CANOPY
Community Development District
DECEMBER 14, 2023

AGENDA

Canopy
Community Development District
Meeting Agenda

Thursday	Canopy Amenity Center
December 14, 2023	2877 Crestline Road
2:00 p.m.	Tallahassee, Florida 32308
Call In # 1-877-304-9269
Participation Passcode # 926467

Roll Call

Public Comment Period

Approval of Minutes of the August 9, 2023 Meeting

Acceptance of Fiscal Year 2022 Audit Report

Staff Reports
Attorney

Engineer

District Manager
Approval of Check Register Summary

Balance Sheet & Income Statement

Other Business

Supervisors Requests

Next Scheduled Meeting – February 8, 2024 @ 2:00 p.m. at Canopy Amenity Center

Adjournment

THIRD ORDER OF BUSINESS

Minutes of Meeting Canopy
Community Development District

The regular meeting of the Board of Supervisors of the Canopy Community Development District was held Wednesday, August 9, 2023 at 6:05 p.m. at the Canopy Amenity Center, 2877 Crestline Road, Tallahassee, Florida.

Present and constituting a quorum were:

Jason Ghazvini	Vice Chairman
John “Al” Russell	Supervisor
Colleen Castille	Supervisor
David Brady	Supervisor

Also present were:

Jim Oliver	District Manager
Roy Van Wyk	District Counsel
Laura Kalinoski	Events Coordinator About 15 Residents

FIRST ORDER OF BUSINESS	Roll Call
Mr. Oliver called the meeting to order at 6:00 p.m. and called the roll.

SECOND ORDER OF BUSINESS	Public Comment Period
Comments were: Trees on the Florida Gas Transmission line flagged for trimming, overgrown pond banks need regular maintenance, pool attendants will have name tags and polos, contractor has been hired to deal with cracks in pool, new treadmills will be delivered shortly, timing of dog park construction, future plans for Dempsey Mayo, Crestline and roundabout of Miccosukee, rules breaking at the pool, rule breakers are subject to losing amenity privileges.

THIRD ORDER OF BUSINESS	Approval of the Minutes of the May 23, 2023
Meeting

On MOTION by Ms. Castille seconded by Mr. Ghazvini with all in favor the minutes of the May 23, 2023 meeting were approved as presented.

FOURTH ORDER OF BUSINESS	Acceptance of Minutes of the May 23, 2023
Audit Committee Meeting

On MOTION by Mr. Brady seconded by Ms. Castille with all in favor the minutes of the May 23, 2023 audit committee meeting were accepted.

FIFTH ORDER OF BUSINESS	Fiscal Year 2024 Budget
Overview of Budget
Mr. Oliver gave an overview of the budget process and stated there is no increase in assessments in the proposed budget. The budget has grown to about $52,000 and that is covered by an increase in developer contributions. There are five funds, the general fund to keep the district operating, there are four other funds, that are the debt service budgets for the four series of bonds that were issued in 2018 to build the infrastructure. We had the assessment hearing for those in 2018 when we issued the bonds and they are 30-year bonds and the assessments stay the same for the life of the bonds unless at some point after the call period of about ten years interest rates are such that you can refinance those at a lower interest rate. You won’t approach that until we get to FY28.
In the general fund budget there is a revenue section of how you fund this budget then the expenditures, broken into administrative, maintenance, and amenity center. The developer contribution funds about half of the budget for FY23 and it goes up about $52,000 for FY24. There is about a $6,000 increase in administrative costs, the biggest driver of the $43,000 increase in the maintenance fund is landscape maintenance, which is not uncommon for a district that is in its growth period. The next section is the amenity center that goes from $199,000 to $219,000 and the biggest driver there is utilities. The debt service budgets make the semi-annual interest payments on November 1st and May 1st each year as well as the principal payment on May 1st of each year. We think this is the buildout budget in terms of assessments. The amount on the tax bill is grossed up by 7% and if a homeowner or their lender pays the assessments by November 30th there is a 4% discount on those assessments and that is true for everything on the tax bill.

Board Discussion
Ms. Castille stated the maintenance assessment on page 1 line 1, the assessments to the residents that is going to remain the same, but we know there are increased costs and the developer is carrying all the increases.
Mr. Oliver stated that is correct.
Mr. Ghazvini asked what are porter services? Ms. Kalinoski stated that is janitorial.
Mr. Ghazvini stated street cleaning and sidewalks.

Public Hearing Adopting the Budget for Fiscal Year 2024

On MOTION by Mr. Ghazvini seconded by Ms. Castille with all in favor the public hearing was opened.

A resident asked is the anticipation that the assessments will over time go down?
Mr. Oliver stated I don’t think you will see assessments go down, I think you are where you need to be. As more units come online and lots are platted, more assessments will be collected and as the assessment collections go up you will see the developer contributions will slowly decline because the idea will be for the CDD to be fully self-sustaining.
A resident stated it was mentioned when we bought the house that in time we would see the assessments go down.
Mr. Oliver stated I’ve never seen that happen in any of my districts. Ms. Castille asked is the debt service 20 years or 30 years?
Mr. Oliver stated 30 years.

On MOTION by Mr. Ghazvini seconded by Ms. Castille with all in favor the public hearing was closed.

Consideration of Resolution 2023-06 Relating to the Annual Appropriations and Adopting the Budget for Fiscal Year 2024
Mr. Van Wyk stated Resolution 2023-06 is the annual appropriations resolution. You are approving the budget as presented and the district manager is making provisions for it to be posted

on the district’s website and makes provisions for how the budget can be amended in the future and you are making appropriations based on line items that were in the budget.

On MOTION by Ms. Castille seconded by Mr. Ghazvini with all in favor Resolution 2023-06 was approved.

Consideration of Resolution 2023-07 Imposing Special Assessments and Certifying an Assessment Roll for Fiscal Year 2024
Mr. Van Wyk stated Resolution 2023-07 is our assessment resolution. Now that we have the budget adopted and we know the numbers, this resolution imposes the special assessments on each parcel that is benefited by the services outlined in the budget. It makes provisions for collection on the tax roll, it makes provisions for collection by direct bill on unplatted parcels so that the district can realize the cash in advance of the issuance of the tax bills. You are making findings of benefit to each one of the parcels and you are making findings with respect to the apportionment of the assessments on the various parcels located in the district.

On MOTION by Ms. Castille seconded by Mr. Ghazvini with all in favor Resolution 2023-07 was approved.

Consideration of Deficit Funding Agreement for Fiscal Year 2024
Mr. Van Wyk stated as noted earlier there is a developer contribution and this is an agreement that makes it known in writing that the developer is responsible for paying any of those costs that are not funded through special assessments. This is an agreement between the district and the developer for payment of those fees.

On MOTION by Mr. Ghazvini seconded by Mr. Brady with all in favor the fiscal year 2024 deficit funding agreement with Ox Bottom Mortgage Holdings, LLC was approved.

SIXTH ORDER OF BUSINESS	Discussion of Rental Policies for Designated
CDD Facilities
Mr. Oliver stated as I reviewed the minutes from the last meeting there was a very robust discussion of the policies not only the existing policies for this district but a lot of other CDDs to compare with and some suggested policies that we received from one of the residents. It is my

understanding that the decision was that the facility we are in right now could not be rented for private events, it could be used by the district for events open to all the residents. Otherwise, it is strictly categories of residents.
Mr. Ghazvini stated I think from the developer’s standpoint and from my position on the board I think the goal was to allow there to be events for homeowners to be able to coordinate through Laura. We don’t want to specifically close out the space to homeowners to be able to utilize, we want it to be open for the homeowners to set up events with Laura that everybody can come and attend. That is why we made the decision to not rent out the space specifically for a private event yet for a neighborhood event.
Ms. Castille asked are you saying that it is for rent?
Mr. Ghazvini stated what I’m saying is the place can be chosen to be utilized by a neighborhood event, for example I want to have a book club at the clubhouse, I can reach out to Laura and say next Thursday evening I would like to have a book club and I want it to be open to the homeowners. Laura will send out a notice to all the homeowners and let everybody know that everybody is invited. That way it is open to all homeowners and everybody knows Thursday night the space is being utilized for that. It doesn’t exclude anyone from being able to be there but is still allows the homeowners to have these neighborhood events and utilize the space.
A resident asked what about someone having a birthday party? Mr. Ghazvini stated no, but you can utilize the outdoor pavilion.
Ms. Kalinoski stated the rules of the community remain, no more than four guests per household. It is not built to be an event space it was built to be an amenity for every one of you. You can come down here and enjoy what you paid for and it is not excluding anyone.
A resident stated there is no change the policy. Mr. Ghazvini stated that is correct.
A resident asked does that mean if someone has a birthday party and they invite other homeowners’ children, that is still okay/
Ms. Kalinoski stated yes.

SEVENTH ORDER OF BUSINESS	Consideration of Audit Engagement Letter
from Grau & Associates

On MOTION by Ms. Castille seconded by Mr. Brady with all in favor the engagement letter from Grau & Associates to perform the fiscal year 2023 audit in the amount of $4,500 was approved.

EIGHTH ORDER OF BUSINESS	Staff Reports
Attorney
There being none, the next item followed.

Engineer
There being none, the next item followed.

Manager
Approval of Check Register Summary and Requisition Summary

On MOTION by Mr. Russell seconded by Mr. Brady with all in favor the check run summary and requisition summary were approved.

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

Discussion of Fiscal Year 2024 Meeting Schedule

On MOTION by Mr. Russell seconded by Ms. Castille with all in favor the fiscal year 2024 meeting schedule was approved reflecting the following dates: October 12, 2023, December 14, 2023, February
8, 2024, April 11, 2024, June 13, 2024 and August 7, 2024.

NINTH ORDER OF BUSINESS	Other Business
There being none, the next item followed.

TENTH ORDER OF BUSINESS	Supervisors Requests
There being none, the next item followed.

ELEVENTH ORDER OF BUSINESS	Next Scheduled Meeting – October 12, 2023 at
2:00 p.m. at the Canopy Amenity Center
Mr. Oliver stated the next meeting will be held October 12, 2023 at 1:00 p.m. in the same location.

On MOTION by Mr. Russell seconded by Ms. Castille with all in favor the meeting adjourned at 6:43 p.m.

Secretary/Assistant Secretary	Chairman/Vice Chairman

FOURTH ORDER OF BUSINESS

Canopy Community Development District

FINANCIAL STATEMENTS

September 30, 2022

Table of Contents

REPORT
Independent Auditors’ Report ........................................................................................	1
FINANCIAL STATEMENTS
Management’s Discussion And Analysis (required supplemental information).............	4
Basic Financial Statements Government‐Wide Financial Statements
Statement of Net Position .......................................................................................	9
Statement of Activities .............................................................................................	10
Fund Financial Statements
Balance Sheet – Governmental Funds ......................................................................	11
Reconciliation of the Balance Sheet of Governmental Funds to the Statement
of Net Position ..........................................................................................................	12
Statement of Revenue, Expenditures and Changes in Fund Balances –
Governmental Funds ................................................................................................	13
Reconciliation of the Statement of Revenue, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities ....................	14
Notes to Financial Statements ........................................................................................	15
Required Supplemental Information (other than MD&A)
Budget to Actual Comparison Schedule ‐ General Fund..............................................	24
Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance With Government Auditing Standards ..................................	25
Management Letter ........................................................................................................	28
Independent Accountants’ Report on Compliance with Section 218.415, Florida
Statutes ...........................................................................................................................	31

INDEPENDENT AUDITORS’ REPORT

To the Board of Supervisors
Canopy Community Development District Leon County, Florida

Opinions

We have audited the accompanying financial statements of the governmental activities and each major fund of Canopy Community Development District (hereinafter referred to as “District”), as of and for the year ended September 30, 2022, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2022, and the respective changes in financial position for the 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 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 Auditors’ 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

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

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.

Auditors’ 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 generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, 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 on pages 4 ‐ 8 and 24 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 Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated June 27, 2023, on our consideration of the District's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida June 27, 2023

Management’s Discussion and Analysis

Our discussion and analysis of the Canopy Community Development District’s financial performance provides an overview of the District’s financial activities for the fiscal year ended September 30, 2022. Please read it in conjunction with the District’s financial statements, which begin on page 9.

FINANCIAL HIGHLIGHTS

At September 30, 2022, the assets of the District exceeded its liabilities by approximately $13.5 million.

During the fiscal year ended September 30, 2022, the District constructed additional infrastructure of approximately $3.1 million, incurred approximately $608,000 of interest costs, and repaid principal of $785,000.

USING THE ANNUAL REPORT

This annual report consists of a series of financial statements. The Statement of Net Position and the Statement of Activities on pages 9 – 10 provide information about the activities of the District as a whole and present a longer‐term view of the District’s finances. Fund financial statements start on page
11. For governmental activities, these statements tell how these services were financed in the short‐ term as well as what remains for future spending. Fund financial statements also report the District’s operations in more detail than the government‐wide statements by providing information about the District’s most significant funds.

Reporting the District as a Whole

Our analysis of the District as a whole begins on page 5. One of the most important questions asked about the District’s finances is, “Is the District as a whole better off or worse off as a result of the year’s activities?” The Statement of Net Position and the Statement of Activities report information about the District as a whole and about its activities in a way that helps answer this question. These statements include all assets and liabilities using the accrual basis of accounting, which is similar to the accounting used by most private‐sector companies. All of the current year’s revenues and expenses are taken into account regardless of when cash is received or paid.

These two statements report the District’s net position and related changes during the current year. You can think of the Districts’ net position – the difference between assets and liabilities – as one way to measure the District’s financial health, or financial position. Over time, increases or decreases in the District’s net position is one indicator of whether its financial health is improving or deteriorating. You will need to consider other nonfinancial factors; however, such as changes in the District’s assessment base and the condition of the District’s infrastructure, to assess the overall health of the District.

Reporting the District’s Most Significant Funds

Our analysis of the District’s major funds begins on page 7. The fund financial statements begin on page 11 and provide detailed information about the most significant funds – not the District as a whole. Some funds are required to be established by State law and by bond covenants. All of the District’s funds are governmental fund‐types.

Governmental funds – All of the District’s basic services are reported in governmental funds, which focus on how money flows into and out of those funds and the balances left at year‐end that are available for spending. These funds are reported using an accounting method called modified accrual accounting, which measures cash and all other financial assets that can be readily converted to cash. The governmental fund statements provide a detailed short‐term view of the District’s general government operations and the basic services it provides. Governmental fund information helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance the District’s programs.

THE DISTRICT AS A WHOLE

The following table reflects the condensed Statement of Net Position and is compared to the prior year.

September 30,	2022	2021	Change	
Assets
Current and other assets	
$	1,085,936	
$	697,190	
$	388,746	
Capital assets, net	22,337,017	19,221,893	3,115,124	

Total assets	
$	
23,422,953	
$	
19,919,083	
$	
3,503,870	

Liabilities

Current liabilities	$	856,946	$	7,045,981	$	(6,189,035)	
Other liabilities	9,105,000	9,885,000	(780,000)	
Total liabilities	9,961,946	16,930,981	(6,969,035)	

Net position				
Net investment in capital assets Restricted for:
Debt service		12,853,026

353,617		2,783,325

138,974		10,069,701

214,643	
Unrestricted		254,364		65,803		188,561	
Total net position		13,461,007		2,988,102		10,472,905	

Total liabilities and net position	
$	
23,422,953	
$	
19,919,083	
$	
3,503,870	

For more detailed information, see the accompanying Statement of Net Position.

During the fiscal year ended September 30, 2022, total assets increased by approximately $3.5 million over while liabilities decreased by approximately $7 million from over the prior fiscal year. The increase in total assets is due to a significant amount of Intergovernmental revenue related to infrastructure construction. The decrease in liabilities is due to decrease in amounts due to Developer.

The following schedule compares the Statement of Activities for the current and previous fiscal year.

For the year ended September 30,	2022	2021	Change	
Revenue:
Program revenue: Charges for services	

$	1,839,795	

$	1,194,868	

$	644,927	
Grants and contributions	285	217	68	
General revenue: Developer contributions	
53,505	
88,097	
(34,592)	
Intergovernmental revenue	9,490,204	‐	9,490,204	

Total revenue	
11,383,789	
1,283,182	
10,100,607	

Expenses:
General government	

143,723	

177,453	

(33,730)	
Maintenance and operations	119,200	74,700	44,500	
Amenity center	58,895	‐	58,895	
Interest	589,066	626,608	(37,542)	

Total expenses	
910,884	
878,761	
32,123	

Change in net assets	
10,472,905	
404,421	
10,068,484	
Net position, beginning of year	2,988,102	2,583,681	404,421	

Net position, ending of year	
$ 13,461,007	
$	2,988,102	
$	10,472,905	

For more detailed information, see the accompanying Statement of Activities.

Revenue and expenses increased approximately $10.1 million and $32,000, respectively, over the prior fiscal year. The increase in revenue is primarily due to Intergovernmental revenue and an increase in prepayments related to lot closures. The increase in expenses is primarily due to the opening of the amenity center. The overall result was a $10,472,905 increase in net position for fiscal year 2022.

THE DISTRICT’S FUNDS

As the District completed the year, its governmental funds (as presented in the balance sheet on page 11) reported a combined fund balance of approximately $604,000, which is an increase from last year’s fund balance deficit that totaled approximately $6 million. Significant transactions are discussed below.

During the year ended September 30, 2022, the District received approximately $9.5 million of Intergovernmental revenue.

During the year ended September 30, 2022, the District established additional infrastructure of approximately $3.1 million, incurred approximately $608,000 of interest expenditures, and repaid principal of $785,000.

The overall increase in fund balance for the year ended September 30, 2022 totaled $6,554,151.

GOVERNMENTAL FUNDS BUDGETARY HIGHLIGHTS

An Operating budget was established by the governing board for the District pursuant to the requirements of Florida Statutes. The budget to actual comparison for the general fund, including the original budget and final adopted budget, is shown at page 24.

The District experienced an unfavorable variance in revenue as compared to the budget in the amount of approximately $289,000. Conversely, the District has a favorable variance in expenditures as compared to the budget in the amount of approximately $284,000. The variance in revenue occurred primarily due to a reduction of anticipated developer contributions. The variance in expenditures occurred primarily due to anticipated maintenance and operations and amenity center expenditures that were not incurred in the current year.

CAPITAL ASSET AND DEBT ADMINISTRATION

Capital Assets

At September 30, 2022, the District had approximately $22.3 million invested in capital assets. This amount represents an increase of approximately $9.8 million over the fiscal year 2021 total.

A listing of capital assets by major category for the current and prior year follows:

September 30,	2022	2021	Change

Capital assets not being depreciated

$ 22,337,017

$ 12,571,627	$

9,765,390

More information about the District’s capital assets is presented in Note 3 to the financial statements.

Debt

At September 30, 2022, the District had approximately $9.2 million of bonds outstanding. This amount represents a net decrease of $785,000 from the fiscal year 2021 total.

A listing of debt amounts outstanding for the current and prior year is as follows:

September 30,	2022	2021	Change	

Series 2018 A‐1	
$	2,085,000	
$	2,170,000	
$	(85,000)	
Series 2018 A‐2	3,540,000	4,190,000	(650,000)	
Series 2018 A‐3	2,700,000	2,735,000	(35,000)	
Series 2018 A‐4	920,000	935,000	(15,000)	

Total bonds payable	
$	9,245,000	
$ 10,030,000	
$	(785,000)	

More information about the District’s long‐term debt is presented in Note 4 to the financial statements.

FUTURE FINANCIAL FACTORS

Canopy Community Development District is an independent special district that operates under the provisions of Chapter 190, Florida Statutes. The District operates under an elected Board of Supervisors, which establishes policy and sets assessment rates. Assessment rates for fiscal year 2023 were established to provide for the operations of the District as well as the necessary debt service requirements.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT

This financial report is designed to provide a general overview of the District’s finances. If you have questions about this report or need additional financial information, contact the Canopy Community Development District’s management company at 393 Palm Coast Parkway SW, #4, Palm Coast, FL, 32137.

Basic Financial Statements

September 30,	2022	
	Governmental	
	Activities	
Assets
Cash and cash equivalents	
$	772,499	
Accounts receivable	297,585	
Prepaid expenses	15,852	
Capital assets:
Not being depreciated	
22,337,017	

Total assets	
23,422,953	

Liabilities
Accounts payable	

23,574	
Contracts payable	380,372	
Retainage payable	78,167	
Accrued interest payable	234,833	
Non‐current liabilities:
Due within one year	
140,000	
Due in more than one year	9,105,000	

Total liabilities	
9,961,946	

Net position
Net investment in capital assets	

12,853,026	
Restricted for:
Debt service	
353,617	
Unrestricted	254,364	

Total net position	$	13,461,007

For the year ended September 30,			2022		
					Net (Expense)	
					Revenue and	
					Changes in	
			Program Revenue	Net Position	
				Capital		
		Charges for	Grants and	Grants and	Governmental	
Functions/Programs	Expenses	Services	Contributions	Contributions	Activities	
Primary government:						
Governmental activities:						
General government	$ (143,723)	$	112,186	$	‐	$	‐	$	(31,537)	
Maintenance and operations	(119,200)	93,044	‐	‐	(26,156)	
Amenity center	(58,895)	45,971	‐	‐	(12,924)	
Interest	(589,066)	1,588,594	281	4	999,813	

Total governmental activities	
$	
(910,884)	
$	
1,839,795	
$	
281	
$	
4	
929,196	

General Revenue

Developer contributions	53,505	
Intergovernmental revenue	9,490,204	
Total general revenue	9,543,709	

Change in net position	
10,472,905	
Net position ‐ beginning of year	2,988,102	

Net position ‐ end of year	
$  13,461,007	

September 30,		2022		
			Total	
		Capital Project	Governmental	
	General Fund	Debt Service	Fund	Funds	
Assets
Cash and cash equivalents	
$	1,637	
$	510,413	$	260,449	
$	772,499	
Accounts receivable	‐	297,585	‐	297,585	
Prepaid expenditures	15,852	‐	‐	15,852	
Total assets	$	17,489	$	807,998	$	260,449	$	1,085,936	

Liabilities and Fund Balances
Liabilities
Accounts payable	

$	23,574	

$	‐	$	‐	

$	23,574	
Contracts payable	‐	‐	380,372	380,372	
Retainage payable	‐	‐	78,167	78,167	
Total liabilities	23,574	‐	458,539	482,113	

Fund balances

Nonspendable	15,852	‐	‐	15,852	
Restricted for debt service	‐	807,998	‐	807,998	
Unassigned	(21,937)	‐	(198,090)	(220,027)	
Total fund balances (deficit)	(6,085)	807,998	(198,090)	603,823	
Total liabilities and fund balances	$	17,489	$	807,998	$	260,449	$	1,085,936	

September 30,	2022	

Total fund balances, governmental funds	
$	603,823	
Capital assets used in governmental activities are not financial resources and therefore are not reported in the fund financial statements.	
22,337,017	
Liabilities not due and payable from current resources, including accrued interest, are not reported in the fund financial statements.	
(9,479,833)	

Total net position ‐ governmental activities	
$	13,461,007	

For the year ended September 30,	2022
	General Fund	

Debt Service	
Capital Project Fund	Total
Governmental Funds	
Revenue					
Assessments	$	251,201	$	767,102	$	‐	$	1,018,303	
Developer contributions	53,505	‐	‐	53,505	
Intergovernmental revenue	‐	‐	9,490,204	9,490,204	
Prepayment revenue	‐	821,492	‐	821,492	
Interest	‐	281	4	285	
Total revenue	304,706	1,588,875	9,490,208	11,383,789	

Expenditures
Current:

General government	132,235	‐	11,488	143,723	
Maintenance and operations	119,200	‐	‐	119,200	
Amenity center	58,895	‐	‐	58,895	
Debt service:					
Principal	‐	785,000	‐	785,000	
Interest	‐	607,696	‐	607,696	
Capital outlay	‐	‐	3,115,124	3,115,124	
Total expenditures	310,330	1,392,696	3,126,612	4,829,638	

Excess (deficit) of revenue over expenditures	

(5,624)	

196,179	

6,363,596	

6,554,151	

Other Financing Sources (Uses)					
Transfers in	‐	‐	166	166	
Transfers out	‐	(166)	‐	(166)	
Total other financing sources (uses)	‐	(166)	166	‐	

Net change in fund balances	
(5,624)	
196,013	
6,363,762	
6,554,151	
Fund balances (deficit), beginning of year	(461)	611,985	(6,561,852)	(5,950,328)	

Fund balances (deficit), end of year	
$	(6,085)	
$	807,998	
$	(198,090)	
$	603,823	

Balances of Governmental Funds to the Statement of Activities

For the year ended September 30,	2022	

Net change in fund balances ‐ governmental fund	
$	6,554,151	
Capital outlay, reported as expenditures in the governmental funds, is shown as capital assets on the Statement of Net Position.	
3,115,124	
Governmental funds report principal payments on bonds when debt is paid,		
whereas these payments are eliminated in the Statement of Activities and		
recognized as a decrease in bonds payable in the Statement of Net Position.	785,000	
The change in accrued interest between the current and prior year is recorded on		
the Statement of Activities but not on the fund financial statements.	18,630	

Change in net position of governmental activities	
$	10,472,905	

NOTE 1: NATURE OF ORGANIZATION

The Canopy Community Development District (the “District”) was established on May 24, 2017 pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes, by the City of Tallahassee Ordinance No. 17‐O‐08, and by the Boundary Amendment: Ordinance No. 21‐O‐05. 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 certain infrastructure necessary for community development within the District.

The District is governed by a Board of Supervisors (“Board”), which is comprised of five members. The Supervisors are elected by the owners of property within the District. At September 30, 2022, one Board member is affiliated with the Developer, Ox Bottom Mortgage Holdings, LLC. The Board of Supervisors of the District exercises all powers granted to the District pursuant to Chapter 190, Florida Statutes.

The Board has the final responsibility for:
Assessing and levying assessments.
Approving budgets.
Exercising control over facilities and properties.
Controlling the use of funds generated by the District.
Approving the hiring and firing of key personnel.
Financing improvements.

In evaluating how to define the government, for financial reporting purposes, management has considered all potential component units. The decision to include or exclude a potential component unit in the reporting entity was made by applying the criteria set forth by Generally Accepted Accounting Principles (GAAP) as defined by the Governmental Accounting Standards Board (GASB). Based on the foregoing criteria, no potential component units were found.

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting policies of the District conform to GAAP as applicable to governments in accordance with those promulgated by GASB. The following is a summary of the more significant 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 the non‐fiduciary activities of the primary government.

Governmental activities, which normally are supported by assessments, are reported separately from business‐type activities, which rely to a significant extent on fees and charges for support. The business‐ type activities are reported separately in government‐wide financial statements; however, at September 30, 2022, the District did not have any significant business‐type activities. Therefore, no business‐type activities are reported. Assessments and other items not properly included as program revenues (i.e., charges to customers or applicants who purchase, use, or directly benefit from goods or services) are reported as general revenues.

Separate financial statements are provided for governmental funds. Major individual governmental funds are reported as separate columns in the fund financial statements.

Measurement Focus, Basis of Accounting and Basis of 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 the related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and other 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 District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.

Assessments, including debt service assessments along with operation and maintenance assessments, are non‐ad valorem special assessments imposed on lands located within the District and benefited by the District’s activities, operation and maintenance. Assessments are levied and certified for collection by the District prior to the start of the fiscal year which begins October 1st and ends on September 30th. Operation and maintenance special assessments are imposed upon all benefited lands located in the District. Debt service special assessments are imposed upon certain lots and lands as described in each resolution imposing the special assessment for each series of bonds issued by the District.

Assessments, developer contributions, intergovernmental revenue and interest associated with the current fiscal period are all considered to be susceptible to accrual and have been recognized as revenues in the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the District.

The District reports the following major governmental funds:

General Fund – The General Fund is the primary operating fund of the District. It is used to account for all financial resources except those required to be accounted for in other funds.

Debt Service Fund – The Debt Service Fund is used to account for the accumulation of resources for the annual payment of principal and interest on long‐term debt.

Capital Projects Fund – The Capital Projects Fund is used to account for the financial resources to be used in the acquisition or construction of major infrastructure within the District.

For the year ended September 30, 2022, the District does not report any proprietary funds.

As a general rule, the effect of interfund activity has been eliminated from the government‐wide financial statements.

When both restricted and unrestricted resources are available for use, it is the District’s policy to use restricted resources first, then unrestricted resources as they are needed. When committed, assigned, or unassigned resources are available for use in the governmental fund financial statements, it is the government’s policy to use committed resources first, followed by assigned resources, then unassigned resources as needed.

Cash, Deposits and Investments

The District maintains deposits with "Qualified Public Depositories" as defined in Chapter 280, Florida Statutes. All Qualified Public Depositories must place with the Treasurer of the State of Florida securities in accordance with collateral requirements determined by the State’s Chief Financial Officer. In the event of default by a Qualified Public Depository, the State Treasurer will pay public depositors all losses. Losses in excess of insurance and collateral will be paid through assessments between all Qualified Public Depositories.

Under this method, all the District's deposits are fully insured or collateralized at the highest level of security as defined by GASB, Statement Number 40, Deposits and Investment Disclosures (An Amendment of GASB, Statement Number 3).

The District is authorized to invest in financial instruments as established by Section 218.415, Florida Statutes. The authorized investments include among others direct obligations of the U.S. Treasury; the Local Government Surplus Trust Funds as created by Section 218.405, Florida Statutes; SEC registered money market funds with the highest credit quality rating from a nationally recognized rating agency; and interest‐bearing time deposits or savings accounts in authorized financial institutions.

Capital Assets

Capital assets, which include primarily infrastructure assets (e.g., roads, sidewalks, water management systems and similar items), are reported in the governmental activities column in the government‐wide financial statements. Capital assets are defined by the District as assets with an initial/individual cost of more than $5,000 and an estimated useful life in excess of two years. Such assets are recorded at historical cost and estimated historical cost if purchased or constructed. Donated 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 asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

Property, plant and equipment of the primary government will be depreciated using the straight‐line method over the estimated useful lives. Estimated useful lives for financial reporting purposes are as follows:
	Asset	Years	
Infrastructure	25
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.

Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Deferred Outflows/Inflows of Resources

In addition to assets, the statement of financial position and balance sheet – governmental funds 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. The District does not have any of this type of item at September 30, 2022.

In addition to liabilities, the statement of financial position and balance sheet – governmental funds 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. The District does not have any of this type of item at September 30, 2022.

Fund Equity

Net position in the government‐wide financial statements represents the difference between assets and deferred outflows of resources and liabilities and deferred inflows of resources and is categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents assets related to infrastructure and property, plant and equipment, net of any related debt. Restricted net position represents the assets restricted by the District’s bond covenants.

Governmental fund equity is classified as fund balance. Fund balance is further classified as nonspendable, restricted, committed, assigned, or unassigned. Nonspendable fund balance cannot be spent because of its form. Restricted fund balance has limitations imposed by creditors, grantors, or contributors or by enabling legislation or constitutional provisions. Committed fund balance is a limitation imposed by the District board through approval of resolutions. Assigned fund balance is a limitation imposed by a designee of the District board. Unassigned fund balance in the General Fund is the net resources in excess of what can be properly classified in one of the above four categories. Negative unassigned fund balance in other governmental funds represents excess expenditures incurred over the amounts restricted, committed, or assigned to those purposes.

Budgets

The District is required to establish a budgetary system and an approved annual budget. Annual budgets are legally adopted on a basis consistent with GAAP for the General Fund. Any revision to the budget must be approved by the District Board. The budgets are compared to actual expenditures. In instances where budget appropriations and estimated revenues have been revised during the year, budget data presented in the financial statements represent final authorization amounts.

The District follows these procedures in establishing the budgetary data reflected in the financial statements:

Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
A public hearing is conducted to obtain comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
Budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America.

Subsequent Events

Management has evaluated subsequent events through the date that the financial statements were available to be issued, June 27, 2023, and determined there were no events that occurred that required disclosure. No subsequent events occurring after this date have been evaluated for inclusion in these financial statements.

The District encompasses approximately 414 acres. The Development plan for the proposed lands within the District includes approximately 900 single family residential units to be constructed in approximately seven phases. In addition to the single family residential units, the project plans to include parks and a central amenity center in the form of a clubhouse. The estimated cost of the project is $90.9 million.

The following is a summary of changes in the capital assets for the year ended September 30, 2022:

	Beginning
Balance	
Additions	Transfers and
Conveyances	Ending
Balance	
Governmental Activities:
Capital assets not being depreciated
Infrastructure under construction	

$ 19,221,893	

$ 3,115,124	

$	‐	

$ 22,337,017	
Total capital assets, not being depreciated	19,221,893	3,115,124	‐	22,337,017	
Governmental activities capital assets, net	$ 19,221,893	$ 3,115,124	$	‐	$ 22,337,017	

NOTE 4: BONDS PAYABLE

In October 2018, the District issued $11,405,000 of Special Assessment Bonds, Series 2018, consisting of
$2,225,000 of Series 2018 A‐1 Bonds, $5,480,000 of Series 2018 A‐2 Bonds, $2,735,000 of Series 2018 A‐ 3 Bonds, and $965,000 of Series 2018 A‐4 Bonds with interest rates ranging from 5.00% to 6.25%. The Bonds were issued to finance the acquisition and construction of the 2019 project. Interest is paid semiannually on each May 1 and November 1. Principal payments on the Series 2018 A‐1 and Series 2018 A‐4 Bonds are made serially commencing on May 1, 2020 through May 1, 2049. Principal payments on the Series 2018 A‐2 and Series 2018 A‐3 Bonds are made serially commencing on May 1, 2022 through May 1, 2049.

Canopy Community Development District Notes to Financial Statements

NOTE 4: BONDS PAYABLE (Continued)

Long‐term liability activity for the year ended September 30, 2022 was as follows:

	Beginning
Balance	
Additions	
Reductions	
Ending Balance	Due Within
One Year	
Governmental Activities						
Bonds Payable:						
Series 2018 A‐1	$	2,170,000	$	‐	$	(85,000)	$	2,085,000	$	35,000	
Series 2018 A‐2	4,190,000	‐	(650,000)	3,540,000	50,000	
Series 2018 A‐3	2,735,000	‐	(35,000)	2,700,000	40,000	
Series 2018 A‐4	935,000	‐	(15,000)	920,000	15,000	
	
$ 10,030,000	
$	‐	
$ (785,000)	
$	9,245,000	
$ 140,000	

The Bond Indenture requires that the District maintain adequate funds in reserve accounts to meet the debt service reserve requirements as defined in the Indenture. The requirements have been met for the fiscal year ended September 30, 2022.

The Bond Indenture has certain restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedure to be followed by the District on assessments to property owners. The District agreed to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District is in compliance with the requirements of the Bond Indenture.

At September 30, 2022, the scheduled debt service requirements on bonds payable were as follows:
Total Debt

For the Year Ending September 30,	Principal	Interest	Service	

2023	
$	140,000	
$	560,216	
$	700,216	
2024	145,000	551,791	696,791	
2025	160,000	543,058	703,058	
2026	175,000	533,456	708,456	
2027	175,000	522,933	697,933	
2028 ‐ 2032	1,065,000	2,441,652	3,506,652	
2033 ‐ 2037	1,455,000	2,076,971	3,531,971	
2038 ‐ 2042	1,960,000	1,579,413	3,539,413	
2043 ‐ 2047	2,435,000	858,964	3,293,964	
2048 ‐ 2049	1,535,000	164,841	1,699,841	
	
$	9,245,000	
$	9,833,295	
$	19,078,295	

Canopy Community Development District Notes to Financial Statements

NOTE 5: 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 maintains commercial insurance coverage to mitigate the risk of loss. Coverage may not extend to all situations. Management believes such coverage is sufficient to preclude any significant uninsured losses to the District. There have not been any claims filed on this commercial coverage since inception.

NOTE 6: MANAGEMENT COMPANY

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

NOTE 7: RELATED PARTY TRANSACTIONS

A significant portion of the District’s activity is dependent upon the continued involvement of the Developer, Ox Bottom Mortgage Holdings, LLC, the loss of which could have a material adverse effect on the District’s operations.

For the fiscal year ended September 30, 2022, the Developer was directly assessed $136,292 and
$651,511 for operations and maintenance and debt service costs, respectively. As of September 30, 2022, the Developer owed $297,585 to the District in debt service direct assessments, which is recorded as Accounts receivable on the accompanying Statement of Net Position and Balance Sheet – Governmental Funds.

During the year ended September 30, 2022, the Developer paid for certain infrastructure costs and professional fees as they have in the years since inception. Per the terms of the agreement outlined in Note 9 below, upon receiving funding from the City of Tallahassee, the Developer was reimbursed directly, and as such, the amounts previously recorded as Due from Developer are reported as Intergovernmental revenue in the current year in the accompanying Statement of Activities and Statement of Revenue, Expenses and Changes in Fund Balances – Governmental Funds.

NOTE 8: COMMITMENTS

At September 30, 2022, the District had approximately $326,000 remaining on a construction contract for Welaunee Boulevard Segment 3B. The project is expected to be completed during fiscal year 2023.

NOTE 9: INTERGOVERNMENTAL REVENUE

In March 2019, the District entered into an interlocal agreement with the City of Tallahassee and Leon County‐City of Tallahassee Blueprint Intergovernmental Agency. This agreement was amended and restated in September 2020. The District has agreed to construct part of segment 3 of Welaunee Boulevard and the accompanying sidewalks and multipurpose trails, along with the turn lane portion of segment 2 (the “Project”). The Agency has included Welaunee Boulevard as part of the Blueprint 2020 Infrastructure project 25, Northeast Gateway: Welaunee Critical Area Plan Regional Infrastructure Phase
1. In accordance with the agreement, the City will reimburse actual construction costs of the Project incurred by the District subject to (a) completion of an entire phase of the Project; (b) acceptance of completed phases of the Project by the City, subject to compliance with all approved plans and specifications and permitting conditions, which acceptance will not be unreasonably withheld by the City; (c) dedication of the completed phase or phases of the Project to the City; and (d) submission and acceptance by the City of the Project documentation. No payment shall be due from the City to the District prior to October 1, 2019. The District shall complete construction of the Project, and all roadway constituting the Project, shall be dedicated and accepted by the City, by or before December 31, 2022. The City and Agency funding for the Project will not exceed $5,813,124.

In August 2019, the District entered into a construction funding agreement with the Developer. The Developer agreed to provide the funding to the District necessary to complete the Project as discussed in the interlocal agreement above. The funds provided by the Developer are expected to be reimbursed from the City of Tallahassee through the District up to $7.05 million, within 90 days of final completion of the Project and acceptance by the City, as provided for in the interlocal agreement. Within 45 days of receipt of funds by the District from the City, the District shall reimburse the Developer until full reimbursement is made or until all funds received from the City are exhausted; provided, however, that the Developer recognizes the Project may exceed the amount of the City reimbursed funds and the District shall not be required to reimburse the Developer for any amounts above those reimbursed by the City to the District for the Project.

In November 2020, the District entered into an escrow agreement with the Developer, Capital City Bank, and Ausley & McMullen, P.A. (“Escrow Agent”). The parties agreed that the reimbursement funds remitted to the District pursuant to the interlocal agreement should be paid directly to Capital City Bank in order to repay the Developer’s loan from this bank in the amount of $4 million. This loan was obtained by the Developer in order to meet its funding obligations under the construction funding agreement as provided above. The reimbursement funds have been placed in a designated escrow account. During the current fiscal year, approximately $3.9 million was reimbursed to the Developer from the City for this Project. Subsequent to fiscal year‐end, in April 2023, the Developer received an additional reimbursement totaling approximately $1.8 million.

Required Supplemental Information (Other than MD&A)

For the year ended September 30,		2022		
	Original and	Actual	Variance with	
	Final Budget	Amounts	Final Budget	

Revenue
Assessments	

$	248,831	

$	251,201	

$	2,370	
Developer contributions	342,545	53,505	(289,040)	
Interest and other revenue	2,500	‐	(2,500)	
Total revenue	593,876	304,706	(289,170)	

Expenditures
General government	

127,876	

132,235	

(4,359)	
Maintenance and operations	235,900	119,200	116,700	
Amenity center	230,100	58,895	171,205	
Total expenditures	593,876	310,330	283,546	

Deficit of revenue over expenditures	
$	‐	
$	(5,624)	
$	(5,624)	

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
Canopy Community Development District Leon 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 each major fund of Canopy Community Development District (hereinafter referred to as the “District”), as of and for the year ended September 30, 2022, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our report thereon dated June 27, 2023.

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) as a basis for designing 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 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 and therefore, material weaknesses or significant deficiencies may exist that were not identified. We did identify a deficiency in internal control described below as IC2022‐001 that we consider to be a material weakness.

IC 2022‐001: Financial Statement Close

Condition: The District did not accrue approximately $11,000 of maintenance and operations expenditures as of September 30, 2022, although the work was performed prior to year‐end.

Criteria: Internal controls should be in place to provide reasonable assurance that payables and the related expenditures are appropriate and properly accrued.

Cause: The expenditures and payables appear to have been overlooked when the District staff was preparing its annual financial report.

Effect: Accounts payable was understated by approximately $11,000 and maintenance and operations expenditures were understated by approximately $11,000.

Recommendation: We recommend the District review the general vendor activity within a reasonable timeframe from year‐end to ensure that all applicable liabilities are identified and recorded in the proper period.

The District’s response to the finding identified in our audit is described below. The District’s response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it.

Management response: The District has already taken further steps to ensure that this oversight is avoided in the future.

Compliance and Other Matters

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

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’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 District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida June 27, 2023

MANAGEMENT LETTER

To the Board of Supervisors
Canopy Community Development District Leon County, Florida

Report on the Financial Statements

We have audited the financial statements of the Canopy Community Development District (“District”) as of and for the fiscal year ended September 30, 2022, and have issued our report thereon dated June 27, 2023.

Auditors’ 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 Auditor General.

Other Reporting Requirements

We have issued our Independent Auditors’ Report on Internal Control over Financial Reporting and Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards and Independent Accountant’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 June 27, 2023, should be considered in conjunction with this management letter.

Prior Audit Findings

Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. Corrective actions have been taken to address findings and recommendations made in the preceding financial audit report.

Official Title and Legal Authority

Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. The information required is disclosed in the notes to the financial statements.

Financial Condition and Management

Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that the District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the District. It is management’s responsibility to monitor the District’s financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.

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

Specific Information

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Canopy Community Development District reported:

The total number of district employees compensated in the last pay period of the district’s fiscal year as 0.

The total number of independent contractors to whom nonemployee compensation was paid in the last month of the district’s fiscal year as 0.

All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $0.

All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $0.

Each construction project with a total cost of at least $65,000 approved by the district that is scheduled to begin on or after October 1 of the fiscal year being reported, together with the total expenditures for such projects as $1,889,187.

The District did not amend its final adopted budget under Section 189.016(6), Florida Statutes.

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)7, Rules of the Auditor General, the Canopy Community Development District reported:

The rate or rates of non‐ad valorem special assessments imposed by the District as $994 to
$1,194 per lot.

The total amount of special assessment collected by or on behalf of the district as $1,018,303.

The total amount of outstanding bonds issued by the district as $9,245,000.

Additional Matters

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

Purpose of this Letter

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

CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida June 27, 2023

INDEPENDENT ACCOUNTANT’S REPORT

To the Board of Supervisors
Canopy Community Development District Leon County, Florida

We have examined Canopy Community Development District’s compliance with the requirements of Section 218.415, Florida Statutes, Local Government Investment Policies, during the year ended September 30, 2022. Management of the District is responsible for the District’s compliance with the specified 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 performed the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced above. 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.

We are required to be independent and to meet our ethical responsibilities in accordance with relevant ethical requirements relating to the engagement.

Our examination does not provide a legal determination on the District’s compliance with specified requirements.

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2022.

This report is intended solely for the information and use of management and the State of Florida Auditor General and is not intended to be and should not be used by anyone other than these specified parties.

CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida June 27, 2023

FIFTH ORDER OF BUSINESS

C.

1.

Canopy
Community Development District
Summary of Operating Checks

October 1, 2023 to October 31, 2023

	Bank	Date	Check No.'s		Amount		

General Fund		
10/12/23	
504-510	
$		
3,172.98	
10/27/23	511-513	 $	7,885.94 	
Subtotal $	11,058.92

$	11,058.92

CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
10/12/23 00031 10/02/23 07569589 202310 330-53800-41000	*	306.00
OCT CABLE
DIRECTV	306.00 000504
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/12/23 00004 10/02/23 89249	202310 310-51300-54000	*	175.00
23/24 SPECIAL DIST FEE
DEPT OF ECONOMIC OPPORTUNITY	175.00 000505
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/12/23 00039 10/07/23 7587	202309 310-51300-31500	*	88.50
SEPT GENERAL COUNSEL
KILINSKI VAN WYK, PLLC	88.50 000506
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/12/23 00040	9/20/23 1735335	202310 330-53800-45900	*	33.48
OCT DUMPSTER
MARPAN SUPPLY COMPANY, INC.	33.48 000507

10/12/23	00030	10/01/23	
- - - - - - - -
10/12/23 00029	- - - -
10/01/23	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
18146013 202310 330-53800-45505	*	2,300.00
OCT POOL MAINTENANCE
PREMIER POOLS OF TALLAHASSEE	2,300.00 000508
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5984	202310 330-53800-34500	*	180.00
OCT SECURITY
TEKPRO INC.	180.00 000509
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/12/23 00034	9/29/23 670154	202309 330-53800-60000	*	90.00
HVAC BACKFLOW TESTING
WATTS COOLING HEATING & PLUMBING	90.00 000510
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/27/23 00001	9/30/23 86	202310 310-51300-31700	*	2,500.00

	GOVERNMENTAL	MANAGEMENT SERVICES											2,500.00	000511	
- - - - - - - -	- - - - - - -	- - - - - - - - - - - - - - - - - -	- - - - - - - - - -	-	-	-	- -	-	-	-	-	-	- - - - -	- - - - -	- - -	
10/27/23 00001	10/01/23 85	202310 310-51300-34000					*						3,408.58			
	OCT	MANAGEMENT FEES														
	10/01/23 85	202310 310-51300-35100					*						326.83			
	OCT	INFO TECH														
	10/01/23 85	202310 310-51300-31300					*						666.67			
	OCT	DISSEM AGENT SERVICES														

FY24 ASSESSMENT ROLL CERT

10/01/23 85	202310 310-51300-51000	*	.36
OFFICE SUPPLIES
10/01/23 85	202310 310-51300-42000	*	127.52
POSTAGE
10/01/23 85	202310 310-51300-42500	*	6.30
COPIES
10/01/23 85	202310 310-51300-41000	*	14.68
TELEPHONE
GOVERNMENTAL MANAGEMENT SERVICES	4,550.94 000512
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
CANO CANOPY CDD	AMOSSING

CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
10/27/23 00028 10/23/23 4569	202310 330-53800-51200	*	750.00
OCT JANITORIAL
10/23/23 4569	202310 330-53800-51200	*	85.00
CAN LINERS
COLBY A CLAYTON DBA TALLAHASSEE	835.00 000513
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	11,058.92
TOTAL FOR REGISTER	11,058.92

CANO CANOPY CDD	AMOSSING

2.

Canopy
Community Development District
Unaudited Financial Reporting October 31, 2023

TABLE OF CONTENTS

1	Balance Sheet

2-3	General Fund Statement

4	Debt Service Statement Series 2018 A1 & A2

5	Debt Service Statement Series 2018 A3

6	Debt Service Statement Series 2018 A4

7	Capital Projects Fund

8-9	Month to Month

10	Long Term Debt

11	Assessment Receipts Schedule

	Canopy
Community Development District
Balance Sheet October 31, 2023		
	Governmental Fund Types		
	
General Fund	Debt Service	Capital Projects	Totals
 (memorandum only) 	
Assets			
Cash			
Operating	$3,354	----	----	$3,354	
Capital Projects	----	----	$759	$759	
Welaunee	----	----	$986	$986	
Assessment Receivable	----	----	----	$0	
Due from Developer	----	----	----	$0	
Due from General Fund	----	$0	----	$0	
Due from Other	----	----	----	$0	
Investments:			
Series 2018 A1 & A2:			
Reserve A1	----	$82,146	----	$82,146	
Revenue A1	----	$76,393	----	$76,393	
Revenue A2	----	$139,280	----	$139,280	
Interest A2	----	----	----	$0	
Prepayment A2	----	$9,379	----	$9,379	
Acquisition & Construction	----	----	$2,933	$2,933	
Series 2018 A3:			
Reserve	----	$104,688	----	$104,688	
Revenue	----	$99,591	----	$99,591	
Acquisition & Construction	----	----	$3,693	$3,693	
Series 2018 A4:			
Reserve	----	$32,714	----	$32,714	
Revenue	----	$57,796	----	$57,796	
Acquisition & Construction	----	----	$4,854	$4,854	
Prepaid Expenses	$655	----	----	$655	
Total Assets	$4,009	$601,987	$13,225	$619,221	
Liabilities			
Accounts Payable	$31,677	----	----	$31,677	
Retainage Payable	----	----	$78,167	$78,167	
Contracts Payable	----	----	$174,851	$174,851	
Due to Debt Service	$0	----	----	$0	
Due to Developer/CDD	----	----	$405,893	$405,893	
Fund Equity			
Fund Balances			
Unassigned	($28,323)	----	----	($28,323)	
Nonspendable- Prepaid	$655	----	----	$655	
Restricted for Capital Projects	----	----	($645,685)	($645,685)	
Restricted for Debt Service	----	$601,987	----	$601,987	
Total Liabilities, Fund Equity, Other	$4,009	$601,987	$13,225	$619,221	

Revenues		
Maintenance Assessments- Tax Roll	$	321,064	$	-	$	-	$	-	
Maintenance Assessments- Direct Bills(Premier)	$	166,905	$	13,909	$	13,909	$	0	
Maintenance Assessments- Direct Bills(Ox Bottom)	$	85,340	$	7,112	$	-	$	(7,112)	
Developer Contributions	$	71,553	$	-	$	-	$	-	
Miscellaneous Income (Rentals)	$	1,000	$	-	$	-	$	-	
Total Revenue	$	645,862	$	21,020	$	13,909	$	(7,112)	

Expenditures					
Administrative
Engineering	
$	12,000	
$	1,000	
$	-	
$	1,000	
Arbitrage	$	450	$	450	$	-	$	450	
Assessment Roll	$	2,500	$	2,500	$	2,500	$	-	
Dissemination	$	8,000	$	667	$	667	$	(0)	
Amortization Schedule	$	2,000	$	-	$	-	$	-	
Attorney	$	35,000	$	2,917	$	-	$	2,917	
Annual Audit	$	5,000	$	-	$	-	$	-	
Trustee Fees	$	10,000	$	-	$	-	$	-	
Management Fees	$	40,903	$	3,409	$	3,409	$	0	
Information Technology	$	3,922	$	327	$	327	$	0	
Travel	$	50	$	4	$	-	$	4	
Telephone	$	250	$	21	$	15	$	6	
Postage	$	1,000	$	83	$	128	$	(44)	
Printing & Binding	$	1,500	$	125	$	6	$	119	
Insurance-Liability	$	6,500	$	6,500	$	5,576	$	924	
Legal Advertising	$	2,500	$	208	$	-	$	208	
Other Current Charges	$	3,000	$	250	$	39	$	211	
Office Supplies	$	750	$	63	$	0	$	62	
Dues, License, & Subscriptions	$	175	$	175	$	175	$	-	
Administration Subtotal	$	135,500	$	18,698	$	12,841	$	5,857	

Common Area Maintenance:					
Field Services	$	12,000	$	1,000	$	-	$	1,000	
Porter Services	$	6,000	$	500	$	-	$	500	
Landscape Maintenance	$	140,000	$	11,667	$	14,100	$	(2,433)	
Landscape Contingency	$	13,500	$	1,125	$	-	$	1,125	
Plant Replacement	$	7,500	$	625	$	-	$	625	
Irrigation - Repairs	$	5,000	$	417	$	-	$	417	
Irrigation - Water	$	10,000	$	833	$	-	$	833	
Irrigation - Electric	$	2,500	$	208	$	-	$	208	
Wetland Mitigation and Monitoring	$	5,000	$	417	$	-	$	417	
Lake Maintenance	$	7,500	$	625	$	-	$	625	
Dove Pond Dam Surety Bond	$	10,000	$	833	$	-	$	833	
Repairs and Maintenance	$	12,500	$	1,042	$	-	$	1,042	
Operating Supplies	$	1,250	$	104	$	-	$	104	
Total Common Area Maintenance	$	232,750	$	19,396	$	14,100	$	5,296	

Amenity Center:
Amenity Management Staffing	
$	35,000	
$	2,917	
$	-	
$	2,917	
Janitorial	$	15,000	$	1,250	$	835	$	415	
Landscape Maintenance	$	12,000	$	1,000	$	-	$	1,000	
Pool Maintenance	$	27,600	$	2,300	$	2,300	$	-	
Pool Chemicals	$	7,500	$	625	$	-	$	625	
Pool Permits	$	750	$	63	$	-	$	63	
Utilities	$	39,500	$	3,292	$	2,793	$	499	
Trash	$	2,400	$	200	$	33	$	167	
Pest Control	$	1,200	$	100	$	-	$	100	
Termite Bond	$	750	$	63	$	-	$	63	
Insurance - Property	$	15,500	$	15,500	$	14,381	$	1,119	
Cable/Internet	$	7,500	$	625	$	306	$	319	
Access Cards	$	2,500	$	208	$	-	$	208	
Activities	$	15,000	$	1,250	$	-	$	1,250	
Security/Alarms/Repair	$	15,000	$	1,250	$	180	$	1,070	
Repairs and Maintenance	$	15,000	$	1,250	$	-	$	1,250	
Office Supplies	$	2,000	$	167	$	-	$	167	
Holiday Decorations	$	5,000	$	417	$	-	$	417	
Total Amenity Center	$	219,200	$	32,475	$	20,828	$	11,647	

Other
Contingency	

$	18,412	

$	-	

$	-	

$	-	
Capital Reserve	$	40,000	$	-	$	-	$	-	
Total Other	$	58,412	$	-	$	-	$	-	
					
Total Expenditures	$	645,862	$	70,569	$	47,769	$	22,800	
					
Excess Revenues/ (Expenditures)	$	(0)		$	(33,860)		

$

-

$

6,192

Beginning Fund Balance

$	(0)	$	(27,668)

Ending Fund Balance

Adopted Budget

Prorated Budget 10/31/23

Actual 10/31/23

Variance

Revenues

Special Assessments- Tax Roll	$	68,239	$	-	$	-	$	-	
Special Assessments- Direct A1	$	96,069	$	48,034	$	48,034	$	-	
Special Assessments- Direct A2	$	182,000	$	131,395	$	131,395	$	-	
Special Assessments- Prepayments	$	-	$	-	$	9,333	$	9,333	
Interest Income	$	2,000	$	167	$	520	$	353	
Total Revenues	$	348,308	$	179,596	$	189,282	$	9,686	

Expenditures						
Interfund Transfer Out	$	600	$	50	$	361	$	(311)	
Series 2018A-1 Interest-11/1	
$	64,121	
$	
-	
$	-	
$	-	
Interest-5/1	$	64,121	$	-	$	-	$	-	
Principal-5/1	$	35,000	$	-	$	-	$	-	
Series 2018A-2 Interest-11/1	
$	72,109	
$	
-	
$	-	
$	-	
Interest-5/1	$	72,109	$	-	$	-	$	-	
Principal-5/1	$	40,000	$	-	$	-	$	-	
Total Expenditures	$	347,460	$	-	$	361	$	(311)	

$	848	$	188,921

Excess Revenues/(Expenditures)

$	214,178	$	118,278

Beginning Fund Balance

$	215,026	$	307,199

Ending Fund Balance

Due from Gf	$	-
Reserve A1	$	82,146	
Revenue A1	$	76,393	
Revenue A2
Interest A2	$
----	139,280	
Prepayment A2	 $	9,379 	
Total	 $	307,199 	

	Adopted
Budget		Prorated Budget
10/31/23	Actual
10/31/23	
Variance	
Revenues						
Special Assessments- Tax Roll	$	37,247	$	-	$	-	$	-	
Special Assessments- Direct Bills	$	177,129	$	86,065	$	86,065	$	-	
Interest Income	$	1,000	$	83	$	520	$	436	
Total Revenues	$	215,375	$	86,148	$	86,584	$	436	

Expenditures

Interfund Transfer Out

$	750	$

63	$

460	$

(398)

Series 2018A-3 Interest-11/1 Interest-5/1 Principal-5/1

$	83,125	$
$	83,125	$
$	40,000	$

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

$	207,000	$	63	$	460	$	(398)

Total Expenditures

$	8,375	$	86,124

Excess Revenues/(Expenditures)

$	95,288	$	118,155

Beginning Fund Balance

$	103,663	$	204,278

Ending Fund Balance

Due from GF Reserve

$	-
$	104,688

Revenue
Total

 $	99,591 
 $	204,278 

Adopted Budget

Prorated Budget 10/31/23

Actual 10/31/23

Variance

Revenues

Special Assessments- Tax Roll Interest Income

$	65,612	$
$	500	$

$
42	$

$
397	$

 355

$	66,112	$	42	$	397	$	355

Total Revenues

Expenditures

Interfund Transfer Out

$	250	$

21	$

144	$

(123)

Series 2018A-4 Interest-11/1 Interest-5/1 Principal-5/1

$	23,023	$
$	23,023	$
$	15,000	$

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

$	61,296	$	21	$	144	$	(123)

Total Expenditures

$

4,816

$

253

Excess Revenues/(Expenditures)

Beginning Fund Balance	$	51,457		$	90,257	
				
Ending Fund Balance	$	56,273		$	90,510	
		
Due from General	
$	-	
		Reserve	$	32,714	
		Revenue	 $	57,796 	
		Total	 $	90,510 	

Canopy
Community Development District
Capital Projects Fund Statement of Revenues & Expenditures For the Period Ending October 31, 2023

	Series
2018 A-1 & A-2		Series
2018 A-3		Series
2018 A-4		Capital
Projects		
Welaunee	
Revenues										
Interest Income	$11		$14		$21		$0		$0	
Developer Contributions	$0		$0		$0		$0		$0	
Interfund Transfer In	$361		$460		$144		$0		$0	
Total Revenues	$372		$474		$164		$0		$0	

Expenditures										
Capital Outlay- Construction	$0		$0		$0		$0		$0	
Capital Outlay- General	$0		$0		$0		$0		$0	
Capital Outlay-3A	$0		$0		$0		$0		$0	
Capital Outlay-3B	$0		$0		$0		$0		$0	
Professional Fees	$0		$0		$0		$0		$0	
Miscellaneous	$0		$0		$0		$38		$38	
Total Expenditures	$0		$0		$0		$38		$38	

Other Sources/(Uses)										
Transfer In/Out	$0		$0		$0		$0		$0	
Total Other Sources/ (Uses)	$0		$0		$0		$0		$0	
										
Excess Revenues/(Expenditures)	$372		$474		$164		($38)		($38)	
										
Beginning Fund Balance	$2,561		$3,219		$4,689		$797		($657,887)	
										
Ending Fund Balance	$2,933		$3,693		$4,854		$759		($657,925)	

October	November	December	January	February	March	April	May	June	July	August	September	Total

Revenues

Maintenance Assessments- Tax Roll	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Maintenance Assessments- Direct Bills(Premier)	$  13,909	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	13,909	
Maintenance Assessments- Direct Bills(Ox Botto	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Developer Contributions	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Miscellaneous Income (Rentals)	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Total Revenue	$  13,909	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	13,909	

Expenditures			
Administrative 
Engineering	
$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Arbitrage	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Assessment Roll	$	2,500	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	2,500	
Dissemination	$	667	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	667	
Amortization Schedule	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Attorney	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Annual Audit	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Trustee Fees	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Management Fees	$	3,409	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	3,409	
Information Technology	$	327	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	327	
Travel	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Telephone	$	15	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	15	
Postage	$	128	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	128	
Printing & Binding	$	6	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	6	
Insurance-Liability	$	5,576	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	5,576	
Legal Advertising	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Other Current Charges	$	39	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	39	
Office Supplies	$	0	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	0	
Dues, License, & Subscriptions	$	175	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	175	
Administration Subtotal	$  12,841	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	12,841	

October	November	December	January	February	March	April	May	June	July	August	September	Total	

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

$	-	

$	-	

$	-	

$	-	

$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$  14,100  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	14,100	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$  14,100  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	14,100	

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

$	-	

$	-	

$	-	

$	-	

$	-	$	-	$	-	
$	835  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	835	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	2,300  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	2,300	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	2,793  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	2,793	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	33  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	33	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$  14,381  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	14,381	
$	306  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	306	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	180  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	180	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
$  20,828  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	20,828	

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

Common Area Maintenance
Field Services Porter Services
Landscape Maintenance Landscape Contingency Plant Replacement Irrigation - Repairs Irrigation - Water Irrigation - Electric Wetland Maintenance Lake Maintenance
Dove Pond Dam Surety Bond Repairs and Maintenance Operating Supplies

Total Common Area Maintenance

Amenity Center:
Amenity Management Staffing Janitorial
Landscape Maintenance Pool Maintenance
Pool Chemicals Pool Permits Pool - Electric Pool - Water
Water/Sewer Utility Gas
Trash
Pest Control Termite Bond Insurance - Property Cable/Internet Access Cards Activities
Security/Alarms/Repair Repairs and Maintenance Office Supplies
Holiday Decorations
Total Amenity Center
Other Contingency Capital Reserve
Total Other

$  47,769  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	47,769	
$ (33,860)  $	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	(33,860)	

Total Expenditures
Excess Revenues/ (Expenditures)

Canopy
Community Development District Long Term Debt Report

SERIES 2018A-1, SPECIAL ASSESSMENT REVENUE BONDS	

INTEREST RATE:	6.000%, 6.150%	
MATURITY DATE:	5/1/2049	
RESERVE FUND DEFINITION	50% OF MAXIMUM ANNUAL DEBT SERVICE	
RESERVE FUND REQUIREMENT	$82,146	
RESERVE FUND BALANCE	$82,146	
BONDS OUTSTANDING - 11/08/18	$2,225,000	
LESS: PRINCIPAL PAYMENT - 05/01/20	($25,000)	
LESS: PRINCIPAL PAYMENT - 05/01/21	($30,000)	
LESS: PRINCIPAL PAYMENT - 05/01/22	($30,000)	
LESS: PRINCIPAL PAYMENT - 05/01/23	($35,000)	
CURRENT BONDS OUTSTANDING	$2,105,000	

SERIES 2018A-2, SPECIAL ASSESSMENT REVENUE BONDS	
6.150%	
INTEREST RATE:	5/1/2049	
MATURITY DATE:	NOT SECURED - N/A	
RESERVE FUND DEFINITION	$0	
RESERVE FUND REQUIREMENT	$0	
RESERVE FUND BALANCE	$0	
BONDS OUTSTANDING - 11/08/18	$5,480,000	
LESS: SPECIAL CALL - 05/01/19	($110,000)	
LESS: SPECIAL CALL - 08/01/19	($305,000)	
LESS: SPECIAL CALL - 11/01/19	($405,000)	
LESS: SPECIAL CALL - 02/01/20	($60,000)	
LESS: SPECIAL CALL - 05/01/20	($10,000)	
LESS: SPECIAL CALL - 08/01/20	($75,000)	
LESS: SPECIAL CALL - 02/01/21	($30,000)	
LESS: SPECIAL CALL - 05/01/21	($30,000)	
LESS: SPECIAL CALL - 08/01/21	($265,000)	
LESS: SPECIAL CALL - 11/01/21	($55,000)	
LESS: SPECIAL CALL - 02/01/22	($170,000)	
LESS: PRINCIPAL PAYMENT - 05/01/22	($55,000)	
LESS: SPECIAL CALL - 05/01/22	($185,000)	
LESS: SPECIAL CALL - 08/01/22	($240,000)	
LESS: SPECIAL CALL - 11/01/22	($165,000)	
LESS: SPECIAL CALL - 02/01/23	($145,000)	
LESS: PRINCIPAL PAYMENT - 05/01/23	($45,000)	
LESS: SPECIAL CALL - 05/01/23	($785,000)	
CURRENT BONDS OUTSTANDING	$2,345,000	

SERIES 2018A-3, SPECIAL ASSESSMENT REVENUE BONDS	

INTEREST RATE:	
6.250%	
MATURITY DATE:	5/1/2049	
RESERVE FUND DEFINITION	50% OF MAXIMUM ANNUAL DEBT SERVICE	
RESERVE FUND REQUIREMENT	$104,688	
RESERVE FUND BALANCE	$104,688	
BONDS OUTSTANDING - 11/08/18	$2,735,000	
LESS: PRINCIPAL PAYMENT - 05/01/22	($35,000)	
LESS: PRINCIPAL PAYMENT - 05/01/23	($40,000)	
CURRENT BONDS OUTSTANDING	$2,660,000	

SERIES 2018A-4, SPECIAL ASSESSMENT REVENUE BONDS	

INTEREST RATE:	5.000%, 5.150%	
MATURITY DATE:	5/1/2049	
RESERVE FUND DEFINITION	50% OF MAXIMUM ANNUAL DEBT SERVICE	
RESERVE FUND REQUIREMENT	$32,714	
RESERVE FUND BALANCE	$32,714	
BONDS OUTSTANDING - 11/08/18	$965,000	
LESS: PRINCIPAL PAYMENT - 05/01/20	($15,000)	
LESS: PRINCIPAL PAYMENT - 05/01/21	($15,000)	
LESS: PRINCIPAL PAYMENT - 05/01/22	($15,000)	
LESS: PRINCIPAL PAYMENT - 05/01/23	($15,000)	
CURRENT BONDS OUTSTANDING	$905,000