Audit Act.The amount of non-cash federal financial assistance received by the District, as reported by the ACOE was$905,154 for fiscal year ended September 30, 2015. 9 16F1111 81 South Florida Water Management District Schedule of Findings and Questioned Costs Year Ended September 30, 2015 Section I—Summary of Auditor's Results Financial Statements Type of auditor's report issued: Unmodified Internal control over financial reporting: Material weakness(es)identified? Yes X No Significant deficiency(ies)identified that are not considered to be material weakness(es)? Yes X None reported Noncompliance material to financial statements noted? Yes X No Federal Awards Internal control over major federal program: Material weakness(es)identified? Yes X No Significant deficiency(ies)identified that are not considered to be material weakness(es)? Yes X None reported Type of auditor's report issued on compliance for major federal programs: Unmodified Any audit findings disclosed that are required to be reported in accordance with Section 510(a) of Circular A-133? Yes X No Identification of major federal programs: Federal CFDA No. Name of Major Federal Program U.S.Department of Interior: 15.Unknown Talisman-Program Income 15.664 Fish and Wildlife Coordination and Assistance Programs Dollar threshold used to distinguish between type A and type B programs: $300,000 Auditee qualified as low-risk auditee? X Yes No (Continued) 10 16F1 H1 B1 South Florida Water Management District Schedule of Findings and Questioned Costs(Continued) Year Ended September 30, 2015 State Financial Assistance Internal control over major state financial assistance projects: Material weakness(es)identified? Yes X No Significant deficiency(ies)identified that are not considered to be material weakness(es)? Yes X None reported Type of auditor's report issued on compliance for major state financial assistance projects: Unmodified Any audit findings disclosed that are required to be reported in accordance with Chapter 10.550, Rules of the Auditor General? Yes X No Identification of major state financial assistance projects: State CSFA No. Name of State Projects Florida Department of Environmental Protection: 37.022 Water Management District—Land Acquisition and Construction Dollar threshold used to distinguish between type A and type B projects: $3,256,351 (Continued) 11 16F1 HI 81 South Florida Water Management District Schedule of Findings and Questioned Costs(Continued) Year Ended September 30, 2015 Section II—Financial Statement Findings None reported. Section III—Federal Awards and State Financial Assistance Findings and Questioned Costs None reported. 12 16F 1 H . 61 South Florida Water Management District Summary Schedule of Prior Audit Findings Year Ended September 30,2015 None reported. 13 16F1 Hi 8 1 Sae II trm�rtryyi This Page has been Intentionally Left Blank 16F1 81 MANAGEMENT LETTER 16F1 South Florida Water Management District Management Letter in Accordance With the Rules of the Auditor General of the State of Florida September 30, 2015 16F1 HI 81 Contents Management letter in accordance with the Rules of the Auditor General of the State of Florida 14-16 Index of current year findings 17 Appendix A—Current year's recommendations to improve financial management, accounting procedures and internal controls 18 16F1 HI 1 Bigam. RSM RSM US LLP Management Letter in Accordance With the Rules of the Auditor General of the State of Florida To the Governing Board South Florida Water Management District Report on the Financial Statements We have audited the financial statements of the governmental activities, each major fund and the aggregate remaining fund information of the South Florida Water Management District(the District), a component unit of the State of Florida, as of and for the year ended September 30, 2015, and have issued our report thereon dated June 24, 2016. Our report includes an emphasis of matter paragraph relating to the District's adoption of Government Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, an Amendment of GASB Statement No. 27 and Statement No. 71,Pension Transition for Contributions Made Subsequent to the Measurement Date, an amendment of GASB Statement No. 68, effective October 1, 2014. Auditor's Responsibility We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; OMB Circular A-133,Audits of States, Local Governments and Non-Profit Organizations and the Chapter 10.550, Rules of the Florida Auditor General. Other Reports and Schedule 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; Independent Auditor's Report on Compliance For Each Major Federal Program or State Project and Report on Internal Control Over Compliance in Accordance With OMB Circular A-133 and Chapter 10.550. Rules of the Florida Auditor General;the Schedule of Findings and Questioned Costs and our Independent Accountant's Report on an examination conducted in accordance with AICPA Standards for Attestation Engagements, Section 601, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports and schedule, which are dated June 24, 2016,should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report.There were no prior audit findings and recommendations made in the preceding annual financial audit report. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General , requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements.The information is disclosed in Note 1A to the financial statements. THE POWER OF BEING UNDERSTOOD AUDIT TAX CONSULTING 14 16F1 HI H Financial Condition Section 10.554(1)(i)5.a and 10.556(7), Rules of the Auditor General, requires that we report the results of our determination as to whether or not the District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and identification of the specific condition(s)met. In connection with our audit,we determined that the District did not meet any of the conditions described in Section 218.503(1), Florida Statutes. Pursuant to Sections 10.554(1)(i)5.c. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures. It is management's responsibility to monitor the District's financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same. Annual Financial Report Section 10.554(1)(i)5.b and 10.556(7), Rules of the Auditor General, requires that we report the results of our determination as to whether the annual financial report for the District for the fiscal year ended September 30,2015, filed with the Florida Department of Financial Services pursuant to Section 218.32(1)(a), Florida Statutes, is in agreement with the annual financial audit report for the fiscal year ended September 30, 2015. In connection with our audit,we determined that these two reports were in agreement. Monthly Financial Statements Section 10.554(1)(i)6.a and 10.556(9), Rules of the Auditor General, requires that we report the results of our determination as to whether or not the District provided monthly financial statements to its governing board and made such monthly statements available for public access on its Web site. In connection with our audit, we determined that the District provided monthly financial statements to its governing board and made such monthly statements available for public access on its Web site. Transparency Section 10.554(1)(i)6.b. and 10.556(9), Rules of the Auditor General, requires that we report the results of our determination as to whether the District provided a link on its Web site to the Florida Department of Financial Service's website to view the District's annual financial report submitted to the Department. In connection with our audit,we determined that the District provided a link on its website to the Florida Department of Financial Service's Web site. Section 10.554(1)(i)6.c. and 10.556(9), Rules of the Auditor General, requires that we report the results of our determination as to whether the District posted its tentative and final budgets on its Web site. In connection with our audit,we determined that the District posted its tentative and final budgets on its website. Other Matters Section 10.554(1)(i)2., Rules of the Auditor General, requires that we address in the management letter any recommendations to improve financial management. The recommendations to improve the District's financial management have been addressed in"Current Year's Recommendations to Improve Financial Management,Accounting Procedures and Internal Controls"in Appendix A to this report.The District's responses to the recommendations to improve the District's financial management have been addressed in"Current Year's Recommendations to Improve Financial Management,Accounting Procedures and Internal Controls" in Appendix A to this report.We did not audit the District's response, and accordingly, we express no opinion on it. Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred,or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit,we did not have any such findings. 15 1 6 F1 f Bi H1 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, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties. s,ti vs LLP West Palm Beach, Florida June 24, 2016 16 16F1 Hi BI N'44110 This Page has been Intentionally Left Blank H 1 BI 16F1 South Florida Water Management District Index of Current Year Findings No. Current Year's Observations and Recommendations 2015-01 User Access Reviews 17 16F1 111- B South Florida Water Management District Appendix A—Current Year's Recommendations to Improve Financial Management,Accounting Procedures and Internal Controls IC 2015-01 User Access Reviews Criteria: Access rights to the organization's relevant financial reporting applications or data are reviewed periodically by management. Condition: Access rights to in-scope applications(SAP and network users)are not reviewed at least on an annual basis. Cause: Access rights to in-scope applications(SAP and network users)are not reviewed at least on an annual basis. Effect: Risks include unauthorized use, disclosure of proprietary information, modification, damage, or loss of data. Recommendation: Management should consider performing a review of all SAP and network user access at least annually in order to prevent unauthorized use of system access. Moreover, management should formally document the review performed over user access rights, including the documentation of when the access review was performed, who performed the review, and document any access changes that are required. Views of Responsible Officials and Planned Corrective Actions: The District agrees with the recommendation and currently has a process in place to formally review and document requests for additional system access. In addition to that process, the District is going to implement a new process whereby all job title and position changes will be reviewed annually to ensure that access being provided is appropriate given the employee's new role and responsibilities. 18 16F1 Hi Bl ATTESTATION REPORT 1 6 F1 H1B i J I, am RSM RSM US LLP Independent Auditor's Report The Governing Board South Florida Water Management District West Palm Beach, Florida We have examined the South Florida Water Management District's(the District)compliance with Section 218.415, Florida Statutes, Local Government Investment Policies during the year ended September 30, 2015. Management is responsible for the District's compliance with those requirements. Our responsibility is to express an opinion on the District's compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and. accordingly, included examining, on a test basis, evidence about the District's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the District's compliance with specified requirements. In our opinion,the District complied, in all material respects,with the aforementioned requirements for the year ended September 30, 2015. This report is intended solely for the information and use of the Florida Auditor General. the Governing Board, and applicable management,and is not intended to be and should not be used by anyone other than these specified parties. $Ai Ps 1.41P West Palm Beach, Florida June 24. 2016 THE POWER OF BEING UNDERSTOOD AUDIT TAX CONSULTING kqtil i'•II;•llS,n , , firm.I F6'tA P-'r I I IN.11.,,_ I.I chunk n. --ueLn1 ill -. , n, _ rn . .,? , 16F1 Hi 81 ,,,,,,,,„ 4,3---,..-------„\ oicii- \ t '-'1,..J I-A 4104.,z, This Page has been Intentionally Left Blank 16F1 H1 B1 �PZF.R lyg1,9 ffili9�� South Florida Water Management District II z 3301 Gun Club Road•West Palm Beach,Florida 33406 wryo 561-686-8800.1-800-432-2045•www.sfwmd.gov MAILING ADDRESS:P.O.Box 24680•West Palm Beach,FL 33416-4680