CHAMPIONSGATE 

COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

FINANCIAL REPORT 

FOR THE FISCAL YEAR ENDED 

SEPTEMBER 30, 2023 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 CHAMPIONSGATE COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

TABLE OF CONTENTS 

 

 

 

 

Page 



INDEPENDENT AUDITOR’S REPORT 

1-2 

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS 

3-6 

 

 

BASIC FINANCIAL STATEMENTS 

 

Government-Wide Financial Statements: 

 

Statement of Net Position 

7 

 Statement of Activities 

8 

Fund Financial Statements: 

 

 Balance Sheet – Governmental Funds 

9 

 Reconciliation of the Balance Sheet – Governmental Funds 

 

 to the Statement of Net Position 

10 

 Statement of Revenues, Expenditures and Changes in Fund Balances – 

 Governmental Funds 

11 

 Reconciliation of the Statement of Revenues, Expenditures and Changes in 

 Fund Balances of Governmental Funds to the Statement of Activities 

 

12 

Notes to Financial Statements 

13-20 

 

REQUIRED SUPPLEMENTARY INFORMATION 

 

Schedule of Revenues, Expenditures and Changes in Fund Balance – 

Budget and Actual – General Fund 

 

21 

Notes to Required Supplementary Information 

22 

 

 

OTHER INFORMATION 

 

 Data Elements required by FL Statute 218.39 (3) (c) 

 23 

 

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 

24-25 

 

 

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 

27-28 




INDEPENDENT AUDITOR’S REPORT 

 

To the Board of Supervisors 

ChampionsGate Community Development District 

Osceola County, Florida 

 

Report on the Audit of the Financial Statements 

Opinions 

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, 2023, 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, 2023, and the respective changes in financial position thereof for the fiscal year then 
ended in accordance with accounting principles generally accepted in the United States of America. 

Basis for Opinions 

We conducted our audit in accordance with auditing standards generally accepted in the United States of 
America (GAAS) and the standards applicable to financial audits contained in Government Auditing 
Standards, issued by the Comptroller General of the United States. Our responsibilities under those 
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements 
section of our report. We are required to be independent of the District and to meet our other ethical 
responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that 
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 

Responsibilities of Management for the Financial Statements 

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

In preparing the financial statements, management is required to evaluate whether there are conditions or 
events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as 
a going concern for twelve months beyond the financial statement date, including any currently known 
information that may raise substantial doubt shortly thereafter. 

Auditor’s Responsibilities for the Audit of the Financial Statements 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are 
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance 
and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a 
material misstatement when it exists. The risk of not detecting a material misstatement resulting from 
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional 
omissions, misrepresentations, or the override of internal control. Misstatements are considered material 
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment 
made by a reasonable user based on the financial statements. 


In performing an audit in accordance with GAAS, we: 

• Exercise professional judgment and maintain professional skepticism throughout the audit. 
• Identify and assess the risks of material misstatement of the financial statements, whether due to 
fraud or error, and design and perform audit procedures responsive to those risks. Such 
procedures include examining, on a test basis, evidence regarding the amounts and disclosures 
in the financial statements. 
• Obtain an understanding of internal control relevant to the audit in order to design audit 
procedures that are appropriate in the circumstances, but not for the purpose of expressing an 
opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is 
expressed. 
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant 
accounting estimates made by management, as well as evaluate the overall presentation of the 
financial statements. 
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, 
that raise substantial doubt about the District’s ability to continue as a going concern for a 
reasonable period of time. 


We are required to communicate with those charged with governance regarding, among other matters, 
the planned scope and timing of the audit, significant audit findings, and certain internal control–related 
matters that we identified during the audit. 

Required Supplementary Information 

Accounting principles generally accepted in the United States of America require that the management’s 
discussion and analysis and budgetary comparison information be presented to supplement the basic 
financial statements. Such information, although not a part of the basic financial statements, is required 
by the Governmental Accounting Standards Board, who considers it to be an essential part of financial 
reporting for placing the basic financial statements in an appropriate operational, economic, or historical 
context. We have applied certain limited procedures to the required supplementary information in 
accordance with auditing standards generally accepted in the United States of America, which consisted 
of inquiries of management about the methods of preparing the information and comparing the 
information for consistency with management’s responses to our inquiries, the basic financial statements, 
and other knowledge we obtained during our audit of the basic financial statements. We do not express 
an opinion or provide any assurance on the information because the limited procedures do not provide us 
with sufficient evidence to express an opinion or provide any assurance. 

Other Information Included in the Financial Report 

Management is responsible for the other information included in the financial report. The other information 
comprises the information for compliance with FL Statute 218.39 (3) (c) but does not include the financial 
statements and our auditor's report thereon. Our opinions on the financial statements do not cover the 
other information, and we do not express an opinion or any form of assurance thereon. In connection with 
our audit of the financial statements, our responsibility is to read the other information and consider 
whether a material inconsistency exists between the other information and the financial statements, or the 
other information otherwise appears to be materially misstated. If, based on the work performed, we 
conclude that an uncorrected material misstatement of the other information exists, we are required to 
describe it in our report. 

Other Reporting Required by Government Auditing Standards 

In accordance with Government Auditing Standards, we have also issued our report dated May 29, 2024, 
on our consideration of the District’s internal control over financial reporting and on our tests of its 
compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. 
The purpose of that report is solely to describe the scope of our testing of internal control over financial 
reporting and compliance and the results of that testing, and not to provide an opinion on the 
effectiveness of the District’s internal control over financial reporting or on compliance. That report is an 
integral part of an audit performed in accordance with Government Auditing Standards in considering the 
District’s internal control over financial reporting and compliance. 

 

May 29, 2024 


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, 2023. 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 $4,444,288. 


 

• The change in the District’s total net position in comparison with the prior fiscal year was 
($318,230), 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, 2023, the District’s governmental funds reported combined ending fund 
balances of $1,194,649, an increase of $87,540 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. 

 


OVERVIEW OF FINANCIAL STATEMENTS (Continued) 

 

Governmental Funds 

 

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

 

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

 

The District maintains 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: 

 

 
20232022Current and other assets1,204,969$ 1,120,342$ 
Capital assets, net of depreciation3,249,639 3,655,409 
Total assets4,454,608 4,775,751 
Current liabilities10,320 13,233 
Total liabilities10,320 13,233 
Net positionInvestment in capital assets3,249,639 3,655,409 
Unrestricted1,194,649 1,107,109 
Total net position 4,444,288$ 4,762,518$ 
SEPTEMBER 30, 
NET POSITION

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. 

 

 


GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued) 

 

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: 

 

 
Revenues:20232022Program revenuesCharges for services738,288$ 746,892$ 
Unrestricted investment earnings35,024 4,708 
Total revenues773,312 751,600 
Expenses:
General government127,064 125,317 
Physical environment964,478 850,652 
Total expenses1,091,542 975,969 
Change in net position(318,230) (224,369) 
Net position - beginning4,762,518 4,986,887 
Net position - ending4,444,288$ 4,762,518$ 
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 
CHANGES IN NET POSITION

 

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal 
year ended September 30, 2023 was $1,091,542. The costs of the District’s activities were primarily 
funded by program revenues. Program revenues, comprised primarily of assessments, increased during 
the fiscal year. In total, expenses increased from the prior fiscal year, mainly as a result of an increase in 
the security expenses. 

 

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, 2023. 

 

CAPITAL ASSETS 

 

At September 30, 2023, the District had $15,026,119 invested in capital assets for its governmental 
activities. In the government-wide financial statements, depreciation of $11,776,480 has been taken, 
which resulted in a net book value of $3,249,639. 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 DISTRICT’S FINANCIAL MANAGEMENT 

 

This financial report is designed to provide our citizens, land owners, customers, investors and creditors 
with a general overview of the District’s finances and to demonstrate the District’s accountability for the 
financial resources it manages and the stewardship of the facilities it maintains. If you have questions 
about this report or need additional financial information, contact the 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, 2023 

 

 

 
ASSETSCash369,138$ 
Investments774,487 
Assessments receivable5,954 
Prepaids55,390 
Capital assets:
Nondepreciable1,771,447 
Depreciable, net1,478,192 
Total assets4,454,608 
LIABILITIES 
Accounts payable 10,320 
Total liabilities10,320 
NET POSITIONInvestment in capital assets3,249,639 
Unrestricted1,194,649 
Total net position4,444,288$ 
Governmental 
Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements


CHAMPIONSGATE COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

STATEMENT OF ACTIVITIES 

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 

 

 

 
Functions/ProgramsExpensesPrimary government:
Governmental activities:
General government127,064$ 127,064$ -$ 
Physical environment964,478 611,224 (353,254) 
Total governmental activities1,091,542 738,288 (353,254) 
General revenues:
Unrestricted investment earnings35,024 
Total general revenues 35,024 
Change in net position(318,230) 
Net position - beginning4,762,518 
Net position - ending 4,444,288$ 
Charges for 
ServicesGovernmental 
ActivitiesProgram 
RevenuesNet (Expense) 
Revenue and 
Changes in Net 
Position

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements 


CHAMPIONSGATE COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

BALANCE SHEET 

GOVERNMENTAL FUNDS 

SEPTEMBER 30, 2023 

 

 
GeneralASSETSCash179,685$ 189,453$ 369,138$ 
Investments279,318 495,169 774,487 
Assessments receivable5,954 - 5,954 
Prepaids55,390 - 55,390 
Total assets520,347$ 684,622$ 1,204,969$ 
LIABILITIES AND FUND BALANCESLiabilities:
Accounts payable10,320$ -$ 10,320$ 
Total liabilities10,320 - 10,320 
Fund balances:
Nonspendable:
Prepaid items55,390 - 55,390 
Assigned to:
Capital reserves- 684,622 684,622 
Unassigned454,637 - 454,637 
Total fund balances 510,027 684,622 1,194,649 
Total liabilities and fund balances520,347$ 684,622$ 1,204,969$ 
Total 
Governmental 
FundsMajor FundsCapital 
Projects

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements


CHAMPIONSGATE COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS 

TO THE STATEMENT OF NET POSITION 

SEPTEMBER 30, 2023 

 

 

 
Fund balance - governmental funds $ 1,194,649 
Amounts reported for governmental activities in the statement of 
net position are different because:
Cost of capital assets 15,026,119 
Accumulated depreciation (11,776,480) 3,249,639 
Net position of governmental activities $ 4,444,288 
Capitalassetsusedingovernmentalactivitiesarenotfinancialresourcesand,therefore,arenotreportedasassetsinthegovernmentalfunds.Thestatementofnetpositionincludesthosecapitalassets,netofaccumulateddepreciation,intheassetsofthegovernment as a whole.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements


 CHAMPIONSGATE COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

STATEMENT OF REVENUES, EXPENDITURES, 

AND CHANGES IN FUND BALANCES 

GOVERNMENTAL FUNDS 

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 

 

 

 
GeneralREVENUESAssessments738,288$ -$ 738,288$ 
Interest9,820 25,20435,024 
Total revenues748,108 25,204 773,312 
EXPENDITURESCurrent:
General government127,064 - 127,064 
Physical environment462,737 95,971558,708 
Total expenditures589,801 95,971 685,772 
Excess (deficiency) of revenuesover (under) expenditures158,307 (70,767) 87,540 
OTHER FINANCING SOURCES (USES)
Transfer in/out(73,734) 73,734- 
Total other financing sources (uses)(73,734) 73,734 - 
Net change in fund balances84,573 2,967 87,540 
Fund balances - beginning425,454 681,655 1,107,109 
Fund balances - ending510,027$ 684,622$ 1,194,649$ 
Total 
Governmental 
FundsMajor FundsCapital 
Projects

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements 


CHAMPIONSGATE COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

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, 2023 

 

 

 

 
Net change in fund balances - total governmental funds $ 87,540 
Amounts reported for governmental activities in the statement of activitiesare different because: 
(405,770)
Change in net position of governmental activities $ (318,230)
Depreciationoncapitalassetsisnotrecognizedinthegovernmentalfundfinancialstatementsbutisreportedasanexpenseinthestatement of activities.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the financial statements 


CHAMPIONSGATE COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

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: 

1. Assessing and levying assessments. 

2. Approving budgets. 

3. Exercising control over facilities and properties. 

4. Controlling the use of funds generated by the District. 

5. Approving the hiring and firing of key personnel. 

6. Financing improvements. 

 

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

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

 

Government-Wide and Fund Financial Statements 

The basic financial statements include both government-wide and fund financial statements. 

 

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

 

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


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

 

Measurement Focus, Basis of Accounting and Financial Statement Presentation 

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

 

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

 

Assessments 

Assessments are non-ad valorem assessments on benefited 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 interest associated with the current fiscal period are considered to be susceptible to 
accrual and so have been recognized as revenues of the current fiscal period. The portion of 
assessments receivable due within the current fiscal period is considered to be susceptible to accrual as 
revenue of the current period. 

 

The District reports the following major governmental 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. 

 

 

 

 

 

 


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

 

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: 

 

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


 

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. 

 

 

 

 


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

 

Assets, Liabilities and Net Position or Equity (Continued) 

 

Capital Assets (Continued) 

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

Assets 

Years 

 

 

Infrastructure 

20 - 30 

Improvements other than buildings 

10 - 15 

Machinery and equipment 

 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. 

 


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

 

Assets, Liabilities and Net Position or Equity (Continued) 

 

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. 

 

a) Each year the District Manager submits to the District Board a proposed operating budget for the 
fiscal year commencing the following October 1. 

b) Public hearings are conducted to obtain comments. 

c) Prior to October 1, the budget is legally adopted by the District Board. 

d) All budget changes must be approved by the District Board. 

e) The budgets are adopted on a basis consistent with generally accepted accounting principles. 

f) Unused appropriation for annually budgeted funds lapse at the end of the year. 

 

 

 

 

 

 

 

 


NOTE 4 - DEPOSITS AND INVESTMENTS 

 

Deposits 

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

 

Investments 

The District’s investments were held as follows at September 30, 2023: 

 

 
Amortized CostCredit RiskMaturitiesFlorida Prime 774,487$ S&P AAAm 
$ 774,487 
Weighted average of the fund 
portfolio: 35 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. 

 

 

 

 

 

 


NOTE 4 - DEPOSITS AND INVESTMENTS (Continued) 

 

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, 2023, 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 

 

Interfund transfers for the fiscal year ended September 30, 2023 were as follows: 

 

 
FundTransfer inTransfer outGeneral-$ 73,734$ 
Capital projects73,734- 
Total73,734$ 73,734$ 

 

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

 

 

 

 

 

 

 

 


NOTE 6 - CAPITAL ASSETS 

 

Capital asset activity for the fiscal year ended September 30, 2023 was as follows: 

 
AdditionsReductionsGovernmental activitiesCapital assets, not being depreciatedLand 1,771,447$ -$ -$ 1,771,447$ 
Total capital assets, not being depreciated1,771,447 - - 1,771,447 
Capital assets, being depreciatedInfrastructure 10,639,240 - - 10,639,240 
Improvements other than buildings2,566,107 - - 2,566,107 
Machinery and equipment49,325 - - 49,325 
Total capital assets, being depreciated13,254,672 - - 13,254,672 
Less accumulated depreciation for:
Infrastructure 8,961,014 377,495 - 9,338,509 
Improvements other than buildings2,360,371 28,275 - 2,388,646 
Machinery and equipment49,325 - - 49,325 
Total accumulated depreciation11,370,710 405,770 - 11,776,480 
Total capital assets, being depreciated, net1,883,962 (405,770) - 1,478,192 
Governmental activities capital assets, net3,655,409$ (405,770)$ -$ 3,249,639$ 
Beginning 
BalanceEnding 
Balance

 

Depreciation expense was charged to the physical environment function. 

 

NOTE 7 - MANAGEMENT COMPANY 

 

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

 

 

 

 

 

 

 

 

 

 


CHAMPIONSGATE COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN 

FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND 

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 

 

 
Original & FinalREVENUESAssessments729,046$ 738,288$ 9,242$ 
Interest- 9,820 9,820 
Total revenues729,046 748,108 19,062 
EXPENDITURESCurrent:
General government110,192 127,064 (16,872) 
Physical environment618,854 462,737 156,117 
Total expenditures729,046 589,801 139,245 
Excess (deficiency) of revenuesover (under) expenditures- 158,307 158,307 
OTHER FINANCING SOURCES (USES)
Transfer out- (73,734) (73,734) 
Total other financing sources (uses)- (73,734) (73,734) 
Net change in fund balance-$ 84,573 84,573$ 
Fund balance - beginning425,454 
Fund balance - ending510,027$ 
Variance with 
Final Budget - 
Positive 
(Negative)
Actual 
AmountsBudgeted 
Amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to required supplementary information 


CHAMPIONSGATE COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION 

 

 

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

 

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the 
aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be 
approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations 
for the fiscal year ended September 30, 2023. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


CHAMPIONSGATE COMMUNITY DEVELOPMENT DISTRICT 

OSCEOLA COUNTY, FLORIDA 

OTHER INFORMATION – DATA ELEMENTS 

REQUIRED BY FL STATUTE 218.39(3)(C) 

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 

UNAUDITED 

 

 


ElementCommentsNumber of District employees compensated in the last pay period of the 
District’s fiscal year being reported.4Number of independent contractors compensated to whom nonemployee 
compensation was paid in the last month of the District’s fiscal year being 
reported.
14Employee compensation$4,802.20Independent contractor compensation $1,413,080.21Construction projects to begin on or after October 1; (>$65K)0Budget variance reportSee the Schedule of Revenues, Expenditures and 
Changes in Fund Balance - Budget and Actual - 
General FundNon ad valorem special assessments;
Special assessment rate$278.50 - $305.21Special assessments collected$738,288.00 


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, 2023, and the related notes to the 
financial statements, which collectively comprise the District’s basic financial statements, and have issued 
our opinion thereon dated May 29, 2024. 

Report on Internal Control Over Financial Reporting 

In planning and performing our audit of the financial statements, we considered the District’s internal 
control over financial reporting (internal control) to determine the audit procedures that are appropriate in 
the circumstances for the purpose of expressing our opinions on the financial statements, but not for the 
purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do 
not express an opinion on the effectiveness of the District’s internal control. 

A deficiency in internal control exists when the design or operation of a control does not allow 
management or employees, in the normal course of performing their assigned functions, to prevent, or 
detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination 
of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement 
of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A 
significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe 
than a material weakness, yet important enough to merit attention by those charged with governance. 

Our consideration of internal control was for the limited purpose described in the first paragraph of this 
section and was not designed to identify all deficiencies in internal control that might be material 
weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any 
deficiencies in internal control that we consider to be material weaknesses. However, material 
weaknesses or significant deficiencies may exist that were not identified. 

Report on Compliance and Other Matters 

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

 

 

 

 

 


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. 

 

May 29, 2024


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, 
2023. 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. 

 

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

 

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the 
fiscal year ended September 30, 2023. 

 

This report is intended solely for the information and use of the Legislative Auditing Committee, members 
of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, 
management, and the Board of Supervisors of 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. 

 

 

May 29, 2024 

 

 

 

 

 

 

 

 

 

 

 


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, 2023 and have issued our report thereon dated May 29, 2024. 

 

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 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 May 29, 2024, should be considered in conjunction with this management letter. 

 

Purpose of this Letter 

 

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

 

I. Current year findings and recommendations. 

II. Status of prior year findings and recommendations. 

III. Compliance with the Provisions of the Auditor General of the State of Florida. 

 

Our management letter is intended solely for the information and use of the Legislative Auditing 
Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor 
General, Federal and other granting agencies, as applicable, management, and the Board of Supervisors 
of 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. 

 

 

May 29, 2024


REPORT TO MANAGEMENT 

 

 

I. CURRENT YEAR FINDINGS AND RECOMMENDATIONS 

 

 None 

 

II. PRIOR YEAR FINDINGS AND RECOMMENDATIONS 

 

None 

 

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

 

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

 

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


There were no significant findings and recommendations made in the preceding annual financial 
audit report for the fiscal year ended September 30, 2022. 

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


There were no such matters discovered by, or that came to the attention of, the auditor, to be 
reported for the fiscal year ended September 30, 2023. 

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


There were no such matters discovered by, or that came to the attention of, the auditor, to be 
reported, for the fiscal year ended September 30, 2023. 

4. The name or official title and legal authority of the District are disclosed in the notes to the 
financial statements. 
5. The District has not met one or more of the financial emergency conditions described in Section 
218.503(1), Florida Statutes. 


 

6. We applied financial condition assessment procedures and no deteriorating financial conditions 
were noted as of September 30, 2023. It is management’s responsibility to monitor financial 
condition, and our financial condition assessment was based in part on representations made by 
management and the review of financial information provided by same. 


 

7. Management has provided the specific information required by Section 218.39(3)(c) in the Other 
Information section of the financial statements on page 23.