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Naples Heritage Agenda 04/01/2025 Naples Heritage Community Development District Board of Supervisors District Staff Kenneth Gaynor, Chairperson Justin Faircloth, District Manager Gordon Mettam, Vice Chairperson Gregory Urbancic,District Counsel Gary Lukens,Assistant Secretary Terry Cole, District Engineer Georgiann Schulte, Assistant Secretary Philip Smith,Assistant Secretary Meeting Agenda Tuesday, April 1,2025—9:00 a.m. 1. Call to Order and Roll Call 2. Approval of Agenda 3. Public Comment on Agenda Items 4. Business Items A. Club Updates i. Colonial Court Fence Installation B. Fiscal Year 2025 Lake Bank Restoration Update C. Roadway Striping Discussion 5. Staff Reports A. District Attorney i. Collier County Update—Stoneybrook Drive/Tract J4 Inquiry B. District Engineer i. District Engineering Services RFQ Responses C. District Manager i. Follow-Up Items ii. Consideration of FY2026 Meeting Schedule D. SOLitude Lake Management Service Reports 6. Business Administration A. Approval of Minutes of the March 4, 2025 Meeting B. Acceptance of Financial Report as of February 28,2025 C. Acceptance of Fiscal Year 2024 Audit D. Fiscal Year 2026 Budget Discussion E. Expenses Approved Under Resolution 2021-01 7. Supervisor Comments A. Supervisor Gaynor B. Supervisor Mettam C. Supervisor Schulte D. Supervisor Lukens E. Supervisor Smith 8. Audience Comments 9. Adjournment The next Meeting& Budget Public Hearing is scheduled for Tuesday, May 6,2025 at 9:00 a.m. District Office: Meeting Location: Inframark,Community Management Services Naples Heritage Golf&Country Club Clubhouse 11555 Heron Bay Boulevard,Suite 201 8150 Heritage Club Way Coral Springs,Florida 33076 Naples,Florida 34112 954-282-0070 239-417-2555 www.naplesheritagecdd.com * LocaliQ Florida PO Box 631244 Cincinnati,OH 45263-1244 GANNETT Notice of Updated Regular Meeting AFFIDAVIT OF PUBLICATION Schedule Naples Heritage Community Development District The Board of Supervisors of the Naples Heritage Community Naples Heritage Community Devel- opmentc/o Infiamark District will hold their meet- ings for Fiscal Year 2024/2025 at the Naples Heritage Cdd ntry Clubes Ct bhouse, 81150Heritage fHeritage and uClub 210 N University DR#702 way,Naples,Florida at 9:00 a.m.as follows: Coral Springs FL 33071-7320 November 5,2024 January 7,2025 March 4,2025(FY 2026 Budget Approval) April 1,2025 STATE OF WISCONSIN,COUNTY OF BROWN May 6,2025(FY 2026 Budget Adoption) The meetings are open to the public and will be conducted in accordance Before the undersigned authority personally appeared,who with the provision of Florida Law for Community Development on oath says that he or she is the Legal Advertising Districts. There may be occasions when one or more Supervisors may Representative of the Naples DailyNews,a newspaper participate via phone. Any inter- estedp P person can attend the meeting published in Collier County, Florida;that the attached copy at the above location and be fully Informed of the discussions taking of advertisement, being a Legal Ad in the matter of Public place.Meetings may be continued to a date,time and location to be speci- Notices, was published on the publicly accessible website of Pied on the record at the meetings without additional publication of notice. Collier and Lee Counties, Florida,or in a newspaper by print A copy of the agenda for these meet- ings may be obtained from the in the issues of, on: District Manager's Office,210 North University Drive, Suite 702, Coral Springs, Florida 33071, (954) 603- 0033, or by visiting the District's 10/12/2024 website at www.noplesheritagecdd.com. Addi- tionally, Interested parties may refer to the District's website for the Affiant further says that the website or newspaper com lies lotersu District information. yp Pursuant To the provisions of the with all legal requirements for publication in chapter 50, Persn Americans irin special as cAot,any person requiring accommo- dations at these meetings because of Florida Statutes. a disability or physical impairment should contact the District Subscribed and sworn to before me, by the legal clerk,who Manager's Office at least forty-eight (48) hours prior to the meeting. If is personally known to me,on 10/12/2024 you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1,or 1-800-955- -,��-- 8771 (TTY) / 1-800-955-8770 (Voice), for aid in contacting the District I Manager's Office. decidesEach person who to -ea ,ePk any action taken at these meetings is advised that person will need a J I/ �� record of the proceedings and that accordingly,the person may need to Notary.State 0•-ICI •��Illlt\ f 1' 40y II ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which 5/,5,a-7 such appeal is to be based. Justin Faircloth District Manager My commission expires 10/12/24#10667100 Publication Cost: $276.40 Tax Amount: $0.00 Payment Cost: $276.40 Order No: 10667100 #of Copies: Customer No: 1125653 1 PO#: THIS IS NOT AN INVOICE! Please do not use this form for payment remittance. NANCY HEYRMAN Notary Public State of Wisconsin q Page 1 of 1 LocaliQ Florida PO Box 631244 Cincinnati,OH 45263-1244 GANNETT Request for Qualifications far Engineering Services AFFIDAVIT OF PUBLICATION Naples Heritage Community Development Dietrlot NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT ("District"),located in Collier County,Florldo announces that professional engineering services will be required on a continuing basis for the District's Janice Swade stormwater systems and other public Improvements authorized by Chapter 190, Florida Statutes. The engineering firm selected will act in the general c/o Int'ramark capacity of District Engineer and will provide District engineering services, as required.Services include engineering,surveying,planning,environmen. Naples Heritage C'dd Ian management: or permitting, financial or economic feasibility studies, stormwater management and other Infrastructure and civil type protects for 210 N University DR#702 the District and such services may include,without limitation,the following: •Community infrastructure provided by the District as authorized In Chan- Coral Springs FL 33071-7320 ter190,Florida Statutes. •Affiliated protects including engineering contract management and Inspec. lion services during construction. •Preparollon of any necessary reports and,attendance of meetings of the District's Board of Supervisors and committee meetings as needed. •Assistance In meeting with necessary parties involving various protects STATE OF WISCONSIN,COUNTY OF BROWN including, but not limited to bond issues. special reports, plans review, permit review,feasibility studies.or other tasks. •Assist in waterway management,including lakes.wetlands and preserves. •Assist in annual Capital Improvement Planning. •Interaction on behalf of the District with Other governmental agencies and Before the undersigned authority personally appeared,who entities,Including,but not limited to,the South Florida Water Management District,the City of Naples,and Collier County. on oath says that he or she is the Legal Advertising •NPDES Reports and compliance. y •Prepare Bid Specifications and documents as requested. Any firm or Individual ("Applicant") desiring to provide professional Representative of the Naples Daily News, a newspaper services to the District must: 1) tlald applicable federal, state and local licenses; 2) be authorized to do business in Florida In accordance with published in Collier County, Florida;that the attached copy Florida law;and 31 furnish a statement("Qualification Statement")of Ifs qualifications and post experience on U.S.General Service Administration's Of advertisement r being a Legal Ad In the matter Of GOVt "Architect-Engineer Quatiificotions,Standard Form No.330,"with pertinent supporting data.Among other things,Applicants must submit informutlon relating to: al the obilily and adequacy of the Applicant's professional Public Notices,was published on the publicly accessible Personnel; b)whether the Applicant Is a certified minority business enter prise;C)the Applicant's willingness to meet time and budget requirements; d) the Applicant's past experience and perlormonce, including but not website of Collier and Lee Counties, Florida, or in a limited to post experience as o District Engineer for onv Community devel- opment districts and post experience In Collier County, Florida e) the newspaper by print in the issues of, on: geographic location at the Applicant's headquarters and offices: I> the current and proieeted workloads of the Applicant; and g) the volume of work previously awarded to the Applicant by the District. Further, each APPtlCant must Identify the specific individual affiliated with the Applicant 01/27/2025 who would be handling District meetings,construction services,mid other engineering tasks. The District will review ail Applicants and will comply with Florida low, including the Consultant's Competitive Negotiations Act, Chapter 287, Florida Statutes("CCNA"). All Applicants interested must submit electronic copies of Standard Form Affiant further says that the website or newspaper complies No.330 and the Qualification Statement by 3:00 P.m.,on Thursday,February 13. 2025 by email to Janice Swade. District Manager's Assistant, at with all legal requirements for publication in chapter 50, Jan,ce.Swode(tlnfromark.corn("District Manager's Office"). The Board sholl select and rank the Applicants using the requirements set Florida Statutes. forth in the CCNA and the evaluation criteria on file with the District Manager,and tee highest ranked Applicant will be requested to enter into contract negotiations If on agreement cannot be reacned between the Subscribed and sworn to before me, by the legal clerk, who District and the highest ranked Applicant,negotiations will cease and begin with the next highest ranked Applicant,and If these negotiations are unsuc cesslul,will continue la the third highest ranked Applicant. is personally known to me, on 01/27/2025 The District reserves the right to relect any and all Qualification State. meats.Additionally,there is no express or Implied obligation for the District -.'-o _ to reimburse Applicants for any expenses associated with the preparation and submittal of the Qualification Statements in response to this request. Any protest regarding the terms of this Notice.or the evaluation criteria on file with the District Manager, must be filed in writing with the District Lega erk Manager's Office,within seventy•two(72)hours(excluding weekends)after the publication of this Notice The formal protest setting forth with particu- larity the facts and low upon which the protest Is based shell be filed within seven(7)calendar days after the initial notice of protest wos filed,Failure to timely file a notice of protest or failure to timely file a formal written Notary,l[ale of -I; Ol ply'(1 'Own protest shall constitute a waiver of any right to obiect or protest with respect to aforesaid Notice or evaluation criteria provisions.Any person who files a notice of protest shall provide to the District,simultaneous with the filing of the notice,n protest bond with o responsible surety to he approved 5.45-- District 7 by the and In the amount of Ten Thousand Dollars(S10,000.00). Justin ulh District Manager My commission expires NOJ097333e January 27,2025 Publication Cost: $629.20 Tax Amount. $0.00 Payment Cost: $629.20 Order No: 10973334 #of Copies: Customer No: 1125653 1 PO#: Engineering Services THIS IS NOT AN INVOICE! Please do not use this form for payment remittance NANCy HEYRMAN Notary public State of • Wisconsin Page 1 of 1 From: bobbieve5@gmeiLcom Date: March 20,2025 at 11:06:18 AM EDT To: nple_sken@cs.com Cc: Bobbi Eve<bobbieve5_@gmail.co_m>,Gary Eve<geve2020@gmail.com> Subject:CDD Suggestion:Paint yellow line down center of Naples Heritage Blvd. Hello Ken, As I mentioned in the Board of Trustees meeting this morning, I would like to ask the CDD to approve painting a prominent yellow line down the center of Naples Heritage Blvd. I have noticed that Cedar Hammock has done this on their main boulevard. I have also noticed that there are some Naples Heritage members who regularly drive down the middle of Naples Heritage Blvd. I have heard other NH members discuss this issue. I believe that this yellow center line will be a simple and inexpensive way to help prevent an accident by reminding people to stay in their lane. Thank you. Bobbi Eve bobbieve5@gmail.com 847.609.5530 Notice of Regular Meeting Schedule Naples Heritage Community Development District The Board of Supervisors of the Naples Heritage Community Development District will hold their meetings for Fiscal Year 2025/2026 at the Naples Heritage Golf and Country Club Clubhouse, 8150 Heritage Club Way,Naples, Florida at 9:00 a.m. as follows: November 4,2025 January 6,2026 March 3,2026 (FY 2027 Budget Approval) April 7,2026 May 5, 2026 (FY 2027 Budget Adoption) The meetings are open to the public and will be conducted in accordance with the provision of Florida Law for Community Development Districts. There may be occasions when one or more Supervisors may participate via phone. Any interested person can attend the meeting at the above location and be fully informed of the discussions taking place. Meetings may be continued to a date, time and location to be specified on the record at the meetings without additional publication of notice. A copy of the agenda for these meetings may be obtained from the District Manager's Office at Janice.Swade@lnframark.com, or by visiting the District's website at www.naplesheritagecdd.com. Additionally, interested parties may refer to the District's website for the latest District information. Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations at these meetings because of a disability or physical impairment should contact the District Manager's Office at least forty-eight (48) hours prior to the meeting. If you are hearing or speech impaired,please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955- 8771 (TTY)/ 1-800-955-8770 (Voice), for aid in contacting the District Manager's 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. Justin Faircloth District Manager Service Report SLITUDE LAKE MANAGEMENT Account Naples Heritage CDD-F&A Work Order 00786140 Contact Justin Faircloth Work Order 00786140 Address 8150 Heritage Club Way Number Naples,FL 34112 United States Created Date 3/4/2025 Work Details Specialist Warranty motor replaced on Lake 1 panel Prepared By Angel Serrano Comments to checked and time set everything up and running Customer upon departure Work Order Assets Asset Status Product Work Type Kasco 5HP Fountain#1 Lake#14 Included Service Parameters Asset Product Work Type Specialist Comments to Customer Kasco 5HP Fountain#1 Lake#14 Service Report SGLITUDE LAKE MANAGEMENT Account Naples Heritage CDD-F&A Work Order 00790452 Contact Justin Faircloth Work Order 00790452 Address 8410 Naples Heritage Drive Number Naples,FL 34112 United States Created Date 3/20/2025 Work Details Specialist Lake#4 changed capacitor on compresser Prepared By Angel Serrano Comments to everything up and running upon departure Customer Work Order Assets Asset Status Product Work Type Naples Herit VTX Aerator 4 Site#4 Included Service Parameters Asset Product Work Type Specialist Comments to Customer Naples Herit VTX Aerator 4 Site#4 NAPLES HERITAGE Community Development District Financial Report February 28, 2025 Prepared by 6INFRAMARK INFRASTRUCTURE MANAGEMENT SERVICE 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 Supporting Schedules February 28, 2025 NAPLES HERITAGE Community Development District General Fund Balance Sheet February 28, 2025 ACCOUNT DESCRIPTION TOTAL ASSETS Cash-Checking Account $ 194,205 Due From Other Gov't! Units 35 Investments Money Market Account 47,471 Deposits 560 TOTAL ASSETS $ 242,271 LIABILITIES Accounts Payable $ 8,224 Accrued Expenses 500 TOTAL LIABILITIES 8,724 FUND BALANCES Non spendable: Deposits 560 Assigned to: Operating Reserves 18,457 Reserves-Fountains 1,400 Reserves-Road and Lakes 46,760 Unassigned: 166,370 TOTAL FUND BALANCES $ 233,547 TOTAL LIABILITIES&FUND BALANCES $ 242,271 Page 1 NAPLES HERITAGE Community Development District General Fund Statement of Revenues, Expenditures and Changes in Fund Balances For the Period Ending February 28, 2025 ANNUAL YTD ACTUAL ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE($) AS A%OF FEB-25 FEB-25 ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD BUDGET ACTUAL REVENUES Interest-Investments $ 240 $ 100 $ 3,437 $ 3,337 1432.08% $ 20 $ 773 Interest-Tax Collector - - 148 148 0.00% - - Special Assmnts-Tax Collector 199,750 189,352 186,984 (2,368) 93.61% 9,081 7,816 Special Assmnts-Discounts (7,990) (7,910) (7,209) 701 90.23% (588) (177) TOTAL REVENUES 192,000 181,542 183,360 1,818 95.50% 8,513 8,412 EXPENDITURES Administration P/R-Board of Supervisors 5,000 2,000 1,400 600 28.00% - - FICA Taxes 383 153 107 46 27.94% - - ProfServ-Engineering 2,000 833 - 833 0.00% 167 - ProfServ-Field Management 950 - - - 0.00% - - ProfServ-Legal Services 3,500 1,458 2,039 (581) 58.26% 292 - ProfServ-Mgmt Consulting 26,221 10,925 10,925 - 41.67% 2,185 2,185 ProfServ-Property Appraiser 2,996 2,996 - 2,996 0.00% - - ProfServ-Web Site Maintenance 758 316 316 - 41.69% 63 63 Auditing Services 3,200 1,600 500 1,100 15.63% - 500 Postage and Freight 750 313 237 76 31.60% 63 4 Insurance-General Liability 9,688 9,688 9,557 131 98.65% - - Printing and Binding 720 300 - 300 0.00% 60 - Legal Advertising 2,400 1,000 276 724 11.50% 200 - Misc-Assessment Collection Cost 3,995 3,608 3,596 12 90.01% 263 153 Misc-Contingency 1,353 564 220 344 16.26% 113 - Misc-Web Hosting 1,823 760 388 372 21.28% 152 - Office Expense 250 104 75 29 30.00% 21 - Annual District Filing Fee 175 175 175 - 100.00% - - Total Administration 66,162 36,793 29,811 6,982 45.06% 3,579 2,905 Field Contracts-Fountain 737 307 369 (62) 50.07% 61 - Contracts-Aerator Maintenance 3,550 1,479 1,011 468 28.48% 296 - Electricity-Aerator 10,000 4,167 2,571 1,596 25.71% 833 521 R&M-Fence 480 200 - 200 0.00% 40 - R&M-Lake 55,000 22,917 - 22,917 0.00% 4,583 - Misc-Contingency 16,886 7,036 12,402 (5,366) 73.45% 1,407 5,114 Capital Outlay 11,645 4,852 - 4,852 0.00% 970 - Total Field 98,298 40,958 16,353 24,605 16.64% 8,190 5,635 Reserves Reserve-Fountain 200 200 - 200 0.00% - - Reserve-Roads and Lakes 27,340 27,340 - 27,340 0.00% - - Total Reserves 27,540 27,540 - 27,540 0.00% - - TOTAL EXPENDITURES&RESERVES 192,000 105,291 46,164 59,127 24.04% 11,769 8,540 Page 2 NAPLES HERITAGE Community Development District General Fund Statement of Revenues, Expenditures and Changes in Fund Balances For the Period Ending February 28, 2025 ANNUAL YTD ACTUAL ADOPTED YEAR TO DATE YEAR TO DATE VARIANCE($) AS A%OF FEB-25 FEB-25 ACCOUNT DESCRIPTION BUDGET BUDGET ACTUAL FAV(UNFAV) ADOPTED BUD BUDGET ACTUAL Excess(deficiency)of revenues Over(under)expenditures - 76,251 137,196 60,945 0.00% (3,256) (128) Net change in fund balance $ - $ 76,251 $ 137,196 $ 60,945 0.00% $ (3,256) $ (128) FUND BALANCE,BEGINNING(OCT 1,2024) 96,351 96,351 96,351 FUND BALANCE,ENDING $ 96,351 $ 172,602 $ 233,547 Page 3 NAPLES HERITAGE Community Development District Financial Statements (Unaudited) February 28, 2025 NAPLES HERITAGE Community Development District Non-Ad Valorem Special Assessments - Collier County Tax Collector Monthly Collection Distributions For the Fiscal Year Ending September 30, 2025 Discount/ Gross Date Net Amount (Penalties) Collection Amount Received Received Amount Costs Received Assessments Levied $ 199,750 Allocation % 100% 10/31/24 $ 900 $ 51 $ 18 $ 969 11/08/24 1,411 60 29 1,500 11/14/24 21,638 920 442 23,000 11/21/24 29,635 1,260 605 31,500 12/05/24 82,085 3,490 1,675 87,250 12/09/24 4,704 200 96 5,000 12/12/24 17,201 698 351 18,250 12/24/24 5,230 168 107 5,505 01/09/25 5,889 186 120 6,195 02/07/25 7,486 177 153 7,816 TOTAL $ 176,179 $ 7,210 $ 3,596 $ 186,985 % COLLECTED 93.6% TOTAL OUTSTANDING $ 12,765 Page 4 NAPLES HERITAGE Community Development District Cash and Investment Balances February 28, 2025 ACCOUNT NAME BANK NAME YIELD MATURITY BALANCE GENERAL FUND Checking Account-Operating Valley National 4.34% N/A 194,205 Money Market Account BankUnited 3.99% N/A 47,471 Total $ 241,676 Page 5 LO CO CO (0 (O U) CO V N N W (O O N N LO (O CO O) (() LO Cp (ri (f) Lc; O V cc; a) O Co NM O .- CO N 0 EM4 0 (CD CO E d v> E» 69 (y (n d a c -° 3 Co o a. U 0 0 0 0 0 0 0 0 0 Y C) Q c) o.) O O) O) O ) O) O) Q co) 0 M M M m M M M M (0 0 J M) (n LO LO 0 LO In to O L 00000000 O co C R LO LO LO L() LO L() u) LO LO LL I- C O o. I— u U_ o a) L 0 m 0 0 0 0 0 0 0 0 I— -I a) CZ CO Co CO CO (0 RI CZ LL a) a) a) a) a) a) a) a) a a) -0 Q Q Q Q Q Q Q Q o C Z N > o).` `W 0 CO ` N C 0 NN O) Na)C Op a) U) a) d N d W W W W W W W W O C O O W O Z 10 ID LO (n LO (1) L() LO C N N N N N N N N w .0 N Q .a W (\) co co co 0) (\) (\') co ` _ W >- NN U 'C LL 0 0 0 0 0 0 0 0 - O ~ Da)) Z N N N N N N N N Z N L 0 W n O () C 2 co M co co co co co coC E T a) a_ N N N N N N N N O d E (= 0 0 0 0 0 0 0 0 4- CC aaaO Ea a xaaaa 0 o r w . OW a Nod 0) CO CO Cr) C.O CO CO CO Q 0) I- w o (n (Or (nm CD LO IX o Z 0, CO 0 CO N 0 L� LO 0 W U rn NI- in rn N CO 0 (OO (CO N >C (,0 N N N N N N N N W M M M M M M M M J co O O O O O O O O a Q z a) Co a) a x x x x x x x x x 0 0 0 0 0 0 0 0 W •Q Q .:EQ Q Q Q Q 0 J J J J J J W d LL d d d d d LL LL LL LL LL LL LL LL LL LL. r N N N N N N N N N d CD Co CO V 0 N N N N N N N N N 0 O O O O O O O O O Z O D to L-- co O) O N CO •C! V Z {L N N N N N N Co 000000000 000000000 .0 O O O O O O O O O 0 Q Q M C) M M M M M M re W n o O O O O O O O O O LL z W 0 0 0 0 0 0 C, O 0 NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024 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 OTHER INFORMATION Data Elements required by FL Statute 218.39 (3) (c) 19 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 20-21 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 22 MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA 23-24 1001 Yamato Road • Suite 301 Grau & Associates Boca Raton, Florida 33431 (561) 994-9299 • (800)299-4728 CERTIFIED PUBLIC ACCOUNTANTS Fax(561) 994 5823 www.graucpa.com INDEPENDENT AUDITOR'S REPORT To the Board of Supervisors Naples Heritage Community Development District Collier County, Florida Report on the Audit of the Financial Statements Opinions 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, 2024, and the related notes to the financial statements, which collectively comprise the District's basic financial statements as listed in the table of contents. n 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, 2024, 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. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities,in accordance with the relevant ethical requirements relating to our audit.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements The District's management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation,and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement,whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,as fraud may involve collusion,forgery,intentional omissions,misrepresentations,or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate,they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District's internal control.Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment,there are conditions or events, considered in the aggregate,that raise substantial doubt about the District's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control—related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board,who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries,the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Included in the Financial Report Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with FL Statute 218.39 (3) (c) but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information,and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements,our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists,we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards,we have also issued our report dated February 28,2025, 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 February 28, 2025 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, 2024. 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$7,159,190. • The change in the District's total net position in comparison with the prior fiscal year was($113,014), 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 30,2024,the District's governmental fund reported ending fund balance of$96,350,an increase of$26,049 in comparison with the prior fiscal year. A portion of the fund balance is non- spendable 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. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The statement of activities presents information showing how the government's net position changed during the most recent fiscal year.All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods. The government-wide financial statements include all governmental activities that are principally supported by special assessment revenues. The District does not have any business-type activities. The governmental activities of the District include the general government (management) and maintenance and operations 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, 2024 2023 Current and other assets $ 131,076 $ 75,523 Capital assets,net of depreciation 7,062,840 7,201,903 Total assets 7,193,916 7,277,426 Current liabilities 34,726 5,222 Total liabilities 34,726 5,222 Net position Investment in capital assets 7,062,840 7,201,903 Unrestricted 96,350 70,301 Total net position $ 7,159,190 $ 7,272,204 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, 2024 2023 Revenues: Program revenues $ 173,066 $ 115,517 General revenues 8,764 4,898 Total revenues 181,830 120,415 Expenses: General government 57,543 63,013 Maintenance and operations 237,301 213,507 Total expenses 294,844 276,520 Change in net position (113,014) (156,105) Net position-beginning 7,272,204 7,428,309 Net position-ending $ 7,159,190 $ 7,272,204 As noted above and in the statement of activities,the cost of all governmental activities during the fiscal year ended September 30, 2024, was $294,844. The costs of the District's activities were primarily funded by program revenues. Program revenues are comprised of assessments. General revenues are comprised of interest income. The increase in the current fiscal year expenses is primarily the result of an increase in stormwater drainage improvements maintenance. 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 for the fiscal year ended September 30, 2024 did not exceed appropriations. CAPITAL ASSETS At September 30, 2024, the District had $11,400,144 invested in capital assets. In the government-wide statements depreciation of$4,337,304 has been taken, which resulted in a net book value of$7,062,840. 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, 2024 Governmental Activities ASSETS Cash $ 128,514 Due from other governments 2,002 Deposits and prepaids 560 Capital assets: Nondepreciable 6,122,404 Depreciable, net 940,436 Total assets 7,193,916 LIABILITIES Accounts payable and accrued expenses 34,726 Total liabilities 34,726 NET POSITION Investment in capital assets 7,062,840 Unrestricted 96,350 Total net position $ 7,159,190 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, 2024 Net(Expense) Revenue and Program Changes in Net Revenues Position Charges for Governmental Functions/Programs Expenses Services Activities Primary government: Governmental activities: General government $ 57,543 $ 57,543 $ - Maintenance and operations 237,301 115,523 (121,778) Total governmental activities 294,844 173,066 (121,778) General revenues: Investment earnings 8,764 Total general revenues 8,764 Change in net position (113,014) Net position -beginning 7,272,204 Net position -ending $ 7,159,190 See notes to the financial statements 7 NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA BALANCE SHEET GOVERNMENTAL FUND SEPTEMBER 30, 2024 Total Major Fund Governmental General Fund ASSETS Cash $ 128,514 $ 128,514 Due from other governments 2,002 2,002 Deposits 560 560 Total assets $ 131,076 $ 131,076 LIABILITIES AND FUND BALANCES Liabilities: Accounts payable and accrued liabilities $ 34,726 $ 34,726 Total liabilities 34,726 34,726 Fund balance: Nonspendable: Deposits 560 560 Assigned to: Operation Reserves 18,457 18,457 Roads, lake and fountain reserves 48,160 48,160 Unassigned 29,173 29,173 Total fund balance 96,350 96,350 Total liabilities and fund balance $ 131,076 $ 131,076 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, 2024 Total fund balances -governmental funds $ 96,350 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 11,400,144 Accumulated depreciation (4,337,304) 7,062,840 Net position of governmental activities $ 7,159,190 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, 2024 Total Major Fund Governmental General Fund REVENUES Assessments $ 173,066 $ 173,066 Interest 8,764 8,764 Total revenues 181,830 181,830 EXPENDITURES Current: General government 57,543 57,543 Maintenance and operations 78,179 78,179 Capital outlay 20,059 20,059 Total expenditures 155,781 155,781 Excess (deficiency) of revenues over(under) expenditures 26,049 26,049 Fund balance-beginning 70,301 70,301 Fund balance-ending $ 96,350 $ 96,350 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, 2024 Net change in fund balances-total governmental funds $ 26,049 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. 20,059 Depreciation on capital assets is not recognized in the governmental fund statements but is reported as an expense in the statement of activities. (159,122) Change in net position of governmental activities $ (113,014) 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 acquisition 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, 2024 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 1,308,650 20,059 - 1,328,709 Infrastructure-roadways 3,949,031 - - 3,949,031 Total capital assets,being depreciated 5,257,681 20,059 - 5,277,740 Less accumulated depreciation for: Improvements-security and other 1,218,685 13,988 - 1,232,673 Infrastructure-roadways 2,959,497 145,134 - 3,104,631 Total accumulated depreciation 4,178,182 159,122 - 4,337,304 Total capital assets,being depreciated,net 1,079,499 (139,063) - 940,436 Governmental activities capital assets, net $ 7,201,903 $ (139,063) $ - $ 7,062,840 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, 2024 Variance with Budgeted Final Budget- Amounts Actual Positive Original & Final Amounts (Negative) REVENUES Assessments $ 172,585 $ 173,066 $ 481 Interest 240 8,764 8,524 Total revenues 172,825 181,830 9,005 EXPENDITURES Current: General government 61,732 57,543 4,189 Maintenance and operations 83,553 78,179 32,914 Capital outlay 27,540 20,059 7,481 Total expenditures 172,825 155,781 44,584 Excess (deficiency) of revenues over(under) expenditures $ - 26,049 $ 26,049 Fund balance- beginning 70,301 Fund balance-ending $ 96,350 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 for the fiscal year ended September 30, 2024 did not exceed appropriations. 18 NAPLES HERITAGE COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY, FLORIDA OTHER INFORMATION-DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3) (C) FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024 UNAUDITED Element Comments Number of District employees compensated in the last pay period of the District's 0 fiscal year being reported. Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District's fiscal year being 4 reported. Employee compensation $0 Independent contractor compensation $38,154 Construction projects to begin on or after October 1;($65K) Not applicable See the Schedule of Revenues,Expenditures Budget variance report and Changes in Fund Balance-Budget and Actual-General Fund Ad Valorem taxes; Not applicable Non ad valorem special assessments; Special assessment rate Operations and maintenance-$225.00 Special assessments collected $173,066 19 1001 Yamato Road • Suite 301 Grau & Associatesi ii Boca Raton, Florida 33431 (561) 994-9299 • (800)299-4728 CLRIIFIED PUBLIC ACCOUNTANTS Fax (561) 994-5823 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, 2024, and the related notes to the financial statements, which collectively comprise the District's basic financial statements, and have issued our opinion thereon dated February 28, 2025. Report on 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 or significant deficiencies may exist that were not identified. Report on 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. 20 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. February 28, 2025 21 / 1001 Yamato Road • Suite 301 Grau & Associates Boca Raton, Florida 33431 (561) 994-9299 • (800)299-4728 ,....,...........) CERTIFIED PUBLIC ACCOUNTANTS Fax (561) 994-5823 www.g raucpa.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, 2024. 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. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement. In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2024. 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. /, February 28, 2025 22 1001 Yamato Road • Suite 301 �rau & Associates Boca Raton, Florida 33431 (561) 994-9299 • (800) 299-4728 CERTIFIED PUBLIC ACCOUNTANTS Fax (561) 994-5823 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 30,2024, and have issued our report thereon dated February 28, 2025. 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 February 28, 2025, 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 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. February 28, 2025 23 REPORT TO MANAGEMENT I. CURRENT YEAR FINDINGS AND RECOMMENDATIONS None II. PRIOR YEAR FINDINGS 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, 2023. 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, 2024. 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, 2024. 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 30,2024. 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. 7. Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 19. 24 6D. s :J dam+ U •Lr • a W a1 L s N 2 a GI Q CaCto V g < mu N = O x to O cc, < W � .= L. >CD W a) 2 _ > r a) M n V `V Q) f- C N U. Ch 0 Q. v a a` W ,� O o Z < J C '' c ` CC U. Q d z aE Z a = 0 Q #) N (O 0) ,- M N- co (O a • • • • • C Co • Co • co N 'a • 41 C = C a) • C • o o, C O CO • d L • U ' • R C a) F- CO m u) a) O_ O U C a)c 71 cc) E C N - c O W N W m J eci"n n Q O O O C) o N• > O COca N O F- N _ct m W 0_0 CO Q p o 0 Z Q p 0 p=p W_ C 1 CO co } 0 o o C) . E x Z c� •` Z a (.) 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