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Naples Heritage Agenda 05/04/2021 Naples Heritage Community Development District Board of Supervisors o Kenneth R.Gaynor,Chairman o Peter V.Ramundo,Vice Chairman o Justin Faircloth,District Manager o Gerald G.James,Assistant Secretary o Gregory L.Urbancic,District Counsel o Richard J.Leonhard,Assistant Secretary o W.Terry Cole,District Engineer o Tom Rutkowski,Assistant Secretary Meeting Agenda May 4, 2021 —9:00 a.m. 1. Roll Call 2. Public Comment on Agenda Items 3. Approval of the Minutes of the April 6,2021 Meeting 4. Public Hearing to Consider Resolution 2021-4,Adopting the Budget for Fiscal Year 2022 and Resolution 2021-5,Levy of Non-Ad Valorem Assessments 5. Old Business A. Agreement between the CDD,the Club, and Terrace II at Arbor Lakes for the Installation of a Fountain in Lake 6 6. New Business A. Mr. Mettem Presentation, Chairman of the Long-Range Planning Committee B. Roadway Discussion 7. Manager's Report A. Acceptance of Financial Statements B. Acceptance of Financial Audit for Fiscal Year Ending 2020 C. Follow Up Items 8. Attorney's Report 9. Engineer's Report 10. Supervisors' Requests 11. Audience Comments 12. Adjournment The next meeting is scheduled for November 2, 2021 District Office: Meeting Location: 210 N. University Drive, Suite 702 Naples Heritage Golf&Country Club Clubhouse Coral Springs, FL 33071 8150 Heritage Club Way 954-603-0033 Naples, Florida PART OF THE USA TODAY NETWORK Published Daily Naples, FL 34110 NAPLES HERITAGE CDD 15275 COLLIER BLVD#201-346 Naples Heritage NAPLES,FL 34119-6750 Community Development District NOTICE OF REGULAR BOARD MEETING AND NOTICE OF PUBLIC HEARINGS TO RECEIVE PUBLIC COMMENT ON THE FISCAL YEAR Affidavit of Publication 2022 PROPOSED FINAL BUDGET(S); TO CONSIDER THE IMPOSI- TION OF MAINTENANCE AND OPERATION SPECIAL ASSESS- STATE OF WISCONSIN MENTS; ADOPTION OF AN ASSESSMENT ROLL;AND PROVIDING COUN fY OF BROWN FOR THE LEVY,COLLECTION AND ENFORCEMENT OF THE SAME The Board of Supervisors ("Board") of the Naples Heritage Com- munity Development District ("District") will hold a regular Before the undersigned they serve as the authority, meeting and conduct public hearings on Tuesday, May 4, 2021, at 9:00 a.m. at the Naples Heritage Golf & Country Club Club- personally appeared said legal clerk who on oath says that house,8150 Heritage Club Way,Naples,Florida he/she serves as Legal Clerk of the Naples Daily News, a The purpose of the public hearings are to receive public com- ment and objections on the Fiscal Year 2022 Proposed Final daily newspaper published at Naples, in Collier County, Budget, to consider the adoption of an assessment roll, to con- Florida; distributed in Collier and Lee counties of Florida; sider the imposition of special assessments to fund the proposed budget upon the lands located within the District, and to pro- that the attached copy of the advertising was published in vide for the levy, collection and enforcement of the non-ad said newspaper on dates listed. Affiant further says that the valorem assessments. The public hearings are being conducted pursuant to Chapters 190 and 197, Florida Statutes. The purpose said Naples Daily News is a newspaper published at of the regular meeting is to conduct any business which may Naples, in said Collier County, Florida, and that the said properly come before the Board. The District may fund various facilities through the collection of newspaper has heretofore been continuously published in certain rates, fees and charges, which are identified within the said budget(s). A copy of the Proposed Final Budget, preliminary as- sessment roll and/or the agenda for the meeting/hearings may Collier County, Florida; distributed in Collier and Lee be obtained by e mail from the offices of the District Manager, counties of Florida, each day and has been entered as do Justin raircloth, Inframark, justin.faircloth@inframark.com, or by calling (954) 603-0033, during normal business hours. In second class mail matter at the post office in Naples, in accordance with Section 189.016, Florida Statutes, the proposed said Collier County, Florida, for a period of one year next budget will be posted on the District's website http//www.napl esheritagecdd.com at least two days before the budget hearing preceding the first publication of the attached copy of date. advertisement; and affiant further says that he has neither The Board will also consider any other business which may prop- erly come before it. The meeting/hearing is open to the public paid nor promised any person, or corporation any discount, and will be conducted in accordance with the provisions of Flor- rebate, commission or refund for the purpose of securing Ida law for community development districts. The meeting/hearing may be continued to a date,time, and place to this advertisement for publication in the said newspaper. be specified on the record at the meeting/hearing. There may be occasions when one or more Supervisors will par- ticipate by telephone. In accordance with the provisions of the Published:04/13/2021,04/20/2021 Americans with Disabilities Act, any person requiring special ac- commodations at this meeting/hearing because of a disability or physical impairment should contact the District Manager's Of- fice at least forty-eight (48)hours prior to the meeting/hearing. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY) /1-800- Subscribed and sworn to before on April 20, 2021: 955-8770 (Voice), for aid in contacting the District Manager's Office. All affected property owners have the right to appear at these public hearings and file written objections within twenty (20) days of the date of this Notice at the office of the District Man- YYL rm c.d.L.rx..L'-N alter, 210 N.University Drive, Suite 702,Coral Springs, FL.33071, Attention:Justin Faircloth. Notary, State of WI,County of Brown Each person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting/hearings is advised that person will need a record of TARA MONDLOCI-1 the proceedings and that accordingly, the person may need to Notary Public ensure that a verbatim record of the proceedings is made, in- cluding the testimony and evidence upon which such appeal is State of Wisconsin to be based. Justin Faircloth,District Manager AD#4666510 4/13,4/20/2021 My commission expires August 6,2021 Publication Cost: $910.00 Ad No:0004666510 Customer No: 1306647 PO#: #of Affidavits1 This is not an invoice 5CD W y.+ W 0 rn. In M� ii7W N li d = N m N 0 Li' o a N CD 2 w/ F 4 v a o ii , W >, O 0 Z _ Q *81 / J » _ o_ \ • a) :• . 2 . 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C 7 � D O 2 a) d Q y.+ U W o C7 c a a' ~ o a W no 2 him > 00 a1 C N �/� N Y/ t0 WE ° } J E E CO Z U a " RESOLUTION 2021-4 A RESOLUTION OF THE BOARD OF SUPERVISORS OF NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT RELATING TO THE ANNUAL APPROPRIATIONS OF THE DISTRICT AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2021, AND ENDING SEPTEMBER 30, 2022, AND REFERENCING THE MAINTENANCE AND BENEFIT SPECIAL ASSESSMENTS TO BE LEVIED BY THE DISTRICT FOR SAID FISCAL YEAR; PROVIDING FOR AN EFFECTIVE DATE WHEREAS,the District Manager has, prior to the fifteenth(15th)day in June,2021, submitted to the Board of Supervisors(the "Board")a proposed budget for the next ensuing budget year along with an explanatory and complete financial plan for each fund of the Naples Heritage Community Development District(the"District"),pursuant to the provisions of Section 190.008(2)(a),Florida Statutes; 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 filed 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, District further posted the Proposed Budget on its website as required pursuant to Section 189.016,Florida Statutes; and WHEREAS,on March 2,2021,the Board set May 4,2021,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 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 finds and determines that the non-ad valorem special assessments it imposes and levies by this Resolution for maintenance on the parcels of property involved will constitute a mechanism by which the property owners lawfully and validly will reimburse the District for 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 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 September 15,2020 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 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,Florida Statutes,and Rule 12D-18,Florida Administrative Code. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT; Section 1. Recitals. The provisions of the foregoing recitals are true and correct and are incorporated herein as diapositive. Section 2. Budget. a. The Board 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 certain amendments thereto, as referenced herein. b. 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 be revised subsequently as deemed necessary by the District Manager to reflect actual revenues and expenditures for Fiscal Year 2020-2021 and/or revised projections for Fiscal Year 2021-2022. c. 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 Naples Heritage Community Development District for the Fiscal Year Ending September 30, 2022, as adopted by the Board of Supervisors on May 4,2021. Section 3. Appropriations. There is hereby appropriated out of the revenues of the District, for the Fiscal Year beginning October 1,2021,and ending September 30,2022 the sum of One Hundred Fifteen Thousand Two Hundred Ninety-Seven Dollars ($115,297) to be raised by the applicable imposition and levy by the Board of applicable 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 $115,297 Total All Funds $115,297 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. The Board may authorize a transfer of the unexpended balance or portion thereof of any appropriation item. b. The Board may authorize an appropriation from the unappropriated balance of any fund. c. The 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 Special Assessment Levy: Fixed and Referenced and to be Levied by the Board. a. The Fiscal Year 2021-2022 Maintenance Special Assessment Levy(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, including principal and interest of special revenue,capital improvement and/or benefit assessment bonds. The Assessment Levy shall be distributed as follows: General Fund 0&M $ [See Assessment Levy Resolution 2021-5] b. The designee of the Chair of the Board 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, Florida Statutes) 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. Section 6. Effective Date. This Resolution shall be effective immediately upon its adoption. PASSED AND ADOPTED at a meeting of the Board of Supervisors of Naples Heritage Community Development District this 4"'day of May, 2021. Attest: NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT 76:0406(.:61f1 z Ju t' Fairclo ,Secretary Kenneth R.Gaynor, irman RESOLUTION 2021-5 A RESOLUTION OF THE BOARD OF SUPERVISORS OF NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT LEVYING AND IMPOSING NON AD VALOREM MAINTENANCE SPECIAL ASSESSMENTS FOR NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT AND CERTIFYING AN ASSESSMENT ROLL FOR FISCAL YEAR 2021-2022; PROVIDING A SEVERABILITY CLAUSE; PROVIDING FOR CONFLICT AND PROVIDING AN EFFECTIVE DATE. WHEREAS,Naples Heritage Community Development District(the "District") is a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes for the purpose of providing,operating and maintaining infrastructure improvements,facilities and services to the lands within the District; and WHEREAS,the District is located in Collier County,Florida(the"County");and WHEREAS, the District has constructed or acquired certain public improvements within the District and provides certain services in accordance with Chapter 190,Florida Statutes; and WHEREAS, the Board of Supervisors of the District ("Board") hereby determines to undertake various operations and maintenance activities described in the District's general fund budget for Fiscal Year 2021/2022 attached hereto as Exhibit "A" and incorporated by reference herein ("Operations and Maintenance Budget"); and WHEREAS,the District must obtain sufficient funds to provide for the operation and maintenance of the services and facilities provided by the District as described in the Operations and Maintenance Budget for Fiscal Year 2021/2022;and WHEREAS, the provision of such services, facilities, and operations is a benefit to lands within the District; and WHEREAS, Chapter 190, Florida Statutes, provides that the District may impose special assessments on benefited lands within the District; and WHEREAS, Chapter 197, Florida Statutes, provides a mechanism pursuant to which such special assessments may be placed on the tax roll and collected by the local tax collector("Uniform Method"); and WHEREAS,the District has previously evidenced its intention to utilize the Uniform Method;and WHEREAS, the District has approved an Agreement with the Property Appraiser and Tax Collector of the County to provide for the collection of the special assessments under the Uniform Method; and WHEREAS, the Board finds that the District's total Operations and Maintenance operation assessments, taking into consideration other revenue sources during Fiscal Year 2021/2022 (defined as October 1,2021 through September 30,2022),will amount to$119,851; and WHEREAS,the Board finds that the non-ad valorem special assessments it levies and imposes by this resolution for operation and maintenance on the parcels of property involved will reimburse the District for certain special and peculiar benefits received by the property flowing from the maintenance of the improvements, facilities and services apportioned in a manner that is fair and reasonable, in accordance with the applicable assessment methodology as adopted by the District; and WHEREAS, it is in the best interests of the District to proceed with the imposition of the special assessments; and WHEREAS, it is in the best interests of the District to adopt the Assessment Roll of the District (the "Assessment Roll") attached to this Resolution as Exhibit`B" and incorporated as a material part of this Resolution by this reference, and to certify the Assessment Roll to the County Tax Collector pursuant to the Uniform Method; and WHEREAS, it is in the best interests of the District to permit the District Manager to amend the Assessment Roll, certified to the County Tax Collector by this Resolution, as the Property Appraiser updates the property roll for the County, for such time as authorized by Florida law. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT OF COLLIER COUNTY,FLORIDA; Section 1. Recitals. The foregoing recitals are true and correct and incorporated herein by reference. Section 2. Benefit. The provision of the services, facilities, and operations as described in Exhibit"A"confer a special and peculiar benefit to the lands within the District, which benefits exceed or equal the costs of the Assessments(as defined below).The allocation of the costs to the specially benefitted lands is shown in Exhibits"A"and`B". Section 3. Assessment Imposition. A special assessment for operations and maintenance as provided for in Chapter 190, Florida Statutes is hereby imposed and levied on the benefitted lands within the District in accordance with Exhibits "A" and "B" (the "Assessments"). The lien of the Assessments imposed and levied by this Resolution shall be effective upon passage of this Resolution. Section 4. Collection. The collection of the Assessments shall be at the same time and in the same manner as County taxes in accordance with the Uniform Method. Section 5. Assessment Roll. The District's Assessment Roll, attached to this Resolution as Exhibit "B," is hereby certified to the County Tax Collector and shall be collected by the County Tax Collector in the same manner and time as County taxes. The proceeds therefrom shall be paid to Naples Heritage Community Development District. The Chairman of the Board designates the District Manager to perform the certification duties. 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. Section 6. Assessment Roll Amendment. The District Manager shall keep apprised of all updates made to the County property tax roll by the Property Appraiser after the date of this Resolution, and shall amend the District's Assessment Roll in accordance with any such updates, for such time as authorized by Florida law,to the County property tax roll. After any amendment of the Assessment Roll, the District Manager shall file the updates to the property tax roll in the District records. Section 7. Conflict. All Resolutions, sections or parts of sections of any Resolutions or actions of the Board of Supervisors in conflict are hereby repealed to the extent of such conflict. Section 8. Severability. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof. Section 9. Effective Date. This Resolution shall take effect upon the passage and adoption of this Resolution by the Board of the District. PASSED AND ADOPTED at a meeting of the Board of Supervisors of Naples Heritage Community Development District this 4th day of May, 2021. Attest: NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT Z J t' Faircloth,Secretary Kenneth R. Gaynor, airman NAPLES HERITAGE Community Development District Financial Report March 31, 2021 Prepared by 6INFRAMARK INFRASTRUCTURE MANAGEMENT SERVICES NAPLES HERITAGE Community Development District Table of Contents FINANCIAL STATEMENTS Balance Sheet Page 1 Statement of Revenues,Expenditures and Changes in Fund Balances General Fund Page 2-3 SUPPORTING SCHEDULES Non-Ad Valorem Special Assessments Page 4 Cash and Investment Balances Page 5 Check Register Page 6 NAPLES HERITAGE Community Development District Financial Statements (Unaudited) March 31, 2021 NAPLES HERITAGE Community Development District General Fund Balance Sheet March 31, 2021 ACCOUNT DESCRIPTION TOTAL ASSETS Cash-Checking Account $ 92,426 Investments: Money Market Account 7,262 Deposits 560 TOTAL ASSETS $ 100,248 LIABILITIES Accounts Payable $ 2,672 TOTAL LIABILITIES 2,672 FUND BALANCES Nonspendable: Deposits 560 Assigned to: Operating Reserves 9,208 Reserves-Fountains 600 Reserves-Road and Lakes 30,345 Unassigned: 56,863 TOTAL FUND BALANCES $ 97,576 TOTAL LIABILITIES&FUND BALANCES $ 100,248 Page 1 NAPLES HERITAGE Community Development District General Fund Statement of Revenues, Expenditures and Changes in Fund Balances For the Period Ending March 31, 2021 ANNUAL YTD ACTUAL ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE($) AS A%OF MAR-21 MAR-21 ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD BUDGET ACTUAL REVENUES Interest-Investments $ 240 $ 120 $ 112 $ (8) 46.67% $ 20 $ 24 Interest-Tax Collector - - 10 10 0.00% - - Special Assmnts-Tax Collector 119,851 116,918 116,738 (180) 97.40% 2,785 2,921 Special Assmnts-Discounts (4,794) (4,735) (4,393) 342 91.64% (56) (20) TOTAL REVENUES 115,297 112,303 112,467 164 97.55% 2,749 2,925 EXPENDITURES Administration P/R-Board of Supervisors 5,000 3,000 3,000 - 60.00% 1,000 1,000 FICA Taxes 383 230 230 - 60.05% 77 77 ProfServ-Engineering 2,000 - - - 0.00% - - ProfServ-Field Management 844 844 938 (94) 111.14% 406 406 ProfServ-Legal Services 3,500 816 816 - 23.31% - - ProfServ-Mgmt Consulting Sery 23,283 11,642 11,642 - 50.00% 1,940 1,940 ProfServ-Property Appraiser 1,798 1,798 1,798 - 100.00% - - ProfServ-Web Site Maintenance 674 337 337 - 50.00% 56 56 Auditing Services 3,000 - 0.00% - - Postage and Freight 750 375 319 56 42.53% 63 92 Insurance-General Liability 7,747 7,747 7,747 - 100.00% - - Printing and Binding 900 450 180 270 20.00% 75 60 Legal Advertising 2,400 1,008 1,008 - 42.00% - - Misc-Bank Charges 546 - - - 0.00% - - Misc-Assessmnt Collection Cost 2,397 2,338 2,247 91 93.74% 56 58 Misc-Contingency 376 - - - 0.00% - - Misc-Web Hosting 1,850 800 963 (163) 52.05% 21 21 Office Expense 250 125 75 50 30.00% 21 75 Annual District Filing Fee 175 175 175 - 100.00% - - Total Administration 57,873 31,685 31,475 210 54.39% 3,715 3,785 Field Contracts-Fountain 716 358 358 - 50.00% - - Contracts-Aerator Maintenance 2,350 382 382 - 16.26% - - Electricity-Aerator 5,340 2,670 2,806 (136) 52.55% 445 483 R&M-Fence 480 - 0.00% - - Misc-Contingency 20,998 14,567 14,567 - 69.37% 13,752 13,752 Cap Outlay-Fence - - 8,765 (8,765) 0.00% - - Total Field 29,884 17,977 26,878 (8,901) 89.94% 14,197 14,235 Reserves Reserve-Fountain 200 - 0.00% - - Reserve-Roads and Lakes 27,340 - - - 0.00% - - Total Reserves 27,540 - - - 0.00% - - TOTAL EXPENDITURES&RESERVES 115,297 49,662 58,353 (8,691) 50.61% 17,912 18,020 Page 2 NAPLES HERITAGE Community Development District General Fund Statement of Revenues, Expenditures and Changes in Fund Balances For the Period Ending March 31, 2021 ANNUAL YTD ACTUAL ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE(S) AS A%OF MAR-21 MAR-21 ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD BUDGET ACTUAL Excess(deficiency)of revenues Over(under)expenditures - 62,641 54,114 (8,527) 0.00% (15,163) (15,095) Net change in fund balance $ - $ 62,641 $ 54,114 $ (8,527) 0.00% $ (15,163) $ (15,095) FUND BALANCE,BEGINNING(OCT 1,2020) 43,462 43,462 43,462 FUND BALANCE,ENDING $ 43,462 $ 106,103 $ 97,576 Page 3 NAPLES HERITAGE Community Development District Supporting Schedules March 31, 2021 NAPLES HERITAGE Community Development District Non-Ad Valorem Special Assessments -Collier County Tax Collector Monthly Collection Distributions For the Fiscal Year Ending September 30, 2021 Discount/ Gross Date Net Amount (Penalties) Collection Amount Received Received Amount Costs Received Assessments Levied $ 119,850 Allocation % 100% 10/29/20 $ 600 $ 34 $ 12 $ 646 11/16/20 423 18 9 450 11/20/20 30,623 1,302 625 32,550 11/27/20 18,628 792 380 19,800 12/10/20 44,354 1,879 905 47,138 12/22/20 3,343 109 68 3,521 01/22/21 6,542 186 134 6,861 02/19/21 2,742 53 56 2,850 03/22/21 2,843 20 58 2,921 TOTAL $ 110,098 $ 4,392 $ 2,247 $ 116,738 % COLLECTED 97,4% TOTAL OUTSTANDING $ 3,112 Page 4 NAPLES HERITAGE Community Development District Cash and Investment Balances March 31, 2021 ACCOUNT NAME BANK NAME YIELD MATURITY BALANCE GENERAL FUND Checking Account-Operating Valley National 0.25% N/A 92,426 Money Market Account BankUnited 0.20% N/A 7,262 Total $ 99,688 Page 5 O W M UO(O W 0,-)0 V)O N-N O O)UO M 0 0 0 0 0 0 0 C O r W(O(n 0 0 1-N N O N-O x-W W(n(n N(O C- n N N n VV. 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D g •�, ¢CO2x=20 aWaaaaaa=xx= H o ❑ W C❑U U U U❑ 2 2 2 2 2 2 0 0 0 U W J W Q w o w'aaaa15Wggggggqggaaa¢ z ¢ Q2w OOaaaaOw`LLLLLLLLLLLu.LLaaaa w W U = w W O r U U)LL LL LL LL U LL Z Z Z Z Z Z z z LL LL LL LL Y U a' H a OQa N N NN N N N N N N N N N N N N N N N N N N N N O d ( N n Q VV000000000000000000 u7on ( MMMMMMMMM ,-.- OOO000 N re > i M M M M M M M M M M M M M M M M M M M M M M M (h P5 O O O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O O 0 0 0 W 0 M • >. 0 Z O 1`UD U a0 UO W 0 (VO co co(O N M V (0 (MO M M M M M M M V V V V V V V V V M M M M U0w0 w U C . n .........(o.(n ( nv )W 3 Q E W Z 0 I Z 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o 0 E. 0 LL NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020 NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA TABLE OF CONTENTS Page INDEPENDENT AUDITOR'S REPORT 1-2 MANAGEMENT'S DISCUSSION AND ANALYSIS 3-5 BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements: Statement of Net Position 6 Statement of Activities 7 Fund Financial Statements: Balance Sheet—Governmental Fund 8 Reconciliation of the Balance Sheet—Governmental Fund to the Statement of Net Position 9 Statement of Revenues, Expenditures and Changes in Fund Balance— Governmental Fund 10 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance of Governmental Fund to the Statement of Activities 11 Notes to the Financial Statements 12-16 REQUIRED SUPPLEMENTARY INFORMATION Schedule of Revenues, Expenditures and Changes in Fund Balances— Budget and Actual—General Fund 17 Notes to Required Supplementary Information 18 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 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 PURSUANT TO THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA 22-23 951 Yamato Road • Suite 280 Boca Raton, 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 Naples Heritage 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 Naples Heritage Community Development District, Collier County, Florida ("District") as of and for the fiscal year ended September 30,2020, 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, 2020, 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. 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 April 22,2021,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 solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District's internal control over financial reporting or on compliance.That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District's internal control over financial reporting and compliance. April 22, 2021 2 MANAGEMENT'S DISCUSSION AND ANALYSIS Our discussion and analysis of the Naples Heritage Community Development District,Collier County, Florida ("District") provides an overview of the District's financial activities for the fiscal year ended September 30, 2020. 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$7,689,066. • The change in the District's total net position in comparison with the prior fiscal year was($104,157), 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 30,2020,the District's governmental fund reported ending fund balance of$43,461,an increase of $30,410 in comparison with the prior fiscal year. A portion of the fund balance is nonspendable for deposits, assigned for reserves, and the remainder is unassigned fund balance which is available for spending at the district's discretion. OVERVIEW OF FINANCIAL STATEMENTS This discussion and analysis is intended to serve as the introduction to the District's 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.Overtime, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The statement of activities presents information showing how the government's net position changed during the most recent fiscal year.All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods. The government-wide financial statements include all governmental activities that are principally supported by special assessment revenues. The District does not have any business-type activities. The governmental activities of the District include the general government (management) and maintenance and operations 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 OVERVIEW OF FINANCIAL STATEMENTS (Continued) 2) 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 outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District's near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures,and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The District maintains one governmental fund for external reporting. Information is presented in the governmental fund balance sheet and the governmental fund statement of revenues,expenditures,and changes in fund balances for the general fund. The general fund is considered 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 included 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 POSITION SEPTEMBER 30, 2020 2019 Current and other assets $ 44,223 $ 37,711 Capital assets, net of depreciation 7,645,605 7,780,172 Total assets 7,689,828 7,817,883 Current liabilities 762 24,660 Total liabilities 762 24,660 Net position Investment in capital assets 7,645,605 7,780,172 Unrestricted 43,461 13,051 Total net position $ 7,689.066 $ 7,793,223 The District's net position reflects its investment in capital assets (e.g. land, land improvements, and infrastructure). These assets are used to provide services to residents; consequently, these assets are not available for future spending. The remaining balance of unrestricted net position may be used to meet the District's other obligations. 4 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 NET POSITION FOR THE FISCAL YEAR END SEPTEMBER 30, 2020 2019 Revenues: Program revenues $ 115,574 $ 96,311 General revenues 593 1,209 Total revenues 116,167 97,520 Expenses: General government 56,755 56,353 Maintenance and operations 163,569 170,052 Total expenses 220,324 226,405 Change in net position (104,157) (128,885) Net position-beginning 7,793,223 7,922,108 Net position-ending $ 7,689,066 $ 7,793,223 As noted above and in the statement of activities,the cost of all governmental activities during the fiscal year ended September 30, 2020 was $220,324. 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 due to an increase in the per unit assessment. The decrease in the current fiscal year expenses is primarily the result of a decrease in maintenance and operations cost related to the aeration system of the District's lakes. 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. CAPITAL ASSETS At September 30, 2020, the District had $11,348,326 invested in capital assets. In the government-wide statements depreciation of$3,702,721 has been taken, which resulted in a net book value of$7,645,605. More detailed information about the District's capital assets is presented in the notes of the financial statements. ECONOMIC FACTORS AND NEXT YEARS 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. 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 Naples Heritage Community Development District's Finance Department at 210 N. University Drive, Suite 702, Coral Springs, Florida, 33071. 5 NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30, 2020 Governmental Activities ASSETS Cash $ 41,660 Due from other governments 1,986 Deposits 577 Capital assets: Nondepreciable 6,122,404 Depreciable, net 1,523,201 Total assets 7,689,828 LIABILITIES Accounts payable and accrued expenses 762 Total liabilities 762 NET POSITION Investment in capital assets 7,645,605 Unrestricted 43,461 Total net position $ 7,689,066 See notes to the financial statements 6 NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020 Net(Expense) Revenue and Program Changes in Net Revenues Position Charges for Governmental Functions/Programs Expenses Services Activities Primary government: Governmental activities: General government $ 56,755 $ 56,755 $ - Maintenance and operations 163,569 58,819 (104,750) Total governmental activities 220,324 115,574 (104,750) General revenues: Investment earnings 593 Total general revenues 593 Change in net position (104,157) Net position - beginning 7,793,223 Net position - ending $ 7,689,066 See notes to the financial statements 7 NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA BALANCE SHEET GOVERNMENTAL FUND SEPTEMBER 30, 2020 Total Major Fund Governmental General Fund ASSETS Cash $ 41,660 $ 41,660 Due from other governments 1,986 1,986 Deposits 577 577 Total assets $ 44,223 $ 44,223 LIABILITIES AND FUND BALANCES Liabilities: Accounts payable and accrued expenses $ 762 $ 762 Total liabilities 762 762 Fund balance: Nonspendable: Deposits 577 577 Assigned to: Operating reserve 9,208 9,208 Roads,lake and fountain reserves 30,945 30,945 Unassigned 2,731 2,731 Total fund balance 43,461 43,461 Total liabilities and fund balance $ 44,223 $ 44,223 See notes to the financial statements 8 NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA RECONCILIATION OF THE BALANCE SHEET-GOVERNMENTAL FUND TO THE STATEMENT OF NET POSITION SEPTEMBER 30, 2020 Total fund balances- governmental funds $ 43,461 Amounts reported for governmental activities in the statement of net position are different because: 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 11,348,326 Accumulated depreciation (3,702,721) 7,645,605 Net position of governmental activities $ 7,689,066 See notes to the financial statements 9 NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE GOVERNMENTAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020 Total Major Fund Governmental General Fund REVENUES Assessments $ 115,574 $ 115,574 Interest 593 593 Total revenues 116,167 116,167 EXPENDITURES Current: General government 56,755 56,755 Maintenance and operations 6,883 6,883 Capital outlay 22,119 22,119 Total expenditures 85,757 85,757 Excess (deficiency) of revenues over (under) expenditures 30,410 30,410 Fund balance- beginning 13,051 13,051 Fund balance- ending $ 43,461 $ 43,461 See notes to the financial statements 10 NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE OF GOVERNMENTAL FUND TO THE STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020 Net change in fund balances- total governmental funds $ 30,410 Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures, however, in the statement of activities, the cost of those assets is eliminated and capitalized as capital assets. 22,119 Depreciation on capital assets is not recognized in the governmental fund statements but is reported as an expense in the statement of activities. (156,686) Change in net position of governmental activities $ (104,157) See notes to the financial statements 11 NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS NOTE 1 —NATURE OF ORGANIZATION AND REPORTING ENTITY Naples Heritage Community Development District ("District") was created on September 24, 1996 by Ordinance 96-57 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 qualified electors 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 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. 12 NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICES (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. Assessments Assessments are non-ad valorem assessments on benefited lands within the District.Assessments are levied to pay for the operations and maintenance of the District. The fiscal year for which annual assessments are levied begins on October 1 with discounts available for payments through February 28 and become delinquent on April 1. The District's annual assessments for operations are billed and collected by the County Tax Collector. The amounts remitted to the District are net of applicable discounts or fees and include interest on monies held from the day of collection to the day of distribution. 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 Restricted Assets These assets represent cash and investments set aside pursuant to external restrictions. Deposits and Investments The District's cash is considered to be cash on hand and demand deposits. 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 paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due. In addition, surplus funds may be deposited into certificates of deposit which are insured. 13 NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICES (Continued) Assets, Liabilities and Net Position or Equity (Continued) Deposits and Investments (Continued) The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles. Inventories and Prepaid Items Inventories of governmental funds are recorded as expenditures when consumed rather than when purchased. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. 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-Security and other 5-20 Infrastructure - Roadways 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 In addition to assets,the statement of financial position will sometimes report a separate section for deferred outflows of resources.This separate financial statement element,deferred outflows of resources,represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. In addition to liabilities,the statement of financial position will sometimes report a separate section for deferred inflows of resources.This separate financial statement element,deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. 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. 14 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. 15 NOTE 4—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. NOTE 5—CAPITAL ASSETS Capital asset activity for the fiscal year ended September 30, 2020 was as follows: Beginning Ending Balance Additions Reductions Balance Governmental activities Capital assets, not being depreciated Land and land improvements $ 6,122,404 $ - $ - $ 6,122,404 Total capital assets, not being depreciated 6,122,404 - - 6,122,404 Capital assets, being depreciated Improvements-Security and other 1,254,772 22,119 - 1,276,891 Infrastructure-Roadways 3,949,031 - - 3,949,031 Total capital assets, being depreciated 5,203,803 22,119 - 5,225,922 Less accumulated depreciation for: Improvements-Security and other 1,167,074 11,552 - 1,178,626 Infrastructure-Roadways 2,378,961 145,134 - 2,524,095 Total accumulated depreciation 3,546,035 156,686 - 3,702,721 Total capital assets, being depreciated, net 1,657,768 (134,567) - 1,523,201 Governmental activities capital assets, net $ 7,780,172 $ (134,567) $ - $ 7,645,605 Depreciation expense was charged to the maintenance and operations function. NOTE 6 -MANAGEMENT COMPANY The District has contracted with a management company to perform services which include financial and accounting advisory services. Certain employees of the management company also serve as officers of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, 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 were no settled claims during the past three years. 16 NAPLES HERITAGE 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, 2020 Variance with Budgeted Final Budget- Amounts Actual Positive Original & Final Amounts (Negative) REVENUES Assessments $ 115,057 $ 115,574 $ 517 Interest 240 593 353 Total revenues 115,297 116,167 870 EXPENDITURES Current: General government 56,850 56,755 95 Maintenance and operations 58,447 6,883 51,564 Capital outlay - 22,119 (22,119) Total expenditures 115,297 85,757 29,540 Excess (deficiency) of revenues over (under) expenditures $ - 30,410 $ 30,410 Fund balance- beginning 13,051 Fund balance- ending $ 43,461 See notes to required supplementary information 17 NAPLES HERITAGE 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, 2020. 18 280 951 Yamato Raton, Road • Suite Boca Raton, Florida 33431 Grau & Associates (561) 994-9299 • (800) 299-4728 Fax (561) 994-5823 CERTIFIED 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 Naples Heritage 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 Naples Heritage Community Development District, Collier County, Florida("District")as of and for the fiscal year ended September 30, 2020, and the related notes to the financial statements, which collectively comprise the District's basic financial statements,and have issued our opinion thereon dated April 22, 2021. 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. 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 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. April 22, 2021 20 rib' 951 Yamato Road • Suite 280 Boca Raton, Florida 33431 �rau Associates (561) 994-9299 • (800)299-4728 Fax (561) 994-5823 CERTIFIED 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 Naples Heritage Community Development District Collier County, Florida We have examined Naples Heritage 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 30,2020. 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. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects,with the specified requirements referenced in Section 218.415, Florida Statutes.An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance,whether due to fraud or error.We believe that the evidence we obtained is sufficient and appropriate to provide 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 fiscal year ended September 30, 2020. 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 Naples Heritage Community Development District, Collier County, Florida and is not intended to be and should not be used by anyone other than these specified parties. April 22, 2021 21 951 Yamato Road • Suite 280 Boca Raton, Florida 33431 Grau (Si Associates (561) 994-9299 • (800) 299-4728 Fax (561) 994-5823 CERTIFIED PUBLIC ACCOUNTANTS www.graucpa.com MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA To the Board of Supervisors Naples Heritage Community Development District Collier County, Florida Report on the Financial Statements We have audited the accompanying basic financial statements of Naples Heritage Community Development District, Collier County, Florida("District")as of and for the fiscal year ended September 30,2020, and have issued our report thereon dated April 22, 2021. 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 Reporting Requirements We have issued our Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of 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, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports,which are dated April 22, 2021, 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. Ill. 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 Naples Heritage 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 Naples Heritage 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. April 22, 2021 22 REPORT TO MANAGEMENT I. CURRENT YEAR FINDINGS AND RECOMMENDATIONS None II. PRIOR YEAR FINDINGS 2019-01 Budget: Matter has been resolved 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, 2019, except as noted above. 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, 2020. 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, 2020. 4. The name or official title and legal authority of the District are disclosed in the notes to the financial statements. 5. The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes. 6. We applied financial condition assessment procedures and no deteriorating financial conditions were noted as of September 30,2020. 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