CHAMPIONSGATE COMMUNITY DEVELOPMENT DISTRICT
OSCEOLA COUNTY, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020

CHAMPIONSGATE COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA
TABLE OF CONTENTS

INDEPENDENT AUDITOR'S REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements: Statement of Net Position
Statement of Activities Fund Financial Statements:
Balance Sheet - Governmental Funds
Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Position
Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities
Notes to Financial Statements

REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund
Notes to Required Supplementary Information

Page
1-2
3-6

7
8

9

10

11

12
13-20

21
22

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	23-24
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	25
MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL
OF THE STATE OF FLORIDA	26-27

fJ

Grau & Associates
CERTIFIED   PUBLIC ACCOUNTANTS

951 Yamato Road• Suite 280 Boca Raton, Florida   33431 (561) 994-9299 • (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

INDEPENDENT AUDITOR'S REPORT

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

Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities and  each major fund of ChampionsGate Community Development District, Osceola County, Florida  ("District")  as  of and for the fiscal year ended September 30, 2020, and the related notes to the financial statements, which collectively comprise the District's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United  States  of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether  due to fraud  or error.
Auditor's Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United  States of America and  the standards applicable to financial audits contained in Government Auditing Standards , issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts  and disclosures  in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether  due to fraud  or  error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances , but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no  such opinion. An audit  also  includes  evaluating the appropriateness of accounting policies used and the reasonableness of significant  accounting estimates made by management, as well as evaluating the overall presentation of  the  financial  statements.
We believe that the audit evidence we have obtained is sufficient and appropriate  to provide a basis  for our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2020, and the respective changes in financial position thereof for the  fiscal  year  then ended in accordance with accounting principles generally accepted in the United States of America .

Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information, although  not a part of  the basic  financial  statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted  in the United States of America,  which consisted of inquiries of management about the methods of preparing the information and  comparing  the  information for consistency with management's responses to our inquiries, the basic financial statements , and other knowledge we obtained during our audit  of the basic financial  statements . We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards , we have also issued our report dated December 15, 2020, on our consideration of the District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements  and other  matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on 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.
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December 15, 2020

MANAGEMENT'S DISCUSSION AND ANALYSIS

Our discussion and analysis of ChampionsGate Community Development District,  Osceola  County, Florida ("District") provides a narrative overview of the District's financial activities  for the  fiscal  year ended September 30, 2020. Please read it in conjunction with the District's Independent Auditor's Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

FINANCIAL HIGHLIGHTS

The assets of the District exceeded its liabilities at the close of the most recent  fiscal  year resulting in a net position balance of $5,184,434.

The change in the District's total net position in comparison with the prior fiscal year was ($488,732), a decrease. The key components of the District's net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2020, the District's governmental funds reported combined  ending  fund balances of $924,593, a decrease of ($103,354) in comparison  with the prior  fiscal  year.  The total fund balance is non-spendable for prepaid items, assigned to capital reserves and the remainder is unassigned fund balance which is available for spending at the District's discretion.

OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as the introduction to the  District's  financial  statements. The District's basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Government-Wide Financial Statements

The government-wide financial statements are designed to provide readers with a broad overview of the District's finances, in a manner similar to a private-sector business.

The statement of net position presents information on all the District's assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the government's net position changed  during the most recent fiscal year. All changes in net position  are reported  as  soon as the underlying event giving rise to the change occurs, regardless of the timing of  related  cash  flows.  Thus,  revenues and expenses are reported in this statement for some items that will only result in cash  flows  in future fiscal periods.

The government-wide financial statements include all governmental activities  that  are  principally supported by special assessments. The District does not have any business-type activities. The governmental activities of the District include the general government (management) and physical environment functions.

Fund Financial Statements

A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The  District has one fund category: governmental funds.

Governmental Funds

Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District's near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By  doing so, readers may better understand the long-term impact of the District's near-term financing decisions.  Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains two governmental funds for external reporting. Information is presented  separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund and capital projects fund, both of which are considered major funds.

The District adopts an annual appropriated budget for its general  fund.  A  budgetary  comparison schedule has been provided for the general fund to demonstrate compliance with the budget.

Notes to the Financial Statements

The notes provide additional information that is essential  to a full understanding  of the data provided  in the government-wide and fund financial statements.

GOVERNMENT-WIDE FINANCIAL ANALYSIS

As noted earlier, net position may serve over time as a useful indicator of an entity's financial position. In the case of the District, assets exceeded liabilities at the close of the most recent fiscal year.

Key components of the District's net position are reflected in the following table:

NET POSlllON SEPTEMBER 30,
 	2020	2019	

Current and other assets	$	949,072	$	1,406,314	
Capital assets, net of depreciation	4,259,841	4,645,219	
Total assets	 	5,208,913	6,051,533	
Current liabilities	 	24,479	378,367	
Total liabilities	 	24,479	378,367	
Net position		

Net in1.estment in capital assets	4,259,841	4,645,219	
Unrestricted	 	924,593	1,027,947	
Total net position	   $	5,184,434	$	5,673,166 	

The District's net position reflects its investment in capital assets (e.g. land, land improvements, and infrastructure); less any related debt used to acquire those assets that is still outstanding.  These  assets are used to provide services to residents; consequently, these assets are not  available  for  future spending. Although the District's investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

The remaining balance of unrestricted net position may be used to meet the District's other obligations.

The District's net position decreased during the most recent fiscal year. The majority of the decrease represents the extent to which the cost of operations and depreciation expenses exceeded ongoing program revenues.

Key elements of the change in net position are reflected in the following table:

CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
Re1enues:	 2020	2019	
Program re1enues
Charges for serl.ices	$	742,692	$	2,066,562 Operating grants and contributions					4,894
Unrestricted in1estment earnings			9,302		12,262 Total re1enues	 	751,994	2,083,718
Expenses:
General go1ernment	128,889	142,753
Physical environment	1,111,837	1,259,797
Interest	 	99,504
Total expenses	 1,240,726	1,502,054
Change in net position	(488,732)	581,664
Net position - beginning	5,673,166	5,091,502

Net position - ending	 $	5,184,434	$	5,673,166 

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2020 was $1,240,726. The costs of the District's  activities  were primarily funded by program revenues. Program revenues, which were comprised of general fund special assessments, decreased from the prior fiscal year due to the District no longer collecting debt service assessments as the Bond was paid off in the prior year. Expenses decreased as a result of a paving  project being expensed in the previous fiscal year.

GENERAL BUDGETING HIGHLIGHTS

An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements  of Florida Statutes.  The budget is adopted using the same basis of accounting that  is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2020.

CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital Assets

At September 30, 2020, the District had $14,822,206 invested in capital assets for its governmental activities. In the government-wide financial statements, depreciation of $10,562,365 has  been  taken, which resulted in a net book value of $4,259,841. More detailed information about the District's capital assets is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND OTHER EVENTS

The District does not anticipate any major projects or significant changes to its infrastructure maintenance program for the subsequent fiscal year. In addition, it is anticipated that the general operations of the District will remain fairly constant.

CONTACTING THE DISTRICTS FINANCIAL MANAGEMENT

This financial report is designed to provide our citizens, land owners, customers, investors and creditors with a general overview of the District's finances and to demonstrate the District's accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions  about this report or need additional financial information, contact the ChampionsGate Community Development District's Finance Department at 219 E. Livingston St., Orlando, Florida, 32801.

CHAMPIONSGATE COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2020

	Governmental
 Activities		
ASSETS		
Cash	$	304,642	
Investments	600,618	
Assessments receivable	5,113	
Prepaids	38,699	
Capital assets:		
Nondepreciable	1,771,447	
Depreciable, net	    2,488,394	
Total assets	    5,208,913	
LIABILITIES		
Accounts payable	 	24,479	
Total liabilities	 	24,479	
NET POSITION		
Net investment in capital assets	4,259,841	
Unrestricted	 	924,593	
Total net position	   $	5,184,434 	

See notes to the financial statements

CHAMPIONSGATE COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA
STATEMENT  OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020

Program

Net (Expense) Revenue and Changes in Net

 	Revenues	Position	

Charges for	Governmental

Functions/Programs Primary government:
Governmental activities: General government

Expenses

$	128,889	$

Services	Activities	

128,889	$

Physical environment
Total governmental activities

 	1,111,837	613,803	(498,034)
 	1,240,726	742,692	(498,034)

General revenues:
Unrestricted investment earnings Total general revenues

 	9,302 
 	9,302 

Change in net position	(488,732)	
Net position - beginning	 	5,673,166 	
Net position - ending	$	5,184,434	

See notes to the financial statements

8

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2020

Major Funds		Total Capital	Governmental
General	Projects	Funds
ASSETS		
Cash	$	237,237	$	67,405	$	304,642	
Investments		600,618	600,618	
Assessments receivable	5,113		5,113	
Prepaids		 		38,699					38,699 Total assets	$ 		281,049	$	668,023	$	949,072

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$ 	16,479	$	8,000	$	24,479
Total liabilities	 	16,479	8,000	24,479

Fund balances:
Nonspendable:
Prepaid items	38,699	38,699 Assigned to:
Capital reserves	660,023	660,023	
Unassigned	 	225,871	225,871	
Total fund balances	 	264,570	660,023	924,593	

Total liabilities and fund balances	 $	281,049	$	668,023	$	949,072 

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET -GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER  30, 2020

Fund balance - governmental funds
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in the governmental funds. The statement of net position includes those capital assets, net of accumulated depreciation, in the assets of the government as a whole.
Cost of capital assets

14,822,206

$	924,593

Accumulated depreciation

Net position of governmental activities

(10,562,365)	4,259,841

$	5,184,434

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020

REVENUES
Assessments

Major Funds	
Capital
 	General	Projects

$	737,780	$

Total Governmental
Funds	

$	737,780

Interest Miscellaneous
Total revenues

9,302	9,302
 	4,912	4,912 
 	742,692	9,302	751,994 

EXPENDITURES
Current:
General government Physical environment

128,806
454,175

83	128,889
454,175

Capital Outlay
Total expenditures

Excess (deficiency) of revenues o\er (under) expenditures

OTHER FINANCING SOURCES (USES)

 	272,284	272,284 
 	582,981	272,367	855,348 

159,711	(263,065)	(103,354)

Transfer in/out	(119,711)	119,711		
Total other financing sources (uses)	(119,711)	119,711		

Net change in fund balances

40,000

(143,354)

(103,354)

Fund balances - beginning Fund balances - ending

 	224,570	803,377	1,027,947 

$	264,570	$	660,023	$	924,593

See notes to the financial statements

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020

Net change in fund balances - total governmental funds
Amounts reported for governmental activities in the statement of activities are different because:
Depreciation on capital assets is not recognized in the governmental fund financial statements but is reported as an expense in the

$ (103,354)

statement of activities.	(385,378)

Change in net position of governmental activities	$   (488,732)

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 - NATURE OF ORGANIZATION AND REPORTING ENTITY

ChampionsGate Community Development District (the "District") was created by Osceola County Ordinance 98-10 pursuant to the Uniform Community Development District Act of 1980, otherwise  known as Chapter 190, Florida Statutes in August 1998. 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 purpose of financing and managing the acquisition, construction, maintenance and operations of the infrastructure within the District.

The District is governed by the Board of Supervisors ("Board"), which is composed  of five members.  At  the fiscal year end, all seats were elected through the general election process. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes.

The Board has the responsibility for:
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.

The financial statements were prepared in accordance with Governmental Accounting Standards Board ("GASB") Statements. Under the provisions of those standards, the financial reporting  entity consists  of the primary government, organizations for which the District is considered to be financially  accountable, and other organizations for which the nature and significance of their relationship with  the District  are  such that, if excluded, the financial statements of the District would be considered incomplete  or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.

The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.

The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use or directly benefit from goods, services or privileges provided by a given  function  or segment.  Operating­ type special assessments for maintenance and debt service are treated as charges for services; and 2) grants and contributions that are restricted to meeting the operational or capital requirements  of  a particular function or segment. Other  items not included among program  revenues  are reported instead as general revenues.

Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and similar items are  to  be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end  of  the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.

Assessments
Assessments are non-ad valorem assessments on benefited property within the District. Operating and maintenance assessments are based upon the adopted budget and levied annually at a public hearing of the District. Debt service assessments  are levied when Bonds are issued and assessed and collected on an annual basis. The District may collect assessments directly or utilize the uniform method of collection under Florida Statutes. Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed  by  the  County  Tax  Collector  on  November  1  and  due  on  or  before  March  31  of  each   year. Property owners may prepay a portion or all of the debt service assessments  on their  property subject to various provisions in the Bond documents.

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

The District reports the following major governmental funds:

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

Capital Projects Fund
This fund accounts for the financial resources to be used for the acquisition or construction of major infrastructure within the District as well as for capital reserves.

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 government's policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.

Assets, Liabilities and Net Position or Equity

Restricted Assets
These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions.

Deposits and Investments
The District's cash and cash equivalents are considered to be cash on hand and  demand  deposits (interest and non-interest bearing).

The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:

The Local Government Surplus Trust Funds, or any  intergovernmental  investment  pool authorized pursuant to the Florida lnterlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.

The State Board of Administration's ("SBA") Local Government Surplus Funds Trust Fund ("Florida PRIME") is a"2a-7 like" pool. A "2a-7 like" pool is an external  investment  pool that is not registered  with the Securities and Exchange Commission ("SEC") as an investment company, but nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC's Rule 2a-7 of the Investment Company Act of 1940, which comprises the rules governing money market funds. Thus, the pool operates essentially as a money market fund. The District has reported its investment in Florida  PRIME  at amortized cost for financial reporting purposes.

Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due.

The District records all interest revenue related to investment activities in the respective funds.  Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.

Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.

Capital Assets
Capital assets which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the government activities columns in the government-wide financial statements. Capital assets are defined by the government as assets  with  an initial,  individual cost of more than $5,000 and an estimated  useful life in excess  of two years.  Such assets are recorded  at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the  asset  or materially  extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

Capital Assets (Continued)
Capital assets of the District are depreciated using the straight-line method over the following estimated useful lives:

Infrastructure
Improvements other than buildings Machinery and equipment

Years
20 - 30
10 - 15
5 -10

In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.

Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned.

Long-Term Obligations
In the government-wide financial statements long-term debt and other long-term obligations  are reported as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized ratably over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond issuance costs are expensed when incurred.

In the fund financial statements, governmental fund types recognize premiums and discounts, as well as issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing  sources  while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element,  deferred  outflows  of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.

In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.

Fund Equity/Net Position
In the fund financial statements, governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.

The District can establish limitations on the use of fund balance as follows:

Committed fund balance - Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes  are reported in this category.

Fund Equity/Net Position (Continued)

Assigned fund balance - Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that  are neither  considered  restricted nor committed. The Board may  also assign  fund  balance as it does when appropriating  fund balance to cover differences in estimated revenue and appropriations in the subsequent year's appropriated budget. Assignments are generally temporary and normally  the same formal action need not be  taken to remove the assignment.

The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.

Net position is the difference between assets and deferred outflows of resources less liabilities  and deferred inflows of resources. Net position  in the government-wide financial  statements  are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and  equipment.  Restricted  net  position represents the assets restricted by the District's Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.

Other Disclosures

Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting  principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual  results  could differ from those estimates.

NOTE 3 - BUDGETARY INFORMATION

The District is required to establish a budgetary system and  an  approved  Annual  Budget.  Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year-end.

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

Each year the District Manager submits to the District Board a proposed operating budget  for the fiscal year commencing the following October 1.
Public hearings are 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.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriation for annually budgeted funds lapse at the end of the year.

The District's cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month  of all public  deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to  public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible  for covering any resulting losses.

Investments
The District's investments were held as follows at September 30, 2020:

    Amortized Cost	Credit Risk	Maturities	
Weighted a1.erage of the fund

Florida Prime	 $	600,618	S&P AAAm
$	600,618

portfolio: 48 days

Credit risk - For investments, credit risk is generally  the risk that an issuer  of an investment  will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating  by  a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments.

Concentration risk- The District places no limit on the amount the District may invest in any one issuer.

Interest rate risk - The District does not have a formal policy that limits investment  maturities  as a means of managing exposure to fair value losses arising from increasing interest rates.

However, the Bond Indenture limits the type of investments held using unspent proceeds.

Fair Value Measurement - When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with GASB Statements. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques.

These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
Level  1:	Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
Level 3: Investments whose inputs are unobservable.

The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques  used should maximize the  use of observable inputs and minimize the use of unobservable inputs.

For external investment pools that qualify to be measured at amortized  cost,  the  pool's  participants should also measure their investments in that external investment pool at amortized cost for financial reporting purposes. Accordingly, the District's investments have been reported at amortized cost above.

Investments (Continued)

External Investment Pool - With regard to redemption gates, Chapter 218.409(8)(a), Florida  Statutes, states that 'The principal, and any part thereof, of each account constituting the trust fund is subject to payment at any time from the moneys in the trust fund. However, the Executive Director  may,  in good faith, on the occurrence of an event that has a material impact on liquidity or operations  of the trust fund, for 48 hours limit contributions to or withdrawals from the trust fund to ensure that the Board can invest moneys entrusted to it in exercising its fiduciary responsibility. Such action must be immediately disclosed to all participants, the Trustees, the Joint Legislative Auditing Committee,  the  Investment  Advisory Council, and the Participant Local Government Advisory Council. The Trustees shall convene an emergency meeting as soon as practicable from the time the Executive Director has instituted such measures and review the necessity of those measures. If the Trustees are unable to convene an emergency meeting before the expiration of the 48-hour moratorium on contributions and withdrawals, the moratorium may be extended by the Executive Director until the Trustees are able to meet to review the necessity for the moratorium. If the Trustees agree with such measures, the Trustees shall  vote  to continue the measures for up to an additional 15 days. The Trustees must convene and vote to continue any such measures before the expiration of the time limit set, but in no case may the time limit set by the Trustees exceed 15 days." With regard to liquidity fees, Florida Statute 218.409(4) provides authority  for the SBA to impose penalties for early withdrawal, subject to disclosure in the enrollment materials of the amount and purpose of such fees. At present, no such disclosure has been made.

As of September 30, 2020, there were no redemption fees or maximum transaction amounts, or any other requirements that serve to limit a participant's daily access to 100% of their account value.

NOTE 5 - INTERFUND TRANSFERS

lnterfund transfers for the fiscal year ended September 30, 2020 were as follows:

 Fund	Transfer in	Transfer out 
General	$	$	119,711	
Capital projects	 	119,711		
Total	    $	119,711	$	119,711 	

Transfers from the general fund to the capital projects  fund were made in order  to fund capital reserves  for future maintenance projects.

Capital asset activity for the fiscal year ended September 30, 2020 was as follows:

Gm.ernmental acti1.1ties
Capital assets, not being depreciated	Beginning	Ending
 	Balance	Additions	Reductions	Balance		
Land	 	$	1,771,447	$	$	$	1,771,447	
Total capital assets, not being depreciated	 	1,771,447	1,771,447	
Capital assets, being depreciated		
Infrastructure	10,639,240	10,639,240	
lmprm.ements other than buildings	2,362,194	2,362,194	
Machinery and equipment	49,325	49,325	
Total capital assets, being depreciated	 	13,050,759	13,050,759	
Less accumulated depreciation for:		
Infrastructure	7,828,529	377,495	8,206,024	
lmprm.ements other than buildings	2,299,133	7,883	2,307,016	
Machinery and equipment	49,325	49,325	
Total accumulated depreciation	 	10,176,987	385,378	10,562,365	
Total capital assets, being depreciated, net	
 	2,873,772		(385,378) 	2,488,394	
Gm.ernmental acti1.1ties capital assets, net	 	$	4,645,219	$	(385,378)    $	$	4,259,841	

Depreciation expense was charged to the physical environment function.

NOTE7-MANAGEMENTCOMPANY

The District has contracted with a management company to perform services which include financial and accounting advisory services. Certain employees of the management company  also serve as officers  of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, computer and other administrative costs.

NOTE 8 - RISK MANAGEMENT

The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There were no settled claims during the past three years.

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020

REVENUES

Variance with
Budgeted	Final Budget -
Amounts	Positive
Original & Final   Actual Amounts	(Negative)

Assessments

$	729,046	$	737,780	$

8,734

Miscellaneous Total revenues

 	4,912	4,912 
 	729,046	742,692	13,646 

EXPENDITURES
Current:
General government	105,752	128,806	(23,054)	
Physical environment	 	503,583	454,175	49,408 	
Total expenditures	 	609,335	582,981	26,354 	

Excess (deficiency) of revenues

Transfer out	(119,711)	(119,711)	
Total other financing sources (uses)	(119,711)	(119,711)	

over (under) expenditures	119,711	159,711	40,000 OTHER FINANCING SOURCES (USES)

Net change in fund balance

$	40,000	$	40,000
=========

Fund balance - beginning Fund balance - ending

224,570

   $	264,570 

See notes to required supplementary information

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget for the general fund. The District's budgeting process is based on estimates of cash receipts and  cash  expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles).

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures  did  not  exceed  appropriations for the fiscal year ended September 30, 2020.

u

Grau & Associates
CERTIFIED  PUBLIC  ACCOUNTANTS

951 Yamato Road• Suite 280 Boca Raton, Florida  33431 (561) 994-9299 • (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

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

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

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of ChampionsGate Community Development District, Osceola County , Florida ("District") as of and for the fiscal year ended September 30, 2020, and the related notes to the financial statements, which collectively comprise the District's basic financial statements , and have issued our opinion thereon dated December 15, 2020.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District's  internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District's internal control. Accordingly, we do not express an opinion on the effectiveness of the District's internal control.
A deficiency in internal control exists when the design or operation of a control does not  allow  management or employees, in the normal course of performing their assigned functions, to  prevent,  or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination  of deficiencies, in internal control, such that there is a reasonable  possibility  that  a material misstatement  of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses  or, significant  deficiencies. Given  these limitations, during our audit  we did not identify any deficiencies in internal control that we consider to be material weaknesses . However,  material weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion.  The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity's internal control and  compliance .  Accordingly, this communication is not suitable for any other purpose.

December 15, 2020

INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA

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

We have examined ChampionsGate Community Development District, Osceola County , Florida 's ("District") compliance with the requirements of Section 218.415,  Florida  Statutes,  in  accordance  with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2020. Management is responsible  for District's  compliance  with those requirements. Our responsibility is  to express an opinion on District's compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants . Those standards require that we plan and perform  the examination to obtain reasonable assurance about whether the District complied, in all material respects , with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements . The nature, timing, and extent of the procedures selected depend on  our  judgment, including an assessment of the risks of material noncompliance, whether due to  fraud  or  error.  We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the  District's  compliance  with specified requirements.

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2020.

This report is intended solely for the information and use of the Legislative Auditing Commi ttee, members of the Florida Senate and the Florida House of Representatives , the Florida Auditor General,  management, and the Board of Supervisors of ChampionsGate Community  Development  District , Osceola County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

December 15, 2020

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA

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

Report on the Financial Statements

We have audited the accompanying basic financial statements of ChampionsGate Community Development District, Osceola County, Florida ("District")  as of and for the fiscal year ended  September 30, 2020, and have issued our report thereon dated December 15, 2020.

Auditor's Responsibility

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

Other Reporting Requirements

We have issued our Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters based on an audit of the financial statements  performed  in accordance with Government Auditing Standards ; and Independent Accountant's Report on  an  examination conducted in accordance with A/CPA 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 December 15, 2020, should be considered in conjunction with this management letter.

Purpose of this Letter

The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General for the State of Florida. Accordingly , in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following:

Current year findings and recommendations.
Status of prior year findings and recommendations.
Ill. Compliance with the Provisions of the Auditor General of the State of Florida.

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

We wish to thank ChampionsGate Community Development District, Osceola County , Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us.
1P ,,.... J- a,. ..
December 15, 2020

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS

None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None

Ill. COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE  OF FLORIDA

Unless otherwise required to be reported in the auditor's report on compliance and internal controls,  the management letter shall include, but not be limited to the following:

A statement as to whether or not corrective actions  have been taken to  address findings  and recommendations made in the preceding annual financial audit report.

There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2019.

Any recommendations to improve the local governmental entity's financial management.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2020.

Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that  have an effect on the financial statements  that is less than material but which warrants the attention of those charged with governance.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2020.

The name or official title and legal authority of the District are disclosed in the notes to the  financial statements.

The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.

We applied financial condition assessment procedures and no deteriorating financial conditions were noted as of September 30, 2020. It is management's responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.